# EDGAR Filing Document

**Accession Number:** 0001027263
**File Stem:** 0001193125-25-195910
**Filing Date:** 2025-9
**Character Count:** 7288486
**Document Hash:** 68c37857a056c9317d82a4ddeee1c60e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195910.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195910

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQ ADVISORS TRUST
- **CENTRAL INDEX KEY:** 0001027263

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07953
- **FILM NUMBER:** 251292832

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 787 TRUST
- **DATE OF NAME CHANGE:** 19961125

## Series and Classes Contracts Data

### 1290 VT Equity Income Portfolio (Series ID: S000009044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024581 | Class IB     |  |
| C000104161 | Class K      |  |

### 1290 VT Socially Responsible Portfolio (Series ID: S000009045)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024583 | Class IB     |  |

### EQ/International Core Managed Volatility Portfolio (Series ID: S000009047)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024587 | Class IB     |  |
| C000104163 | Class K      |  |

### EQ/Capital Group Research Portfolio (Series ID: S000009048)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024589 | Class IB     |  |

### EQ/All Asset Growth Allocation Portfolio (Series ID: S000009051)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024595 | Class IB     |  |
| C000104165 | Class K      |  |

### EQ/Intermediate Government Bond Portfolio (Series ID: S000009052)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024596 | Class IA     |  |
| C000024597 | Class IB     |  |
| C000104166 | Class K      |  |

### EQ/International Equity Index Portfolio (Series ID: S000009053)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024598 | Class IA     |  |
| C000024599 | Class IB     |  |
| C000104167 | Class K      |  |

### EQ/Large Cap Growth Index Portfolio (Series ID: S000009054)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024601 | Class IB     |  |
| C000104168 | Class K      |  |

### EQ/Quality Bond PLUS Portfolio (Series ID: S000009055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024602 | Class IA     |  |
| C000024603 | Class IB     |  |
| C000104169 | Class K      |  |

### EQ/AB Small Cap Growth Portfolio (Series ID: S000009056)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024605 | Class IB     |  |
| C000104170 | Class K      |  |

### EQ/Large Cap Value Managed Volatility Portfolio (Series ID: S000009059)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024611 | Class IB     |  |
| C000104171 | Class K      |  |

### EQ/Equity 500 Index Portfolio (Series ID: S000009145)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024875 | Class IA     |  |
| C000024876 | Class IB     |  |
| C000104172 | Class K      |  |

### EQ/Clearbridge Large Cap Growth ESG Portfolio (Series ID: S000009147)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024880 | Class IB     |  |
| C000104174 | Class K      |  |

### EQ/Mid Cap Index Portfolio (Series ID: S000009148)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024882 | Class IB     |  |
| C000104175 | Class K      |  |

### EQ/Mid Cap Value Managed Volatility Portfolio (Series ID: S000009149)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024884 | Class IB     |  |
| C000104176 | Class K      |  |

### 1290 VT GAMCO Mergers & Acquisitions Portfolio (Series ID: S000009150)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024886 | Class IB     |  |
| C000104177 | Class K      |  |

### 1290 VT GAMCO Small Company Value Portfolio (Series ID: S000009151)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024888 | Class IB     |  |
| C000104178 | Class K      |  |

### EQ/MFS International Growth Portfolio (Series ID: S000009168)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024924 | Class IB     |  |
| C000104179 | Class K      |  |

### EQ/Value Equity Portfolio (Series ID: S000009171)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024930 | Class IB     |  |
| C000104181 | Class K      |  |

### EQ/International Value Managed Volatility Portfolio (Series ID: S000009172)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024932 | Class IB     |  |
| C000104182 | Class K      |  |

### EQ/Large Cap Growth Managed Volatility Portfolio (Series ID: S000009173)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024934 | Class IB     |  |
| C000104183 | Class K      |  |

### EQ/Large Cap Core Managed Volatility Portfolio (Series ID: S000009174)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024936 | Class IB     |  |
| C000104184 | Class K      |  |

### EQ/Core Bond Index Portfolio (Series ID: S000009176)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024940 | Class IB     |  |
| C000104185 | Class K      |  |

### EQ/JPMorgan Value Opportunities Portfolio (Series ID: S000009177)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024942 | Class IB     |  |
| C000104186 | Class K      |  |

### EQ/Large Cap Value Index Portfolio (Series ID: S000009179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024946 | Class IB     |  |
| C000104187 | Class K      |  |

### EQ/Money Market Portfolio (Series ID: S000009193)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024982 | Class IA     |  |
| C000024983 | Class IB     |  |

### EQ/Loomis Sayles Growth Portfolio (Series ID: S000009194)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024985 | Class IB     |  |
| C000104190 | Class K      |  |

### EQ/PIMCO Ultra Short Bond Portfolio (Series ID: S000009195)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024987 | Class IB     |  |
| C000104191 | Class K      |  |

### EQ/Small Company Index Portfolio (Series ID: S000009197)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024991 | Class IB     |  |
| C000104192 | Class K      |  |

### EQ/JPMorgan Growth Stock Portfolio (Series ID: S000009207)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025011 | Class IB     |  |
| C000104193 | Class K      |  |

### EQ/Invesco Comstock Portfolio (Series ID: S000009209)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025015 | Class IB     |  |
| C000104195 | Class K      |  |

### EQ/Global Equity Managed Volatility Portfolio (Series ID: S000009210)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025017 | Class IB     |  |
| C000104196 | Class K      |  |

### EQ/Janus Enterprise Portfolio (Series ID: S000009211)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025019 | Class IB     |  |
| C000104197 | Class K      |  |

### EQ/Common Stock Index Portfolio (Series ID: S000010734)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029648 | Class IA     |  |
| C000029649 | Class IB     |  |

### EQ/Franklin Small Cap Value Managed Volatility Portfolio (Series ID: S000013249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035602 | Class IB     |  |
| C000104202 | Class K      |  |

### EQ/ClearBridge Select Equity Managed Volatility Portfolio (Series ID: S000013250)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035603 | Class IB     |  |
| C000104203 | Class K      |  |

### EQ/Invesco Global Portfolio (Series ID: S000013251)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035606 | Class IB     |  |

### EQ/Conservative Strategy Portfolio (Series ID: S000025179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075073 | Class IB     |  |

### EQ/Conservative Growth Strategy Portfolio (Series ID: S000025180)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075075 | Class IB     |  |

### EQ/Balanced Strategy Portfolio (Series ID: S000025181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075077 | Class IB     |  |

### EQ/Moderate Growth Strategy Portfolio (Series ID: S000025182)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075079 | Class IB     |  |

### EQ/Growth Strategy Portfolio (Series ID: S000025329)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075515 | Class IB     |  |

### EQ/500 Managed Volatility Portfolio (Series ID: S000025791)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077103 | Class IB     |  |
| C000104212 | Class K      |  |

### EQ/International Managed Volatility Portfolio (Series ID: S000025792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077105 | Class IB     |  |
| C000104213 | Class K      |  |

### ATM International Managed Volatility Portfolio (Series ID: S000025793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000104214 | Class K      |  |

### ATM Large Cap Managed Volatility Portfolio (Series ID: S000025795)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000104215 | Class K      |  |

### EQ/400 Managed Volatility Portfolio (Series ID: S000025797)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077115 | Class IB     |  |
| C000104216 | Class K      |  |

### ATM Mid Cap Managed Volatility Portfolio (Series ID: S000025798)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000104217 | Class K      |  |

### EQ/2000 Managed Volatility Portfolio (Series ID: S000025800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077121 | Class IB     |  |
| C000104218 | Class K      |  |

### ATM Small Cap Managed Volatility Portfolio (Series ID: S000025801)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000104219 | Class K      |  |

### EQ/AB Short Duration Government Bond Portfolio (Series ID: S000029400)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090306 | Class IB     |  |
| C000104221 | Class K      |  |

### EQ/AB Dynamic Moderate Growth Portfolio (Series ID: S000030678)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095068 | Class IB     |  |

### EQ/Ultra Conservative Strategy Portfolio (Series ID: S000033627)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000103342 | Class IB     |  |

### EQ/Emerging Markets Equity PLUS Portfolio (Series ID: S000036606)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111945 | Class IB     |  |
| C000111946 | Class K      |  |

### 1290 VT Natural Resources Portfolio (Series ID: S000036608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111949 | Class IB     |  |
| C000111950 | Class K      |  |

### 1290 VT Real Estate Portfolio (Series ID: S000036609)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111951 | Class IB     |  |
| C000111952 | Class K      |  |

### EQ/PIMCO Global Real Return Portfolio (Series ID: S000036610)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111953 | Class K      |  |
| C000111954 | Class IB     |  |

### Equitable Conservative Growth MF/ETF Portfolio (Series ID: S000036611)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111955 | Class IB     |  |
| C000111956 | Class K      |  |

### EQ/Aggressive Growth Strategy Portfolio (Series ID: S000036613)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111959 | Class IB     |  |

### 1290 VT High Yield Bond Portfolio (Series ID: S000036793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112529 | Class IB     |  |
| C000112530 | Class K      |  |

### 1290 VT Convertible Securities Portfolio (Series ID: S000042511)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000131492 | Class IB     |  |
| C000131493 | Class K      |  |

### 1290 VT SmartBeta Equity ESG Portfolio (Series ID: S000042512)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000131494 | Class IB     |  |
| C000131495 | Class K      |  |

### 1290 VT Small Cap Value Portfolio (Series ID: S000044687)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138904 | Class IB     |  |
| C000138905 | Class K      |  |

### 1290 VT Micro Cap Portfolio (Series ID: S000044688)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138906 | Class IB     |  |
| C000138907 | Class K      |  |

### EQ/Morgan Stanley Small Cap Growth Portfolio (Series ID: S000044689)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138908 | Class IB     |  |
| C000138909 | Class K      |  |

### Multimanager Aggressive Equity Portfolio (Series ID: S000044691)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138912 | Class IB     |  |
| C000138913 | Class K      |  |
| C000138914 | Class IA     |  |

### Multimanager Core Bond Portfolio (Series ID: S000044692)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138916 | Class IB     |  |
| C000138917 | Class K      |  |

### Multimanager Technology Portfolio (Series ID: S000044695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138925 | Class IB     |  |
| C000138926 | Class K      |  |

### EQ/AB Dynamic Growth Portfolio (Series ID: S000048889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153794 | Class IB     |  |

### 1290 VT DoubleLine Opportunistic Bond Portfolio (Series ID: S000048890)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153795 | Class IB     |  |
| C000153796 | Class K      |  |

### EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Series ID: S000048891)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153797 | Class IB     |  |

### EQ/Invesco Moderate Allocation Portfolio (Series ID: S000048892)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153798 | Class IB     |  |

### EQ/Franklin Moderate Allocation Portfolio (Series ID: S000052083)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000163880 | Class IB     |  |

### 1290 VT Multi-Alternative Strategies Portfolio (Series ID: S000059398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000194815 | Class IB     |  |
| C000194816 | Class K      |  |

### EQ/AB Dynamic Aggressive Growth Portfolio (Series ID: S000059399)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000194817 | Class IB     |  |

### EQ/JPMorgan Growth Allocation Portfolio (Series ID: S000059400)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000194819 | Class IB     |  |

### EQ/American Century Mid Cap Value Portfolio (Series ID: S000062639)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203158 | Class IB     |  |
| C000203159 | Class K      |  |

### EQ/Lazard Emerging Markets Equity Portfolio (Series ID: S000062640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203160 | Class IB     |  |

### EQ/MFS International Intrinsic Value Portfolio (Series ID: S000062641)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203162 | Class IB     |  |

### EQ/MFS Technology Portfolio (Series ID: S000062642)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203164 | Class IB     |  |

### EQ/MFS Utilities Series Portfolio (Series ID: S000062643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203166 | Class IB     |  |
| C000203167 | Class K      |  |

### EQ/T. Rowe Price Health Sciences Portfolio (Series ID: S000062644)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203168 | Class IB     |  |

### EQ/PIMCO Real Return Portfolio (Series ID: S000062646)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203172 | Class IB     |  |

### EQ/PIMCO Total Return ESG Portfolio (Series ID: S000062647)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203174 | Class IB     |  |

### EQ/Fidelity Institutional AM Large Cap Portfolio (Series ID: S000062648)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203176 | Class IB     |  |
| C000203177 | Class K      |  |

### EQ/Franklin Rising Dividends Portfolio (Series ID: S000062649)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203178 | Class IB     |  |

### EQ/Goldman Sachs Mid Cap Value Portfolio (Series ID: S000062650)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203180 | Class IB     |  |

### EQ/Invesco Global Real Assets Portfolio (Series ID: S000062651)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203183 | Class IB     |  |

### EQ/Wellington Energy Portfolio (Series ID: S000062653)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203186 | Class IB     |  |

### EQ/MFS Mid Cap Focused Growth Portfolio (Series ID: S000062654)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203188 | Class IB     |  |

### 1290 VT Moderate Growth Allocation Portfolio (Series ID: S000064055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207177 | Class IB     |  |

### EQ/American Century Moderate Growth Allocation Portfolio (Series ID: S000064056)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207178 | Class IB     |  |

### EQ/Goldman Sachs Growth Allocation Portfolio (Series ID: S000064059)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207185 | Class IB     |  |

### EQ/Invesco Moderate Growth Allocation Portfolio (Series ID: S000064060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207186 | Class IB     |  |

### EQ/Long-Term Bond Portfolio (Series ID: S000072457)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228738 | Class IB     |  |
| C000228739 | Class K      |  |

### Equitable Moderate Growth MF/ETF Portfolio (Series ID: S000074626)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232651 | Class K      |  |
| C000232652 | Class IB     |  |

### Equitable Growth MF/ETF Portfolio (Series ID: S000074627)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232653 | Class K      |  |
| C000232654 | Class IB     |  |

### EQ/AB Sustainable U.S. Thematic Portfolio (Series ID: S000074628)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232655 | Class K      |  |
| C000232656 | Class IB     |  |

### EQ/Intermediate Corporate Bond Portfolio (Series ID: S000079925)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241405 | Class IB     |  |
| C000241406 | Class K      |  |

### EQ/Aggressive Allocation Portfolio (Series ID: S000080932)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243542 | Class K      |  |
| C000243543 | Class IB     |  |

### Target 2055 Allocation Portfolio (Series ID: S000080933)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243545 | Class K      |  |
| C000243546 | Class IB     |  |

### EQ/Core Plus Bond Portfolio (Series ID: S000080934)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243547 | Class IA     |  |
| C000243548 | Class K      |  |
| C000243549 | Class IB     |  |

### EQ/Conservative Allocation Portfolio (Series ID: S000080935)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243550 | Class IB     |  |
| C000243551 | Class K      |  |

### EQ/Conservative-Plus Allocation Portfolio (Series ID: S000080936)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243553 | Class IB     |  |
| C000243554 | Class K      |  |

### EQ/Moderate Allocation Portfolio (Series ID: S000080937)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243556 | Class IA     |  |
| C000243557 | Class IB     |  |
| C000243558 | Class K      |  |

### EQ/Moderate-Plus Allocation Portfolio (Series ID: S000080938)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243560 | Class K      |  |
| C000243561 | Class IB     |  |

### Target 2015 Allocation Portfolio (Series ID: S000080939)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243562 | Class K      |  |
| C000243563 | Class IB     |  |

### Target 2025 Allocation Portfolio (Series ID: S000080940)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243564 | Class IB     |  |
| C000243565 | Class K      |  |

### Target 2035 Allocation Portfolio (Series ID: S000080941)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243566 | Class IB     |  |
| C000243567 | Class K      |  |

### Target 2045 Allocation Portfolio (Series ID: S000080942)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243568 | Class IB     |  |
| C000243569 | Class K      |  |

?xml version='1.0' encoding='ASCII'? 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)

#### 1345 Avenue of the Americas

#### New York, New York 10105

#### (Address of principal executive offices)

#### SHANE DALY

#### Executive Vice President, General Counsel and Secretary

#### Equitable Investment Management Group, LLC

#### 1345 Avenue of the Americas

#### New York, New York 10105

#### (Name and Address of Agent for Service)

#### Copies to:

#### MARK AMOROSI, ESQ.

#### K&L Gates LLP

#### 1601 K Street, N.W.

#### Washington, D.C. 20006-1600

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

#### Date of fiscal year end: December 31

#### Date of reporting period: January 1, 2025 – June 30, 2025

------

Item 1. Reports to Stockholders.

Item 1(a):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/All Asset Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $28 | 0.54% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $449772898 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 37 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 86.3% |
| &nbsp;&nbsp;&nbsp;Equity | 54.2% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 18.7% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 13.4% |  |
| **Exchange Traded Funds** |  | 13.0% |
| &nbsp;&nbsp;&nbsp;Commodity | 6.6% |  |
| &nbsp;&nbsp;&nbsp;Equity | 4.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 2.1% |  |
| **Short-Term Investments** |  | 2.8% |
| **Cash and Other Assets Less Liabilities** |  | -2.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/MFS International Growth Portfolio | 8.3% |
| EQ/AB Small Cap Growth Portfolio | 6.6% |
| 1290 VT GAMCO Small Company Value Portfolio | 6.0% |
| 1290 VT GAMCO Mergers & Acquisitions Portfolio | 5.4% |
| EQ/Loomis Sayles Growth Portfolio | 5.1% |
| EQ/JPMorgan Growth Stock Portfolio | 4.6% |
| EQ/Core Plus Bond Portfolio | 4.3% |
| iShares Gold Trust | 3.9% |
| EQ/Invesco Comstock Portfolio | 3.9% |
| EQ/JPMorgan Value Opportunities Portfolio | 3.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/All Asset Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A030-B146421_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/All Asset Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/All Asset Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio co sts for the last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $15 | 0.29% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $449772898 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 37 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 86.3% |
| &nbsp;&nbsp;&nbsp;Equity | 54.2% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 18.7% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 13.4% |  |
| **Exchange Traded Funds** |  | 13.0% |
| &nbsp;&nbsp;&nbsp;Commodity | 6.6% |  |
| &nbsp;&nbsp;&nbsp;Equity | 4.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 2.1% |  |
| **Short-Term Investments** |  | 2.8% |
| **Cash and Other Assets Less Liabilities** |  | -2.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/MFS International Growth Portfolio | 8.3% |
| EQ/AB Small Cap Growth Portfolio | 6.6% |
| 1290 VT GAMCO Small Company Value Portfolio | 6.0% |
| 1290 VT GAMCO Mergers & Acquisitions Portfolio | 5.4% |
| EQ/Loomis Sayles Growth Portfolio | 5.1% |
| EQ/JPMorgan Growth Stock Portfolio | 4.6% |
| EQ/Core Plus Bond Portfolio | 4.3% |
| iShares Gold Trust | 3.9% |
| EQ/Invesco Comstock Portfolio | 3.9% |
| EQ/JPMorgan Value Opportunities Portfolio | 3.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/All Asset Growth Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A030-K146421_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/All Asset Growth Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Ultra Conservative Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio co sts for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $26 | 0.51% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1983590978 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 7 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 16% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.3% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 89.6% |  |
| &nbsp;&nbsp;&nbsp;Equity | 10.7% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 66.7% |
| EQ/Long-Term Bond Portfolio | 13.4% |
| EQ/Intermediate Corporate Bond Portfolio | 9.5% |
| EQ/500 Managed Volatility Portfolio | 6.5% |
| EQ/2000 Managed Volatility Portfolio | 2.2% |
| EQ/International Managed Volatility Portfolio | 1.5% |
| EQ/400 Managed Volatility Portfolio | 0.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Ultra Conservative Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A097-B147365_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Ultra Conservative Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CONSERVATIVE STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Conservative Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Po rtfolio costs for the last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $26 | 0.52% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $542423487 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 79.4% |  |
| &nbsp;&nbsp;&nbsp;Equity | 20.7% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Core Bond Index Portfolio | 31.0% |
| EQ/Intermediate Government Bond Portfolio | 16.2% |
| EQ/Intermediate Corporate Bond Portfolio | 15.7% |
| EQ/500 Managed Volatility Portfolio | 12.5% |
| EQ/Long-Term Bond Portfolio | 9.5% |
| EQ/AB Short Duration Government Bond Portfolio | 7.0% |
| EQ/2000 Managed Volatility Portfolio | 4.3% |
| EQ/International Managed Volatility Portfolio | 2.9% |
| EQ/400 Managed Volatility Portfolio | 1.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Conservative Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A040-B146424_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Conservative Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 202 5
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Conservative Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $25 | 0.50% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1066772271 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 59.2% |  |
| &nbsp;&nbsp;&nbsp;Equity | 40.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 24.6% |
| EQ/Core Bond Index Portfolio | 21.8% |
| EQ/Intermediate Government Bond Portfolio | 11.1% |
| EQ/Intermediate Corporate Bond Portfolio | 10.9% |
| EQ/Long-Term Bond Portfolio | 10.0% |
| EQ/2000 Managed Volatility Portfolio | 9.0% |
| EQ/International Managed Volatility Portfolio | 5.6% |
| EQ/AB Short Duration Government Bond Portfolio | 5.4% |
| EQ/400 Managed Volatility Portfolio | 1.6% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Conservative Growth Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A039-B146423_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Conservative Growth Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/BALANCED STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Balanced Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six m onths?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $25 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3106336649 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 50.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 49.1% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 30.7% |
| EQ/Core Bond Index Portfolio | 17.8% |
| EQ/2000 Managed Volatility Portfolio | 11.2% |
| EQ/Long-Term Bond Portfolio | 9.5% |
| EQ/Intermediate Government Bond Portfolio | 9.0% |
| EQ/Intermediate Corporate Bond Portfolio | 8.9% |
| EQ/International Managed Volatility Portfolio | 7.0% |
| EQ/AB Short Duration Government Bond Portfolio | 3.9% |
| EQ/400 Managed Volatility Portfolio | 2.0% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Balanced Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A033-B146422_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Balanced Strategy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MODERATE GROWTH STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Moderate Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last si x months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $24 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5133751336 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 60.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 39.1% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 36.7% |
| EQ/Core Bond Index Portfolio | 14.3% |
| EQ/2000 Managed Volatility Portfolio | 13.4% |
| EQ/International Managed Volatility Portfolio | 8.4% |
| EQ/Long-Term Bond Portfolio | 8.1% |
| EQ/Intermediate Government Bond Portfolio | 7.2% |
| EQ/Intermediate Corporate Bond Portfolio | 7.1% |
| EQ/AB Short Duration Government Bond Portfolio | 2.5% |
| EQ/400 Managed Volatility Portfolio | 2.3% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Moderate Growth Strategy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A085-B146426_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Moderate Growth Strategy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/GROWTH STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio cos ts for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $24 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $4562625881 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.1% |
| &nbsp;&nbsp;&nbsp;Equity | 70.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.2% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 42.8% |
| EQ/2000 Managed Volatility Portfolio | 15.8% |
| EQ/Core Bond Index Portfolio | 10.4% |
| EQ/International Managed Volatility Portfolio | 9.8% |
| EQ/Long-Term Bond Portfolio | 6.5% |
| EQ/Intermediate Government Bond Portfolio | 5.2% |
| EQ/Intermediate Corporate Bond Portfolio | 5.2% |
| EQ/400 Managed Volatility Portfolio | 2.5% |
| EQ/AB Short Duration Government Bond Portfolio | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Growth Strategy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A054-B146425_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Growth Strategy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Aggressive Growth Strategy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs f o r the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $24 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5478452719 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 80.8% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 19.2% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/500 Managed Volatility Portfolio | 48.9% |
| EQ/2000 Managed Volatility Portfolio | 18.0% |
| EQ/International Managed Volatility Portfolio | 11.2% |
| EQ/Core Bond Index Portfolio | 6.8% |
| EQ/Long-Term Bond Portfolio | 4.4% |
| EQ/Intermediate Government Bond Portfolio | 3.4% |
| EQ/Intermediate Corporate Bond Portfolio | 3.4% |
| EQ/400 Managed Volatility Portfolio | 2.7% |
| EQ/AB Short Duration Government Bond Portfolio | 1.2% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Aggressive Growth Strategy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A029-B148394_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Aggressive Growth Strategy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CONSERVATIVE ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Conservative Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio co sts for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $24 | 0.48% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $628776434 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 34 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 79.1% |  |
| &nbsp;&nbsp;&nbsp;Equity | 20.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 19.1% |
| EQ/Core Bond Index Portfolio | 15.8% |
| EQ/PIMCO Ultra Short Bond Portfolio | 9.0% |
| Multimanager Core Bond Portfolio | 7.9% |
| ATM Large Cap Managed Volatility Portfolio | 7.0% |
| EQ/Long-Term Bond Portfolio | 6.2% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 6.0% |
| EQ/Core Plus Bond Portfolio | 4.8% |
| EQ/Quality Bond PLUS Portfolio | 4.7% |
| 1290 Diversified Bond Fund | 4.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Conservative Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A038-B146402_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Conservative Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CONSERVATIVE ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Conservative Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six m onths?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $12 | 0.23% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $628776434 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 34 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 79.1% |  |
| &nbsp;&nbsp;&nbsp;Equity | 20.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 19.1% |
| EQ/Core Bond Index Portfolio | 15.8% |
| EQ/PIMCO Ultra Short Bond Portfolio | 9.0% |
| Multimanager Core Bond Portfolio | 7.9% |
| ATM Large Cap Managed Volatility Portfolio | 7.0% |
| EQ/Long-Term Bond Portfolio | 6.2% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 6.0% |
| EQ/Core Plus Bond Portfolio | 4.8% |
| EQ/Quality Bond PLUS Portfolio | 4.7% |
| 1290 Diversified Bond Fund | 4.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Conservative Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A038-K146402_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Conservative Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Conservative-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the la st six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $27 | 0.53% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $764795855 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio inves t in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 58.9% |  |
| &nbsp;&nbsp;&nbsp;Equity | 41.0% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 13.3% |
| ATM Large Cap Managed Volatility Portfolio | 12.0% |
| EQ/Core Bond Index Portfolio | 11.2% |
| EQ/Long-Term Bond Portfolio | 7.0% |
| Multimanager Core Bond Portfolio | 5.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 5.8% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 4.5% |
| ATM International Managed Volatility Portfolio | 3.8% |
| EQ/Core Plus Bond Portfolio | 3.5% |
| EQ/Quality Bond PLUS Portfolio | 3.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Conservative-Plus Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A041-B146403_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Conservative-Plus Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Conservative-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the las t six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $14 | 0.28% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $764795855 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 58.9% |  |
| &nbsp;&nbsp;&nbsp;Equity | 41.0% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Intermediate Government Bond Portfolio | 13.3% |
| ATM Large Cap Managed Volatility Portfolio | 12.0% |
| EQ/Core Bond Index Portfolio | 11.2% |
| EQ/Long-Term Bond Portfolio | 7.0% |
| Multimanager Core Bond Portfolio | 5.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 5.8% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 4.5% |
| ATM International Managed Volatility Portfolio | 3.8% |
| EQ/Core Plus Bond Portfolio | 3.5% |
| EQ/Quality Bond PLUS Portfolio | 3.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Conservative-Plus Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A041-K146403_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Conservative-Plus Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MODERATE ALLOCATION PORTFOLIO (CLASS IA)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the las t six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IA | $25 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5228683561 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio inves t in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 51.1% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 48.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 13.1% |
| EQ/Intermediate Government Bond Portfolio | 10.6% |
| EQ/Core Bond Index Portfolio | 8.8% |
| EQ/Long-Term Bond Portfolio | 7.1% |
| ATM International Managed Volatility Portfolio | 6.0% |
| Multimanager Core Bond Portfolio | 4.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.6% |
| ATM Small Cap Managed Volatility Portfolio | 3.9% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 3.7% |
| EQ/Core Plus Bond Portfolio | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Moderate Allocation Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A084-A146404_A Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Moderate Allocation Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MODERATE ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last si x months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $25 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5228683561 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 51.1% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 48.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 13.1% |
| EQ/Intermediate Government Bond Portfolio | 10.6% |
| EQ/Core Bond Index Portfolio | 8.8% |
| EQ/Long-Term Bond Portfolio | 7.1% |
| ATM International Managed Volatility Portfolio | 6.0% |
| Multimanager Core Bond Portfolio | 4.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.6% |
| ATM Small Cap Managed Volatility Portfolio | 3.9% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 3.7% |
| EQ/Core Plus Bond Portfolio | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Moderate Allocation Portfolio (Class IB)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A084-B146404_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Moderate Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MODERATE ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six mo nths?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $12 | 0.24% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5228683561 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 4% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 99.9% |
| &nbsp;&nbsp;&nbsp;Equity | 51.1% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 48.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 13.1% |
| EQ/Intermediate Government Bond Portfolio | 10.6% |
| EQ/Core Bond Index Portfolio | 8.8% |
| EQ/Long-Term Bond Portfolio | 7.1% |
| ATM International Managed Volatility Portfolio | 6.0% |
| Multimanager Core Bond Portfolio | 4.9% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.6% |
| ATM Small Cap Managed Volatility Portfolio | 3.9% |
| 1290 VT DoubleLine Opportunistic Bond Portfolio | 3.7% |
| EQ/Core Plus Bond Portfolio | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Moderate Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A084-K146404_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Moderate Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Moderate-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last s ix months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $25 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $6735467428 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 71.2% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 28.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 17.7% |
| ATM International Managed Volatility Portfolio | 7.8% |
| ATM Small Cap Managed Volatility Portfolio | 6.9% |
| EQ/Intermediate Government Bond Portfolio | 5.8% |
| EQ/Long-Term Bond Portfolio | 5.1% |
| EQ/Core Bond Index Portfolio | 4.7% |
| EQ/AB Small Cap Growth Portfolio | 3.3% |
| EQ/Large Cap Core Managed Volatility Portfolio | 3.2% |
| EQ/MFS International Growth Portfolio | 3.1% |
| Multimanager Core Bond Portfolio | 2.9% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Moderate-Plus Allocation Portfolio (Class IB)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A086-B146405_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Moderate-Plus Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Moderate-Plus Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six m o nths?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $12 | 0.24% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $6735467428 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 71.2% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 28.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 17.7% |
| ATM International Managed Volatility Portfolio | 7.8% |
| ATM Small Cap Managed Volatility Portfolio | 6.9% |
| EQ/Intermediate Government Bond Portfolio | 5.8% |
| EQ/Long-Term Bond Portfolio | 5.1% |
| EQ/Core Bond Index Portfolio | 4.7% |
| EQ/AB Small Cap Growth Portfolio | 3.3% |
| EQ/Large Cap Core Managed Volatility Portfolio | 3.2% |
| EQ/MFS International Growth Portfolio | 3.1% |
| Multimanager Core Bond Portfolio | 2.9% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Moderate-Plus Allocation Portfolio (Class K)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A086-K146405_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Moderate-Plus Allocation Portfolio (Class K)

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EQ/AGGRESSIVE ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Aggressive Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last si x months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $25 | 0.49% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3172641289 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 91.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.7% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 24.1% |
| ATM International Managed Volatility Portfolio | 10.4% |
| ATM Small Cap Managed Volatility Portfolio | 7.4% |
| EQ/Large Cap Core Managed Volatility Portfolio | 4.7% |
| EQ/MFS International Growth Portfolio | 4.4% |
| EQ/Global Equity Managed Volatility Portfolio | 3.9% |
| EQ/AB Small Cap Growth Portfolio | 3.6% |
| EQ/ClearBridge Select Equity Managed Volatility Portfolio | 3.5% |
| EQ/International Value Managed Volatility Portfolio | 3.2% |
| EQ/Large Cap Value Managed Volatility Portfolio | 3.0% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Aggressive Allocation Portfolio (Class IB)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A028-B146401_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Aggressive Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AGGRESSIVE ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Aggressive Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for th e last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $12 | 0.24% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3172641289 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 36 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 91.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.7% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| ATM Large Cap Managed Volatility Portfolio | 24.1% |
| ATM International Managed Volatility Portfolio | 10.4% |
| ATM Small Cap Managed Volatility Portfolio | 7.4% |
| EQ/Large Cap Core Managed Volatility Portfolio | 4.7% |
| EQ/MFS International Growth Portfolio | 4.4% |
| EQ/Global Equity Managed Volatility Portfolio | 3.9% |
| EQ/AB Small Cap Growth Portfolio | 3.6% |
| EQ/ClearBridge Select Equity Managed Volatility Portfolio | 3.5% |
| EQ/International Value Managed Volatility Portfolio | 3.2% |
| EQ/Large Cap Value Managed Volatility Portfolio | 3.0% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Aggressive Allocation Portfolio (Class K)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A028-K146401_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Aggressive Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Equitable Conservative Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $33 | 0.65% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $76361153 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 65.3% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 44.3% |  |
| &nbsp;&nbsp;&nbsp;Equity | 21.0% |  |
| **Exchange Traded Funds** |  | 32.9% |
| &nbsp;&nbsp;&nbsp;Equity | 19.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 13.6% |  |
| **Short-Term Investments** |  | 1.4% |
| **Cash and Other Assets Less Liabilities** |  | 0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 35.4% |
| 1290 SmartBeta Equity Fund | 9.6% |
| 1290 High Yield Bond Fund | 8.8% |
| Vanguard Total Bond Market ETF | 8.5% |
| Vanguard FTSE Emerging Markets ETF | 5.9% |
| iShares MSCI Global Min Vol Factor ETF | 4.9% |
| 1290 GAMCO Small/Mid Cap Value Fund | 4.8% |
| SPDR Portfolio Developed World ex-US ETF | 4.6% |
| iShares Core S&P U.S. Growth ETF | 4.0% |
| 1290 Essex Small Cap Growth Fund | 3.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Equitable Conservative Growth MF/ETF Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A100-B148392_B Semi-Annual Shareholder Report - June 30, 2025 2 Equitable Conservative Growth MF/ETF Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Equitable Conservative Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $21 | 0.40% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $76361153 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 65.3% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 44.3% |  |
| &nbsp;&nbsp;&nbsp;Equity | 21.0% |  |
| **Exchange Traded Funds** |  | 32.9% |
| &nbsp;&nbsp;&nbsp;Equity | 19.3% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 13.6% |  |
| **Short-Term Investments** |  | 1.4% |
| **Cash and Other Assets Less Liabilities** |  | 0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 35.4% |
| 1290 SmartBeta Equity Fund | 9.6% |
| 1290 High Yield Bond Fund | 8.8% |
| Vanguard Total Bond Market ETF | 8.5% |
| Vanguard FTSE Emerging Markets ETF | 5.9% |
| iShares MSCI Global Min Vol Factor ETF | 4.9% |
| 1290 GAMCO Small/Mid Cap Value Fund | 4.8% |
| SPDR Portfolio Developed World ex-US ETF | 4.6% |
| iShares Core S&P U.S. Growth ETF | 4.0% |
| 1290 Essex Small Cap Growth Fund | 3.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Equitable Conservative Growth MF/ETF Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A100-K148392_K Semi-Annual Shareholder Report - June 30, 2025 2 Equitable Conservative Growth MF/ETF Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Equitable Moderate Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $30 | 0.59% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $28686627 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 68.6% |
| &nbsp;&nbsp;&nbsp;Equity | 37.6% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 31.0% |  |
| **Exchange Traded Funds** |  | 29.7% |
| &nbsp;&nbsp;&nbsp;Equity | 23.1% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 6.6% |  |
| **Short-Term Investments** |  | 1.6% |
| **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 25.4% |
| 1290 SmartBeta Equity Fund | 18.1% |
| 1290 GAMCO Small/Mid Cap Value Fund | 8.1% |
| iShares MSCI Global Min Vol Factor ETF | 7.5% |
| Vanguard FTSE Emerging Markets ETF | 7.1% |
| 1290 Essex Small Cap Growth Fund | 6.4% |
| 1290 High Yield Bond Fund | 5.6% |
| iShares Core S&P U.S. Growth ETF | 4.3% |
| SPDR Portfolio Developed World ex-US ETF | 4.2% |
| 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Equitable Moderate Growth MF/ETF Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A102-B162754_B Semi-Annual Shareholder Report - June 30, 2025 2 Equitable Moderate Growth MF/ETF Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Equitable Moderate Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $18 | 0.35% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
|  **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $28686627 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 15 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 28% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  **Investment Companies** |  | 68.6% |
| &nbsp;&nbsp;&nbsp; Equity | 37.6% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 31.0% |  |
|  **Exchange Traded Funds** |  | 29.7% |
| &nbsp;&nbsp;&nbsp; Equity | 23.1% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 6.6% |  |
|  **Short-Term Investments** |  | 1.6% |
|  **Cash and Other Assets Less Liabilities** |  | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  1290 Diversified Bond Fund | 25.4% |
|  1290 SmartBeta Equity Fund | 18.1% |
|  1290 GAMCO Small/Mid Cap Value Fund | 8.1% |
|  iShares MSCI Global Min Vol Factor ETF | 7.5% |
|  Vanguard FTSE Emerging Markets ETF | 7.1% |
|  1290 Essex Small Cap Growth Fund | 6.4% |
|  1290 High Yield Bond Fund | 5.6% |
|  iShares Core S&P U.S. Growth ETF | 4.3% |
|  SPDR Portfolio Developed World ex-US ETF | 4.2% |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Equitable Moderate Growth MF/ETF Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![](g33598g01g01.jpg)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A102-K 162754_K Semi-Annual Shareholder Report - June 30, 2025 2 Equitable Moderate Growth MF/ETF Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITABLE GROWTH MF/ETF PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Equitable Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last si x months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $29 | 0.58% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
|  **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $33413563 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 14 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 30% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  **Investment Companies** |  | 70.2% |
| &nbsp;&nbsp;&nbsp; Equity | 54.2% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 16.0% |  |
|  **Exchange Traded Funds** |  | 27.8% |
| &nbsp;&nbsp;&nbsp; Equity | 26.1% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 1.7% |  |
|  **Short-Term Investments** |  | 2.7% |
|  **Cash and Other Assets Less Liabilities** |  | -0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  1290 SmartBeta Equity Fund | 28.4% |
|  1290 Diversified Bond Fund | 12.1% |
|  1290 GAMCO Small/Mid Cap Value Fund | 10.4% |
|  iShares MSCI Global Min Vol Factor ETF | 10.0% |
|  1290 Essex Small Cap Growth Fund | 8.3% |
|  Vanguard FTSE Emerging Markets ETF | 7.9% |
|  iShares Core S&P U.S. Growth ETF | 4.5% |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 4.3% |
|  1290 High Yield Bond Fund | 3.9% |
|  SPDR Portfolio Developed World ex-US ETF | 3.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Equitable Growth MF/ETF Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A101-B 162755_B Semi-Annual Shareholder Report - June 30, 2025 2 Equitable Growth MF/ETF Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITABLE GROWTH MF/ETF PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Equitable Growth MF/ETF Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $17 | 0.33% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
|  **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $33413563 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 14 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 30% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  **Investment Companies** |  | 70.2% |
| &nbsp;&nbsp;&nbsp; Equity | 54.2% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 16.0% |  |
|  **Exchange Traded Funds** |  | 27.8% |
| &nbsp;&nbsp;&nbsp; Equity | 26.1% |  |
| &nbsp;&nbsp;&nbsp; Fixed Income | 1.7% |  |
|  **Short-Term Investments** |  | 2.7% |
|  **Cash and Other Assets Less Liabilities** |  | -0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
|  1290 SmartBeta Equity Fund | 28.4% |
|  1290 Diversified Bond Fund | 12.1% |
|  1290 GAMCO Small/Mid Cap Value Fund | 10.4% |
|  iShares MSCI Global Min Vol Factor ETF | 10.0% |
|  1290 Essex Small Cap Growth Fund | 8.3% |
|  Vanguard FTSE Emerging Markets ETF | 7.9% |
|  iShares Core S&P U.S. Growth ETF | 4.5% |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 4.3% |
|  1290 High Yield Bond Fund | 3.9% |
|  SPDR Portfolio Developed World ex-US ETF | 3.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Equitable Growth MF/ETF Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A101-K 162755_K Semi-Annual Shareholder Report - June 30, 2025 2 Equitable Growth MF/ETF Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2015 ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2015 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $28 | 0.55% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $23309995 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 76.2% |  |
| &nbsp;&nbsp;&nbsp;Equity | 23.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 15.1% |
| EQ/PIMCO Ultra Short Bond Portfolio | 14.8% |
| EQ/Core Plus Bond Portfolio | 13.5% |
| 1290 VT High Yield Bond Portfolio | 9.9% |
| EQ/Equity 500 Index Portfolio | 9.6% |
| EQ/Core Bond Index Portfolio | 8.8% |
| EQ/Quality Bond PLUS Portfolio | 7.7% |
| EQ/Long-Term Bond Portfolio | 6.3% |
| EQ/International Equity Index Portfolio | 3.3% |
| EQ/Janus Enterprise Portfolio | 2.6% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2015 Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A106-B146417_B Semi-Annual Shareholder Report - June 30, 2025 2 Target 2015 Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2015 ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2015 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $15 | 0.30% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $23309995 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 76.2% |  |
| &nbsp;&nbsp;&nbsp;Equity | 23.8% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| 1290 Diversified Bond Fund | 15.1% |
| EQ/PIMCO Ultra Short Bond Portfolio | 14.8% |
| EQ/Core Plus Bond Portfolio | 13.5% |
| 1290 VT High Yield Bond Portfolio | 9.9% |
| EQ/Equity 500 Index Portfolio | 9.6% |
| EQ/Core Bond Index Portfolio | 8.8% |
| EQ/Quality Bond PLUS Portfolio | 7.7% |
| EQ/Long-Term Bond Portfolio | 6.3% |
| EQ/International Equity Index Portfolio | 3.3% |
| EQ/Janus Enterprise Portfolio | 2.6% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2015 Allocation Portfolio (Class K)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A106-K146417_K Semi-Annual Shareholder Report - June 30, 2025 2 Target 2015 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2025 ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2025 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $30 | 0.58% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $135918596 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.3% |
| &nbsp;&nbsp;&nbsp;Equity | 53.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 47.3% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 23.6% |
| 1290 Diversified Bond Fund | 9.4% |
| EQ/Core Plus Bond Portfolio | 8.4% |
| EQ/PIMCO Ultra Short Bond Portfolio | 8.2% |
| EQ/International Equity Index Portfolio | 7.8% |
| 1290 VT High Yield Bond Portfolio | 6.9% |
| EQ/Long-Term Bond Portfolio | 4.8% |
| EQ/Quality Bond PLUS Portfolio | 4.8% |
| EQ/Small Company Index Portfolio | 4.7% |
| EQ/Core Bond Index Portfolio | 4.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2025 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A107-B146418_B Semi-Annual Shareholder Report - June 30, 2025 2 Target 2025 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2025 ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2025 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $17 | 0.33% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $135918596 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.3% |
| &nbsp;&nbsp;&nbsp;Equity | 53.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 47.3% |  |
| **Cash and Other Assets Less Liabilities** |  | -0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 23.6% |
| 1290 Diversified Bond Fund | 9.4% |
| EQ/Core Plus Bond Portfolio | 8.4% |
| EQ/PIMCO Ultra Short Bond Portfolio | 8.2% |
| EQ/International Equity Index Portfolio | 7.8% |
| 1290 VT High Yield Bond Portfolio | 6.9% |
| EQ/Long-Term Bond Portfolio | 4.8% |
| EQ/Quality Bond PLUS Portfolio | 4.8% |
| EQ/Small Company Index Portfolio | 4.7% |
| EQ/Core Bond Index Portfolio | 4.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2025 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A107-K146418_K Semi-Annual Shareholder Report - June 30, 2025 2 Target 2025 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2035 ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2035 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $28 | 0.55% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $272000499 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 72.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 28.0% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 33.9% |
| EQ/International Equity Index Portfolio | 11.0% |
| EQ/Small Company Index Portfolio | 8.4% |
| EQ/MFS International Growth Portfolio | 6.3% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.1% |
| EQ/Core Plus Bond Portfolio | 5.0% |
| 1290 VT High Yield Bond Portfolio | 4.8% |
| 1290 Diversified Bond Fund | 4.6% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.0% |
| EQ/Long-Term Bond Portfolio | 3.6% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2035 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A108-B146419_B Semi-Annual Shareholder Report - June 30, 2025 2 Target 2035 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2035 ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2035 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $15 | 0.30% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $272000499 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Port folio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 72.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 28.0% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 33.9% |
| EQ/International Equity Index Portfolio | 11.0% |
| EQ/Small Company Index Portfolio | 8.4% |
| EQ/MFS International Growth Portfolio | 6.3% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.1% |
| EQ/Core Plus Bond Portfolio | 5.0% |
| 1290 VT High Yield Bond Portfolio | 4.8% |
| 1290 Diversified Bond Fund | 4.6% |
| EQ/PIMCO Ultra Short Bond Portfolio | 4.0% |
| EQ/Long-Term Bond Portfolio | 3.6% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2035 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A108-K146419_K Semi-Annual Shareholder Report - June 30, 2025 2 Target 2035 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2045 ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2045 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $28 | 0.55% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $257294784 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio i nv est in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 82.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 18.0% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 38.8% |
| EQ/International Equity Index Portfolio | 12.8% |
| EQ/Small Company Index Portfolio | 9.7% |
| EQ/MFS International Growth Portfolio | 7.1% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.6% |
| EQ/Core Plus Bond Portfolio | 3.2% |
| EQ/Value Equity Portfolio | 3.0% |
| 1290 VT High Yield Bond Portfolio | 2.9% |
| EQ/Long-Term Bond Portfolio | 2.7% |
| 1290 Diversified Bond Fund | 2.6% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2045 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A109-B146420_B Semi-Annual Shareholder Report - June 30, 2025 2 Target 2045 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2045 ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2045 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $16 | 0.30% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $257294784 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Po rtfoli o invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 82.0% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 18.0% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 38.8% |
| EQ/International Equity Index Portfolio | 12.8% |
| EQ/Small Company Index Portfolio | 9.7% |
| EQ/MFS International Growth Portfolio | 7.1% |
| EQ/Emerging Markets Equity PLUS Portfolio | 5.6% |
| EQ/Core Plus Bond Portfolio | 3.2% |
| EQ/Value Equity Portfolio | 3.0% |
| 1290 VT High Yield Bond Portfolio | 2.9% |
| EQ/Long-Term Bond Portfolio | 2.7% |
| 1290 Diversified Bond Fund | 2.6% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2045 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A109-K146420_K Semi-Annual Shareholder Report - June 30, 2025 2 Target 2045 Allocation Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2055 ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2055 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $32 | 0.63% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $142350206 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 91.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.1% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 41.6% |
| EQ/International Equity Index Portfolio | 14.4% |
| EQ/Small Company Index Portfolio | 11.8% |
| EQ/MFS International Growth Portfolio | 9.2% |
| EQ/Emerging Markets Equity PLUS Portfolio | 6.0% |
| EQ/Value Equity Portfolio | 4.3% |
| Multimanager Aggressive Equity Portfolio | 2.1% |
| 1290 VT High Yield Bond Portfolio | 1.8% |
| EQ/Core Plus Bond Portfolio | 1.4% |
| EQ/American Century Mid Cap Value Portfolio | 1.3% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2055 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A110-B153096_B Semi-Annual Shareholder Report - June 30, 2025 2 Target 2055 Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TARGET 2055 ALLOCATION PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Target 2055 Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $19 | 0.38% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $142350206 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 16 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Investment Companies** |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Equity | 91.9% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 8.1% |  |
| **Cash and Other Assets Less Liabilities** |  | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| EQ/Equity 500 Index Portfolio | 41.6% |
| EQ/International Equity Index Portfolio | 14.4% |
| EQ/Small Company Index Portfolio | 11.8% |
| EQ/MFS International Growth Portfolio | 9.2% |
| EQ/Emerging Markets Equity PLUS Portfolio | 6.0% |
| EQ/Value Equity Portfolio | 4.3% |
| Multimanager Aggressive Equity Portfolio | 2.1% |
| 1290 VT High Yield Bond Portfolio | 1.8% |
| EQ/Core Plus Bond Portfolio | 1.4% |
| EQ/American Century Mid Cap Value Portfolio | 1.3% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Target 2055 Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A110-K153096_K Semi-Annual Shareholder Report - June 30, 2025 2 Target 2055 Allocation Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $53 | 1.04% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $222533798 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 11 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.5% |
| &nbsp;&nbsp;&nbsp;Equity | 64.8% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 34.7% |  |
| **Short-Term Investments** |  | 4.1% |
| **Cash and Other Assets Less Liabilities** |  | -3.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Intermediate-Term Corporate Bond ETF | 34.7% |
| Vanguard S&P 500 ETF | 17.3% |
| iShares Core MSCI EAFE ETF | 15.2% |
| iShares Core S&P 500 ETF | 15.2% |
| Vanguard Large-Cap ETF | 5.4% |
| iShares Core S&P Mid-Cap ETF | 5.3% |
| iShares MSCI EAFE ETF | 4.3% |
| iShares Russell 2000 ETF | 1.1% |
| iShares Core S&P Small-Cap ETF | 1.0% |
| JPMorgan Prime Money Market Fund, IM Shares | 0.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Moderate Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A008-B159931_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Moderate Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Multi-Alternative Strategies Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $56 | 1.10% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $9889149 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 12 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.4% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.6% |  |
| &nbsp;&nbsp;&nbsp;Equity | 27.3% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 26.4% |  |
| &nbsp;&nbsp;&nbsp;Commodity | 16.1% |  |
| **Short-Term Investments** |  | 18.8% |
| **Cash and Other Assets Less Liabilities** |  | -18.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| iShares Convertible Bond ETF | 15.8% |
| NYLI Merger Arbitrage ETF | 15.3% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 13.8% |
| iMGP DBi Managed Futures Strategy ETF | 11.1% |
| JPMorgan Equity Premium Income ETF | 8.4% |
| Invesco DB Precious Metals Fund | 8.1% |
| Vanguard Global ex-U.S. Real Estate ETF | 7.3% |
| iShares Core U.S. REIT ETF | 7.0% |
| JPMorgan Nasdaq Equity Premium Income ETF | 4.7% |
| Invesco DB Energy Fund | 4.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Multi-Alternative Strategies Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A009-B157176_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Multi-Alternative Strategies Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Multi-Alternative Strategies Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $43 | 0.85% |

---

\* Annualized. Excludes fees and expenses of the underlying funds in which the Portfolio invests.

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $9889149 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 12 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) | Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.4% |
| &nbsp;&nbsp;&nbsp;Fixed Income | 29.6% |  |
| &nbsp;&nbsp;&nbsp;Equity | 27.3% |  |
| &nbsp;&nbsp;&nbsp;Alternatives | 26.4% |  |
| &nbsp;&nbsp;&nbsp;Commodity | 16.1% |  |
| **Short-Term Investments** |  | 18.8% |
| **Cash and Other Assets Less Liabilities** |  | -18.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| iShares Convertible Bond ETF | 15.8% |
| NYLI Merger Arbitrage ETF | 15.3% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 13.8% |
| iMGP DBi Managed Futures Strategy ETF | 11.1% |
| JPMorgan Equity Premium Income ETF | 8.4% |
| Invesco DB Precious Metals Fund | 8.1% |
| Vanguard Global ex-U.S. Real Estate ETF | 7.3% |
| iShares Core U.S. REIT ETF | 7.0% |
| JPMorgan Nasdaq Equity Premium Income ETF | 4.7% |
| Invesco DB Energy Fund | 4.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Multi-Alternative Strategies Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A009-K157176_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Multi-Alternative Strategies Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT CONVERTIBLE SECURITIES PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Convertible Securities Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $46 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $51520185 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 305 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 19% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 30.7% |
| Consumer Discretionary | 16.6% |
| Utilities | 11.0% |
| Financials | 10.9% |
| Health Care | 10.1% |
| Industrials | 10.1% |
| Communication Services | 5.0% |
| Real Estate | 2.9% |
| Materials | 1.2% |
| Energy | 0.9% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 2.7% |
| Cash and Other Assets Less Liabilities | -2.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Boeing Co. (The), 6.00% | 2.6% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | 2.2% |
| Wells Fargo & Co., 7.50% | 1.6% |
| Bank of America Corp., 7.25% | 1.2% |
| DoorDash, Inc., 0.00%, 5/15/30 | 1.0% |
| MicroStrategy, Inc., 0.63%, 3/15/30 | 1.0% |
| Western Digital Corp., 3.00%, 11/15/28 | 1.0% |
| KKR & Co., Inc., 6.25% | 1.0% |
| Seagate HDD Cayman, 3.50%, 6/1/28 | 0.9% |
| GameStop Corp., 0.00%, 6/15/32 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Convertible Securities Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A001-B152501_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Convertible Securities Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT CONVERTIBLE SECURITIES PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Convertible Securities Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $33 | 0.65% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $51520185 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 305 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 19% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 30.7% |
| Consumer Discretionary | 16.6% |
| Utilities | 11.0% |
| Financials | 10.9% |
| Health Care | 10.1% |
| Industrials | 10.1% |
| Communication Services | 5.0% |
| Real Estate | 2.9% |
| Materials | 1.2% |
| Energy | 0.9% |
| Consumer Staples | 0.6% |
| Short-Term Investments | 2.7% |
| Cash and Other Assets Less Liabilities | -2.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Boeing Co. (The), 6.00% | 2.6% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | 2.2% |
| Wells Fargo & Co., 7.50% | 1.6% |
| Bank of America Corp., 7.25% | 1.2% |
| DoorDash, Inc., 0.00%, 5/15/30 | 1.0% |
| MicroStrategy, Inc., 0.63%, 3/15/30 | 1.0% |
| Western Digital Corp., 3.00%, 11/15/28 | 1.0% |
| KKR & Co., Inc., 6.25% | 1.0% |
| Seagate HDD Cayman, 3.50%, 6/1/28 | 0.9% |
| GameStop Corp., 0.00%, 6/15/32 | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Convertible Securities Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A001-K152501_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Convertible Securities Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT DoubleLine Opportunistic Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $45 | 0.89% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $515474880 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 793 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 23.7% |
| Corporate Bonds | 22.0% |
| Mortgage-Backed Securities | 20.4% |
| Asset-Backed Securities | 14.6% |
| Collateralized Mortgage Obligations | 10.2% |
| Commercial Mortgage-Backed Securities | 5.3% |
| Investment Companies | 0.7% |
| Foreign Government Securities | 0.6% |
| Short-Term Investments | 1.8% |
| Cash and Other Assets Less Liabilities | 0.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT DoubleLine Opportunistic Bond Portfolio (Class IB)

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A002-B153115_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT DoubleLine Opportunistic Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT DoubleLine Opportunistic Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $33 | 0.64% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $515474880 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 793 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 23.7% |
| Corporate Bonds | 22.0% |
| Mortgage-Backed Securities | 20.4% |
| Asset-Backed Securities | 14.6% |
| Collateralized Mortgage Obligations | 10.2% |
| Commercial Mortgage-Backed Securities | 5.3% |
| Investment Companies | 0.7% |
| Foreign Government Securities | 0.6% |
| Short-Term Investments | 1.8% |
| Cash and Other Assets Less Liabilities | 0.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT DoubleLine Opportunistic Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A002-K153115_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT DoubleLine Opportunistic Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT EQUITY INCOME PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Equity Income Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $49 | 0.95% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $460424801 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 45 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 19.2% |
| Health Care | 18.4% |
| Consumer Staples | 12.7% |
| Energy | 9.8% |
| Utilities | 8.1% |
| Real Estate | 7.9% |
| Industrials | 7.7% |
| Materials | 6.6% |
| Information Technology | 4.4% |
| Communication Services | 3.5% |
| Consumer Discretionary | 0.8% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | -0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Chase & Co. | 3.8% |
| Philip Morris International, Inc. | 3.4% |
| Air Products and Chemicals, Inc. | 3.3% |
| CVS Health Corp. | 3.1% |
| Medtronic plc | 3.1% |
| Chubb Ltd. | 3.0% |
| Prologis, Inc. (REIT) | 3.0% |
| Smith & Nephew plc (ADR) | 3.0% |
| Entergy Corp. | 3.0% |
| Merck & Co., Inc. | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Equity Income Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A003-B146436_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Equity Income Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT EQUITY INCOME PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Equity Income Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $36 | 0.70% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $460424801 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 45 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 19.2% |
| Health Care | 18.4% |
| Consumer Staples | 12.7% |
| Energy | 9.8% |
| Utilities | 8.1% |
| Real Estate | 7.9% |
| Industrials | 7.7% |
| Materials | 6.6% |
| Information Technology | 4.4% |
| Communication Services | 3.5% |
| Consumer Discretionary | 0.8% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | -0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Chase & Co. | 3.8% |
| Philip Morris International, Inc. | 3.4% |
| Air Products and Chemicals, Inc. | 3.3% |
| CVS Health Corp. | 3.1% |
| Medtronic plc | 3.1% |
| Chubb Ltd. | 3.0% |
| Prologis, Inc. (REIT) | 3.0% |
| Smith & Nephew plc (ADR) | 3.0% |
| Entergy Corp. | 3.0% |
| Merck & Co., Inc. | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Equity Income Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A003-K146436_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Equity Income Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 20 25
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT GAMCO Mergers & Acquisitions Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $64 | 1.25% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $164399100 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 164 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 63% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Communication Services | 19.4% |
| Utilities | 12.5% |
| Health Care | 7.7% |
| Industrials | 6.9% |
| Materials | 6.7% |
| Consumer Discretionary | 6.1% |
| Information Technology | 5.5% |
| Financials | 5.1% |
| Energy | 1.4% |
| Real Estate | 0.7% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 23.7% |
| Cash and Other Assets Less Liabilities | 3.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 22.7% |
| National Fuel Gas Co. | 3.0% |
| United States Cellular Corp. | 3.0% |
| Southwest Gas Holdings, Inc. | 2.8% |
| Vulcan Materials Co. | 2.7% |
| Atlanta Braves Holdings, Inc., Class A | 2.7% |
| Fox Corp., Class B | 2.6% |
| SpringWorks Therapeutics, Inc. | 2.6% |
| TXNM Energy, Inc. | 2.5% |
| FARO Technologies, Inc. | 2.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A004-B146447_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT GAMCO Mergers & Acquisitions Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $51 | 1.00% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $164399100 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 164 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 63% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Communication Services | 19.4% |
| Utilities | 12.5% |
| Health Care | 7.7% |
| Industrials | 6.9% |
| Materials | 6.7% |
| Consumer Discretionary | 6.1% |
| Information Technology | 5.5% |
| Financials | 5.1% |
| Energy | 1.4% |
| Real Estate | 0.7% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 23.7% |
| Cash and Other Assets Less Liabilities | 3.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 22.7% |
| National Fuel Gas Co. | 3.0% |
| United States Cellular Corp. | 3.0% |
| Southwest Gas Holdings, Inc. | 2.8% |
| Vulcan Materials Co. | 2.7% |
| Atlanta Braves Holdings, Inc., Class A | 2.7% |
| Fox Corp., Class B | 2.6% |
| SpringWorks Therapeutics, Inc. | 2.6% |
| TXNM Energy, Inc. | 2.5% |
| FARO Technologies, Inc. | 2.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A004-K146447_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT GAMCO Mergers & Acquisitions Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT GAMCO Small Company Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $53 | 1.05% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3562060724 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 379 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 45.9% |
| Consumer Discretionary | 16.6% |
| Communication Services | 8.7% |
| Consumer Staples | 4.9% |
| Utilities | 4.7% |
| Materials | 4.7% |
| Information Technology | 4.3% |
| Financials | 3.2% |
| Real Estate | 2.5% |
| Health Care | 2.2% |
| Energy | 1.3% |
| Short-Term Investments | 0.8% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Mueller Industries, Inc. | 3.7% |
| GATX Corp. | 3.3% |
| Crane Co. | 2.8% |
| Republic Services, Inc. | 2.1% |
| Herc Holdings, Inc. | 2.0% |
| Penske Automotive Group, Inc. | 2.0% |
| Modine Manufacturing Co. | 1.9% |
| Watts Water Technologies, Inc., Class A | 1.7% |
| Rollins, Inc. | 1.7% |
| AutoNation, Inc. | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT GAMCO Small Company Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A005-B146448_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT GAMCO Small Company Value Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT GAMCO Small Company Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $40 | 0.80% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3562060724 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 379 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 45.9% |
| Consumer Discretionary | 16.6% |
| Communication Services | 8.7% |
| Consumer Staples | 4.9% |
| Utilities | 4.7% |
| Materials | 4.7% |
| Information Technology | 4.3% |
| Financials | 3.2% |
| Real Estate | 2.5% |
| Health Care | 2.2% |
| Energy | 1.3% |
| Short-Term Investments | 0.8% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Mueller Industries, Inc. | 3.7% |
| GATX Corp. | 3.3% |
| Crane Co. | 2.8% |
| Republic Services, Inc. | 2.1% |
| Herc Holdings, Inc. | 2.0% |
| Penske Automotive Group, Inc. | 2.0% |
| Modine Manufacturing Co. | 1.9% |
| Watts Water Technologies, Inc., Class A | 1.7% |
| Rollins, Inc. | 1.7% |
| AutoNation, Inc. | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT GAMCO Small Company Value Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A005-K146448_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT GAMCO Small Company Value Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT HIGH YIELD BOND PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT High Yield Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 1.00% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $249103337 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 476 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Corporate Bonds** |  | 80.4% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 14.6% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 11.7% |  |
| &nbsp;&nbsp;&nbsp;Financials | 10.7% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.4% |  |
| &nbsp;&nbsp;&nbsp;Materials | 8.3% |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 8.3% |  |
| &nbsp;&nbsp;&nbsp;Energy | 7.8% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 5.4% |  |
| &nbsp;&nbsp;&nbsp;Other | 5.2% |  |
| **Exchange Traded Funds** |  | 8.9% |
| **Loan Participations** |  | 5.6% |
| &nbsp;&nbsp;&nbsp;Information Technology | 2.5% |  |
| &nbsp;&nbsp;&nbsp;Financials | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Other | 1.4% |  |
| **Common Stocks** |  | 0.0%<sup>#</sup> |
| **Short-Term Investments** |  | 10.4% |
| **Cash and Other Assets Less Liabilities** |  | -5.3% |

---

<sup>#</sup> Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT High Yield Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A006-B148403_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT High Yield Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT HIGH YIELD BOND PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT High Yield Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $38 | 0.75% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $249103337 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 476 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Corporate Bonds** |  | 80.4% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 14.6% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 11.7% |  |
| &nbsp;&nbsp;&nbsp;Financials | 10.7% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.4% |  |
| &nbsp;&nbsp;&nbsp;Materials | 8.3% |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 8.3% |  |
| &nbsp;&nbsp;&nbsp;Energy | 7.8% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 5.4% |  |
| &nbsp;&nbsp;&nbsp;Other | 5.2% |  |
| **Exchange Traded Funds** |  | 8.9% |
| **Loan Participations** |  | 5.6% |
| &nbsp;&nbsp;&nbsp;Information Technology | 2.5% |  |
| &nbsp;&nbsp;&nbsp;Financials | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Other | 1.4% |  |
| **Common Stocks** |  | 0.0%<sup>#</sup> |
| **Short-Term Investments** |  | 10.4% |
| **Cash and Other Assets Less Liabilities** |  | -5.3% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT High Yield Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A006-K148403_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT High Yield Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT MICRO CAP PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Micro Cap Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $56 | 1.15% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $157492654 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1454 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 42% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 22.7% |
| Information Technology | 18.7% |
| Industrials | 17.8% |
| Financials | 15.6% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 5.6% |
| Communication Services | 4.4% |
| Materials | 2.3% |
| Energy | 2.2% |
| Real Estate | 1.6% |
| Utilities | 0.4% |
| Short-Term Investments | 4.2% |
| Cash and Other Assets Less Liabilities | -2.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| CRA International, Inc. | 1.4% |
| Grindr, Inc. | 1.4% |
| Life360, Inc. | 1.4% |
| Argan, Inc. | 1.3% |
| Universal Technical Institute, Inc. | 1.3% |
| Core Scientific, Inc. | 1.2% |
| Limbach Holdings, Inc. | 1.2% |
| Adaptive Biotechnologies Corp. | 1.2% |
| Mirum Pharmaceuticals, Inc. | 1.2% |
| Tarsus Pharmaceuticals, Inc. | 1.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Micro Cap Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A007-B153133_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Micro Cap Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT MICRO CAP PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Micro Cap Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $44 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $157492654 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1453 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 42% |

---

#### What did the Portfolio inve st in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Health Care | 22.7% |
| Information Technology | 18.7% |
| Industrials | 17.8% |
| Financials | 15.6% |
| Consumer Discretionary | 6.8% |
| Consumer Staples | 5.6% |
| Communication Services | 4.4% |
| Materials | 2.3% |
| Energy | 2.2% |
| Real Estate | 1.6% |
| Utilities | 0.4% |
| Short-Term Investments | 4.2% |
| Cash and Other Assets Less Liabilities | -2.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| CRA International, Inc. | 1.4% |
| Grindr, Inc. | 1.4% |
| Life360, Inc. | 1.4% |
| Argan, Inc. | 1.3% |
| Universal Technical Institute, Inc. | 1.3% |
| Core Scientific, Inc. | 1.2% |
| Limbach Holdings, Inc. | 1.2% |
| Adaptive Biotechnologies Corp. | 1.2% |
| Mirum Pharmaceuticals, Inc. | 1.2% |
| Tarsus Pharmaceuticals, Inc. | 1.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Micro Cap Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A007-K153133_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Micro Cap Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT NATURAL RESOURCES PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Natural Resources Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $46 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $32161199 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 81 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 56.5% |
| Canada | 14.8% |
| Australia | 12.1% |
| France | 4.2% |
| Brazil | 1.6% |
| Japan | 1.5% |
| Norway | 1.3% |
| Italy | 1.2% |
| South Africa | 1.1% |
| Finland | 0.7% |
| Other | 4.0% |

---

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Energy** |  | 63.3% |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | 44.3% |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | 17.9% |  |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | 1.1% |  |
| **Materials** |  | 34.3% |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | 11.3% |  |
| &nbsp;&nbsp;&nbsp;Gold | 10.0% |  |
| &nbsp;&nbsp;&nbsp;Steel | 4.3% |  |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | 3.6% |  |
| &nbsp;&nbsp;&nbsp;Copper | 3.1% |  |
| &nbsp;&nbsp;&nbsp;Paper Products | 1.0% |  |
| &nbsp;&nbsp;&nbsp;Forest Products | 0.4% |  |
| &nbsp;&nbsp;&nbsp;Silver | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Aluminum | 0.3% |  |
| **Food, Beverage & Tobacco** |  | 1.4% |
| &nbsp;&nbsp;&nbsp;Agricultural Products & Services | 1.4% |  |
| **Short-Term Investments** |  | 0.8% |
| **Cash and Other Assets Less Liabilities** |  | 0.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Natural Resources Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A010-B148388_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Natural Resources Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT NATURAL RESOURCES PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Natural Resources Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $34 | 0.65% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $32161199 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 81 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio i nve st in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 56.5% |
| Canada | 14.8% |
| Australia | 12.1% |
| France | 4.2% |
| Brazil | 1.6% |
| Japan | 1.5% |
| Norway | 1.3% |
| Italy | 1.2% |
| South Africa | 1.1% |
| Finland | 0.7% |
| Other | 4.0% |

---

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Energy** |  | 63.3% |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | 44.3% |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | 17.9% |  |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | 1.1% |  |
| **Materials** |  | 34.3% |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | 11.3% |  |
| &nbsp;&nbsp;&nbsp;Gold | 10.0% |  |
| &nbsp;&nbsp;&nbsp;Steel | 4.3% |  |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | 3.6% |  |
| &nbsp;&nbsp;&nbsp;Copper | 3.1% |  |
| &nbsp;&nbsp;&nbsp;Paper Products | 1.0% |  |
| &nbsp;&nbsp;&nbsp;Forest Products | 0.4% |  |
| &nbsp;&nbsp;&nbsp;Silver | 0.3% |  |
| &nbsp;&nbsp;&nbsp;Aluminum | 0.3% |  |
| **Food, Beverage & Tobacco** |  | 1.4% |
| &nbsp;&nbsp;&nbsp;Agricultural Products & Services | 1.4% |  |
| **Short-Term Investments** |  | 0.8% |
| **Cash and Other Assets Less Liabilities** |  | 0.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Natural Resources Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Chan g es to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A010-K148388_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Natural Resources Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT REAL ESTATE PORTFOLIO (CLASS IB)

#### Semi- Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Real Estate Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $46 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $36418944 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 363 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio i nv est in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Industry Group and Sub-Industry Weightings<br>(as a % of Net Assets) | Industry Group and Sub-Industry Weightings<br>(as a % of Net Assets) | Industry Group and Sub-Industry Weightings<br>(as a % of Net Assets) |
| **Real Estate** |  | 97.6% |
| &nbsp;&nbsp;&nbsp;Retail REITs | 16.2% |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 14.0% |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 11.2% |  |
| &nbsp;&nbsp;&nbsp;Multi-Family Residential REITs | 8.4% |  |
| &nbsp;&nbsp;&nbsp;Real Estate Operating Companies | 7.7% |  |
| &nbsp;&nbsp;&nbsp;Other | 40.1% |  |
| **Consumer Discretionary** |  | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines | 0.0%<sup>#</sup> |  |
| **Information Technology** |  | 0.4% |
| &nbsp;&nbsp;&nbsp;Internet Services & Infrastructure | 0.4% |  |
| **Health Care** |  | 0.2% |
| &nbsp;&nbsp;&nbsp;Health Care Facilities | 0.2% |  |
| **Consumer Staples** |  | 0.1% |
| &nbsp;&nbsp;&nbsp;Consumer Staples Merchandise Retail | 0.1% |  |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Welltower, Inc. (REIT) | 5.5% |
| Prologis, Inc. (REIT) | 5.3% |
| Equinix, Inc. (REIT) | 4.2% |
| Digital Realty Trust, Inc. (REIT) | 3.2% |
| Simon Property Group, Inc. (REIT) | 2.8% |
| Realty Income Corp. (REIT) | 2.8% |
| Public Storage (REIT) | 2.5% |
| Goodman Group (REIT) | 2.4% |
| VICI Properties, Inc. (REIT), Class A | 1.9% |
| Extra Space Storage, Inc. (REIT) | 1.7% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Real Estate Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the P or tfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A011-B148389_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Real Estate Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT REAL ESTATE PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Real Estate Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $33 | 0.65% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $36418944 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 363 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Industry Group and Sub-Industry Weightings<br>(as a % of Net Assets) | Industry Group and Sub-Industry Weightings<br>(as a % of Net Assets) | Industry Group and Sub-Industry Weightings<br>(as a % of Net Assets) |
| **Real Estate** |  | 97.6% |
| &nbsp;&nbsp;&nbsp;Retail REITs | 16.2% |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 14.0% |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 11.2% |  |
| &nbsp;&nbsp;&nbsp;Multi-Family Residential REITs | 8.4% |  |
| &nbsp;&nbsp;&nbsp;Real Estate Operating Companies | 7.7% |  |
| &nbsp;&nbsp;&nbsp;Other | 40.1% |  |
| **Consumer Discretionary** |  | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines | 0.0%<sup>#</sup> |  |
| **Information Technology** |  | 0.4% |
| &nbsp;&nbsp;&nbsp;Internet Services & Infrastructure | 0.4% |  |
| **Health Care** |  | 0.2% |
| &nbsp;&nbsp;&nbsp;Health Care Facilities | 0.2% |  |
| **Consumer Staples** |  | 0.1% |
| &nbsp;&nbsp;&nbsp;Consumer Staples Merchandise Retail | 0.1% |  |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Welltower, Inc. (REIT) | 5.5% |
| Prologis, Inc. (REIT) | 5.3% |
| Equinix, Inc. (REIT) | 4.2% |
| Digital Realty Trust, Inc. (REIT) | 3.2% |
| Simon Property Group, Inc. (REIT) | 2.8% |
| Realty Income Corp. (REIT) | 2.8% |
| Public Storage (REIT) | 2.5% |
| Goodman Group (REIT) | 2.4% |
| VICI Properties, Inc. (REIT), Class A | 1.9% |
| Extra Space Storage, Inc. (REIT) | 1.7% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Real Estate Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A011-K148389_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Real Estate Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT SMALL CAP VALUE PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Small Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.15% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $395394579 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1555 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 16.3% |
| Industrials | 15.7% |
| Energy | 15.3% |
| Consumer Discretionary | 15.2% |
| Real Estate | 11.3% |
| Materials | 4.9% |
| Utilities | 4.6% |
| Health Care | 4.2% |
| Communication Services | 3.8% |
| Information Technology | 3.8% |
| Consumer Staples | 3.3% |
| Short-Term Investments | 2.3% |
| Cash and Other Assets Less Liabilities | -0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Texas Pacific Land Corp. | 10.9% |
| AutoNation, Inc. | 4.7% |
| Landbridge Co. LLC, Class A | 4.4% |
| Penske Automotive Group, Inc. | 4.1% |
| Interparfums, Inc. | 2.3% |
| Live Nation Entertainment, Inc. | 2.0% |
| Oshkosh Corp. | 1.7% |
| Hawaiian Electric Industries, Inc. | 1.6% |
| Sandstorm Gold Ltd. | 1.6% |
| CACI International, Inc., Class A | 1.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Small Cap Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A012-B153132_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Small Cap Value Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT SMALL CAP VALUE PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Small Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $45 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $395394579 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1555 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 16.3% |
| Industrials | 15.7% |
| Energy | 15.3% |
| Consumer Discretionary | 15.2% |
| Real Estate | 11.3% |
| Materials | 4.9% |
| Utilities | 4.6% |
| Health Care | 4.2% |
| Communication Services | 3.8% |
| Information Technology | 3.8% |
| Consumer Staples | 3.3% |
| Short-Term Investments | 2.3% |
| Cash and Other Assets Less Liabilities | -0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Texas Pacific Land Corp. | 10.9% |
| AutoNation, Inc. | 4.7% |
| Landbridge Co. LLC, Class A | 4.4% |
| Penske Automotive Group, Inc. | 4.1% |
| Interparfums, Inc. | 2.3% |
| Live Nation Entertainment, Inc. | 2.0% |
| Oshkosh Corp. | 1.7% |
| Hawaiian Electric Industries, Inc. | 1.6% |
| Sandstorm Gold Ltd. | 1.6% |
| CACI International, Inc., Class A | 1.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Small Cap Value Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A012-K153132_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Small Cap Value Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT SMARTBETA EQUITY ESG PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT SmartBeta Equity ESG Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $56 | 1.09% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $370193156 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 275 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.9% |
| Information Technology | 20.5% |
| Industrials | 14.0% |
| Consumer Staples | 11.0% |
| Consumer Discretionary | 10.1% |
| Health Care | 8.2% |
| Communication Services | 7.0% |
| Utilities | 3.7% |
| Materials | 2.0% |
| Real Estate | 1.1% |
| Energy | 0.8% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | -0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Microsoft Corp. | 4.7% |
| NVIDIA Corp. | 4.6% |
| Apple, Inc. | 4.1% |
| Alphabet, Inc., Class A | 2.1% |
| Amazon.com, Inc. | 2.0% |
| Visa, Inc., Class A | 1.4% |
| Meta Platforms, Inc., Class A | 1.4% |
| Costco Wholesale Corp. | 1.2% |
| Mastercard, Inc., Class A | 1.1% |
| McDonald's Corp. | 1.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT SmartBeta Equity ESG Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A013-B152479_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT SmartBeta Equity ESG Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT SMARTBETA EQUITY ESG PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT SmartBeta Equity ESG Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $43 | 0.84% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $370193156 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 275 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.9% |
| Information Technology | 20.5% |
| Industrials | 14.0% |
| Consumer Staples | 11.0% |
| Consumer Discretionary | 10.1% |
| Health Care | 8.2% |
| Communication Services | 7.0% |
| Utilities | 3.7% |
| Materials | 2.0% |
| Real Estate | 1.1% |
| Energy | 0.8% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | -0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Microsoft Corp. | 4.7% |
| NVIDIA Corp. | 4.6% |
| Apple, Inc. | 4.1% |
| Alphabet, Inc., Class A | 2.1% |
| Amazon.com, Inc. | 2.0% |
| Visa, Inc., Class A | 1.4% |
| Meta Platforms, Inc., Class A | 1.4% |
| Costco Wholesale Corp. | 1.2% |
| Mastercard, Inc., Class A | 1.1% |
| McDonald's Corp. | 1.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT SmartBeta Equity ESG Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A013-K152479_K Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT SmartBeta Equity ESG Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the 1290 VT Socially Responsible Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $46 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $265027836 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 401 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 40.5% |
| Financials | 12.8% |
| Consumer Discretionary | 9.0% |
| Industrials | 8.7% |
| Communication Services | 8.4% |
| Health Care | 7.8% |
| Consumer Staples | 5.1% |
| Real Estate | 2.7% |
| Materials | 2.6% |
| Energy | 1.3% |
| Utilities | 1.0% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 13.5% |
| Microsoft Corp. | 12.3% |
| Alphabet, Inc., Class A | 3.6% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C | 3.1% |
| Visa, Inc., Class A | 2.1% |
| Mastercard, Inc., Class A | 1.6% |
| Procter & Gamble Co. (The) | 1.3% |
| Oracle Corp. | 1.3% |
| Home Depot, Inc. (The) | 1.3% |

---

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 1290 VT Socially Responsible Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A014-B146437_B Semi-Annual Shareholder Report - June 30, 2025 2 1290 VT Socially Responsible Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the ATM Large Cap Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $30 | 0.59% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2772916649 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 508 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 29.8% |
| Financials | 12.6% |
| Consumer Discretionary | 9.3% |
| Communication Services | 8.8% |
| Health Care | 8.4% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 2.7% |
| Utilities | 2.2% |
| Real Estate | 1.8% |
| Materials | 1.7% |
| Short-Term Investments | 2.9% |
| Cash and Other Assets Less Liabilities | 7.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 6.6% |
| Microsoft Corp. | 6.3% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 3.6% |
| JPMorgan Prime Money Market Fund, IM Shares | 2.8% |
| Meta Platforms, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc., Class A | 1.8% |
| Berkshire Hathaway, Inc., Class B | 1.5% |
| Tesla, Inc. | 1.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 ATM Large Cap Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A016-K800063_K Semi-Annual Shareholder Report - June 30, 2025 2 ATM Large Cap Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ATM MID CAP MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the ATM Mid Cap Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $29 | 0.60% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $295895781 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 405 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 20.6% |
| Financials | 16.4% |
| Consumer Discretionary | 12.1% |
| Information Technology | 10.5% |
| Health Care | 7.7% |
| Real Estate | 6.2% |
| Materials | 4.9% |
| Consumer Staples | 4.9% |
| Energy | 3.4% |
| Utilities | 2.6% |
| Communication Services | 1.1% |
| Short-Term Investments | 6.3% |
| Cash and Other Assets Less Liabilities | 3.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 ATM Mid Cap Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A017-K800064_K Semi-Annual Shareholder Report - June 30, 2025 2 ATM Mid Cap Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the ATM Small Cap Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $29 | 0.60% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| Net Assets | $922614157 |
| Number of Portfolio Holdings | 2124 |
| Portfolio Turnover Rate | 9% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 17.5% |
| Industrials | 15.5% |
| Health Care | 14.3% |
| Information Technology | 13.3% |
| Consumer Discretionary | 9.1% |
| Real Estate | 5.5% |
| Energy | 4.4% |
| Materials | 3.4% |
| Utilities | 2.9% |
| Communication Services | 2.4% |
| Consumer Staples | 2.0% |
| Short-Term Investments | 7.9% |
| Cash and Other Assets Less Liabilities | 1.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 ATM Small Cap Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A018-K800065_K Semi-Annual Shareholder Report - June 30, 2025 2 ATM Small Cap Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the ATM International Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $34 | 0.65% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1207469877 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 708 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 19.7% |
| United Kingdom | 10.2% |
| Germany | 9.3% |
| United States | 9.2% |
| France | 8.6% |
| Australia | 6.2% |
| Switzerland | 4.4% |
| Netherlands | 3.8% |
| Spain | 2.9% |
| Italy | 2.9% |
| Other | 13.0% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 21.5% |
| Industrials | 17.2% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.8% |
| Information Technology | 7.7% |
| Consumer Staples | 7.2% |
| Materials | 5.1% |
| Communication Services | 4.9% |
| Utilities | 3.1% |
| Energy | 2.9% |
| Real Estate | 1.7% |
| Short-Term Investments | 0.8% |
| Cash and Other Assets Less Liabilities | 9.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 ATM International Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A015-K800062_K Semi-Annual Shareholder Report - June 30, 2025 2 ATM International Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/500 MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/500 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $40 | 0.80% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $8174379778 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 507 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 29.9% |
| Financials | 12.7% |
| Consumer Discretionary | 9.4% |
| Communication Services | 8.8% |
| Health Care | 8.4% |
| Industrials | 7.8% |
| Consumer Staples | 5.0% |
| Energy | 2.7% |
| Utilities | 2.1% |
| Real Estate | 1.8% |
| Materials | 1.7% |
| Short-Term Investments | 3.2% |
| Cash and Other Assets Less Liabilities | 6.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 6.6% |
| Microsoft Corp. | 6.4% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 3.6% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.1% |
| Meta Platforms, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc., Class A | 1.8% |
| Berkshire Hathaway, Inc., Class B | 1.5% |
| Tesla, Inc. | 1.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/500 Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A020-B146428_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/500 Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/500 MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/500 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $28 | 0.55% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $8174379778 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 507 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;&nbsp;Information Technology | 29.9% |
| &nbsp;&nbsp;&nbsp;Financials | 12.7% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 9.4% |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.8% |
| &nbsp;&nbsp;&nbsp;Health Care | 8.4% |
| &nbsp;&nbsp;&nbsp;Industrials | 7.8% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 5.0% |
| &nbsp;&nbsp;&nbsp;Energy | 2.7% |
| &nbsp;&nbsp;&nbsp;Utilities | 2.1% |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.8% |
| &nbsp;&nbsp;&nbsp;Materials | 1.7% |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3.2% |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets Less Liabilities | 6.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 6.6% |
| Microsoft Corp. | 6.4% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 3.6% |
| JPMorgan Prime Money Market Fund, IM Shares | 3.1% |
| Meta Platforms, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc., Class A | 1.8% |
| Berkshire Hathaway, Inc., Class B | 1.5% |
| Tesla, Inc. | 1.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/500 Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A020-K146428_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/500 Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/400 MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/400 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $41 | 0.85% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $769114651 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 403 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 20.6% |
| Financials | 16.3% |
| Consumer Discretionary | 12.0% |
| Information Technology | 10.6% |
| Health Care | 7.7% |
| Real Estate | 6.2% |
| Materials | 4.9% |
| Consumer Staples | 4.9% |
| Energy | 3.4% |
| Utilities | 2.6% |
| Communication Services | 1.1% |
| Short-Term Investments | 4.7% |
| Cash and Other Assets Less Liabilities | 5.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/400 Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable- funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A019-B146427_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/400 Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/400 MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/400 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $29 | 0.60% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $769114651 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 403 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 20.6% |
| Financials | 16.3% |
| Consumer Discretionary | 12.0% |
| Information Technology | 10.6% |
| Health Care | 7.7% |
| Real Estate | 6.2% |
| Materials | 4.9% |
| Consumer Staples | 4.9% |
| Energy | 3.4% |
| Utilities | 2.6% |
| Communication Services | 1.1% |
| Short-Term Investments | 4.7% |
| Cash and Other Assets Less Liabilities | 5.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/400 Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A019-K146427_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/400 Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/2000 MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/2000 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $41 | 0.84% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3281559934 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2122 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 17.5% |
| Industrials | 15.5% |
| Health Care | 14.4% |
| Information Technology | 13.3% |
| Consumer Discretionary | 9.1% |
| Real Estate | 5.5% |
| Energy | 4.4% |
| Materials | 3.4% |
| Utilities | 2.9% |
| Communication Services | 2.4% |
| Consumer Staples | 2.0% |
| Short-Term Investments | 7.6% |
| Cash and Other Assets Less Liabilities | 2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/2000 Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A021-B146429_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/2000 Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/2000 MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/2000 Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $29 | 0.59% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3281559934 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2122 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

#### What did the Portfolio invest in ?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 17.5% |
| Industrials | 15.5% |
| Health Care | 14.4% |
| Information Technology | 13.3% |
| Consumer Discretionary | 9.1% |
| Real Estate | 5.5% |
| Energy | 4.4% |
| Materials | 3.4% |
| Utilities | 2.9% |
| Communication Services | 2.4% |
| Consumer Staples | 2.0% |
| Short-Term Investments | 7.6% |
| Cash and Other Assets Less Liabilities | 2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/2000 Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable- funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A021-K146429_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/2000 Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/International Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $46 | 0.86% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1904545221 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 708 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 19.6% |
| United Kingdom | 10.2% |
| Germany | 9.3% |
| United States | 9.1% |
| France | 8.5% |
| Australia | 6.2% |
| Switzerland | 4.4% |
| Netherlands | 3.8% |
| Spain | 2.9% |
| Italy | 2.8% |
| Other | 13.0% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 21.4% |
| Industrials | 17.1% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.8% |
| Information Technology | 7.6% |
| Consumer Staples | 7.2% |
| Materials | 5.0% |
| Communication Services | 4.9% |
| Utilities | 3.1% |
| Energy | 2.9% |
| Real Estate | 1.7% |
| Short-Term Investments | 0.8% |
| Cash and Other Assets Less Liabilities | 9.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A059-B146430_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/International Managed Volatility Portfolio (Class IB)

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EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/International Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $33 | 0.61% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1904545221 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 708 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| Japan | 19.6% |
| United Kingdom | 10.2% |
| Germany | 9.3% |
| United States | 9.1% |
| France | 8.5% |
| Australia | 6.2% |
| Switzerland | 4.4% |
| Netherlands | 3.8% |
| Spain | 2.9% |
| Italy | 2.8% |
| Other | 13.0% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 21.4% |
| Industrials | 17.1% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.8% |
| Information Technology | 7.6% |
| Consumer Staples | 7.2% |
| Materials | 5.0% |
| Communication Services | 4.9% |
| Utilities | 3.1% |
| Energy | 2.9% |
| Real Estate | 1.7% |
| Short-Term Investments | 0.8% |
| Cash and Other Assets Less Liabilities | 9.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to lower the asset levels required to reach a certain breakpoint in, and to add a new breakpoint to, the contractual advisory fee rate schedule for the Portfolio. These changes are intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A059-K146430_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/International Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/AB Dynamic Aggressive Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $58 | 1.12% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $875107107 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1298 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Common Stocks** |  | 60.9% |
| &nbsp;&nbsp;&nbsp;Information Technology | 15.1% |  |
| &nbsp;&nbsp;&nbsp;Financials | 10.5% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 7.4% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 6.2% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 6.1% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 5.1% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.8% |  |
| &nbsp;&nbsp;&nbsp;Materials | 1.9% |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.9% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.2% |  |
| **U.S. Treasury Obligations** |  | 16.0% |
| **Exchange Traded Funds** |  | 4.5% |
| **Short-Term Investments** |  | 20.1% |
| **Cash and Other Assets Less Liabilities** |  | -1.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Dynamic Aggressive Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A022-B157174_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/AB Dynamic Aggressive Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB DYNAMIC GROWTH PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/AB Dynamic Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $58 | 1.14% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $970507518 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1304 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Common Stocks** |  | 64.8% |
| &nbsp;&nbsp;&nbsp;Information Technology | 16.3% |  |
| &nbsp;&nbsp;&nbsp;Financials | 11.1% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 7.8% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 6.6% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 6.4% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 5.4% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4.1% |  |
| &nbsp;&nbsp;&nbsp;Energy | 2.0% |  |
| &nbsp;&nbsp;&nbsp;Materials | 2.0% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.8% |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.3% |  |
| **U.S. Treasury Obligations** |  | 25.9% |
| **Exchange Traded Funds** |  | 3.9% |
| **U.S. Government Agency Securities** |  | 1.9% |
| **Short-Term Investments** |  | 2.6% |
| **Cash and Other Assets Less Liabilities** |  | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Dynamic Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877- 222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A023-B153118_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/AB Dynamic Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/AB Dynamic Moderate Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $58 | 1.13% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1519957237 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1303 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 5% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| **Common Stocks** |  | 54.0% |
| &nbsp;&nbsp;&nbsp;Information Technology | 13.4% |  |
| &nbsp;&nbsp;&nbsp;Financials | 9.3% |  |
| &nbsp;&nbsp;&nbsp;Industrials | 6.5% |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.5% |  |
| &nbsp;&nbsp;&nbsp;Health Care | 5.4% |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 4.5% |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.4% |  |
| &nbsp;&nbsp;&nbsp;Materials | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.7% |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.5% |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.1% |  |
| **U.S. Treasury Obligations** |  | 36.4% |
| **Exchange Traded Funds** |  | 4.1% |
| **U.S. Government Agency Securities** |  | 2.5% |
| **Short-Term Investments** |  | 3.9% |
| **Cash and Other Assets Less Liabilities** |  | -0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Dynamic Moderate Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A024-B<br>146975_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/AB Dynamic Moderate Growth Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/AB Short Duration Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $39 | 0.77% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $862999008 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 252 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 33.6% |
| U.S. Treasury Obligations | 18.1% |
| Corporate Bonds | 8.3% |
| Asset-Backed Securities | 5.1% |
| Collateralized Mortgage Obligations | 3.7% |
| Commercial Mortgage-Backed Securities | 1.4% |
| Mortgage-Backed Securities | 0.4% |
| Municipal Bonds | 0.0%<sup>#</sup> |
| Short-Term Investments | 28.4% |
| Cash and Other Assets Less Liabilities | 1.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Short Duration Government Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A025-B<br>150083_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/AB Short Duration Government Bond Portfolio (Class IB) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/AB Short Duration Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $26 | 0.52% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $862999008 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 252 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 33.6% |
| U.S. Treasury Obligations | 18.1% |
| Corporate Bonds | 8.3% |
| Asset-Backed Securities | 5.1% |
| Collateralized Mortgage Obligations | 3.7% |
| Commercial Mortgage-Backed Securities | 1.4% |
| Mortgage-Backed Securities | 0.4% |
| Municipal Bonds | 0.0%<sup>#</sup> |
| Short-Term Investments | 28.4% |
| Cash and Other Assets Less Liabilities | 1.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Short Duration Government Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A025-K150083_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/AB Short Duration Government Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB SMALL CAP GROWTH PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/AB Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $45 | 0.92% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1882483209 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2037 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 26% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 19.5% |
| Information Technology | 18.6% |
| Health Care | 17.7% |
| Financials | 14.7% |
| Consumer Discretionary | 13.1% |
| Real Estate | 3.0% |
| Energy | 2.8% |
| Communication Services | 2.6% |
| Consumer Staples | 2.5% |
| Utilities | 2.3% |
| Materials | 1.9% |
| Short-Term Investments | 3.3% |
| Cash and Other Assets Less Liabilities | -2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Small Cap Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A026-B146432_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/AB Small Cap Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB SMALL CAP GROWTH PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/AB Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $33 | 0.67% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1882483209 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2037 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 26% |

---

#### What did the Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 19.5% |
| Information Technology | 18.6% |
| Health Care | 17.7% |
| Financials | 14.7% |
| Consumer Discretionary | 13.1% |
| Real Estate | 3.0% |
| Energy | 2.8% |
| Communication Services | 2.6% |
| Consumer Staples | 2.5% |
| Utilities | 2.3% |
| Materials | 1.9% |
| Short-Term Investments | 3.3% |
| Cash and Other Assets Less Liabilities | -2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Small Cap Growth Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A026-K146432_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/AB Small Cap Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/AB Sustainable U.S. Thematic Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $50 | 1.00% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $17344636 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 43 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 40.8% |
| Health Care | 16.4% |
| Financials | 15.8% |
| Industrials | 13.5% |
| Consumer Staples | 4.0% |
| Consumer Discretionary | 3.6% |
| Utilities | 2.6% |
| Short-Term Investments | 1.7% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 5.1% |
| Microsoft Corp. | 5.0% |
| Broadcom, Inc. | 4.4% |
| Flex Ltd. | 3.7% |
| Visa, Inc., Class A | 3.5% |
| Rockwell Automation, Inc. | 3.4% |
| Intercontinental Exchange, Inc. | 3.3% |
| Veralto Corp. | 2.9% |
| AECOM | 2.9% |
| Salesforce, Inc. | 2.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Sustainable U.S. Thematic Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A027-B<br>162756_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/AB Sustainable U.S. Thematic Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO (CLASS K)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/AB Sustainable U.S. Thematic Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $37 | 0.75% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $17344636 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 43 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 36% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 40.8% |
| Health Care | 16.4% |
| Financials | 15.8% |
| Industrials | 13.5% |
| Consumer Staples | 4.0% |
| Consumer Discretionary | 3.6% |
| Utilities | 2.6% |
| Short-Term Investments | 1.7% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 5.1% |
| Microsoft Corp. | 5.0% |
| Broadcom, Inc. | 4.4% |
| Flex Ltd. | 3.7% |
| Visa, Inc., Class A | 3.5% |
| Rockwell Automation, Inc. | 3.4% |
| Intercontinental Exchange, Inc. | 3.3% |
| Veralto Corp. | 2.9% |
| AECOM | 2.9% |
| Salesforce, Inc. | 2.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/AB Sustainable U.S. Thematic Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A027-K<br>162756_K |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/AB Sustainable U.S. Thematic Portfolio (Class K) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/American Century Mid Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $50 | 1.00% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $601733742 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 116 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 41% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 17.4% |
| Financials | 16.7% |
| Health Care | 15.4% |
| Consumer Staples | 10.4% |
| Real Estate | 9.1% |
| Utilities | 8.0% |
| Information Technology | 6.0% |
| Energy | 5.6% |
| Materials | 5.4% |
| Consumer Discretionary | 3.2% |
| Communication Services | 1.5% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Zimmer Biomet Holdings, Inc. | 2.7% |
| Enterprise Products Partners LP | 2.1% |
| Henry Schein, Inc. | 2.0% |
| US Bancorp | 2.0% |
| Truist Financial Corp. | 2.0% |
| Willis Towers Watson plc | 1.8% |
| Northern Trust Corp. | 1.8% |
| Labcorp Holdings, Inc. | 1.7% |
| Kenvue, Inc. | 1.7% |
| MSC Industrial Direct Co., Inc., Class A | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/American Century Mid Cap Value Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A031-B<br>158940_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/American Century Mid Cap Value Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO (CLASS K)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/American Century Mid Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $38 | 0.75% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $601733742 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 116 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 41% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 17.4% |
| Financials | 16.7% |
| Health Care | 15.4% |
| Consumer Staples | 10.4% |
| Real Estate | 9.1% |
| Utilities | 8.0% |
| Information Technology | 6.0% |
| Energy | 5.6% |
| Materials | 5.4% |
| Consumer Discretionary | 3.2% |
| Communication Services | 1.5% |
| Short-Term Investments | 1.1% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Zimmer Biomet Holdings, Inc. | 2.7% |
| Enterprise Products Partners LP | 2.1% |
| Henry Schein, Inc. | 2.0% |
| US Bancorp | 2.0% |
| Truist Financial Corp. | 2.0% |
| Willis Towers Watson plc | 1.8% |
| Northern Trust Corp. | 1.8% |
| Labcorp Holdings, Inc. | 1.7% |
| Kenvue, Inc. | 1.7% |
| MSC Industrial Direct Co., Inc., Class A | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/American Century Mid Cap Value Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A031-K<br>158940_K |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/American Century Mid Cap Value Portfolio (Class K) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/American Century Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $56 | 1.10% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $171715951 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 9 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 77% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| **Exchange Traded Funds** |  | 99.6% |
| &nbsp;&nbsp;&nbsp;Equity | 61.7% |  |
| &nbsp;&nbsp;&nbsp;Fixed Income | 37.9% |  |
| **Short-Term Investments** |  | 1.2% |
| **Cash and Other Assets Less Liabilities** |  | -0.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Intermediate-Term Corporate Bond ETF | 37.9% |
| iShares Core MSCI EAFE ETF | 22.3% |
| SPDR Portfolio S&P 500 ETF | 11.2% |
| Vanguard S&P 500 ETF | 11.2% |
| iShares Core S&P 500 ETF | 11.1% |
| iShares Russell 2000 ETF | 3.1% |
| iShares Core S&P Mid-Cap ETF | 2.9% |
| JPMorgan Prime Money Market Fund, IM Shares | 0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/American Century Moderate Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A032-B<br>159932_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/American Century Moderate Growth Allocation Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CAPITAL GROUP RESEARCH PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Capital Group Research Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $50 | 0.95% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $699704584 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 67 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 26.8% |
| Financials | 14.6% |
| Industrials | 12.0% |
| Consumer Discretionary | 10.7% |
| Communication Services | 10.0% |
| Utilities | 7.0% |
| Health Care | 6.7% |
| Consumer Staples | 4.9% |
| Materials | 2.5% |
| Real Estate | 1.2% |
| Energy | 0.5% |
| Short-Term Investments | 1.5% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Broadcom, Inc. | 6.5% |
| Microsoft Corp. | 4.8% |
| Meta Platforms, Inc., Class A | 4.0% |
| NVIDIA Corp. | 3.8% |
| Philip Morris International, Inc. | 3.1% |
| Alphabet, Inc., Class C | 2.9% |
| Constellation Energy Corp. | 2.8% |
| Amazon.com, Inc. | 2.7% |
| Micron Technology, Inc. | 2.5% |
| Royal Caribbean Cruises Ltd. | 2.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Capital Group Research Portfolio (Class IB)

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&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.97% to 0.95%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A034-B<br>146439_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/Capital Group Research Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/ClearBridge Large Cap Growth ESG Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 1.00% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $458798729 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 9% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 39.4% |
| Communication Services | 13.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 9.6% |
| Financials | 9.3% |
| Health Care | 8.9% |
| Materials | 2.4% |
| Consumer Staples | 1.4% |
| Real Estate | 1.4% |
| Cash and Other Assets Less Liabilities | 1.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 10.7% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 8.1% |
| Meta Platforms, Inc., Class A | 7.0% |
| Visa, Inc., Class A | 4.9% |
| Apple, Inc. | 4.7% |
| Netflix, Inc. | 4.5% |
| Palo Alto Networks, Inc. | 2.4% |
| Intuit, Inc. | 2.3% |
| Eaton Corp. plc | 2.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Clearbridge Large Cap Growth ESG Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A035-B<br>146477_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/Clearbridge Large Cap Growth ESG Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (CLASS K)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/ClearBridge Large Cap Growth ESG Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $38 | 0.75% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $458798729 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 41 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 9% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 39.4% |
| Communication Services | 13.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 9.6% |
| Financials | 9.3% |
| Health Care | 8.9% |
| Materials | 2.4% |
| Consumer Staples | 1.4% |
| Real Estate | 1.4% |
| Cash and Other Assets Less Liabilities | 1.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 10.7% |
| Amazon.com, Inc. | 8.4% |
| Microsoft Corp. | 8.1% |
| Meta Platforms, Inc., Class A | 7.0% |
| Visa, Inc., Class A | 4.9% |
| Apple, Inc. | 4.7% |
| Netflix, Inc. | 4.5% |
| Palo Alto Networks, Inc. | 2.4% |
| Intuit, Inc. | 2.3% |
| Eaton Corp. plc | 2.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Clearbridge Large Cap Growth ESG Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A035-K<br>146477_K |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/Clearbridge Large Cap Growth ESG Portfolio (Class K) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Clearbridge Select Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

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| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $52 | 1.05% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $640542534 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 558 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 9% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 32.2% |
| Industrials | 11.3% |
| Consumer Discretionary | 9.2% |
| Financials | 8.8% |
| Health Care | 8.6% |
| Consumer Staples | 6.5% |
| Communication Services | 5.5% |
| Energy | 3.1% |
| Real Estate | 2.4% |
| Materials | 1.1% |
| Utilities | 1.0% |
| Short-Term Investments | 8.9% |
| Cash and Other Assets Less Liabilities | 1.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 8.7% |
| NVIDIA Corp. | 6.3% |
| Microsoft Corp. | 5.7% |
| Apple, Inc. | 4.2% |
| ServiceNow, Inc. | 2.3% |
| MercadoLibre, Inc. | 2.1% |
| Amazon.com, Inc. | 1.6% |
| Performance Food Group Co. | 1.5% |
| Casey's General Stores, Inc. | 1.5% |
| L3Harris Technologies, Inc. | 1.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A036-B<br>146468_B |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class IB) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS K)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Clearbridge Select Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $40 | 0.80% |
|  <br>\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $640542534 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 558 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 9% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 32.2% |
| Industrials | 11.3% |
| Consumer Discretionary | 9.2% |
| Financials | 8.8% |
| Health Care | 8.6% |
| Consumer Staples | 6.5% |
| Communication Services | 5.5% |
| Energy | 3.1% |
| Real Estate | 2.4% |
| Materials | 1.1% |
| Utilities | 1.0% |
| Short-Term Investments | 8.9% |
| Cash and Other Assets Less Liabilities | 1.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 8.7% |
| NVIDIA Corp. | 6.3% |
| Microsoft Corp. | 5.7% |
| Apple, Inc. | 4.2% |
| ServiceNow, Inc. | 2.3% |
| MercadoLibre, Inc. | 2.1% |
| Amazon.com, Inc. | 1.6% |
| Performance Food Group Co. | 1.5% |
| Casey's General Stores, Inc. | 1.5% |
| L3Harris Technologies, Inc. | 1.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| A036-K<br>146468_K |  |  |
| Semi-Annual Shareholder Report - June 30, 2025 | 2 | EQ/Clearbridge Select Equity Managed Volatility Portfolio (Class K) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/COMMON STOCK INDEX PORTFOLIO (CLASS IA)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Common Stock Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IA | $34 | 0.67% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $7571624119 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1523 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 30.5% |
| &nbsp;&nbsp;Financials | 14.5% |
| &nbsp;&nbsp;Consumer Discretionary | 10.5% |
| &nbsp;&nbsp;Industrials | 9.7% |
| &nbsp;&nbsp;Health Care | 9.5% |
| &nbsp;&nbsp;Communication Services | 9.2% |
| &nbsp;&nbsp;Consumer Staples | 5.1% |
| &nbsp;&nbsp;Energy | 3.1% |
| &nbsp;&nbsp;Real Estate | 2.5% |
| &nbsp;&nbsp;Utilities | 2.3% |
| &nbsp;&nbsp;Materials | 2.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;NVIDIA Corp. | 6.1% |
| &nbsp;&nbsp;Microsoft Corp. | 6.1% |
| &nbsp;&nbsp;Apple, Inc. | 5.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.7% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 1.7% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.5% |
| &nbsp;&nbsp;Tesla, Inc. | 1.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Common Stock Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A037-A146440_A Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Common Stock Index Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/COMMON STOCK INDEX PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Common Stock Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $34 | 0.67% |
| &nbsp;&nbsp; <br><sup>\*</sup>Annualized | &nbsp;&nbsp; <br><sup>\*</sup>Annualized | &nbsp;&nbsp; <br><sup>\*</sup>Annualized |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $7571624119 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1523 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 30.5% |
| &nbsp;&nbsp;Financials | 14.5% |
| &nbsp;&nbsp;Consumer Discretionary | 10.5% |
| &nbsp;&nbsp;Industrials | 9.7% |
| &nbsp;&nbsp;Health Care | 9.5% |
| &nbsp;&nbsp;Communication Services | 9.2% |
| &nbsp;&nbsp;Consumer Staples | 5.1% |
| &nbsp;&nbsp;Energy | 3.1% |
| &nbsp;&nbsp;Real Estate | 2.5% |
| &nbsp;&nbsp;Utilities | 2.3% |
| &nbsp;&nbsp;Materials | 2.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;NVIDIA Corp. | 6.1% |
| &nbsp;&nbsp;Microsoft Corp. | 6.1% |
| &nbsp;&nbsp;Apple, Inc. | 5.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.7% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 1.7% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.5% |
| &nbsp;&nbsp;Tesla, Inc. | 1.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Common Stock Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A037-B146440_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Common Stock Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE BOND INDEX PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Core Bond Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $32 | 0.63% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5057664188 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2859 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Treasury Obligations | 54.4% |
| &nbsp;&nbsp;Corporate Bonds | 31.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.1% |
| &nbsp;&nbsp;Supranational | 2.5% |
| &nbsp;&nbsp;Foreign Government Securities | 2.1% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 1.4% |
| &nbsp;&nbsp;Municipal Bonds | 0.1% |
| &nbsp;&nbsp;Asset-Backed Securities | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;Preferred Stocks | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Core Bond Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.64% to 0.62%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A042-B146441_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Core Bond Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE BOND INDEX PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Core Bond Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.** <br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $19 | 0.38% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $5057664188 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2859 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Treasury Obligations | 54.4% |
| &nbsp;&nbsp;Corporate Bonds | 31.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.1% |
| &nbsp;&nbsp;Supranational | 2.5% |
| &nbsp;&nbsp;Foreign Government Securities | 2.1% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 1.4% |
| &nbsp;&nbsp;Municipal Bonds | 0.1% |
| &nbsp;&nbsp;Asset-Backed Securities | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;Preferred Stocks | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Core Bond Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.39% to 0.37%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A042-K146441_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Core Bond Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE PLUS BOND PORTFOLIO (CLASS IA)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Core Plus Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IA | $47 | 0.93% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $738514413 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 903 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 90% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;Corporate Bonds | 30.3% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 25.0% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 13.2% |
| &nbsp;&nbsp;Foreign Government Securities | 12.4% |
| &nbsp;&nbsp;Asset-Backed Securities | 8.3% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 4.3% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 0.8% |
| &nbsp;&nbsp;Short-Term Investments | 2.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 3.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Core Plus Bond Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A043-A146413_A Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Core Plus Bond Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE PLUS BOND PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Core Plus Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $47 | 0.93% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $738514413 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 903 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 90% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;Corporate Bonds | 30.3% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 25.0% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 13.2% |
| &nbsp;&nbsp;Foreign Government Securities | 12.4% |
| &nbsp;&nbsp;Asset-Backed Securities | 8.3% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 4.3% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 0.8% |
| &nbsp;&nbsp;Short-Term Investments | 2.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 3.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Core Plus Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A043-B146413_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Core Plus Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/CORE PLUS BOND PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Core Plus Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $35 | 0.68% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $738514413 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 903 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 90% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;Corporate Bonds | 30.3% |
| &nbsp;&nbsp;Mortgage-Backed Securities | 25.0% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 13.2% |
| &nbsp;&nbsp;Foreign Government Securities | 12.4% |
| &nbsp;&nbsp;Asset-Backed Securities | 8.3% |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities | 4.3% |
| &nbsp;&nbsp;Collateralized Mortgage Obligations | 0.8% |
| &nbsp;&nbsp;Short-Term Investments | 2.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 3.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Core Plus Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A043-K146413_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Core Plus Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Emerging Markets Equity PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $64 | 1.20% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $108741079 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 977 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;China | 27.4% |
| &nbsp;&nbsp;Taiwan | 21.2% |
| &nbsp;&nbsp;India | 14.1% |
| &nbsp;&nbsp;South Korea | 10.3% |
| &nbsp;&nbsp;Brazil | 5.9% |
| &nbsp;&nbsp;South Africa | 3.1% |
| &nbsp;&nbsp;Saudi Arabia | 2.4% |
| &nbsp;&nbsp;Mexico | 2.1% |
| &nbsp;&nbsp;Indonesia | 1.9% |
| &nbsp;&nbsp;Thailand | 1.6% |
| &nbsp;&nbsp;Other | 8.9% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 25.6% |
| &nbsp;&nbsp;Information Technology | 24.9% |
| &nbsp;&nbsp;Consumer Discretionary | 11.7% |
| &nbsp;&nbsp;Communication Services | 8.7% |
| &nbsp;&nbsp;Consumer Staples | 6.5% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Materials | 5.0% |
| &nbsp;&nbsp;Energy | 4.0% |
| &nbsp;&nbsp;Health Care | 3.0% |
| &nbsp;&nbsp;Utilities | 1.7% |
| &nbsp;&nbsp;Real Estate | 1.6% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Emerging Markets Equity Plus Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A044-B148386_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Emerging Markets Equity Plus Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Emerging Markets Equity PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $51 | 0.95% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $108741079 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 977 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;China | 27.4% |
| &nbsp;&nbsp;Taiwan | 21.2% |
| &nbsp;&nbsp;India | 14.1% |
| &nbsp;&nbsp;South Korea | 10.3% |
| &nbsp;&nbsp;Brazil | 5.9% |
| &nbsp;&nbsp;South Africa | 3.1% |
| &nbsp;&nbsp;Saudi Arabia | 2.4% |
| &nbsp;&nbsp;Mexico | 2.1% |
| &nbsp;&nbsp;Indonesia | 1.9% |
| &nbsp;&nbsp;Thailand | 1.6% |
| &nbsp;&nbsp;Other | 8.9% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 25.6% |
| &nbsp;&nbsp;Information Technology | 24.9% |
| &nbsp;&nbsp;Consumer Discretionary | 11.7% |
| &nbsp;&nbsp;Communication Services | 8.7% |
| &nbsp;&nbsp;Consumer Staples | 6.5% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Materials | 5.0% |
| &nbsp;&nbsp;Energy | 4.0% |
| &nbsp;&nbsp;Health Care | 3.0% |
| &nbsp;&nbsp;Utilities | 1.7% |
| &nbsp;&nbsp;Real Estate | 1.6% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Emerging Markets Equity Plus Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A044-K148386_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Emerging Markets Equity Plus Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EQUITY 500 INDEX PORTFOLIO (CLASS IA)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Equity 500 Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IA | $27 | 0.54% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $11239953496 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 507 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 32.8% |
| &nbsp;&nbsp;Financials | 13.9% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Communication Services | 9.7% |
| &nbsp;&nbsp;Health Care | 9.2% |
| &nbsp;&nbsp;Industrials | 8.5% |
| &nbsp;&nbsp;Consumer Staples | 5.4% |
| &nbsp;&nbsp;Energy | 3.0% |
| &nbsp;&nbsp;Utilities | 2.4% |
| &nbsp;&nbsp;Real Estate | 2.0% |
| &nbsp;&nbsp;Materials | 1.9% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;NVIDIA Corp. | 7.3% |
| &nbsp;&nbsp;Microsoft Corp. | 7.0% |
| &nbsp;&nbsp;Apple, Inc. | 5.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 1.9% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.7% |
| &nbsp;&nbsp;Tesla, Inc. | 1.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Equity 500 Index Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IA shares was lowered from 0.54% to 0.5375%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.<br>These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598c000024603.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A045-A146443_A Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Equity 500 Index Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EQUITY 500 INDEX PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Equity 500 Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.** <br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $27 | 0.54% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $11239953496 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 507 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 32.8% |
| &nbsp;&nbsp;Financials | 13.9% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Communication Services | 9.7% |
| &nbsp;&nbsp;Health Care | 9.2% |
| &nbsp;&nbsp;Industrials | 8.5% |
| &nbsp;&nbsp;Consumer Staples | 5.4% |
| &nbsp;&nbsp;Energy | 3.0% |
| &nbsp;&nbsp;Utilities | 2.4% |
| &nbsp;&nbsp;Real Estate | 2.0% |
| &nbsp;&nbsp;Materials | 1.9% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;NVIDIA Corp. | 7.3% |
| &nbsp;&nbsp;Microsoft Corp. | 7.0% |
| &nbsp;&nbsp;Apple, Inc. | 5.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 1.9% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.7% |
| &nbsp;&nbsp;Tesla, Inc. | 1.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Equity 500 Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.54% to 0.5375%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.<br>These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A045-B146443_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Equity 500 Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/EQUITY 500 INDEX PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Equity 500 Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $15 | 0.29% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $11239953496 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 507 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 1% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 32.8% |
| &nbsp;&nbsp;Financials | 13.9% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Communication Services | 9.7% |
| &nbsp;&nbsp;Health Care | 9.2% |
| &nbsp;&nbsp;Industrials | 8.5% |
| &nbsp;&nbsp;Consumer Staples | 5.4% |
| &nbsp;&nbsp;Energy | 3.0% |
| &nbsp;&nbsp;Utilities | 2.4% |
| &nbsp;&nbsp;Real Estate | 2.0% |
| &nbsp;&nbsp;Materials | 1.9% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;NVIDIA Corp. | 7.3% |
| &nbsp;&nbsp;Microsoft Corp. | 7.0% |
| &nbsp;&nbsp;Apple, Inc. | 5.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.9% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 1.9% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 1.7% |
| &nbsp;&nbsp;Tesla, Inc. | 1.7% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Equity 500 Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.29% to 0.2875%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.<br>These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A045-K146443_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Equity 500 Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FIDELITY INSTITUTIONAL AM <sup>®</sup> LARGE CAP PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $44 | 0.87% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1321431737 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 289 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 29% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 31.7% |
| &nbsp;&nbsp;Financials | 13.8% |
| &nbsp;&nbsp;Communication Services | 10.6% |
| &nbsp;&nbsp;Consumer Discretionary | 10.2% |
| &nbsp;&nbsp;Health Care | 9.4% |
| &nbsp;&nbsp;Industrials | 8.7% |
| &nbsp;&nbsp;Consumer Staples | 5.4% |
| &nbsp;&nbsp;Energy | 3.2% |
| &nbsp;&nbsp;Utilities | 2.2% |
| &nbsp;&nbsp;Real Estate | 2.0% |
| &nbsp;&nbsp;Materials | 1.9% |
| &nbsp;&nbsp;Exchange Traded Funds | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Microsoft Corp. | 8.4% |
| &nbsp;&nbsp;NVIDIA Corp. | 8.0% |
| &nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | 4.7% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.0% |
| &nbsp;&nbsp;Exxon Mobil Corp. | 1.5% |
| &nbsp;&nbsp;Netflix, Inc. | 1.5% |
| &nbsp;&nbsp;Tesla, Inc. | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A046-B158941_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FIDELITY INSTITUTIONAL AM <sup>®</sup> LARGE CAP PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $32 | 0.62% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1321431737 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 289 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 29% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 31.7% |
| &nbsp;&nbsp;Financials | 13.8% |
| &nbsp;&nbsp;Communication Services | 10.6% |
| &nbsp;&nbsp;Consumer Discretionary | 10.2% |
| &nbsp;&nbsp;Health Care | 9.4% |
| &nbsp;&nbsp;Industrials | 8.7% |
| &nbsp;&nbsp;Consumer Staples | 5.4% |
| &nbsp;&nbsp;Energy | 3.2% |
| &nbsp;&nbsp;Utilities | 2.2% |
| &nbsp;&nbsp;Real Estate | 2.0% |
| &nbsp;&nbsp;Materials | 1.9% |
| &nbsp;&nbsp;Exchange Traded Funds | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Microsoft Corp. | 8.4% |
| &nbsp;&nbsp;NVIDIA Corp. | 8.0% |
| &nbsp;&nbsp;Apple, Inc. | 6.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | 4.7% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 3.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | 2.0% |
| &nbsp;&nbsp;Exxon Mobil Corp. | 1.5% |
| &nbsp;&nbsp;Netflix, Inc. | 1.5% |
| &nbsp;&nbsp;Tesla, Inc. | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A046-K158941_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Franklin Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.12% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $307924507 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 521 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| &nbsp;&nbsp;**U.S. Treasury Obligations** |  | 43.4% |
| &nbsp;&nbsp;**Exchange Traded Funds** |  | 32.6% |
| &nbsp;&nbsp;**Common Stocks** |  | 22.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 7.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 3.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 2.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 0.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 0.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 0.4% |  |
| &nbsp;&nbsp;**Short-Term Investments** |  | 0.2% |
| &nbsp;&nbsp;**Cash and Other Assets Less Liabilities** |  | 1.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Franklin Moderate Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A047-B154173_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Franklin Moderate Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Franklin Rising Dividends Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $44 | 0.87% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $345253341 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 58 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 30.4% |
| &nbsp;&nbsp;Financials | 15.5% |
| &nbsp;&nbsp;Industrials | 14.5% |
| &nbsp;&nbsp;Health Care | 13.2% |
| &nbsp;&nbsp;Consumer Staples | 8.5% |
| &nbsp;&nbsp;Consumer Discretionary | 6.3% |
| &nbsp;&nbsp;Materials | 6.2% |
| &nbsp;&nbsp;Energy | 2.6% |
| &nbsp;&nbsp;Utilities | 1.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.5% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Microsoft Corp. | 9.8% |
| &nbsp;&nbsp;Broadcom, Inc. | 4.6% |
| &nbsp;&nbsp;Visa, Inc., Class A | 3.4% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | 3.0% |
| &nbsp;&nbsp;Oracle Corp. | 2.9% |
| &nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;Linde plc | 2.9% |
| &nbsp;&nbsp;Stryker Corp. | 2.8% |
| &nbsp;&nbsp;Texas Instruments, Inc. | 2.8% |
| &nbsp;&nbsp;Walmart, Inc. | 2.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Franklin Rising Dividends Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A048-B158942_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Franklin Rising Dividends Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Franklin Small Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 1.05% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $236606705 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2120 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 24.1% |
| &nbsp;&nbsp;Industrials | 20.8% |
| &nbsp;&nbsp;Information Technology | 11.0% |
| &nbsp;&nbsp;Consumer Discretionary | 10.0% |
| &nbsp;&nbsp;Health Care | 7.5% |
| &nbsp;&nbsp;Materials | 5.8% |
| &nbsp;&nbsp;Real Estate | 3.2% |
| &nbsp;&nbsp;Energy | 3.0% |
| &nbsp;&nbsp;Utilities | 2.1% |
| &nbsp;&nbsp;Communication Services | 1.0% |
| &nbsp;&nbsp;Consumer Staples | 0.9% |
| &nbsp;&nbsp;Short-Term Investments | 7.4% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 3.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A049-B146433_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Franklin Small Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $39 | 0.80% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $236606705 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2120 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 24.1% |
| &nbsp;&nbsp;Industrials | 20.8% |
| &nbsp;&nbsp;Information Technology | 11.0% |
| &nbsp;&nbsp;Consumer Discretionary | 10.0% |
| &nbsp;&nbsp;Health Care | 7.5% |
| &nbsp;&nbsp;Materials | 5.8% |
| &nbsp;&nbsp;Real Estate | 3.2% |
| &nbsp;&nbsp;Energy | 3.0% |
| &nbsp;&nbsp;Utilities | 2.1% |
| &nbsp;&nbsp;Communication Services | 1.0% |
| &nbsp;&nbsp;Consumer Staples | 0.9% |
| &nbsp;&nbsp;Short-Term Investments | 7.4% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 3.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A049-K146433_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Franklin Small Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Global Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.10% |
| &nbsp;&nbsp;<br><sup>\*</sup>Annualized<br>|  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1684285172 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1308 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;United States | 38.8% |
| &nbsp;&nbsp;Japan | 5.6% |
| &nbsp;&nbsp;India | 4.7% |
| &nbsp;&nbsp;China | 3.9% |
| &nbsp;&nbsp;Taiwan | 3.3% |
| &nbsp;&nbsp;Germany | 3.2% |
| &nbsp;&nbsp;France | 3.1% |
| &nbsp;&nbsp;United Kingdom | 2.6% |
| &nbsp;&nbsp;Australia | 1.6% |
| &nbsp;&nbsp;Netherlands | 1.4% |
| &nbsp;&nbsp;Other | 12.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 20.1% |
| &nbsp;&nbsp;Financials | 15.2% |
| &nbsp;&nbsp;Consumer Discretionary | 8.6% |
| &nbsp;&nbsp;Industrials | 8.6% |
| &nbsp;&nbsp;Communication Services | 8.5% |
| &nbsp;&nbsp;Health Care | 7.2% |
| &nbsp;&nbsp;Consumer Staples | 4.4% |
| &nbsp;&nbsp;Materials | 2.5% |
| &nbsp;&nbsp;Energy | 1.9% |
| &nbsp;&nbsp;Real Estate | 1.9% |
| &nbsp;&nbsp;Utilities | 1.4% |
| &nbsp;&nbsp;Short-Term Investments | 4.7% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 15.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Global Equity Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A050-B146450_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. 2 EQ/Global Equity Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Global Equity Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $44 | 0.85% |
| &nbsp;&nbsp; \* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br> (as of June 30, 2025) | <br> **Portfolio Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $1684285172 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 1308 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 7% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; United States | 38.8% |
| &nbsp;&nbsp; Japan | 5.6% |
| &nbsp;&nbsp; India | 4.7% |
| &nbsp;&nbsp; China | 3.9% |
| &nbsp;&nbsp; Taiwan | 3.3% |
| &nbsp;&nbsp; Germany | 3.2% |
| &nbsp;&nbsp; France | 3.1% |
| &nbsp;&nbsp; United Kingdom | 2.6% |
| &nbsp;&nbsp; Australia | 1.6% |
| &nbsp;&nbsp; Netherlands | 1.4% |
| &nbsp;&nbsp; Other | 12.1% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Information Technology | 20.1% |
| &nbsp;&nbsp; Financials | 15.2% |
| &nbsp;&nbsp; Consumer Discretionary | 8.6% |
| &nbsp;&nbsp; Industrials | 8.6% |
| &nbsp;&nbsp; Communication Services | 8.5% |
| &nbsp;&nbsp; Health Care | 7.2% |
| &nbsp;&nbsp; Consumer Staples | 4.4% |
| &nbsp;&nbsp; Materials | 2.5% |
| &nbsp;&nbsp; Energy | 1.9% |
| &nbsp;&nbsp; Real Estate | 1.9% |
| &nbsp;&nbsp; Utilities | 1.4% |
| &nbsp;&nbsp; Short-Term Investments | 4.7% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 15.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Global Equity Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A050-K 146450_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Global Equity Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO (CLASS IB)

<br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Goldman Sachs Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
|  <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br> investment | Costs paid as a percentage of a<br> $10,000 investment \* |
| &nbsp;&nbsp;&nbsp; Class IB | $53 | 1.06% |
| &nbsp;&nbsp; \* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br>(as of June 30, 2025) | <br> **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $683912501 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 19 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 16% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| &nbsp;&nbsp; **Exchange Traded Funds** |  | 62.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 32.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 30.0% |  |
| &nbsp;&nbsp; **Short-Term Investments** |  | 41.7% |
| &nbsp;&nbsp; **Cash and Other Assets Less Liabilities** |  | -3.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Goldman Sachs Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A051-B 159929_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Goldman Sachs Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Goldman Sachs Mid Cap Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $55 | 1.09% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $159639223 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 104 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 49% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 18.3% |
| &nbsp;&nbsp;Industrials | 16.7% |
| &nbsp;&nbsp;Utilities | 9.4% |
| &nbsp;&nbsp;Information Technology | 9.2% |
| &nbsp;&nbsp;Energy | 8.6% |
| &nbsp;&nbsp;Real Estate | 8.3% |
| &nbsp;&nbsp;Consumer Discretionary | 7.3% |
| &nbsp;&nbsp;Consumer Staples | 7.0% |
| &nbsp;&nbsp;Materials | 6.9% |
| &nbsp;&nbsp;Health Care | 4.9% |
| &nbsp;&nbsp;Communication Services | 2.0% |
| &nbsp;&nbsp;Short-Term Investments | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;AMETEK, Inc. | 2.4% |
| &nbsp;&nbsp;Rockwell Automation, Inc. | 2.4% |
| &nbsp;&nbsp;Coca-Cola Europacific Partners plc | 2.2% |
| &nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.0% |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | 1.9% |
| &nbsp;&nbsp;DR Horton, Inc. | 1.9% |
| &nbsp;&nbsp;Martin Marietta Materials, Inc. | 1.8% |
| &nbsp;&nbsp;Raymond James Financial, Inc. | 1.6% |
| &nbsp;&nbsp;Dynatrace, Inc. | 1.6% |
| &nbsp;&nbsp;Phillips 66 | 1.6% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Goldman Sachs Mid Cap Value Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A052-B158944_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Goldman Sachs Mid Cap Value Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Goldman Sachs Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $56 | 1.11% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $783563743 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 515 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 128% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| &nbsp;&nbsp;**U.S. Treasury Obligations** |  | 41.3% |
| &nbsp;&nbsp;**Common Stocks** |  | 30.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 10.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 4.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 2.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 0.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 0.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 0.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.6% |  |
| &nbsp;&nbsp;**Rights** |  | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;**Short-Term Investments** |  | 23.8% |
| &nbsp;&nbsp;**Cash and Other Assets Less Liabilities** |  | 4.9% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A053-B153116_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Goldman Sachs Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Intermediate Corporate Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $33 | 0.65% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1458051450 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 446 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 32.1% |
| &nbsp;&nbsp;Utilities | 10.7% |
| &nbsp;&nbsp;Energy | 8.8% |
| &nbsp;&nbsp;Health Care | 8.1% |
| &nbsp;&nbsp;Information Technology | 7.2% |
| &nbsp;&nbsp;Industrials | 6.6% |
| &nbsp;&nbsp;Communication Services | 6.2% |
| &nbsp;&nbsp;Consumer Staples | 5.1% |
| &nbsp;&nbsp;Real Estate | 4.0% |
| &nbsp;&nbsp;Materials | 3.6% |
| &nbsp;&nbsp;Consumer Discretionary | 2.8% |
| &nbsp;&nbsp;Government Bonds | 2.8% |
| &nbsp;&nbsp;Short-Term Investments | 0.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Intermediate Corporate Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A055-B800020_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Intermediate Corporate Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Intermediate Corporate Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $20 | 0.40% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1458051450 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 446 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 22% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 32.1% |
| &nbsp;&nbsp;Utilities | 10.7% |
| &nbsp;&nbsp;Energy | 8.8% |
| &nbsp;&nbsp;Health Care | 8.1% |
| &nbsp;&nbsp;Information Technology | 7.2% |
| &nbsp;&nbsp;Industrials | 6.6% |
| &nbsp;&nbsp;Communication Services | 6.2% |
| &nbsp;&nbsp;Consumer Staples | 5.1% |
| &nbsp;&nbsp;Real Estate | 4.0% |
| &nbsp;&nbsp;Materials | 3.6% |
| &nbsp;&nbsp;Consumer Discretionary | 2.8% |
| &nbsp;&nbsp;Government Bonds | 2.8% |
| &nbsp;&nbsp;Short-Term Investments | 0.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Intermediate Corporate Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A055-K800020_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Intermediate Corporate Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (CLASS IA)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Intermediate Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IA | $32 | 0.63% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $4155166800 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 213 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Government Agency Securities | 52.1% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 39.7% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.2% |
| &nbsp;&nbsp;Corporate Bonds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Intermediate Government Bond Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IA shares was lowered from 0.64% to 0.62%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A056-A146451_A Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Intermediate Government Bond Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Intermediate Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $32 | 0.63% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $4155166800 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 213 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Government Agency Securities | 52.1% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 39.7% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.2% |
| &nbsp;&nbsp;Corporate Bonds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Intermediate Government Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.64% to 0.62%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A056-B146451_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Intermediate Government Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Intermediate Government Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $19 | 0.38% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $4155166800 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 213 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 17% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Government Agency Securities | 52.1% |
| &nbsp;&nbsp;U.S. Treasury Obligations | 39.7% |
| &nbsp;&nbsp;Exchange Traded Funds | 7.2% |
| &nbsp;&nbsp;Corporate Bonds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Intermediate Government Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.39% to 0.37%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.<br>This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A056-K146451_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Intermediate Government Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $55 | 1.04% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1189668189 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 801 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Japan | 14.7% |
| &nbsp;&nbsp;United Kingdom | 10.0% |
| &nbsp;&nbsp;Germany | 8.5% |
| &nbsp;&nbsp;United States | 8.4% |
| &nbsp;&nbsp;France | 7.5% |
| &nbsp;&nbsp;Australia | 3.8% |
| &nbsp;&nbsp;Switzerland | 3.4% |
| &nbsp;&nbsp;Netherlands | 3.2% |
| &nbsp;&nbsp;Spain | 2.4% |
| &nbsp;&nbsp;Italy | 2.2% |
| &nbsp;&nbsp;Other | 16.2% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 17.4% |
| &nbsp;&nbsp;Industrials | 15.7% |
| &nbsp;&nbsp;Information Technology | 9.5% |
| &nbsp;&nbsp;Health Care | 8.9% |
| &nbsp;&nbsp;Consumer Discretionary | 8.0% |
| &nbsp;&nbsp;Consumer Staples | 5.9% |
| &nbsp;&nbsp;Materials | 5.5% |
| &nbsp;&nbsp;Communication Services | 3.6% |
| &nbsp;&nbsp;Energy | 2.4% |
| &nbsp;&nbsp;Utilities | 2.3% |
| &nbsp;&nbsp;Real Estate | 1.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.1% |
| &nbsp;&nbsp;Short-Term Investments | 1.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 9.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A057-B146452_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/International Core Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $42 | 0.79% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1189668189 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 801 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Japan | 14.7% |
| &nbsp;&nbsp;United Kingdom | 10.0% |
| &nbsp;&nbsp;Germany | 8.5% |
| &nbsp;&nbsp;United States | 8.4% |
| &nbsp;&nbsp;France | 7.5% |
| &nbsp;&nbsp;Australia | 3.8% |
| &nbsp;&nbsp;Switzerland | 3.4% |
| &nbsp;&nbsp;Netherlands | 3.2% |
| &nbsp;&nbsp;Spain | 2.4% |
| &nbsp;&nbsp;Italy | 2.2% |
| &nbsp;&nbsp;Other | 16.2% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 17.4% |
| &nbsp;&nbsp;Industrials | 15.7% |
| &nbsp;&nbsp;Information Technology | 9.5% |
| &nbsp;&nbsp;Health Care | 8.9% |
| &nbsp;&nbsp;Consumer Discretionary | 8.0% |
| &nbsp;&nbsp;Consumer Staples | 5.9% |
| &nbsp;&nbsp;Materials | 5.5% |
| &nbsp;&nbsp;Communication Services | 3.6% |
| &nbsp;&nbsp;Energy | 2.4% |
| &nbsp;&nbsp;Utilities | 2.3% |
| &nbsp;&nbsp;Real Estate | 1.1% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.1% |
| &nbsp;&nbsp;Short-Term Investments | 1.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 9.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report -June 30, 2025 1 EQ/International Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A057-K146452_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/International Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (CLASS IA)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Equity Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IA | $39 | 0.72% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1925210809 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1253 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Japan | 24.6% |
| &nbsp;&nbsp;United Kingdom | 18.7% |
| &nbsp;&nbsp;Germany | 11.9% |
| &nbsp;&nbsp;France | 11.8% |
| &nbsp;&nbsp;Australia | 9.5% |
| &nbsp;&nbsp;United States | 7.2% |
| &nbsp;&nbsp;Netherlands | 4.6% |
| &nbsp;&nbsp;Spain | 3.4% |
| &nbsp;&nbsp;Italy | 3.3% |
| &nbsp;&nbsp;Finland | 0.7% |
| &nbsp;&nbsp;Other | 2.2% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 22.3% |
| &nbsp;&nbsp;Industrials | 19.4% |
| &nbsp;&nbsp;Consumer Discretionary | 11.4% |
| &nbsp;&nbsp;Information Technology | 10.1% |
| &nbsp;&nbsp;Consumer Staples | 8.3% |
| &nbsp;&nbsp;Health Care | 7.4% |
| &nbsp;&nbsp;Materials | 5.7% |
| &nbsp;&nbsp;Energy | 4.5% |
| &nbsp;&nbsp;Communication Services | 4.2% |
| &nbsp;&nbsp;Utilities | 3.2% |
| &nbsp;&nbsp;Real Estate | 1.4% |
| &nbsp;&nbsp;Other | 0.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Equity Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A058-A146431_A Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/International Equity Index Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (CLASS IB)
<br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Equity Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $39 | 0.72% |
| &nbsp;&nbsp; \* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br> (as of June 30, 2025) | <br> **Portfolio Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $1925210809 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 1253 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 3% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Japan | 24.6% |
| &nbsp;&nbsp; United Kingdom | 18.7% |
| &nbsp;&nbsp; Germany | 11.9% |
| &nbsp;&nbsp; France | 11.8% |
| &nbsp;&nbsp; Australia | 9.5% |
| &nbsp;&nbsp; United States | 7.2% |
| &nbsp;&nbsp; Netherlands | 4.6% |
| &nbsp;&nbsp; Spain | 3.4% |
| &nbsp;&nbsp; Italy | 3.3% |
| &nbsp;&nbsp; Finland | 0.7% |
| &nbsp;&nbsp; Other | 2.2% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Financials | 22.3% |
| &nbsp;&nbsp; Industrials | 19.4% |
| &nbsp;&nbsp; Consumer Discretionary | 11.4% |
| &nbsp;&nbsp; Information Technology | 10.1% |
| &nbsp;&nbsp; Consumer Staples | 8.3% |
| &nbsp;&nbsp; Health Care | 7.4% |
| &nbsp;&nbsp; Materials | 5.7% |
| &nbsp;&nbsp; Energy | 4.5% |
| &nbsp;&nbsp; Communication Services | 4.2% |
| &nbsp;&nbsp; Utilities | 3.2% |
| &nbsp;&nbsp; Real Estate | 1.4% |
| &nbsp;&nbsp; Other | 0.4% |
| &nbsp;&nbsp; Short-Term Investments | 0.3% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Equity Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br> **Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A058-B 146431_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/International Equity Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Equity Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $25 | 0.47% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1925210809 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1253 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 3% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Japan | 24.6% |
| &nbsp;&nbsp;United Kingdom | 18.7% |
| &nbsp;&nbsp;Germany | 11.9% |
| &nbsp;&nbsp;France | 11.8% |
| &nbsp;&nbsp;Australia | 9.5% |
| &nbsp;&nbsp;United States | 7.2% |
| &nbsp;&nbsp;Netherlands | 4.6% |
| &nbsp;&nbsp;Spain | 3.4% |
| &nbsp;&nbsp;Italy | 3.3% |
| &nbsp;&nbsp;Finland | 0.7% |
| &nbsp;&nbsp;Other | 2.2% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 22.3% |
| &nbsp;&nbsp;Industrials | 19.4% |
| &nbsp;&nbsp;Consumer Discretionary | 11.4% |
| &nbsp;&nbsp;Information Technology | 10.1% |
| &nbsp;&nbsp;Consumer Staples | 8.3% |
| &nbsp;&nbsp;Health Care | 7.4% |
| &nbsp;&nbsp;Materials | 5.7% |
| &nbsp;&nbsp;Energy | 4.5% |
| &nbsp;&nbsp;Communication Services | 4.2% |
| &nbsp;&nbsp;Utilities | 3.2% |
| &nbsp;&nbsp;Real Estate | 1.4% |
| &nbsp;&nbsp;Other | 0.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Equity Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; <br>**Material Changes to the Portfolio**<br>The following is a summary of certain changes to the Portfolio since January 1, 2025.<br>Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A058-K146431_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/International Equity Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $55 | 1.03% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1004862669 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1666 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Japan | 16.2% |
| &nbsp;&nbsp;United Kingdom | 15.1% |
| &nbsp;&nbsp;Germany | 14.0% |
| &nbsp;&nbsp;France | 12.9% |
| &nbsp;&nbsp;Australia | 6.8% |
| &nbsp;&nbsp;United States | 5.9% |
| &nbsp;&nbsp;Netherlands | 4.7% |
| &nbsp;&nbsp;Italy | 2.6% |
| &nbsp;&nbsp;Spain | 2.2% |
| &nbsp;&nbsp;South Korea | 1.4% |
| &nbsp;&nbsp;Other | 7.0% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 19.4% |
| &nbsp;&nbsp;Industrials | 18.3% |
| &nbsp;&nbsp;Consumer Discretionary | 13.3% |
| &nbsp;&nbsp;Health Care | 8.2% |
| &nbsp;&nbsp;Information Technology | 8.0% |
| &nbsp;&nbsp;Consumer Staples | 7.2% |
| &nbsp;&nbsp;Materials | 5.3% |
| &nbsp;&nbsp;Communication Services | 3.5% |
| &nbsp;&nbsp;Energy | 2.7% |
| &nbsp;&nbsp;Utilities | 1.9% |
| &nbsp;&nbsp;Real Estate | 1.0% |
| &nbsp;&nbsp;Mutual Funds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.5% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 10.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Value Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A060-B146435_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/International Value Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/International Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $42 | 0.78% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1004862669 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1666 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Japan | 16.2% |
| &nbsp;&nbsp;United Kingdom | 15.1% |
| &nbsp;&nbsp;Germany | 14.0% |
| &nbsp;&nbsp;France | 12.9% |
| &nbsp;&nbsp;Australia | 6.8% |
| &nbsp;&nbsp;United States | 5.9% |
| &nbsp;&nbsp;Netherlands | 4.7% |
| &nbsp;&nbsp;Italy | 2.6% |
| &nbsp;&nbsp;Spain | 2.2% |
| &nbsp;&nbsp;South Korea | 1.4% |
| &nbsp;&nbsp;Other | 7.0% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 19.4% |
| &nbsp;&nbsp;Industrials | 18.3% |
| &nbsp;&nbsp;Consumer Discretionary | 13.3% |
| &nbsp;&nbsp;Health Care | 8.2% |
| &nbsp;&nbsp;Information Technology | 8.0% |
| &nbsp;&nbsp;Consumer Staples | 7.2% |
| &nbsp;&nbsp;Materials | 5.3% |
| &nbsp;&nbsp;Communication Services | 3.5% |
| &nbsp;&nbsp;Energy | 2.7% |
| &nbsp;&nbsp;Utilities | 1.9% |
| &nbsp;&nbsp;Real Estate | 1.0% |
| &nbsp;&nbsp;Mutual Funds | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 0.5% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 10.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/International Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A060-K146435_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/International Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO COMSTOCK PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Invesco Comstock Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $51 | 1.00% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $312127599 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 92 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 19.9% |
| &nbsp;&nbsp;Health Care | 15.6% |
| &nbsp;&nbsp;Information Technology | 11.8% |
| &nbsp;&nbsp;Industrials | 10.9% |
| &nbsp;&nbsp;Consumer Staples | 10.5% |
| &nbsp;&nbsp;Communication Services | 8.2% |
| &nbsp;&nbsp;Energy | 6.6% |
| &nbsp;&nbsp;Consumer Discretionary | 6.3% |
| &nbsp;&nbsp;Utilities | 3.1% |
| &nbsp;&nbsp;Materials | 2.1% |
| &nbsp;&nbsp;Real Estate | 0.8% |
| &nbsp;&nbsp;Short-Term Investments | 1.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 2.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Bank of America Corp. | 3.3% |
| &nbsp;&nbsp;Microsoft Corp. | 2.9% |
| &nbsp;&nbsp;Wells Fargo & Co. | 2.9% |
| &nbsp;&nbsp;Cisco Systems, Inc. | 2.7% |
| &nbsp;&nbsp;CVS Health Corp. | 2.4% |
| &nbsp;&nbsp;State Street Corp. | 2.1% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 2.0% |
| &nbsp;&nbsp;Johnson Controls International plc | 2.0% |
| &nbsp;&nbsp;Philip Morris International, Inc. | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Invesco Comstock Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A061-B146476_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Invesco Comstock Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO COMSTOCK PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Invesco Comstock Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $39 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $312127599 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 92 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 19.9% |
| &nbsp;&nbsp;Health Care | 15.6% |
| &nbsp;&nbsp;Information Technology | 11.8% |
| &nbsp;&nbsp;Industrials | 10.9% |
| &nbsp;&nbsp;Consumer Staples | 10.5% |
| &nbsp;&nbsp;Communication Services | 8.2% |
| &nbsp;&nbsp;Energy | 6.6% |
| &nbsp;&nbsp;Consumer Discretionary | 6.3% |
| &nbsp;&nbsp;Utilities | 3.1% |
| &nbsp;&nbsp;Materials | 2.1% |
| &nbsp;&nbsp;Real Estate | 0.8% |
| &nbsp;&nbsp;Short-Term Investments | 1.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 2.6% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;Bank of America Corp. | 3.3% |
| &nbsp;&nbsp;Microsoft Corp. | 2.9% |
| &nbsp;&nbsp;Wells Fargo & Co. | 2.9% |
| &nbsp;&nbsp;Cisco Systems, Inc. | 2.7% |
| &nbsp;&nbsp;CVS Health Corp. | 2.4% |
| &nbsp;&nbsp;State Street Corp. | 2.1% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 2.0% |
| &nbsp;&nbsp;Johnson Controls International plc | 2.0% |
| &nbsp;&nbsp;Philip Morris International, Inc. | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Invesco Comstock Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A061-K146476_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Invesco Comstock Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO GLOBAL PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Invesco Global Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.10% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $503336526 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 62 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 11% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;United States | 62.9% |
| &nbsp;&nbsp;India | 6.5% |
| &nbsp;&nbsp;France | 5.6% |
| &nbsp;&nbsp;Germany | 5.3% |
| &nbsp;&nbsp;Japan | 3.1% |
| &nbsp;&nbsp;China | 2.9% |
| &nbsp;&nbsp;Netherlands | 2.4% |
| &nbsp;&nbsp;Sweden | 1.6% |
| &nbsp;&nbsp;Italy | 1.6% |
| &nbsp;&nbsp;Canada | 1.5% |
| &nbsp;&nbsp;Other | 5.7% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 31.7% |
| &nbsp;&nbsp;Communication Services | 22.9% |
| &nbsp;&nbsp;Financials | 12.5% |
| &nbsp;&nbsp;Health Care | 10.9% |
| &nbsp;&nbsp;Consumer Discretionary | 9.8% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Real Estate | 4.2% |
| &nbsp;&nbsp;Materials | 0.9% |
| &nbsp;&nbsp;Short-Term Investments | 0.0%<sup>#</sup> |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.9% |
| &nbsp;&nbsp;# Less than 0.05% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Invesco Global Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A062-B146469_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Invesco Global Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO (CLASS IB)
<br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Invesco Global Real Assets Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $60 | 1.15% |
| &nbsp;&nbsp; \* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br> (as of June 30, 2025) | <br> **Portfolio Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $216510085 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 100 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 59% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; United States | 59.4% |
| &nbsp;&nbsp; Canada | 11.7% |
| &nbsp;&nbsp; France | 6.7% |
| &nbsp;&nbsp; United Kingdom | 4.7% |
| &nbsp;&nbsp; Australia | 3.4% |
| &nbsp;&nbsp; Japan | 2.5% |
| &nbsp;&nbsp; Spain | 2.4% |
| &nbsp;&nbsp; Singapore | 1.2% |
| &nbsp;&nbsp; Germany | 1.1% |
| &nbsp;&nbsp; Hong Kong | 0.9% |
| &nbsp;&nbsp; Other | 5.4% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) |  |
| &nbsp;&nbsp; Real Estate | 44.6% |
| &nbsp;&nbsp; Energy | 24.8% |
| &nbsp;&nbsp; Materials | 12.2% |
| &nbsp;&nbsp; Industrials | 7.8% |
| &nbsp;&nbsp; Utilities | 7.3% |
| &nbsp;&nbsp; Communication Services | 2.3% |
| &nbsp;&nbsp; Consumer Discretionary | 0.4% |
| &nbsp;&nbsp; Short-Term Investments | 2.7% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | -2.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Invesco Global Real Assets Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A063-B 158945_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Invesco Global Real Assets Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO MODERATE ALLOCATION PORTFOLIO (CLASS IB)
<br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Invesco Moderate Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br> (Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.13% |
| &nbsp;&nbsp; \* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br> **Portfolio Statistics**<br> (as of June 30, 2025) | <br> **Portfolio Statistics**<br> (as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $371512932 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 576 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 31% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |
| &nbsp;&nbsp; **U.S. Treasury Obligations** |  | 48.6% |
| &nbsp;&nbsp; **Common Stocks** |  | 33.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 11.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 4.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 3.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 1.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.6% |  |
| &nbsp;&nbsp; **Rights** |  | 0.0%<sup>#</sup> |
| &nbsp;&nbsp; **Short-Term Investments** |  | 14.5% |
| &nbsp;&nbsp; **Cash and Other Assets Less Liabilities** |  | 3.7% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Invesco Moderate Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A064-B 153117_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Invesco Moderate Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Invesco Moderate Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.12% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $390691769 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 928 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 15% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | | |
|:---|:---|:---|:---|
| Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) | Security Type & Sector (as a % of Net Assets) |  |
| &nbsp;&nbsp;**Corporate Bonds** |  | 37.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 11.4% |  |  |
| &nbsp;&nbsp;**Common Stocks** |  | 37.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 8.8% |  |  |
| &nbsp;&nbsp;**Rights** |  | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp;**Short-Term Investments** |  | 23.6% |  |
| &nbsp;&nbsp;**Cash and Other** |  | 0.9% |  |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Invesco Moderate Growth Allocation Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A065-B159934_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Invesco Moderate Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JANUS ENTERPRISE PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Janus Enterprise Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $53 | 1.04% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1444590556 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 80 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 26.0% |
| &nbsp;&nbsp;Industrials | 25.7% |
| &nbsp;&nbsp;Health Care | 13.7% |
| &nbsp;&nbsp;Financials | 12.8% |
| &nbsp;&nbsp;Consumer Discretionary | 7.3% |
| &nbsp;&nbsp;Utilities | 4.6% |
| &nbsp;&nbsp;Real Estate | 3.0% |
| &nbsp;&nbsp;Communication Services | 2.8% |
| &nbsp;&nbsp;Materials | 1.6% |
| &nbsp;&nbsp;Consumer Staples | 0.6% |
| &nbsp;&nbsp;Energy | 0.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Constellation Software, Inc. | 5.0% |
| &nbsp;&nbsp;Intact Financial Corp. | 3.6% |
| &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3.5% |
| &nbsp;&nbsp;Flex Ltd. | 3.5% |
| &nbsp;&nbsp;Ferguson Enterprises, Inc. | 2.7% |
| &nbsp;&nbsp;AppLovin Corp., Class A | 2.6% |
| &nbsp;&nbsp;Boston Scientific Corp. | 2.6% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C | 2.3% |
| &nbsp;&nbsp;Revvity, Inc. | 2.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Janus Enterprise Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A066-B146467_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Janus Enterprise Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JANUS ENTERPRISE PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Janus Enterprise Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $40 | 0.79% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1444590556 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 80 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 26.0% |
| &nbsp;&nbsp;Industrials | 25.7% |
| &nbsp;&nbsp;Health Care | 13.7% |
| &nbsp;&nbsp;Financials | 12.8% |
| &nbsp;&nbsp;Consumer Discretionary | 7.3% |
| &nbsp;&nbsp;Utilities | 4.6% |
| &nbsp;&nbsp;Real Estate | 3.0% |
| &nbsp;&nbsp;Communication Services | 2.8% |
| &nbsp;&nbsp;Materials | 1.6% |
| &nbsp;&nbsp;Consumer Staples | 0.6% |
| &nbsp;&nbsp;Energy | 0.4% |
| &nbsp;&nbsp;Short-Term Investments | 0.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Constellation Software, Inc. | 5.0% |
| &nbsp;&nbsp;Intact Financial Corp. | 3.6% |
| &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3.5% |
| &nbsp;&nbsp;Flex Ltd. | 3.5% |
| &nbsp;&nbsp;Ferguson Enterprises, Inc. | 2.7% |
| &nbsp;&nbsp;AppLovin Corp., Class A | 2.6% |
| &nbsp;&nbsp;Boston Scientific Corp. | 2.6% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C | 2.3% |
| &nbsp;&nbsp;Revvity, Inc. | 2.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Janus Enterprise Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A066-K146467_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Janus Enterprise Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/JPMorgan Growth Allocation Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $55 | 1.10% |
| &nbsp;&nbsp;<sup>\*</sup>Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $845530126 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 203 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 72% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
| &nbsp;&nbsp;**Exchange Traded Funds** |  | 50.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 50.1% |  |
| &nbsp;&nbsp;**U.S. Treasury Obligations** |  | 38.0% |
| &nbsp;&nbsp;**Short-Term Investments** |  | 19.9% |
| &nbsp;&nbsp;**Cash and Other Assets Less Liabilities** |  | -8.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/JPMorgan Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A067-B157175_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/JPMorgan Growth Allocation Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN GROWTH STOCK PORTFOLIO

## (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/JPMorgan Growth Stock Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $49 | 0.96% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2859604835 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 73 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 37% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 36.4% |
| &nbsp;&nbsp;Consumer Discretionary | 16.0% |
| &nbsp;&nbsp;Communication Services | 15.5% |
| &nbsp;&nbsp;Financials | 8.7% |
| &nbsp;&nbsp;Health Care | 7.4% |
| &nbsp;&nbsp;Industrials | 5.7% |
| &nbsp;&nbsp;Consumer Staples | 5.0% |
| &nbsp;&nbsp;Energy | 0.3% |
| &nbsp;&nbsp;Exchange Traded Funds | 4.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;NVIDIA Corp. | 7.9% |
| &nbsp;&nbsp;Microsoft Corp. | 7.4% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 6.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | 5.9% |
| &nbsp;&nbsp;Apple, Inc. | 4.9% |
| &nbsp;&nbsp;Invesco QQQ Trust | 4.6% |
| &nbsp;&nbsp;Broadcom, Inc. | 4.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 3.8% |
| &nbsp;&nbsp;Netflix, Inc. | 3.6% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/JPMorgan Growth Stock Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A095-B146473_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/JPMorgan Growth Stock Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN GROWTH STOCK PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/JPMorgan Growth Stock Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $36 | 0.71% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2859604835 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 73 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 37% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 36.4% |
| &nbsp;&nbsp;Consumer Discretionary | 16.0% |
| &nbsp;&nbsp;Communication Services | 15.5% |
| &nbsp;&nbsp;Financials | 8.7% |
| &nbsp;&nbsp;Health Care | 7.4% |
| &nbsp;&nbsp;Industrials | 5.7% |
| &nbsp;&nbsp;Consumer Staples | 5.0% |
| &nbsp;&nbsp;Energy | 0.3% |
| &nbsp;&nbsp;Exchange Traded Funds | 4.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;NVIDIA Corp. | 7.9% |
| &nbsp;&nbsp;Microsoft Corp. | 7.4% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 6.5% |
| &nbsp;&nbsp;Amazon.com, Inc. | 5.9% |
| &nbsp;&nbsp;Apple, Inc. | 4.9% |
| &nbsp;&nbsp;Invesco QQQ Trust | 4.6% |
| &nbsp;&nbsp;Broadcom, Inc. | 4.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 3.8% |
| &nbsp;&nbsp;Netflix, Inc. | 3.6% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | 2.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/JPMorgan Growth Stock Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A095-K146473_k Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/JPMorgan Growth Stock Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/JPMorgan Value Opportunities Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $48 | 0.95% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1158157218 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 98 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 114% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 18.9% |
| &nbsp;&nbsp;Industrials | 15.4% |
| &nbsp;&nbsp;Health Care | 14.4% |
| &nbsp;&nbsp;Information Technology | 12.2% |
| &nbsp;&nbsp;Materials | 6.4% |
| &nbsp;&nbsp;Communication Services | 6.4% |
| &nbsp;&nbsp;Consumer Staples | 5.3% |
| &nbsp;&nbsp;Consumer Discretionary | 5.2% |
| &nbsp;&nbsp;Real Estate | 5.1% |
| &nbsp;&nbsp;Energy | 4.7% |
| &nbsp;&nbsp;Utilities | 4.7% |
| &nbsp;&nbsp;Short-Term Investments | 1.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Philip Morris International, Inc. | 3.1% |
| &nbsp;&nbsp;Wells Fargo & Co. | 3.1% |
| &nbsp;&nbsp;Bank of America Corp. | 3.0% |
| &nbsp;&nbsp;Western Digital Corp. | 2.7% |
| &nbsp;&nbsp;Emerson Electric Co. | 2.3% |
| &nbsp;&nbsp;Amazon.com, Inc. | 2.3% |
| &nbsp;&nbsp;Cigna Group (The) | 2.0% |
| &nbsp;&nbsp;Seagate Technology Holdings plc | 2.0% |
| &nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 1.9% |
| &nbsp;&nbsp;Equinix, Inc. (REIT) | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/JPMorgan Value Opportunities Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A068-B146455_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/JPMorgan Value Opportunities Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/JPMorgan Value Opportunities Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $35 | 0.70% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1158157218 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 98 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 114% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 18.9% |
| &nbsp;&nbsp;Industrials | 15.4% |
| &nbsp;&nbsp;Health Care | 14.4% |
| &nbsp;&nbsp;Information Technology | 12.2% |
| &nbsp;&nbsp;Materials | 6.4% |
| &nbsp;&nbsp;Communication Services | 6.4% |
| &nbsp;&nbsp;Consumer Staples | 5.3% |
| &nbsp;&nbsp;Consumer Discretionary | 5.2% |
| &nbsp;&nbsp;Real Estate | 5.1% |
| &nbsp;&nbsp;Energy | 4.7% |
| &nbsp;&nbsp;Utilities | 4.7% |
| &nbsp;&nbsp;Short-Term Investments | 1.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Philip Morris International, Inc. | 3.1% |
| &nbsp;&nbsp;Wells Fargo & Co. | 3.1% |
| &nbsp;&nbsp;Bank of America Corp. | 3.0% |
| &nbsp;&nbsp;Western Digital Corp. | 2.7% |
| &nbsp;&nbsp;Emerson Electric Co. | 2.3% |
| &nbsp;&nbsp;Amazon.com, Inc. | 2.3% |
| &nbsp;&nbsp;Cigna Group (The) | 2.0% |
| &nbsp;&nbsp;Seagate Technology Holdings plc | 2.0% |
| &nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 1.9% |
| &nbsp;&nbsp;Equinix, Inc. (REIT) | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/JPMorgan Value Opportunities Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A068-K146455_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/JPMorgan Value Opportunities Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO (CLASS IB)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class IB | $44 | 0.89% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1918027513 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 533 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 19% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 23.4% |
| &nbsp;&nbsp;Financials | 12.0% |
| &nbsp;&nbsp;Communication Services | 9.6% |
| &nbsp;&nbsp;Consumer Discretionary | 7.7% |
| &nbsp;&nbsp;Industrials | 6.8% |
| &nbsp;&nbsp;Health Care | 6.7% |
| &nbsp;&nbsp;Consumer Staples | 5.1% |
| &nbsp;&nbsp;Utilities | 4.0% |
| &nbsp;&nbsp;Energy | 2.3% |
| &nbsp;&nbsp;Materials | 1.6% |
| &nbsp;&nbsp;Real Estate | 1.2% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.2% |
| &nbsp;&nbsp;Short-Term Investments | 4.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 6.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Microsoft Corp. | 5.3% |
| &nbsp;&nbsp;NVIDIA Corp. | 4.8% |
| &nbsp;&nbsp;JPMorgan Prime Money Market Fund, IM Shares | 3.9% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | 3.4% |
| &nbsp;&nbsp;Apple, Inc. | 3.2% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.1% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.8% |
| &nbsp;&nbsp;Broadcom, Inc. | 1.9% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | 1.7% |
| &nbsp;&nbsp;iShares Morningstar U.S. Equity ETF | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A069-B146456_B Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Large Cap Core Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO (CLASS K)
<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Core Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Class K | $32 | 0.64% |
| &nbsp;&nbsp;\* Annualized |  |  |

---

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1918027513 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 533 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 19% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 23.4% |
| &nbsp;&nbsp;Financials | 12.0% |
| &nbsp;&nbsp;Communication Services | 9.6% |
| &nbsp;&nbsp;Consumer Discretionary | 7.7% |
| &nbsp;&nbsp;Industrials | 6.8% |
| &nbsp;&nbsp;Health Care | 6.7% |
| &nbsp;&nbsp;Consumer Staples | 5.1% |
| &nbsp;&nbsp;Utilities | 4.0% |
| &nbsp;&nbsp;Energy | 2.3% |
| &nbsp;&nbsp;Materials | 1.6% |
| &nbsp;&nbsp;Real Estate | 1.2% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.2% |
| &nbsp;&nbsp;Short-Term Investments | 4.1% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 6.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) |  |
| &nbsp;&nbsp;Microsoft Corp. | 5.3% |
| &nbsp;&nbsp;NVIDIA Corp. | 4.8% |
| &nbsp;&nbsp;JPMorgan Prime Money Market Fund, IM Shares | 3.9% |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | 3.4% |
| &nbsp;&nbsp;Apple, Inc. | 3.2% |
| &nbsp;&nbsp;Amazon.com, Inc. | 3.1% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.8% |
| &nbsp;&nbsp;Broadcom, Inc. | 1.9% |
| &nbsp;&nbsp;iShares Russell 1000 ETF | 1.7% |
| &nbsp;&nbsp;iShares Morningstar U.S. Equity ETF | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Core Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A069-K146456_K Semi-Annual Shareholder Report - June 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 EQ/Large Cap Core Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP GROWTH INDEX PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Large Cap Growth Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $36 | 0.71% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2650689321 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 387 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 50.7% |
| Consumer Discretionary | 13.4% |
| Communication Services | 11.4% |
| Health Care | 7.0% |
| Financials | 6.5% |
| Industrials | 5.9% |
| Consumer Staples | 2.7% |
| Real Estate | 0.5% |
| Utilities | 0.3% |
| Materials | 0.3% |
| Energy | 0.3% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 12.4% |
| Microsoft Corp. | 12.4% |
| Apple, Inc. | 10.2% |
| Amazon.com, Inc. | 5.1% |
| Meta Platforms, Inc., Class A | 4.5% |
| Broadcom, Inc. | 4.3% |
| Tesla, Inc. | 3.0% |
| Alphabet, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 2.1% |
| Visa, Inc., Class A | 2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Growth Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A070-B146457_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Large Cap Growth Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LARGE CAP GROWTH INDEX PORTFOLIO (CLASS K)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Growth Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $23 | 0.46% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2650689321 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 387 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 12% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 50.7% |
| Consumer Discretionary | 13.4% |
| Communication Services | 11.4% |
| Health Care | 7.0% |
| Financials | 6.5% |
| Industrials | 5.9% |
| Consumer Staples | 2.7% |
| Real Estate | 0.5% |
| Utilities | 0.3% |
| Materials | 0.3% |
| Energy | 0.3% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 12.4% |
| Microsoft Corp. | 12.4% |
| Apple, Inc. | 10.2% |
| Amazon.com, Inc. | 5.1% |
| Meta Platforms, Inc., Class A | 4.5% |
| Broadcom, Inc. | 4.3% |
| Tesla, Inc. | 3.0% |
| Alphabet, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 2.1% |
| Visa, Inc., Class A | 2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Growth Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A070-K146457_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Large Cap Growth Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Growth Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $43 | 0.85% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $4582849662 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 311 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 28.5% |
| Consumer Discretionary | 12.0% |
| Communication Services | 9.8% |
| Financials | 5.8% |
| Health Care | 5.7% |
| Industrials | 3.9% |
| Consumer Staples | 2.8% |
| Real Estate | 0.3% |
| Utilities | 0.1% |
| Materials | 0.1% |
| Energy | 0.1% |
| Exchange Traded Funds | 20.7% |
| Short-Term Investments | 4.4% |
| Cash and Other Assets Less Liabilities | 5.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Russell 1000 Growth ETF | 6.7% |
| Microsoft Corp. | 6.2% |
| NVIDIA Corp. | 6.1% |
| iShares Morningstar Growth ETF | 5.0% |
| JPMorgan Prime Money Market Fund, IM Shares | 4.4% |
| Vanguard Growth ETF | 4.3% |
| Apple, Inc. | 4.1% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc., Class A | 3.5% |
| SPDR Portfolio S&P 500 Growth ETF | 3.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Growth Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A071-B146458_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Large Cap Growth Managed Volatility Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO (CLASS K)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Growth Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $30 | 0.60% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $4582849662 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 311 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 28.5% |
| Consumer Discretionary | 12.0% |
| Communication Services | 9.8% |
| Financials | 5.8% |
| Health Care | 5.7% |
| Industrials | 3.9% |
| Consumer Staples | 2.8% |
| Real Estate | 0.3% |
| Utilities | 0.1% |
| Materials | 0.1% |
| Energy | 0.1% |
| Exchange Traded Funds | 20.7% |
| Short-Term Investments | 4.4% |
| Cash and Other Assets Less Liabilities | 5.8% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Vanguard Russell 1000 Growth ETF | 6.7% |
| Microsoft Corp. | 6.2% |
| NVIDIA Corp. | 6.1% |
| iShares Morningstar Growth ETF | 5.0% |
| JPMorgan Prime Money Market Fund, IM Shares | 4.4% |
| Vanguard Growth ETF | 4.3% |
| Apple, Inc. | 4.1% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc., Class A | 3.5% |
| SPDR Portfolio S&P 500 Growth ETF | 3.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Growth Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A071-K146458_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Large Cap Growth Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LARGE CAP VALUE INDEX PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Value Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $37 | 0.73% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $862304065 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 879 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 22.6% |
| Industrials | 13.0% |
| Health Care | 11.6% |
| Information Technology | 10.5% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 7.5% |
| Communication Services | 7.5% |
| Energy | 5.8% |
| Utilities | 4.4% |
| Real Estate | 4.2% |
| Materials | 4.1% |
| Short-Term Investments | 0.3% |
| Cash and Other Assets Less Liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Berkshire Hathaway, Inc., Class B | 3.2% |
| JPMorgan Chase & Co. | 2.9% |
| Amazon.com, Inc. | 2.1% |
| Exxon Mobil Corp. | 1.7% |
| Walmart, Inc. | 1.4% |
| Procter & Gamble Co. (The) | 1.3% |
| Johnson & Johnson | 1.3% |
| Alphabet, Inc., Class A | 1.3% |
| Bank of America Corp. | 1.1% |
| Alphabet, Inc., Class C | 1.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Value Index Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A072-B146459_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Large Cap Value Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE INDEX PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Value Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $25 | 0.48% |

---

\* Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of June 30, 2025) | &nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $862304065 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 879 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 13% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 22.6% |
| &nbsp;&nbsp;Industrials | 13.0% |
| &nbsp;&nbsp;Health Care | 11.6% |
| &nbsp;&nbsp;Information Technology | 10.5% |
| &nbsp;&nbsp;Consumer Staples | 8.1% |
| &nbsp;&nbsp;Consumer Discretionary | 7.5% |
| &nbsp;&nbsp;Communication Services | 7.5% |
| &nbsp;&nbsp;Energy | 5.8% |
| &nbsp;&nbsp;Utilities | 4.4% |
| &nbsp;&nbsp;Real Estate | 4.2% |
| &nbsp;&nbsp;Materials | 4.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.3% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 3.2% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | 2.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | 2.1% |
| &nbsp;&nbsp;Exxon Mobil Corp. | 1.7% |
| &nbsp;&nbsp;Walmart, Inc. | 1.4% |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | 1.3% |
| &nbsp;&nbsp;Johnson & Johnson | 1.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | 1.3% |
| &nbsp;&nbsp;Bank of America Corp. | 1.1% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | 1.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Value Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A072-K146459_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Large Cap Value Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $43 | 0.86% |

---

\* Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Portfolio Statistics**<br>(as of June 30, 2025) | &nbsp;&nbsp; <br> **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $3564666894 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 935 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 10% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Financials | 18.6% |
| &nbsp;&nbsp; Information Technology | 11.4% |
| &nbsp;&nbsp; Industrials | 10.2% |
| &nbsp;&nbsp; Health Care | 9.4% |
| &nbsp;&nbsp; Consumer Staples | 5.9% |
| &nbsp;&nbsp; Consumer Discretionary | 5.8% |
| &nbsp;&nbsp; Communication Services | 5.6% |
| &nbsp;&nbsp; Energy | 4.3% |
| &nbsp;&nbsp; Utilities | 4.1% |
| &nbsp;&nbsp; Materials | 3.8% |
| &nbsp;&nbsp; Real Estate | 2.7% |
| &nbsp;&nbsp; Exchange Traded Funds | 9.0% |
| &nbsp;&nbsp; Short-Term Investments | 2.6% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 6.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Value Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AIIPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; A073-B |  |  |
| &nbsp;&nbsp; 146460_B<br>|  |  |
| &nbsp;&nbsp; Semi-Annual Shareholder Report - June 30, 2025 | 2.0 | EQ/Large Cap Value Managed Volatility Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Large Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $31 | 0.61% |

---

\* Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of June 30, 2025) | &nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $3564666894 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 935 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Financials | 18.6% |
| &nbsp;&nbsp;Information Technology | 11.4% |
| &nbsp;&nbsp;Industrials | 10.2% |
| &nbsp;&nbsp;Health Care | 9.4% |
| &nbsp;&nbsp;Consumer Staples | 5.9% |
| &nbsp;&nbsp;Consumer Discretionary | 5.8% |
| &nbsp;&nbsp;Communication Services | 5.6% |
| &nbsp;&nbsp;Energy | 4.3% |
| &nbsp;&nbsp;Utilities | 4.1% |
| &nbsp;&nbsp;Materials | 3.8% |
| &nbsp;&nbsp;Real Estate | 2.7% |
| &nbsp;&nbsp;Exchange Traded Funds | 9.0% |
| &nbsp;&nbsp;Short-Term Investments | 2.6% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 6.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Large Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AIIPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;A073-K |  |  |
| &nbsp;&nbsp;146460_K<br>|  |  |
| &nbsp;&nbsp;Semi-Annual Shareholder Report - June 30, 2025 | 2.0 | EQ/Large Cap Value Managed Volatility Portfolio (Class K) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO (CLASS IB)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Lazard Emerging Markets Equity Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $74 | 1.35% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $489278253 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 85 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 14% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;China | 23.5% |
| &nbsp;&nbsp;Taiwan | 13.9% |
| &nbsp;&nbsp;Brazil | 12.0% |
| &nbsp;&nbsp;South Korea | 12.0% |
| &nbsp;&nbsp;Mexico | 7.9% |
| &nbsp;&nbsp;South Africa | 7.1% |
| &nbsp;&nbsp;India | 4.9% |
| &nbsp;&nbsp;Indonesia | 3.7% |
| &nbsp;&nbsp;Hungary | 3.1% |
| &nbsp;&nbsp;Greece | 2.9% |
| &nbsp;&nbsp;Other | 7.8% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 27.4% |
| Information Technology | 19.1% |
| Communication Services | 9.7% |
| Consumer Discretionary | 9.5% |
| Consumer Staples | 7.5% |
| Industrials | 7.2% |
| Materials | 6.9% |
| Energy | 5.5% |
| Health Care | 4.3% |
| Utilities | 1.7% |
| Short-Term Investments | 0.8% |
| Cash and Other Assets Less Liabilities | 0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Lazard Emerging Markets Equity Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A074-B158950_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Lazard Emerging Markets Equity Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LONG-TERM BOND PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Long-Term Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $33 | 0.65% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2562624849 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 543 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 27% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Treasury Obligations | 49.9% |
| &nbsp;&nbsp;Corporate Bonds | 43.7% |
| &nbsp;&nbsp;Foreign Government Securities | 2.2% |
| &nbsp;&nbsp;Municipal Bonds | 1.4% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 0.5% |
| &nbsp;&nbsp;Supranational | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.9% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Long-Term Bond Portfolio (Class IB)

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---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A075-B162745_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Long-Term Bond Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LONG-TERM BOND PORTFOLIO (CLASS K)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Long-Term Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $20 | 0.40% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2562624849 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 543 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 27% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| &nbsp;&nbsp;U.S. Treasury Obligations | 49.9% |
| &nbsp;&nbsp;Corporate Bonds | 43.7% |
| &nbsp;&nbsp;Foreign Government Securities | 2.2% |
| &nbsp;&nbsp;Municipal Bonds | 1.4% |
| &nbsp;&nbsp;U.S. Government Agency Securities | 0.5% |
| &nbsp;&nbsp;Supranational | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 0.9% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 1.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Long-Term Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A075-K162745_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Long-Term Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LOOMIS SAYLES GROWTH PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Loomis Sayles Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $54 | 1.05% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $904642915 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 47 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 28.0% |
| &nbsp;&nbsp;Communication Services | 22.9% |
| &nbsp;&nbsp;Consumer Discretionary | 15.8% |
| &nbsp;&nbsp;Health Care | 13.5% |
| &nbsp;&nbsp;Financials | 8.9% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Consumer Staples | 3.5% |
| &nbsp;&nbsp;Short-Term Investments | 3.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -2.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Netflix, Inc. | 8.0% |
| Meta Platforms, Inc., Class A | 8.0% |
| NVIDIA Corp. | 8.0% |
| Amazon.com, Inc. | 5.9% |
| Oracle Corp. | 5.6% |
| Tesla, Inc. | 5.5% |
| Alphabet, Inc., Class A | 4.4% |
| Boeing Co. (The) | 4.2% |
| Visa, Inc., Class A | 4.0% |
| Monster Beverage Corp. | 3.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Loomis Sayles Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A076-B146466_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Loomis Sayles Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/LOOMIS SAYLES GROWTH PORTFOLIO (CLASS K)

<br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Loomis Sayles Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $42 | 0.80% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $904642915 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 47 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 2% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 28.0% |
| &nbsp;&nbsp;Communication Services | 22.9% |
| &nbsp;&nbsp;Consumer Discretionary | 15.8% |
| &nbsp;&nbsp;Health Care | 13.5% |
| &nbsp;&nbsp;Financials | 8.9% |
| &nbsp;&nbsp;Industrials | 6.2% |
| &nbsp;&nbsp;Consumer Staples | 3.5% |
| &nbsp;&nbsp;Short-Term Investments | 3.2% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -2.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Netflix, Inc. | 8.0% |
| Meta Platforms, Inc., Class A | 8.0% |
| NVIDIA Corp. | 8.0% |
| Amazon.com, Inc. | 5.9% |
| Oracle Corp. | 5.6% |
| Tesla, Inc. | 5.5% |
| Alphabet, Inc., Class A | 4.4% |
| Boeing Co. (The) | 4.2% |
| Visa, Inc., Class A | 4.0% |
| Monster Beverage Corp. | 3.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Loomis Sayles Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A076-K146466_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Loomis Sayles Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/MFS International Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $59 | 1.10% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1411808255 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 84 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 16.8% |
| Japan | 10.4% |
| France | 10.1% |
| United Kingdom | 9.4% |
| Germany | 9.2% |
| Canada | 6.5% |
| Taiwan | 6.3% |
| Netherlands | 3.8% |
| India | 3.6% |
| China | 3.0% |
| Other | 19.3% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 17.9% |
| Industrials | 17.6% |
| Financials | 12.3% |
| Materials | 12.2% |
| Health Care | 12.2% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 9.8% |
| Communication Services | 3.0% |
| Energy | 1.3% |
| Utilities | 0.2% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS International Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A077-B146454_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/MFS International Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO (CLASS K)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/MFS International Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $45 | 0.85% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1411808255 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 84 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 7% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 16.8% |
| Japan | 10.4% |
| France | 10.1% |
| United Kingdom | 9.4% |
| Germany | 9.2% |
| Canada | 6.5% |
| Taiwan | 6.3% |
| Netherlands | 3.8% |
| India | 3.6% |
| China | 3.0% |
| Other | 19.3% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 17.9% |
| Industrials | 17.6% |
| Financials | 12.3% |
| Materials | 12.2% |
| Health Care | 12.2% |
| Consumer Discretionary | 11.9% |
| Consumer Staples | 9.8% |
| Communication Services | 3.0% |
| Energy | 1.3% |
| Utilities | 0.2% |
| Cash and Other Assets Less Liabilities | 1.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS International Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A077-K146454_K Semi-Annual Shareholder Report - June 30, 2025 2 EQ/MFS International Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/MFS International Intrinsic Value Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $63 | 1.15% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1341913433 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 87 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Country Weightings (as a % of Net Assets) | Country Weightings (as a % of Net Assets) |
| United States | 15.3% |
| Japan | 12.6% |
| France | 11.9% |
| United Kingdom | 11.2% |
| Germany | 7.3% |
| Switzerland | 5.4% |
| Canada | 4.7% |
| Ireland | 4.2% |
| Spain | 4.2% |
| Netherlands | 3.5% |
| Other | 16.3% |

---

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 25.8% |
| Industrials | 19.5% |
| Information Technology | 13.6% |
| Materials | 11.5% |
| Health Care | 11.0% |
| Consumer Staples | 7.3% |
| Energy | 5.6% |
| Consumer Discretionary | 2.3% |
| Short-Term Investments | 1.0% |
| Cash and Other Assets Less Liabilities | 2.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS International Intrinsic Value Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A078-B158951_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/MFS International Intrinsic Value Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/MFS Mid Cap Focused Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $58 | 1.10% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $567049154 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 49 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 24% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 20.3% |
| Communication Services | 15.8% |
| Information Technology | 15.0% |
| Financials | 13.4% |
| Health Care | 12.4% |
| Consumer Discretionary | 10.3% |
| Energy | 3.4% |
| Real Estate | 2.6% |
| Utilities | 2.6% |
| Materials | 2.2% |
| Consumer Staples | 1.0% |
| Cash and Other Assets Less Liabilities | 1.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Spotify Technology SA | 5.6% |
| Howmet Aerospace, Inc. | 5.1% |
| Verisk Analytics, Inc. | 3.7% |
| Guidewire Software, Inc. | 3.6% |
| Take-Two Interactive Software, Inc. | 3.5% |
| Axon Enterprise, Inc. | 3.1% |
| LPL Financial Holdings, Inc. | 2.7% |
| Vistra Corp. | 2.6% |
| TKO Group Holdings, Inc., Class A | 2.5% |
| Monolithic Power Systems, Inc. | 2.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS Mid Cap Focused Growth Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A079-B158948_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/MFS Mid Cap Focused Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MFS TECHNOLOGY PORTFOLIO (CLASS IB)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/MFS Technology Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $56 | 1.11% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1144981436 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 55 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 24% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 71.9% |
| Communication Services | 19.7% |
| Financials | 2.7% |
| Industrials | 2.6% |
| Consumer Discretionary | 1.4% |
| Short-Term Investments | 1.2% |
| Cash and Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Meta Platforms, Inc., Class A | 12.0% |
| Microsoft Corp. | 9.2% |
| NVIDIA Corp. | 7.4% |
| Alphabet, Inc., Class A | 7.3% |
| Apple, Inc. | 5.3% |
| Broadcom, Inc. | 5.1% |
| International Business Machines Corp. | 3.6% |
| Oracle Corp. | 2.6% |
| Shopify, Inc., Class A | 2.6% |
| ServiceNow, Inc. | 2.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A080-B158952_B Semi-Annual Shareholder Report - June 30, 2025 2 EQ/MFS Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS UTILITIES SERIES PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/MFS Utilities Series Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $54 | 1.05% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $219055186 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 57 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| **Sector & Industry Weightings (as a % of Net Assets)** | **Sector & Industry Weightings (as a % of Net Assets)** | **Sector & Industry Weightings (as a % of Net Assets)** |
| **Utilities** |  | 93.4% |
| &nbsp;&nbsp;Electric Utilities | 56.9% |  |
| &nbsp;&nbsp;Multi-Utilities | 22.1% |  |
| &nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 10.8% |  |
| &nbsp;&nbsp;Gas Utilities | 2.2% |  |
| &nbsp;&nbsp;Water Utilities | 1.4% |  |
| **Communication Services** |  | 3.1% |
| &nbsp;&nbsp;Diversified Telecommunication Services | 2.3% |  |
| &nbsp;&nbsp;Wireless Telecommunication Services | 0.8% |  |
| **Real Estate** |  | 2.2% |
| &nbsp;&nbsp;Specialized REITs | 2.2% |  |
| **Cash and Other Assets Less Liabilities** |  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| NextEra Energy, Inc. | 10.1% |
| Constellation Energy Corp. | 8.0% |
| PG&E Corp. | 5.3% |
| Vistra Corp. | 5.1% |
| Xcel Energy, Inc. | 4.9% |
| DTE Energy Co. | 4.5% |
| Sempra | 4.4% |
| Southern Co. (The) | 4.0% |
| Dominion Energy, Inc. | 3.7% |
| American Electric Power Co., Inc. | 3.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS Utilities Series Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A081-B158953_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/MFS Utilities Series Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MFS UTILITIES SERIES PORTFOLIO (CLASS K)
&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/MFS Utilities Series Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $41 | 0.80% |

---

\* Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of June 30, 2025) | &nbsp;&nbsp; <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $219055186 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 57 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 8% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Utilities** |  | 93.4% |
| &nbsp;&nbsp;Electric Utilities | 56.9% |  |
| &nbsp;&nbsp;Multi-Utilities | 22.1% |  |
| &nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 10.8% |  |
| &nbsp;&nbsp;Gas Utilities | 2.2% |  |
| &nbsp;&nbsp;Water Utilities | 1.4% |  |
| **Communication Services** |  | 3.1% |
| &nbsp;&nbsp;Diversified Telecommunication Services | 2.3% |  |
| &nbsp;&nbsp;Wireless Telecommunication Services | 0.8% |  |
| **Real Estate** |  | 2.2% |
| &nbsp;&nbsp;Specialized REITs | 2.2% |  |
| **Cash and Other Assets Less Liabilities** |  | 1.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NextEra Energy, Inc. | 10.1% |
| Constellation Energy Corp. | 8.0% |
| PG&E Corp. | 5.3% |
| Vistra Corp. | 5.1% |
| Xcel Energy, Inc. | 4.9% |
| DTE Energy Co. | 4.5% |
| Sempra | 4.4% |
| Southern Co. (The) | 4.0% |
| Dominion Energy, Inc. | 3.7% |
| American Electric Power Co., Inc. | 3.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/MFS Utilities Series Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;A081-K |  |  |
| &nbsp;&nbsp;158953_K<br>|  |  |
| &nbsp;&nbsp;Semi-Annual Shareholder Report - June 30, 2025 | 2.0 | EQ/MFS Utilities Series Portfolio (Class K) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MID CAP INDEX PORTFOLIO (CLASS IB)
&nbsp;&nbsp; <br> **Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Mid Cap Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $32 | 0.64% |

---

\* Annualized

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Portfolio Statistics**<br>(as of June 30, 2025) | &nbsp;&nbsp; <br> **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp; Net Assets | $2460894363 |
| &nbsp;&nbsp; Number of Portfolio Holdings | 405 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 6% |

---

<br> **What did the Portfolio invest in?**<br> (as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Industrials | 22.8% |
| &nbsp;&nbsp; Financials | 18.2% |
| &nbsp;&nbsp; Consumer Discretionary | 13.3% |
| &nbsp;&nbsp; Information Technology | 11.6% |
| &nbsp;&nbsp; Health Care | 8.5% |
| &nbsp;&nbsp; Real Estate | 6.8% |
| &nbsp;&nbsp; Materials | 5.4% |
| &nbsp;&nbsp; Consumer Staples | 5.3% |
| &nbsp;&nbsp; Energy | 3.7% |
| &nbsp;&nbsp; Utilities | 2.8% |
| &nbsp;&nbsp; Communication Services | 1.2% |
| &nbsp;&nbsp; Short-Term Investments | 0.7% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | -0.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Mid Cap Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 0.65% to 0.64%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; A082-B |  |  |
| &nbsp;&nbsp; 146463_B<br>|  |  |
| &nbsp;&nbsp; Semi-Annual Shareholder Report - June 30, 2025 | 2.0 | EQ/Mid Cap Index Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MID CAP INDEX PORTFOLIO (CLASS K)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Mid Cap Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>**This report describes changes to the Portfolio that occurred during the reporting period.**<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $19 | 0.39% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2460894363 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 405 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 6% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 22.8% |
| Financials | 18.2% |
| Consumer Discretionary | 13.3% |
| Information Technology | 11.6% |
| Health Care | 8.5% |
| Real Estate | 6.8% |
| Materials | 5.4% |
| Consumer Staples | 5.3% |
| Energy | 3.7% |
| Utilities | 2.8% |
| Communication Services | 1.2% |
| Short-Term Investments | 0.7% |
| Cash and Other Assets Less Liabilities | -0.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Mid Cap Index Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.40% to 0.39%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. In addition, effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio.

These changes are intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A082-K146463_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Mid Cap Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Mid Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $47 | 0.95% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1505172219 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 790 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 16.0% |
| Financials | 14.2% |
| Information Technology | 7.6% |
| Real Estate | 7.3% |
| Consumer Discretionary | 7.3% |
| Health Care | 6.4% |
| Materials | 4.9% |
| Energy | 4.7% |
| Consumer Staples | 4.5% |
| Utilities | 4.0% |
| Communication Services | 2.1% |
| Exchange Traded Funds | 10.5% |
| Short-Term Investments | 5.4% |
| Cash and Other Assets Less Liabilities | 5.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Mid Cap Value Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A083-B146464_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Mid Cap Value Managed Volatility Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO (CLASS K)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Mid Cap Value Managed Volatility Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $34 | 0.70% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1505172219 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 790 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 28% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 16.0% |
| Financials | 14.2% |
| Information Technology | 7.6% |
| Real Estate | 7.3% |
| Consumer Discretionary | 7.3% |
| Health Care | 6.4% |
| Materials | 4.9% |
| Energy | 4.7% |
| Consumer Staples | 4.5% |
| Utilities | 4.0% |
| Communication Services | 2.1% |
| Exchange Traded Funds | 10.5% |
| Short-Term Investments | 5.4% |
| Cash and Other Assets Less Liabilities | 5.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Mid Cap Value Managed Volatility Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A083-K146464_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Mid Cap Value Managed Volatility Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQ/MONEY MARKET PORTFOLIO (CLASS IA)

&nbsp;&nbsp; <br>**Semi-Annual Shareholder Report - June 30, 2025**<br>EQ Advisors Trust<br>This semi-annual shareholder report contains important information about the EQ/Money Market Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Portfolio costs for the last six months?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of a $10,000 <br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IA | $34 | 0.68% |

---

\* Annualized

---

| | |
|:---|:---|
|  <br>**Portfolio Statistics**<br>(as of June 30, 2025) | <br>**Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2688848593 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| Repurchase Agreements | 56.3% |
| U.S. Government Agency Securities | 17.5% |
| U.S. Treasury Obligations | 28.9% |
| Cash and Other Assets Less Liabilities | -2.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Money Market Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A087-A146465_A <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Money Market Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MONEY MARKET PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Money Market Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $34 | 0.67% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $2688848593 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 61 |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| Repurchase Agreements | 56.3% |
| U.S. Government Agency Securities | 17.5% |
| U.S. Treasury Obligations | 28.9% |
| Cash and Other Assets Less Liabilities | -2.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Money Market Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A087-B146465_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Money Market Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Morgan Stanley Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $57 | 1.15% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $431951179 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1186 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 38% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 25.3% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.5% |
| Industrials | 12.8% |
| Financials | 8.0% |
| Consumer Staples | 6.0% |
| Real Estate | 3.7% |
| Materials | 3.0% |
| Energy | 1.8% |
| Communication Services | 1.7% |
| Utilities | 0.3% |
| Short-Term Investments | 10.6% |
| Cash and Other Assets Less Liabilities | -9.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Cloudflare, Inc., Class A | 6.1% |
| IonQ, Inc. | 3.4% |
| Oddity Tech Ltd., Class A | 3.3% |
| Global-e Online Ltd. | 2.7% |
| Landbridge Co. LLC, Class A | 2.6% |
| MicroStrategy, Inc., Class A | 2.5% |
| Roivant Sciences Ltd. | 2.4% |
| Core & Main, Inc., Class A | 2.1% |
| Aurora Innovation, Inc., Class A | 2.0% |
| Peloton Interactive, Inc., Class A | 2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Morgan Stanley Small Cap Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A088-B153134_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Morgan Stanley Small Cap Growth Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Morgan Stanley Small Cap Growth Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $45 | 0.90% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $431951179 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1186 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 38% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 25.3% |
| Health Care | 20.6% |
| Consumer Discretionary | 15.5% |
| Industrials | 12.8% |
| Financials | 8.0% |
| Consumer Staples | 6.0% |
| Real Estate | 3.7% |
| Materials | 3.0% |
| Energy | 1.8% |
| Communication Services | 1.7% |
| Utilities | 0.3% |
| Short-Term Investments | 10.6% |
| Cash and Other Assets Less Liabilities | -9.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Cloudflare, Inc., Class A | 6.1% |
| IonQ, Inc. | 3.4% |
| Oddity Tech Ltd., Class A | 3.3% |
| Global-e Online Ltd. | 2.7% |
| Landbridge Co. LLC, Class A | 2.6% |
| MicroStrategy, Inc., Class A | 2.5% |
| Roivant Sciences Ltd. | 2.4% |
| Core & Main, Inc., Class A | 2.1% |
| Aurora Innovation, Inc., Class A | 2.0% |
| Peloton Interactive, Inc., Class A | 2.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Morgan Stanley Small Cap Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A088-K153134_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Morgan Stanley Small Cap Growth Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/PIMCO Global Real Return Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $145 | 2.88% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $105293367 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 255 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 80% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |  |
| Foreign Government Securities | 70.9% |  |
| U.S. Treasury Obligations | 61.1% |  |
| Mortgage-Backed Securities | 16.3% |  |
| Collateralized Mortgage Obligations | 3.8% |  |
| Corporate Bonds | 2.5% |  |
| Asset-Backed Securities | 1.7% |  |
| Supranational | 1.4% |  |
| Options Purchased | 0.1% |  |
| Commercial Mortgage-Backed Securities | 0.0% | <sup>#</sup> |
| Short-Term Investments | 0.5% |  |
| Cash and Other Assets Less Liabilities\* | -58.3% |  |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

\* Liabilities include payable amounts for sale-buyback financing transactions and forward settling transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/PIMCO Global Real Return Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A089-B148391_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/PIMCO Global Real Return Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/PIMCO Global Real Return Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $133 | 2.63% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $105293367 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 255 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 80% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |  |
| Foreign Government Securities | 70.9% |  |
| U.S. Treasury Obligations | 61.1% |  |
| Mortgage-Backed Securities | 16.3% |  |
| Collateralized Mortgage Obligations | 3.8% |  |
| Corporate Bonds | 2.5% |  |
| Asset-Backed Securities | 1.7% |  |
| Supranational | 1.4% |  |
| Options Purchased | 0.1% |  |
| Commercial Mortgage-Backed Securities | 0.0% | <sup>#</sup> |
| Short-Term Investments | 0.5% |  |
| Cash and Other Assets Less Liabilities\* | -58.3% |  |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

\* Liabilities include payable amounts for sale-buyback financing transactions and forward settling transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/PIMCO Global Real Return Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A089-K148391_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/PIMCO Global Real Return Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO REAL RETURN PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/PIMCO Real Return Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $116 | 2.28% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $82967141 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 314 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 59% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 107.8% |
| Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 6.8% |
| Collateralized Mortgage Obligations | 4.1% |
| Foreign Government Securities | 2.9% |
| Commercial Mortgage-Backed Securities | 0.6% |
| Corporate Bonds | 0.1% |
| Short-Term Investments | 63.8% |
| Cash and Other Assets Less Liabilities\* | -99.4% |

---

\* Liabilities include payable amounts for securities purchased and sale-buyback financing transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/PIMCO Real Return Portfolio (Class IB)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A090-B158954_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/PIMCO Real Return Portfolio (Class IB)

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## EQ/PIMCO TOTAL RETURN ESG PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/PIMCO Total Return ESG Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $38 | 0.75% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $253093897 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 743 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 167% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |  |
| Mortgage-Backed Securities | 47.6% |  |
| Corporate Bonds | 29.3% |  |
| U.S. Treasury Obligations | 16.7% |  |
| Asset-Backed Securities | 12.1% |  |
| Commercial Mortgage-Backed Securities | 5.9% |  |
| Foreign Government Securities | 4.8% |  |
| Collateralized Mortgage Obligations | 2.4% |  |
| Municipal Bonds | 1.1% |  |
| Supranational | 0.7% |  |
| Swaptions Purchased | 0.0% | <sup>#</sup> |
| Options Purchased | 0.0% | <sup>#</sup> |
| Short-Term Investments | 4.8% |  |
| Cash and Other Assets Less Liabilities\* | -25.4% |  |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

\* Liabilities include payable amounts for sale-buyback financing transactions and forward settling transactions, and the impact of the Portfolio's open positions in derivatives (other than options purchased), if any. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Semi-Annual Shareholder Report - June 30, 2025 | 1 | EQ/PIMCO Total Return ESG Portfolio (Class IB) |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;A091-B<br>158955_B<br>|  |  |
| &nbsp;&nbsp;Semi-Annual Shareholder Report - June 30, 2025 | 2.0 | EQ/PIMCO Total Return ESG Portfolio (Class IB) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/PIMCO Ultra Short Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $40 | 0.80% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $793246511 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 454 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 41% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| Corporate Bonds | 37.1% |
| Asset-Backed Securities | 23.0% |
| Collateralized Mortgage Obligations | 19.2% |
| U.S. Government Agency Securities | 6.5% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Foreign Government Securities | 0.9% |
| U.S. Treasury Obligations | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Municipal Bonds | 0.2% |
| Short-Term Investments | 9.5% |
| Cash and Other Assets Less Liabilities | 0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/PIMCO Ultra Short Bond Portfolio (Class IB)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A092-B146470 B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/PIMCO Ultra Short Bond Portfolio (Class IB)

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## EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/PIMCO Ultra Short Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $28 | 0.55% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $793246511 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 454 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 41% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| Corporate Bonds | 37.1% |
| Asset-Backed Securities | 23.0% |
| Collateralized Mortgage Obligations | 19.2% |
| U.S. Government Agency Securities | 6.5% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Foreign Government Securities | 0.9% |
| U.S. Treasury Obligations | 0.4% |
| Mortgage-Backed Securities | 0.3% |
| Municipal Bonds | 0.2% |
| Short-Term Investments | 9.5% |
| Cash and Other Assets Less Liabilities | 0.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/PIMCO Ultra Short Bond Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A092-K146470_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/PIMCO Ultra Short Bond Portfolio (Class K)

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## EQ/QUALITY BOND PLUS PORTFOLIO (CLASS IA)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Quality Bond PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IA | $42 | 0.83% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1070097101 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 899 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 79% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 47.7% |
| U.S. Treasury Obligations | 28.2% |
| Corporate Bonds | 12.4% |
| Mortgage-Backed Securities | 12.1% |
| Asset-Backed Securities | 2.4% |
| Collateralized Mortgage Obligations | 2.0% |
| Commercial Mortgage-Backed Securities | 1.0% |
| Foreign Government Securities | 0.9% |
| Municipal Bonds | 0.2% |
| Short-Term Investments | 1.2% |
| Cash and Other Assets Less Liabilities | -8.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Quality Bond PLUS Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A093-A146471_A <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Quality Bond PLUS Portfolio (Class IA)

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## EQ/QUALITY BOND PLUS PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Quality Bond PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $42 | 0.83% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1070097101 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 899 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 79% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 47.7% |
| U.S. Treasury Obligations | 28.2% |
| Corporate Bonds | 12.4% |
| Mortgage-Backed Securities | 12.1% |
| Asset-Backed Securities | 2.4% |
| Collateralized Mortgage Obligations | 2.0% |
| Commercial Mortgage-Backed Securities | 1.0% |
| Foreign Government Securities | 0.9% |
| Municipal Bonds | 0.2% |
| Short-Term Investments | 1.2% |
| Cash and Other Assets Less Liabilities | -8.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Quality Bond PLUS Portfolio (Class IB)

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---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A093-B146471_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Quality Bond PLUS Portfolio (Class IB)

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## EQ/QUALITY BOND PLUS PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Quality Bond PLUS Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $29 | 0.58% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1070097101 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 899 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 79% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Government Agency Securities | 47.7% |
| U.S. Treasury Obligations | 28.2% |
| Corporate Bonds | 12.4% |
| Mortgage-Backed Securities | 12.1% |
| Asset-Backed Securities | 2.4% |
| Collateralized Mortgage Obligations | 2.0% |
| Commercial Mortgage-Backed Securities | 1.0% |
| Foreign Government Securities | 0.9% |
| Municipal Bonds | 0.2% |
| Short-Term Investments | 1.2% |
| Cash and Other Assets Less Liabilities | -8.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Quality Bond PLUS Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A093-K146471_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Quality Bond PLUS Portfolio (Class K)

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## EQ/SMALL COMPANY INDEX PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Small Company Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $31 | 0.63% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1437081693 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1975 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 9% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 19.2% |
| Industrials | 16.9% |
| Health Care | 15.7% |
| Information Technology | 14.5% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.0% |
| Energy | 4.8% |
| Materials | 3.7% |
| Utilities | 3.2% |
| Communication Services | 2.6% |
| Consumer Staples | 2.2% |
| Short-Term Investments | 4.2% |
| Cash and Other Assets Less Liabilities | -3.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Small Company Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A094-B146472_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Small Company Index Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/SMALL COMPANY INDEX PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Small Company Index Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $18 | 0.38% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1437081693 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 1975 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 9% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 19.2% |
| Industrials | 16.9% |
| Health Care | 15.7% |
| Information Technology | 14.5% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.0% |
| Energy | 4.8% |
| Materials | 3.7% |
| Utilities | 3.2% |
| Communication Services | 2.6% |
| Consumer Staples | 2.2% |
| Short-Term Investments | 4.2% |
| Cash and Other Assets Less Liabilities | -3.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Small Company Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the Portfolio's adviser, Equitable Investment Management Group, LLC, agreed to add a new breakpoint to the contractual advisory fee rate schedule for the Portfolio. This change is intended to reduce the Portfolio's fees. For more complete information, including the contractual fee rate schedule, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A094-K146472_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Small Company Index Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/T. Rowe Price Health Sciences Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $59 | 1.20% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $152849414 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 151 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 24% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |  |
| **Health Care** |  |  | 98.7% |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 38.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 19.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 17.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 16.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 7.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 0.4% |  |  |  |
| **Financials** |  |  | 0.2% |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance | 0.1% |  |  |  |
| **Materials** |  |  | 0.0% | <sup>#</sup> |
| &nbsp;&nbsp;&nbsp;Chemicals | 0.0% | <sup>#</sup> |  |  |
| **Short-Term Investments** |  |  | 0.9% |  |
| **Cash and Other Assets Less Liabilities** |  |  | 0.2% |  |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Eli Lilly & Co. | 12.0% |
| Intuitive Surgical, Inc. | 5.8% |
| UnitedHealth Group, Inc. | 5.1% |
| Stryker Corp. | 5.0% |
| Vertex Pharmaceuticals, Inc. | 3.9% |
| Boston Scientific Corp. | 3.7% |
| Argenx SE (ADR) | 3.4% |
| Danaher Corp. | 3.2% |
| Thermo Fisher Scientific, Inc. | 3.1% |
| Alnylam Pharmaceuticals, Inc. | 3.0% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/T. Rowe Price Health Sciences Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A096-B158956_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/T. Rowe Price Health Sciences Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/VALUE EQUITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Value Equity Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $47 | 0.92% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1522058563 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 49 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.9% |
| Information Technology | 15.7% |
| Materials | 13.2% |
| Industrials | 10.8% |
| Health Care | 9.0% |
| Consumer Discretionary | 7.3% |
| Utilities | 6.7% |
| Consumer Staples | 5.2% |
| Communication Services | 4.6% |
| Energy | 3.8% |
| Real Estate | 1.4% |
| Short-Term Investments | 0.2% |
| Cash and Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Parker-Hannifin Corp. | 4.9% |
| Microsoft Corp. | 4.3% |
| Corteva, Inc. | 3.7% |
| Capital One Financial Corp. | 3.7% |
| Ameriprise Financial, Inc. | 3.1% |
| Sony Group Corp. (ADR) | 2.9% |
| Martin Marietta Materials, Inc. | 2.8% |
| Atmos Energy Corp. | 2.6% |
| Ecolab, Inc. | 2.6% |
| Uber Technologies, Inc. | 2.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Value Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A098-B146434_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Value Equity Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/VALUE EQUITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Value Equity Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $34 | 0.67% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1522058563 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 49 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Financials | 20.9% |
| Information Technology | 15.7% |
| Materials | 13.2% |
| Industrials | 10.8% |
| Health Care | 9.0% |
| Consumer Discretionary | 7.3% |
| Utilities | 6.7% |
| Consumer Staples | 5.2% |
| Communication Services | 4.6% |
| Energy | 3.8% |
| Real Estate | 1.4% |
| Short-Term Investments | 0.2% |
| Cash and Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Parker-Hannifin Corp. | 4.9% |
| Microsoft Corp. | 4.3% |
| Corteva, Inc. | 3.7% |
| Capital One Financial Corp. | 3.7% |
| Ameriprise Financial, Inc. | 3.1% |
| Sony Group Corp. (ADR) | 2.9% |
| Martin Marietta Materials, Inc. | 2.8% |
| Atmos Energy Corp. | 2.6% |
| Ecolab, Inc. | 2.6% |
| Uber Technologies, Inc. | 2.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Value Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A098-K146434_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Value Equity Portfolio (Class K)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## EQ/WELLINGTON ENERGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the EQ/Wellington Energy Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $61 | 1.19% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $136930590 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 46 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 10% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) | Sector & Industry Weightings (as a % of Net Assets) |
| **Energy** |  | 87.5% |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 83.8% |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 3.7% |  |
| **Utilities** |  | 11.4% |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 5.6% |  |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 5.3% |  |
| &nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers | 0.5% |  |
| **Information Technology** |  | 0.3% |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 0.3% |  |
| **Short-Term Investments** |  | 0.9% |
| **Cash and Other Assets Less Liabilities** |  | -0.1% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| Shell plc (London Stock Exchange) | 9.4% |
| Exxon Mobil Corp. | 6.4% |
| Marathon Petroleum Corp. | 5.2% |
| Williams Cos., Inc. (The) | 5.1% |
| TotalEnergies SE | 4.5% |
| Hess Corp. | 4.4% |
| Coterra Energy, Inc. | 4.1% |
| EQT Corp. | 3.8% |
| Chevron Corp. | 3.6% |
| ONEOK, Inc. | 3.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 EQ/Wellington Energy Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A099-B158947_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 EQ/Wellington Energy Portfolio (Class IB)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (CLASS IA)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Aggressive Equity Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IA | $49 | 0.97% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1815735965 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 648 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 57% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 34.4% |
| Communication Services | 9.3% |
| Consumer Discretionary | 8.3% |
| Financials | 7.9% |
| Health Care | 5.6% |
| Industrials | 5.5% |
| Consumer Staples | 1.0% |
| Energy | 0.2% |
| Real Estate | 0.2% |
| Materials | 0.1% |
| Utilities | 0.1% |
| Exchange Traded Funds | 7.1% |
| Short-Term Investments | 19.1% |
| Cash and Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 18.9% |
| Microsoft Corp. | 6.3% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.7% |
| Vanguard Growth ETF | 3.6% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 3.2% |
| Alphabet, Inc., Class A | 2.0% |
| Netflix, Inc. | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Aggressive Equity Portfolio (Class IA)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A103-A146406_A <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Aggressive Equity Portfolio (Class IA)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Aggressive Equity Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $49 | 0.97% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1815735965 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 648 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 57% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 34.4% |
| Communication Services | 9.3% |
| Consumer Discretionary | 8.3% |
| Financials | 7.9% |
| Health Care | 5.6% |
| Industrials | 5.5% |
| Consumer Staples | 1.0% |
| Energy | 0.2% |
| Real Estate | 0.2% |
| Materials | 0.1% |
| Utilities | 0.1% |
| Exchange Traded Funds | 7.1% |
| Short-Term Investments | 19.1% |
| Cash and Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 18.9% |
| Microsoft Corp. | 6.3% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.7% |
| Vanguard Growth ETF | 3.6% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 3.2% |
| Alphabet, Inc., Class A | 2.0% |
| Netflix, Inc. | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Aggressive Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A103-B146406_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Aggressive Equity Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Aggressive Equity Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $37 | 0.72% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1815735965 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 648 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 57% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 34.4% |
| Communication Services | 9.3% |
| Consumer Discretionary | 8.3% |
| Financials | 7.9% |
| Health Care | 5.6% |
| Industrials | 5.5% |
| Consumer Staples | 1.0% |
| Energy | 0.2% |
| Real Estate | 0.2% |
| Materials | 0.1% |
| Utilities | 0.1% |
| Exchange Traded Funds | 7.1% |
| Short-Term Investments | 19.1% |
| Cash and Other Assets Less Liabilities | 1.2% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 18.9% |
| Microsoft Corp. | 6.3% |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.7% |
| Vanguard Growth ETF | 3.6% |
| Amazon.com, Inc. | 3.3% |
| Broadcom, Inc. | 3.2% |
| Alphabet, Inc., Class A | 2.0% |
| Netflix, Inc. | 1.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Aggressive Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A103-K146406_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Aggressive Equity Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER CORE BOND PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Core Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $50 | 0.98% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $797064821 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2786 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 123% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 27.9% |
| Mortgage-Backed Securities | 27.9% |
| Corporate Bonds | 27.7% |
| Asset-Backed Securities | 10.2% |
| Collateralized Mortgage Obligations | 9.7% |
| Commercial Mortgage-Backed Securities | 6.3% |
| Foreign Government Securities | 1.9% |
| U.S. Government Agency Securities | 1.4% |
| Supranational | 0.6% |
| Municipal Bonds | 0.3% |
| Short-Term Investments | 2.1% |
| Cash and Other Assets Less Liabilities | -16.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Core Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A104-B146407_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Core Bond Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER CORE BOND PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Core Bond Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $37 | 0.73% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $797064821 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 2786 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 123% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Security Type (as a % of Net Assets) | Security Type (as a % of Net Assets) |
| U.S. Treasury Obligations | 27.9% |
| Mortgage-Backed Securities | 27.9% |
| Corporate Bonds | 27.7% |
| Asset-Backed Securities | 10.2% |
| Collateralized Mortgage Obligations | 9.7% |
| Commercial Mortgage-Backed Securities | 6.3% |
| Foreign Government Securities | 1.9% |
| U.S. Government Agency Securities | 1.4% |
| Supranational | 0.6% |
| Municipal Bonds | 0.3% |
| Short-Term Investments | 2.1% |
| Cash and Other Assets Less Liabilities | -16.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Core Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A104-K146407_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Core Bond Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER TECHNOLOGY PORTFOLIO (CLASS IB)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Technology Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class IB | $61 | 1.17% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1927402851 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 360 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 21% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 51.3% |
| Communication Services | 11.4% |
| Consumer Discretionary | 2.8% |
| Financials | 1.7% |
| Industrials | 1.1% |
| Real Estate | 0.4% |
| Energy | 0.3% |
| Consumer Staples | 0.0% |
| Exchange Traded Fundss | 30.4% |
| Short-Term Investments | 3.3% |
| Cash and Other Assets Less Liabilities | -2.7% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| iShares Expanded Tech Sector ETF | 10.2% |
| Vanguard Information Technology ETF | 10.2% |
| Technology Select Sector SPDR Fund | 10.1% |
| Microsoft Corp. | 5.8% |
| NVIDIA Corp. | 4.8% |
| Meta Platforms, Inc., Class A | 4.6% |
| Alphabet, Inc., Class A | 4.4% |
| Apple, Inc. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.8% |
| Broadcom, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class IB shares was lowered from 1.18% to 1.17%. The expense limit includes amounts payable pursuant to Rule 12b-1 under the 1940 Act, but excludes certain other expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A105-B146416_B <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Technology Portfolio (Class IB)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## MULTIMANAGER TECHNOLOGY PORTFOLIO (CLASS K)

#### Semi-Annual Shareholder Report - June 30, 2025
EQ Advisors Trust

This semi-annual shareholder report contains important information about the Multimanager Technology Portfolio (the "Portfolio") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://equitable-funds.com/AllPortfolios.aspx. You can also request this information by contacting us at 1-877-222-2144.

#### This report describes changes to the Portfolio that occurred during the reporting period.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment \* |
| &nbsp;&nbsp;&nbsp;Class K | $48 | 0.92% |

---

\* Annualized

---

| | |
|:---|:---|
| **Portfolio Statistics**<br>(as of June 30, 2025) | **Portfolio Statistics**<br>(as of June 30, 2025) |
| &nbsp;&nbsp;Net Assets | $1927402851 |
| &nbsp;&nbsp;Number of Portfolio Holdings | 360 |
| &nbsp;&nbsp;Portfolio Turnover Rate | 21% |

---

<br>**What did the Portfolio invest in?**<br>(as of June 30, 2025)<br>

---

| | | |
|:---|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |  |
| Information Technology | 51.3% |  |
| Communication Services | 11.4% |  |
| Consumer Discretionary | 2.8% |  |
| Financials | 1.7% |  |
| Industrials | 1.1% |  |
| Real Estate | 0.4% |  |
| Energy | 0.3% |  |
| Consumer Staples | 0.0% | <sup>#</sup> |
| Exchange Traded Funds | 30.4% |  |
| Short-Term Investments | 3.3% |  |
| Cash and Other Assets Less Liabilities | -2.7% |  |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| iShares Expanded Tech Sector ETF | 10.2% |
| Vanguard Information Technology ETF | 10.2% |
| Technology Select Sector SPDR Fund | 10.1% |
| Microsoft Corp. | 5.8% |
| NVIDIA Corp. | 4.8% |
| Meta Platforms, Inc., Class A | 4.6% |
| Alphabet, Inc., Class A | 4.4% |
| Apple, Inc. | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.8% |
| Broadcom, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual Shareholder Report - June 30, 2025 1 Multimanager Technology Portfolio (Class K)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Material Changes to the Portfolio
The following is a summary of certain changes to the Portfolio since January 1, 2025.

Effective May 1, 2025, the contractual limit on the annual operating expenses of the Portfolio's Class K shares was lowered from 0.93% to 0.92%. The expense limit excludes certain expenses, such as taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

This change is intended to reduce the Portfolio's expenses. For more complete information, please see the Portfolio's current prospectus, which is available at https://equitable-funds.com/AllPortfolios.aspx or upon request by calling 1-877-222-2144.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Portfolio, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://equitable-funds.com/AllPortfolios.aspx, call 1-877-222-2144, or scan the adjacent QR code. | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g33598g01g01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A105-K146416_K <br> Semi-Annual Shareholder Report - June 30, 2025 2 Multimanager Technology Portfolio (Class K)

------

Item 1(b):

Not applicable.

Item 2. Code of Ethics.

Not required.

Item 3. Audit Committee Financial Expert.

Not required.

Item 4. Principal Accountant Fees and Services.

Not required.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## EQ Advisors Trust

## Semi-Annual Financial Statements

## and Additional Information

## June 30, 2025

------

#### EQ Advisors Trust Semi-Annual Report

#### June 30, 2025
**Table of Contents**

---

| | |
|:---|:---|
| **Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies** |  |
| **Portfolios** |  |
| [EQ/All Asset Growth Allocation](#fintoc33598_1) | 1 |
| [EQ/Ultra Conservative Strategy](#fintoc33598_2) | 8 |
| [EQ/Conservative Strategy](#fintoc33598_3) | 13 |
| [EQ/Conservative Growth Strategy](#fintoc33598_4) | 18 |
| [EQ/Balanced Strategy](#fintoc33598_5) | 23 |
| [EQ/Moderate Growth Strategy](#fintoc33598_6) | 28 |
| [EQ/Growth Strategy](#fintoc33598_7) | 33 |
| [EQ/Aggressive Growth Strategy](#fintoc33598_8) | 38 |
| [EQ/Conservative Allocation](#fintoc33598_9) | 43 |
| [EQ/Conservative-Plus Allocation](#fintoc33598_10) | 51 |
| [EQ/Moderate Allocation](#fintoc33598_11) | 58 |
| [EQ/Moderate-Plus Allocation](#fintoc33598_12) | 66 |
| [EQ/Aggressive Allocation](#fintoc33598_13) | 74 |
| [Equitable Conservative Growth MF/ETF](#fintoc33598_14) | 81 |
| [Equitable Moderate Growth MF/ETF](#fintoc33598_15) | 87 |
| [Equitable Growth MF/ETF](#fintoc33598_16) | 92 |
| [Target 2015 Allocation](#fintoc33598_17) | 97 |
| [Target 2025 Allocation](#fintoc33598_18) | 103 |
| [Target 2035 Allocation](#fintoc33598_19) | 108 |
| [Target 2045 Allocation](#fintoc33598_20) | 114 |
| [Target 2055 Allocation](#fintoc33598_21) | 120 |
| [1290 VT Moderate Growth Allocation](#fintoc33598_22) | 126 |
| [1290 VT Multi-Alternative Strategies](#fintoc33598_23) | 131 |
| [1290 VT Convertible Securities](#fintoc33598_24) | 137 |
| [1290 VT DoubleLine Opportunistic Bond](#fintoc33598_25) | 148 |
| [1290 VT Equity Income](#fintoc33598_26) | 171 |
| [1290 VT GAMCO Mergers & Acquisitions](#fintoc33598_27) | 177 |
| [1290 VT GAMCO Small Company Value](#fintoc33598_28) | 186 |
| [1290 VT High Yield Bond](#fintoc33598_29) | 197 |
| [1290 VT Micro Cap](#fintoc33598_30) | 213 |
| [1290 VT Natural Resources](#fintoc33598_31) | 234 |
| [1290 VT Real Estate](#fintoc33598_32) | 241 |
| [1290 VT Small Cap Value](#fintoc33598_33) | 251 |
| [1290 VT SmartBeta Equity ESG](#fintoc33598_34) | 274 |
| [1290 VT Socially Responsible](#fintoc33598_35) | 284 |
| [ATM Large Cap Managed Volatility](#fintoc33598_36) | 294 |
| [ATM Mid Cap Managed Volatility](#fintoc33598_37) | 306 |
| [ATM Small Cap Managed Volatility](#fintoc33598_38) | 317 |
| [ATM International Managed Volatility](#fintoc33598_39) | 343 |
| [EQ/500 Managed Volatility](#fintoc33598_40) | 357 |
| [EQ/400 Managed Volatility](#fintoc33598_41) | 370 |
| [EQ/2000 Managed Volatility](#fintoc33598_42) | 381 |
| [EQ/International Managed Volatility](#fintoc33598_43) | 408 |
| [EQ/AB Dynamic Aggressive Growth](#fintoc33598_44) | 423 |
| [EQ/AB Dynamic Growth](#fintoc33598_45) | 443 |
| [EQ/AB Dynamic Moderate Growth](#fintoc33598_46) | 464 |
| [EQ/AB Short Duration Government Bond](#fintoc33598_47) | 485 |
| [EQ/AB Small Cap Growth](#fintoc33598_48) | 496 |
| [EQ/AB Sustainable U.S. Thematic](#fintoc33598_49) | 521 |
| [EQ/American Century Mid Cap Value](#fintoc33598_50) | 526 |
| [EQ/American Century Moderate Growth Allocation](#fintoc33598_51) | 535 |

---

------

---

| | |
|:---|:---|
| [EQ/Capital Group Research](#fintoc33598_52) | 540.0 |
| [EQ/ClearBridge Large Cap Growth ESG](#fintoc33598_53) | 546.0 |
| [EQ/ClearBridge Select Equity Managed Volatility](#fintoc33598_54) | 551.0 |
| [EQ/Common Stock Index](#fintoc33598_55) | 564.0 |
| [EQ/Core Bond Index](#fintoc33598_56) | 585.0 |
| [EQ/Core Plus Bond](#fintoc33598_57) | 628.0 |
| [EQ/Emerging Markets Equity PLUS](#fintoc33598_58) | 655.0 |
| [EQ/Equity 500 Index](#fintoc33598_59) | 673.0 |
| [EQ/Fidelity Institutional AM<sup>®</sup> Large Cap](#fintoc33598_60) | 686.0 |
| [EQ/Franklin Moderate Allocation](#fintoc33598_61) | 696.0 |
| [EQ/Franklin Rising Dividends](#fintoc33598_62) | 708.0 |
| [EQ/Franklin Small Cap Value Managed Volatility](#fintoc33598_63) | 714.0 |
| [EQ/Global Equity Managed Volatility](#fintoc33598_64) | 741.0 |
| [EQ/Goldman Sachs Growth Allocation](#fintoc33598_65) | 762.0 |
| [EQ/Goldman Sachs Mid Cap Value](#fintoc33598_66) | 768.0 |
| [EQ/Goldman Sachs Moderate Growth Allocation](#fintoc33598_67) | 774.0 |
| [EQ/Intermediate Corporate Bond](#fintoc33598_68) | 786.0 |
| [EQ/Intermediate Government Bond](#fintoc33598_69) | 800.0 |
| [EQ/International Core Managed Volatility](#fintoc33598_70) | 808.0 |
| [EQ/International Equity Index](#fintoc33598_71) | 824.0 |
| [EQ/International Value Managed Volatility](#fintoc33598_72) | 842.0 |
| [EQ/Invesco Comstock](#fintoc33598_73) | 865.0 |
| [EQ/Invesco Global](#fintoc33598_74) | 873.0 |
| [EQ/Invesco Global Real Assets](#fintoc33598_75) | 878.0 |
| [EQ/Invesco Moderate Allocation](#fintoc33598_76) | 884.0 |
| [EQ/Invesco Moderate Growth Allocation](#fintoc33598_77) | 896.0 |
| [EQ/Janus Enterprise](#fintoc33598_78) | 915.0 |
| [EQ/JPMorgan Growth Allocation](#fintoc33598_79) | 922.0 |
| [EQ/JPMorgan Growth Stock](#fintoc33598_80) | 929.0 |
| [EQ/JPMorgan Value Opportunities](#fintoc33598_81) | 936.0 |
| [EQ/Large Cap Core Managed Volatility](#fintoc33598_82) | 943.0 |
| [EQ/Large Cap Growth Index](#fintoc33598_83) | 956.0 |
| [EQ/Large Cap Growth Managed Volatility](#fintoc33598_84) | 967.0 |
| [EQ/Large Cap Value Index](#fintoc33598_85) | 977.0 |
| [EQ/Large Cap Value Managed Volatility](#fintoc33598_86) | 992.0 |
| [EQ/Lazard Emerging Markets Equity](#fintoc33598_87) | 1008.0 |
| [EQ/Long-Term Bond](#fintoc33598_88) | 1014.0 |
| [EQ/Loomis Sayles Growth](#fintoc33598_89) | 1028.0 |
| [EQ/MFS International Growth](#fintoc33598_90) | 1034.0 |
| [EQ/MFS International Intrinsic Value](#fintoc33598_91) | 1040.0 |
| [EQ/MFS Mid Cap Focused Growth](#fintoc33598_92) | 1046.0 |
| [EQ/MFS Technology](#fintoc33598_93) | 1052.0 |
| [EQ/MFS Utilities Series](#fintoc33598_94) | 1058.0 |
| [EQ/Mid Cap Index](#fintoc33598_95) | 1065.0 |
| [EQ/Mid Cap Value Managed Volatility](#fintoc33598_96) | 1076.0 |
| [EQ/Money Market](#fintoc33598_97) | 1091.0 |
| [EQ/Morgan Stanley Small Cap Growth](#fintoc33598_98) | 1096.0 |
| [EQ/PIMCO Global Real Return](#fintoc33598_99) | 1116.0 |
| [EQ/PIMCO Real Return](#fintoc33598_100) | 1131.0 |
| [EQ/PIMCO Total Return ESG](#fintoc33598_101) | 1147.0 |
| [EQ/PIMCO Ultra Short Bond](#fintoc33598_102) | 1172.0 |
| [EQ/Quality Bond PLUS](#fintoc33598_103) | 1189.0 |
| [EQ/Small Company Index](#fintoc33598_104) | 1213.0 |
| [EQ/T. Rowe Price Health Sciences](#fintoc33598_105) | 1239.0 |
| [EQ/Value Equity](#fintoc33598_106) | 1245.0 |
| [EQ/Wellington Energy](#fintoc33598_107) | 1252.0 |
| [Multimanager Aggressive Equity](#fintoc33598_108) | 1257.0 |

---

------

---

| | |
|:---|:---|
| [Multimanager Core Bond](#fintoc33598_109) | 1271 |
| [Multimanager Technology](#fintoc33598_110) | 1321 |
| **[Notes to Financial Statements](#fintoc33598_111)** | 1331 |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)](#fintoc33598_112)** | 1377 |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies (Unaudited)](#fintoc33598_113)** | 1377 |
| **[Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)](#fintoc33598_114)** | 1377 |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#fintoc33598_115)** | 1378 |

---

------

#### EQ ADVISORS TRUST
EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Commodity (6.6%)** | **Commodity (6.6%)** | **Commodity (6.6%)** |
|  Invesco DB Precious Metals Fund‡ | 161590 | $12141873 |
|  iShares Gold Trust\* | 283500 | 17679060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 29820933 |
|  **Equity (4.3%)** | **Equity (4.3%)** | **Equity (4.3%)** |
|  iShares China Large-Cap ETF (x) | 67185 | 2469721 |
|  iShares MSCI EAFE Small-Cap ETF | 106370 | 7730972 |
|  SPDR S&P Emerging Asia Pacific ETF (x) | 15550 | 1965484 |
|  SPDR S&P Emerging Markets SmallCap ETF | 37945 | 2353728 |
|  Vanguard Global ex-U.S. Real Estate ETF (x) | 101100 | 4665765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 19185670 |
|  **Fixed Income (2.1%)** | **Fixed Income (2.1%)** | **Fixed Income (2.1%)** |
|  iShares JP Morgan USD Emerging Markets Bond ETF (x) | 100960 | 9350915 |
|  **Total Exchange Traded Funds (13.0%)**<br> *(Cost $35,636,316)* | **Total Exchange Traded Funds (13.0%)**<br> *(Cost $35,636,316)* | 58357518 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Alternatives (13.4%)** | **Alternatives (13.4%)** | **Alternatives (13.4%)** |
|  1290 VT Convertible Securities Portfolio‡ | 1274988 | 13350182 |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio‡ | 1797470 | 24060081 |
|  1290 VT Natural Resources Portfolio‡ | 670832 | 6502419 |
|  1290 VT Real Estate Portfolio‡ | 2700794 | 16329822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 60242504 |
|  **Equity (54.2%)** | **Equity (54.2%)** | **Equity (54.2%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 512251 | 9973528 |
|  1290 VT Equity Income Portfolio‡ | 1856954 | 9449790 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 360613 | 26794815 |
|  1290 VT SmartBeta Equity ESG Portfolio‡ | 557833 | 11278113 |
|  EQ/AB Small Cap Growth Portfolio‡ | 1710178 | 29644214 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 955155 | 9865775 |
|  EQ/International Equity Index Portfolio‡ | 915599 | 11987955 |
|  EQ/Invesco Comstock Portfolio‡ | 783681 | 17455058 |
|  EQ/Janus Enterprise Portfolio‡ | 200531 | 4687385 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 253785 | 20601602 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 824430 | 16581687 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 1805904 | 23009016 |
|  EQ/MFS International Growth Portfolio‡ | 4368437 | 37335290 |
|  EQ/Value Equity Portfolio‡ | 650287 | 15397081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 244061309 |
|  **Fixed Income (18.7%)** | **Fixed Income (18.7%)** | **Fixed Income (18.7%)** |
|  1290 Diversified Bond Fund‡ | 873001 | 7315749 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 1068496 | 9391158 |
|  1290 VT High Yield Bond Portfolio‡ | 1415723 | 13099583 |
|  EQ/Core Plus Bond Portfolio‡ | 5558979 | 19523720 |
|  EQ/Intermediate Government Bond Portfolio‡ | 401873 | 3947431 |
|  EQ/PIMCO Global Real Return Portfolio‡ | 1988597 | 15339634 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 738653 | 7431048 |
|  Multimanager Core Bond Portfolio‡ | 914420 | 7930458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 83978781 |
|  **Total Investment Companies (86.3%)**<br> *(Cost $367,017,587)* | **Total Investment Companies (86.3%)**<br> *(Cost $367,017,587)* | 388282594 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.8%)** | **Investment Companies (2.8%)** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 9454085 | 9454085 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 1009557 | 1009759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 12463844 |
|  **Total Short-Term Investments (2.8%)**<br> *(Cost $12,463,839)* | **Total Short-Term Investments (2.8%)**<br> *(Cost $12,463,839)* | 12463844 |
|  **Total Investments in Securities (102.1%)**<br> *(Cost $415,117,742)* | **Total Investments in Securities (102.1%)**<br> *(Cost $415,117,742)* | 459103956 |
|  **Other Assets Less Liabilities (-2.1%)** | **Other Assets Less Liabilities (-2.1%)** | (9331058) |
|  **Net Assets (100%)** |  | $449772898 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $12,701,285. This was collateralized by $1,460,122 of various U.S. Government Treasury Securities, ranging from 3.875% – 4.625%, maturing 3/31/27 – 2/15/35 and by cash of $11,454,085 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Commodity** |  |  |  |  |  |  |  |  |  |
|  Invesco DB Precious Metals Fund | 161590 | 16979501 |  | (8515166) | 3219012 | 458526 | 12141873 |  |  |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Alternatives** |  |  |  |  |  |  |  |  |  |
|  1290 VT Convertible Securities Portfolio | 1274988 | 13102715 | 92528 | (718705) | (18209) | 891853 | 13350182 |  |  |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio | 1797470 | 23913959 | 171838 | (1334738) | 10177 | 1298845 | 24060081 |  |  |
|  1290 VT Natural Resources Portfolio | 670832 | 5812830 | 602874 | (410689) | (5209) | 502613 | 6502419 |  |  |
|  1290 VT Real Estate Portfolio | 2700794 | 15497126 | 768964 | (924049) | 2085 | 985696 | 16329822 |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 512251 | 9726310 | 259483 | (462025) | 30436 | 419324 | 9973528 |  |  |
|  1290 VT Equity Income Portfolio | 1856954 | 9246732 | 59482 | (462025) | 2422 | 603179 | 9449790 |  |  |
|  1290 VT GAMCO Small Company Value Portfolio | 360613 | 27338080 | 191664 | (1488746) | (30244) | 784061 | 26794815 |  |  |
|  1290 VT SmartBeta Equity ESG Portfolio | 557833 | 10945774 | 79309 | (616033) | 473 | 868590 | 11278113 |  |  |
|  EQ/AB Small Cap Growth Portfolio | 1710178 | 29242279 | 2418102 | (1694090) | (73785) | (248292) | 29644214 |  |  |
|  EQ/Emerging Markets Equity PLUS Portfolio | 955155 | 8973713 | 66092 | (513361) | 2212 | 1337119 | 9865775 |  |  |
|  EQ/International Equity Index Portfolio | 915599 | 10503510 | 79310 | (616033) | 66833 | 1954335 | 11987955 |  |  |
|  EQ/Invesco Comstock Portfolio | 783681 | 16987351 | 112355 | (872713) | (11751) | 1239816 | 17455058 |  |  |
|  EQ/Janus Enterprise Portfolio | 200531 | 4704854 | 26436 | (205344) | 170 | 161269 | 4687385 |  |  |
|  EQ/JPMorgan Growth Stock Portfolio\* | 253785 | 20278441 | 125572 | (975385) | (13714) | 1186688 | 20601602 |  |  |
|  EQ/JPMorgan Value Opportunities Portfolio | 824430 | 16687907 | 112355 | (872713) | 2121 | 652017 | 16581687 |  |  |
|  EQ/Loomis Sayles Growth Portfolio\* | 1805904 | 21922997 | 125573 | (975385) | (6189) | 1942020 | 23009016 |  |  |
|  EQ/MFS International Growth Portfolio | 4368437 | 33912247 | 237929 | (1848099) | 1735 | 5031478 | 37335290 |  |  |
|  EQ/Value Equity Portfolio | 650287 | 14563124 | 912355 | (872713) | (4318) | 798633 | 15397081 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 873001 | 7115506 | 371770 | (410689) | (2896) | 242058 | 7315749 | 318896 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 1068496 | 9463729 | 66091 | (513361) | 3076 | 371623 | 9391158 |  |  |
|  1290 VT High Yield Bond Portfolio | 1415723 | 13121838 | 92527 | (718705) | 5100 | 598823 | 13099583 |  |  |
|  EQ/Core Plus Bond Portfolio | 5558979 | 19266232 | 125574 | (975385) | (32022) | 1139321 | 19523720 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 401873 | 4034402 | 33045 | (256680) | 3611 | 133053 | 3947431 |  |  |
|  EQ/PIMCO Global Real Return Portfolio | 1988597 | 15049417 | 668965 | (924049) | (7690) | 552991 | 15339634 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 738653 | 7662534 | 59482 | (462025) | (27) | 171084 | 7431048 |  |  |
|  Multimanager Core Bond Portfolio | 914420 | 7990133 | 165507 | (410689) | 3775 | 181732 | 7930458 | 138780 |  |
|  **Total** |  | **394043241** | **8025182** | **(29049595)** | **3147184** | **24258455** | **400424467** | **457676** |  |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $58357518 | $— | $— | $58357518 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 17289277 | 370993317 |  | 388282594 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 12463844 |  |  | 12463844 |
|  **Total Assets** | $**88110639** | $**370993317** | $**—** | $**459103956** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**88110639** | $**370993317** | $**—** | $**459103956** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $8459199.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $29049596.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $67197114 |
|  Aggregate gross unrealized depreciation | (28200444) |
|  Net unrealized appreciation | $38996670 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $420107286 |

---

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $373,297,321) | $400424467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $41,820,421) | 58679489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2320514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 327288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 45054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 37901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 461842695 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 11454085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 322022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 90122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 43452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 36300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 123733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12069797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $449772898 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $392846198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 56926700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $449772898 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $446,578,668 / 22,024,214 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.28 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,194,230 / 158,463 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.16 |
| *(x) Includes value of securities on loan of $12,701,285.* | *(x) Includes value of securities on loan of $12,701,285.* |
|  *^ See Note 2 in Notes to the Financial Statements.* | *^ See Note 2 in Notes to the Financial Statements.* |

---

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($457,676 of dividend income received from affiliates) | $852607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 46533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 60426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 959566 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 535000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 268548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 215517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 85492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 27604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1163079 |
|  **NET INVESTMENT INCOME (LOSS)** | (203513) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($3,147,184 realized gain (loss) from affiliates) | 3147310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($24,258,455 of change in unrealized appreciation (depreciation) from affiliates) | 30886563 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 34033873 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $33830360 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(203513) | $6237124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3147310 | 20084043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 30886563 | 22200902 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 33830360 | 48522069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (21514550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (158119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (21672669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 24,471 shares, respectively ] |  | 438250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2864057) shares, respectively ] |  | (53276033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (218369) shares, respectively ] |  | (3957507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (56795290) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 568,559 and 923,893 shares, respectively ] | 11004611 | 17333667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,852,201 shares, respectively ] |  | 53276033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,121,604 shares, respectively ] |  | 21514550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1577899) and (3923271) shares, respectively ] | (30289579) | (74781406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (19284968) | 17342844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,771 and 40,155 shares, respectively ] | 304721 | 750017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,307 shares, respectively ] |  | 158119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (23914) and (21976) shares, respectively ] | (453560) | (404283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (148839) | 503853 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (19433807) | (38948593) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 14396553 | (12099193) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 435376345 | 447475538 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $449772898 | $435376345 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.77 | $17.73 | $16.10 | $20.69 | $22.38 | $20.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.28 | 0.20 | 0.22 | 0.26 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.52 | 1.71 | 2.04 | (3.25) | 2.09 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 1.99 | 2.24 | (3.03) | 2.35 | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.44) | (0.28) | (0.23) | (0.85) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.51) | (0.33) | (1.33) | (3.19) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.95) | (0.61) | (1.56) | (4.04) | (1.06) |
|  Net asset value, end of period | $20.28 | $18.77 | $17.73 | $16.10 | $20.69 | $22.38 |
|  Total return (b) | 8.04 | 11.16% | 14.15% | (14.46)% | 10.92% | 12.29% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $446579 | $432272 | $391027 | $373194 | $454964 | $432637 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.54 | 0.54 %(k) | 0.55 %(m) | 0.53 %(n) | 0.53 %(n) | 0.54 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.54 | 0.54% | 0.55% | 0.53% | 0.53% | 0.55% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.10) | 1.48% | 1.18% | 1.23% | 1.12% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.10) | 1.48% | 1.18% | 1.23% | 1.12% | 0.95% |
|  Portfolio turnover rate^ | 2 | 12% | 10% | 15% | 14% | 79 %(aa) |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.63 | $17.60 | $15.99 | $20.56 | $22.26 | $20.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.02 | 0.35 | 0.23 | 0.28 | 0.32 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.51 | 1.68 | 2.04 | (3.25) | 2.07 | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.53 | 2.03 | 2.27 | (2.97) | 2.39 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.49) | (0.33) | (0.27) | (0.90) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.51) | (0.33) | (1.33) | (3.19) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.00) | (0.66) | (1.60) | (4.09) | (1.11) |
|  Net asset value, end of period | $20.16 | $18.63 | $17.60 | $15.99 | $20.56 | $22.26 |
|  Total return (b) | 8.21 | 11.46% | 14.39% | (14.24)% | 11.21% | 12.55% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3194 | $3104 | $2467 | $2332 | $2530 | $2201 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.29 | 0.29 %(k) | 0.30 %(m) | 0.28 %(n) | 0.28 %(n) | 0.30 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.29 | 0.29% | 0.30% | 0.28% | 0.28% | 0.30% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.16 | 1.87% | 1.37% | 1.57% | 1.37% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.16 | 1.87% | 1.37% | 1.57% | 1.37% | 0.74% |
|  Portfolio turnover rate^ | 2 | 12% | 10% | 15% | 14% | 79 %(aa) |

---

See Notes to Financial Statements.

------

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.22% for Class IB and 0.97% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.23% for Class IB and 0.98% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.24% for Class IB and 0.99% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class IB and 0.96% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class IB and 1.00% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *The portfolio turnover rate calculation includes purchases and sales made as a result of implementing a tax planning strategy. Excluding such transactions, the portfolio turnover rate would have been 19%.* 

See Notes to Financial Statements.

------

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (10.7%)** | **Equity (10.7%)** | **Equity (10.7%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 2326761 | $44178764 |
|  EQ/400 Managed Volatility Portfolio‡ | 407002 | 9259960 |
|  EQ/500 Managed Volatility Portfolio‡ | 4045855 | 128665742 |
|  EQ/International Managed Volatility Portfolio‡ | 1837474 | 29514907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 211619373 |
|  **Fixed Income (89.6%)** | **Fixed Income (89.6%)** | **Fixed Income (89.6%)** |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 18273788 | 189447145 |
|  EQ/Intermediate Government Bond Portfolio‡ | 134629635 | 1322410258 |
|  EQ/Long-Term Bond Portfolio‡ | 39270476 | 266196408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1778053811 |
|  **Total Investments in Securities (100.3%)**<br> *(Cost $1,949,805,325)* |  | 1989673184 |
|  **Other Assets Less Liabilities (-0.3%)** |  | (6082206) |
|  **Net Assets (100%)** |  | $1983590978 |

---

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds**<br>**from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 2326761 | 41145088 | 13971020 | (10323035) | 227391 | (841700) | 44178764 |  |  |
|  EQ/400 Managed Volatility Portfolio | 407002 | 6993613 | 2927102 | (712303) | 1184 | 50364 | 9259960 |  |  |
|  EQ/500 Managed Volatility Portfolio | 4045855 | 116116979 | 29977551 | (23107588) | (321218) | 6000018 | 128665742 |  |  |
|  EQ/International Managed Volatility Portfolio | 1837474 | 23791068 | 7862611 | (6473821) | 331808 | 4003241 | 29514907 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 18273788 | 187844983 | 33375672 | (41442927) | 162201 | 9507216 | 189447145 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 134629635 | 1215164665 | 253963348 | (190897347) | 261021 | 43918571 | 1322410258 |  |  |
|  EQ/Long-Term Bond Portfolio | 39270476 | 241393768 | 55263510 | (38464391) | 16474 | 7987047 | 266196408 |  |  |
|  **Total** |  | **1832450164** | **397340814** | **(311421412)** | **678861** | **70624757** | **1989673184** |  |  |

---

See Notes to Financial Statements.

------

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $1989673184 | $— | $1989673184 |
|  **Total Assets** | $**—** | $**1989673184** | $**—** | $**1989673184** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**1989673184** | $**—** | $**1989673184** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $397340814.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $311421412.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $74919039 |
|  Aggregate gross unrealized depreciation | (36549224) |
|  Net unrealized appreciation | $38369815 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1951303369 |

---

See Notes to Financial Statements.

------

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $1,949,805,325) | $1989673184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3676878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 33325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1993383387 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 5163386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 3581703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 410828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 212870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 198677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 224945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9792409 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1983590978 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1930538357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 53052621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1983590978 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,983,590,978 / 217,639,873 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.11 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $62042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 62042 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2438295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1217564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 939049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 150552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 71953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 54712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 31515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4980203 |
|  **NET INVESTMENT INCOME (LOSS)** | (4918161) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 678861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 70624757 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 71303618 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $66385457 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4918161) | $45366263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 678861 | 47270921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 70624757 | (32969291) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 66385457 | 59667893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (85367094) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 43,690,895 and 32,663,807 shares, respectively ] | 387320561 | 293197008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,597,952 shares, respectively ] |  | 85367094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (33683586) and (85217690) shares, respectively ] | (301260855) | (777926998) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 86059706 | (399362896) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 152445163 | (425062097) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1831145815 | 2256207912 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1983590978 | $1831145815 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.82 | $9.00 | $8.66 | $9.68 | $10.06 | $9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.02) | 0.21 | 0.19 | 0.11 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.31 | 0.04 | 0.40 | (0.99) | (0.05) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 0.25 | 0.59 | (0.88) |  | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.25) | (0.21) | (0.08) | (0.07) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.18) | (0.04) | (0.06) | (0.31) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.43) | (0.25) | (0.14) | (0.38) | (0.46) |
|  Net asset value, end of period | $9.11 | $8.82 | $9.00 | $8.66 | $9.68 | $10.06 |
|  Total return (b) | 3.29% | 2.81% | 6.80% | (9.09)% | 0.02 | 5.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1983591 | $1831146 | $2256208 | $2437281 | $932729 | $1015869 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.51 %(j) | 0.51 %(j) | 0.51 %(j) | 0.49 %(k) | 0.49 | 0.51 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.51% | 0.51% | 0.52% | 0.49% | 0.49 | 0.51% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.50)% | 2.27% | 2.14% | 1.18% | 0.49 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.50)% | 2.27% | 2.14% | 1.18% | 0.49 | 0.48% |
|  Portfolio turnover rate^ | 16 %(z) | 21% | 74% | 60% | 26 | 175% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.91% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.90% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (20.7%)** | **Equity (20.7%)** | **Equity (20.7%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 1234441 | $23438623 |
|  EQ/400 Managed Volatility Portfolio‡ | 239852 | 5457021 |
|  EQ/500 Managed Volatility Portfolio‡ | 2140267 | 68064493 |
|  EQ/International Managed Volatility Portfolio‡ | 969468 | 15572325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 112532462 |
|  **Fixed Income (79.4%)** | **Fixed Income (79.4%)** | **Fixed Income (79.4%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 3746075 | 37804661 |
|  EQ/Core Bond Index Portfolio‡ | 17552800 | 167898013 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 8214571 | 85161713 |
|  EQ/Intermediate Government Bond Portfolio‡ | 8958307 | 87993676 |
|  EQ/Long-Term Bond Portfolio‡ | 7608778 | 51576389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 430434452 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $525,209,187)* |  | 542966914 |
|  **Other Assets Less Liabilities (-0.1%)** |  | (543427) |
|  **Net Assets (100%)** |  | $542423487 |

---

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,**<br>**2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases**<br>**at Cost ($)** | **Proceeds**<br>**from**<br>**Sales ($)** | **Net**<br>**Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)**<br>**($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 1234441 | 24173265 | 4634284 | (4764517) | 150679 | (755088) | 23438623 |  |  |
|  EQ/400 Managed Volatility Portfolio | 239852 | 6005845 | 383175 | (747670) | (267) | (184062) | 5457021 |  |  |
|  EQ/500 Managed Volatility Portfolio | 2140267 | 69477410 | 6938096 | (10472044) | (86349) | 2207380 | 68064493 |  |  |
|  EQ/International Managed Volatility Portfolio | 969468 | 14646898 | 1749524 | (3043011) | 297305 | 1921609 | 15572325 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 3746075 | 40157053 | 1982224 | (5233693) | 403 | 898674 | 37804661 |  |  |
|  EQ/Core Bond Index Portfolio | 17552800 | 175433619 | 8636826 | (22803946) | (914562) | 7546076 | 167898013 |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 8214571 | 88117687 | 4389207 | (11588891) | 30154 | 4213556 | 85161713 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 8958307 | 99867729 | 4389207 | (19488891) | (1045548) | 4271179 | 87993676 |  |  |
|  EQ/Long-Term Bond Portfolio | 7608778 | 51417326 | 6814921 | (8224374) | (230673) | 1799189 | 51576389 |  |  |
|  **Total** |  | **569296832** | **39917464** | **(86367037)** | **(1798858)** | **21918513** | **542966914** |  |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $542966914 | $— | $542966914 |
|  **Total Assets** | $**—** | $**542966914** | $**—** | $**542966914** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**542966914** | $**—** | $**542966914** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $39917464.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $86367037.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $58633757 |
|  Aggregate gross unrealized depreciation | (41622692) |
|  Net unrealized appreciation | $17011065 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $525955849 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $525,209,187) | $542966914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 510076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 200359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 543684780 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 937662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 110404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 75965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 52773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 45558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1261293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $542423487 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $514462350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 27961137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $542423487 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $542,423,487 / 45,740,589 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.86 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $8302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8302 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 676196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 337003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 270476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 38758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 30619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 8374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1398411 |
|  **NET INVESTMENT INCOME (LOSS)** | (1390109) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (1798858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 21918513 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 20119655 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18729546 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1390109) | $14821633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1798858) | 26570605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 21918513 | (13652141) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 18729546 | 27740097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (23413538) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,410,760 and 11,824,413 shares, respectively ] | 62573770 | 138890251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,042,211 shares, respectively ] |  | 23413538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9352535) and (17975431) shares, respectively ] | (107854646) | (210542195) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (45280876) | (48238406) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (26551330) | (43911847) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 568974817 | 612886664 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $542423487 | $568974817 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.45 | $11.39 | $10.72 | $12.72 | $12.95 | $12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.03) | 0.29 | 0.18 | 0.11 | 0.07 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.44 | 0.26 | 0.70 | (1.67) | 0.25 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.55 | 0.88 | (1.56) | 0.32 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.36) | (0.19) | (0.12) | (0.14) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.13) | (0.02) | (0.32) | (0.41) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.49) | (0.21) | (0.44) | (0.55) | (0.31) |
|  Net asset value, end of period | $11.86 | $11.45 | $11.39 | $10.72 | $12.72 | $12.95 |
|  Total return (b) | 3.58% | 4.80% | 8.23% | (12.26)% | 2.50% | 7.26% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $542423 | $568975 | $612887 | $618222 | $837813 | $908213 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.52 %(j) | 0.51 %(j) | 0.52 %(k) | 0.50 %(j) | 0.50 %(k) | 0.49 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.52% | 0.51% | 0.52% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.51)% | 2.49% | 1.59% | 0.91% | 0.56% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.51)% | 2.49% | 1.59% | 0.91% | 0.56% | 0.99% |
|  Portfolio turnover rate^ | 7 %(z) | 20% | 30% | 17% | 27% | 23% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.94% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (40.8%)** | **Equity (40.8%)** | **Equity (40.8%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 5049461 | $95875322 |
|  EQ/400 Managed Volatility Portfolio‡ | 752561 | 17121972 |
|  EQ/500 Managed Volatility Portfolio‡ | 8248783 | 262326715 |
|  EQ/International Managed Volatility Portfolio‡ | 3746051 | 60171912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 435495921 |
|  **Fixed Income (59.2%)** | **Fixed Income (59.2%)** | **Fixed Income (59.2%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 5717393 | 57698818 |
|  EQ/Core Bond Index Portfolio‡ | 24258013 | 232035465 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 11267844 | 116815453 |
|  EQ/Intermediate Government Bond Portfolio‡ | 12004610 | 117916229 |
|  EQ/Long-Term Bond Portfolio‡ | 15727608 | 106610189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 631076154 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $928,639,227)* |  | 1066572075 |
|  **Other Assets Less Liabilities (0.0%)†** |  | 200196 |
|  **Net Assets (100%)** |  | $1066772271 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from**<br>**Sales ($)** | **Net**<br>**Realized<br>Gain<br>(Loss) ($)** | **Change**<br>**in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 5049461 | 104707363 | 10301610 | (15211813) | (28695) | (3893143) | 95875322 |  |  |
|  EQ/400 Managed Volatility Portfolio | 752561 | 18816315 | 916935 | (2035302) | (23104) | (552872) | 17121972 |  |  |
|  EQ/500 Managed Volatility Portfolio | 8248783 | 269576501 | 18570966 | (33364835) | (640474) | 8184557 | 262326715 |  |  |
|  EQ/International Managed Volatility Portfolio | 3746051 | 58384970 | 2867742 | (9641209) | 1270252 | 7290157 | 60171912 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 5717393 | 63614124 | 928763 | (8246108) | (2798) | 1404837 | 57698818 |  |  |
|  EQ/Core Bond Index Portfolio | 24258013 | 250740504 | 6676072 | (34739331) | (494131) | 9852351 | 232035465 |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 11267844 | 126634899 | 857525 | (16592216) | 41032 | 5874213 | 116815453 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 12004610 | 132336293 | 4657524 | (23342216) | (1434897) | 5699525 | 117916229 |  |  |
|  EQ/Long-Term Bond Portfolio | 15727608 | 107078423 | 7618546 | (11447115) | (309079) | 3669414 | 106610189 |  |  |
|  **Total** |  | **1131889392** | **53395683** | **(154620145)** | **(1621894)** | **37529039** | **1066572075** |  |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $1066572075 | $— | $1066572075 |
|  **Total Assets** | $**—** | $**1066572075** | $**—** | $**1066572075** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**1066572075** | $**—** | $**1066572075** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $53395683.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $154620145.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $199828226 |
|  Aggregate gross unrealized depreciation | (64269896) |
|  Net unrealized appreciation | $135558330 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $931013745 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $928,639,227) | $1066572075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 764207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 578093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 43413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 11526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1067971481 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 756190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 215498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 102790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 85900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1199210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1066772271 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $886752215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 180020056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1066772271 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,066,772,271 / 75,191,181 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.19 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7355 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1327831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 661536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 528485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 40811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2657721 |
|  **NET INVESTMENT INCOME (LOSS)** | (2650366) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (1621894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 37529039 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 35907145 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $33256779 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2650366) | $25505025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1621894) | 86481441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 37529039 | (27662373) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 33256779 | 84324093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (71108419) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,399,387 and 8,673,604 shares, respectively ] | 46867544 | 123090240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,127,250 shares, respectively ] |  | 71108419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10629315) and (16028564) shares , respectively] | (145430990) | (226514272) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (98563446) | (32315613) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (65306667) | (19099939) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1132078938 | 1151178877 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1066772271 | $1132078938 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.74 | $13.60 | $12.55 | $15.72 | $15.67 | $14.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.03) | 0.31 | 0.20 | 0.12 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.48 | 0.74 | 1.24 | (2.40) | 1.01 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.45 | 1.05 | 1.44 | (2.28) | 1.10 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.40) | (0.21) | (0.13) | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.51) | (0.18) | (0.76) | (0.80) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.91) | (0.39) | (0.89) | (1.05) | (0.62) |
|  Net asset value, end of period | $14.19 | $13.74 | $13.60 | $12.55 | $15.72 | $15.67 |
|  Total return (b) | 3.28% | 7.66% | 11.55% | (14.46)% | 7.08% | 9.93% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1066772 | $1132079 | $1151179 | $1106575 | $1595539 | $1602539 |
|  Ratio of expenses to average net assets (a)(f) | 0.50 %(j) | 0.50 %(j) | 0.50 %(j) | 0.49 %(k) | 0.48 %(o) | 0.50 %(jj) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.50)% | 2.21% | 1.49% | 0.84% | 0.57% | 0.87% |
|  Portfolio turnover rate^ | 5 %(z) | 16% | 26% | 16% | 22% | 28% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.96% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.95% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.99% for Class IB.* 

See Notes to Financial Statements.

------

EQ/BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (50.9%)** | **Equity (50.9%)** | **Equity (50.9%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 18308901 | $347635460 |
|  EQ/400 Managed Volatility Portfolio‡ | 2643732 | 60149187 |
|  EQ/500 Managed Volatility Portfolio‡ | 29985476 | 953594141 |
|  EQ/International Managed Volatility Portfolio‡ | 13590666 | 218303601 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 1579682389 |
|  **Fixed Income (49.1%)** | **Fixed Income (49.1%)** | **Fixed Income (49.1%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 12018440 | 121287768 |
|  EQ/Core Bond Index Portfolio‡ | 57907534 | 553903626 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 26678376 | 276578786 |
|  EQ/Intermediate Government Bond Portfolio‡ | 28425311 | 279209866 |
|  EQ/Long-Term Bond Portfolio‡ | 43583064 | 295429448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1526409494 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $2,621,529,143)* | **Total Investments in Securities (100.0%)**<br> *(Cost $2,621,529,143)* | 3106091883 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 244766 |
|  **Net Assets (100%)** |  | $3106336649 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost**<br>**($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss)<br>($)** | **Change**<br>**in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 18308901 | 371533818 | 35268645 | (45101778) | (277326) | (13787899) | 347635460 |  |  |
|  EQ/400 Managed Volatility Portfolio | 2643732 | 65881363 | 1903390 | (5500323) | (38053) | (2097190) | 60149187 |  |  |
|  EQ/500 Managed Volatility Portfolio | 29985476 | 971782224 | 48300850 | (92904850) | (1770278) | 28186195 | 953594141 |  |  |
|  EQ/International Managed Volatility Portfolio | 13590666 | 205424633 | 9362713 | (27301213) | (19961) | 30837429 | 218303601 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 12018440 | 135195778 | 3406781 | (20300647) | 4150 | 2981706 | 121287768 |  |  |
|  EQ/Core Bond Index Portfolio | 57907534 | 593329909 | 20879662 | (82702829) | 208115 | 22188769 | 553903626 |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 26678376 | 296318666 | 4415255 | (38201455) | 127510 | 13918810 | 276578786 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 28425311 | 298198524 | 14415255 | (43301455) | (2138669) | 12036211 | 279209866 |  |  |
|  EQ/Long-Term Bond Portfolio | 43583064 | 298661388 | 11516950 | (24001617) | (325066) | 9577793 | 295429448 |  |  |
|  **Total** |  | **3236326303** | **149469501** | **(379316167)** | **(4229578)** | **103841824** | **3106091883** |  |  |

---

See Notes to Financial Statements.

------

EQ/BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $3106091883 | $— | $3106091883 |
|  **Total Assets** | $**—** | $**3106091883** | $**—** | $**3106091883** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**3106091883** | $**—** | $**3106091883** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $149469501.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $379316167.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $647681559 |
|  Aggregate gross unrealized depreciation | (167863753) |
|  Net unrealized appreciation | $479817806 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2626274077 |

---

See Notes to Financial Statements.

------

EQ/BALANCED STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $2,621,529,143) | $3106091883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1619699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 944422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 203889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 192806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 33382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3109086081 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1492272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 628147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 299719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 236407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 92887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2749432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3106336649 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2471782607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 634554042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3106336649 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,106,336,649 / 190,632,251 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.29 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $12072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12072 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3846130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1916211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1446592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 110811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 82622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 52164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 37348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7514289 |
|  **NET INVESTMENT INCOME (LOSS)** | (7502217) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(4229578) realized gain (loss) from affiliates) | (4211515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 103841824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 22862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 103864686 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 99653171 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $92150954 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/BALANCED STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7502217) | $66960561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4211515) | 289627822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 103864686 | (67967391) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 92150954 | 288620992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (222827874) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,550,828 and 13,292,738 shares, respectively ] | 87745594 | 215802966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 13,932,424 shares, respectively ] |  | 222827874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (19788327) and (32833925) shares, respectively ] | (309781931) | (534641027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (222036337) | (96010187) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (222036337) | (96010187) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (129885383) | (30217069) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3236222032 | 3266439101 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3106336649 | $3236222032 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/BALANCED STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.80 | $15.52 | $14.05 | $17.65 | $17.07 | $16.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.04) | 0.33 | 0.21 | 0.13 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.53 | 1.10 | 1.63 | (2.89) | 1.48 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.49 | 1.43 | 1.84 | (2.76) | 1.60 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.44) | (0.23) | (0.14) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.71) | (0.14) | (0.70) | (0.70) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.15) | (0.37) | (0.84) | (1.02) | (0.78) |
|  Net asset value, end of period | $16.29 | $15.80 | $15.52 | $14.05 | $17.65 | $17.07 |
|  Total return (b) | 3.10% | 9.16% | 13.22% | (15.57)% | 9.48% | 11.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3106337 | $3236222 | $3266439 | $3124608 | $4414758 | $3676850 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(k) | 0.49 %(k) | 0.49 %(k) | 0.48 %(g)(j) | 0.49 %(o) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.49)% | 2.03% | 1.42% | 0.82% | 0.65% | 0.86% |
|  Portfolio turnover rate^ | 5 %(z) | 16% | 21% | 13% | 24% | 27% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (60.9%)** | **Equity (60.9%)** | **Equity (60.9%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 36221417 | $687744658 |
|  EQ/400 Managed Volatility Portfolio‡ | 5216629 | 118686754 |
|  EQ/500 Managed Volatility Portfolio‡ | 59292140 | 1885600795 |
|  EQ/International Managed Volatility Portfolio‡ | 26905778 | 432181046 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3124213253 |
|  **Fixed Income (39.1%)** | **Fixed Income (39.1%)** | **Fixed Income (39.1%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 12475701 | 125902357 |
|  EQ/Core Bond Index Portfolio‡ | 76719735 | 733848198 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 35326975 | 366240130 |
|  EQ/Intermediate Government Bond Portfolio‡ | 37536102 | 368701332 |
|  EQ/Long-Term Bond Portfolio‡ | 61140127 | 414440664 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2009132681 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $3,971,601,337)* | **Total Investments in Securities (100.0%)**<br> *(Cost $3,971,601,337)* | 5133345934 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 405402 |
|  **Net Assets (100%)** |  | $5133751336 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net**<br>**Realized<br>Gain**<br>**(Loss)<br>($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 36221417 | 736287921 | 64940271 | (85672037) | (653362) | (27158135) | 687744658 |  |  |
|  EQ/400 Managed Volatility Portfolio | 5216629 | 136607706 | 84667 | (13186930) | (91013) | (4727676) | 118686754 |  |  |
|  EQ/500 Managed Volatility Portfolio | 59292140 | 1965305222 | 63619216 | (193191796) | (4852389) | 54720542 | 1885600795 |  |  |
|  EQ/International Managed Volatility Portfolio | 26905778 | 411068536 | 14604804 | (54872949) | 7186319 | 54194336 | 432181046 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 12475701 | 143275602 | 5084668 | (25586930) | 10438 | 3118579 | 125902357 |  |  |
|  EQ/Core Bond Index Portfolio | 76719735 | 798987782 | 29674140 | (124746810) | (239285) | 30172371 | 733848198 |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 35326975 | 403973664 | 6245537 | (62792098) | 399760 | 18413267 | 366240130 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 37536102 | 402991689 | 19245536 | (66792098) | (2090029) | 15346234 | 368701332 |  |  |
|  EQ/Long-Term Bond Portfolio | 61140127 | 422141736 | 17287870 | (38035563) | (537892) | 13584513 | 414440664 |  |  |
|  **Total** |  | **5420639858** | **220786709** | **(664877211)** | **(867453)** | **157664031** | **5133345934** |  |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $5133345934 | $— | $5133345934 |
|  **Total Assets** | $**—** | $**5133345934** | $**—** | $**5133345934** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**5133345934** | $**—** | $**5133345934** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $220786709.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $664877211.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1389583881 |
|  Aggregate gross unrealized depreciation | (234011174) |
|  Net unrealized appreciation | $1155572707 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $3977773227 |

---

See Notes to Financial Statements.

------

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $3,971,601,337) | $5133345934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 5186005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1554228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 55105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5140145819 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2769699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 1548787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1038013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 495098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 383855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 159031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6394483 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5133751336 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3651714651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1482036685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5133751336 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,133,751,336 / 301,611,492 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.02 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $19374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19374 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6389200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3183084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2359821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 181708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 124455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 87084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 39522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12404230 |
|  **NET INVESTMENT INCOME (LOSS)** | (12384856) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (867453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 157664031 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 156796578 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $144411722 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(12384856) | $101319973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (867453) | 618816617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 157664031 | (150914379) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 144411722 | 569222211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (457179255) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,255,960 and 14,244,113 shares, respectively ] | 86545761 | 244547309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 27,246,906 shares, respectively ] |  | 457179255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (31702801) and (55181362) shares, respectively ] | (517576577) | (948082000) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (431030816) | (246355436) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (286619094) | (134312480) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5420370430 | 5554682910 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5133751336 | $5420370430 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.52 | $16.25 | $14.71 | $19.35 | $18.86 | $17.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.04) | 0.31 | 0.21 | 0.13 | 0.11 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.54 | 1.44 | 1.95 | (3.34) | 2.10 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.50 | 1.75 | 2.16 | (3.21) | 2.21 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.44) | (0.23) | (0.15) | (0.40) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.04) | (0.39) | (1.28) | (1.32) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.48) | (0.62) | (1.43) | (1.72) | (1.07) |
|  Net asset value, end of period | $17.02 | $16.52 | $16.25 | $14.71 | $19.35 | $18.86 |
|  Total return (b) | 3.03% | 10.76% | 14.86% | (16.51)% | 11.91% | 12.38% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $5133751 | $5420370 | $5554683 | $5311101 | $7448672 | $7412644 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(k) | 0.49 %(k) | 0.48 %(o) | 0.47 %(p) | 0.48 %(k) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.48)% | 1.82% | 1.33% | 0.79% | 0.56% | 0.83% |
|  Portfolio turnover rate^ | 4 %(z) | 16% | 17% | 12% | 20% | 24% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.99% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class IB.* 

*(p)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (70.9%)** | **Equity (70.9%)** | **Equity (70.9%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 37904357 | $719699043 |
|  EQ/400 Managed Volatility Portfolio‡ | 5001549 | 113793334 |
|  EQ/500 Managed Volatility Portfolio‡ | 61427881 | 1953521357 |
|  EQ/International Managed Volatility Portfolio‡ | 27881841 | 447859313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3234873047 |
|  **Fixed Income (29.2%)** | **Fixed Income (29.2%)** | **Fixed Income (29.2%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 8680856 | 87605515 |
|  EQ/Core Bond Index Portfolio‡ | 49736496 | 475745099 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 22753944 | 235893607 |
|  EQ/Intermediate Government Bond Portfolio‡ | 24236775 | 238067647 |
|  EQ/Long-Term Bond Portfolio‡ | 43289395 | 293438802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1330750670 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $3,512,635,032)* | **Total Investments in Securities (100.1%)**<br> *(Cost $3,512,635,032)* | 4565623717 |
|  **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | (2997836) |
|  **Net Assets (100%)** |  | $4562625881 |

---

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 37904357 | 754089490 | 60178257 | (66135375) | (58703) | (28374626) | 719699043 |  |  |
|  EQ/400 Managed Volatility Portfolio | 5001549 | 128420853 | 102594 | (10256276) | (88992) | (4384845) | 113793334 |  |  |
|  EQ/500 Managed Volatility Portfolio | 61427881 | 2019467715 | 30457563 | (146645284) | (5341330) | 55582693 | 1953521357 |  |  |
|  EQ/International Managed Volatility Portfolio | 27881841 | 411821314 | 15291722 | (41723964) | 3007311 | 59462930 | 447859313 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 8680856 | 100637863 | 3074615 | (18304565) | 683 | 2196919 | 87605515 |  |  |
|  EQ/Core Bond Index Portfolio | 49736496 | 508647306 | 23482395 | (75623393) | 1150410 | 18088381 | 475745099 |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 22753944 | 257892285 | 4195861 | (38261982) | 181013 | 11886430 | 235893607 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 24236775 | 255882479 | 13195862 | (39511982) | (469195) | 8970483 | 238067647 |  |  |
|  EQ/Long-Term Bond Portfolio | 43289395 | 294411278 | 10251821 | (20265405) | (240671) | 9281779 | 293438802 |  |  |
|  **Total** |  | **4731270583** | **160230690** | **(456728226)** | **(1859474)** | **132710144** | **4565623717** |  |  |

---

See Notes to Financial Statements.

------

EQ/GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $4565623717 | $— | $4565623717 |
|  **Total Assets** | $**—** | $**4565623717** | $**—** | $**4565623717** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**4565623717** | $**—** | $**4565623717** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $160230690.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $456728226.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1202717168 |
|  Aggregate gross unrealized depreciation | (154065562) |
|  Net unrealized appreciation | $1048651606 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $3516972111 |

---

See Notes to Financial Statements.

------

EQ/GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $3,512,635,032) | $4565623717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2408200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 110892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 48359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4568219766 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 3742280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 919976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 439103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 341467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 151059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5593885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $4562625881 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3202447160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1360178721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4562625881 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,562,625,881 / 229,732,996 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.86 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $12749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12749 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 5614518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2797295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2083226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 159856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 111554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 76280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 37229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10913922 |
|  **NET INVESTMENT INCOME (LOSS)** | (10901173) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (1859474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 132710144 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 130850670 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $119949497 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(10901173) | $78676151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1859474) | 527244552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 132710144 | (47976300) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 119949497 | 557944403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (361686632) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (87162) shares, respectively ] |  | (1725971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1652) shares ] |  | (31243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (1757214) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,220,542 and 12,827,432 shares, respectively ] | 118903688 | 254007384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 87,048 shares, respectively ] |  | 1725971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 18,412,933 shares, respectively ] |  | 361686632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (21381394) and (38572794) shares, respectively ] | (406532241) | (765791685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (287628553) | (148371698) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (287628553) | (150128912) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (167679056) | 46128859 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4730304937 | 4684176078 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4562625881 | $4730304937 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.32 | $18.57 | $16.53 | $21.99 | $20.84 | $19.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.05) | 0.33 | 0.22 | 0.14 | 0.13 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.59 | 1.98 | 2.47 | (3.99) | 2.81 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.54 | 2.31 | 2.69 | (3.85) | 2.94 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.48) | (0.25) | (0.16) | (0.51) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.08) | (0.40) | (1.45) | (1.28) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.56) | (0.65) | (1.61) | (1.79) | (1.09) |
|  Net asset value, end of period | $19.86 | $19.32 | $18.57 | $16.53 | $21.99 | $20.84 |
|  Total return (b) | 2.80% | 12.42% | 16.47% | (17.40)% | 14.28% | 13.64% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $4562626 | $4730305 | $4682529 | $4360770 | $6010718 | $5754524 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(j) | 0.49 %(k) | 0.48 %(o) | 0.47 %(jj) | 0.49 %(k) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.49)% | 1.64% | 1.26% | 0.75% | 0.56% | 0.82% |
|  Portfolio turnover rate^ | 4 %(z) | 17% | 15% | 11% | 19% | 24% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.02% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.99% for Class IB.* 

See Notes to Financial Statements.

------

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (80.8%)** | **Equity (80.8%)** | **Equity (80.8%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 51998813 | $987313823 |
|  EQ/400 Managed Volatility Portfolio‡ | 6627205 | 150779659 |
|  EQ/500 Managed Volatility Portfolio‡ | 84216612 | 2678245556 |
|  EQ/International Managed Volatility Portfolio‡ | 38214972 | 613837917 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4430176955 |
|  **Fixed Income (19.2%)** | **Fixed Income (19.2%)** | **Fixed Income (19.2%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 6510598 | 65703695 |
|  EQ/Core Bond Index Portfolio‡ | 38925868 | 372338075 |
|  EQ/Intermediate Corporate Bond Portfolio‡ | 17734257 | 183853738 |
|  EQ/Intermediate Government Bond Portfolio‡ | 18909331 | 185738406 |
|  EQ/Long-Term Bond Portfolio‡ | 35884067 | 243241508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1050875422 |
|  **Total Investments in Securities (100.0%**)<br>*(Cost $4,495,715,297)* | **Total Investments in Securities (100.0%**)<br>*(Cost $4,495,715,297)* | 5481052377 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (2599658) |
|  **Net Assets (100%)** |  | $5478452719 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 51998813 | 1005363318 | 68954008 | (50639419) | (8180) | (36355904) | 987313823 |  |  |
|  EQ/400 Managed Volatility Portfolio | 6627205 | 162991699 | 1520687 | (8241043) | 26525 | (5518209) | 150779659 |  |  |
|  EQ/500 Managed Volatility Portfolio | 84216612 | 2727091178 | 19030991 | (134556692) | (2486413) | 69166492 | 2678245556 |  |  |
|  EQ/International Managed Volatility Portfolio | 38214972 | 546020273 | 19582748 | (36164173) | 1441982 | 82957087 | 613837917 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 6510598 | 75580940 | 2425285 | (13967101) | 4573 | 1659998 | 65703695 |  |  |
|  EQ/Core Bond Index Portfolio | 38925868 | 392301901 | 17411489 | (52388927) | 512988 | 14500624 | 372338075 |  |  |
|  EQ/Intermediate Corporate Bond Portfolio | 17734257 | 197558008 | 2190802 | (25247884) | 23779 | 9329033 | 183853738 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 18909331 | 195551828 | 9290802 | (25697884) | 408056 | 6185604 | 185738406 |  |  |
|  EQ/Long-Term Bond Portfolio | 35884067 | 236690613 | 10616087 | (11464985) | (104809) | 7504602 | 243241508 |  |  |
|  **Total** |  | **5539149758** | **151022899** | **(358368108)** | **(181499)** | **149429327** | **5481052377** |  |  |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $5481052377 | $— | $5481052377 |
|  **Total Assets** | $**—** | $**5481052377** | $**—** | $**5481052377** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**5481052377** | $**—** | $**5481052377** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $151022899.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $358368108.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1105499516 |
|  Aggregate gross unrealized depreciation | (130506835) |
|  Net unrealized appreciation | $974992681 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4506059696 |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,495,715,297) | $5481052377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 6745637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1238849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 57398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5489096666 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 5105484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 3237646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1102599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 526539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 406461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 265218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10643947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5478452719 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4115069165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1363383554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5478452719 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,478,452,719 / 307,225,269 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.83 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $17311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17311 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6653280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3314883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2452567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 188415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 128433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 89960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 54726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12920743 |
|  **NET INVESTMENT INCOME (LOSS)** | (12903432) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (181499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 149429327 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 149247828 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $136344396 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(12903432) | $81131075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (181499) | 537514599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 149429327 | 92789121 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 136344396 | 711434795 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (322116075) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 13,999,694 and 30,746,556 shares, respectively ] | 240958592 | 535380024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 18,252,200 shares, respectively ] |  | 322116075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (25504303) and (48368232) shares, respectively ] | (436296872) | (844585675) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (195338280) | 12910424 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (58993884) | 402229144 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5537446603 | 5135217459 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5478452719 | $5537446603 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.37 | $16.14 | $14.15 | $19.04 | $17.63 | $16.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.04) | 0.26 | 0.18 | 0.11 | 0.11 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.50 | 2.02 | 2.36 | (3.62) | 2.81 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.46 | 2.28 | 2.54 | (3.51) | 2.92 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.40) | (0.20) | (0.13) | (0.48) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.65) | (0.35) | (1.25) | (1.03) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.05) | (0.55) | (1.38) | (1.51) | (0.71) |
|  Net asset value, end of period | $17.83 | $17.37 | $16.14 | $14.15 | $19.04 | $17.63 |
|  Total return (b) | 2.65% | 14.11% | 18.17% | (18.34)% | 16.82% | 14.52% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $5478453 | $5537447 | $5135217 | $4604592 | $6110815 | $5583681 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(k) | 0.49 %(k) | 0.48 %(o) | 0.47 %(m) | 0.49 %(k) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.48)% | 1.49% | 1.20% | 0.71% | 0.58% | 0.92% |
|  Portfolio turnover rate^ | 3 %(z) | 13% | 11% | 8% | 16% | 21% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.02% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.03% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (20.8%)** | **Equity (20.8%)** | **Equity (20.8%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 106335 | $2070339 |
|  1290 VT Equity Income Portfolio‡ | 542060 | 2758471 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 19353 | 1438021 |
|  1290 VT Micro Cap Portfolio‡ | 150110 | 1522872 |
|  ATM International Managed Volatility Portfolio‡ | 773434 | 9096164 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 2968867 | 43720321 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 1517162 | 11808162 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 401140 | 4149555 |
|  EQ/AB Small Cap Growth Portfolio‡ | 158135 | 2741115 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 99171 | 2205547 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 490928 | 6051152 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 175614 | 3061394 |
|  EQ/International Core Managed Volatility Portfolio‡ | 178961 | 2200744 |
|  EQ/International Equity Index Portfolio‡ | 72744 | 952435 |
|  EQ/International Value Managed Volatility Portfolio‡ | 214680 | 3178519 |
|  EQ/Janus Enterprise Portfolio‡ | 213933 | 5000660 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 49319 | 4003549 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 138155 | 2778700 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 663796 | 7406890 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 201256 | 3743799 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 317375 | 4043676 |
|  EQ/MFS International Growth Portfolio‡ | 320561 | 2739704 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 166370 | 1537166 |
|  EQ/Value Equity Portfolio‡ | 116150 | 2750138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 130959093 |
|  **Fixed Income (79.1%)** | **Fixed Income (79.1%)** | **Fixed Income (79.1%)** |
|  1290 Diversified Bond Fund‡ | 3032608 | 25413252 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 4258548 | 37428956 |
|  1290 VT High Yield Bond Portfolio‡ | 1098230 | 10161850 |
|  EQ/Core Bond Index Portfolio‡ | 10375047 | 99240565 |
|  EQ/Core Plus Bond Portfolio‡ | 8547245 | 30018824 |
|  EQ/Intermediate Government Bond Portfolio‡ | 12234991 | 120179164 |
|  EQ/Long-Term Bond Portfolio‡ | 5757845 | 39029770 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 5606492 | 56402811 |
|  EQ/Quality Bond PLUS Portfolio‡ | 3757848 | 29731003 |
|  Multimanager Core Bond Portfolio‡ | 5716522 | 49577463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 497183658 |
|  **Total Investments in Securities (99.9%**)<br>*(Cost $639,998,819)* | **Total Investments in Securities (99.9%**)<br>*(Cost $639,998,819)* | 628142751 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 633683 |
|  **Net Assets (100%)** |  | $628776434 |

---

*\** *Non-income producing.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 106335 | 2462621 | 244185 | (757892) | 77810 | 43615 | 2070339 |  |  |
|  1290 VT Equity Income Portfolio | 542060 | 2804524 | 173641 | (404821) | 5096 | 180031 | 2758471 |  |  |
|  1290 VT GAMCO Small Company Value Portfolio | 19353 | 1615117 | 36821 | (252410) | 4112 | 34381 | 1438021 |  |  |
|  1290 VT Micro Cap Portfolio | 150110 | 1695332 | 36821 | (152410) | (2390) | (54481) | 1522872 |  |  |
|  ATM International Managed Volatility Portfolio | 773434 | 8245422 | 798831 | (1098015) | 41126 | 1108800 | 9096164 |  |  |
|  ATM Large Cap Managed Volatility Portfolio | 2968867 | 42578019 | 4199972 | (4057185) | (73888) | 1073403 | 43720321 |  |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Mid Cap Managed Volatility Portfolio | 1517162 | 12200055 | 1237201 | (1188800) | 9955 | (450249) | 11808162 |  |  |
|  ATM Small Cap Managed Volatility Portfolio | 401140 | 4625924 | 73642 | (304821) | (1002) | (244188) | 4149555 |  |  |
|  EQ/AB Small Cap Growth Portfolio | 158135 | 3133716 | 73642 | (404821) | 7610 | (69032) | 2741115 |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 99171 | 2487434 | 44184 | (382892) | 38517 | 18304 | 2205547 |  |  |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 490928 | 6451509 | 132554 | (548677) | 9322 | 6444 | 6051152 |  |  |
|  EQ/Global Equity Managed Volatility Portfolio | 175614 | 3063067 | 73642 | (304821) | (2399) | 231905 | 3061394 |  |  |
|  EQ/International Core Managed Volatility Portfolio | 178961 | 2032256 | 44185 | (182892) | 18824 | 288371 | 2200744 |  |  |
|  EQ/International Equity Index Portfolio | 72744 | 795060 |  |  |  | 157375 | 952435 |  |  |
|  EQ/International Value Managed Volatility Portfolio | 214680 | 2992363 | 73642 | (344821) | 39558 | 417777 | 3178519 |  |  |
|  EQ/Janus Enterprise Portfolio | 213933 | 5094190 | 410461 | (707231) | 17517 | 185723 | 5000660 |  |  |
|  EQ/JPMorgan Growth Stock Portfolio\* | 49319 | 3891953 | 488371 | (665785) | 51137 | 237873 | 4003549 |  |  |
|  EQ/JPMorgan Value Opportunities Portfolio | 138155 | 2826302 | 373642 | (554821) | 4746 | 128831 | 2778700 |  |  |
|  EQ/Large Cap Core Managed Volatility Portfolio | 663796 | 7835861 | 184104 | (762051) | (28047) | 177023 | 7406890 |  |  |
|  EQ/Large Cap Value Managed Volatility Portfolio | 201256 | 3766114 | 595733 | (721267) | 7202 | 96017 | 3743799 |  |  |
|  EQ/Loomis Sayles Growth Portfolio\* | 317375 | 4019617 | 488370 | (890785) | 20094 | 406380 | 4043676 |  |  |
|  EQ/MFS International Growth Portfolio | 320561 | 2960449 | 388369 | (1050785) | 246745 | 194926 | 2739704 |  |  |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 166370 | 1736141 | 36820 | (252410) | (25779) | 42394 | 1537166 |  |  |
|  EQ/Value Equity Portfolio | 116150 | 2766977 | 373642 | (554821) | 47336 | 117004 | 2750138 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 3032608 | 27851233 | 1769420 | (5078564) | (290915) | 1162078 | 25413252 | 1180291 |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 4258548 | 38691611 | 883696 | (3657847) | (181008) | 1692504 | 37428956 |  |  |
|  1290 VT High Yield Bond Portfolio | 1098230 | 11210890 | 235652 | (1755426) | (18807) | 489541 | 10161850 |  |  |
|  EQ/Core Bond Index Portfolio | 10375047 | 101921582 | 3136521 | (9754258) | 1000 | 3935720 | 99240565 |  |  |
|  EQ/Core Plus Bond Portfolio | 8547245 | 30508984 | 706957 | (2926277) | (236633) | 1965793 | 30018824 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 12234991 | 124891792 | 4860462 | (13774627) | (24757) | 4226294 | 120179164 |  |  |
|  EQ/Long-Term Bond Portfolio | 5757845 | 40579812 | 1313153 | (4059775) | (797075) | 1993655 | 39029770 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 5606492 | 60053448 | 1935001 | (6908698) | 69165 | 1253895 | 56402811 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 3757848 | 30905924 | 1106956 | (3426277) | (181488) | 1325888 | 29731003 |  |  |
|  Multimanager Core Bond Portfolio | 5716522 | 51385499 | 1896383 | (4877129) | (414677) | 1587387 | 49577463 | 881568 |  |
|  **Total** |  | **650080798** | **28426676** | **(72764112)** | **(1561993)** | **23961382** | **628142751** | **2061859** |  |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $27483591 | $600659160 | $— | $628142751 |
|  **Total Assets** | $**27483591** | $**600659160** | $**—** | $**628142751** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**27483591** | $**600659160** | $**—** | $**628142751** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $28426676.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $72764112.0 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $45509374 |
|  Aggregate gross unrealized depreciation | (59047743) |
|  Net unrealized depreciation | $(13538369) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $641681120 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $639,998,819) | $628142751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 830180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 474266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 214598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 166030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 629834891 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 738496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 127465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 61483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 26166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 104847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1058457 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $628776434 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $629762720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (986286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $628776434 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $624,480,670 / 73,987,348 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.44 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $4,295,764 / 509,869 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.43 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $2061859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 20163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2082022 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 783301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 393196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 315454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 110235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 25855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1677708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (167794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1509914 |
|  **NET INVESTMENT INCOME (LOSS)** | 572108 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (1561993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 23961382 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 22399389 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $22971497 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $572108 | $18379378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1561993) | 22969386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23961382 | (9079216) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 22971497 | 32269548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (32167736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (232711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (32400447) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 57,962 shares, respectively ] |  | 476594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1215848) shares, respectively ] |  | (10148070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (84067) shares, respectively ] |  | (688472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (10359948) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,851,417 and 5,756,899 shares, respectively ] | 39887942 | 48223189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,215,051 shares, respectively ] |  | 10148070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,916,156 shares, respectively ] |  | 32167736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10279904) and (20729951) shares, respectively ] | (84581010) | (173768433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (44693068) | (83229438) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 36,684 and 50,477 shares, respectively ] | 301497 | 422432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 28,425 shares, respectively ] |  | 232711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (80230) and (404390) shares, respectively ] | (658367) | (3328404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (356870) | (2673261) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (45049938) | (96262647) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (22078441) | (96393546) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 650854875 | 747248421 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $628776434 | $650854875 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.14 | $8.18 | $7.82 | $9.45 | $9.69 | $9.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.01 | 0.22 | 0.17 | 0.11 | 0.08 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.29 | 0.16 | 0.45 | (1.31) | 0.18 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | 0.38 | 0.62 | (1.20) | 0.26 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.19) | (0.12) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.16) | (0.07) | (0.31) | (0.36) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.42) | (0.26) | (0.43) | (0.50) | (0.40) |
|  Net asset value, end of period | $8.44 | $8.14 | $8.18 | $7.82 | $9.45 | $9.69 |
|  Total return (b) | 3.69% | 4.61% | 8.02% | (12.62)% | 2.70% | 7.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $624481 | $646364 | $729932 | $787249 | $1021690 | $1099239 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.48 %(j) | 0.47 %(j) | 0.47 %(j) | 0.48 %(j) | 0.48 %(j) | 0.47 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.53% | 0.53% | 0.54% | 0.51% | 0.50% | 0.52% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.18% | 2.63% | 2.14% | 1.28% | 0.73% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.13% | 2.57% | 2.07% | 1.25% | 0.70% | 0.97% |
|  Portfolio turnover rate^ | 4 %(z) | 10% | 8% | 9% | 26% | 20% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.11 | $8.15 | $7.80 | $9.43 | $9.67 | $9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.02 | 0.23 | 0.20 | 0.14 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | 0.17 | 0.43 | (1.32) | 0.19 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.40 | 0.63 | (1.18) | 0.28 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.21) | (0.14) | (0.16) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.16) | (0.07) | (0.31) | (0.36) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.44) | (0.28) | (0.45) | (0.52) | (0.43) |
|  Net asset value, end of period | $8.43 | $8.11 | $8.15 | $7.80 | $9.43 | $9.67 |
|  Total return (b) | 3.95% | 4.88% | 8.17% | (12.42)% | 2.97% | 7.63% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $4296 | $4491 | $7166 | $7464 | $8807 | $11102 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.23 %(j) | 0.22 %(j) | 0.22 %(j) | 0.23 %(j) | 0.23 %(j) | 0.22 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.28% | 0.28% | 0.29% | 0.26% | 0.26% | 0.27% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.44% | 2.76% | 2.44% | 1.60% | 0.89% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.38% | 2.70% | 2.37% | 1.57% | 0.87% | 1.27% |
|  Portfolio turnover rate^ | 4 %(z) | 10% | 8% | 9% | 26% | 20% |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IB and 0.75% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (41.0%)** | **Equity (41.0%)** | **Equity (41.0%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 204870 | $3988812 |
|  1290 VT Equity Income Portfolio‡ | 1194617 | 6079243 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 51981 | 3862350 |
|  1290 VT Micro Cap Portfolio‡ | 367243 | 3725684 |
|  1290 VT Small Cap Value Portfolio‡ | 292063 | 3451634 |
|  ATM International Managed Volatility Portfolio‡ | 2496684 | 29362872 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 6237837 | 91860040 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 2478868 | 19293178 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 1863339 | 19275149 |
|  EQ/AB Small Cap Growth Portfolio‡ | 570583 | 9890479 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 125217 | 2784796 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 1060486 | 13071483 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 144766 | 1963752 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 577060 | 10059623 |
|  EQ/International Core Managed Volatility Portfolio‡ | 575892 | 7081921 |
|  EQ/International Equity Index Portfolio‡ | 99408 | 1301547 |
|  EQ/International Value Managed Volatility Portfolio‡ | 697419 | 10325864 |
|  EQ/Janus Enterprise Portfolio‡ | 340934 | 7969310 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 97504 | 7915141 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 306372 | 6162027 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 1435173 | 16014226 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 441302 | 8209189 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 630482 | 8032965 |
|  EQ/MFS International Growth Portfolio‡ | 1244476 | 10636041 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 593740 | 5485830 |
|  EQ/Value Equity Portfolio‡ | 256965 | 6084268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 313887424 |
|  **Fixed Income (58.9%)** | **Fixed Income (58.9%)** | **Fixed Income (58.9%)** |
|  1290 Diversified Bond Fund‡ | 2682719 | 22481188 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 3868572 | 34001397 |
|  1290 VT High Yield Bond Portfolio‡ | 1006739 | 9315288 |
|  EQ/Core Bond Index Portfolio‡ | 8934372 | 85460056 |
|  EQ/Core Plus Bond Portfolio‡ | 7668420 | 26932299 |
|  EQ/Intermediate Government Bond Portfolio‡ | 10390948 | 102065909 |
|  EQ/Long-Term Bond Portfolio‡ | 7933123 | 53774977 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 4427133 | 44538141 |
|  EQ/Quality Bond PLUS Portfolio‡ | 3384106 | 26774064 |
|  Multimanager Core Bond Portfolio‡ | 5195075 | 45055128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 450398447 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $720,161,290)* |  | 764285871 |
|  **Other Assets Less Liabilities (0.1%)** |  | 509984 |
|  **Net Assets (100%)** |  | $764795855 |

---

*\** *Non-income producing.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases at<br>Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value**<br>**June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 204870 | 4076029 | 259371 | (558631) | 46823 | 165220 | 3988812 |  |  |
|  1290 VT Equity Income Portfolio | 1194617 | 6668347 | 171083 | (1181922) | 135189 | 286546 | 6079243 |  |  |
|  1290 VT GAMCO Small Company Value Portfolio | 51981 | 4336365 | 14057 | (587948) | 202852 | (102976) | 3862350 |  |  |
|  1290 VT Micro Cap Portfolio | 367243 | 3991950 | 109371 | (258632) | (265) | (116740) | 3725684 |  |  |
|  1290 VT Small Cap Value Portfolio | 292063 | 4263607 | 11712 | (823290) | 213479 | (213874) | 3451634 |  |  |
|  ATM International Managed Volatility Portfolio | 2496684 | 28078054 | 1089019 | (3557005) | 324533 | 3428271 | 29362872 |  |  |
|  ATM Large Cap Managed Volatility Portfolio | 6237837 | 90879030 | 6362371 | (7241700) | (88244) | 1948583 | 91860040 |  |  |
|  ATM Mid Cap Managed Volatility Portfolio | 2478868 | 19364163 | 2106222 | (1551793) | 15794 | (641208) | 19293178 |  |  |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases at<br>Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value**<br>**June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Small Cap Managed Volatility Portfolio | 1863339 | 20822548 | 1565592 | (2135425) | (2407) | (975159) | 19275149 |  |  |
|  EQ/AB Small Cap Growth Portfolio | 570583 | 10119655 | 628110 | (775896) | (8892) | (72498) | 9890479 |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 125217 | 3163167 | 9371 | (458632) | 92362 | (21472) | 2784796 |  |  |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 1060486 | 14049523 | 37483 | (1034529) | 16511 | 2495 | 13071483 |  |  |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 144766 | 2393809 | 9370 | (333632) | 81315 | (187110) | 1963752 |  |  |
|  EQ/Global Equity Managed Volatility Portfolio | 577060 | 10153409 | 31625 | (872883) | (17324) | 764796 | 10059623 |  |  |
|  EQ/International Core Managed Volatility Portfolio | 575892 | 6650259 | 21084 | (581922) | 100898 | 891602 | 7081921 |  |  |
|  EQ/International Equity Index Portfolio | 99408 | 1086487 |  |  |  | 215060 | 1301547 |  |  |
|  EQ/International Value Managed Volatility Portfolio | 697419 | 9829025 | 31625 | (1022883) | 71622 | 1416475 | 10325864 |  |  |
|  EQ/Janus Enterprise Portfolio | 340934 | 7866663 | 1322254 | (1614251) | 77137 | 317507 | 7969310 |  |  |
|  EQ/JPMorgan Growth Stock Portfolio\* | 97504 | 8211679 | 521084 | (1331922) | 179586 | 334714 | 7915141 |  |  |
|  EQ/JPMorgan Value Opportunities Portfolio | 306372 | 6691190 | 571084 | (1381922) | 35594 | 246081 | 6162027 |  |  |
|  EQ/Large Cap Core Managed Volatility Portfolio | 1435173 | 17015942 | 49195 | (1357819) | (77648) | 384556 | 16014226 |  |  |
|  EQ/Large Cap Value Managed Volatility Portfolio | 441302 | 9070131 | 728111 | (1775898) | 161212 | 25633 | 8209189 |  |  |
|  EQ/Loomis Sayles Growth Portfolio\* | 630482 | 8318324 | 521083 | (1581922) | (310) | 775790 | 8032965 |  |  |
|  EQ/MFS International Growth Portfolio | 1244476 | 11215786 | 1137481 | (3384529) | 862558 | 804745 | 10636041 |  |  |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 593740 | 5642580 | 314055 | (587948) | 21689 | 95454 | 5485830 |  |  |
|  EQ/Value Equity Portfolio | 256965 | 6533663 | 621083 | (1431922) | 341992 | 19452 | 6084268 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 2682719 | 24226536 | 1098861 | (3614732) | (152929) | 923452 | 22481188 | 1028583 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 3868572 | 35361621 | 1030417 | (3759612) | (251377) | 1620348 | 34001397 |  |  |
|  1290 VT High Yield Bond Portfolio | 1006739 | 9978916 | 28112 | (1125896) | 16999 | 417157 | 9315288 |  |  |
|  EQ/Core Bond Index Portfolio | 8934372 | 89496247 | 2867057 | (10321016) | 2933 | 3414835 | 85460056 |  |  |
|  EQ/Core Plus Bond Portfolio | 7668420 | 28011768 | 84332 | (2727689) | (269678) | 1833566 | 26932299 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 10390948 | 108161157 | 3790080 | (13496516) | (2666) | 3613854 | 102065909 |  |  |
|  EQ/Long-Term Bond Portfolio | 7933123 | 55659909 | 1288982 | (4851062) | (970103) | 2647251 | 53774977 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 4427133 | 48060599 | 1465556 | (6029482) | (167493) | 1208961 | 44538141 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 3384106 | 29668067 | 709332 | (4677689) | (319681) | 1394035 | 26774064 |  |  |
|  Multimanager Core Bond Portfolio | 5195075 | 47196770 | 2114429 | (5329482) | (557250) | 1630661 | 45055128 | 797247 |  |
|  **Total** |  | **796312975** | **32720054** | **(93358032)** | **114811** | **28496063** | **764285871** | **1825830** |  |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $26470000 | $737815871 | $— | $764285871 |
|  **Total Assets** | $**26470000** | $**737815871** | $**—** | $**764285871** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**26470000** | $**737815871** | $**—** | $**764285871** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $32720054.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $93358032.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $107216466 |
|  Aggregate gross unrealized depreciation | (64379582) |
|  Net unrealized appreciation | $42836884 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $721448987 |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $720,161,290) | $764285871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1654598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 151987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 97085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 766197968 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 746551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 248958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 152386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 74150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 66357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 113711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1402113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $764795855 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $691766495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 73029360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $764795855 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $750,866,432 / 88,072,112 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.53 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $13,929,423 / 1,632,125 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.53 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $1825830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1844537 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 936196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 475611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 381747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 111991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2015732 |
|  **NET INVESTMENT INCOME (LOSS)** | (171195) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 114811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 28496063 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 28610874 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28439679 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(171195) | $18245833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 114811 | 55142538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28496063 | (15878132) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 28439679 | 57510239 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (52578002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1061156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (53639158) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 86,112 shares, respectively ] |  | 716997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1532981) shares, respectively ] |  | (13021461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (99418) shares, respectively ] |  | (824849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (13129313) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,002,889 and 4,116,479 shares, respectively ] | 16590114 | 35053097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,531,727 shares, respectively ] |  | 13021461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 6,306,303 shares, respectively ] |  | 52578002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9167733) and (18190739) shares, respectively ] | (75765355) | (155092507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (59175241) | (54439947) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 178,173 and 56,036 shares, respectively ] | 1481940 | 474980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 127,305 shares, respectively ] |  | 1061156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (394193) and (584601) shares, respectively ] | (3206306) | (5031177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1724366) | (3495041) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (60899607) | (71064301) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (32459928) | (67193220) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 797255783 | 864449003 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $764795855 | $797255783 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.21 | $8.21 | $7.73 | $9.88 | $10.00 | $9.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) |  | 0.19 | 0.14 | 0.10 | 0.07 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.32 | 0.39 | 0.69 | (1.54) | 0.60 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.58 | 0.83 | (1.44) | 0.67 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.17) | (0.11) | (0.22) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.34) | (0.18) | (0.60) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.58) | (0.35) | (0.71) | (0.79) | (0.69) |
|  Net asset value, end of period | $8.53 | $8.21 | $8.21 | $7.73 | $9.88 | $10.00 |
|  Total return (b) | 3.90 | 7.02% | 10.86% | (14.52)% | 6.76% | 9.96% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $750866 | $782082 | $833294 | $861730 | $1158085 | $1178676 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.53 | 0.54 %(m) | 0.53 %(m) | 0.51 %(k) | 0.50 %(o) | 0.52 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.53 | 0.54% | 0.54% | 0.51% | 0.50% | 0.52% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.05) | 2.18% | 1.79% | 1.11% | 0.66% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.05) | 2.18% | 1.78% | 1.11% | 0.66% | 0.87% |
|  Portfolio turnover rate^ | 4 | 13% | 9% | 10% | 27% | 23% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.21 | $8.21 | $7.72 | $9.88 | $10.00 | $9.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.01 | 0.19 | 0.16 | 0.12 | 0.09 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.31 | 0.41 | 0.70 | (1.55) | 0.60 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.60 | 0.86 | (1.43) | 0.69 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.19) | (0.13) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.34) | (0.18) | (0.60) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.60) | (0.37) | (0.73) | (0.81) | (0.72) |
|  Net asset value, end of period | $8.53 | $8.21 | $8.21 | $7.72 | $9.88 | $10.00 |
|  Total return (b) | 3.90 | 7.28% | 11.27% | (14.40)% | 7.02% | 10.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $13929 | $15174 | $18467 | $20846 | $29647 | $30048 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.28 | 0.29 %(m) | 0.28 %(m) | 0.26 %(k) | 0.25 %(o) | 0.27 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.28 | 0.29% | 0.29% | 0.26% | 0.25% | 0.27% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.19 | 2.27% | 1.97% | 1.36% | 0.92% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.19 | 2.27% | 1.96% | 1.36% | 0.92% | 1.15% |
|  Portfolio turnover rate^ | 4 | 13% | 9% | 10% | 27% | 23% |

---

See Notes to Financial Statements.

------

EQ/CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB and 0.84% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.07% for Class IB and 0.82% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.06% for Class IB and 0.81% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (51.1%)** | **Equity (51.1%)** | **Equity (51.1%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 1406066 | $27376112 |
|  1290 VT Equity Income Portfolio‡ | 9936915 | 50567620 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 573415 | 42606721 |
|  1290 VT Micro Cap Portfolio‡ | 3486230 | 35367878 |
|  1290 VT Small Cap Value Portfolio‡ | 3089968 | 36517656 |
|  ATM International Managed Volatility Portfolio‡ | 26647753 | 313397529 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 46372818 | 682898428 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 12766702 | 99363991 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 19479336 | 201502345 |
|  EQ/AB Small Cap Growth Portfolio‡ | 6170820 | 106964964 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 903231 | 20087647 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 8258501 | 101793740 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 2107993 | 28594861 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 6230950 | 108621344 |
|  EQ/International Core Managed Volatility Portfolio‡ | 6079667 | 74763578 |
|  EQ/International Equity Index Portfolio‡ | 686024 | 8982124 |
|  EQ/International Value Managed Volatility Portfolio‡ | 7507578 | 111155857 |
|  EQ/Janus Enterprise Portfolio‡ | 1752191 | 40957319 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 665217 | 54000483 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 2538356 | 51053740 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 10903221 | 121662401 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 3652386 | 67942442 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 4293240 | 54700157 |
|  EQ/MFS International Growth Portfolio‡ | 14185288 | 121236017 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 6445921 | 59556724 |
|  EQ/Value Equity Portfolio‡ | 2126055 | 50339391 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2672011069 |
|  **Fixed Income (48.8%)** | **Fixed Income (48.8%)** | **Fixed Income (48.8%)** |
|  1290 Diversified Bond Fund‡ | 15179939 | 127207886 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 21814287 | 191728709 |
|  1290 VT High Yield Bond Portfolio‡ | 5701714 | 52757565 |
|  EQ/Core Bond Index Portfolio‡ | 47969647 | 458844636 |
|  EQ/Core Plus Bond Portfolio‡ | 43770313 | 153725951 |
|  EQ/Intermediate Government Bond Portfolio‡ | 56290834 | 552921181 |
|  EQ/Long-Term Bond Portfolio‡ | 54485508 | 369332080 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 23783506 | 239268440 |
|  EQ/Quality Bond PLUS Portfolio‡ | 19259580 | 152376216 |
|  Multimanager Core Bond Portfolio‡ | 29454277 | 255446986 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2553609650 |
|  **Total Investments in Securities (99.9%**)<br>*(Cost $4,721,684,900)* | **Total Investments in Securities (99.9%**)<br>*(Cost $4,721,684,900)* | 5225620719 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 3062842 |
|  **Net Assets (100%)** |  | $5228683561 |

---

*\** *Non-income producing.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 1406066 | 26537411 | 1353937 | (1943017) | 161316 | 1266465 | 27376112 |  |  |
|  1290 VT Equity Income Portfolio | 9936915 | 54195034 | 2009187 | (9117040) | 563078 | 2917361 | 50567620 |  |  |
|  1290 VT GAMCO Small Company Value Portfolio | 573415 | 47357737 | 7874 | (5886034) | 1880317 | (753173) | 42606721 |  |  |
|  1290 VT Micro Cap Portfolio | 3486230 | 37125844 | 1305687 | (2084358) | (24091) | (955204) | 35367878 |  |  |
|  1290 VT Small Cap Value Portfolio | 3089968 | 41646678 | 6562 | (5155028) | 409181 | (389737) | 36517656 |  |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM International Managed Volatility Portfolio | 26647753 | 294465895 | 6552499 | (27240228) | 1613126 | 38006237 | 313397529 | – |  |
|  ATM Large Cap Managed Volatility Portfolio | 46372818 | 668753136 | 39857621 | (39442467) | (549288) | 14279426 | 682898428 | – |  |
|  ATM Mid Cap Managed Volatility Portfolio | 12766702 | 97274477 | 11417063 | (6253074) | 3265 | (3077740) | 99363991 | – |  |
|  ATM Small Cap Managed Volatility Portfolio | 19479336 | 210982096 | 13737623 | (13788830) | (52799) | (9375745) | 201502345 | – |  |
|  EQ/AB Small Cap Growth Portfolio | 6170820 | 107462940 | 6617500 | (6413409) | 18710 | (720777) | 106964964 | – |  |
|  EQ/American Century Mid Cap Value Portfolio | 903231 | 22035483 | 2625 | (2462011) | (19941) | 531491 | 20087647 | – |  |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 8258501 | 107123905 | 15312 | (5611733) | 121091 | 145165 | 101793740 | – |  |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 2107993 | 33755035 | 5686 | (3684358) | 150903 | (1632405) | 28594861 | – |  |
|  EQ/Global Equity Managed Volatility Portfolio | 6230950 | 107248321 | 18374 | (6734080) | (97826) | 8186555 | 108621344 | – |  |
|  EQ/International Core Managed Volatility Portfolio | 6079667 | 71953371 | 12249 | (7989386) | 2018978 | 8768366 | 74763578 | – |  |
|  EQ/International Equity Index Portfolio | 686024 | 7497970 |  |  |  | 1484154 | 8982124 | – |  |
|  EQ/International Value Managed Volatility Portfolio | 7507578 | 103037605 | 18375 | (7734080) | 501217 | 15332740 | 111155857 | – |  |
|  EQ/Janus Enterprise Portfolio | 1752191 | 39438475 | 4106562 | (4405028) | (64718) | 1882028 | 40957319 | – |  |
|  EQ/JPMorgan Growth Stock Portfolio\* | 665217 | 52762629 | 3407876 | (5736034) | 347415 | 3218597 | 54000483 | – |  |
|  EQ/JPMorgan Value Opportunities Portfolio | 2538356 | 54496646 | 5009187 | (10817040) | 116168 | 2248779 | 51053740 | – |  |
|  EQ/Large Cap Core Managed Volatility Portfolio | 10903221 | 126576992 | 20125 | (7375421) | (397071) | 2837776 | 121662401 | – |  |
|  EQ/Large Cap Value Managed Volatility Portfolio | 3652386 | 74707923 | 5513125 | (13810057) | 1177814 | 353637 | 67942442 | – |  |
|  EQ/Loomis Sayles Growth Portfolio\* | 4293240 | 55455752 | 2007874 | (7836034) | (185819) | 5258384 | 54700157 | – |  |
|  EQ/MFS International Growth Portfolio | 14185288 | 122829824 | 7021000 | (26896091) | 4965501 | 13315783 | 121236017 | – |  |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 6445921 | 57548170 | 5508749 | (5206705) | (525) | 1707035 | 59556724 | – |  |
|  EQ/Value Equity Portfolio | 2126055 | 53806592 | 5309188 | (11817040) | 2544601 | 496050 | 50339391 | – |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 15179939 | 131708770 | 5754777 | (14516762) | (376371) | 4637472 | 127207886 | 5732902 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 21814287 | 197511801 | 6082374 | (19564807) | (1058443) | 8757784 | 191728709 |  |  |
|  1290 VT High Yield Bond Portfolio | 5701714 | 54988250 | 8750 | (4706705) | 7058 | 2460212 | 52757565 |  |  |
|  EQ/Core Bond Index Portfolio | 47969647 | 478800507 | 17027872 | (55339671) | 15579 | 18340349 | 458844636 |  |  |
|  EQ/Core Plus Bond Portfolio | 43770313 | 156006093 | 3576249 | (14620114) | (1035287) | 9799010 | 153725951 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 56290834 | 579985216 | 22243623 | (68811739) | 3310 | 19500771 | 552921181 |  |  |
|  EQ/Long-Term Bond Portfolio | 54485508 | 371890596 | 11061247 | (25046932) | (3629757) | 15056926 | 369332080 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 23783506 | 254242406 | 8541125 | (29071512) | (403789) | 5960210 | 239268440 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 19259580 | 160771118 | 5776249 | (20120114) | (1088151) | 7037114 | 152376216 |  |  |
|  Multimanager Core Bond Portfolio | 29454277 | 263488903 | 13244905 | (27333523) | (2185722) | 8232423 | 255446986 | 4493005 |  |
|  **Total** |  | **5325469601** | **214159031** | **(524570462)** | **5449030** | **205113519** | **5225620719** | **10225907** |  |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $154583998 | $5071036721 | $— | $5225620719 |
|  **Total Assets** | $**154583998** | $**5071036721** | $**—** | $**5225620719** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**154583998** | $**5071036721** | $**—** | $**5225620719** |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $214159031.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $524570462.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $859287837 |
|  Aggregate gross unrealized depreciation | (377950928) |
|  Net unrealized appreciation | $481336909 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4744283810 |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,721,684,900) | $5225620719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5974697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2064183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 861879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 831019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 56953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5235409450 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 4509460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 697738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 506777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 391536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 315274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 305104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6725889 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5228683561 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4512955242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 715728319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5228683561 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,557,603,302 / 123,911,790 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.57 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,440,810,353 / 277,186,017 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.41 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $230,269,906 / 18,279,286 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.60 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $10225907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 113406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10339313 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4251097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3215043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2381785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 1912197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 183186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 127389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 127045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 86927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12323935 |
|  **NET INVESTMENT INCOME (LOSS)** | (1984622) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($5,449,030 realized gain (loss) from affiliates) | 5449144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 205113519 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 210562663 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $208578041 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1984622) | $114449586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5449144 | 396059115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 205113519 | (86490315) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 208578041 | 424018386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (104450183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (236806545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (16344772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (357601500) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,240,048 and 1,892,332 shares, respectively ] | 15021174 | 23561373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,510,387 shares, respectively ] |  | 104450183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7600895) and (15939643) shares, respectively ] | (92140461) | (199753595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (77119287) | (71742039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,629,240 and 10,162,602 shares, respectively ] | 55399675 | 125154224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 19,535,032 shares, respectively ] |  | 236806545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (22640238) and (46858959) shares, respectively ] | (271523800) | (578599492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (216124125) | (216638723) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 219,555 and 514,720 shares, respectively ] | 2630247 | 6380010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,330,521 shares, respectively ] |  | 16344772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1647210) and (3293153) shares, respectively ] | (20139920) | (41428586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (17509673) | (18703804) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (310753085) | (307084566) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (102175044) | (240667680) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5330858605 | 5571526285 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5228683561 | $5330858605 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.07 | $11.96 | $11.09 | $14.48 | $14.57 | $14.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.26 | 0.20 | 0.14 | 0.11 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.51 | 0.69 | 1.16 | (2.40) | 1.09 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.50 | 0.95 | 1.36 | (2.26) | 1.20 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.23) | (0.15) | (0.39) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.50) | (0.26) | (0.98) | (0.90) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.84) | (0.49) | (1.13) | (1.29) | (1.05) |
|  Net asset value, end of period | $12.57 | $12.07 | $11.96 | $11.09 | $14.48 | $14.57 |
|  Total return (b) | 4.14% | 7.91% | 12.35% | (15.47)% | 8.35% | 11.32% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1557603 | $1572932 | $1624820 | $1579282 | $2021935 | $2005206 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(k) | 0.51 %(o) | 0.49 %(j) | 0.48 %(jj) | 0.49 %(k) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.09)% | 2.07% | 1.69% | 1.12% | 0.70% | 0.89% |
|  Portfolio turnover rate^ | 4 %(z) | 13% | 9% | 10% | 25% | 22% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.92 | $11.82 | $10.97 | $14.34 | $14.43 | $13.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.25 | 0.19 | 0.14 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.50 | 0.69 | 1.15 | (2.38) | 1.10 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.49 | 0.94 | 1.34 | (2.24) | 1.20 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.23) | (0.15) | (0.39) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.50) | (0.26) | (0.98) | (0.90) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.84) | (0.49) | (1.13) | (1.29) | (1.05) |
|  Net asset value, end of period | $12.41 | $11.92 | $11.82 | $10.97 | $14.34 | $14.43 |
|  Total return (b) | 4.11% | 7.92% | 12.31% | (15.48)% | 8.43% | 11.27% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3440810 | $3519766 | $3693421 | $3726401 | $4956863 | $5024535 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(k) | 0.51 %(o) | 0.49 %(j) | 0.48 %(jj) | 0.49 %(k) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.09)% | 2.06% | 1.66% | 1.09% | 0.69% | 0.88% |
|  Portfolio turnover rate^ | 4 %(z) | 13% | 9% | 10% | 25% | 22% |

---

See Notes to Financial Statements.

------

EQ/MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** |  | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.09 |  | $11.97 | $11.10 | $14.49 | $14.57 | $14.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.01 | † | 0.28 | 0.23 | 0.17 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.50 |  | 0.71 | 1.16 | (2.40) | 1.11 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.51 |  | 0.99 | 1.39 | (2.23) | 1.25 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.37) | (0.26) | (0.18) | (0.43) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.50) | (0.26) | (0.98) | (0.90) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  | (0.87) | (0.52) | (1.16) | (1.33) | (1.08) |
|  Net asset value, end of period | $12.60 |  | $12.09 | $11.97 | $11.10 | $14.49 | $14.57 |
|  Total return (b) | 4.22 | % | 8.25% | 12.61% | (15.24)% | 8.68% | 11.49% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $230270 |  | $238161 | $253286 | $247941 | $316250 | $312558 |
|  Ratio of expenses to average net assets (a)(f) | 0.24 | %(j) | 0.24 %(k) | 0.26 %(o) | 0.24 %(j) | 0.23 %(jj) | 0.24 %(k) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | 0.16 | % | 2.28% | 1.94% | 1.38% | 0.95% | 1.13% |
|  Portfolio turnover rate^ | 4 | %(z) | 13% | 9% | 10% | 25% | 22% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.07% for Class IA, 1.07% for Class IB and 0.82% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.08% for Class IA, 1.08% for Class IB and 0.83% for Class K.* 

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

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.06% for Class IA, 1.06% for Class IB and 0.81% for Class K.* 

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: |  |  |
|  **Equity (71.2%)** |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 2219488 | $43213423 |
|  1290 VT Equity Income Portfolio‡ | 20748683 | 105587248 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 1329242 | 98767339 |
|  1290 VT Micro Cap Portfolio‡ | 7101537 | 72045247 |
|  1290 VT Small Cap Value Portfolio‡ | 5542243 | 65498977 |
|  ATM International Managed Volatility Portfolio‡ | 44830108 | 527235651 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 80898157 | 1191327717 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 14684015 | 114286550 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 44710338 | 462502321 |
|  EQ/AB Small Cap Growth Portfolio‡ | 12681452 | 219820230 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 1062908 | 23638811 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 13996071 | 172514662 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 4937087 | 66971450 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 10904157 | 190087267 |
|  EQ/International Core Managed Volatility Portfolio‡ | 10346400 | 127232936 |
|  EQ/International Equity Index Portfolio‡ | 682937 | 8941700 |
|  EQ/International Value Managed Volatility Portfolio‡ | 12785669 | 189302343 |
|  EQ/Janus Enterprise Portfolio‡ | 2008551 | 46949712 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 1021907 | 82955613 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 5302660 | 106651945 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 19581331 | 218496150 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 7511365 | 139727978 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 6578815 | 83820664 |
|  EQ/MFS International Growth Portfolio‡ | 24788595 | 211858256 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 13289771 | 122790090 |
|  EQ/Value Equity Portfolio‡ | 4447195 | 105297896 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4797522176 |
|  **Fixed Income (28.8%)** |  |  |
|  1290 Diversified Bond Fund‡ | 11530207 | 96623139 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 16572605 | 145658854 |
|  1290 VT High Yield Bond Portfolio‡ | 4151574 | 38414223 |
|  EQ/Core Bond Index Portfolio‡ | 33340027 | 318907765 |
|  EQ/Core Plus Bond Portfolio‡ | 33009546 | 115933003 |
|  EQ/Intermediate Government Bond Portfolio‡ | 39691386 | 389871781 |
|  EQ/Long-Term Bond Portfolio‡ | 50825754 | 344524295 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 17550630 | 176564041 |
|  EQ/Quality Bond PLUS Portfolio‡ | 14617712 | 115651101 |
|  Multimanager Core Bond Portfolio‡ | 22321654 | 193588158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1935736360 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $5,511,422,542)* |  | 6733258536 |
|  **Other Assets Less Liabilities (0.0%)†** |  | 2208892 |
|  **Net Assets (100%)** |  | $6735467428 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss)<br>($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 2219488 | 43297871 | 2300001 | (4677987) | 431844 | 1861694 | 43213423 |  |  |
|  1290 VT Equity Income Portfolio | 20748683 | 107918511 |  | (9289558) | 52188 | 6906107 | 105587248 |  |  |
|  1290 VT GAMCO Small Company Value Portfolio | 1329242 | 105904982 |  | (9833960) | 1633691 | 1062626 | 98767339 |  |  |
|  1290 VT Micro Cap Portfolio | 7101537 | 76933480 | 2200001 | (5011571) | 14546 | (2091209) | 72045247 |  |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  1290 VT Small Cap Value Portfolio | 5542243 | 74022162 |  | (8555973) | 576202 | (543414) | 65498977 | – |  |
|  ATM International Managed Volatility Portfolio | 44830108 | 496496161 | 999999 | (36219988) | 1818321 | 64141158 | 527235651 | – |  |
|  ATM Large Cap Managed Volatility Portfolio | 80898157 | 1216263073 | 34800000 | (78818340) | (1609254) | 20692238 | 1191327717 | – |  |
|  ATM Mid Cap Managed Volatility Portfolio | 14684015 | 115016346 | 11000000 | (7745155) | (85057) | (3899584) | 114286550 | – |  |
|  ATM Small Cap Managed Volatility Portfolio | 44710338 | 520464555 | 6300001 | (36936593) | 122611 | (27448253) | 462502321 | – |  |
|  EQ/AB Small Cap Growth Portfolio | 12681452 | 222156814 | 12700000 | (13667920) | (475828) | (892836) | 219820230 | – |  |
|  EQ/American Century Mid Cap Value Portfolio | 1062908 | 23114039 | 3000000 | (3366792) | 40868 | 850696 | 23638811 | – |  |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 13996071 | 183048944 |  | (10934336) | 240395 | 159659 | 172514662 | – |  |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 4937087 | 77282984 |  | (7011571) | (45417) | (3254546) | 66971450 | – |  |
|  EQ/Global Equity Managed Volatility Portfolio | 10904157 | 195249782 |  | (19528927) | 37926 | 14328486 | 190087267 | – |  |
|  EQ/International Core Managed Volatility Portfolio | 10346400 | 117907136 |  | (8428551) | 1131658 | 16622693 | 127232936 | – |  |
|  EQ/International Equity Index Portfolio | 682937 | 7464225 |  |  |  | 1477475 | 8941700 | – |  |
|  EQ/International Value Managed Volatility Portfolio | 12785669 | 175012940 |  | (12528928) | 336580 | 26481751 | 189302343 | – |  |
|  EQ/Janus Enterprise Portfolio | 2008551 | 43213266 | 7199999 | (5961383) | 185833 | 2311997 | 46949712 | – |  |
|  EQ/JPMorgan Growth Stock Portfolio\* | 1021907 | 76845012 | 5699999 | (5105973) | 115411 | 5401164 | 82955613 | – |  |
|  EQ/JPMorgan Value Opportunities Portfolio | 5302660 | 108584270 | 6599999 | (13289557) | (256391) | 5013624 | 106651945 | – |  |
|  EQ/Large Cap Core Managed Volatility Portfolio | 19581331 | 228724378 |  | (14579115) | (789179) | 5140066 | 218496150 | – |  |
|  EQ/Large Cap Value Managed Volatility Portfolio | 7511365 | 146363444 | 5900002 | (15595343) | (111042) | 3170917 | 139727978 | – |  |
|  EQ/Loomis Sayles Growth Portfolio\* | 6578815 | 80892448 | 3500000 | (8355973) | (206414) | 7990603 | 83820664 | – |  |
|  EQ/MFS International Growth Portfolio | 24788595 | 207832057 | 10900000 | (37879115) | 8247988 | 22757326 | 211858256 | – |  |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 13289771 | 124385794 | 6200000 | (10483960) | 362981 | 2325275 | 122790090 | – |  |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30, 2025<br>($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Value Equity Portfolio | 4447195 | 107233416 | 6300000 | (14289557) | 2137720 | 3916317 | 105297896 |  |  |
|  Fixed Income |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 11530207 | 99692394 | 5322212 | (11633960) | (218237) | 3460730 | 96623139 | 4322212 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 16572605 | 152164883 | 6049999 | (18423141) | (707563) | 6574676 | 145658854 |  |  |
|  1290 VT High Yield Bond Portfolio | 4151574 | 40776555 | 500001 | (4633584) | 18692 | 1752559 | 38414223 |  |  |
|  EQ/Core Bond Index Portfolio | 33340027 | 340289503 | 14500000 | (48774270) | 562264 | 12330268 | 318907765 |  |  |
|  EQ/Core Plus Bond Portfolio | 33009546 | 121541973 | 3099999 | (15422953) | (211074) | 6925058 | 115933003 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 39691386 | 417999217 | 18800000 | (60852444) | 29453 | 13895555 | 389871781 |  |  |
|  EQ/Long-Term Bond Portfolio | 50825754 | 351264981 | 12100000 | (29441062) | (569101) | 11169477 | 344524295 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 17550630 | 192100195 | 7150001 | (26828927) | (281067) | 4423839 | 176564041 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 14617712 | 123818166 | 4999999 | (17722953) | (752404) | 5308293 | 115651101 |  |  |
|  Multimanager Core Bond Portfolio | 22321654 | 203743348 | 11493319 | (26267920) | (1236064) | 5855475 | 193588158 | 3431609 |  |
|  **Total** |  | **6925019305** | **209615531** | **(658097340)** | **10543080** | **246177960** | **6733258536** | **7753821** |  |

---

*\** *Non-income producing.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $139836562 | $6593421974 | $— | $6733258536 |
|  **Total Assets** | $**139836562** | $**6593421974** | $**—** | $**6733258536** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**139836562** | $**6593421974** | $**—** | $**6733258536** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $209615531.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $658097340.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1453361941 |
|  Aggregate gross unrealized depreciation | (298632872) |
|  Net unrealized appreciation | $1154729069 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $5578529467 |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $5,511,422,542) | $6733258536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3988026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 5661456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 660068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 484844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 72309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6744125239 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 5781407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1353750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 650881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 497435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 374338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8657811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $6735467428 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $5177913967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1557553461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6735467428 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $6,692,325,985 / 676,325,427 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.90 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $43,141,443 / 4,351,940 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.91 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $7753821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 123452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7877273 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 8249976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4138810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3031049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 234687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 156171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 113830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 112569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 49517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 16086609 |
|  **NET INVESTMENT INCOME (LOSS)** | (8209336) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 10543080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 246177960 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 256721040 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $248511704 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(8209336) | $115226347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10543080 | 696868222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 246177960 | (82681672) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 248511704 | 729412897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (551177788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (4008500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (555186288) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 393,113 shares, respectively ] |  | 3748909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (20598780) shares, respectively ] |  | (202598768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1102142) shares, respectively ] |  | (10519941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (209369800) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,246,746 and 10,755,772 shares, respectively ] | 49927799 | 106380645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 20,586,971 shares, respectively ] |  | 202598768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 56,668,720 shares, respectively ] |  | 551177788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (50975644) and (99808424) shares, respectively ] | (485362907) | (986512423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (435435108) | (126355222) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 47,488 and 126,700 shares, respectively ] | 447300 | 1245747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 411,835 shares, respectively ] |  | 4008500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (785096) and (901999) shares, respectively ] | (7463173) | (8960103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (7015873) | (3705856) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (442450981) | (339430878) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (193939277) | (165204269) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6929406705 | 7094610974 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6735467428 | $6929406705 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.53 | $9.33 | $8.47 | $11.61 | $11.52 | $11.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.16 | 0.12 | 0.09 | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.38 | 0.84 | 1.16 | (2.10) | 1.35 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 1.00 | 1.28 | (2.01) | 1.43 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.15) | (0.10) | (0.42) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.27) | (1.03) | (0.92) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.80) | (0.42) | (1.13) | (1.34) | (1.08) |
|  Net asset value, end of period | $9.90 | $9.53 | $9.33 | $8.47 | $11.61 | $11.52 |
|  Total return (b) | 3.88 | 10.75% | 15.36% | (17.08)% | 12.67% | 14.13% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $6692326 | $6880877 | $6845088 | $6684718 | $8960367 | $8774906 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 | 0.49 %(j) | 0.50 %(k) | 0.49 %(o) | 0.48 %(jj) | 0.49 %(j) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.25) | 1.65% | 1.33% | 0.90% | 0.63% | 0.79% |
|  Portfolio turnover rate^ | 3 | 15% | 8% | 9% | 23% | 21% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.54 | $9.33 | $8.47 | $11.61 | $11.52 | $11.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) |  | 0.18 | 0.14 | 0.12 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 0.86 | 1.16 | (2.11) | 1.35 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 1.04 | 1.30 | (1.99) | 1.46 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.17) | (0.12) | (0.45) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.27) | (1.03) | (0.92) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.83) | (0.44) | (1.15) | (1.37) | (1.11) |
|  Net asset value, end of period | $9.91 | $9.54 | $9.33 | $8.47 | $11.61 | $11.52 |
|  Total return (b) | 3.88 | 11.13% | 15.62% | (16.86)% | 12.95% | 14.38% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $43141 | $48529 | $50886 | $52619 | $65780 | $66068 |
|  Ratio of expenses to average net assets (a)(f) | 0.24 | 0.24 %(j) | 0.25 %(k) | 0.24 %(o) | 0.23 %(jj) | 0.24 %(j) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) |  | 1.84% | 1.59% | 1.18% | 0.87% | 0.99% |
|  Portfolio turnover rate^ | 3 | 15% | 8% | 9% | 23% | 21% |

---

See Notes to Financial Statements.

------

EQ/MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | |
|:---|:---|
| *‡‡* | *Amount is less than 0.005%.*  |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB and 0.87% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.13% for Class IB and 0.88% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.09% for Class IB and 0.84% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (91.3%)** | **Equity (91.3%)** | **Equity (91.3%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 1210742 | $23573144 |
|  1290 VT Equity Income Portfolio‡ | 13893938 | 70704378 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 1034751 | 76885651 |
|  1290 VT Micro Cap Portfolio‡ | 3536754 | 35880451 |
|  1290 VT Small Cap Value Portfolio‡ | 3021014 | 35702758 |
|  ATM International Managed Volatility Portfolio‡ | 27921568 | 328378553 |
|  ATM Large Cap Managed Volatility Portfolio‡ | 51819663 | 763110110 |
|  ATM Mid Cap Managed Volatility Portfolio‡ | 6571183 | 51143902 |
|  ATM Small Cap Managed Volatility Portfolio‡ | 22735583 | 235186317 |
|  EQ/AB Small Cap Growth Portfolio‡ | 6563249 | 113767324 |
|  EQ/American Century Mid Cap Value Portfolio‡ | 549615 | 12223318 |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio‡ | 9100730 | 112175004 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio‡ | 2875633 | 39007879 |
|  EQ/Global Equity Managed Volatility Portfolio‡ | 7079804 | 123419046 |
|  EQ/International Core Managed Volatility Portfolio‡ | 5847275 | 71905786 |
|  EQ/International Equity Index Portfolio‡ | 501691 | 6568642 |
|  EQ/International Value Managed Volatility Portfolio‡ | 6811825 | 100854660 |
|  EQ/Janus Enterprise Portfolio‡ | 725659 | 16962215 |
|  EQ/JPMorgan Growth Stock Portfolio\*‡ | 550662 | 44701208 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 3415764 | 68700970 |
|  EQ/Large Cap Core Managed Volatility Portfolio‡ | 13413792 | 149676339 |
|  EQ/Large Cap Value Managed Volatility Portfolio‡ | 5027092 | 93515020 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 4226576 | 53850789 |
|  EQ/MFS International Growth Portfolio‡ | 16277133 | 139114178 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio‡ | 6561143 | 60621314 |
|  EQ/Value Equity Portfolio‡ | 2898235 | 68622606 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2896251562 |
|  **Fixed Income (8.7%)** | **Fixed Income (8.7%)** | **Fixed Income (8.7%)** |
|  1290 Diversified Bond Fund‡ | 1651373 | 13838506 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 2352228 | 20674049 |
|  1290 VT High Yield Bond Portfolio‡ | 595780 | 5512707 |
|  EQ/Core Bond Index Portfolio‡ | 4451600 | 42580939 |
|  EQ/Core Plus Bond Portfolio‡ | 4714195 | 16556749 |
|  EQ/Intermediate Government Bond Portfolio‡ | 5303133 | 52090444 |
|  EQ/Long-Term Bond Portfolio‡ | 8237460 | 55837936 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 2427007 | 24416336 |
|  EQ/Quality Bond PLUS Portfolio‡ | 2079399 | 16451601 |
|  Multimanager Core Bond Portfolio‡ | 3174379 | 27530313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 275489580 |
|  **Total Investments in Securities (100.0%**)<br>*(Cost $2,413,825,990)* | **Total Investments in Securities (100.0%**)<br>*(Cost $2,413,825,990)* | 3171741142 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 900147 |
|  **Net Assets (100%)** |  | $3172641289 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund and 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,**<br>**2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases**<br>**at Cost ($)** | **Proceeds**<br>**from Sales<br>($)** | **Net**<br>**Realized<br>Gain<br>(Loss) ($)** | **Change**<br>**in Unrealized<br>Appreciation/<br>(Depreciation)**<br>**($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 1210742 | 23586220 | 5028 | (1060296) | 77634 | 964558 | 23573144 |  |  |
|  1290 VT Equity Income Portfolio | 13893938 | 71863184 | 18864 | (5826111) | 36770 | 4611671 | 70704378 |  |  |
|  1290 VT GAMCO Small Company Value Portfolio | 1034751 | 78925530 | 20121 | (4241185) | (307866) | 2489051 | 76885651 |  |  |
|  1290 VT Micro Cap Portfolio | 3536754 | 39487992 | 10900 | (2297309) | (15208) | (1305924) | 35880451 |  |  |
|  1290 VT Small Cap Value Portfolio | 3021014 | 37597785 | 9221 | (1943876) | 6065 | 33563 | 35702758 |  |  |
|  ATM International Managed Volatility Portfolio | 27921568 | 305790325 | 86773 | (18290110) | 782639 | 40008926 | 328378553 |  |  |
|  ATM Large Cap Managed Volatility Portfolio | 51819663 | 794242953 | 194086 | (40909763) | (235397) | 9818231 | 763110110 |  |  |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,**<br>**2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases**<br>**at Cost ($)** | **Proceeds**<br>**from Sales<br>($)** | **Net**<br>**Realized<br>Gain<br>(Loss) ($)** | **Change**<br>**in Unrealized<br>Appreciation/<br>(Depreciation)**<br>**($)** | **Market Value<br>June 30,**<br>**2025 ($)** | **Dividend/**<br>**Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  ATM Mid Cap Managed Volatility Portfolio | 6571183 | 56771786 | 14672 | (3092531) | (37407) | (2512618) | 51143902 |  |  |
|  ATM Small Cap Managed Volatility Portfolio | 22735583 | 265773048 | 78390 | (16522950) | (13813) | (14128358) | 235186317 |  |  |
|  EQ/AB Small Cap Growth Portfolio | 6563249 | 107253573 | 11926829 | (5654913) | (136165) | 378000 | 113767324 |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 549615 | 12445583 | 2515 | (530148) | (607) | 305975 | 12223318 |  |  |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 9100730 | 117569427 | 27247 | (5743271) | 116365 | 205236 | 112175004 |  |  |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 2875633 | 43046394 | 10899 | (2297309) | (2114) | (1749991) | 39007879 |  |  |
|  EQ/Global Equity Managed Volatility Portfolio | 7079804 | 120966410 | 30601 | (6750135) | 35526 | 9136644 | 123419046 |  |  |
|  EQ/International Core Managed Volatility Portfolio | 5847275 | 66140945 | 20121 | (4241185) | 319373 | 9666532 | 71905786 |  |  |
|  EQ/International Equity Index Portfolio | 501691 | 6126942 |  | (750000) | 251905 | 939795 | 6568642 |  |  |
|  EQ/International Value Managed Volatility Portfolio | 6811825 | 93021097 | 30600 | (6450135) | 115933 | 14137165 | 100854660 |  |  |
|  EQ/Janus Enterprise Portfolio | 725659 | 17608836 | 5868 | (1237012) | (8218) | 592741 | 16962215 |  |  |
|  EQ/JPMorgan Growth Stock Portfolio\* | 550662 | 41237042 | 2710060 | (2120592) | (638) | 2875336 | 44701208 |  |  |
|  EQ/JPMorgan Value Opportunities Portfolio | 3415764 | 69927609 | 18864 | (3976111) | 3911 | 2726697 | 68700970 |  |  |
|  EQ/Large Cap Core Managed Volatility Portfolio | 13413792 | 154283688 | 36470 | (7687148) | (403085) | 3446414 | 149676339 |  |  |
|  EQ/Large Cap Value Managed Volatility Portfolio | 5027092 | 96976217 | 25152 | (5301481) | (181568) | 1996700 | 93515020 |  |  |
|  EQ/Loomis Sayles Growth Portfolio\* | 4226576 | 53164078 | 10060 | (3970592) | (108107) | 4755350 | 53850789 |  |  |
|  EQ/MFS International Growth Portfolio | 16277133 | 126613809 | 2235212 | (8672074) | 331899 | 18605332 | 139114178 |  |  |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 6561143 | 62511711 | 13415 | (2827457) | (26998) | 950643 | 60621314 |  |  |
|  EQ/Value Equity Portfolio | 2898235 | 69023761 | 18863 | (3976111) | 445167 | 3110926 | 68622606 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 1651373 | 14050759 | 864867 | (1533580) | (34966) | 491426 | 13838506 | 610675 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 2352228 | 21631443 | 755868 | (2537012) | 4849 | 818901 | 20674049 |  |  |
|  1290 VT High Yield Bond Portfolio | 595780 | 6615016 | 1677 | (1353432) | 3137 | 246309 | 5512707 |  |  |
|  EQ/Core Bond Index Portfolio | 4451600 | 45630080 | 1311737 | (6074024) | 6431 | 1706715 | 42580939 |  |  |
|  EQ/Core Plus Bond Portfolio | 4714195 | 17310759 | 355030 | (2060296) | (20823) | 972079 | 16556749 |  |  |
|  EQ/Intermediate Government Bond Portfolio | 5303133 | 56017539 | 1614672 | (7392531) | 11435 | 1839329 | 52090444 |  |  |
|  EQ/Long-Term Bond Portfolio | 8237460 | 57381408 | 15511 | (3269247) | (67304) | 1777568 | 55837936 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 2427007 | 26646726 | 256707 | (3063728) | (3900) | 580531 | 24416336 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 2079399 | 17579277 | 504611 | (2271938) | 2645 | 637006 | 16451601 |  |  |
|  Multimanager Core Bond Portfolio | 3174379 | 29069736 | 1404945 | (3590444) | (2584) | 648660 | 27530313 | 488107 |  |
|  **Total** |  | **3223888688** | **24646456** | **(199516037)** | **944916** | **121777119** | **3171741142** | **1098782** |  |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $37411650 | $3134329492 | $— | $3171741142 |
|  **Total Assets** | $**37411650** | $**3134329492** | $**—** | $**3171741142** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**37411650** | $**3134329492** | $**—** | $**3171741142** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $24646456.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $199516037.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $782544468 |
|  Aggregate gross unrealized depreciation | (55791226) |
|  Net unrealized appreciation | $726753242 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2444987900 |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $2,413,825,990) | $3171741142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2950276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 472945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 377114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 99400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 33318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3175674195 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1643420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 633078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 304718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 239982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 211708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3032906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3172641289 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2214097743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 958543546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3172641289 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,147,701,345 / 291,119,157 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.81 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $24,939,944 / 2,300,948 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.84 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $1098782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 42200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1140982 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3835845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1926490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1453934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 113222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 111123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 83493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 52415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7599003 |
|  **NET INVESTMENT INCOME (LOSS)** | (6458021) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 944916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 121777119 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 122722035 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $116264014 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6458021) | $37804272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 944916 | 355304379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 121777119 | 24628869 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 116264014 | 417737520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (236637463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2022851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (238660314) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 203,478 shares, respectively ] |  | 2102974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (7708608) shares, respectively ] |  | (81572915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (654193) shares, respectively ] |  | (6717376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (86187317) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,578,652 and 7,233,404 shares, respectively ] | 37052874 | 76952574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 7,706,586 shares, respectively ] |  | 81572915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 22,243,539 shares, respectively ] |  | 236637463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (19628215) and (39057216) shares, respectively ] | (203134029) | (415903301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (166081155) | (20740349) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 61,213 and 239,626 shares, respectively ] | 608486 | 2536297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 189,936 shares, respectively ] |  | 2022851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (339078) and (868449) shares, respectively ] | (3507002) | (9152002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2898516) | (4592854) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (168979671) | (111520520) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (52715657) | 67556686 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3225356946 | 3157800260 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3172641289 | $3225356946 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.41 | $9.86 | $8.70 | $12.51 | $12.06 | $11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.02) | 0.13 | 0.10 | 0.07 | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.42 | 1.23 | 1.47 | (2.41) | 1.95 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.40 | 1.36 | 1.57 | (2.34) | 2.02 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.13) | (0.08) | (0.53) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.58) | (0.28) | (1.39) | (1.04) | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.81) | (0.41) | (1.47) | (1.57) | (1.13) |
|  Net asset value, end of period | $10.81 | $10.41 | $9.86 | $8.70 | $12.51 | $12.06 |
|  Total return (b) | 3.84% | 13.73% | 18.37% | (18.31)% | 17.14% | 15.41% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3147701 | $3198472 | $3047571 | $2805155 | $3712223 | $3453575 |
|  Ratio of expenses to average net assets (a)(f) | 0.49 %(j) | 0.49 %(j) | 0.51 %(k) | 0.49 %(o) | 0.48 %(jj) | 0.50 %(kk) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.42)% | 1.18% | 1.03% | 0.72% | 0.55% | 0.71% |
|  Portfolio turnover rate^ | 1 %(z) | 15% | 6% | 7% | 17% | 16% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.43 | $9.87 | $8.70 | $12.52 | $12.07 | $11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.14 | 0.12 | 0.10 | 0.10 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.42 | 1.26 | 1.48 | (2.42) | 1.96 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 1.40 | 1.60 | (2.32) | 2.06 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.15) | (0.11) | (0.57) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.58) | (0.28) | (1.39) | (1.04) | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.84) | (0.43) | (1.50) | (1.61) | (1.16) |
|  Net asset value, end of period | $10.84 | $10.43 | $9.87 | $8.70 | $12.52 | $12.07 |
|  Total return (b) | 3.93% | 14.09% | 18.76% | (18.16)% | 17.41% | 15.75% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $24940 | $26885 | $29788 | $28391 | $37698 | $36152 |
|  Ratio of expenses to average net assets (a)(f) | 0.24 %(j) | 0.24 %(j) | 0.26 %(k) | 0.24 %(o) | 0.23 %(jj) | 0.25 %(kk) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.17)% | 1.34% | 1.26% | 0.97% | 0.78% | 0.97% |
|  Portfolio turnover rate^ | 1 %(z) | 15% | 6% | 7% | 17% | 16% |

---

See Notes to Financial Statements.

------

EQ/AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.15% for Class IB and 0.90% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.18% for Class IB and 0.93% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.14% for Class IB and 0.89% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB and 0.87% for Class K.* 

*(kk)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.16% for Class IB and 0.91% for Class K.* 

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (19.3%)** | **Equity (19.3%)** | **Equity (19.3%)** |
|  iShares Core S&P U.S. Growth ETF | 20200 | $3038080 |
|  iShares MSCI Global Min Vol Factor ETF | 31700 | 3758669 |
|  SPDR Portfolio Developed World ex-US ETF | 85900 | 3478091 |
|  Vanguard FTSE Emerging Markets ETF (x) | 90300 | 4466238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 14741078 |
|  **Fixed Income (13.6%)** | **Fixed Income (13.6%)** | **Fixed Income (13.6%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 67200 | 2520672 |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 15900 | 1318428 |
|  Vanguard Total Bond Market ETF | 88400 | 6508892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 10347992 |
|  **Total Exchange Traded Funds (32.9%)**<br> *(Cost $22,394,639)* |  | 25089070 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (21.0%)** | **Equity (21.0%)** | **Equity (21.0%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 62367 | 1214279 |
|  1290 Essex Small Cap Growth Fund‡ | 208258 | 2917693 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 210657 | 3644358 |
|  1290 SmartBeta Equity Fund‡ | 364567 | 7305919 |
|  AB Small Cap Growth Portfolio\*‡ | 13621 | 989041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 16071290 |
|  **Fixed Income (44.3%)** | **Fixed Income (44.3%)** | **Fixed Income (44.3%)** |
|  1290 Diversified Bond Fund‡ | 3229747 | 27065276 |
|  1290 High Yield Bond Fund‡ | 781934 | 6732449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 33797725 |
|  **Total Investment Companies (65.3%)**<br> *(Cost $49,031,815)* |  | 49869015 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.4%)** | **Investment Companies (1.4%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1085056 | 1085056 |
|  **Total Short-Term Investments (1.4%)**<br> *(Cost $1,085,056)* |  | 1085056 |
|  **Total Investments in Securities (99.6%)**<br> *(Cost $72,511,510)* |  | 76043141 |
|  **Other Assets Less Liabilities (0.4%)** | **Other Assets Less Liabilities (0.4%)** | 318012 |
|  **Net Assets (100%)** |  | $76361153 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $5,070,972. This was collateralized by $4,085,849 of various U.S. Government Treasury Securities, ranging from 0.625% – 4.375%, maturing 1/15/26 – 8/15/44 and by cash of $1,085,056 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost<br>($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 62367 | 1260322 | 21589 | (119589) | 10192 | 41765 | 1214279 |  |  |
|  1290 Essex Small Cap Growth Fund | 208258 | 3065154 | 205700 | (519320) | 45644 | 120515 | 2917693 |  |  |
|  1290 GAMCO Small/Mid Cap Value Fund | 210657 | 3761955 | 223577 | (390160) | 2416 | 46570 | 3644358 |  |  |
|  1290 SmartBeta Equity Fund | 364567 | 7980891 | 147747 | (1384675) | 180716 | 381240 | 7305919 |  |  |
|  AB Small Cap Growth Portfolio\* | 13621 | 963866 | 132879 | (98845) | 6189 | (15048) | 989041 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 3229747 | 26849704 | 2147662 | (2833065) | 236 | 900739 | 27065276 | 1192898 |  |
|  1290 High Yield Bond Fund | 781934 | 7050247 | 317469 | (728334) | 2871 | 90196 | 6732449 | 220209 |  |
|  **Total** |  | **50932139** | **3196623** | **(6073988)** | **248264** | **1565977** | **49869015** | **1413107** |  |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $25089070 | $— | $— | $25089070 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 49869015 |  |  | 49869015 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1085056 |  |  | 1085056 |
|  **Total Assets** | $**76043141** | $**—** | $**—** | $**76043141** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**76043141** | $**—** | $**—** | $**76043141** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $21474947.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $26329228.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6033058 |
|  Aggregate gross unrealized depreciation | (2637726) |
|  Net unrealized appreciation | $3395332 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $72647809 |

---

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $49,031,815) | $49869015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $23,479,695) | 26174126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1529832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 39107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 22895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 77636459 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1085056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 102684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 15070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 13510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 7009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 44574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1275306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $76361153 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $68481341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 7879812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $76361153 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $74,615,763 / 5,844,134 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.77 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,745,390 / 136,407 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.80 |

---

*(x)* *Includes value of securities on loan of $5,070,972.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,413,107 of dividend income received from affiliates) | $1720886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 30286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1755451 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 90897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 56978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 47351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 259398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (15287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 244111 |
|  **NET INVESTMENT INCOME (LOSS)** | 1511340 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($248,264 realized gain (loss) from affiliates) | 2473629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($1,565,977 of change in unrealized appreciation (depreciation) from affiliates) | 579382 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3053011 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4564351 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1511340 | $2437115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2473629 | 1649560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 579382 | 1239315 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 4564351 | 5325990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (3029160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (157565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (3186725) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 327,968 and 1,139,886 shares, respectively ] | 4017364 | 13957539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 250,860 shares, respectively ] |  | 3029160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (691428) and (1094995) shares, respectively ] | (8415293) | (13529966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (4397929) | 3456733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 12,878 and 71,128 shares, respectively ] | 158524 | 886923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 13,037 shares, respectively ] |  | 157565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (182144) and (38289) shares, respectively ] | (2252668) | (454327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2094144) | 590161 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (6492073) | 4046894 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1927722) | 6186159 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 78288875 | 72102716 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $76361153 | $78288875 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.02 | $11.68 | $10.91 | $13.04 | $12.84 | $11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.24 | 0.39 | 0.29 | 0.18 | 0.08 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.51 | 0.46 | 0.78 | (1.80) | 1.20 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.75 | 0.85 | 1.07 | (1.62) | 1.28 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.39) | (0.30) | (0.20) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.12) |  | (0.31) | (1.00) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.51) | (0.30) | (0.51) | (1.08) | (0.58) |
|  Net asset value, end of period | $12.77 | $12.02 | $11.68 | $10.91 | $13.04 | $12.84 |
|  Total return (b) | 6.24% | 7.25% | 9.86% | (12.40)% | 10.10% | 13.10% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $74616 | $74611 | $69065 | $65986 | $73621 | $64486 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65 %(j) | 0.65 %(j) | 0.65 %(j) | 0.99 %(k) | 1.16 %(o) | 1.16 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.69% | 0.69% | 0.71% | 1.07% | 1.26% | 1.32% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.97% | 3.16% | 2.56% | 1.56 %(x) | 0.60% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.93% | 3.12% | 2.49% | 1.48 %(x) | 0.51% | 0.85% |
|  Portfolio turnover rate^ | 28 %(z) | 29% | 62% | 194 %(h) | 131% | 135% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.03 | $11.69 | $10.92 | $13.05 | $12.84 | $11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.25 | 0.43 | 0.31 | 0.20 | 0.11 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.52 | 0.45 | 0.79 | (1.79) | 1.21 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.77 | 0.88 | 1.10 | (1.59) | 1.32 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.42) | (0.33) | (0.23) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.12) |  | (0.31) | (1.00) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.54) | (0.33) | (0.54) | (1.11) | (0.61) |
|  Net asset value, end of period | $12.80 | $12.03 | $11.69 | $10.92 | $13.05 | $12.84 |
|  Total return (b) | 6.40% | 7.50% | 10.11% | (12.17)% | 10.42% | 13.36% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1745 | $3677 | $3038 | $2881 | $3397 | $1893 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.40 %(j) | 0.40 %(j) | 0.40 %(j) | 0.74 %(k) | 0.91 %(o) | 0.91 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.44% | 0.44% | 0.46% | 0.82% | 1.00% | 1.08% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.18% | 3.49% | 2.78% | 1.75 %(x) | 0.84% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.15% | 3.45% | 2.72% | 1.68 %(x) | 0.75% | 1.09% |
|  Portfolio turnover rate^ | 28 %(z) | 29% | 62% | 194 %(h) | 131% | 135% |

---

See Notes to Financial Statements.

------

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class IB and 0.92% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (23.1%)** | **Equity (23.1%)** | **Equity (23.1%)** |
|  iShares Core S&P U.S. Growth ETF | 8190 | $1231776 |
|  iShares MSCI Global Min Vol Factor ETF | 18060 | 2141374 |
|  SPDR Portfolio Developed World ex-US ETF | 29630 | 1199719 |
|  Vanguard FTSE Emerging Markets ETF (x) | 41350 | 2045171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 6618040 |
|  **Fixed Income (6.6%)** | **Fixed Income (6.6%)** | **Fixed Income (6.6%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 18510 | 694310 |
|  Vanguard Intermediate-Term Corporate Bond ETF | 5800 | 480936 |
|  Vanguard Total Bond Market ETF | 9800 | 721574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1896820 |
|  **Total Exchange Traded Funds (29.7%)**<br> *(Cost $7,512,956)*  |  | 8514860 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Investment Companies (68.6%)** | **Investment Companies (68.6%)** |  |
|  **Equity (37.6%)** | **Equity (37.6%)** | **Equity (37.6%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 42554 | 828520 |
|  1290 Essex Small Cap Growth Fund‡ | 130167 | 1823638 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 133614 | 2311521 |
|  1290 SmartBeta Equity Fund‡ | 259143 | 5193218 |
|  AB Small Cap Growth Portfolio\*‡ | 8420 | 611359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 10768256 |
|  **Fixed Income (31.0%)** | **Fixed Income (31.0%)** | **Fixed Income (31.0%)** |
|  1290 Diversified Bond Fund‡ | 871041 | 7299322 |
|  1290 High Yield Bond Fund‡ | 186960 | 1609726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 8909048 |
|  **Total Investment Companies (68.6%)**<br> *(Cost $18,501,321)*  |  | 19677304 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.6%)** | **Investment Companies (1.6%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 471921 | 472015 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $472,025)* | **Total Short-Term Investments (1.6%)**<br> *(Cost $472,025)* | 472015 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $26,486,302)* | **Total Investments in Securities (99.9%)**<br> *(Cost $26,486,302)* | 28664179 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 22448 |
|  **Net Assets (100%)** |  | $28686627 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025, the Portfolio had loaned securities with a total value of $22,257. This was collateralized by $22,717 of various U.S. Government Treasury Securities, ranging from 0.625% - 4.375%, maturing 1/15/26 - 8/15/44.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 42554 | 721930 | 80036 | (14657) | (1) | 41212 | 828520 |  |  |
|  1290 Essex Small Cap Growth Fund | 130167 | 1660252 | 226255 | (181153) | 7729 | 110555 | 1823638 |  |  |
|  1290 GAMCO Small/Mid Cap Value Fund | 133614 | 2030445 | 279500 | (43869) | (39) | 45484 | 2311521 |  |  |
|  1290 SmartBeta Equity Fund | 259143 | 4735900 | 380588 | (297040) | (924) | 374694 | 5193218 |  |  |
|  AB Small Cap Growth Portfolio\* | 8420 | 516112 | 105452 | (11059) | 7 | 847 | 611359 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 871041 | 5021872 | 2172749 | (99529) | (52) | 204282 | 7299322 | 271697 |  |
|  1290 High Yield Bond Fund | 186960 | 1422191 | 195997 | (31096) |  | 22634 | 1609726 | 47547 |  |
|  **Total** |  | **16108702** | **3440577** | **(678403)** | **6720** | **799708** | **19677304** | **319244** |  |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $8514860 | $— | $— | $8514860 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 19677304 |  |  | 19677304 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 472015 |  |  | 472015 |
|  **Total Assets** | $**28664179** | $**—** | $**—** | $**28664179** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**28664179** | $**—** | $**—** | $**28664179** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $9088059.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $7195345.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2714990 |
|  Aggregate gross unrealized depreciation | (575475) |
|  Net unrealized appreciation | $2139515 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $26524664 |

---

See Notes to Financial Statements.

------

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $18,501,321) | $19677304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $7,984,981) | 8986875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 105696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 10433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 28788042 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 59509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 101415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $28686627 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $25487338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3199289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $28686627 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $17,090,462 / 1,552,450 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.01 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $11,596,165 / 1,051,831 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.02 |

---

*(x)* *Includes value of securities on loan of $22,257.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($319,244 of dividend income received from affiliates) | $421409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 425425 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 24727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 19505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 18833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 16199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 108773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (35704) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (9349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 63720 |
|  **NET INVESTMENT INCOME (LOSS)** | 361705 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($6,720 realized gain (loss) from affiliates) | 585996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($799,708 of change in unrealized appreciation (depreciation) from affiliates) | 720886 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1306882 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1668587 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $361705 | $532423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 585996 | 380970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 720886 | 1137751 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1668587 | 2051144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (282296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (237660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (519956) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 236,590 and 694,788 shares, respectively ] | 2489248 | 7141967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 27,111 shares, respectively ] |  | 282296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (92342) and (235414) shares, respectively ] | (970266) | (2319089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1518982 | 5105174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 22,822 shares, respectively ] |  | 237660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | 237660 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 1518982 | 5342834 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3187569 | 6874022 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 25499058 | 18625036 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $28686627 | $25499058 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.36 | $9.55 | $8.68 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.25 | 0.24 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.51 | 0.77 | 0.80 | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 1.02 | 1.04 | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.21) | (0.17) | (0.14) |
|  Net asset value, end of period | $11.01 | $10.36 | $9.55 | $8.68 |
|  Total return (b) | 6.27% | 10.62% | 12.01% | (11.78)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $17090 | $14595 | $8800 | $1212 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.60 %(j) | 0.61 %(j) | 0.61 %(j) | 0.59 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.94% | 1.04% | 1.41% | 2.62% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 2.69% | 2.47% | 2.60% | 2.47 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.34% | 2.03% | 1.80% | 0.43 %(l) |
|  Portfolio turnover rate^ | 28 %(z) | 27% | 60% | 50 %(z) |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.37 | $9.55 | $8.68 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.15 | 0.26 | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.50 | 0.79 | 0.85 | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 1.05 | 1.06 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.19) | (0.16) |
|  Net asset value, end of period | $11.02 | $10.37 | $9.55 | $8.68 |
|  Total return (b) | 6.27% | 11.00% | 12.27% | (11.59)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $11596 | $10904 | $9825 | $8749 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.35 %(j) | 0.36 %(j) | 0.35 %(j) | 0.34 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.69% | 0.80% | 1.11% | 2.10% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.91% | 2.50% | 2.36% | 1.96 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 2.56% | 2.06% | 1.60% | 0.20 %(l) |
|  Portfolio turnover rate^ | 28 %(z) | 27% | 60% | 50 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (26.1%)** | **Equity (26.1%)** | **Equity (26.1%)** |
|  iShares Core S&P U.S. Growth ETF | 10000 | $1504000 |
|  iShares MSCI Global Min Vol Factor ETF | 28060 | 3327074 |
|  SPDR Portfolio Developed World ex-US ETF | 31170 | 1262073 |
|  Vanguard FTSE Emerging Markets ETF (x) | 53060 | 2624348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 8717495 |
|  **Fixed Income (1.7%)** | **Fixed Income (1.7%)** | **Fixed Income (1.7%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 6800 | 563856 |
|  **Total Exchange Traded Funds (27.8%)**<br> *(Cost $8,073,414)*  |  | 9281351 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Investment Companies (70.2%)** | **Investment Companies (70.2%)** |  |
|  **Equity (54.2%)** | **Equity (54.2%)** | **Equity (54.2%)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund‡ | 74287 | 1446367 |
|  1290 Essex Small Cap Growth Fund‡ | 197947 | 2773234 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 201627 | 3488154 |
|  1290 SmartBeta Equity Fund‡ | 474029 | 9499537 |
|  AB Small Cap Growth Portfolio\*‡ | 12735 | 924694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 18131986 |
|  **Fixed Income (16.0%)** | **Fixed Income (16.0%)** | **Fixed Income (16.0%)** |
|  1290 Diversified Bond Fund‡ | 480630 | 4027682 |
|  1290 High Yield Bond Fund‡ | 152840 | 1315948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 5343630 |
|  **Total Investment Companies (70.2%)**<br> *(Cost $20,564,698)* |  | 23475616 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.7%)** | **Investment Companies (2.7%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 315938 | 315938 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 579262 | 579377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 895315 |
|  **Total Short-Term Investments (2.7%)**<br> *(Cost $895,400)* |  | 895315 |
|  **Total Investments in Securities (100.7%)**<br> *(Cost $29,533,512)* |  | 33652282 |
|  **Other Assets Less Liabilities (-0.7%)** |  | (238719) |
|  **Net Assets (100%)** |  | $33413563 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $2,672,863. This was collateralized by $2,410,770 of various U.S. Government Treasury Securities, ranging from 0.625% - 4.375%, maturing 1/15/26 - 8/15/44 and by cash of $315,938 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | 74287 | 1294082 | 134926 | (49802) | (81) | 67242 | 1446367 |  |  |
|  1290 Essex Small Cap Growth Fund | 197947 | 2478778 | 405677 | (286936) | (382) | 176097 | 2773234 |  |  |
|  1290 GAMCO Small/Mid Cap Value Fund | 201627 | 2936744 | 608617 | (127692) | (6) | 70491 | 3488154 |  |  |
|  1290 SmartBeta Equity Fund | 474029 | 8575023 | 955097 | (707104) | (523) | 677044 | 9499537 |  |  |
|  AB Small Cap Growth Portfolio\* | 12735 | 816426 | 145942 | (32496) | 20 | (5198) | 924694 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 480630 | 1226518 | 2916513 | (186861) | (357) | 71869 | 4027682 | 123317 |  |
|  1290 High Yield Bond Fund | 152840 | 1681807 | 229940 | (609419) | (156) | 13776 | 1315948 | 50613 |  |
|  **Total** |  | **19009378** | **5396712** | **(2000310)** | **(1485)** | **1071321** | **23475616** | **173930** |  |

---

*\** *Non-income producing.* 

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $9281351 | $— | $— | $9281351 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 23475616 |  |  | 23475616 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 895315 |  |  | 895315 |
|  **Total Assets** | $**33652282** | $**—** | $**—** | $**33652282** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**33652282** | $**—** | $**—** | $**33652282** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $11165979.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $8859954.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4186357 |
|  Aggregate gross unrealized depreciation | (102399) |
|  Net unrealized appreciation | $4083958 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $29568324 |

---

See Notes to Financial Statements.

------

EQUITABLE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $20,564,698) | $23475616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $8,968,814) | 10176666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 108236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 10528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 9286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 33781719 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 315938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 8912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 4211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 37325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 368156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $33413563 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $28276297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5137266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $33413563 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $21,250,295 / 1,808,409 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.75 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $12,163,268 / 1,033,638 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.77 |

---

*(x)* *Includes value of securities on loan of $2,672,863.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($173,930 of dividend income received from affiliates) | $262505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 266109 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 24382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 23268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 22531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 18711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 118735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (41242) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 72493 |
|  **NET INVESTMENT INCOME (LOSS)** | 193616 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(1485) realized gain (loss) from affiliates) | 660898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($1,071,321 of change in unrealized appreciation (depreciation) from affiliates) | 1028169 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1689067 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1882683 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE GROWTH MF/ETF PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $193616 | $367215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 660898 | 506768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1028169 | 2181960 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1882683 | 3055943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (197004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (155433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (352437) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 327,762 and 741,262 shares, respectively ] | 3670837 | 8003191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 17,689 shares, respectively ] |  | 197004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (140133) and (93494) shares, respectively ] | (1552885) | (1014458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2117952 | 7185737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 13,955 shares, respectively ] |  | 155433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | 155433 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2117952 | 7341170 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 4000635 | 10044676 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 29412928 | 19368252 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $33413563 | $29412928 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQUITABLE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $11.08 | $9.81 | $8.71 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.07 | 0.16 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.60 | 1.24 | 1.06 | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 1.40 | 1.24 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.13) | (0.14) | (0.10) |
|  Net asset value, end of period | $11.75 | $11.08 | $9.81 | $8.71 |
|  Total return (b) | 6.05% | 14.22% | 14.23% | (11.95)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $21250 | $17958 | $9368 | $2525 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.58 %(j) | 0.59 %(j) | 0.59 %(j) | 0.57 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.89% | 0.96% | 1.32% | 2.43% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.21% | 1.50% | 1.95% | 2.23 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.90% | 1.13% | 1.23% | 0.36 %(l) |
|  Portfolio turnover rate^ | 30 %(z) | 20% | 58% | 47 %(z) |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **February 15, 2022\* to<br>December 31, 2022** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $11.08 | $9.81 | $8.71 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.08 | 0.16 | 0.17 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.61 | 1.26 | 1.09 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 1.42 | 1.26 | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.15) | (0.16) | (0.12) |
|  Net asset value, end of period | $11.77 | $11.08 | $9.81 | $8.71 |
|  Total return (b) | 6.23% | 14.49% | 14.49% | (11.75)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $12163 | $11455 | $10000 | $8736 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.33 %(j) | 0.34 %(j) | 0.34 %(j) | 0.31 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.64% | 0.72% | 1.03% | 1.98% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.42% | 1.53% | 1.80% | 1.40 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.11% | 1.15% | 1.10% | (0.27)%(l) |
|  Portfolio turnover rate^ | 30 %(z) | 20% | 58% | 47 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.15% for Class IB and 0.90% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (23.8%)** | **Equity (23.8%)** | **Equity (23.8%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 13558 | $301531 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 40676 | 420140 |
|  EQ/Equity 500 Index Portfolio‡ | 24964 | 2248142 |
|  EQ/International Equity Index Portfolio‡ | 58346 | 763930 |
|  EQ/Janus Enterprise Portfolio‡ | 26393 | 616932 |
|  EQ/MFS International Growth Portfolio‡ | 51461 | 439813 |
|  EQ/Small Company Index Portfolio‡ | 19714 | 221695 |
|  EQ/Value Equity Portfolio‡ | 11508 | 272471 |
|  Multimanager Aggressive Equity Portfolio‡ | 3387 | 277874 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 5562528 |
|  **Fixed Income (76.2%)** | **Fixed Income (76.2%)** | **Fixed Income (76.2%)** |
|  1290 Diversified Bond Fund‡ | 420550 | 3524208 |
|  1290 VT High Yield Bond Portfolio‡ | 250006 | 2313286 |
|  EQ/Core Bond Index Portfolio‡ | 213485 | 2042050 |
|  EQ/Core Plus Bond Portfolio‡ | 898962 | 3157250 |
|  EQ/Long-Term Bond Portfolio‡ | 217570 | 1474807 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 343682 | 3457531 |
|  EQ/Quality Bond PLUS Portfolio‡ | 225715 | 1785790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 17754922 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $23,258,742)* |  | 23317450 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (7455) |
|  **Net Assets (100%)** |  | $23309995 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value**<br>**June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 13558 | 345168 | 12742 | (64439) | 15095 | (7035) | 301531 |  |  |
|  EQ/Emerging Markets Equity PLUS Portfolio | 40676 | 454906 | 16988 | (112585) | (792) | 61623 | 420140 |  |  |
|  EQ/Equity 500 Index Portfolio | 24964 | 2520053 | 191310 | (595143) | 276422 | (144500) | 2248142 |  |  |
|  EQ/International Equity Index Portfolio | 58346 | 801803 | 39729 | (222023) | 42376 | 102045 | 763930 |  |  |
|  EQ/Janus Enterprise Portfolio | 26393 | 720466 | 65482 | (193877) | 31504 | (6643) | 616932 |  |  |
|  EQ/MFS International Growth Portfolio | 51461 | 489647 | 19111 | (136658) | 16405 | 51308 | 439813 |  |  |
|  EQ/Small Company Index Portfolio | 19714 | 356201 | 12742 | (134439) | (5308) | (7501) | 221695 |  |  |
|  EQ/Value Equity Portfolio | 11508 | 296952 | 20617 | (60365) | 703 | 14564 | 272471 |  |  |
|  Multimanager Aggressive Equity Portfolio | 3387 | 331362 | 50616 | (125365) | 45642 | (24381) | 277874 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 420550 | 3621250 | 331031 | (546191) | 653 | 117465 | 3524208 | 157923 |  |
|  1290 VT High Yield Bond Portfolio | 250006 | 2595648 | 82816 | (473851) | (32707) | 141380 | 2313286 |  |  |
|  EQ/Core Bond Index Portfolio | 213485 | 2077032 | 192197 | (308485) | 145 | 81161 | 2042050 |  |  |
|  EQ/Core Plus Bond Portfolio | 898962 | 3337477 | 138297 | (502728) | (66020) | 250224 | 3157250 |  |  |
|  EQ/Long-Term Bond Portfolio | 217570 | 1690707 | 46716 | (309608) | (89947) | 136939 | 1474807 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 343682 | 3225435 | 690340 | (535362) | 356 | 76762 | 3457531 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 225715 | 1926950 | 81582 | (293120) | (13437) | 83815 | 1785790 |  |  |
|  **Total** |  | **24791057** | **1992316** | **(4614239)** | **221090** | **927226** | **23317450** | **157923** |  |

---

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $3524208 | $19793242 | $— | $23317450 |
|  **Total Assets** | $**3524208** | $**19793242** | $**—** | $**23317450** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3524208** | $**19793242** | $**—** | $**23317450** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1992316.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4614239.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $3280052 |
|  Aggregate gross unrealized depreciation | (3285926) |
|  Net unrealized depreciation | $(5874) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $23323324 |

---

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $23,258,742) | $23317450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 35432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser | 13208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 8436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 23374880 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 46070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 64885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $23309995 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $22567162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 742833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $23309995 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $15,388,316 / 2,277,686 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.76 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,921,679 / 1,171,911 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.76 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $157923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 158518 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 46648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 18884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 14649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 11759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 118987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (26408) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (38384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 54195 |
|  **NET INVESTMENT INCOME (LOSS)** | 104323 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 221090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 927226 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1148316 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1252639 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2015 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $104323 | $881860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 221090 | 1859770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 927226 | (1480278) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1252639 | 1261352 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (1560348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (982381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2542729) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 161,856 and 182,624 shares, respectively ] | 1055201 | 1294500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 240,496 shares, respectively ] |  | 1560348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (273567) and (446762) shares, respectively ] | (1786992) | (3149430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (731791) | (294582) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 4,952 shares, respectively ] |  | 31772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 151,552 shares, respectively ] |  | 982381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (307287) and (305921) shares, respectively ] | (1990356) | (2128675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1990356) | (1114522) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (2722147) | (1409104) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1469508) | (2690481) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 24779503 | 27469984 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $23309995 | $24779503 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $6.41 | $6.80 | $6.66 | $8.48 | $8.95 | $8.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.03 | 0.23 | 0.15 | 0.12 | 0.09 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.32 | 0.09 | 0.50 | (1.33) | 0.46 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 0.32 | 0.65 | (1.21) | 0.55 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.25) | (0.17) | (0.14) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.46) | (0.34) | (0.47) | (0.86) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.71) | (0.51) | (0.61) | (1.02) | (0.63) |
|  Net asset value, end of period | $6.76 | $6.41 | $6.80 | $6.66 | $8.48 | $8.95 |
|  Total return (b) | 5.46% | 4.77% | 9.96% | (14.13)% | 6.27% | 10.26% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $15388 | $15309 | $16406 | $17497 | $22951 | $27176 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.57 %(k)(o) | 0.55 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and<br>reimbursements (a)(f)(x) | 1.10% | 1.01% | 1.04% | 0.85% | 0.77% | 0.81% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 0.80% | 3.28% | 2.21% | 1.64% | 0.95% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and<br>reimbursements (a)(f)(x) | 0.25% | 2.82% | 1.71% | 1.34% | 0.75% | 0.94% |
|  Portfolio turnover rate^ | 8 %(z) | 15% | 12% | 14% | 33% | 30% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $6.40 | $6.79 | $6.65 | $8.47 | $8.94 | $8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.03 | 0.24 | 0.16 | 0.13 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.33 | 0.10 | 0.51 | (1.32) | 0.45 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.36 | 0.34 | 0.67 | (1.19) | 0.57 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.19) | (0.16) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.46) | (0.34) | (0.47) | (0.86) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.73) | (0.53) | (0.63) | (1.04) | (0.65) |
|  Net asset value, end of period | $6.76 | $6.40 | $6.79 | $6.65 | $8.47 | $8.94 |
|  Total return (b) | 5.63% | 5.02% | 10.23% | (13.93)% | 6.54% | 10.52% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $7922 | $9470 | $11064 | $13861 | $19573 | $20161 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.30 %(j) | 0.30 %(j) | 0.30 %(j) | 0.30 %(j) | 0.32 %(k)(o) | 0.30 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and<br>reimbursements (a)(f)(x) | 0.85% | 0.76% | 0.79% | 0.60% | 0.52% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.04% | 3.47% | 2.35% | 1.76% | 1.30% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and<br>reimbursements (a)(f)(x) | 0.49% | 3.01% | 1.86% | 1.46% | 1.09% | 1.14% |
|  Portfolio turnover rate^ | 8 %(z) | 15% | 12% | 14% | 33% | 30% |

---

See Notes to Financial Statements.

------

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB and 0.87% for Class K.* 

*(o)* *Includes extraordinary expenses of 0.02% and 0.02% for Class IB and Class K, respectively.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (53.0%)** | **Equity (53.0%)** | **Equity (53.0%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 127852 | $2843394 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 487504 | 5035415 |
|  EQ/Equity 500 Index Portfolio‡ | 355599 | 32023563 |
|  EQ/International Equity Index Portfolio‡ | 807274 | 10569650 |
|  EQ/Janus Enterprise Portfolio‡ | 203383 | 4754064 |
|  EQ/MFS International Growth Portfolio‡ | 718871 | 6143907 |
|  EQ/Small Company Index Portfolio‡ | 568165 | 6389294 |
|  EQ/Value Equity Portfolio‡ | 95747 | 2267028 |
|  Multimanager Aggressive Equity Portfolio‡ | 24572 | 2016177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 72042492 |
|  **Fixed Income (47.3%)** | **Fixed Income (47.3%)** | **Fixed Income (47.3%)** |
|  1290 Diversified Bond Fund‡ | 1520826 | 12744519 |
|  1290 VT High Yield Bond Portfolio‡ | 1014125 | 9383631 |
|  EQ/Core Bond Index Portfolio‡ | 666548 | 6375739 |
|  EQ/Core Plus Bond Portfolio‡ | 3271893 | 11491232 |
|  EQ/Long-Term Bond Portfolio‡ | 969332 | 6570653 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 1105431 | 11120933 |
|  EQ/Quality Bond PLUS Portfolio‡ | 828488 | 6554756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 64241463 |
|  **Total Investments in Securities (100.3%)**<br> *(Cost $106,692,378)* |  | 136283955 |
|  **Other Assets Less Liabilities (-0.3%)** | **Other Assets Less Liabilities (-0.3%)** | (365359) |
|  **Net Assets (100%)** |  | $135918596 |

---

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds**<br>**from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 127852 | 3098632 | 307467 | (644451) | 31175 | 50571 | 2843394 |  |  |
|  EQ/Emerging Markets Equity PLUS Portfolio | 487504 | 4978191 | 92002 | (745161) | 4111 | 706272 | 5035415 |  |  |
|  EQ/Equity 500 Index Portfolio | 355599 | 33025726 | 2370401 | (5364019) | 1748656 | 242799 | 32023563 |  |  |
|  EQ/International Equity Index Portfolio | 807274 | 10334640 | 290134 | (1977999) | 389310 | 1533565 | 10569650 |  |  |
|  EQ/Janus Enterprise Portfolio | 203383 | 4943292 | 485867 | (887484) | 18856 | 193533 | 4754064 |  |  |
|  EQ/MFS International Growth Portfolio | 718871 | 6403191 | 116534 | (1285871) | 84353 | 825700 | 6143907 |  |  |
|  EQ/Small Company Index Portfolio | 568165 | 7963949 | 141067 | (1521580) | (11020) | (183122) | 6389294 |  |  |
|  EQ/Value Equity Portfolio | 95747 | 2200892 | 202933 | (263742) | 4739 | 122206 | 2267028 |  |  |
|  Multimanager Aggressive Equity Portfolio | 24572 | 1971375 | 330666 | (463387) | 61330 | 116193 | 2016177 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 1520826 | 11598248 | 2102241 | (1356366) | 864 | 399532 | 12744519 | 541440 |  |
|  1290 VT High Yield Bond Portfolio | 1014125 | 9906093 | 501734 | (1454967) | 10122 | 420649 | 9383631 |  |  |
|  EQ/Core Bond Index Portfolio | 666548 | 8198331 | 110400 | (2218193) | (8679) | 293880 | 6375739 |  |  |
|  EQ/Core Plus Bond Portfolio | 3271893 | 11172627 | 1101267 | (1425677) | 1941 | 641074 | 11491232 |  |  |

---

See Notes to Financial Statements.

------

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds**<br>**from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/Long-Term Bond Portfolio | 969332 | 6337177 | 925399 | (898193) | (145955) | 352225 | 6570653 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 1105431 | 10782578 | 1296267 | (1205677) | (198) | 247963 | 11120933 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 828488 | 7036607 | 560400 | (1298193) | (74800) | 330742 | 6554756 |  |  |
|  **Total** |  | **139951549** | **10934779** | **(23010960)** | **2114805** | **6293782** | **136283955** | **541440** |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $12744519 | $123539436 | $— | $136283955 |
|  **Total Assets** | $**12744519** | $**123539436** | $**—** | $**136283955** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**12744519** | $**123539436** | $**—** | $**136283955** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $10934779.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $23010960.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $38924837 |
|  Aggregate gross unrealized depreciation | (9466898) |
|  Net unrealized appreciation | $29457939 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $106826016 |

---

See Notes to Financial Statements.

------

TARGET 2025 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $106,692,378) | $136283955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 192211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 12784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser | 9627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 136500243 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 356264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 116209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 22957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 18592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 54378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 581647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $135918596 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $100679133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 35239463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $135918596 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $112,607,837 / 10,348,023 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.88 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $23,310,759 / 2,139,513 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.90 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $541440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 542460 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 139135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 83676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 67148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 50631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 24017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 8539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 377329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (17610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 359719 |
|  **NET INVESTMENT INCOME (LOSS)** | 182741 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 2114805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 6293782 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8408587 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8591328 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2025 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $182741 | $3417233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2114805 | 12027061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6293782 | (2991960) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 8591328 | 12452334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (10977446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2294081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (13271527) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 527,028 and 1,017,935 shares, respectively ] | 5448755 | 11067148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,060,453 shares, respectively ] |  | 10977446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1547712) and (2247298) shares, respectively ] | (16075314) | (24583348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (10626559) | (2538754) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 221,659 shares, respectively ] |  | 2294081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (184201) and (543268) shares , respectively. ] | (1897484) | (6021201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1897484) | (3727120) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (12524043) | (6265874) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3932715) | (7085067) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 139851311 | 146936378 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $135918596 | $139851311 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.21 | $10.36 | $9.62 | $12.50 | $12.28 | $11.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.01 | 0.25 | 0.18 | 0.16 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.66 | 0.65 | 1.10 | (2.07) | 1.18 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 0.90 | 1.28 | (1.91) | 1.31 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.20) | (0.17) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.77) | (0.34) | (0.80) | (0.85) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.05) | (0.54) | (0.97) | (1.09) | (0.67) |
|  Net asset value, end of period | $10.88 | $10.21 | $10.36 | $9.62 | $12.50 | $12.28 |
|  Total return (b) | 6.56% | 8.65% | 13.58% | (15.23)% | 10.80% | 12.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $112608 | $116118 | $119533 | $112328 | $138483 | $138209 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.58 %(j) | 0.58 %(j) | 0.57 %(j) | 0.57 %(j) | 0.56 %(k) | 0.56 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.60% | 0.59% | 0.62% | 0.58% | 0.56% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.23% | 2.33% | 1.82% | 1.46% | 1.00% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.20% | 2.31% | 1.78% | 1.46% | 1.00% | 1.21% |
|  Portfolio turnover rate^ | 8 %(z) | 17% | 11% | 15% | 30% | 26% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.21 | $10.36 | $9.61 | $12.49 | $12.28 | $11.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.02 | 0.26 | 0.20 | 0.17 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.67 | 0.67 | 1.12 | (2.05) | 1.19 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 0.93 | 1.32 | (1.88) | 1.34 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.31) | (0.23) | (0.20) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.77) | (0.34) | (0.80) | (0.85) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.08) | (0.57) | (1.00) | (1.13) | (0.70) |
|  Net asset value, end of period | $10.90 | $10.21 | $10.36 | $9.61 | $12.49 | $12.28 |
|  Total return (b) | 6.76% | 8.92% | 13.97% | (15.03)% | 10.98% | 12.55% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $23311 | $23734 | $27404 | $28738 | $43095 | $48117 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.33 %(j) | 0.33 %(j) | 0.32 %(j) | 0.32 %(j) | 0.31 %(k) | 0.31 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.35% | 0.34% | 0.37% | 0.33% | 0.31% | 0.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.48% | 2.42% | 1.98% | 1.57% | 1.15% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.45% | 2.41% | 1.94% | 1.56% | 1.15% | 1.32% |
|  Portfolio turnover rate^ | 8 %(z) | 17% | 11% | 15% | 30% | 26% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.08% for Class IB and 0.83% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (72.0%)** | **Equity (72.0%)** | **Equity (72.0%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 171048 | $3804061 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 1328083 | 13717749 |
|  EQ/Equity 500 Index Portfolio‡ | 1024341 | 92247164 |
|  EQ/International Equity Index Portfolio‡ | 2288389 | 29961918 |
|  EQ/Janus Enterprise Portfolio‡ | 259069 | 6055705 |
|  EQ/MFS International Growth Portfolio‡ | 2001130 | 17102864 |
|  EQ/Small Company Index Portfolio‡ | 2028547 | 22811996 |
|  EQ/Value Equity Portfolio‡ | 270301 | 6400027 |
|  Multimanager Aggressive Equity Portfolio‡ | 46800 | 3840069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 195941553 |
|  **Fixed Income (28.0%)** | **Fixed Income (28.0%)** | **Fixed Income (28.0%)** |
|  1290 Diversified Bond Fund‡ | 1488940 | 12477320 |
|  1290 VT High Yield Bond Portfolio‡ | 1421759 | 13155438 |
|  EQ/Core Bond Index Portfolio‡ | 878909 | 8407042 |
|  EQ/Core Plus Bond Portfolio‡ | 3862464 | 13565380 |
|  EQ/Long-Term Bond Portfolio‡ | 1456593 | 9873568 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 1090548 | 10971205 |
|  EQ/Quality Bond PLUS Portfolio‡ | 977012 | 7729835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 76179788 |
|  **Total Investments in Securities (100.0%**)<br>*(Cost $190,441,784)* |  | 272121341 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | (120842) |
|  **Net Assets (100%)** |  | $272000499 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from**<br>**Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 171048 | 4150849 | 214258 | (654240) | (1018) | 94212 | 3804061 |  |  |
|  EQ/Emerging Markets Equity PLUS Portfolio | 1328083 | 12157818 | 476129 | (788310) | 1842 | 1870270 | 13717749 |  |  |
|  EQ/Equity 500 Index Portfolio | 1024341 | 85294493 | 6142456 | (4688849) | (59900) | 5558964 | 92247164 |  |  |
|  EQ/International Equity Index Portfolio | 2288389 | 26093636 | 1023678 | (2296367) | 166868 | 4974103 | 29961918 |  |  |
|  EQ/Janus Enterprise Portfolio | 259069 | 5931643 | 729259 | (869240) | (967) | 265010 | 6055705 |  |  |
|  EQ/MFS International Growth Portfolio | 2001130 | 15697959 | 642775 | (1617719) | 4959 | 2374890 | 17102864 |  |  |
|  EQ/Small Company Index Portfolio | 2028547 | 22969647 | 1372034 | (1171959) | 1524 | (359250) | 22811996 |  |  |
|  EQ/Value Equity Portfolio | 270301 | 5555860 | 674260 | (179240) | 160 | 348987 | 6400027 |  |  |
|  Multimanager Aggressive Equity Portfolio | 46800 | 3584896 | 409032 | (449578) | (5413) | 301132 | 3840069 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 1488940 | 10669393 | 2184766 | (758479) | (134) | 381774 | 12477320 | 516249 |  |
|  1290 VT High Yield Bond Portfolio | 1421759 | 12470505 | 1256129 | (1148310) | (4099) | 581213 | 13155438 |  |  |
|  EQ/Core Bond Index Portfolio | 878909 | 9056437 | 785678 | (1778986) | (224) | 344137 | 8407042 |  |  |
|  EQ/Core Plus Bond Portfolio | 3862464 | 11897301 | 1842323 | (898395) | 2438 | 721713 | 13565380 |  |  |
|  EQ/Long-Term Bond Portfolio | 1456593 | 8349960 | 1783290 | (558817) | (2646) | 301781 | 9873568 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 1090548 | 9891868 | 1410903 | (568648) | 25 | 237057 | 10971205 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 977012 | 7879528 | 811872 | (1259071) | 10842 | 286664 | 7729835 |  |  |
|  **Total** |  | **251651793** | **21758842** | **(19686208)** | **114257** | **18282657** | **272121341** | **516249** |  |

---

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $12477320 | $259644021 | $— | $272121341 |
|  **Total Assets** | $**12477320** | $**259644021** | $**—** | $**272121341** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**12477320** | $**259644021** | $**—** | $**272121341** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $21758842.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $19686208.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $88780309 |
|  Aggregate gross unrealized depreciation | (7319925) |
|  Net unrealized appreciation | $81460384 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $190660957 |

---

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $190,441,784) | $272121341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 680139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 111624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 272916289 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 618164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 136827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 51134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 26272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 21928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 61465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 915790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $272000499 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $184955143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 87045356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $272000499 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $254,321,239 / 16,710,977 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.22 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $17,679,260 / 1,159,791 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.24 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $516249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 522175 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 297561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 159206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 127761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 49732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 25264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 12684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 679276 |
|  **NET INVESTMENT INCOME (LOSS)** | (157101) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 114257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 18282657 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 18396914 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18239813 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2035 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(157101) | $4718877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 114257 | 10187610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18282657 | 11249248 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 18239813 | 26155735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (10020281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (806008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (10826289) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,091,098 and 1,949,528 shares, respectively ] | 15708890 | 27657033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 698,311 shares, respectively ] |  | 10020281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (971329) and (1523660) shares, respectively ] | (13947630) | (21768421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1761260 | 15908893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 56,141 shares, respectively ] |  | 806008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (87832) and (257128) shares , respectively. ] | (1296462) | (3727397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1296462) | (2921389) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 464798 | 12987504 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 18704611 | 28316950 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 253295888 | 224978938 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $272000499 | $253295888 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.20 | $13.30 | $11.80 | $14.90 | $13.71 | $12.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.28 | 0.21 | 0.17 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.03 | 1.25 | 1.72 | (2.62) | 1.78 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.02 | 1.53 | 1.93 | (2.45) | 1.92 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.22) | (0.17) | (0.27) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.34) | (0.21) | (0.48) | (0.46) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.63) | (0.43) | (0.65) | (0.73) | (0.50) |
|  Net asset value, end of period | $15.22 | $14.20 | $13.30 | $11.80 | $14.90 | $13.71 |
|  Total return (b) | 7.18 | 11.49% | 16.56% | (16.32)% | 14.10% | 13.70% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $254321 | $235575 | $205708 | $167325 | $188064 | $159487 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.55 | 0.55 %(j) | 0.59 %(k) | 0.56 %(o) | 0.55 %(m) | 0.58 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.55 | 0.55% | 0.59% | 0.56% | 0.55% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.14) | 1.93% | 1.63% | 1.35% | 0.97% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.14) | 1.93% | 1.63% | 1.35% | 0.97% | 1.17% |
|  Portfolio turnover rate^ | 8 | 13% | 8% | 10% | 20% | 20% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.20 | $13.30 | $11.80 | $14.90 | $13.71 | $12.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.01 | 0.29 | 0.22 | 0.18 | 0.17 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.03 | 1.28 | 1.74 | (2.59) | 1.79 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.04 | 1.57 | 1.96 | (2.41) | 1.96 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.33) | (0.25) | (0.21) | (0.31) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.34) | (0.21) | (0.48) | (0.46) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.67) | (0.46) | (0.69) | (0.77) | (0.53) |
|  Net asset value, end of period | $15.24 | $14.20 | $13.30 | $11.80 | $14.90 | $13.71 |
|  Total return (b) | 7.32 | 11.76% | 16.83% | (16.10)% | 14.38% | 13.95% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $17679 | $17721 | $19271 | $18983 | $27388 | $28065 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.30 | 0.30 %(j) | 0.34 %(k) | 0.31 %(o) | 0.30 %(m) | 0.33 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.30 | 0.30% | 0.34% | 0.31% | 0.30% | 0.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.11 | 2.00% | 1.72% | 1.42% | 1.12% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.11 | 2.00% | 1.72% | 1.42% | 1.12% | 1.27% |
|  Portfolio turnover rate^ | 8 | 13% | 8% | 10% | 20% | 20% |

---

See Notes to Financial Statements.

------

TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.04% for Class IB and 0.79% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB and 0.84% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.03% for Class IB and 0.78% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.05% for Class IB and 0.80% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (82.0%)** | **Equity (82.0%)** | **Equity (82.0%)** |
|  EQ/American Century Mid Cap Value Portfolio‡ | 213968 | $4758595 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 1396814 | 14427663 |
|  EQ/Equity 500 Index Portfolio‡ | 1108112 | 99791223 |
|  EQ/International Equity Index Portfolio‡ | 2519650 | 32989822 |
|  EQ/Janus Enterprise Portfolio‡ | 199861 | 4671728 |
|  EQ/MFS International Growth Portfolio‡ | 2142135 | 18307974 |
|  EQ/Small Company Index Portfolio‡ | 2221238 | 24978900 |
|  EQ/Value Equity Portfolio‡ | 324852 | 7691651 |
|  Multimanager Aggressive Equity Portfolio‡ | 40835 | 3350622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 210968178 |
|  **Fixed Income (18.0%)** | **Fixed Income (18.0%)** | **Fixed Income (18.0%)** |
|  1290 Diversified Bond Fund‡ | 798101 | 6688087 |
|  1290 VT High Yield Bond Portfolio‡ | 805096 | 7449496 |
|  EQ/Core Bond Index Portfolio‡ | 691216 | 6611697 |
|  EQ/Core Plus Bond Portfolio‡ | 2315720 | 8133053 |
|  EQ/Long-Term Bond Portfolio‡ | 1009658 | 6844003 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 582552 | 5860630 |
|  EQ/Quality Bond PLUS Portfolio‡ | 595111 | 4708344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 46295310 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $174,658,446)* | **Total Investments in Securities (100.0%)**<br> *(Cost $174,658,446)* | 257263488 |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 31296 |
|  **Net Assets (100%)** |  | $257294784 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 213968 | 4880008 | 105877 | (346086) | (397) | 119193 | 4758595 |  |  |
|  EQ/Emerging Markets Equity PLUS Portfolio | 1396814 | 12962231 | 291162 | (789237) | 2777 | 1960730 | 14427663 |  |  |
|  EQ/Equity 500 Index Portfolio | 1108112 | 94600579 | 4121673 | (4800637) | (67715) | 5937323 | 99791223 |  |  |
|  EQ/International Equity Index Portfolio | 2519650 | 29021659 | 648494 | (2321028) | 132182 | 5508515 | 32989822 |  |  |
|  EQ/Janus Enterprise Portfolio | 199861 | 4796047 | 155876 | (446086) | (2007) | 167898 | 4671728 |  |  |
|  EQ/MFS International Growth Portfolio | 2142135 | 16334067 | 397037 | (885323) | 165 | 2462028 | 18307974 |  |  |
|  EQ/Small Company Index Portfolio | 2221238 | 27063243 | 582322 | (2118474) | 3888 | (552079) | 24978900 |  |  |
|  EQ/Value Equity Portfolio | 324852 | 7063962 | 508815 | (294129) | (3) | 413006 | 7691651 |  |  |
|  Multimanager Aggressive Equity Portfolio | 40835 | 3308716 | 236173 | (437554) | (7113) | 250400 | 3350622 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 798101 | 6132513 | 1019861 | (675108) | (210) | 211031 | 6688087 | 282531 |  |
|  1290 VT High Yield Bond Portfolio | 805096 | 7314321 | 498815 | (694129) | (1849) | 332338 | 7449496 |  |  |
|  EQ/Core Bond Index Portfolio | 691216 | 6274495 | 757346 | (675108) | (495) | 255459 | 6611697 |  |  |
|  EQ/Core Plus Bond Portfolio | 2315720 | 7407754 | 1048816 | (764129) | 1733 | 438879 | 8133053 |  |  |
|  EQ/Long-Term Bond Portfolio | 1009658 | 6120894 | 1122346 | (615108) | (1706) | 217577 | 6844003 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 582552 | 5631399 | 619111 | (520597) | (50) | 130767 | 5860630 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 595111 | 4493471 | 492641 | (451575) | 1591 | 172216 | 4708344 |  |  |
|  **Total** |  | **243405359** | **12606365** | **(16834308)** | **60791** | **18025281** | **257263488** | **282531** |  |

---

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $6688087 | $250575401 | $— | $257263488 |
|  **Total Assets** | $**6688087** | $**250575401** | $**—** | $**257263488** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**6688087** | $**250575401** | $**—** | $**257263488** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $12606365.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $16834308.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $86240280 |
|  Aggregate gross unrealized depreciation | (3738431) |
|  Net unrealized appreciation | $82501849 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $174761639 |

---

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $174,658,446) | $257263488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 148336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 115433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 257530110 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 68605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 49970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 24770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 14662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 235326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $257294784 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $170155042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 87139742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $257294784 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $248,705,447 / 15,020,478 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.56 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,589,337 / 518,197 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.58 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $282531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 285043 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 291438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 150729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 120968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 49325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 26237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 12227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 657448 |
|  **NET INVESTMENT INCOME (LOSS)** | (372405) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 60791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 18025281 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 18086072 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $17713667 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2045 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(372405) | $3782173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60791 | 7757156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18025281 | 15857364 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 17713667 | 27396693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (7783630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (357735) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (8141365) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 756,362 and 1,648,448 shares, respectively ] | 11768325 | 25074973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 499,258 shares, respectively ] |  | 7783630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (872077) and (878316) shares, respectively ] | (13575480) | (13475074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (1807155) | 19383529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 22,947 shares, respectively ] |  | 357735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (123420) and (132688) shares ] | (1926911) | (2059659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1926911) | (1701924) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (3734066) | 17681605 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 13979601 | 36936933 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 243315183 | 206378250 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $257294784 | $243315183 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.42 | $14.12 | $12.35 | $15.64 | $14.03 | $12.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.02) | 0.25 | 0.19 | 0.17 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.16 | 1.58 | 2.02 | (2.80) | 2.13 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.14 | 1.83 | 2.21 | (2.63) | 2.27 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.21) | (0.17) | (0.29) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.26) | (0.23) | (0.49) | (0.37) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.53) | (0.44) | (0.66) | (0.66) | (0.45) |
|  Net asset value, end of period | $16.56 | $15.42 | $14.12 | $12.35 | $15.64 | $14.03 |
|  Total return (b) | 7.39% | 12.95% | 18.11% | (16.73)% | 16.29% | 14.07% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $248705 | $233422 | $195773 | $158103 | $178632 | $143119 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.55 %(j) | 0.55 %(j) | 0.60 %(k) | 0.57 %(o) | 0.56 %(j) | 0.59 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.55% | 0.55% | 0.60% | 0.57% | 0.56% | 0.60% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.32)% | 1.65% | 1.43% | 1.23% | 0.93% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.32)% | 1.65% | 1.43% | 1.23% | 0.93% | 1.11% |
|  Portfolio turnover rate^ | 5 %(z) | 10% | 8% | 7% | 10% | 12% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.42 | $14.11 | $12.34 | $15.64 | $14.02 | $12.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.25 | 0.21 | 0.18 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.17 | 1.63 | 2.03 | (2.79) | 2.15 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.16 | 1.88 | 2.24 | (2.61) | 2.32 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.31) | (0.24) | (0.20) | (0.33) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.26) | (0.23) | (0.49) | (0.37) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.57) | (0.47) | (0.69) | (0.70) | (0.48) |
|  Net asset value, end of period | $16.58 | $15.42 | $14.11 | $12.34 | $15.64 | $14.02 |
|  Total return (b) | 7.52% | 13.30% | 18.40% | (16.58)% | 16.65% | 14.33% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $8589 | $9893 | $10605 | $10127 | $14021 | $12916 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.30 %(j) | 0.30 %(j) | 0.35 %(k) | 0.32 %(o) | 0.31 %(j) | 0.34 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.30% | 0.30% | 0.35% | 0.32% | 0.31% | 0.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.07)% | 1.66% | 1.55% | 1.31% | 1.12% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.07)% | 1.66% | 1.55% | 1.31% | 1.12% | 1.15% |
|  Portfolio turnover rate^ | 5 %(z) | 10% | 8% | 7% | 10% | 12% |

---

See Notes to Financial Statements.

------

TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.03% for Class IB and 0.78% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.08% for Class IB and 0.83% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.04% for Class IB and 0.79% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: |  |  |
|  **Equity (91.9%)** |  |  |
|  EQ/American Century Mid Cap Value Portfolio‡ | 85412 | $1899540 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 831109 | 8584509 |
|  EQ/Equity 500 Index Portfolio‡ | 658114 | 59266561 |
|  EQ/International Equity Index Portfolio‡ | 1566055 | 20504383 |
|  EQ/Janus Enterprise Portfolio‡ | 72395 | 1692220 |
|  EQ/MFS International Growth Portfolio‡ | 1536107 | 13128497 |
|  EQ/Small Company Index Portfolio‡ | 1490793 | 16764692 |
|  EQ/Value Equity Portfolio‡ | 255375 | 6046604 |
|  Multimanager Aggressive Equity Portfolio‡ | 35818 | 2939001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 130826007 |
|  **Fixed Income (8.1%)** |  |  |
|  1290 Diversified Bond Fund‡ | 187052 | 1567497 |
|  1290 VT High Yield Bond Portfolio‡ | 277074 | 2563750 |
|  EQ/Core Bond Index Portfolio‡ | 134921 | 1290562 |
|  EQ/Core Plus Bond Portfolio‡ | 548077 | 1924902 |
|  EQ/Long-Term Bond Portfolio‡ | 276167 | 1872006 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 113589 | 1142740 |
|  EQ/Quality Bond PLUS Portfolio‡ | 142993 | 1131323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 11492780 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $110,775,183)* |  | 142318787 |
|  **Other Assets Less Liabilities (0.0%)†** |  | 31419 |
|  **Net Assets (100%)** |  | $142350206 |

---

*†* *Percent shown is less than 0.05%.* 

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

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/American Century Mid Cap Value Portfolio | 85412 | 1769046 | 114234 | (29981) | (9) | 46250 | 1899540 |  |  |
|  EQ/Emerging Markets Equity PLUS Portfolio | 831109 | 7277257 | 407977 | (257075) | 94 | 1156256 | 8584509 |  |  |
|  EQ/Equity 500 Index Portfolio | 658114 | 54217584 | 2660013 | (1008137) | 6 | 3397095 | 59266561 |  |  |
|  EQ/International Equity Index Portfolio | 1566055 | 16498915 | 913870 | (239847) | 339 | 3331106 | 20504383 |  |  |
|  EQ/Janus Enterprise Portfolio | 72395 | 1547719 | 114234 | (29981) | (2) | 60250 | 1692220 |  |  |
|  EQ/MFS International Growth Portfolio | 1536107 | 11270988 | 571169 | (459904) | (89) | 1746333 | 13128497 |  |  |
|  EQ/Small Company Index Portfolio | 1490793 | 16446699 | 832274 | (243432) | 17 | (270866) | 16764692 |  |  |
|  EQ/Value Equity Portfolio | 255375 | 5510436 | 310063 | (81377) | 8 | 307474 | 6046604 |  |  |
|  Multimanager Aggressive Equity Portfolio | 35818 | 2698222 | 114234 | (64981) | (21) | 191547 | 2939001 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 187052 | 1269002 | 268052 | (17122) | (1) | 47566 | 1567497 | 62775 |  |
|  1290 VT High Yield Bond Portfolio | 277074 | 2325339 | 154234 | (29981) | 1 | 114157 | 2563750 |  |  |
|  EQ/Core Bond Index Portfolio | 134921 | 1147112 | 108959 | (12849) |  | 47340 | 1290562 |  |  |
|  EQ/Core Plus Bond Portfolio | 548077 | 1588011 | 256594 | (21415) | 1 | 101711 | 1924902 |  |  |
|  EQ/Long-Term Bond Portfolio | 276167 | 1570370 | 266596 | (21415) | (2) | 56457 | 1872006 |  |  |
|  EQ/PIMCO Ultra Short Bond Portfolio | 113589 | 967564 | 163957 | (12849) | 2 | 24066 | 1142740 |  |  |
|  EQ/Quality Bond PLUS Portfolio | 142993 | 940125 | 163957 | (12849) | 1 | 40089 | 1131323 |  |  |
|  **Total** |  | **127044389** | **7420417** | **(2543195)** | **345** | **10396831** | **142318787** | **62775** |  |

---

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $1567497 | $140751290 | $— | $142318787 |
|  **Total Assets** | $**1567497** | $**140751290** | $**—** | $**142318787** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1567497** | $**140751290** | $**—** | $**142318787** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $7420417.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $2543195.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $31922348 |
|  Aggregate gross unrealized depreciation | (466454) |
|  Net unrealized appreciation | $31455894 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $110862893 |

---

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $110,775,183) | $142318787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 174041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 141545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 142636153 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 167019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 28386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 18261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 52409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 285947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $142350206 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $108376505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 33973701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $142350206 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $142,122,784 / 7,947,307 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.88 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $227,422 / 12,694 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.92 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $62775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 65128 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 162268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 81021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 65013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 46747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 23952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 15235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 406524 |
|  **NET INVESTMENT INCOME (LOSS)** | (341396) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | 10396831 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 10397176 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $10055780 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2055 ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(341396) | $1482225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 345 | 3714000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10396831 | 9759314 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 10055780 | 14955539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (3148902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (5904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (3154806) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 618,673 and 1,248,175 shares, respectively ] | 10393381 | 20228846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 187,473 shares, respectively ] |  | 3148902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (303870) and (541965) shares, respectively ] | (5097470) | (8765715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 5295911 | 14612033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 351 shares, respectively ] |  | 5904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (201) and (4827) shares , respectively. ] | (3409) | (79820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (3409) | (73916) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 5292502 | 14538117 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 15348282 | 26338850 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 127001924 | 100663074 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $142350206 | $127001924 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
TARGET 2055 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.61 | $14.90 | $12.74 | $16.32 | $14.24 | $12.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.05) | 0.21 | 0.19 | 0.15 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.32 | 1.92 | 2.32 | (3.03) | 2.46 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 2.13 | 2.51 | (2.88) | 2.59 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.20) | (0.15) | (0.32) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.19) | (0.15) | (0.55) | (0.19) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.42) | (0.35) | (0.70) | (0.51) | (0.26) |
|  Net asset value, end of period | $17.88 | $16.61 | $14.90 | $12.74 | $16.32 | $14.24 |
|  Total return (b) | 7.65% | 14.31% | 19.82% | (17.56)% | 18.30% | 14.89% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $142123 | $126788 | $100404 | $69933 | $70752 | $248268 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and<br>reimbursements (a)(f) | 0.63 %(j) | 0.65 %(j) | 0.62 %(j) | 0.64 %(j) | 0.66 %(m)(o) | 0.59 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.63% | 0.65% | 0.69% | 0.67% | 0.68% | 0.82% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and<br>reimbursements (a)(f)(x) | (0.53)% | 1.26% | 1.35% | 1.09% | 0.82% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | (0.53)% | 1.26% | 1.28% | 1.06% | 0.80% | 0.92% |
|  Portfolio turnover rate^ | 2 %(z) | 8% | 4% | 5% | 6% | 8% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.62 | $14.91 | $12.74 | $16.33 | $14.25 | $12.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.02) | 0.19 | 0.16 | 0.17 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.32 | 1.99 | 2.39 | (3.03) | 2.51 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.30 | 2.18 | 2.55 | (2.86) | 2.63 | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.23) | (0.18) | (0.36) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.19) | (0.15) | (0.55) | (0.19) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.47) | (0.38) | (0.73) | (0.55) | (0.29) |
|  Net asset value, end of period | $17.92 | $16.62 | $14.91 | $12.74 | $16.33 | $14.25 |
|  Total return (b) | 7.82% | 14.57% | 20.17% | (17.40)% | 18.57% | 15.21% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $227 | $214 | $259 | $363 | $457 | $602 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and<br>reimbursements (a)(f) | 0.38 %(j) | 0.39 %(j) | 0.37 %(j) | 0.39 %(j) | 0.41 %(m)(o) | 0.34 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.38% | 0.40% | 0.43% | 0.42% | 0.44% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and<br>reimbursements (a)(f)(x) | (0.28)% | 1.15% | 1.16% | 1.19% | 0.75% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | (0.28)% | 1.14% | 1.10% | 1.16% | 0.72% | 0.75% |
|  Portfolio turnover rate^ | 2 %(z) | 8% | 4% | 5% | 6% | 8% |

---

See Notes to Financial Statements.

------

TARGET 2055 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(m)* *Includes extraordinary expenses of 0.02% and 0.02% for Class IB and Class K, respectively.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB and 0.87% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (64.8%)** |  |  |
|  iShares Core MSCI EAFE ETF | 404370 | $33756808 |
|  iShares Core S&P 500 ETF | 54338 | 33738464 |
|  iShares Core S&P Mid-Cap ETF | 191450 | 11873729 |
|  iShares Core S&P Small-Cap ETF | 20750 | 2267768 |
|  iShares MSCI EAFE ETF (x) | 107860 | 9641605 |
|  iShares Russell 2000 ETF (x) | 10825 | 2335927 |
|  Vanguard Large-Cap ETF (x) | 42160 | 12028248 |
|  Vanguard S&P 500 ETF | 67770 | 38495393 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 144137942 |
|  **Fixed Income (34.7%)** |  |  |
|  Vanguard Intermediate-Term Corporate Bond ETF | 932057 | 77286166 |
|  **Total Exchange Traded Funds (99.5%)**<br> *(Cost $191,616,897)* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221424108 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (4.1%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 7972148 | 7972148 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 1076964 | 1077179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 9049327 |
|  **Total Short-Term Investments (4.1%)**<br> *(Cost $9,049,486)* |  | 9049327 |
|  **Total Investments in Securities (103.6%)**<br> *(Cost $200,666,383)* |  | 230473435 |
|  **Other Assets Less Liabilities (-3.6%)** |  | (7939637) |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222533798 |

---

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $9,891,850. This was collateralized by $2,129,133 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $7,972,148 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $221424108 | $— | $— | $221424108 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9049327 |  |  | 9049327 |
|  **Total Assets** | $**230473435** | $**—** | $**—** | $**230473435** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**230473435** | $**—** | $**—** | $**230473435** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $81839564.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $73790796.0 |

---

See Notes to Financial Statements.

------

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $29135239 |
|  Aggregate gross unrealized depreciation | (494766) |
|  Net unrealized appreciation | $28640473 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $201832962 |

---

See Notes to Financial Statements.

------

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $200,666,383) | $230473435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 149999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 158698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 29865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 230818196 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 7972148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 111473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 82206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 44454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 21511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 52606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8284398 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $222533798 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $181406350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 41127448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $222533798 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $222,533,798 / 15,905,870 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.99 |

---

*(x)* *Includes value of securities on loan of $9,891,850.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2973172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 70068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3046897 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 726390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 259424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 129518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 12246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1165423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (85013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1080410 |
|  **NET INVESTMENT INCOME (LOSS)** | 1966487 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 10007622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (357719) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 9649903 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $11616390 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1966487 | $3486372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10007622 | 490888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (357719) | 14868686 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 11616390 | 18845946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (3533906) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 991,475 and 2,504,305 shares, respectively ] | 13317191 | 32454976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 260,427 shares, respectively ] |  | 3533906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (523815) and (1148847) shares, respectively ] | (7035001) | (14912677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 6282190 | 21076205 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 6282190 | 21076205 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 17898580 | 36388245 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 204635218 | 168246973 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $222533798 | $204635218 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.26 | $12.17 | $10.63 | $13.12 | $11.75 | $11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.13 | 0.24 | 0.21 | 0.16 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.60 | 1.09 | 1.52 | (2.43) | 1.33 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.73 | 1.33 | 1.73 | (2.27) | 1.47 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.18) | (0.13) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.01) | (0.09) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.24) | (0.19) | (0.22) | (0.10) | (0.11) |
|  Net asset value, end of period | $13.99 | $13.26 | $12.17 | $10.63 | $13.12 | $11.75 |
|  Total return (b) | 5.51% | 10.84% | 16.31% | (17.36)% | 12.51% | 6.33 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $222534 | $204635 | $168247 | $118850 | $80300 | $44418 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.04 %(j) | 1.04 %(j) | 1.05 %(j) | 1.04 %(j) | 1.04 %(j) | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.12% | 1.14% | 1.14% | 1.16% | 1.18% | 1.28 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 1.89% | 1.84% | 1.80% | 1.40% | 1.12% | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 1.81% | 1.75% | 1.71% | 1.28% | 0.98% | 0.90 |
|  Portfolio turnover rate^ | 36 %(z) | 3% | 16% | 73% | 7% | 69 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Alternatives (26.4%)** | **Alternatives (26.4%)** | **Alternatives (26.4%)** |
|  iMGP DBi Managed Futures Strategy ETF | 42840 | $1102273 |
|  NYLI Merger Arbitrage ETF (x)\* | 42900 | 1513083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 2615356 |
|  **Commodity (16.1%)** | **Commodity (16.1%)** | **Commodity (16.1%)** |
|  Invesco DB Agriculture Fund | 14570 | 381006 |
|  Invesco DB Energy Fund | 21880 | 407624 |
|  Invesco DB Precious Metals Fund | 10640 | 799490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 1588120 |
|  **Equity (27.3%)** | **Equity (27.3%)** | **Equity (27.3%)** |
|  iShares Core U.S. REIT ETF (x) | 12180 | 688901 |
|  JPMorgan Equity Premium Income ETF (x) | 14610 | 830579 |
|  JPMorgan Nasdaq Equity Premium Income ETF (x) | 8520 | 463488 |
|  Vanguard Global ex-U.S. Real Estate ETF (x) | 15550 | 717632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2700600 |
|  **Fixed Income (29.6%)** | **Fixed Income (29.6%)** | **Fixed Income (29.6%)** |
|  iShares Convertible Bond ETF (x) | 17320 | 1560532 |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 27160 | 1365333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2925865 |
|  **Total Exchange Traded Funds (99.4%)**<br> *(Cost $9,270,419)* |  | 9829941 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (18.8%)** | **Investment Companies (18.8%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1857007 | $1857007 |
|  **Total Short-Term Investments (18.8%)**<br> *(Cost $1,857,007)* |  | 1857007 |
|  **Total Investments in Securities (118.2%)**<br> *(Cost $11,127,426)* |  | 11686948 |
|  **Other Assets Less Liabilities (-18.2%)** | **Other Assets Less Liabilities (-18.2%)** | (1797799) |
|  **Net Assets (100%)** |  | $9889149 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $2,437,663. This was collateralized by $622,461 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $1,857,007 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $9829941 | $— | $— | $9829941 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1857007 |  |  | 1857007 |
|  **Total Assets** | $**11686948** | $**—** | $**—** | $**11686948** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**11686948** | $**—** | $**—** | $**11686948** |

---

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1194450.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $962460.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $607172 |
|  Aggregate gross unrealized depreciation | (225032) |
|  Net unrealized appreciation | $382140 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $11304808 |

---

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $11,127,426) | $11686948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 92740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 11781061 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1857007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 32433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1891912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $9889149 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $10034709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (145560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9889149 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,893,349 / 411,145 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.47 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $5,995,800 / 632,136 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.48 |

---

*(x)* *Includes value of securities on loan of $2,437,663.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $93684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 96764 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 23269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 64818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (20822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 43996 |
|  **NET INVESTMENT INCOME (LOSS)** | 52768 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 29333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 402395 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 431728 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $484496 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $52768 | $230668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29333 | 41473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 402395 | 501950 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 484496 | 774091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (79571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (142459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (222030) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 59,906 and 86,001 shares, respectively ] | 555996 | 766811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 8,709 shares, respectively ] |  | 79571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (40758) and (56712) shares, respectively ] | (373287) | (507010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 182709 | 339372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 15,588 shares, respectively ] |  | 142459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | 142459 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 182709 | 481831 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 667205 | 1033892 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 9221944 | 8188052 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $9889149 | $9221944 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.00 | $8.44 | $8.34 | $9.98 | $10.45 | $10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.04 | 0.23 | 0.14 | 0.17 | 0.35 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.43 | 0.54 | 0.28 | (1.30) | (0.03) | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.47 | 0.77 | 0.42 | (1.13) | 0.32 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.21) | (0.16) | (0.18) | (0.30) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.14) | (0.33) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.21) | (0.32) | (0.51) | (0.79) | (0.06) |
|  Net asset value, end of period | $9.47 | $9.00 | $8.44 | $8.34 | $9.98 | $10.45 |
|  Total return (b) | 5.22% | 9.07% | 5.13% | (11.40)% | 3.09% | 4.54 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3893 | $3529 | $2986 | $2288 | $1799 | $1132 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.14 %(j) | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.55% | 1.84% | 2.19% | 2.08% | 2.08% | 2.44 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 0.97% | 2.54% | 1.69% | 1.83% | 3.22% | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.52% | 1.80% | 0.60% | 0.85% | 2.28% | (0.89) |
|  Portfolio turnover rate^ | 10 %(z) | 28% | 67% | 32% | 61% | 16 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.01 | $8.44 | $8.34 | $9.98 | $10.46 | $10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.06 | 0.24 | 0.16 | 0.18 | 0.32 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.41 | 0.56 | 0.28 | (1.29) | 0.01 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.47 | 0.80 | 0.44 | (1.11) | 0.33 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.17) | (0.20) | (0.32) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.14) | (0.33) | (0.49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.03) |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.23) | (0.34) | (0.53) | (0.81) | (0.09) |
|  Net asset value, end of period | $9.48 | $9.01 | $8.44 | $8.34 | $9.98 | $10.46 |
|  Total return (b) | 5.22% | 9.45% | 5.38% | (11.17)% | 3.22% | 4.88 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $5996 | $5693 | $5202 | $4939 | $5558 | $5383 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.89 %(j) | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.30% | 1.59% | 1.91% | 1.76% | 1.76% | 2.11 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.24% | 2.69% | 1.85% | 1.91% | 2.98% | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.79% | 1.96% | 0.78% | 1.00% | 2.11% | (0.70) |
|  Portfolio turnover rate^ | 10 %(z) | 28% | 67% | 32% | 61% | 16 |

---

See Notes to Financial Statements.

------

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.50% for Class IB and 1.25% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.65% for Class IB and 1.40% for Class K.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCK: | COMMON STOCK: | COMMON STOCK: |
|  **Utilities (0.0%)†** | **Utilities (0.0%)†** | **Utilities (0.0%)†** |
|  ***Multi-Utilities (0.0%)†*** | ***Multi-Utilities (0.0%)†*** | ***Multi-Utilities (0.0%)†*** |
|  Dominion Energy, Inc. <br>*(Cost $—)* | 2 | $113 |
|  CONVERTIBLE PREFERRED STOCKS: | CONVERTIBLE PREFERRED STOCKS: | CONVERTIBLE PREFERRED STOCKS: |
|  **Financials (5.7%)** | **Financials (5.7%)** | **Financials (5.7%)** |
|  ***Banks (2.8%)*** | ***Banks (2.8%)*** | ***Banks (2.8%)*** |
|  Bank of America Corp. <br>7.250% (y) | 520 | 630760 |
|  Wells Fargo & Co. <br>7.500% (y) | 695 | 816020 |
|  |  | 1446780 |
|  ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** |
|  AMG Capital Trust II <br>5.150% | 1615 | 92297 |
|  Ares Management Corp. <br>6.750% | 5667 | 300351 |
|  KKR & Co., Inc. <br>6.250% | 9200 | 493120 |
|  |  | 885768 |
|  ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** |
|  Apollo Global Management, Inc. <br>6.750% | 5460 | 408681 |
|  Shift4 Payments, Inc. <br>6.000%\* | 1800 | 207360 |
|  |  | 616041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 2948589 |
|  **Health Care (0.1%)** | **Health Care (0.1%)** | **Health Care (0.1%)** |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** |
|  BrightSpring Health Services, Inc. <br>6.750% | 1000 | 82550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 82550 |
|  **Industrials (3.1%)** | **Industrials (3.1%)** | **Industrials (3.1%)** |
|  ***Aerospace & Defense (2.6%)*** | ***Aerospace & Defense (2.6%)*** | ***Aerospace & Defense (2.6%)*** |
|  Boeing Co. (The) <br>6.000% | 20050 | 1363400 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Chart Industries, Inc. <br>6.750% | 1500 | 90600 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  QXO, Inc. <br>5.500%\* | 2100 | 130179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1584179 |
|  **Information Technology (1.8%)** | **Information Technology (1.8%)** | **Information Technology (1.8%)** |
|  ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** |
|  Microchip Technology, Inc. <br>7.500% | 5200 | 346528 |
|  ***Software (0.5%)*** | ***Software (0.5%)*** | ***Software (0.5%)*** |
|  MicroStrategy, Inc. <br>8.000% (x)(y) | 2000 | 242020 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Hewlett Packard Enterprise Co. <br>7.625% | 5500 | 323840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 912388 |
|  **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |
|  ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** |
|  Albemarle Corp. <br>7.250% | 8000 | 256800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 256800 |
|  **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
|  ***Electric Utilities (2.2%)*** | ***Electric Utilities (2.2%)*** | ***Electric Utilities (2.2%)*** |
|  NextEra Energy, Inc. <br>7.299% | 21000 | 913050 |
|  PG&E Corp. <br>6.000% (x) | 6000 | 225600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1138650 |
|  **Total Convertible Preferred Stocks (13.4%)**<br> *(Cost $6,894,822)* | **Total Convertible Preferred Stocks (13.4%)**<br> *(Cost $6,894,822)* | 6923156 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Convertible Bonds (86.6%)** | **Convertible Bonds (86.6%)** | **Convertible Bonds (86.6%)** |
|  **Communication Services (5.0%)** | **Communication Services (5.0%)** |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  AST SpaceMobile, Inc.<br>4.250%, 3/1/32§ | $84000 | 166496 |
|  ***Entertainment (2.6%)*** | ***Entertainment (2.6%)*** | ***Entertainment (2.6%)*** |
|  Cinemark Holdings, Inc.<br>4.500%, 8/15/25 | 80000 | 169440 |
|  Liberty Media Corp.-Liberty Formula One<br>2.250%, 8/15/27 | 78000 | 103662 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 1/15/29 | 163000 | 250368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/30 (x)§ | 204000 | 221850 |
|  Sea Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 12/1/25 | 185000 | 328613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 9/15/26 | 270000 | 254610 |
|  |  | 1328543 |
|  ***Interactive Media & Services (0.8%)*** | ***Interactive Media & Services (0.8%)*** | ***Interactive Media & Services (0.8%)*** |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/27 | 50000 | 45249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/1/28 | 125000 | 108375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/1/30 (x) | 125000 | 106000 |
|  Trump Media & Technology Group Corp.<br>(Zero Coupon), 5/29/28§ | 150000 | 141750 |
|  |  | 401374 |
|  ***Media (1.3%)*** | ***Media (1.3%)*** | ***Media (1.3%)*** |
|  Cable One, Inc. | Cable One, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 90000 | 85149 |
|  Liberty Broadband Corp.<br>3.125%, 3/31/53§ | 175000 | 175804 |
|  Liberty Media Corp.<br>2.375%, 9/30/53§ | 220000 | 338140 |
|  Sirius XM Holdings, Inc.<br>3.750%, 3/15/28 | 100000 | 103900 |
|  |  | 702993 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2599406 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Consumer Discretionary (16.6%)** | **Consumer Discretionary (16.6%)** |  |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  LCI Industries<br>3.000%, 3/1/30§ | $92000 | $91885 |
|  ***Automobiles (3.1%)*** | ***Automobiles (3.1%)*** | ***Automobiles (3.1%)*** |
|  Ford Motor Co. | Ford Motor Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 405000 | 400140 |
|  Li Auto, Inc.<br>0.250%, 5/1/28 | 155000 | 183811 |
|  Lucid Group, Inc.<br>1.250%, 12/15/26§ | 175000 | 152906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/30§ | 175000 | 159950 |
|  NIO, Inc.<br>3.875%, 10/15/29 | 70000 | 49639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/30 | 95000 | 59803 |
|  Rivian Automotive, Inc.<br>4.625%, 3/15/29 | 275000 | 279469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/15/30 | 295000 | 264467 |
|  Winnebago Industries, Inc.<br>3.250%, 1/15/30 | 60000 | 51600 |
|  |  | 1601785 |
|  ***Broadline Retail (4.5%)*** | ***Broadline Retail (4.5%)*** | ***Broadline Retail (4.5%)*** |
|  Alibaba Group Holding Ltd.<br>0.500%, 6/1/31 | 890000 | 1133704 |
|  Etsy, Inc.<br>0.125%, 10/1/26 | 125000 | 120625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 9/1/27 | 85000 | 75650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/15/28 | 205000 | 175685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 6/15/30§ | 100000 | 95000 |
|  JD.com, Inc.<br>0.250%, 6/1/29 | 375000 | 390187 |
|  Liberty Interactive LLC<br>4.000%, 11/15/29 | 50000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/30 | 60000 | 6000 |
|  Match Group Financeco 2, Inc.<br>0.875%, 6/15/26§ | 80000 | 77080 |
|  Match Group Financeco 3, Inc.<br>2.000%, 1/15/30§ | 95000 | 84550 |
|  PDD Holdings, Inc.<br>(Zero Coupon), 12/1/25 | 150000 | 145875 |
|  |  | 2309356 |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** |
|  Stride, Inc.<br>1.125%, 9/1/27 | 65000 | 180830 |
|  ***Hotels, Restaurants & Leisure (5.9%)*** | ***Hotels, Restaurants & Leisure (5.9%)*** | ***Hotels, Restaurants & Leisure (5.9%)*** |
|  Airbnb, Inc. | Airbnb, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 365000 | 351859 |
|  Carnival Corp.<br>5.750%, 12/1/27 | 200000 | 439900 |
|  Cheesecake Factory, Inc. (The)<br>2.000%, 3/15/30§ | 87000 | 94286 |
|  DoorDash, Inc.<br>(Zero Coupon), 5/15/30§ | 481000 | 521094 |
|  DraftKings Holdings, Inc.<br>(Zero Coupon), 3/15/28 | 225000 | 201262 |
|  Expedia Group, Inc. | Expedia Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/26 | 150000 | 145800 |
|  H World Group Ltd.<br>3.000%, 5/1/26 | 75000 | 79162 |
|  MakeMyTrip Ltd. | MakeMyTrip Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 7/1/30§ | 225000 | 239793 |
|  Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/26 | 125000 | 120747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/15/27 | 80000 | 74480 |
|  NCL Corp. Ltd.<br>1.125%, 2/15/27 | 182000 | 178815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/27 | 71000 | 70893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 4/15/30§ | 100000 | 106938 |
|  Trip.com Group Ltd.<br>0.750%, 6/15/29 | 268000 | 297346 |
|  Vail Resorts, Inc. | Vail Resorts, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/1/26 | 105000 | 102113 |
|  |  | 3024488 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  Meritage Homes Corp.<br>1.750%, 5/15/28 | 105000 | 101664 |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** |
|  Peloton Interactive, Inc.<br>5.500%, 12/1/29 | 60000 | 110091 |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** |
|  GameStop Corp. | GameStop Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/1/30§ | 270000 | 291600 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/32§ | 445000 | 476595 |
|  Guess?, Inc.<br>3.750%, 4/15/28 | 75000 | 71100 |
|  Wayfair, Inc.<br>3.250%, 9/15/27 | 92000 | 104834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/28 | 145000 | 195877 |
|  |  | 1140006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8560105 |
|  **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** |  |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Beyond Meat, Inc. | Beyond Meat, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/27 | 230000 | 18285 |
|  Freshpet, Inc.<br>3.000%, 4/1/28 | 70000 | 86940 |
|  Post Holdings, Inc.<br>2.500%, 8/15/27 | 119000 | 135839 |
|  |  | 241064 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Spectrum Brands, Inc.<br>3.375%, 6/1/29 | 64000 | 58016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 299080 |
|  **Energy (0.9%)** | **Energy (0.9%)** |  |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** |
|  Centrus Energy Corp.<br>2.250%, 11/1/30§ | 73000 | 151146 |
|  Golar LNG Ltd.<br>2.750%, 12/15/30§ | 100000 | 102500 |
|  Kosmos Energy Ltd.<br>3.125%, 3/15/30 | 80000 | 53386 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Northern Oil & Gas, Inc.<br>3.625%, 4/15/29 | $| 93000 | $| 96953 |
|  World Kinect Corp.<br>3.250%, 7/1/28 |  | 50000 |  | 58130 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 462115 |
|  **Financials (5.2%)** | **Financials (5.2%)** | **Financials (5.2%)** |  |  |
|  ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** |
|  Barclays Bank plc<br>Series MSFT<br>1.000%, 2/16/29 |  | 150000 |  | 163704 |
|  BofA Finance LLC<br>0.600%, 5/25/27 |  | 100000 |  | 97700 |
|  |  |  |  | 261404 |
|  ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** |
|  Coinbase Global, Inc.<br>0.500%, 6/1/26 |  | 245000 |  | 282852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 4/1/30 |  | 197000 |  | 257184 |
|  HAT Holdings I LLC<br>3.750%, 8/15/28§ |  | 61000 |  | 70394 |
|  JPMorgan Chase Financial Co. LLC<br>0.500%, 6/15/27 |  | 65000 |  | 74815 |
|  |  |  |  | 685245 |
|  ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** |
|  Qifu Technology, Inc.<br>0.500%, 4/1/30§ |  | 110000 |  | 107910 |
|  SoFi Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/15/26§ |  | 98000 |  | 107065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/15/29§ |  | 142000 |  | 289169 |
|  Upstart Holdings, Inc.<br>0.250%, 8/15/26 |  | 57000 |  | 53865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/29§ |  | 70000 |  | 114450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/15/30§ |  | 104000 |  | 105690 |
|  |  |  |  | 778149 |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Affirm Holdings, Inc.<br>0.750%, 12/15/29§ |  | 133000 |  | 140249 |
|  Block, Inc. | Block, Inc. | Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/26 |  | 40000 |  | 38180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/1/27 |  | 140000 |  | 124950 |
|  Global Payments, Inc.<br>1.500%, 3/1/31 |  | 338000 |  | 301834 |
|  Shift4 Payments, Inc. | Shift4 Payments, Inc. | Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/25 |  | 125000 |  | 157812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/1/27 |  | 104000 |  | 111280 |
|  |  |  |  | 874305 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  Starwood Property Trust, Inc. (REIT)<br>6.750%, 7/15/27 |  | 50000 |  | 53400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 2652503 |
|  **Health Care (10.0%)** | **Health Care (10.0%)** | **Health Care (10.0%)** |  |  |
|  ***Biotechnology (3.9%)*** | ***Biotechnology (3.9%)*** | ***Biotechnology (3.9%)*** | ***Biotechnology (3.9%)*** | ***Biotechnology (3.9%)*** |
|  Alnylam Pharmaceuticals, Inc.<br>1.000%, 9/15/27 |  | 167000 |  | 216933 |
|  Ascendis Pharma A/S<br>2.250%, 4/1/28 |  | 92000 |  | 115021 |
|  BioMarin Pharmaceutical, Inc.<br>1.250%, 5/15/27 |  | 105000 |  | 98836 |
|  Bridgebio Pharma, Inc.<br>2.500%, 3/15/27 |  | 135000 |  | 167889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/29 |  | 100000 |  | 93100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/1/31§ |  | 89000 |  | 103552 |
|  Cytokinetics, Inc.<br>3.500%, 7/1/27 |  | 100000 |  | 106350 |
|  Exact Sciences Corp.<br>0.375%, 3/15/27 |  | 110000 |  | 104665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/1/28 |  | 120000 |  | 109380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/30§ |  | 90000 |  | 90900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/15/31§ |  | 100000 |  | 91479 |
|  Halozyme Therapeutics, Inc.<br>0.250%, 3/1/27 |  | 140000 |  | 139125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/15/28 |  | 113000 |  | 128651 |
|  Immunocore Holdings plc<br>2.500%, 2/1/30 |  | 70000 |  | 60363 |
|  Ionis Pharmaceuticals, Inc. | Ionis Pharmaceuticals, Inc. | Ionis Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/1/26 |  | 105000 |  | 105420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/28 |  | 100000 |  | 104937 |
|  Sarepta Therapeutics, Inc.<br>1.250%, 9/15/27 |  | 220000 |  | 158400 |
|  |  |  |  | 1995001 |
|  ***Health Care Equipment & Supplies (4.0%)*** | ***Health Care Equipment & Supplies (4.0%)*** | ***Health Care Equipment & Supplies (4.0%)*** | ***Health Care Equipment & Supplies (4.0%)*** | ***Health Care Equipment & Supplies (4.0%)*** |
|  Alphatec Holdings, Inc.<br>0.750%, 3/15/30§ |  | 62000 |  | 62640 |
|  CONMED Corp.<br>2.250%, 6/15/27 |  | 165000 |  | 156332 |
|  Dexcom, Inc.<br>0.250%, 11/15/25 |  | 260000 |  | 255060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 5/15/28 |  | 165000 |  | 154770 |
|  Enovis Corp.<br>3.875%, 10/15/28 |  | 101000 |  | 99435 |
|  Envista Holdings Corp.<br>1.750%, 8/15/28 (x) |  | 70000 |  | 64881 |
|  Haemonetics Corp. | Haemonetics Corp. | Haemonetics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/26 |  | 55000 |  | 52999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/29 |  | 138000 |  | 136932 |
|  Insulet Corp.<br>0.375%, 9/1/26 |  | 70000 |  | 98310 |
|  Integer Holdings Corp.<br>1.875%, 3/15/30§ |  | 183000 |  | 190137 |
|  Integra LifeSciences Holdings Corp.<br>0.500%, 8/15/25 |  | 80000 |  | 79000 |
|  iRhythm Technologies, Inc.<br>1.500%, 9/1/29 |  | 109000 |  | 139575 |
|  Lantheus Holdings, Inc.<br>2.625%, 12/15/27 |  | 105000 |  | 133245 |
|  Merit Medical Systems, Inc.<br>3.000%, 2/1/29§ |  | 135000 |  | 168719 |
|  Novocure Ltd. | Novocure Ltd. | Novocure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/1/25 |  | 120000 |  | 116856 |
|  TransMedics Group, Inc.<br>1.500%, 6/1/28 |  | 89000 |  | 142586 |
|  |  |  |  | 2051477 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Guardant Health, Inc. | Guardant Health, Inc. | Guardant Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/27 |  | 85000 |  | 76873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/15/31 |  | 100000 |  | 116316 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Hims & Hers Health, Inc. | Hims & Hers Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/15/30§ | 181000 | 189326 |
|  |  | 382515 |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** |
|  Evolent Health, Inc.<br>3.500%, 12/1/29 | 90000 | 76379 |
|  Teladoc Health, Inc.<br>1.250%, 6/1/27 (x) | 175000 | 160965 |
|  |  | 237344 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Repligen Corp.<br>1.000%, 12/15/28 | 88000 | 87164 |
|  Tempus AI, Inc.<br>0.750%, 7/15/30§ | 36000 | 36000 |
|  |  | 123164 |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** |
|  Jazz Investments I Ltd.<br>2.000%, 6/15/26 | 190000 | 191805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/30§ | 165000 | 174900 |
|  |  | 366705 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 5156206 |
|  **Industrials (7.0%)** | **Industrials (7.0%)** |  |
|  ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** |
|  Axon Enterprise, Inc.<br>0.500%, 12/15/27 | 50000 | 181375 |
|  Rocket Lab USA, Inc.<br>4.250%, 2/1/29§ | 60000 | 421387 |
|  Virgin Galactic Holdings, Inc.<br>2.500%, 2/1/27§ | 53000 | 20368 |
|  |  | 623130 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  ZTO Express Cayman, Inc.<br>1.500%, 9/1/27 | 194000 | 192642 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Tetra Tech, Inc.<br>2.250%, 8/15/28 | 100000 | 112500 |
|  ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** |
|  Fluor Corp.<br>1.125%, 8/15/29 | 85000 | 111520 |
|  Granite Construction, Inc.<br>3.750%, 5/15/28 | 50000 | 103825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/30 | 85000 | 115982 |
|  |  | 331327 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  Array Technologies, Inc.<br>1.000%, 12/1/28 | 100000 | 79194 |
|  Bloom Energy Corp.<br>3.000%, 6/1/28 | 125000 | 184875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/29 | 74000 | 104171 |
|  Fluence Energy, Inc.<br>2.250%, 6/15/30§ | 65000 | 41803 |
|  Stem, Inc.<br>0.500%, 12/1/28§ | 88000 | 21340 |
|  Sunrun, Inc.<br>4.000%, 3/1/30 | 75000 | 49613 |
|  |  | 480996 |
|  ***Ground Transportation (1.9%)*** | ***Ground Transportation (1.9%)*** | ***Ground Transportation (1.9%)*** |
|  Lyft, Inc.<br>0.625%, 3/1/29 | 96000 | 102336 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/25 | 180000 | 215460 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/15/28§ | 204000 | 216138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/1/28 | 315000 | 449348 |
|  |  | 983282 |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** |
|  Greenbrier Cos., Inc. (The)<br>2.875%, 4/15/28 | 40000 | 42452 |
|  JBT Marel Corp.<br>0.250%, 5/15/26 | 50000 | 49605 |
|  Middleby Corp. (The)<br>1.000%, 9/1/25 | 115000 | 128973 |
|  |  | 221030 |
|  ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** |
|  JetBlue Airways Corp.<br>0.500%, 4/1/26 | 60000 | 57300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/29§ | 100000 | 91950 |
|  |  | 149250 |
|  ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** |
|  CSG Systems International, Inc.<br>3.875%, 9/15/28 | 80000 | 90120 |
|  Dayforce, Inc.<br>0.250%, 3/15/26 | 120000 | 115440 |
|  Fiverr International Ltd. | Fiverr International Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/1/25 | 105000 | 102480 |
|  Parsons Corp.<br>2.625%, 3/1/29 (x) | 125000 | 132875 |
|  Upwork, Inc.<br>0.250%, 8/15/26 | 86000 | 80924 |
|  |  | 521839 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 3615996 |
|  **Information Technology (28.9%)** | **Information Technology (28.9%)** |  |
|  ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** |
|  Lumentum Holdings, Inc.<br>0.500%, 12/15/26 | 190000 | 223205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/15/28 | 125000 | 129000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/15/29 | 120000 | 184020 |
|  |  | 536225 |
|  ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** |
|  Advanced Energy Industries, Inc.<br>2.500%, 9/15/28 | 100000 | 119790 |
|  Itron, Inc. | Itron, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 110000 | 123915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/15/30 | 104000 | 123656 |
|  Mirion Technologies, Inc.<br>0.250%, 6/1/30§ | 70000 | 80535 |
|  OSI Systems, Inc.<br>2.250%, 8/1/29§ | 56000 | 75964 |
|  Vishay Intertechnology, Inc.<br>2.250%, 9/15/30 | 125000 | 111875 |
|  |  | 635735 |
|  ***IT Services (6.3%)*** | ***IT Services (6.3%)*** | ***IT Services (6.3%)*** |
|  Akamai Technologies, Inc.<br>0.375%, 9/1/27 | 148000 | 143338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/29 | 275000 | 260288 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 5/15/33§ | $| 309000 | $| 319042 |
|  Applied Digital Corp.<br>2.750%, 6/1/30§ |  | 70000 |  | 90409 |
|  Cloudflare, Inc. | Cloudflare, Inc. | Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/26 |  | 250000 |  | 295775 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 330000 |  | 356070 |
|  DigitalOcean Holdings, Inc. | DigitalOcean Holdings, Inc. | DigitalOcean Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/26 |  | 269000 |  | 251004 |
|  GDS Holdings Ltd.<br>2.250%, 6/1/32§ |  | 100000 |  | 114000 |
|  Okta, Inc.<br>0.125%, 9/1/25 |  | 105000 |  | 103950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/15/26 |  | 60000 |  | 57240 |
|  Shopify, Inc.<br>0.125%, 11/1/25 |  | 165000 |  | 166980 |
|  Snowflake, Inc. | Snowflake, Inc. | Snowflake, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/1/27§ |  | 212000 |  | 321604 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/1/29§ |  | 181000 |  | 281636 |
|  Spotify USA, Inc. | Spotify USA, Inc. | Spotify USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 |  | 260000 |  | 393874 |
|  Wix.com Ltd. | Wix.com Ltd. | Wix.com Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/25 |  | 75000 |  | 74438 |
|  |  |  |  | 3229648 |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** |
|  Enphase Energy, Inc. | Enphase Energy, Inc. | Enphase Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/26 |  | 80000 |  | 76399 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/28 |  | 135000 |  | 109485 |
|  Microchip Technology, Inc.<br>0.750%, 6/1/30 |  | 230000 |  | 225860 |
|  MKS, Inc.<br>1.250%, 6/1/30 (x) |  | 263000 |  | 259187 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/27 |  | 140000 |  | 165746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/1/29 |  | 250000 |  | 231050 |
|  SolarEdge Technologies, Inc. | SolarEdge Technologies, Inc. | SolarEdge Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/15/25 |  | 35000 |  | 33950 |
|  Synaptics, Inc.<br>0.750%, 12/1/31§ |  | 78000 |  | 73509 |
|  |  |  |  | 1175186 |
|  ***Software (14.4%)*** | ***Software (14.4%)*** | ***Software (14.4%)*** | ***Software (14.4%)*** | ***Software (14.4%)*** |
|  Alarm.com Holdings, Inc. | Alarm.com Holdings, Inc. | Alarm.com Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/26 |  | 115000 |  | 111550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/29 |  | 80000 |  | 77404 |
|  Bentley Systems, Inc.<br>0.125%, 1/15/26 (x) |  | 115000 |  | 114080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/1/27 |  | 100000 |  | 94300 |
|  BILL Holdings, Inc. | BILL Holdings, Inc. | BILL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/1/30§ |  | 237000 |  | 199376 |
|  Bitdeer Technologies Group<br>5.250%, 12/1/29§ |  | 85000 |  | 86063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/1/31§ |  | 100000 |  | 96200 |
|  BlackLine, Inc.<br>1.000%, 6/1/29 |  | 109000 |  | 115767 |
|  Box, Inc.<br>1.500%, 9/15/29§ |  | 85000 |  | 87338 |
|  Cleanspark, Inc. | Cleanspark, Inc. | Cleanspark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 100000 |  | 97866 |
|  Confluent, Inc. | Confluent, Inc. | Confluent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/27 |  | 160000 |  | 147600 |
|  Core Scientific, Inc.<br>3.000%, 9/1/29§ |  | 80000 |  | 137480 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/31§ |  | 123000 |  | 133609 |
|  CyberArk Software Ltd. | CyberArk Software Ltd. | CyberArk Software Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 178000 |  | 182895 |
|  Datadog, Inc. | Datadog, Inc. | Datadog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/29 (x)§ |  | 193000 |  | 184412 |
|  Dropbox, Inc. | Dropbox, Inc. | Dropbox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/26 |  | 135000 |  | 133447 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/28 |  | 100000 |  | 101300 |
|  Five9, Inc.<br>1.000%, 3/15/29 |  | 125000 |  | 108938 |
|  Guidewire Software, Inc.<br>1.250%, 11/1/29§ |  | 129000 |  | 152091 |
|  InterDigital, Inc.<br>3.500%, 6/1/27 |  | 81000 |  | 235912 |
|  IREN Ltd.<br>3.250%, 6/15/30§ |  | 70000 |  | 75915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series IREN<br>3.500%, 12/15/29§ |  | 99000 |  | 128007 |
|  Jamf Holding Corp.<br>0.125%, 9/1/26 |  | 66000 |  | 62007 |
|  LivePerson, Inc. | LivePerson, Inc. | LivePerson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/26 |  | 65000 |  | 25025 |
|  MARA Holdings, Inc. | MARA Holdings, Inc. | MARA Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/30§ |  | 180000 |  | 161370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/1/31§ |  | 160000 |  | 136880 |
|  MicroStrategy, Inc.<br>0.625%, 9/15/28§ |  | 105000 |  | 244807 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/29§ |  | 425000 |  | 400987 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/30§ |  | 360000 |  | 421692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/15/30 |  | 183000 |  | 508693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 3/15/31 |  | 133000 |  | 250639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/32 |  | 185000 |  | 397103 |
|  Nebius Group NV<br>2.000%, 6/5/29§ |  | 80000 |  | 105560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/5/31§ |  | 80000 |  | 105280 |
|  Nice Ltd. | Nice Ltd. | Nice Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/15/25 |  | 60000 |  | 59101 |
|  Nutanix, Inc.<br>0.250%, 10/1/27 |  | 110000 |  | 154770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/15/29§ |  | 144000 |  | 163180 |
|  PagerDuty, Inc.<br>1.500%, 10/15/28 |  | 65000 |  | 61913 |
|  Progress Software Corp.<br>1.000%, 4/15/26 |  | 90000 |  | 107100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/30 |  | 75000 |  | 86738 |
|  Rapid7, Inc.<br>0.250%, 3/15/27 |  | 105000 |  | 97387 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 |  | 120000 |  | 115080 |
|  Riot Platforms, Inc.<br>0.750%, 1/15/30§ |  | 100000 |  | 103500 |
|  Rubrik, Inc. | Rubrik, Inc. | Rubrik, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 205000 |  | 214609 |
|  Terawulf, Inc.<br>2.750%, 2/1/30§ |  | 100000 |  | 83947 |
|  Tyler Technologies, Inc.<br>0.250%, 3/15/26 |  | 105000 |  | 129045 |
|  Unity Software, Inc. | Unity Software, Inc. | Unity Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/26 |  | 104000 |  | 96824 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/30§ |  | 123000 |  | 125398 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Varonis Systems, Inc.<br>1.000%, 9/15/29§ | $| 80000 | $| 81080 |
|  Workiva, Inc.<br>1.250%, 8/15/28 |  | 144000 |  | 133200 |
|  |  |  |  | 7434465 |
|  ***Technology Hardware, Storage & Peripherals (3.6%)*** | ***Technology Hardware, Storage & Peripherals (3.6%)*** | ***Technology Hardware, Storage & Peripherals (3.6%)*** | ***Technology Hardware, Storage & Peripherals (3.6%)*** | ***Technology Hardware, Storage & Peripherals (3.6%)*** |
|  Seagate HDD Cayman<br>3.500%, 6/1/28 |  | 270000 |  | 485595 |
|  Super Micro Computer, Inc.<br>2.250%, 7/15/28§ |  | 100000 |  | 116801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 |  | 325000 |  | 338650 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/30§ |  | 340000 |  | 380460 |
|  Western Digital Corp.<br>3.000%, 11/15/28 |  | 275000 |  | 493625 |
|  Xerox Holdings Corp.<br>3.750%, 3/15/30 |  | 75000 |  | 42563 |
|  |  |  |  | 1857694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 14868953 |
|  **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** |  |  |
|  ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** |
|  B2Gold Corp.<br>2.750%, 2/1/30§ |  | 87000 |  | 116275 |
|  MP Materials Corp.<br>3.000%, 3/1/30§ |  | 144000 |  | 249192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 365467 |
|  **Real Estate (2.9%)** | **Real Estate (2.9%)** | **Real Estate (2.9%)** |  |  |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  Digital Realty Trust LP (REIT)<br>1.875%, 11/15/29§ |  | 191000 |  | 200817 |
|  ***Health Care REITs (1.4%)*** | ***Health Care REITs (1.4%)*** | ***Health Care REITs (1.4%)*** | ***Health Care REITs (1.4%)*** | ***Health Care REITs (1.4%)*** |
|  Ventas Realty LP (REIT)<br>3.750%, 6/1/26 |  | 150000 |  | 179325 |
|  Welltower OP LLC (REIT)<br>2.750%, 5/15/28§ |  | 170000 |  | 276760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/15/29§ |  | 191000 |  | 253171 |
|  |  |  |  | 709256 |
|  ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** |
|  Pebblebrook Hotel Trust (REIT)<br>1.750%, 12/15/26 |  | 135000 |  | 127586 |
|  ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** |
|  Rexford Industrial Realty LP (REIT) 4.375%, 3/15/27§ |  | 113000 |  | 111870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29§ |  | 63000 |  | 61551 |
|  |  |  |  | 173421 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Anywhere Real Estate Group LLC<br>0.250%, 6/15/26 |  | 85000 |  | 83300 |
|  Redfin Corp.<br>0.500%, 4/1/27 |  | 80000 |  | 71808 |
|  |  |  |  | 155108 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty OP LP (REIT)<br>3.250%, 1/15/29§ |  | 108000 |  | 107298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 1473486 |
|  **Utilities (8.8%)** | **Utilities (8.8%)** | **Utilities (8.8%)** |  |  |
|  ***Electric Utilities (5.8%)*** | ***Electric Utilities (5.8%)*** | ***Electric Utilities (5.8%)*** | ***Electric Utilities (5.8%)*** | ***Electric Utilities (5.8%)*** |
|  Alliant Energy Corp.<br>3.875%, 3/15/26 |  | 105000 |  | 107835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/30/28§ |  | 104000 |  | 103480 |
|  Duke Energy Corp.<br>4.125%, 4/15/26 |  | 300000 |  | 317400 |
|  Evergy, Inc.<br>4.500%, 12/15/27 |  | 225000 |  | 263137 |
|  FirstEnergy Corp.<br>4.000%, 5/1/26 |  | 70000 |  | 70385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/29§ |  | 231000 |  | 233772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/31§ |  | 200000 |  | 202300 |
|  NextEra Energy Capital Holdings, Inc. 3.000%, 3/1/27 |  | 190000 |  | 216030 |
|  PG&E Corp.<br>4.250%, 12/1/27 |  | 356000 |  | 353259 |
|  Pinnacle West Capital Corp.<br>4.750%, 6/15/27 |  | 87000 |  | 94221 |
|  PPL Capital Funding, Inc.<br>2.875%, 3/15/28 |  | 170000 |  | 183609 |
|  Southern Co. (The)<br>3.875%, 12/15/25 |  | 172000 |  | 190370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/15/27 |  | 215000 |  | 236502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/28§ |  | 298000 |  | 299490 |
|  TXNM Energy, Inc.<br>5.750%, 6/1/54 |  | 101000 |  | 130858 |
|  |  |  |  | 3002648 |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** |
|  UGI Corp.<br>5.000%, 6/1/28 |  | 124000 |  | 170869 |
|  ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** |
|  Ormat Technologies, Inc.<br>2.500%, 7/15/27 |  | 68000 |  | 74188 |
|  XPLR Infrastructure LP | XPLR Infrastructure LP | XPLR Infrastructure LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/25§ |  | 115000 |  | 111837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/15/26§ |  | 50000 |  | 47750 |
|  |  |  |  | 233775 |
|  ***Multi-Utilities (1.9%)*** | ***Multi-Utilities (1.9%)*** | ***Multi-Utilities (1.9%)*** | ***Multi-Utilities (1.9%)*** | ***Multi-Utilities (1.9%)*** |
|  CenterPoint Energy, Inc.<br>4.250%, 8/15/26 |  | 200000 |  | 216400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.369%, 9/15/29 (e) |  | 200000 |  | 96409 |
|  CMS Energy Corp.<br>3.375%, 5/1/28 |  | 163000 |  | 173269 |
|  WEC Energy Group, Inc.<br>4.375%, 6/1/27 |  | 169000 |  | 190362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/1/28§ |  | 139000 |  | 139208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/1/29 |  | 160000 |  | 184240 |
|  |  |  |  | 999888 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American Water Capital Corp.<br>3.625%, 6/15/26 |  | 150000 |  | 150585 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 4557765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bonds** |  |  |  | 44611082 |
|  **Total Long-Term Debt Securities (86.6%)**<br> *(Cost $41,900,081)* |  |  |  | 44611082 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.7%)** | **Investment Companies (2.7%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 100000 | $100000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26%<br>(7 day yield) (xx) | 1168627 | 1168627 |
|  JPMorgan Prime Money Market<br>Fund, IM Shares 4.47% (7 day<br>yield) | 1301 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 1369928 |
|  **Total Short-Term Investments (2.7%)**<br> *(Cost $1,369,928)* | **Total Short-Term Investments (2.7%)**<br> *(Cost $1,369,928)* | 1369928 |
|  **Total Investments in Securities (102.7%)**<br> *(Cost $50,164,831)* | **Total Investments in Securities (102.7%)**<br> *(Cost $50,164,831)* | 52904279 |
|  **Other Assets Less Liabilities (-2.7%)** | **Other Assets Less Liabilities (-2.7%)** | (1384094) |
|  **Net Assets (100%)** |  | $51520185 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $15,179,272 or 29.5% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $1,365,573. This was collateralized by cash of $1,368,627 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust*

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Utilities | $113 | $— | $— | $113 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 2599406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2599406 |
|  Consumer Discretionary |  | 8560105 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8560105 |
|  Consumer Staples |  | 299080 |  | 299080 |
|  Energy |  | 462115 |  | 462115 |
|  Financials |  | 2652503 |  | 2652503 |
|  Health Care |  | 5156206 |  | 5156206 |
|  Industrials |  | 3615996 |  | 3615996 |
|  Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14868953 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14868953 |
|  Materials |  | 365467 |  | 365467 |
|  Real Estate |  | 1473486 |  | 1473486 |
|  Utilities |  | 4557765 |  | 4557765 |
|  **Convertible Preferred Stocks** |  |  |  |  |
|  Financials | 2856292 | 92297 |  | 2948589 |
|  Health Care | 82550 |  |  | 82550 |
|  Industrials | 1584179 |  |  | 1584179 |
|  Information Technology | 912388 |  |  | 912388 |
|  Materials | 256800 |  |  | 256800 |
|  Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138650 |  |  | 1138650 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $1369928 | $— | $— | $1369928 |
|  **Total Assets** | $**8200900** | $**44703379** | $**—** | $**52904279** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**8200900** | $**44703379** | $**—** | $**52904279** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $9995262.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $9053226.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6132020 |
|  Aggregate gross unrealized depreciation | (3782018) |
|  Net unrealized appreciation | $2350002 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $50554277 |

---

See Notes to Financial Statements.

------

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $50,164,831) | $52904279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 342292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 227506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 131034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 53607595 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1368627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 625397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 17004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 13459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 5936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2087410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $51520185 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $52326525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (806340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $51520185 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $29,721,529 / 2,835,290 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.48 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $21,798,656 / 2,081,817 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.47 |

---

*(x)* *Includes value of securities on loan of $1,365,573.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $381406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 163617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 548136 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 120128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 34086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 21805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Out of Pocket | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 234529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (44233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 190296 |
|  **NET INVESTMENT INCOME (LOSS)** | 357840 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (205478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 3143057 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2937579 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3295419 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT CONVERTIBLE SECURITIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $357840 | $696759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (205478) | (560338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3143057 | 4179017 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3295419 | 4315438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (460909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (414984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (875893) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 283,006 and 445,218 shares, respectively ] | 2815800 | 4184684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 45,452 shares, respectively ] |  | 460909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (182292) and (342398) shares, respectively ] | (1795095) | (3184918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1020705 | 1460675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 9,129 and 76,347 shares, respectively ] | 92528 | 699596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 41,017 shares, respectively ] |  | 414984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (72629) and (214179) shares, respectively ] | (718705) | (2024607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (626177) | (910027) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 394528 | 550648 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3689947 | 3990193 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 47830238 | 43840045 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $51520185 | $47830238 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT CONVERTIBLE SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.81 | $9.09 | $8.19 | $10.50 | $15.62 | $11.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.13 | 0.15 | 0.09 | 0.04 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.60 | 0.76 | 0.97 | (2.29) | 0.07 | 4.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 0.89 | 1.12 | (2.20) | 0.11 | 4.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.17) | (0.22) | (0.10) | (1.89) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (3.34) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.17) | (0.22) | (0.11) | (5.23) | (0.79) |
|  Net asset value, end of period | $10.48 | $9.81 | $9.09 | $8.19 | $10.50 | $15.62 |
|  Total return (b) | 6.83% | 9.76% | 13.73% | (20.99)% | 1.04% | 39.08% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $29722 | $26831 | $23510 | $19546 | $22507 | $19467 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.90% | 0.90% | 0.90% | 0.90% | 0.96 %(j) | 1.05 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.08% | 1.13% | 1.13% | 1.19% | 1.21% | 1.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.38% | 1.43% | 1.70% | 1.08% | 0.27% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.20% | 1.20% | 1.46% | 0.79% | 0.02% | 0.74% |
|  Portfolio turnover rate^ | 19 %(z) | 40% | 33% | 20% | 209 %(h) | 51% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.79 | $9.07 | $8.17 | $10.47 | $15.59 | $11.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.16 | 0.17 | 0.12 | 0.08 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.60 | 0.76 | 0.97 | (2.28) | 0.07 | 4.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 | 0.92 | 1.14 | (2.16) | 0.15 | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.24) | (0.13) | (1.93) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (3.34) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.20) | (0.24) | (0.14) | (5.27) | (0.82) |
|  Net asset value, end of period | $10.47 | $9.79 | $9.07 | $8.17 | $10.47 | $15.59 |
|  Total return (b) | 6.95% | 10.03% | 14.04% | (20.74)% | 1.25% | 39.34% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $21799 | $20999 | $20330 | $18700 | $22146 | $22725 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65% | 0.65% | 0.65% | 0.65% | 0.71 %(j) | 0.80 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.83% | 0.88% | 0.88% | 0.94% | 0.96% | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.63% | 1.68% | 1.94% | 1.33% | 0.52% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.45% | 1.45% | 1.71% | 1.04% | 0.26% | 0.98% |
|  Portfolio turnover rate^ | 19 %(z) | 40% | 33% | 20% | 209 %(h) | 51% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub- adviser. Excluding such transactions, the portfolio turnover rate would have been 28%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.01% for Class IB and 0.76% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB and 0.90% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (14.6%)** | **Asset-Backed Securities (14.6%)** | **Asset-Backed Securities (14.6%)** |
|  AASET Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A<br>5.522%, 2/16/50§ | $500000 | $504807 |
|  AASET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B<br>6.900%, 5/16/49§ | 957162 | 968419 |
|  ABFC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WMC1 A1A<br>5.684%, 6/25/37 (l) | 2304603 | 1662827 |
|  ACE Securities Corp. Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-ASP5 A2D<br>4.954%, 10/25/36 (l) | 2140266 | 687794 |
|  Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A<br>5.610%, 2/15/29§ | 525000 | 527539 |
|  Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>1.937%, 8/15/46§ | 1250000 | 1207945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.482%, 8/15/46§ | 1000000 | 959212 |
|  Amortizing Residential Collateral Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-BC10 M1<br>5.934%, 1/25/33 (l) | 1983142 | 1817409 |
|  AREIT Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9 B<br>6.849%, 5/17/41 (l)§ | 400000 | 398502 |
|  BDS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL11 B<br>6.671%, 3/19/39 (l)§ | 500000 | 500347 |
|  Blackbird Capital II Aircraft Lease Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>3.446%, 7/15/46§ | 1340078 | 1256533 |
|  Bridge Street CLO II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1A<br>5.761%, 7/20/34 (l)§ | 500000 | 500199 |
|  BSPRT Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL10 B<br>7.577%, 9/15/35 (l)§ | 530000 | 532099 |
|  Canyon Capital CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A CR<br>7.291%, 1/30/31 (l)§ | 500000 | 500841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A DR<br>7.518%, 7/15/30 (l)§ | 500000 | 500591 |
|  Canyon CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A DR2<br>7.356%, 7/15/34 (l)§ | 500000 | 499768 |
|  Carlyle Global Market Strategies CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A DRRR<br>7.119%, 7/20/34 (l)§ | 1000000 | 999943 |
|  Carlyle US CLO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A D<br>7.469%, 7/20/37 (l)§ | 500000 | 501035 |
|  Castlelake Aircraft Structured Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>6.656%, 1/15/46§ | 49127 | 49119 |
|  Cathedral Lake VIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8A C<br>7.151%, 1/20/35 (l)§ | 500000 | 500909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8A D1<br>7.951%, 1/20/35 (l)§ | 1000000 | 1000759 |
|  CLI Funding VIII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.640%, 2/18/46§ | 530881 | 486157 |
|  Clover CLO LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A DR<br>6.832%, 1/25/35 (l)§ | 500000 | 500003 |
|  Compass Datacenters Issuer II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B<br>7.000%, 2/25/49§ | 500000 | 517894 |
|  Cook Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A D<br>7.141%, 4/17/30 (l)§ | 500000 | 501443 |
|  Crown Point CLO IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A C<br>6.431%, 4/20/31 (l)§ | 500000 | 501015 |
|  CyrusOne Data Centers Issuer I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2<br>4.650%, 5/20/49§ | 500000 | 478180 |
|  DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>2.060%, 2/27/51§ | 500000 | 489088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.650%, 2/27/51§ | 1500000 | 1452877 |
|  Dryden 41 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A DR<br>7.118%, 4/15/31 (l)§ | 500000 | 501108 |
|  Dryden 43 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43A DR3<br>7.781%, 4/20/34 (l)§ | 500000 | 501625 |
|  Elevation CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A BR2<br>7.838%, 8/15/32 (l)§ | 1250000 | 1253800 |
|  FMC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GT1 A<br>4.450%, 1/25/26 (l)§ | 2000000 | 1970292 |
|  Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-D 1A1<br>4.714%, 11/25/36 (l) | 4290733 | 2407025 |
|  Generate CLO 13 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-13A A1<br>6.072%, 1/20/37 (l)§ | 500000 | 502882 |
|  Gilead Aviation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>6.524%, 3/15/50§ | 496155 | 502289 |
|  Goldentree Loan Management US CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A AR<br>5.596%, 1/20/39 (l)§ | 500000 | 500875 |
|  Goodgreen Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.630%, 4/15/55§ | 238925 | 200688 |
|  GoodLeap Home Improvement Solutions Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A B<br>5.980%, 6/20/49§ | 600000 | 606960 |
|  ICG US CLO I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A AR<br>0.000%, 7/18/38 (l)§ | 500000 | 500000 |
|  Invesco US CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A B<br>6.906%, 7/15/36 (l)§ | 500000 | 500000 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A C<br>7.406%, 7/15/36 (l)§ | $500000 | $500000 |
|  JOL Air Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.967%, 4/15/44§ | 275136 | 272390 |
|  Kestrel Aircraft Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.250%, 12/15/38§ | 291046 | 285252 |
|  KREF Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 AS<br>5.728%, 2/15/39 (l)§ | 410000 | 401017 |
|  LCM 28 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28A D <br>7.481%, 10/20/30 (l)§ | 500000 | 491081 |
|  Long Point Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A C<br>6.941%, 1/17/30 (l)§ | 500000 | 500748 |
|  MACH 1 Cayman Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.474%, 10/15/39§ | 435911 | 424137 |
|  Madison Park Funding LXIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-63A A1R<br>5.716%, 7/21/38 (l)§ | 500000 | 502084 |
|  Madison Park Funding XL Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9A DR<br>8.192%, 5/28/30 (l)§ | 500000 | 501001 |
|  Magnetite XLII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A D1<br>7.111%, 1/25/38 (l)§ | 500000 | 502022 |
|  Magnetite XXIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-23A DR<br>7.593%, 1/25/35 (l)§ | 500000 | 501366 |
|  Magnetite XXXI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A E<br>10.518%, 7/15/34 (l)§ | 500000 | 501884 |
|  Merrill Lynch Mortgage Investors Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4 A2C<br>4.734%, 7/25/37 (l) | 4971349 | 971899 |
|  MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL14 AS<br>6.558%, 3/19/39 (l)§ | 530000 | 531988 |
|  MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.509%, 10/16/36 (l)§ | 179176 | 178946 |
|  MF1 Multifamily Housing Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL15 A<br>6.003%, 8/18/41 (l)§ | 530000 | 531656 |
|  MidOcean Credit CLO III, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A BR<br>6.331%, 4/21/31 (l)§ | 814322 | 815161 |
|  Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.010%, 6/22/43§ | 121063 | 115174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2GS A<br>4.200%, 2/22/44§ | 200368 | 186593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A B<br>3.280%, 9/20/40§ | 158207 | 143099 |
|  Nassau Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-IA A<br>5.668%, 7/15/31 (l)§ | 106560 | 106599 |
|  Neighborly Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>3.584%, 4/30/51§ | 3120000 | 2925991 |
|  NP SPE II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A1<br>3.372%, 10/21/47§ | 213667 | 208839 |
|  Octagon 53 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A E<br>11.018%, 4/15/34 (l)§ | 1000000 | 941644 |
|  Octagon Investment Partners 34 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A D<br>7.031%, 1/20/30 (l)§ | 500000 | 500557 |
|  OFSI BSL XI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A BR<br>7.069%, 10/18/35 (l)§ | 500000 | 501212 |
|  Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 M2<br>5.004%, 1/25/36 (l) | 3164000 | 2431784 |
|  Ownit Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 M1<br>4.929%, 3/25/37 (l) | 2310891 | 2321412 |
|  Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR5 A<br>4.451%, 6/17/39§ | 1140477 | 1138459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4 D<br>3.325%, 7/17/41§ | 5000000 | 4610500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR5 C<br>3.250%, 8/9/29 (l)§ | 2800000 | 2613745 |
|  Retained Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A B<br>5.750%, 9/15/48§ | 1500000 | 1472529 |
|  Sapphire Aviation Finance II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>3.228%, 3/15/40§ | 254440 | 243005 |
|  SoFi Consumer Loan Program Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B<br>4.970%, 6/25/34§ | 700000 | 703646 |
|  Sound Point CLO XX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A C<br>6.494%, 7/26/31 (l)§ | 500000 | 500087 |
|  Sound Point CLO XXIV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A DR<br>8.043%, 10/25/34 (l)§ | 500000 | 481057 |
|  Sound Point CLO XXVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A DR<br>7.881%, 7/20/34 (l)§ | 500000 | 487706 |
|  Sound Point CLO XXXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D<br>7.943%, 10/25/34 (l)§ | 500000 | 485616 |
|  Storm King Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br>5.616%, 10/15/37 (l)§ | 1000000 | 1005164 |
|  Subway Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A23<br>6.505%, 7/30/54§ | 248750 | 254691 |
|  Sunrun Atlas Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 A<br>3.610%, 2/1/55§ | 413232 | 391187 |
|  Switch ABS Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.436%, 6/25/54§ | 250000 | 252214 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  TAL Advantage VII LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.050%, 9/20/45§ | $| 200500 | $| 188681 |
|  THL Credit Wind River CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A DR<br>7.418%, 1/15/31 (l)§ |  | 500000 |  | 500724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A ER<br>10.268%, 1/15/31 (l)§ |  | 500000 |  | 418911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A D<br>7.418%, 7/15/30 (l)§ |  | 500000 |  | 500300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A E<br>10.018%, 7/15/30 (l)§ |  | 500000 |  | 501553 |
|  Trestles CLO VI Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6A A1R<br>5.454%, 4/25/38 (l)§ |  | 500000 |  | 498811 |
|  Trestles CLO VIII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8A A1<br>5.627%, 6/11/35 (l)§ |  | 1000000 |  | 1000105 |
|  Triton Container Finance VIII LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.110%, 9/20/45§ |  | 298125 |  | 274715 |
|  Triumph Rail Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A<br>2.150%, 6/19/51§ |  | 401017 |  | 379802 |
|  TRTX Issuer Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4 A<br>5.628%, 3/15/38 (l)§ |  | 324503 |  | 323783 |
|  Upland CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A CR<br>7.431%, 4/20/31 (l)§ |  | 1000000 |  | 1001720 |
|  USQ Rail II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A<br>2.210%, 6/28/51§ |  | 426456 |  | 404801 |
|  Vivint Solar Financing V LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.730%, 4/30/48§ |  | 823357 |  | 779384 |
|  Voya CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4A DR<br>10.453%, 7/14/31 (l)§ |  | 1000000 |  | 983922 |
|  WAVE LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.597%, 9/15/44§ |  | 513348 |  | 492198 |
|  Wellfleet CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1RN<br>5.676%, 7/15/37 (l)§ |  | 500000 |  | 500721 |
|  Wind River CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A DR2<br>7.934%, 10/22/31 (l)§ |  | 1500000 |  | 1503738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A A<br>5.701%, 1/20/35 (l)§ |  | 500000 |  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 75139809 |
|  **Collateralized Mortgage Obligations (10.2%)** | **Collateralized Mortgage Obligations (10.2%)** | **Collateralized Mortgage Obligations (10.2%)** | **Collateralized Mortgage Obligations (10.2%)** | **Collateralized Mortgage Obligations (10.2%)** |
|  Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19CB A15<br>6.000%, 8/25/36 |  | 362831 |  | 205042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6CB 2A10<br>6.000%, 5/25/36 |  | 1614350 |  | 606978 |
|  Asset-Backed Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-IM1 A2<br>4.914%, 4/25/36 (l) |  | 609228 |  | 541079 |
|  Banc of America Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 1A8<br>6.000%, 10/25/35 |  | 158997 |  | 134841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5 3A1<br>6.000%, 7/25/37 |  | 1264097 |  | 1062579 |
|  Banc of America Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 2A8<br>7.000%, 9/25/37 |  | 1803927 |  | 1535001 |
|  CHL Mortgage Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21 A2<br>6.000%, 2/25/37 |  | 1628831 |  | 706440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J4 A5<br>6.250%, 9/25/36 |  | 303505 |  | 106277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14 A18<br>6.000%, 9/25/37 |  | 1399594 |  | 698688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1 1A1<br>4.735%, 4/25/37 (l) |  | 124000 |  | 115974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1 2A1<br>4.374%, 3/25/37 (l) |  | 55947 |  | 50401 |
|  Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 1A2<br>5.461%, 3/25/36 (l) |  | 52054 |  | 51052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 2A3A<br> 4.867%, 11/25/36 (l) |  | 95714 |  | 91537 |
|  CitiMortgage Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2 1A4<br>6.000%, 2/25/37 |  | 960120 |  | 856461 |
|  COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A1<br>6.596%, 7/25/68 (e)§ |  | 1599719 |  | 1611485 |
|  Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2M2<br>7.305%, 1/25/42 (l)§ |  | 2500000 |  | 2557015 |
|  FHLMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4050 ND<br>2.500%, 9/15/41 |  | 45033 |  | 44533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4076 QD<br>2.500%, 11/15/41 |  | 56035 |  | 55326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5057 AX<br>2.000%, 12/25/50 |  | 1248033 |  | 787964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5524 FB<br>5.505%, 4/25/55 (l) |  | 3047727 |  | 3019295 |
|  FHLMC STACR REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3 M1B<br>7.205%, 4/25/42 (l)§ |  | 2800000 |  | 2884000 |
|  Figure Line of Credit Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.040%, 9/25/49 (l)§ |  | 381003 |  | 368860 |
|  FNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-54 NP<br>2.500%, 3/25/43 |  | 334198 |  | 313678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-89 FM<br>4.820%, 1/25/45 (l) |  | 2918302 |  | 2871953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-48 NS<br>3.361%, 8/25/51 IO (l) |  | 2004745 |  | 62979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90 FA<br>5.805%, 12/25/54 (l) |  | 968499 |  | 975828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-96 FC<br>5.505%, 12/25/54 (l) |  | 2303878 |  | 2299153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-31 FA<br>5.605%, 6/25/54 (l) |  | 3669313 |  | 3674687 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  GNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-90 BF<br>4.782%, 7/20/49 (l) | $| 1771705 | $| 1715197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188<br>2.000%, 12/20/50 IO |  | 2203012 |  | 261955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-117 ID<br>3.500%, 6/20/51 IO |  | 1355022 |  | 236571 |
|  GreenPoint Mortgage Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2 1A3<br>4.914%, 4/25/47 (l) |  | 1977926 |  | 1715216 |
|  HomeBanc Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 M4<br>5.409%, 10/25/35 (l) |  | 7066300 |  | 6217999 |
|  Imperial Fund Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM4 M1<br>3.446%, 1/25/57 (l)§ |  | 1500000 |  | 1149759 |
|  OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM4 A1<br>6.113%, 3/25/63 (e)§ |  | 1476378 |  | 1480134 |
|  PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A1<br>6.179%, 6/25/30 (e)§ |  | 700000 |  | 704193 |
|  PRPM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3 A1<br>6.255%, 5/25/30 (e)§ |  | 992565 |  | 997976 |
|  RALI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS17 A7<br>6.000%, 12/25/36 |  | 1237779 |  | 1033235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS8 A10<br>6.000%, 6/25/37 |  | 779732 |  | 625001 |
|  RBSGC Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A 3A<br>6.000%, 4/25/35 |  | 1386921 |  | 492748 |
|  RFMSI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S6 A14<br>6.000%, 7/25/36 |  | 104373 |  | 89761 |
|  Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19XS 1A2A<br>5.314%, 10/25/35 (l) |  | 811388 |  | 777011 |
|  Suntrust Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1F 2A8<br>6.000%, 12/25/35 |  | 87853 |  | 81691 |
|  Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.750%, 3/25/58 (l)§ |  | 2500000 |  | 2147156 |
|  Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4 M1<br>3.291%, 5/25/65 (l)§ |  | 1200000 |  | 1176354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 M1<br>2.397%, 6/25/66 (l)§ |  | 2500000 |  | 1823444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 M1<br>6.887%, 4/25/69 (l)§ |  | 750000 |  | 760912 |
|  Wells Fargo Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA2 1A1<br>6.000%, 6/25/37 |  | 105427 |  | 96011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA6 A1<br>6.500%, 12/28/37 (l) |  | 703843 |  | 641896 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 52513326 |
|  **Commercial Mortgage-Backed Securities (5.3%)** | **Commercial Mortgage-Backed Securities (5.3%)** | **Commercial Mortgage-Backed Securities (5.3%)** | **Commercial Mortgage-Backed Securities (5.3%)** | **Commercial Mortgage-Backed Securities (5.3%)** |
|  BAMLL Commercial Mortgage Securities Trust,<br>Series 2016-ISQ C<br>3.727%, 8/14/34 (l)§ |  | 516000 |  | 250386 |
|  BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5 B<br>3.896%, 6/15/60 (l) |  | 557000 |  | 534399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23 A3<br>2.920%, 12/15/52 |  | 550000 |  | 511172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35 A5<br>2.285%, 6/15/64 |  | 343000 |  | 298045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37 C<br>3.210%, 11/15/64 (l) |  | 412000 |  | 320828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 AS<br>3.181%, 2/15/55 |  | 530000 |  | 469898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 E<br>2.500%, 2/15/55§ |  | 174000 |  | 112990 |
|  BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR10 AS<br>5.637%, 10/15/57 |  | 526000 |  | 541970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR9 A3<br>5.614%, 8/15/57 |  | 529000 |  | 547050 |
|  BANK5 Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR6 A3<br>6.225%, 5/15/57 |  | 455000 |  | 478208 |
|  BBCMS Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6 F5TC<br>3.811%, 2/15/53 (l)§ |  | 644000 |  | 464400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 A5<br>2.689%, 11/15/54 |  | 653000 |  | 575701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 XD<br>1.147%, 11/15/54 IO (l)§ |  | 9899000 |  | 560106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C9 A5<br>2.299%, 2/15/54 |  | 668000 |  | 595194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29 A3<br>5.208%, 9/15/57 |  | 527000 |  | 536910 |
|  Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13 A3<br>2.701%, 8/15/57 |  | 525000 |  | 490227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23 XA<br>1.362%, 2/15/54 IO (l) |  | 4799802 |  | 247021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B32 AS<br>3.527%, 1/15/55 (l) |  | 530000 |  | 467737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10 A3<br>5.277%, 9/15/57 |  | 530000 |  | 541623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11 A3<br>5.909%, 11/15/57 (l) |  | 239000 |  | 250218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8 A2<br>5.707%, 7/15/57 |  | 528000 |  | 548964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8 A3<br>6.189%, 7/15/57 (l) |  | 454000 |  | 478946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9 A3<br>5.602%, 8/15/57 |  | 528000 |  | 545355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V15 AS<br>6.175%, 6/15/58 |  | 302000 |  | 316833 |
|  BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C3 AS<br>6.286%, 2/15/57 (l) |  | 516000 |  | 542189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C6 A3<br>5.316%, 9/15/57 |  | 527000 |  | 537733 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11 AS<br>5.938%, 7/15/58 | $459000 | $476423 |
|  BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY A<br>5.476%, 9/15/38 (l)§ | 536000 | 535329 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 D<br>4.075%, 12/9/41 (l)§ | 350000 | 326872 |
|  Cantor Commercial Real Estate Lending, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF1 65C<br>4.123%, 5/15/52 (l)§ | 502000 | 50200 |
|  CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6 B<br>3.804%, 11/10/49 | 900000 | 852155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 B<br>4.199%, 6/15/50 (l) | 514000 | 484375 |
|  Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36 B<br>4.905%, 2/10/49 (l) | 504000 | 472412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P4 XA<br>2.044%, 7/10/49 IO (l) | 648981 | 6985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41 B<br>3.199%, 8/10/56 | 276000 | 241329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K D<br>3.422%, 11/10/42 (l)§ | 350000 | 308817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-555 F<br>3.620%, 12/10/41 (l)§ | 364000 | 309758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46 B<br>3.150%, 2/15/53 (l) | 401000 | 352419 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16 C<br>4.937%, 4/10/47 (l) | 900000 | 857451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25 B<br>4.689%, 8/10/48 (l) | 675000 | 654999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26 XA<br>0.993%, 10/10/48 IO (l) | 629053 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1 C<br>4.432%, 2/10/48 (l) | 100000 | 90424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 XA<br>1.054%, 2/10/49 IO (l) | 583722 | 892 |
|  CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 XA<br>0.168%, 4/15/50 IO (l) | 82377 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6 B<br>3.924%, 1/15/49 (l) | 485000 | 463193 |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 B<br>3.766%, 10/10/43 (l)§ | 620000 | 546133 |
|  GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RIVR C<br>5.859%, 7/15/35 (l)§ | 272000 | 2720 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC26 D<br>4.546%, 11/10/47 (l)§ | 100000 | 51496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1 B<br>4.238%, 11/10/48 (l) | 582000 | 550125 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1 XA<br>1.032%, 1/15/49 IO (l) | 549076 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LOOP E<br>3.990%, 12/5/38 (l)§ | 345000 | 53609 |
|  JPMCC Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 C<br>3.848%, 7/15/50 (l) | 600000 | 501588 |
|  JPMDB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 AS<br>3.484%, 6/15/49 | 800000 | 747644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 XA<br>1.619%, 6/15/49 IO (l) | 671588 | 5888 |
|  LCCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26 C<br>4.706%, 7/12/50§ | 400000 | 370587 |
|  Lstar Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4 C<br>4.693%, 3/10/49 (l)§ | 72000 | 67732 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 B<br>3.880%, 11/15/49 (l) | 500000 | 464146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33 B<br>4.105%, 5/15/50 | 753000 | 715744 |
|  Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS8 XA<br>0.990%, 12/15/48 IO (l) | 811033 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11 XA<br>1.565%, 8/15/49 IO (l) | 696335 | 7045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7 XD<br>1.036%, 10/15/54 IO (l)§ | 11180000 | 557418 |
|  NJ Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-GSP A<br>6.697%, 1/6/29 (l)§ | 500000 | 524947 |
|  SG Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 XA<br>1.977%, 10/10/48 IO (l) | 437459 | 5046 |
|  SLG Office Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA E<br>2.851%, 7/15/41§ | 380000 | 318409 |
|  UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6 B<br>4.154%, 12/15/50 (l) | 343000 | 317016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 C<br>4.728%, 12/15/50 (l) | 500000 | 465508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C13 A3<br>4.069%, 10/15/51 | 435450 | 430476 |
|  VEGAS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TI A<br>5.518%, 11/10/39§ | 261000 | 264257 |
|  Velocity Commercial Capital Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.940%, 3/25/49 (l)§ | 317892 | 299695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M2<br>4.010%, 3/25/49 (l)§ | 159392 | 146016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M3<br>4.120%, 3/25/49 (l)§ | 131113 | 114844 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30 XA<br>0.874%, 9/15/58 IO (l) | 1252556 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31 C<br>4.790%, 11/15/48 (l) | 105000 | 102611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P2 XA<br>1.048%, 12/15/48 IO (l) | 468790 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 XA<br>1.683%, 11/15/49 IO (l) | 673140 | 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC1 XA<br>1.535%, 1/15/60 IO (l) | 711565 | 12749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 C<br>4.345%, 5/15/52 | 412000 | 357842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58 B<br>2.704%, 7/15/53 | 550000 | 451058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C4 A3<br>5.673%, 5/15/58 | 451000 | 468922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 27182789 |
|  **Corporate Bonds (22.0%)** | **Corporate Bonds (22.0%)** | **Corporate Bonds (22.0%)** |
|  **Communication Services (1.0%)** | **Communication Services (1.0%)** |  |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** |
|  AT&T, Inc.<br>4.300%, 2/15/30 | 500000 | 497826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/53 | 827000 | 559207 |
|  Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%),<br>6.875%, 9/15/55 (k) | 172000 | 175769 |
|  CCO Holdings LLC<br>5.125%, 5/1/27§ | 100000 | 99451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/30 (x)§ | 140000 | 135174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32§ | 25000 | 23638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34 (x)§ | 115000 | 102362 |
|  Level 3 Financing, Inc.<br>4.500%, 4/1/30§ | 70000 | 63350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/30/33§ | 185000 | 188237 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.71%),<br>7.000%, 10/15/55 (k) | 76000 | 76661 |
|  Verizon Communications, Inc.<br>5.401%, 7/2/37§ | 475000 | 479168 |
|  Windstream Services LLC<br>8.250%, 10/1/31§ | 55000 | 57429 |
|  |  | 2458272 |
|  ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** |
|  Netflix, Inc.<br>5.400%, 8/15/54 | 211000 | 206801 |
|  ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** |
|  Meta Platforms, Inc.<br>4.450%, 8/15/52 | 321000 | 270430 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Clear Channel Outdoor Holdings, Inc.<br>7.500%, 6/1/29 (x)§ | 45000 | 41483 |
|  Directv Financing LLC<br>5.875%, 8/15/27§ | 210000 | 209181 |
|  DISH DBS Corp.<br>5.750%, 12/1/28§ | 115000 | 99204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 40000 | 26700 |
|  EchoStar Corp.<br>10.750%, 11/30/29 | 80000 | 82000 |
|  Gray Media, Inc.<br>10.500%, 7/15/29§ | 95000 | 101688 |
|  McGraw-Hill Education, Inc.<br>5.750%, 8/1/28§ | 105000 | 105033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 9/1/31§ | 40000 | 41628 |
|  Sirius XM Radio LLC<br>5.500%, 7/1/29§ | 105000 | 104478 |
|  Univision Communications, Inc.<br>7.375%, 6/30/30§ | 100000 | 98273 |
|  Videotron Ltd.<br>5.700%, 1/15/35§ | 284000 | 285146 |
|  |  | 1194814 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  Digicel Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2B14<br>(Zero Coupon), 12/31/30 (r)§ | 14052 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4B14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/31/30 (r)§ | 40405 | 189 |
|  Millicom International Cellular SA<br>5.125%, 1/15/28 (m) | 180000 | 177480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/25/29 (m) | 360000 | 360360 |
|  Telefonica Celular del Paraguay SA<br>5.875%, 4/15/27 (m) | 200000 | 198000 |
|  T-Mobile USA, Inc.<br>3.400%, 10/15/52 | 322000 | 214513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/55 | 185000 | 168569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/55 | 183000 | 181883 |
|  |  | 1301455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 5431772 |
|  **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** |  |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Clarios Global LP<br>6.750%, 2/15/30§ | 370000 | 383879 |
|  Dornoch Debt Merger Sub, Inc.<br>6.625%, 10/15/29§ | 55000 | 42571 |
|  |  | 426450 |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** |
|  Hyundai Capital America<br>5.300%, 1/8/29§ | 560000 | 568044 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Dealer Tire LLC<br>8.000%, 2/1/28§ | 80000 | 77091 |
|  Genuine Parts Co.<br>4.950%, 8/15/29 | 286000 | 290046 |
|  |  | 367137 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Mavis Tire Express Services Topco Corp.<br>6.500%, 5/15/29§ | 60000 | 58964 |
|  Rentokil Terminix Funding LLC<br>5.000%, 4/28/30§ | 200000 | 201234 |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ | 115000 | 120898 |
|  |  | 381096 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** |
|  Caesars Entertainment, Inc.<br>6.000%, 10/15/32 (x)§ | $200000 | $196500 |
|  Carnival Corp.<br>5.875%, 6/15/31§ | 375000 | 380625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/15/33§ | 99000 | 100856 |
|  Expedia Group, Inc.<br>3.800%, 2/15/28 | 294000 | 289529 |
|  Fertitta Entertainment LLC<br>6.750%, 1/15/30§ | 45000 | 41512 |
|  Full House Resorts, Inc.<br>8.250%, 2/15/28 (x)§ | 80000 | 77065 |
|  Life Time, Inc.<br>6.000%, 11/15/31§ | 200000 | 203518 |
|  Light & Wonder International, Inc.<br>7.250%, 11/15/29 (x)§ | 95000 | 97869 |
|  Marriott International, Inc.<br>5.300%, 5/15/34 | 284000 | 286854 |
|  McDonald's Corp.<br>4.450%, 3/1/47 | 326000 | 275649 |
|  Rivers Enterprise Borrower LLC<br>6.625%, 2/1/33§ | 285000 | 285143 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ | 275000 | 276497 |
|  Sabre GLBL, Inc.<br>8.625%, 6/1/27§ | 26000 | 26694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 11/15/29§ | 116000 | 119247 |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30 (x)§ | 85000 | 81869 |
|  Six Flags Entertainment Corp.<br>7.250%, 5/15/31 (x)§ | 285000 | 292225 |
|  Voyager Parent LLC<br>9.250%, 7/1/32§ | 120000 | 124669 |
|  |  | 3156321 |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** |
|  Meritage Homes Corp.<br>5.650%, 3/15/35 | 174000 | 174186 |
|  Whirlpool Corp.<br>6.500%, 6/15/33 | 95000 | 95266 |
|  |  | 269452 |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** |
|  AutoNation, Inc.<br>5.890%, 3/15/35 | 241000 | 244047 |
|  AutoZone, Inc.<br>5.125%, 6/15/30 | 275000 | 281408 |
|  Carvana Co.<br>9.000%, 12/1/28 PIK§ | 64452 | 66144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 6/1/30 PIK§ | 35000 | 36706 |
|  Cougar JV Subsidiary LLC<br>8.000%, 5/15/32§ | 100000 | 106557 |
|  InRetail Consumer<br>3.250%, 3/22/28 (m) | 600000 | 569100 |
|  Lowe's Cos., Inc.<br>5.625%, 4/15/53 (x) | 169000 | 162582 |
|  Michaels Cos., Inc. (The)<br>5.250%, 5/1/28§ | 50000 | 40250 |
|  O'Reilly Automotive, Inc.<br>5.000%, 8/19/34 | 152000 | 150958 |
|  Staples, Inc.<br>10.750%, 9/1/29§ | 100000 | 94845 |
|  Victra Holdings LLC<br>8.750%, 9/15/29 (x)§ | 145000 | 152250 |
|  |  | 1904847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 7073347 |
|  **Consumer Staples (0.8%)** | **Consumer Staples (0.8%)** |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  Diageo Investment Corp.<br>5.125%, 8/15/30 | 235000 | 241809 |
|  Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10<br>5.200%, 3/15/31 | 279000 | 287483 |
|  |  | 529292 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Cencosud SA<br>4.375%, 7/17/27 (m) | 200000 | 197366 |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28§ | 415000 | 408256 |
|  US Foods, Inc.<br>5.750%, 4/15/33§ | 260000 | 260598 |
|  |  | 866220 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Bunge Ltd. Finance Corp.<br>4.650%, 9/17/34 | 350000 | 338851 |
|  Campbell's Co. (The)<br>5.400%, 3/21/34 | 149000 | 151097 |
|  Flowers Foods, Inc.<br>5.750%, 3/15/35 | 290000 | 296250 |
|  JBS USA Holding Lux Sarl<br>3.750%, 12/1/31 | 228000 | 212210 |
|  Mars, Inc.<br>5.700%, 5/1/55§ | 308000 | 307314 |
|  Minerva Luxembourg SA<br>8.875%, 9/13/33§ | 200000 | 216000 |
|  Post Holdings, Inc.<br>6.375%, 3/1/33§ | 150000 | 151460 |
|  |  | 1673182 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  BAT Capital Corp.<br>5.625%, 8/15/35 | 285000 | 289775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 | 258000 | 207386 |
|  Philip Morris International, Inc.<br>5.375%, 2/15/33 | 276000 | 284694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 | 256000 | 260787 |
|  |  | 1042642 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 4111336 |
|  **Energy (2.3%)** | **Energy (2.3%)** |  |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Archrock Partners LP<br>6.625%, 9/1/32§ | 190000 | 193325 |
|  Guara Norte Sarl<br>5.198%, 6/15/34 (m) | 460974 | 434809 |
|  Kodiak Gas Services LLC<br>7.250%, 2/15/29§ | 190000 | 196874 |
|  Nabors Industries, Inc.<br>9.125%, 1/31/30§ | 75000 | 71505 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Transocean, Inc.<br>8.000%, 2/1/27§ | $| 31000 | $| 30501 |
|  Weatherford International Ltd.<br>8.625%, 4/30/30§ |  | 60000 |  | 61546 |
|  |  |  |  | 988560 |
|  ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** |
|  Acu Petroleo Luxembourg Sarl<br>7.500%, 1/13/32 (m) |  | 230661 |  | 230084 |
|  Adani Renewable Energy RJ Ltd.<br>4.625%, 10/15/39 (m) |  | 167000 |  | 134853 |
|  APA Corp.<br>6.100%, 2/15/35§ |  | 155000 |  | 151742 |
|  Blue Racer Midstream LLC<br>7.250%, 7/15/32§ |  | 95000 |  | 100652 |
|  BPRL International Singapore Pte. Ltd.<br>4.375%, 1/18/27 (m) |  | 300000 |  | 298386 |
|  Buckeye Partners LP<br>6.875%, 7/1/29§ |  | 95000 |  | 98391 |
|  Canacol Energy Ltd.<br>5.750%, 11/24/28 (m) |  | 400000 |  | 139560 |
|  Cheniere Energy Partners LP<br>4.000%, 3/1/31 |  | 304000 |  | 288912 |
|  Cheniere Energy, Inc.<br>4.625%, 10/15/28 |  | 289000 |  | 288449 |
|  Chord Energy Corp.<br>6.750%, 3/15/33§ |  | 150000 |  | 152250 |
|  Civitas Resources, Inc.<br>8.375%, 7/1/28§ |  | 80000 |  | 81905 |
|  CNX Resources Corp.<br>6.000%, 1/15/29§ |  | 100000 |  | 100343 |
|  Cosan Overseas Ltd.<br>8.250%, 8/5/25 (m)(y) |  | 500000 |  | 501190 |
|  Devon Energy Corp.<br>5.750%, 9/15/54 |  | 132000 |  | 118688 |
|  DT Midstream, Inc.<br>4.125%, 6/15/29§ |  | 153000 |  | 147868 |
|  Eastern Energy Gas Holdings LLC<br>5.650%, 10/15/54 |  | 309000 |  | 294789 |
|  Ecopetrol SA<br>4.625%, 11/2/31 |  | 150000 |  | 126225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 5/28/45 |  | 100000 |  | 68985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/2/51 |  | 700000 |  | 458150 |
|  Enterprise Products Operating LLC<br>5.550%, 2/16/55 |  | 287000 |  | 277063 |
|  Expand Energy Corp.<br>6.750%, 4/15/29§ |  | 86000 |  | 86930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 |  | 151000 |  | 146310 |
|  Fermaca Enterprises S de RL de CV<br>6.375%, 3/30/38 (m) |  | 383541 |  | 368199 |
|  Florida Gas Transmission Co. LLC<br>5.750%, 7/15/35§ |  | 126000 |  | 128501 |
|  Galaxy Pipeline Assets Bidco Ltd.<br>2.940%, 9/30/40 (m) |  | 176648 |  | 144797 |
|  GNL Quintero SA<br>4.634%, 7/31/29 (m) |  | 423680 |  | 420185 |
|  Gulfport Energy Operating Corp.<br>6.750%, 9/1/29§ |  | 190000 |  | 194155 |
|  Harvest Midstream I LP<br>7.500%, 5/15/32§ |  | 180000 |  | 190204 |
|  Hess Midstream Operations LP<br>5.875%, 3/1/28 (x)§ |  | 149000 |  | 151137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/30§ |  | 153000 |  | 153607 |
|  Hilcorp Energy I LP<br>7.250%, 2/15/35§ |  | 85000 |  | 83025 |
|  Kinder Morgan Energy Partners LP<br>6.950%, 1/15/38 |  | 392000 |  | 433554 |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ |  | 144000 |  | 145175 |
|  Matador Resources Co.<br>6.500%, 4/15/32§ |  | 100000 |  | 100000 |
|  NGL Energy Operating LLC<br>8.125%, 2/15/29 (x)§ |  | 50000 |  | 50500 |
|  NGPL PipeCo LLC<br>3.250%, 7/15/31§ |  | 341000 |  | 302311 |
|  ONEOK, Inc.<br>5.375%, 6/1/29 |  | 142000 |  | 145513 |
|  ONGC Videsh Vankorneft Pte. Ltd.<br>3.750%, 7/27/26 (m) |  | 300000 |  | 297153 |
|  Permian Resources Operating LLC<br>7.000%, 1/15/32§ |  | 100000 |  | 103659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ |  | 149000 |  | 149745 |
|  Pertamina Persero PT<br>1.400%, 2/9/26 (m) |  | 600000 |  | 587250 |
|  Peru LNG Srl<br>5.375%, 3/22/30 (m) |  | 166680 |  | 155429 |
|  Petroleos Mexicanos<br>6.750%, 9/21/47 |  | 100000 |  | 72440 |
|  Raizen Fuels Finance SA<br>5.700%, 1/17/35 (m) |  | 400000 |  | 374564 |
|  Reliance Industries Ltd.<br>3.667%, 11/30/27 (m) |  | 250000 |  | 245233 |
|  SM Energy Co.<br>7.000%, 8/1/32§ |  | 105000 |  | 103425 |
|  Sunoco LP<br>6.000%, 4/15/27 |  | 90000 |  | 89932 |
|  Tallgrass Energy Partners LP<br>7.375%, 2/15/29§ |  | 95000 |  | 97481 |
|  Targa Resources Corp.<br>5.500%, 2/15/35 |  | 65000 |  | 65169 |
|  TransCanada PipeLines Ltd.<br>4.625%, 3/1/34 |  | 500000 |  | 478631 |
|  Ultrapar International SA<br>5.250%, 10/6/26 (m) |  | 200000 |  | 198922 |
|  Venture Global LNG, Inc.<br>8.125%, 6/1/28§ |  | 55000 |  | 56654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/1/31§ |  | 60000 |  | 62325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 2/1/32§ |  | 45000 |  | 48600 |
|  Venture Global Plaquemines LNG LLC<br>7.500%, 5/1/33§ |  | 35000 |  | 37362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34§ |  | 110000 |  | 110000 |
|  Vital Energy, Inc.<br>7.875%, 4/15/32 (x)§ |  | 70000 |  | 59822 |
|  |  |  |  | 10696384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 11684944 |
|  **Financials (3.7%)** | **Financials (3.7%)** | **Financials (3.7%)** |  |  |
|  ***Banks (1.8%)*** | ***Banks (1.8%)*** | ***Banks (1.8%)*** | ***Banks (1.8%)*** | ***Banks (1.8%)*** |
|  Banco Continental SAECA<br>2.750%, 12/10/25 (m) |  | 150000 |  | 148076 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Banco Industrial SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.44%), 4.875%, 1/29/31 (k)(m) | $| 500000 | $| 492000 |
|  Banco Internacional del Peru SAA Interbank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.71%),<br>4.000%, 7/8/30 (k)(m) |  | 750000 |  | 747600 |
|  Banco Nacional de Comercio Exterior SNC<br>5.875%, 5/7/30§ |  | 200000 |  | 202380 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%),<br>6.625%, 5/1/30 (k)(y) |  | 151000 |  | 155719 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) |  | 237000 |  | 208427 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%),<br>5.468%, 1/23/35 (k) |  | 228000 |  | 233522 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.70%),<br>5.744%, 2/12/36 (k) |  | 249000 |  | 252111 |
|  BPCE SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>6.293%, 1/14/36 (k)§ |  | 350000 |  | 367701 |
|  CaixaBank SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>6.037%, 6/15/35 (k)§ |  | 306000 |  | 319658 |
|  Canadian Imperial Bank of Commerce |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>5.245%, 1/13/31 (k) |  | 298000 |  | 305115 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) |  | 121000 |  | 118185 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>4.952%, 5/7/31 (k) |  | 251000 |  | 253451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%),<br>6.174%, 5/25/34 (k) |  | 141000 |  | 147193 |
|  Comerica, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.982%, 1/30/30 (k) |  | 148000 |  | 151429 |
|  Credit Agricole SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.862%, 1/9/36 (k)§ |  | 317000 |  | 327182 |
|  Huntington Bancshares, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>5.272%, 1/15/31 (k) |  | 170000 |  | 174067 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.87%),<br>5.709%, 2/2/35 (k) |  | 142000 |  | 144933 |
|  Intercorp Financial Services, Inc.<br>4.125%, 10/19/27 (m) |  | 300000 |  | 291585 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>5.140%, 1/24/31 (k) |  | 248000 |  | 253855 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>5.103%, 4/22/31 (k)(x) |  | 278000 |  | 284820 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>5.294%, 7/22/35 (k) |  | 550000 |  | 559802 |
|  Lloyds Banking Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%),<br>6.068%, 6/13/36 (k) |  | 351000 |  | 360401 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.27%),<br>5.615%, 4/24/36 (k) |  | 292000 |  | 299895 |
|  National Bank of Canada<br>4.500%, 10/10/29 (x) |  | 250000 |  | 248791 |
|  NatWest Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%),<br>5.115%, 5/23/31 (k) |  | 348000 |  | 353318 |
|  Santander Holdings USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>5.473%, 3/20/29 (k) |  | 192000 |  | 194961 |
|  Truist Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.45%),<br>7.161%, 10/30/29 (k)(x) |  | 124000 |  | 133818 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.153%, 8/5/32 (k) |  | 280000 |  | 284538 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.150%, 4/23/31 (k) |  | 576000 |  | 588275 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>6.491%, 10/23/34 (k) |  | 419000 |  | 457069 |
|  |  |  |  | 9059877 |
|  ***Capital Markets (0.3%)*** | ***Capital Markets (0.3%)*** | ***Capital Markets (0.3%)*** | ***Capital Markets (0.3%)*** | ***Capital Markets (0.3%)*** |
|  Bank of New York Mellon Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.060%, 7/22/32 (k) |  | 255000 |  | 260157 |
|  Brookfield Finance, Inc.<br>5.813%, 3/3/55 |  | 299000 |  | 290540 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.330%, 7/23/35 (k) |  | 275000 |  | 277468 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%),<br>5.948%, 1/19/38 (k) |  | 144000 |  | 147635 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.80%),<br>5.942%, 2/7/39 (k) |  | 278000 |  | 284900 |
|  State Street Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.95%),<br>4.543%, 4/24/28 (k) |  | 233000 |  | 234604 |
|  SURA Asset Management SA<br>6.350%, 5/13/32§ |  | 200000 |  | 210480 |
|  |  |  |  | 1705784 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  AerCap Ireland Capital DAC<br>5.100%, 1/19/29 |  | 225000 |  | 228814 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%),<br>6.950%, 3/10/55 (k) | $| 310000 | $| 322777 |
|  Aircastle Ltd.<br>5.250%, 3/15/30§ |  | 284000 |  | 285912 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>5.016%, 4/25/31 (k) |  | 614000 |  | 625051 |
|  Avolon Holdings Funding Ltd.<br>5.750%, 3/1/29§ |  | 259000 |  | 264869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/29§ |  | 310000 |  | 317372 |
|  Azorra Finance Ltd.<br>7.250%, 1/15/31§ |  | 190000 |  | 193872 |
|  GGAM Finance Ltd.<br>6.875%, 4/15/29§ |  | 190000 |  | 196310 |
|  Macquarie Airfinance Holdings Ltd. 5.200%, 3/27/28§ |  | 152000 |  | 153546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 3/26/29§ |  | 142000 |  | 148253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/17/30§ |  | 39000 |  | 38977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/26/31§ |  | 31000 |  | 32724 |
|  OneMain Finance Corp.<br>7.500%, 5/15/31 |  | 235000 |  | 245289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/15/32 |  | 65000 |  | 67291 |
|  |  |  |  | 3121057 |
|  ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** |
|  Fiserv, Inc.<br>5.450%, 3/15/34 |  | 271000 |  | 276621 |
|  Global Payments, Inc.<br>4.950%, 8/15/27 |  | 297000 |  | 300038 |
|  Interoceanica IV Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/30/25 (m) |  | 10463 |  | 10219 |
|  PennyMac Financial Services, Inc.<br>7.875%, 12/15/29§ |  | 110000 |  | 116633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/32§ |  | 70000 |  | 71346 |
|  Rocket Cos., Inc.<br>6.125%, 8/1/30§ |  | 95000 |  | 96760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/1/33§ |  | 95000 |  | 97109 |
|  |  |  |  | 968726 |
|  ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** |
|  200 Park Funding Trust<br>5.740%, 2/15/55§ |  | 347000 |  | 340528 |
|  Acrisure LLC<br>6.750%, 7/1/32§ |  | 160000 |  | 162200 |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27§ |  | 145000 |  | 145313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/31§ |  | 110000 |  | 112177 |
|  American International Group, Inc.<br>5.450%, 5/7/35 |  | 118000 |  | 120409 |
|  American National Group, Inc.<br>5.750%, 10/1/29 |  | 119000 |  | 121766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/15/35 |  | 395000 |  | 395397 |
|  APH Somerset Investor 2 LLC<br>7.875%, 11/1/29 (x)§ |  | 60000 |  | 61188 |
|  Arthur J Gallagher & Co.<br>4.850%, 12/15/29 |  | 169000 |  | 171312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/15/35 |  | 351000 |  | 351173 |
|  Athene Global Funding<br>5.349%, 7/9/27§ |  | 234000 |  | 237510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721%, 10/8/29§ |  | 341000 |  | 339791 |
|  Athene Holding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%),<br>6.625%, 10/15/54 (k) |  | 225000 |  | 221625 |
|  Brown & Brown, Inc.<br>6.250%, 6/23/55 |  | 123000 |  | 127004 |
|  Guardian Life Global Funding<br>4.798%, 4/28/30§ |  | 262000 |  | 266451 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ |  | 80000 |  | 83608 |
|  Massachusetts Mutual Life Insurance Co.<br>3.200%, 12/1/61§ |  | 313000 |  | 189400 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.08%),<br>6.350%, 3/15/55 (k) |  | 254000 |  | 261306 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ |  | 150000 |  | 155812 |
|  Prudential Financial, Inc.<br>5.200%, 3/14/35 |  | 184000 |  | 185204 |
|  |  |  |  | 4049174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 18904618 |
|  **Health Care (1.1%)** | **Health Care (1.1%)** | **Health Care (1.1%)** |  |  |
|  ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** |
|  AbbVie, Inc.<br>4.700%, 5/14/45 |  | 303000 |  | 271440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/64 |  | 170000 |  | 163866 |
|  Amgen, Inc.<br>5.750%, 3/2/63 |  | 408000 |  | 397307 |
|  Biogen, Inc.<br>5.050%, 1/15/31 |  | 282000 |  | 286541 |
|  Gilead Sciences, Inc.<br>5.550%, 10/15/53 |  | 152000 |  | 149978 |
|  |  |  |  | 1269132 |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** |
|  Bausch + Lomb Corp.<br>8.375%, 10/1/28§ |  | 240000 |  | 249900 |
|  Medline Borrower LP<br>5.250%, 10/1/29§ |  | 160000 |  | 158767 |
|  Zimmer Biomet Holdings, Inc.<br>5.200%, 9/15/34 |  | 282000 |  | 282304 |
|  |  |  |  | 690971 |
|  ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** |
|  Cardinal Health, Inc.<br>4.600%, 3/15/43 |  | 285000 |  | 245088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/44 |  | 41000 |  | 34327 |
|  Centene Corp.<br>2.500%, 3/1/31 |  | 478000 |  | 410855 |
|  Community Health Systems, Inc.<br>6.000%, 1/15/29§ |  | 155000 |  | 148428 |
|  Elevance Health, Inc.<br>4.550%, 5/15/52 |  | 82000 |  | 66623 |
|  Icon Investments Six DAC<br>5.849%, 5/8/29 |  | 200000 |  | 207136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/8/34 |  | 200000 |  | 203840 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Laboratory Corp. of America Holdings<br>4.800%, 10/1/34 | $| 699000 | $| 682931 |
|  LifePoint Health, Inc.<br>10.000%, 6/1/32§ |  | 135000 |  | 138364 |
|  Quest Diagnostics, Inc.<br>5.000%, 12/15/34 |  | 284000 |  | 282219 |
|  Radiology Partners, Inc.<br>8.500%, 7/15/32§ |  | 175000 |  | 175438 |
|  Tenet Healthcare Corp.<br>6.125%, 6/15/30 |  | 195000 |  | 198336 |
|  |  |  |  | 2793585 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  IQVIA, Inc.<br>6.250%, 2/1/29 |  | 196000 |  | 204466 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Agilent Technologies, Inc.<br>4.750%, 9/9/34 |  | 295000 |  | 289088 |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** |
|  Bausch Health Cos., Inc.<br>5.250%, 1/30/30§ |  | 50000 |  | 31407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.000%, 10/15/30§ |  | 5000 |  | 4336 |
|  Royalty Pharma plc<br>5.400%, 9/2/34 (x) |  | 277000 |  | 280238 |
|  Takeda US Financing, Inc.<br>5.900%, 7/7/55 |  | 299000 |  | 300772 |
|  |  |  |  | 616753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 5863995 |
|  **Industrials (3.7%)** | **Industrials (3.7%)** | **Industrials (3.7%)** |  |  |
|  ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** |
|  AAR Escrow Issuer LLC<br>6.750%, 3/15/29§ |  | 115000 |  | 119157 |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ |  | 110000 |  | 111819 |
|  Hexcel Corp.<br>5.875%, 2/26/35 |  | 168000 |  | 170552 |
|  Northrop Grumman Corp.<br>5.200%, 6/1/54 |  | 296000 |  | 276162 |
|  TransDigm, Inc.<br>6.375%, 5/31/33§ |  | 185000 |  | 185200 |
|  |  |  |  | 862890 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  Amrize Finance US LLC<br>4.950%, 4/7/30§ |  | 129000 |  | 130664 |
|  Builders FirstSource, Inc.<br>6.375%, 3/1/34§ |  | 235000 |  | 238819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/35§ |  | 100000 |  | 103096 |
|  Cornerstone Building Brands, Inc.<br>9.500%, 8/15/29§ |  | 105000 |  | 96106 |
|  CRH SMW Finance DAC<br>5.125%, 1/9/30 |  | 370000 |  | 378592 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ |  | 185000 |  | 188748 |
|  Griffon Corp.<br>5.750%, 3/1/28 (x) |  | 235000 |  | 234570 |
|  Miter Brands Acquisition Holdco, Inc.<br>6.750%, 4/1/32§ |  | 190000 |  | 194564 |
|  Owens Corning<br>5.700%, 6/15/34 |  | 140000 |  | 145312 |
|  Quikrete Holdings, Inc.<br>6.750%, 3/1/33§ |  | 165000 |  | 170214 |
|  Standard Building Solutions, Inc.<br>6.500%, 8/15/32§ |  | 95000 |  | 97256 |
|  |  |  |  | 1977941 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  Allied Universal Holdco LLC<br>7.875%, 2/15/31§ |  | 280000 |  | 291550 |
|  Element Fleet Management Corp.<br>6.319%, 12/4/28§ |  | 274000 |  | 288384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037%, 3/25/30§ |  | 281000 |  | 283129 |
|  Garda World Security Corp.<br>8.250%, 8/1/32 (x)§ |  | 280000 |  | 286661 |
|  Madison IAQ LLC<br>5.875%, 6/30/29 (x)§ |  | 305000 |  | 299342 |
|  Republic Services, Inc.<br>5.150%, 3/15/35 |  | 554000 |  | 563367 |
|  Rollins, Inc.<br>5.250%, 2/24/35 |  | 128000 |  | 128525 |
|  Veralto Corp.<br>5.350%, 9/18/28 |  | 279000 |  | 287107 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ |  | 95000 |  | 102853 |
|  Waste Connections, Inc.<br>5.250%, 9/1/35 |  | 243000 |  | 248339 |
|  |  |  |  | 2779257 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Bioceanico Sovereign Certificate Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/5/34 (m) |  | 517951 |  | 408721 |
|  MasTec, Inc.<br>5.900%, 6/15/29 |  | 286000 |  | 295451 |
|  Quanta Services, Inc.<br>5.250%, 8/9/34 |  | 280000 |  | 283281 |
|  |  |  |  | 987453 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Molex Electronic Technologies LLC<br>5.250%, 4/30/32§ |  | 277000 |  | 280224 |
|  Regal Rexnord Corp.<br>6.050%, 2/15/26 |  | 116000 |  | 116631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 4/15/28 |  | 167000 |  | 171821 |
|  |  |  |  | 568676 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  Ashtead Capital, Inc.<br>5.550%, 5/30/33§ |  | 243000 |  | 244447 |
|  Burlington Northern Santa Fe LLC<br>5.200%, 4/15/54 |  | 404000 |  | 381873 |
|  CSX Corp.<br>3.800%, 11/1/46 |  | 719000 |  | 559515 |
|  Dcli Bidco LLC<br>7.750%, 11/15/29§ |  | 140000 |  | 141330 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32 (x)§ |  | 195000 |  | 198557 |
|  Lima Metro Line 2 Finance Ltd.<br>5.875%, 7/5/34 (m) |  | 318128 |  | 321319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/5/36 (m) |  | 356935 |  | 335608 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Movida Europe SA<br>7.850%, 4/11/29§ | $| 200000 | $| 184700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.850%, 4/11/29 (m) |  | 400000 |  | 369400 |
|  Norfolk Southern Corp.<br>5.100%, 5/1/35 (x) |  | 123000 |  | 123609 |
|  Penske Truck Leasing Co. LP<br>5.250%, 2/1/30§ |  | 291000 |  | 297051 |
|  Simpar Europe SA<br>5.200%, 1/26/31 (m) |  | 200000 |  | 162310 |
|  Star Leasing Co. LLC<br>7.625%, 2/15/30§ |  | 105000 |  | 104081 |
|  Uber Technologies, Inc.<br>4.500%, 8/15/29§ |  | 322000 |  | 319572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/34 |  | 296000 |  | 290417 |
|  Union Pacific Corp.<br>3.700%, 3/1/29 |  | 500000 |  | 490669 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ |  | 95000 |  | 99170 |
|  XPO, Inc.<br>7.125%, 6/1/31§ |  | 200000 |  | 208818 |
|  |  |  |  | 4832446 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  KUO SAB de CV<br>5.750%, 7/7/27 (m) |  | 400000 |  | 392000 |
|  Siemens Funding BV<br>5.800%, 5/28/55§ |  | 200000 |  | 205606 |
|  |  |  |  | 597606 |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |
|  Husky Injection Molding Systems Ltd.<br>9.000%, 2/15/29§ |  | 280000 |  | 291572 |
|  Westinghouse Air Brake Technologies Corp.<br>4.900%, 5/29/30 |  | 282000 |  | 285599 |
|  |  |  |  | 577171 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  MV24 Capital BV<br>6.748%, 6/1/34 (m) |  | 439392 |  | 425555 |
|  Yinson Bergenia Production BV<br>8.498%, 1/31/45§ |  | 200000 |  | 202180 |
|  |  |  |  | 627735 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  American Airlines, Inc.<br>8.500%, 5/15/29§ |  | 95000 |  | 99464 |
|  JetBlue Airways Corp.<br>9.875%, 9/20/31 (x)§ |  | 60000 |  | 58200 |
|  |  |  |  | 157664 |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** |
|  Amentum Holdings, Inc.<br>7.250%, 8/1/32§ |  | 80000 |  | 82203 |
|  CACI International, Inc.<br>6.375%, 6/15/33§ |  | 65000 |  | 67014 |
|  Jacobs Engineering Group, Inc.<br>5.900%, 3/1/33 |  | 201000 |  | 208139 |
|  Paychex, Inc.<br>5.350%, 4/15/32 |  | 550000 |  | 564021 |
|  Verisk Analytics, Inc.<br>5.250%, 6/5/34 (x) |  | 280000 |  | 285396 |
|  VT Topco, Inc.<br>8.500%, 8/15/30 (x)§ |  | 130000 |  | 138195 |
|  |  |  |  | 1344968 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Aviation Capital Group LLC<br>5.375%, 7/15/29§ |  | 218000 |  | 222141 |
|  Fortress Transportation and Infrastructure Investors LLC<br>5.875%, 4/15/33 (x)§ |  | 50000 |  | 49187 |
|  GATX Corp.<br>5.500%, 6/15/35 |  | 169000 |  | 170981 |
|  Herc Holdings, Inc.<br>7.000%, 6/15/30§ |  | 100000 |  | 104477 |
|  QXO Building Products, Inc.<br>6.750%, 4/30/32 (x)§ |  | 70000 |  | 71925 |
|  WESCO Distribution, Inc.<br>6.375%, 3/15/33§ |  | 65000 |  | 67049 |
|  |  |  |  | 685760 |
|  ***Transportation Infrastructure (0.6%)*** | ***Transportation Infrastructure (0.6%)*** | ***Transportation Infrastructure (0.6%)*** | ***Transportation Infrastructure (0.6%)*** | ***Transportation Infrastructure (0.6%)*** |
|  Adani International Container Terminal Pvt Ltd.<br>3.000%, 2/16/31 (m) |  | 480000 |  | 422175 |
|  Adani International Container Terminal Pvt. Ltd.<br>3.000%, 2/16/31§ |  | 240000 |  | 211088 |
|  Adani Ports & Special Economic Zone Ltd.<br>4.000%, 7/30/27§ |  | 250000 |  | 240937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/3/29 (m) |  | 200000 |  | 187600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 2/2/31 (m) |  | 200000 |  | 168869 |
|  Fideicomiso PA Pacifico Tres<br>8.250%, 1/15/35 (m) |  | 160900 |  | 161910 |
|  JSW Infrastructure Ltd.<br>4.950%, 1/21/29 (m) |  | 400000 |  | 390000 |
|  Prumo Participacoes e Investimentos S/A<br>7.500%, 12/31/31 (m) |  | 719719 |  | 730514 |
|  Rutas 2 & 7 Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/30/36 (m) |  | 843333 |  | 608010 |
|  |  |  |  | 3121103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 19120670 |
|  **Information Technology (1.4%)** | **Information Technology (1.4%)** | **Information Technology (1.4%)** |  |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  CommScope LLC<br>9.500%, 12/15/31§ |  | 95000 |  | 99142 |
|  Motorola Solutions, Inc.<br>5.200%, 8/15/32 |  | 241000 |  | 244613 |
|  |  |  |  | 343755 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Amphenol Corp.<br>5.375%, 11/15/54 |  | 149000 |  | 145781 |
|  Arrow Electronics, Inc.<br>5.150%, 8/21/29 |  | 284000 |  | 288118 |
|  |  |  |  | 433899 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  CoreWeave, Inc.<br>9.250%, 6/1/30§ |  | 60000 |  | 61350 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kyndryl Holdings, Inc.<br>4.100%, 10/15/41 | $| 539000 | $| 427079 |
|  VeriSign, Inc.<br>5.250%, 6/1/32 |  | 362000 |  | 367465 |
|  Wipro IT Services LLC<br>1.500%, 6/23/26 (m) |  | 200000 |  | 194060 |
|  |  |  |  | 1049954 |
|  ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** |
|  Broadcom, Inc.<br>3.500%, 2/15/41§ |  | 746000 |  | 586650 |
|  Foundry JV Holdco LLC<br>6.150%, 1/25/32§ |  | 500000 |  | 525810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/25/34§ |  | 250000 |  | 253796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 1/25/38§ |  | 200000 |  | 210387 |
|  Marvell Technology, Inc.<br>5.950%, 9/15/33 (x) |  | 539000 |  | 568857 |
|  Qorvo, Inc.<br>3.375%, 4/1/31§ |  | 174000 |  | 156948 |
|  Renesas Electronics Corp.<br>2.170%, 11/25/26§ |  | 660000 |  | 637970 |
|  |  |  |  | 2940418 |
|  ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** |
|  AppLovin Corp.<br>5.375%, 12/1/31 |  | 143000 |  | 145214 |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30§ |  | 105000 |  | 102900 |
|  Atlassian Corp.<br>5.250%, 5/15/29 |  | 234000 |  | 240030 |
|  Cadence Design Systems, Inc.<br>4.700%, 9/10/34 |  | 142000 |  | 140060 |
|  Ellucian Holdings, Inc.<br>6.500%, 12/1/29§ |  | 95000 |  | 97164 |
|  Intuit, Inc.<br>5.500%, 9/15/53 |  | 246000 |  | 242715 |
|  Oracle Corp.<br>3.800%, 11/15/37 |  | 105000 |  | 89942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 9/27/54 |  | 193000 |  | 175436 |
|  UKG, Inc.<br>6.875%, 2/1/31§ |  | 95000 |  | 98215 |
|  Workday, Inc.<br>3.700%, 4/1/29 |  | 271000 |  | 264659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/32 |  | 161000 |  | 150887 |
|  |  |  |  | 1747222 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  Dell, Inc.<br>6.500%, 4/15/38 |  | 132000 |  | 140938 |
|  Hewlett Packard Enterprise Co.<br>5.000%, 10/15/34 |  | 698000 |  | 677264 |
|  NetApp, Inc.<br>5.500%, 3/17/32 |  | 142000 |  | 146173 |
|  |  |  |  | 964375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 7479623 |
|  **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** |  |  |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Braskem Idesa SAPI<br>6.990%, 2/20/32 (m) |  | 200000 |  | 138500 |
|  Braskem Netherlands Finance BV<br>4.500%, 1/31/30 (m) |  | 200000 |  | 154000 |
|  Celanese US Holdings LLC<br>6.500%, 4/15/30 |  | 45000 |  | 45900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/33 (x) |  | 45000 |  | 45281 |
|  EIDP, Inc.<br>5.125%, 5/15/32 |  | 190000 |  | 193492 |
|  Illuminate Buyer LLC<br>9.000%, 7/1/28§ |  | 195000 |  | 195957 |
|  OCP SA<br>6.750%, 5/2/34 (m) |  | 400000 |  | 413816 |
|  Olin Corp.<br>6.625%, 4/1/33§ |  | 70000 |  | 68622 |
|  Unigel Luxembourg SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; + 0.00%), 13.500%,<br>12/31/27 PIK (k)(m) |  | 31056 |  | 25143 |
| &nbsp;&nbsp;&nbsp;&nbsp; + 0.00%), 13.500%,<br>12/31/27 PIK (k)§ |  | 22114 |  | 17903 |
| &nbsp;&nbsp;&nbsp;&nbsp; + 0.00%), 11.000%,<br>12/31/28 PIK (k)(m) |  | 107889 |  | 29683 |
| &nbsp;&nbsp;&nbsp;&nbsp; + 0.00%), 11.000%,<br>12/31/28 PIK (k)§ |  | 25089 |  | 6903 |
|  Unigel Netherlands Holding Corp. BV<br>15.000%, 12/31/44 PIK (m) |  | 131402 |  |  |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ |  | 105000 |  | 94849 |
|  |  |  |  | 1430049 |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** |
|  Avery Dennison Corp.<br>5.750%, 3/15/33 |  | 139000 |  | 144944 |
|  Berry Global, Inc.<br>4.875%, 7/15/26§ |  | 108000 |  | 107781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/15/34 (x) |  | 177000 |  | 182726 |
|  CCL Industries, Inc.<br>3.050%, 6/1/30§ |  | 310000 |  | 287463 |
|  Clydesdale Acquisition Holdings, Inc.<br>6.750%, 4/15/32§ |  | 190000 |  | 194094 |
|  Sealed Air Corp.<br>7.250%, 2/15/31§ |  | 145000 |  | 152250 |
|  Smurfit Kappa Treasury ULC<br>5.200%, 1/15/30 |  | 335000 |  | 342721 |
|  Sonoco Products Co.<br>4.600%, 9/1/29 |  | 153000 |  | 152633 |
|  Trident TPI Holdings, Inc.<br>12.750%, 12/31/28§ |  | 180000 |  | 190849 |
|  |  |  |  | 1755461 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  AngloGold Ashanti Holdings plc<br>3.375%, 11/1/28 |  | 500000 |  | 477308 |
|  Aris Mining Corp.<br>8.000%, 10/31/29§ |  | 200000 |  | 203370 |
|  CAP SA<br>3.900%, 4/27/31§ |  | 400000 |  | 319000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/27/31 (m) |  | 300000 |  | 239250 |
|  Cia de Minas Buenaventura SAA<br>5.500%, 7/23/26 (m) |  | 300000 |  | 296250 |
|  Corp. Nacional del Cobre de Chile 5.125%, 2/2/33 (m) |  | 500000 |  | 486375 |
|  CSN Resources SA<br>5.875%, 4/8/32 (m) |  | 600000 |  | 491400 |
|  Freeport-McMoRan, Inc.<br>4.375%, 8/1/28 |  | 300000 |  | 298529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/29 |  | 200000 |  | 203138 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Glencore Funding LLC<br>5.371%, 4/4/29§ | $| 490000 | $| 502088 |
|  Gold Fields Orogen Holdings BVI Ltd.<br>6.125%, 5/15/29 (m) |  | 400000 |  | 414875 |
|  Minsur SA<br>4.500%, 10/28/31 (m) |  | 400000 |  | 370600 |
|  Newmont Corp.<br>5.350%, 3/15/34 |  | 275000 |  | 281298 |
|  Novelis Corp.<br>6.875%, 1/30/30§ |  | 70000 |  | 72436 |
|  Rio Tinto Finance USA plc<br>5.750%, 3/14/55 |  | 175000 |  | 174158 |
|  Vale Overseas Ltd.<br>6.400%, 6/28/54 |  | 114000 |  | 111436 |
|  |  |  |  | 4941511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 8127021 |
|  **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |  |  |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  Digital Realty Trust LP (REIT)<br>3.700%, 8/15/27 |  | 750000 |  | 740355 |
|  Uniti Group LP (REIT)<br>8.625%, 6/15/32 (x)§ |  | 75000 |  | 75795 |
|  VICI Properties LP (REIT)<br>4.625%, 12/1/29 (x)§ |  | 296000 |  | 289668 |
|  |  |  |  | 1105818 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Omega Healthcare Investors, Inc. (REIT)<br>4.750%, 1/15/28 |  | 154000 |  | 154417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/33 |  | 171000 |  | 147364 |
|  Sabra Health Care LP (REIT)<br>3.200%, 12/1/31 |  | 145000 |  | 129257 |
|  |  |  |  | 431038 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Intermediate Holdings LLC (REIT)<br>7.000%, 2/1/30§ |  | 275000 |  | 282565 |
|  RHP Hotel Properties LP (REIT)<br>6.500%, 6/15/33§ |  | 160000 |  | 164074 |
|  |  |  |  | 446639 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Americold Realty Operating Partnership LP (REIT)<br>5.600%, 5/15/32 |  | 126000 |  | 126478 |
|  First Industrial LP (REIT)<br>5.250%, 1/15/31 |  | 367000 |  | 371061 |
|  Lineage OP LP (REIT)<br>5.250%, 7/15/30§ |  | 288000 |  | 289707 |
|  |  |  |  | 787246 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  Anywhere Real Estate Group LLC<br>7.000%, 4/15/30 (x)§ |  | 85000 |  | 79369 |
|  InRetail Shopping Malls<br>5.750%, 4/3/28 (m) |  | 400000 |  | 398044 |
|  |  |  |  | 477413 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  American Homes 4 Rent LP (REIT)<br>5.500%, 2/1/34 |  | 412000 |  | 418219 |
|  Sun Communities Operating LP (REIT)<br>2.700%, 7/15/31 |  | 339000 |  | 299565 |
|  |  |  |  | 717784 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Agree LP (REIT)<br>2.600%, 6/15/33 |  | 149000 |  | 123898 |
|  Phillips Edison Grocery Center Operating Partnership I LP (REIT)<br>5.750%, 7/15/34 |  | 220000 |  | 226052 |
|  Realty Income Corp. (REIT)<br>5.125%, 4/15/35 |  | 175000 |  | 174576 |
|  |  |  |  | 524526 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT)<br>3.375%, 10/15/26 |  | 700000 |  | 690995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 7/15/33 |  | 145000 |  | 149494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/49 |  | 105000 |  | 76742 |
|  Crown Castle, Inc. (REIT)<br>3.700%, 6/15/26 |  | 300000 |  | 297251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 |  | 200000 |  | 196417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/31 |  | 200000 |  | 173744 |
|  Extra Space Storage LP (REIT)<br>5.400%, 2/1/34 |  | 285000 |  | 288548 |
|  Iron Mountain, Inc. (REIT)<br>7.000%, 2/15/29§ |  | 145000 |  | 149733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/33§ |  | 35000 |  | 35987 |
|  |  |  |  | 2058911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 6549375 |
|  **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** |  |  |
|  ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** |
|  Adani Electricity Mumbai Ltd.<br>3.949%, 2/12/30 (m) |  | 200000 |  | 178600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.867%, 7/22/31 (m) |  | 400000 |  | 341500 |
|  Adani Transmission Step-One Ltd.<br>4.250%, 5/21/36 (m) |  | 486500 |  | 411093 |
|  AEP Texas, Inc.<br>5.450%, 5/15/29 |  | 173000 |  | 178651 |
|  AES Espana BV<br>5.700%, 5/4/28§ |  | 200000 |  | 190994 |
|  Arizona Public Service Co.<br>5.700%, 8/15/34 |  | 291000 |  | 299069 |
|  Buffalo Energy Mexico Holdings<br>7.875%, 2/15/39§ |  | 400000 |  | 412500 |
|  Chile Electricity Lux Mpc II Sarl<br>5.672%, 10/20/35§ |  | 200000 |  | 201650 |
|  Chile Electricity Lux MPC Sarl<br>6.010%, 1/20/33 (m) |  | 186000 |  | 192510 |
|  Chile Electricity PEC SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/25/28§ |  | 681918 |  | 595730 |
|  Comision Federal de Electricidad<br>6.450%, 1/24/35§ |  | 400000 |  | 393440 |
|  Commonwealth Edison Co.<br>5.950%, 6/1/55 |  | 286000 |  | 295557 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Duke Energy Corp.<br>3.150%, 8/15/27 | $| 300000 | $| 293784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/47 |  | 370000 |  | 276899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/52 |  | 99000 |  | 86315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/15/54 |  | 213000 |  | 207631 |
|  Duquesne Light Holdings, Inc.<br>3.616%, 8/1/27§ |  | 345000 |  | 334204 |
|  Enel Finance International NV<br>5.125%, 6/26/29§ |  | 200000 |  | 203560 |
|  Energuate Trust<br>5.875%, 5/3/27 (m) |  | 400000 |  | 396416 |
|  Entergy Arkansas LLC<br>5.750%, 6/1/54 |  | 145000 |  | 143700 |
|  Entergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%),<br>7.125%, 12/1/54 (k) |  | 142000 |  | 146924 |
|  Evergy Kansas Central, Inc.<br>5.700%, 3/15/53 |  | 298000 |  | 292919 |
|  Exelon Corp.<br>4.050%, 4/15/30 |  | 750000 |  | 737084 |
|  Fenix Power Peru SA<br>4.317%, 9/20/27 (m) |  | 342353 |  | 333794 |
|  ITC Holdings Corp.<br>5.400%, 6/1/33§ |  | 250000 |  | 252095 |
|  JSW Hydro Energy Ltd.<br>4.125%, 5/18/31§ |  | 142000 |  | 129948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/18/31 (m) |  | 426000 |  | 389843 |
|  Kallpa Generacion SA<br>4.125%, 8/16/27 (m) |  | 400000 |  | 395760 |
|  Mexico Generadora de Energia S de rl<br>5.500%, 12/6/32 (m) |  | 548590 |  | 541184 |
|  Mong Duong Finance Holdings BV<br>5.125%, 5/7/29 (m) |  | 338801 |  | 329681 |
|  NextEra Energy Capital Holdings, Inc.<br>2.440%, 1/15/32 |  | 500000 |  | 432802 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%),<br>6.750%, 6/15/54 (k) |  | 140000 |  | 145187 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/3/30§ |  | 97000 |  | 97000 |
|  NRG Energy, Inc.<br>6.000%, 2/1/33§ |  | 110000 |  | 110706 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara<br>4.125%, 5/15/27 (m) |  | 400000 |  | 396000 |
|  Southern Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%),<br>6.375%, 3/15/55 (k) |  | 204000 |  | 209713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.700%, 4/30/30 |  | 500000 |  | 482741 |
|  Southwestern Electric Power Co.<br>3.250%, 11/1/51 |  | 216000 |  | 138817 |
|  Tierra Mojada Luxembourg II Sarl<br>5.750%, 12/1/40 (m) |  | 338111 |  | 316790 |
|  Trans-Allegheny Interstate Line Co.<br>5.000%, 1/15/31§ |  | 548000 |  | 556610 |
|  Transelec SA<br>3.875%, 1/12/29 (m) |  | 500000 |  | 483035 |
|  Virginia Electric and Power Co.<br>5.550%, 8/15/54 |  | 103000 |  | 99057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.500%, 3/15/27 |  | 300000 |  | 296618 |
|  Vistra Operations Co. LLC<br>7.750%, 10/15/31§ |  | 120000 |  | 127200 |
|  |  |  |  | 13075311 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  National Fuel Gas Co.<br>5.950%, 3/15/35 |  | 121000 |  | 123941 |
|  ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** |
|  Cometa Energia SA de CV<br>6.375%, 4/24/35 (m) |  | 485120 |  | 495138 |
|  Emirates Semb Corp. Water & Power Co. PJSC<br>4.450%, 8/1/35§ |  | 500000 |  | 468090 |
|  Empresa Electrica Angamos SA<br>4.875%, 5/25/29 (m) |  | 69500 |  | 62086 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<br>7.250%, 1/31/41§ |  | 397700 |  | 402085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/31/41 (m) |  | 198850 |  | 201042 |
|  Lightning Power LLC<br>7.250%, 8/15/32 (x)§ |  | 115000 |  | 120606 |
|  PSEG Power LLC<br>5.200%, 5/15/30§ |  | 98000 |  | 99902 |
|  Saavi Energia Sarl<br>8.875%, 2/10/35§ |  | 200000 |  | 208200 |
|  |  |  |  | 2057149 |
|  ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** |
|  Ameren Corp.<br>3.650%, 2/15/26 |  | 550000 |  | 547112 |
|  Black Hills Corp.<br>6.000%, 1/15/35 |  | 269000 |  | 278215 |
|  Consumers Energy Co.<br>4.500%, 1/15/31 |  | 172000 |  | 172177 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>3.375%, 4/1/30 |  | 300000 |  | 284439 |
|  DTE Energy Co.<br>2.850%, 10/1/26 |  | 300000 |  | 294682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/1/34 |  | 437000 |  | 456186 |
|  NiSource, Inc.<br>3.490%, 5/15/27 |  | 500000 |  | 492339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/1/34 |  | 286000 |  | 289406 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.950%, 11/30/54 (k) |  | 142000 |  | 147503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 4/1/55 |  | 252000 |  | 249676 |
|  Sempra<br>5.500%, 8/1/33 |  | 500000 |  | 509051 |
|  |  |  |  | 3720786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 18977187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 113323888 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Foreign Government Securities (0.6%)** | **Foreign Government Securities (0.6%)** | **Foreign Government Securities (0.6%)** |
|  Dominican Republic Government Bond<br>5.500%, 2/22/29 (m) | $300000 | $298584 |
|  Kingdom of Morocco<br>2.375%, 12/15/27 (m) | 400000 | 376500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/32 (m) | 300000 | 253950 |
|  Republic of Colombia<br>4.125%, 5/15/51 | 850000 | 483013 |
|  Republic of Guatemala<br>4.375%, 6/5/27 (m) | 500000 | 491750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/13/28 (m) | 200000 | 197200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/10/29 (m) | 300000 | 297450 |
|  Republic of Paraguay<br>4.700%, 3/27/27 (m) | 543000 | 541914 |
|  United Mexican States<br>6.338%, 5/4/53 | 500000 | 457250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 3397611 |
|  **Mortgage-Backed Securities (20.4%)** | **Mortgage-Backed Securities (20.4%)** | **Mortgage-Backed Securities (20.4%)** |
|  FHLMC<br>4.650%, 12/1/28 | 2727000 | 2758501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/43 | 203432 | 179479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/45 | 163056 | 145779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/45 | 259167 | 231705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/47 | 731960 | 652114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 | 145463 | 137575 |
|  FHLMC UMBS<br>2.000%, 5/1/51 | 1752304 | 1397345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/51 | 3205960 | 2596613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 3885423 | 3418265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 | 3850693 | 3256622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 | 4613431 | 4567969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/53 | 3641429 | 3675533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 2755495 | 2741259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/53 | 1188732 | 1203580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/1/53 | 2636727 | 2725397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/54 | 4614820 | 4677735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/54 | 655136 | 676758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/54 | 4397025 | 4507995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/54 | 2173419 | 2199208 |
|  FNMA<br>4.900%, 4/1/30 | 2522000 | 2606660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 6/1/30 | 2499407 | 2555469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.460%, 4/1/32 | 2157590 | 1907411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/45 | 90671 | 79118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/46 | 212493 | 185085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.225%, 12/1/50 | 3249001 | 2280469 |
|  FNMA UMBS<br>3.000%, 3/1/43 | 801574 | 721480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/44 | 1340811 | 1357978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/46 | 479743 | 427309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/46 | 1508709 | 1343813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 | 1039755 | 925139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/46 | 797716 | 735954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/47 | 1627583 | 1448168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/48 | 1982953 | 1766224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/50 | 2718781 | 2475146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/51 | 6417501 | 5181702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 4004412 | 3530455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 7247142 | 6094006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 | 1539547 | 1519685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/53 | 1735137 | 1778712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/53 | 2692676 | 2760298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/54 | 1338339 | 1363166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 2208433 | 2235328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/54 | 2721084 | 2751671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/54 | 1280429 | 1296023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/54 | 754639 | 777128 |
|  GNMA<br>3.500%, 6/15/42 | 2587392 | 2419113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/48 | 3581260 | 3303088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 3323642 | 2818837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/51 | 2361539 | 2002861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/20/52 | 2847479 | 2502238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 104899166 |
|  **U.S. Treasury Obligations (23.7%)** | **U.S. Treasury Obligations (23.7%)** | **U.S. Treasury Obligations (23.7%)** |
|  U.S. Treasury Bonds<br>1.375%, 11/15/40 | 57200000 | 36446919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | 6400000 | 3079075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 36500000 | 20540368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 | 15300000 | 13999500 |
|  U.S. Treasury Notes<br>0.875%, 11/15/30 | 14950000 | 12815013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 36250000 | 35406056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 122286931 |
|  ***Total Long-Term Debt Securities (96.8%)*** | ***Total Long-Term Debt Securities (96.8%)*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $517,975,021)* |  | 498743520 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
|  ***Diversified Consumer Services (0.0%)*** | ***Diversified Consumer Services (0.0%)*** | ***Diversified Consumer Services (0.0%)*** |
|  Stichting Administratiekantoor Unigel Creditors (ADR) (r)\* | 355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |
|  **Materials (0.0%)** | **Materials (0.0%)** | **Materials (0.0%)** |
|  ***Chemicals (0.0%)*** | ***Chemicals (0.0%)*** | ***Chemicals (0.0%)*** |
|  Unigel Luxembourg SA (r)\* | 130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |
|  **Total Common Stocks (0.0%)†** | **Total Common Stocks (0.0%)†** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $–)* |  |  |
|  INVESTMENT COMPANY: | INVESTMENT COMPANY: | INVESTMENT COMPANY: |
|  ***Fixed Income (0.7%)*** | ***Fixed Income (0.7%)*** | ***Fixed Income (0.7%)*** |
|  DoubleLine Global Bond Fund‡, Class I <br>|  |  |
|  **Total Investment Companies (0.7%)** | **Total Investment Companies (0.7%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $4,463,850)* | 431290 | 3812602 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.8%)** | **Investment Companies (1.8%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>4.22% (7 day yield) (xx) | 300000 | 300000 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 2678575 | $2678575 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 6349260 | 6350530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9329105 |
|  **Total Short-Term Investments (1.8%)** | **Total Short-Term Investments (1.8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $9,329,309)* |  | 9329105 |
|  **Total Investments in Securities (99.3%)** | **Total Investments in Securities (99.3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $531,768,180)* |  | 511885227 |
|  **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | 3589653 |
|  **Net Assets (100%)** |  | $515474880 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $123,705,878 or 24.0% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $24,380,207 or 4.7% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $2,916,394. This was collateralized by cash of $2,978,575 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CLO* *— Collateralized Loan Obligation* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*PIK* *— Payment-in Kind Security* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*STACR* *— Structured Agency Credit Risk* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  DoubleLine Floating Rate Fund, Class I |  | 4810711 |  | (4771544) | (549925) | 510758 |  | 53710 |  |
|  DoubleLine Global Bond Fund, Class I | 431290 | 3545203 |  |  |  | 267399 | 3812602 | 35212 |  |
|  **Total** |  | **8355914** |  | **(4771544)** | **(549925)** | **778157** | **3812602** | **88922** |  |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $75139809 | $— | $75139809 |
|  **Collateralized Mortgage Obligations** |  | 52513326 |  | 52513326 |
|  **Commercial Mortgage-Backed Securities** |  | 27182789 |  | 27182789 |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary |  |  | — (a) | — (a) |
|  Materials |  |  | — (a) | — (a) |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 5431122 | 650 | 5431772 |
|  Consumer Discretionary |  | 7073347 |  | 7073347 |
|  Consumer Staples |  | 4111336 |  | 4111336 |
|  Energy |  | 11684944 |  | 11684944 |
|  Financials |  | 18904618 |  | 18904618 |
|  Health Care |  | 5863995 |  | 5863995 |
|  Industrials |  | 19120670 |  | 19120670 |
|  Information Technology |  | 7479623 |  | 7479623 |
|  Materials |  | 8127021 |  | 8127021 |
|  Real Estate |  | 6549375 |  | 6549375 |
|  Utilities |  | 18977187 |  | 18977187 |
|  **Foreign Government Securities** |  | 3397611 |  | 3397611 |
|  **Fixed Income** |  |  |  |  |
|  **Investment Company** | 3812602 |  |  | 3812602 |
|  **Mortgage-Backed Securities** |  | 104899166 |  | 104899166 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9329105 |  |  | 9329105 |
|  **U.S. Treasury Obligations** |  | 122286931 |  | 122286931 |
|  **Total Assets** | $**13141707** | $**498742870** | $**650** | $**511885227** |
|  **Total** | $**13141707** | $**498742870** | $**650** | $**511885227** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $83188048.0 |
|  Long-term U.S. government debt securities | 30806270.0 |
|  | $113994318.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $117596575.0 |
|  Long-term U.S. government debt securities | 26703697.0 |
|  | $144300272.0 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5502069 |
|  Aggregate gross unrealized depreciation | (26073477) |
|  Net unrealized depreciation | $(20571408) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $532456635 |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,463,850) | $3812602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $527,304,330) | 508072625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4360904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $21) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4032187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 566868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 31446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 520883524 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2978575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1805103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 248214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 209577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 37288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 15444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 114443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5408644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $515474880 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $596175462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (80700582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $515474880 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $76,589,004 / 8,729,634 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.77 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $438,885,876 / 49,934,736 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.79 |

---

*(x)* *Includes value of securities on loan of $2,916,394.* 

---

| | |
|:---|:---|
| **^** | *See Note 2 in Notes to the Financial Statements.*  |

---

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $13385664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($88,922 of dividend income received from affiliates) | 206377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13604210 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1534762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 231977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 91068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 18178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 39024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1994135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (240063) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (19170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1734902 |
|  **NET INVESTMENT INCOME (LOSS)** | 11869308 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(549925) realized gain (loss) from affiliates) | (5525164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($778,157 of change in unrealized appreciation (depreciation) from affiliates) | 14164205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14164206 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8639042 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $20508350 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11869308 | $24820095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5525164) | (7645472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14164206 | (774299) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 20508350 | 16400324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (3297277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (21998177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (25295454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (5368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (35817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (41185) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 989,176 and 1,910,611 shares, respectively ] | 8496223 | 16694208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 388,389 shares, respectively ] |  | 3302645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (765537) and (1563155) shares, respectively ] | (6560378) | (13623223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1935845 | 6373630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,728,065 and 4,454,301 shares, respectively ] | 14868446 | 38722997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,590,081 shares, respectively ] |  | 22033994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5650867) and (7602869) shares, respectively ] | (48455780) | (66583627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (33587334) | (5826636) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (31651489) | 546994 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (11143139) | (8389321) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 526618019 | 535007340 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $515474880 | $526618019 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.44 | $8.60 | $8.42 | $10.06 | $10.31 | $10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.38 | 0.35 | 0.25 | 0.18 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | (0.13) | 0.20 | (1.60) | (0.22) | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.33 | 0.25 | 0.55 | (1.35) | (0.04) | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.41) | (0.37) | (0.28) | (0.20) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.41) | (0.37) | (0.29) | (0.21) | (0.25) |
|  Net asset value, end of period | $8.77 | $8.44 | $8.60 | $8.42 | $10.06 | $10.31 |
|  Total return (b) | 3.91% | 2.82 | 6.60% | (13.46)% | (0.36)% | 4.26% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $76589 | $71793 | $66822 | $58792 | $64627 | $57987 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.89 %(i) | 0.89 | 0.89% | 0.89% | 0.92 %(j) | 0.94 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.99% | 0.99 | 0.99% | 0.99% | 0.98% | 1.00% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.42% | 4.40 | 4.05% | 2.74% | 1.78% | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.32% | 4.29 | 3.94% | 2.64% | 1.72% | 2.20% |
|  Portfolio turnover rate^ | 22 %(z) | 89 | 129% | 116% | 156% | 122% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.44 | $8.60 | $8.43 | $10.06 | $10.32 | $10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.41 | 0.37 | 0.27 | 0.21 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.15 | (0.14) | 0.19 | (1.59) | (0.23) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 0.27 | 0.56 | (1.32) | (0.02) | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.43) | (0.39) | (0.30) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.43) | (0.39) | (0.31) | (0.24) | (0.28) |
|  Net asset value, end of period | $8.79 | $8.44 | $8.60 | $8.43 | $10.06 | $10.32 |
|  Total return (b) | 4.15% | 3.06 | 6.73% | (13.14)% | (0.23)% | 4.61% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $438886 | $454825 | $&nbsp;&nbsp;&nbsp;&nbsp;468186 | $458947 | $577963 | $548662 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.64 %(i) | 0.64 | 0.64% | 0.64% | 0.67 %(j) | 0.69 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.74% | 0.74 | 0.74% | 0.74% | 0.73% | 0.75% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.67% | 4.65 | 4.30% | 2.97% | 2.04% | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.57% | 4.54 | 4.19% | 2.87% | 1.97% | 2.44% |
|  Portfolio turnover rate^ | 22 %(z) | 89 | 129% | 116% | 156% | 122% |

---

See Notes to Financial Statements.

------

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01% for the six months ended June 30, 2025 and for the year ended December 31, 2024.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.94% for Class IB and 0.69% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB and 0.70% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.5%)** | **Communication Services (3.5%)** | **Communication Services (3.5%)** |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** |
|  Warner Music Group Corp., Class A | 199357 | $5430484 |
|  ***Media (2.3%)*** | ***Media (2.3%)*** | ***Media (2.3%)*** |
|  Comcast Corp., Class A | 303830 | 10843693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 16274177 |
|  **Consumer Discretionary (0.8%)** | **Consumer Discretionary (0.8%)** | **Consumer Discretionary (0.8%)** |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  Lennar Corp., Class A | 35249 | 3898892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 3898892 |
|  **Consumer Staples (12.7%)** | **Consumer Staples (12.7%)** | **Consumer Staples (12.7%)** |
|  ***Beverages (4.5%)*** | ***Beverages (4.5%)*** | ***Beverages (4.5%)*** |
|  Coca-Cola Europacific Partners plc | 145200 | 13462944 |
|  Molson Coors Beverage Co., Class B | 148465 | 7139682 |
|  |  | 20602626 |
|  ***Food Products (2.9%)*** | ***Food Products (2.9%)*** | ***Food Products (2.9%)*** |
|  Kraft Heinz Co. (The) | 275043 | 7101610 |
|  Tyson Foods, Inc., Class A | 114810 | 6422472 |
|  |  | 13524082 |
|  ***Household Products (1.9%)*** | ***Household Products (1.9%)*** | ***Household Products (1.9%)*** |
|  Procter & Gamble Co. (The) | 53608 | 8540826 |
|  ***Tobacco (3.4%)*** | ***Tobacco (3.4%)*** | ***Tobacco (3.4%)*** |
|  Philip Morris International, Inc. | 86830 | 15814348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 58481882 |
|  **Energy (7.2%)** | **Energy (7.2%)** | **Energy (7.2%)** |
|  ***Oil, Gas & Consumable Fuels (7.2%)*** | ***Oil, Gas & Consumable Fuels (7.2%)*** | ***Oil, Gas & Consumable Fuels (7.2%)*** |
|  Enbridge, Inc. | 216240 | 9799997 |
|  Hess Corp. | 81669 | 11314423 |
|  Phillips 66 | 99478 | 11867725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 32982145 |
|  **Financials (19.2%)** | **Financials (19.2%)** | **Financials (19.2%)** |
|  ***Banks (8.3%)*** | ***Banks (8.3%)*** | ***Banks (8.3%)*** |
|  Bank of Nova Scotia (The) | 155901 | 8616648 |
|  JPMorgan Chase & Co. | 60666 | 17587680 |
|  Wells Fargo & Co. | 146181 | 11712022 |
|  |  | 37916350 |
|  ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** |
|  Northern Trust Corp. | 101861 | 12914956 |
|  ***Financial Services (2.9%)*** | ***Financial Services (2.9%)*** | ***Financial Services (2.9%)*** |
|  Fidelity National Information Services, Inc. | 164249 | 13371511 |
|  ***Insurance (5.2%)*** | ***Insurance (5.2%)*** | ***Insurance (5.2%)*** |
|  Allstate Corp. (The) | 22864 | 4602752 |
|  Chubb Ltd. | 48302 | 13994055 |
|  Everest Group Ltd. | 16037 | 5450175 |
|  |  | 24046982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 88249799 |
|  **Health Care (18.4%)** | **Health Care (18.4%)** | **Health Care (18.4%)** |
|  ***Health Care Equipment & Supplies (6.0%)*** | ***Health Care Equipment & Supplies (6.0%)*** | ***Health Care Equipment & Supplies (6.0%)*** |
|  Medtronic plc | 161867 | 14109946 |
|  Smith & Nephew plc (ADR) (x) | 448094 | 13725119 |
|  |  | 27835065 |
|  ***Health Care Providers & Services (6.7%)*** | ***Health Care Providers & Services (6.7%)*** | ***Health Care Providers & Services (6.7%)*** |
|  CVS Health Corp. | 206990 | 14278170 |
|  Humana, Inc. | 41328 | 10103870 |
|  UnitedHealth Group, Inc. | 20454 | 6381034 |
|  |  | 30763074 |
|  ***Pharmaceuticals (5.7%)*** | ***Pharmaceuticals (5.7%)*** | ***Pharmaceuticals (5.7%)*** |
|  Merck & Co., Inc. | 171177 | 13550371 |
|  Sanofi SA (ADR) | 264343 | 12770411 |
|  |  | 26320782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 84918921 |
|  **Industrials (7.7%)** | **Industrials (7.7%)** | **Industrials (7.7%)** |
|  ***Aerospace & Defense (4.5%)*** | ***Aerospace & Defense (4.5%)*** | ***Aerospace & Defense (4.5%)*** |
|  General Dynamics Corp. | 41627 | 12140931 |
|  L3Harris Technologies, Inc. | 33669 | 8445532 |
|  |  | 20586463 |
|  ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** |
|  Johnson Controls International plc | 78481 | 8289163 |
|  ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** |
|  Fortive Corp. | 125619 | 6548519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 35424145 |
|  **Information Technology (4.4%)** | **Information Technology (4.4%)** | **Information Technology (4.4%)** |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Ralliant Corp.\* | 41873 | 2030422 |
|  ***Semiconductors & Semiconductor Equipment (2.1%)*** | ***Semiconductors & Semiconductor Equipment (2.1%)*** | ***Semiconductors & Semiconductor Equipment (2.1%)*** |
|  Microchip Technology, Inc. | 137698 | 9689808 |
|  ***Software (1.8%)*** | ***Software (1.8%)*** | ***Software (1.8%)*** |
|  Oracle Corp. | 38043 | 8317341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 20037571 |
|  **Materials (6.6%)** | **Materials (6.6%)** | **Materials (6.6%)** |
|  ***Chemicals (6.6%)*** | ***Chemicals (6.6%)*** | ***Chemicals (6.6%)*** |
|  Air Products and Chemicals, Inc. | 54466 | 15362680 |
|  DuPont de Nemours, Inc. | 144183 | 9889512 |
|  International Flavors & Fragrances, Inc. | 69191 | 5088998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 30341190 |
|  **Real Estate (7.9%)** | **Real Estate (7.9%)** | **Real Estate (7.9%)** |
|  ***Industrial REITs (3.0%)*** | ***Industrial REITs (3.0%)*** | ***Industrial REITs (3.0%)*** |
|  Prologis, Inc. (REIT) | 132412 | 13919149 |
|  ***Residential REITs (2.2%)*** | ***Residential REITs (2.2%)*** | ***Residential REITs (2.2%)*** |
|  Mid-America Apartment Communities, Inc. (REIT) | 68653 | 10161331 |
|  ***Specialized REITs (2.7%)*** | ***Specialized REITs (2.7%)*** | ***Specialized REITs (2.7%)*** |
|  Public Storage (REIT) | 41162 | 12077754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 36158234 |
|  **Utilities (8.1%)** | **Utilities (8.1%)** | **Utilities (8.1%)** |
|  ***Electric Utilities (8.1%)*** | ***Electric Utilities (8.1%)*** | ***Electric Utilities (8.1%)*** |
|  Entergy Corp. | 164129 | 13642402 |
|  Pinnacle West Capital Corp. | 130048 | 11635395 |
|  Xcel Energy, Inc. | 178390 | 12148359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 37426156 |
|  **Total Common Stocks (96.5%)**<br> *(Cost $356,354,221)* |  | 444193112 |

---

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: |
|  **Energy (2.6%)** | **Energy (2.6%)** | **Energy (2.6%)** |
|  ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** |
|  Plains GP Holdings LP, Class A<br>(*Cost $8,001,890*) | 618336 | $12014269 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 5012700 | 5012700 |
|  **Total Short-Term Investments (1.1%)**<br> *(Cost $5,012,700)* | **Total Short-Term Investments (1.1%)**<br> *(Cost $5,012,700)* | 5012700 |
|  **Total Investments in Securities (100.2%)**<br> *(Cost $369,368,811)* | **Total Investments in Securities (100.2%)**<br> *(Cost $369,368,811)* | 461220081 |
|  **Other Assets Less Liabilities (-0.2%)** | **Other Assets Less Liabilities (-0.2%)** | (795280) |
|  **Net Assets (100%)** |  | $460424801 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,952,871. This was collateralized by cash of $5,012,700 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in**<br> **Active Markets for**<br> **Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $16274177 | $— | $— | $16274177 |
|  Consumer Discretionary | 3898892 |  |  | 3898892 |
|  Consumer Staples | 58481882 |  |  | 58481882 |
|  Energy | 32982145 |  |  | 32982145 |
|  Financials | 88249799 |  |  | 88249799 |
|  Health Care | 84918921 |  |  | 84918921 |
|  Industrials | 35424145 |  |  | 35424145 |
|  Information Technology | 20037571 |  |  | 20037571 |
|  Materials | 30341190 |  |  | 30341190 |
|  Real Estate | 36158234 |  |  | 36158234 |
|  Utilities | 37426156 |  |  | 37426156 |
|  **Master Limited Partnerships** |  |  |  |  |
|  Energy | 12014269 |  |  | 12014269 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5012700 |  |  | 5012700 |
|  **Total Assets** | $**461220081** | $**—** | $**—** | $**461220081** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**461220081** | $**—** | $**—** | $**461220081** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $33781892 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56693297 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $119412277 |
|  Aggregate gross unrealized depreciation | (27774963) |
|  Net unrealized appreciation | $91637314 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369582767 |

---

See Notes to Financial Statements.

------

1290 VT EQUITY INCOME PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $369,368,811) | $461220081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4005811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 728910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 46731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 466007275 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5012700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 215236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 212770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 42814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 33750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 65204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5582474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $460424801 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $343912935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 116511866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $460424801 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $210,808,326 / 41,092,176 shares outstanding (unlimited amount authorized: $0.01 par value) | $5.13 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $249,616,475 / 49,051,501 shares outstanding (unlimited amount authorized: $0.01 par value) | $5.09 |

---

*(x)* *Includes value of securities on loan of $4,952,871.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $195,805 foreign withholding tax) | $6962934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 57888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 39951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7060773 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1729333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 257811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 209153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 21491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2286816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (414359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1872457 |
|  **NET INVESTMENT INCOME (LOSS)** | 5188316 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 11956548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 12636770 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 24593318 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $29781634 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT EQUITY INCOME PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5188316 | $9962631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11956548 | 40040110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12636770 | (3099653) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 29781634 | 46903088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (20375519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (26628975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (47004494) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 62,250 shares, respectively ] |  | 307859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5526585) shares, respectively ] |  | (28023355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (532942) shares, respectively ] |  | (2635779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (30351275) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,612,445 and 1,573,501 shares, respectively ] | 7976482 | 8161791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,473,845 shares, respectively ] |  | 28023355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 4,062,451 shares, respectively ] |  | 20375519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2783520) and (4579707) shares, respectively ] | (13860937) | (23846028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (5884455) | 32714637 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 669,882 and 160,384 shares, respectively ] | 3242292 | 821319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,358,099 shares, respectively ] |  | 26628975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5385768) and (12669069) shares, respectively ] | (26651122) | (64710270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (23408830) | (37259976) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (29293285) | (34896614) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 488349 | (34998020) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 459936452 | 494934472 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $460424801 | $459936452 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT EQUITY INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $4.81 | $4.85 | $5.00 | $5.22 | $4.19 | $4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.10 | 0.09 | 0.08 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.27 | 0.39 | 0.17 | 0.09 | 1.04 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.49 | 0.26 | 0.17 | 1.11 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.11) | (0.10) | (0.10) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.42) | (0.31) | (0.29) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.53) | (0.41) | (0.39) | (0.08) | (0.09) |
|  Net asset value, end of period | $5.13 | $4.81 | $4.85 | $5.00 | $5.22 | $4.19 |
|  Total return (b) | 6.65% | 9.67% | 5.49% | 3.09% | 26.40% | (4.52) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $210808 | $203475 | $173263 | $178719 | $179232 | $151452 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.13% | 1.13% | 1.13% | 1.13% | 1.12% | 1.14 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.11% | 1.90% | 1.81% | 1.62% | 1.41% | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.93% | 1.72% | 1.63% | 1.45% | 1.24% | 1.74 |
|  Portfolio turnover rate^ | 7 %(z) | 26% | 26% | 20% | 28% | 39 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $4.77 | $4.81 | $4.96 | $5.18 | $4.16 | $4.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.11 | 0.10 | 0.09 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.26 | 0.39 | 0.18 | 0.09 | 1.03 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.50 | 0.28 | 0.18 | 1.11 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.12) | (0.12) | (0.11) | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.42) | (0.31) | (0.29) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.54) | (0.43) | (0.40) | (0.09) | (0.10) |
|  Net asset value, end of period | $5.09 | $4.77 | $4.81 | $4.96 | $5.18 | $4.16 |
|  Total return (b) | 6.71% | 10.04% | 5.78% | 3.36% | 26.62% | (4.33) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $249616 | $256461 | $292870 | $312826 | $376351 | $346259 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.88% | 0.88% | 0.88% | 0.88% | 0.87% | 0.89 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.36% | 2.16% | 2.06% | 1.85% | 1.65% | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.18% | 1.98% | 1.87% | 1.67% | 1.48% | 1.99 |
|  Portfolio turnover rate^ | 7 %(z) | 26% | 26% | 20% | 28% | 39 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (19.4%)** | **Communication Services (19.4%)** | **Communication Services (19.4%)** |
|  ***Diversified Telecommunication Services (3.7%)*** | ***Diversified Telecommunication Services (3.7%)*** | ***Diversified Telecommunication Services (3.7%)*** |
|  Altaba, Inc. (x)\* | 102200 | $137970 |
|  Frontier Communications Parent, Inc.\* | 28500 | 1037400 |
|  Koninklijke KPN NV | 90000 | 438480 |
|  Liberty Global Ltd., Class A\* | 60000 | 600600 |
|  Liberty Global Ltd., Class C\* | 20000 | 206200 |
|  Sunrise Communications AG, Class A | 12000 | 676337 |
|  Telesat Corp.\* | 118000 | 2883920 |
|  |  | 5980907 |
|  ***Entertainment (4.2%)*** | ***Entertainment (4.2%)*** | ***Entertainment (4.2%)*** |
|  Atlanta Braves Holdings, Inc., Class A\* | 91000 | 4478110 |
|  Madison Square Garden Sports Corp.\* | 11500 | 2402925 |
|  |  | 6881035 |
|  ***Media (5.4%)*** | ***Media (5.4%)*** | ***Media (5.4%)*** |
|  Beasley Broadcast Group, Inc., Class A (x)\* | 10000 | 41600 |
|  Clear Channel Outdoor Holdings, Inc. (x)\* | 680000 | 795600 |
|  DallasNews Corp. (x)\* | 39000 | 167700 |
|  EchoStar Corp., Class A (x)\* | 20000 | 554000 |
|  EW Scripps Co. (The), Class A\* | 68500 | 201390 |
|  Fox Corp., Class B | 84200 | 4347246 |
|  Lee Enterprises, Inc. (x)\* | 66500 | 422275 |
|  TEGNA, Inc. | 143000 | 2396680 |
|  |  | 8926491 |
|  ***Wireless Telecommunication Services (6.1%)*** | ***Wireless Telecommunication Services (6.1%)*** | ***Wireless Telecommunication Services (6.1%)*** |
|  Millicom International Cellular SA | 89200 | 3342324 |
|  Orange Belgium SA\* | 30000 | 595454 |
|  Telephone and Data Systems, Inc. | 36000 | 1280880 |
|  United States Cellular Corp.\* | 76000 | 4861720 |
|  |  | 10080378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 31868811 |
|  **Consumer Discretionary (6.1%)** | **Consumer Discretionary (6.1%)** | **Consumer Discretionary (6.1%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Dowlais Group plc | 400000 | 365674 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  Macy's, Inc. | 9000 | 104940 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Bapcor Ltd. | 50000 | 164538 |
|  ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** |
|  Entain plc | 25000 | 309189 |
|  Everi Holdings, Inc.\* | 15000 | 213600 |
|  Playtech plc | 6000 | 30967 |
|  Target Hospitality Corp.\* | 3500 | 24920 |
|  |  | 578676 |
|  ***Household Durables (3.4%)*** | ***Household Durables (3.4%)*** | ***Household Durables (3.4%)*** |
|  iRobot Corp. (x)\* | 17500 | 54775 |
|  Lennar Corp., Class B | 25000 | 2631250 |
|  Nobility Homes, Inc. | 16500 | 462000 |
|  Sony Group Corp. (ADR) | 93000 | 2420790 |
|  |  | 5568815 |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** |
|  Advance Auto Parts, Inc. (x) | 3000 | 139470 |
|  Sportsman's Warehouse Holdings, Inc.\* | 155000 | 534750 |
|  Yamada Holdings Co. Ltd. | 12400 | 39033 |
|  |  | 713253 |
|  ***Textiles, Apparel & Luxury Goods (1.5%)*** | ***Textiles, Apparel & Luxury Goods (1.5%)*** | ***Textiles, Apparel & Luxury Goods (1.5%)*** |
|  Capri Holdings Ltd.\* | 17500 | 309750 |
|  Skechers USA, Inc., Class A\* | 35000 | 2208500 |
|  |  | 2518250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 10014146 |
|  **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Albertsons Cos., Inc., Class A | 42000 | 903420 |
|  GrainCorp Ltd., Class A | 6000 | 30722 |
|  |  | 934142 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Kellanova | 3800 | 302214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1236356 |
|  **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
|  ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** |
|  ChampionX Corp. | 40000 | 993600 |
|  DMC Global, Inc.\* | 6000 | 48360 |
|  |  | 1041960 |
|  ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** |
|  Alvopetro Energy Ltd. (x) | 88200 | 404810 |
|  Exxon Mobil Corp. | 300 | 32340 |
|  Gulf Coast Ultra Deep Royalty Trust\* | 550000 | 17050 |
|  Hess Corp. | 6000 | 831240 |
|  |  | 1285440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2327400 |
|  **Financials (5.1%)** | **Financials (5.1%)** | **Financials (5.1%)** |
|  ***Banks (2.1%)*** | ***Banks (2.1%)*** | ***Banks (2.1%)*** |
|  Cadence Bank | 14000 | 447720 |
|  First Horizon Corp. | 60000 | 1272000 |
|  Flushing Financial Corp. | 93000 | 1104840 |
|  Horizon Bancorp, Inc. | 13000 | 199940 |
|  Renasant Corp. | 5000 | 179650 |
|  SouthState Corp. | 1200 | 110436 |
|  Synovus Financial Corp. | 3000 | 155250 |
|  |  | 3469836 |
|  ***Capital Markets (0.0%)†*** | ***Capital Markets (0.0%)†*** | ***Capital Markets (0.0%)†*** |
|  BKF Capital Group, Inc. (r)\* | 2434 | 34107 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  Capital One Financial Corp. | 815 | 173399 |
|  ***Financial Services (1.3%)*** | ***Financial Services (1.3%)*** | ***Financial Services (1.3%)*** |
|  AvidXchange Holdings, Inc.\* | 200000 | 1958000 |
|  Cantaloupe, Inc.\* | 10000 | 109900 |
|  CNFinance Holdings Ltd. (ADR)\* | 1765 | 1147 |
|  Global Blue Group Holding AG\* | 10000 | 74700 |
|  |  | 2143747 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** |
|  AIFU, Inc., Class A (x)\* | 300 | $1812 |
|  Enstar Group Ltd.\* | 7500 | 2522700 |
|  |  | 2524512 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 8345601 |
|  **Health Care (7.6%)** | **Health Care (7.6%)** | **Health Care (7.6%)** |
|  ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** |
|  Blueprint Medicines Corp.\* | 7000 | 897260 |
|  GRAIL, Inc. (x)\* | 400 | 20568 |
|  Grifols SA (ADR)\* | 24000 | 216960 |
|  Inozyme Pharma, Inc. (x)\* | 60000 | 240000 |
|  SpringWorks Therapeutics, Inc.\* | 90000 | 4229100 |
|  Vigil Neuroscience, Inc.\* | 75000 | 596250 |
|  |  | 6200138 |
|  ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** |
|  Bioventus, Inc., Class A\* | 2000 | 13240 |
|  Globus Medical, Inc., Class A\* | 12500 | 737750 |
|  ICU Medical, Inc.\* | 500 | 66075 |
|  Innocoll Biotherapeutics Holdings Ltd. (r)\* | 125000 |  |
|  LENSAR, Inc.\* | 30000 | 395100 |
|  QuidelOrtho Corp.\* | 7000 | 201740 |
|  Surmodics, Inc.\* | 80200 | 2382742 |
|  |  | 3796647 |
|  ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** |
|  Amedisys, Inc.\* | 15000 | 1475850 |
|  Andlauer Healthcare Group, Inc. (x) | 4000 | 154537 |
|  Cross Country Healthcare, Inc.\* | 9000 | 117450 |
|  |  | 1747837 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Biotage AB | 20000 | 302508 |
|  Illumina, Inc.\* | 200 | 19082 |
|  |  | 321590 |
|  ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** |
|  Viatris, Inc. | 40000 | 357200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 12423412 |
|  **Industrials (6.9%)** | **Industrials (6.9%)** | **Industrials (6.9%)** |
|  ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** |
|  Hexcel Corp. | 13000 | 734370 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 30000 | 1144500 |
|  Triumph Group, Inc.\* | 31000 | 798250 |
|  |  | 2677120 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  AZEK Co., Inc. (The), Class A\* | 2000 | 108700 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Servotronics, Inc.\* | 10000 | 469400 |
|  ***Machinery (2.5%)*** | ***Machinery (2.5%)*** | ***Machinery (2.5%)*** |
|  CFT SpA (r)\* | 25000 | 101598 |
|  Chart Industries, Inc.\* | 2500 | 411625 |
|  Crane Co. | 1000 | 189890 |
|  Mueller Industries, Inc. | 15200 | 1207944 |
|  Mueller Water Products, Inc., Class A | 10000 | 240400 |
|  Park-Ohio Holdings Corp. | 12000 | 214320 |
|  Stratasys Ltd.\* | 42000 | 481740 |
|  Valmet OYJ | 13000 | 402282 |
|  Velan, Inc. (x) | 75000 | 809620 |
|  |  | 4059419 |
|  ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** |
|  Dun & Bradstreet Holdings, Inc. | 240000 | 2181600 |
|  Ework Group AB | 1441 | 15627 |
|  NV5 Global, Inc.\* | 4000 | 92360 |
|  |  | 2289587 |
|  ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** |
|  Herc Holdings, Inc. | 2682 | 353193 |
|  McGrath RentCorp | 12000 | 1391520 |
|  |  | 1744713 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 11348939 |
|  **Information Technology (5.4%)** | **Information Technology (5.4%)** | **Information Technology (5.4%)** |
|  ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** |
|  Juniper Networks, Inc. | 53200 | 2124276 |
|  ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** |
|  CTS Corp. | 2000 | 85220 |
|  FARO Technologies, Inc.\* | 80000 | 3513600 |
|  Rogers Corp.\* | 14700 | 1006656 |
|  |  | 4605476 |
|  ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | ***IT Services (0.1%)*** |
|  Datagroup SE | 3000 | 218392 |
|  ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** |
|  Alphawave IP Group plc\* | 10000 | 23912 |
|  Silicon Motion Technology Corp. (ADR) | 1200 | 90204 |
|  Tower Semiconductor Ltd.\* | 500 | 21675 |
|  |  | 135791 |
|  ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** |
|  ANSYS, Inc.\* | 600 | 210732 |
|  E2open Parent Holdings, Inc.\* | 100000 | 323000 |
|  Gen Digital, Inc. | 24500 | 720300 |
|  Informatica, Inc., Class A\* | 11000 | 267850 |
|  Pinewood Technologies Group plc\* | 43700 | 267532 |
|  |  | 1789414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 8873349 |
|  **Materials (6.6%)** | **Materials (6.6%)** | **Materials (6.6%)** |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** |
|  Covestro AG\* | 7000 | 498037 |
|  Mativ Holdings, Inc. | 39200 | 267344 |
|  |  | 765381 |
|  ***Construction Materials (2.7%)*** | ***Construction Materials (2.7%)*** | ***Construction Materials (2.7%)*** |
|  Vulcan Materials Co. | 17200 | 4486104 |
|  ***Containers & Packaging (2.3%)*** | ***Containers & Packaging (2.3%)*** | ***Containers & Packaging (2.3%)*** |
|  Amcor plc | 326250 | 2998238 |
|  Myers Industries, Inc. | 52000 | 753480 |
|  |  | 3751718 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** |
|  Gold Road Resources Ltd. | 100000 | $215215 |
|  Kinross Gold Corp. | 5960 | 93137 |
|  Newmont Corp. | 13000 | 757380 |
|  Orogen Royalties, Inc.\* | 50000 | 70130 |
|  Pan American Silver Corp. | 25000 | 709381 |
|  Tredegar Corp.\* | 10000 | 88000 |
|  |  | 1933243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 10936446 |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
|  ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** |
|  Ryman Hospitality Properties, Inc. (REIT) | 7500 | 740025 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  Corem Property Group AB, Class B | 7500 | 4122 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  Millrose Properties, Inc. (REIT) | 17500 | 498925 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1243072 |
|  **Utilities (12.5%)** | **Utilities (12.5%)** | **Utilities (12.5%)** |
|  ***Electric Utilities (4.7%)*** | ***Electric Utilities (4.7%)*** | ***Electric Utilities (4.7%)*** |
|  ALLETE, Inc. | 33500 | 2146345 |
|  Evergy, Inc. | 16500 | 1137345 |
|  Portland General Electric Co. | 10000 | 406300 |
|  TXNM Energy, Inc. | 71500 | 4026880 |
|  |  | 7716870 |
|  ***Gas Utilities (5.8%)*** | ***Gas Utilities (5.8%)*** | ***Gas Utilities (5.8%)*** |
|  National Fuel Gas Co. | 58200 | 4930122 |
|  Southwest Gas Holdings, Inc. | 62500 | 4649375 |
|  |  | 9579497 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Alerion Cleanpower SpA (x) | 8000 | 164913 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Avista Corp. | 52000 | 1973400 |
|  ***Water Utilities (0.7%)*** | ***Water Utilities (0.7%)*** | ***Water Utilities (0.7%)*** |
|  Severn Trent plc | 28000 | 1050791 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 20485471 |
|  **Total Common Stocks (72.4%)**<br> *(Cost $106,132,343)* |  | 119103003 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Contraf-Nicotex-Tobacco GmbH, CVR\* | 15000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 3000 |
|  **Health Care (0.1%)** | **Health Care (0.1%)** | **Health Care (0.1%)** |
|  ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** |
|  Adamas Pharmaceuticals, Inc., CVR\* | 54000 | 675 |
|  Akouos, Inc., CVR (x)\* | 141148 | 70574 |
|  Albireo Pharma, Inc., CVR\* | 3000 | 6750 |
|  Ambit Biosciences Corp., CVR (r)\* | 20000 |  |
|  Checkpoint Therapeutics, Inc., CVR (r)\* | 10000 | 1200 |
|  Chinook Therapeutics, Inc., CVR (r)\* | 125000 |  |
|  Epizyme, Inc., CVR\* | 10000 | 200 |
|  Fusion Pharmaceuticals, Inc., CVR\* | 6000 | 3000 |
|  Gracell Biotechnologies, Inc., CVR\* | 100000 | 4000 |
|  Icosavax, Inc., CVR\* | 30000 | 9000 |
|  Mirati Therapeutics, Inc., CVR (r)\* | 70000 | 26250 |
|  Poseida Therapeutics, Inc., CVR (r)\* | 20000 | 7500 |
|  Regulus Therapeutics, Inc., CVR (r)\* | 40000 | 34800 |
|  Sigilon Therapeutics, Inc., CVR (r)\* | 500 | 2831 |
|  |  | 166780 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* | 21000 | 33600 |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** |
|  Alimera Sciences, Inc., CVR (x)\* | 100000 | 1000 |
|  CinCor Pharma, Inc., CVR\* | 4000 | 12000 |
|  Landos Biopharma, Inc., CVR (r)\* | 4000 | 7530 |
|  Opiant Pharmaceuticals, Inc., CVR\* | 10000 | 5000 |
|  |  | 25530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 225910 |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  Pineapple Energy, Inc., CVR (r)\* | 12500 | 9890 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 9890 |
|  **Information Technology (0.1%)** | **Information Technology (0.1%)** | **Information Technology (0.1%)** |
|  ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** |
|  Flexion, Inc., CVR\* | 1000 | 100 |
|  ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** |
|  Gen Digital, Inc., CVR, expiring 4/21/30\* | 18000 | 146880 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 146980 |
|  **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Kinross Gold Corp., expiring 2/25/32\* | 14000 | 9100 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Resolute Forest Products, Inc., CVR\* | 45000 | 67500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 76600 |
|  **Total Rights (0.3%)**<br> *(Cost $373,886)* |  | 462380 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (23.7%)** | **Investment Companies (23.7%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 100000 | 100000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1476654 | 1476654 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 37223387 | $37230832 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 38907486 |
|  **Total Short-Term Investments (23.7%)**<br> *(Cost $38,900,147)* | **Total Short-Term Investments (23.7%)**<br> *(Cost $38,900,147)* | 38907486 |
|  **Total Investments in Securities (96.4%)**<br> *(Cost $145,406,376)* | **Total Investments in Securities (96.4%)**<br> *(Cost $145,406,376)* | 158472869 |
|  **Other Assets Less Liabilities (3.6%)** |  | 5926231 |
|  **Net Assets (100%)** |  | $164399100 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $1,731,035. This was collateralized by $327,456 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.250%, maturing 7/15/25 - 2/15/55 and by cash of $1,676,654 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $30020570 | $1848241 | $— | $31868811 |
|  Consumer Discretionary | 8642745 | 1371401 |  | 10014146 |
|  Consumer Staples | 1205634 | 30722 |  | 1236356 |
|  Energy | 2327400 |  |  | 2327400 |
|  Financials | 8311494 |  | 34107 | 8345601 |
|  Health Care | 12120904 | 302508 | — (a) | 12423412 |
|  Industrials | 10829432 | 417909 | 101598 | 11348939 |
|  Information Technology | 8363513 | 509836 |  | 8873349 |
|  Materials | 10223194 | 713252 |  | 10936446 |
|  Real Estate | 1238950 | 4122 |  | 1243072 |
|  Utilities | 19269767 | 1215704 |  | 20485471 |
|  **Rights** |  |  |  |  |
|  Consumer Staples |  | 3000 |  | 3000 |
|  Health Care |  | 145799 | 80111 | 225910 |
|  Industrials |  |  | 9890 | 9890 |
|  Information Technology | 146880 | 100 |  | 146980 |
|  Materials | 9100 | 67500 |  | 76600 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 38907486 |  |  | 38907486 |
|  **Total Assets** | $**151617069** | $**6630094** | $**225706** | $**158472869** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**151617069** | $**6630094** | $**225706** | $**158472869** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $69539360 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69688115 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $26374966 |
|  Aggregate gross unrealized depreciation | (13863664) |
|  Net unrealized appreciation | $12511302 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145961567 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $145,406,376) | $158472869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7511997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $32,859) | 33349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 306670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 107627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 166436920 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1676654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 163745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 109712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 28089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 11925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 47425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2037820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $164399100 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $147105307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 17293793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $164399100 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $138,680,758 / 10,588,113 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.10 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $25,718,342 / 1,921,354 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.39 |

---

*(x)* *Includes value of securities on loan of $1,731,035.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $41,172 foreign withholding tax) | $2174029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 161339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 69640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2405008 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 730212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 171691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 73611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 22563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1045867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (62551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 983316 |
|  **NET INVESTMENT INCOME (LOSS)** | 1421692 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2228916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2225114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 5197859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5202741 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 7427855 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8849547 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1421692 | $2735763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2225114 | 6708646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5202741 | 5123133 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 8849547 | 14567542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (8693917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1594814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (10288731) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 21,275 shares, respectively ] |  | 260910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (630862) shares, respectively ] |  | (7791071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (65257) shares, respectively ] |  | (799006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (8329167) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 263,613 and 689,428 shares, respectively ] | 3326579 | 8619018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 635,001 shares, respectively ] |  | 7791071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 690,343 shares, respectively ] |  | 8693917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1081345) and (1650035) shares, respectively ] | (13639398) | (20652970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (10312819) | 4451036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 40,185 and 80,881 shares, respectively ] | 524983 | 1023411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 124,071 shares, respectively ] |  | 1594814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (122340) and (313671) shares, respectively ] | (1575561) | (4047006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1050578) | (1428781) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (11363397) | (5306912) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2513850) | (1028101) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 166912950 | 167941051 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $164399100 | $166912950 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.41 | $12.11 | $11.60 | $12.78 | $11.88 | $12.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.20 | 0.21 | 0.01 | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.58 | 0.90 | 0.89 | (0.78) | 1.29 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 1.10 | 1.10 | (0.77) | 1.35 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.23) | (0.04) | (0.09) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.36) | (0.37) | (0.36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.80) | (0.59) | (0.41) | (0.45) | (0.02) |
|  Net asset value, end of period | $13.10 | $12.41 | $12.11 | $11.60 | $12.78 | $11.88 |
|  Total return (b) | 5.56% | 9.02 %(dd) | 9.53 %(aa) | (5.97)% | 11.34 | (1.33) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $138681 | $141536 | $133656 | $138464 | $166650 | $162540 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.33% | 1.34% | 1.33% | 1.33% | 1.31 | 1.32 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.71% | 1.59% | 1.77% | 0.11% | 0.49 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.64% | 1.50% | 1.69% | 0.03% | 0.44 | (0.14) |
|  Portfolio turnover rate^ | 63 %(z) | 177% | 204% | 155% | 190 | 213 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.67 | $12.34 | $11.81 | $13.01 | $12.08 | $12.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.24 | 0.25 | 0.05 | 0.10 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.59 | 0.92 | 0.90 | (0.81) | 1.31 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.72 | 1.16 | 1.15 | (0.76) | 1.41 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.26) | (0.07) | (0.12) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.36) | (0.37) | (0.36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.83) | (0.62) | (0.44) | (0.48) | (0.05) |
|  Net asset value, end of period | $13.39 | $12.67 | $12.34 | $11.81 | $13.01 | $12.08 |
|  Total return (b) | 5.68% | 9.35 %(dd) | 9.79 %(aa) | (5.78)% | 11.65 | (1.00) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $25718 | $25376 | $26062 | $24848 | $26209 | $25116 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.08% | 1.09% | 1.08% | 1.08% | 1.06 | 1.07 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.96% | 1.85% | 2.04% | 0.38% | 0.76 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.88% | 1.76% | 1.96% | 0.30% | 0.70 | 0.08 |
|  Portfolio turnover rate^ | 63 %(z) | 177% | 204% | 155% | 190 | 213 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.05) and $(0.03) for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.02 and $0.05 for Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.04 and $0.08 Class IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 9.26% for Class IB and 9.52% for Class K.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.32% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.34% lower.* 

*(dd)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 8.75% for Class IB and 9.09% for Class K.* 

*(ii)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.14% lower.* 

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.7%)** | **Communication Services (8.7%)** | **Communication Services (8.7%)** |
|  ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** |
|  Anterix, Inc.\* | 175000 | $4488750 |
|  Liberty Global Ltd., Class A\* | 155000 | 1551550 |
|  Liberty Global Ltd., Class C\* | 230000 | 2371300 |
|  Liberty Latin America Ltd., Class A\* | 725000 | 4422500 |
|  Liberty Latin America Ltd., Class C\* | 13000 | 80860 |
|  Shenandoah Telecommunications Co. | 263126 | 3594301 |
|  Sunrise Communications AG, Class A | 68000 | 3832580 |
|  Telesat Corp.\* | 677500 | 16558100 |
|  Verizon Communications, Inc. | 45000 | 1947150 |
|  |  | 38847091 |
|  ***Entertainment (4.5%)*** | ***Entertainment (4.5%)*** | ***Entertainment (4.5%)*** |
|  Atlanta Braves Holdings, Inc., Class A\* | 363000 | 17863230 |
|  Atlanta Braves Holdings, Inc., Class C\* | 255000 | 11926350 |
|  IMAX Corp. (x)\* | 56000 | 1565760 |
|  Lionsgate Studios Corp.\* | 316000 | 1835960 |
|  Live Nation Entertainment, Inc. (x)\* | 239000 | 36155920 |
|  Madison Square Garden Entertainment Corp., Class A\* | 297200 | 11879084 |
|  Madison Square Garden Sports Corp.\* | 175500 | 36670725 |
|  Marcus Corp. (The) | 615000 | 10368900 |
|  Reading International, Inc., Class A\* | 240000 | 321600 |
|  Reading International, Inc., Class B\* | 34000 | 333540 |
|  Sphere Entertainment Co. (x)\* | 339000 | 14170200 |
|  Starz Entertainment Corp. | 20905 | 335943 |
|  Take-Two Interactive Software, Inc.\* | 57000 | 13842450 |
|  TKO Group Holdings, Inc., Class A | 21000 | 3820950 |
|  Warner Bros Discovery, Inc.\* | 46500 | 532890 |
|  |  | 161623502 |
|  ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** |
|  Cars.com, Inc.\* | 20000 | 237000 |
|  ***Media (2.0%)*** | ***Media (2.0%)*** | ***Media (2.0%)*** |
|  AMC Networks, Inc., Class A\* | 188000 | 1178760 |
|  Beasley Broadcast Group, Inc., Class A (x)\* | 21500 | 89440 |
|  Clear Channel Outdoor Holdings, Inc.\* | 3600000 | 4212000 |
|  Corus Entertainment, Inc., Class B (x)\* | 120000 | 8812 |
|  EchoStar Corp., Class A (x)\* | 116000 | 3213200 |
|  Entravision Communications Corp., Class A | 560000 | 1299200 |
|  EW Scripps Co. (The), Class A\* | 1370000 | 4027800 |
|  Gray Media, Inc. | 319300 | 1446429 |
|  Gray Media, Inc., Class A | 60000 | 651600 |
|  Grupo Televisa SAB (ADR) | 3950000 | 8650500 |
|  Interpublic Group of Cos., Inc. (The) | 500000 | 12240000 |
|  Lee Enterprises, Inc. (x)\* | 202000 | 1282700 |
|  Nexstar Media Group, Inc., Class A | 34600 | 5984070 |
|  Salem Media Group, Inc., Class A\* | 150000 | 127530 |
|  Sinclair, Inc. | 1135000 | 15685700 |
|  Sirius XM Holdings, Inc. (x) | 117000 | 2687490 |
|  TEGNA, Inc. | 145000 | 2430200 |
|  Townsquare Media, Inc., Class A | 236000 | 1866760 |
|  WideOpenWest, Inc.\* | 690000 | 2801400 |
|  |  | 69883591 |
|  ***Wireless Telecommunication Services (1.1%)*** | ***Wireless Telecommunication Services (1.1%)*** | ***Wireless Telecommunication Services (1.1%)*** |
|  Gogo, Inc. (x)\* | 330000 | 4844400 |
|  Rogers Communications, Inc., Class B | 200000 | 5932000 |
|  Telephone and Data Systems, Inc. | 373500 | 13289130 |
|  United States Cellular Corp. (x)\* | 244200 | 15621474 |
|  |  | 39687004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 310278188 |
|  **Consumer Discretionary (16.6%)** | **Consumer Discretionary (16.6%)** | **Consumer Discretionary (16.6%)** |
|  ***Automobile Components (4.3%)*** | ***Automobile Components (4.3%)*** | ***Automobile Components (4.3%)*** |
|  BorgWarner, Inc. | 240000 | 8035200 |
|  Brembo NV (x) | 1000088 | 9565796 |
|  Dana, Inc. | 1212000 | 20785800 |
|  Garrett Motion, Inc. | 1100000 | 11561000 |
|  Gentex Corp. | 190000 | 4178100 |
|  Modine Manufacturing Co.\* | 702500 | 69196250 |
|  Phinia, Inc. | 50000 | 2224500 |
|  Standard Motor Products, Inc. | 398000 | 12226560 |
|  Stoneridge, Inc.\* | 205000 | 1443200 |
|  Strattec Security Corp.\*‡ | 233000 | 14494930 |
|  Superior Industries International, Inc.\* | 33000 | 4501 |
|  |  | 153715837 |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** |
|  Thor Industries, Inc. | 4000 | 355240 |
|  Winnebago Industries, Inc. | 121430 | 3521470 |
|  |  | 3876710 |
|  ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** |
|  Matthews International Corp., Class A | 700000 | 16737000 |
|  Universal Technical Institute, Inc.\* | 173500 | 5879915 |
|  |  | 22616915 |
|  ***Hotels, Restaurants & Leisure (3.8%)*** | ***Hotels, Restaurants & Leisure (3.8%)*** | ***Hotels, Restaurants & Leisure (3.8%)*** |
|  Biglari Holdings, Inc., Class A\*‡ | 10860 | 15207910 |
|  Boyd Gaming Corp. | 402500 | 31487575 |
|  Canterbury Park Holding Corp.‡ | 319000 | 6134370 |
|  Cheesecake Factory, Inc. (The) (x) | 324000 | 20301840 |
|  Churchill Downs, Inc. | 153000 | 15453000 |
|  Cracker Barrel Old Country Store, Inc. (x) | 11500 | 702420 |
|  Denny's Corp.\* | 363000 | 1488300 |
|  Full House Resorts, Inc.\* | 535000 | 1958100 |
|  Golden Entertainment, Inc. | 260000 | 7651800 |
|  Inspired Entertainment, Inc.\* | 275000 | 2246750 |
|  International Game Technology plc | 60000 | 948600 |
|  Krispy Kreme, Inc. (x) | 60000 | 174600 |
|  Las Vegas Sands Corp. | 67500 | 2936925 |
|  Nathan's Famous, Inc.‡ | 207100 | 22901118 |
|  Ollamani SAB\* | 750286 | 1999217 |
|  Rock Field Co. Ltd. (x) | 206000 | 2228728 |
|  |  | 133821253 |
|  ***Household Durables (2.0%)*** | ***Household Durables (2.0%)*** | ***Household Durables (2.0%)*** |
|  Bassett Furniture Industries, Inc. | 396000 | 6019200 |
|  Cavco Industries, Inc.\* | 69700 | 30279771 |
|  Champion Homes, Inc.\* | 164000 | 10268040 |
|  Ethan Allen Interiors, Inc. | 25000 | 696250 |
|  iRobot Corp. (x)\* | 15000 | 46950 |
|  La-Z-Boy, Inc. | 131500 | 4887855 |
|  Lennar Corp., Class B | 100000 | 10525000 |
|  Lifetime Brands, Inc. (x) | 180000 | 918000 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Nobility Homes, Inc.‡ | 212000 | $| 5936000 |
|  |  |  | 69577066 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  American Outdoor Brands, Inc.\* | 251000 |  | 2622950 |
|  Brunswick Corp. | 56500 |  | 3121060 |
|  Clarus Corp. (x) | 300000 |  | 1041000 |
|  Johnson Outdoors, Inc., Class A | 291500 |  | 8823705 |
|  Marine Products Corp. | 253000 |  | 2153030 |
|  Universal Entertainment Corp. (x)\* | 55000 |  | 370855 |
|  |  |  | 18132600 |
|  ***Specialty Retail (5.2%)*** | ***Specialty Retail (5.2%)*** | ***Specialty Retail (5.2%)*** | ***Specialty Retail (5.2%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 980000 |  | 4821600 |
|  Advance Auto Parts, Inc. (x) | 35400 |  | 1645746 |
|  Arko Corp. | 80000 |  | 338400 |
|  AutoNation, Inc.\* | 296500 |  | 58899725 |
|  Big 5 Sporting Goods Corp.\* | 300000 |  | 426000 |
|  Bowlin Travel Centers, Inc.\* | 91000 |  | 364000 |
|  Lands' End, Inc.\* | 299000 |  | 3202290 |
|  Monro, Inc. | 470000 |  | 7007700 |
|  O'Reilly Automotive, Inc.\* | 150000 |  | 13519500 |
|  Penske Automotive Group, Inc. | 406200 |  | 69789222 |
|  Pets at Home Group plc | 216000 |  | 776810 |
|  Sally Beauty Holdings, Inc.\* | 700000 |  | 6482000 |
|  Sportsman's Warehouse Holdings, Inc.\* | 378000 |  | 1304100 |
|  Tractor Supply Co. | 242400 |  | 12791448 |
|  Valvoline, Inc.\* | 90000 |  | 3408300 |
|  |  |  | 184776841 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Capri Holdings Ltd.\* | 5000 |  | 88500 |
|  Hanesbrands, Inc.\* | 89500 |  | 409910 |
|  Movado Group, Inc. | 220000 |  | 3355000 |
|  Wolverine World Wide, Inc. | 53500 |  | 967280 |
|  |  |  | 4820690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 591337912 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 5800 |  | 1106698 |
|  Brown-Forman Corp., Class A | 86000 |  | 2362420 |
|  Crimson Wine Group Ltd.\* | 379000 |  | 2084500 |
|  Davide Campari-Milano NV (x) | 380000 |  | 2555916 |
|  |  |  | 8109534 |
|  ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** |
|  Ingles Markets, Inc., Class A‡ | 465000 |  | 29471700 |
|  Village Super Market, Inc., Class A | 154000 |  | 5929000 |
|  |  |  | 35400700 |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** |
|  Calavo Growers, Inc. | 230000 |  | 6115700 |
|  Farmer Bros Co.\* | 595000 |  | 815150 |
|  Flowers Foods, Inc. (x) | 60000 |  | 958800 |
|  Hain Celestial Group, Inc. (The)\* | 310000 |  | 471200 |
|  Ingredion, Inc. | 13500 |  | 1830870 |
|  J & J Snack Foods Corp. | 43000 |  | 4876630 |
|  John B Sanfilippo & Son, Inc. | 105000 |  | 6640200 |
|  Lifeway Foods, Inc.\* | 113000 |  | 2785450 |
|  Limoneira Co. | 219000 |  | 3427350 |
|  Maple Leaf Foods, Inc. | 142000 |  | 2958355 |
|  Post Holdings, Inc.\* | 92500 |  | 10085275 |
|  Premier Foods plc | 1048000 |  | 2868443 |
|  Tootsie Roll Industries, Inc. (x) | 80000 |  | 2676000 |
|  WK Kellogg Co. (x) | 245000 |  | 3905300 |
|  |  |  | 50414723 |
|  ***Household Products (2.0%)*** | ***Household Products (2.0%)*** | ***Household Products (2.0%)*** | ***Household Products (2.0%)*** |
|  Church & Dwight Co., Inc. | 100000 |  | 9611000 |
|  Energizer Holdings, Inc. | 302000 |  | 6088320 |
|  Oil-Dri Corp. of America‡ | 731000 |  | 43121690 |
|  Spectrum Brands Holdings, Inc. (x) | 58000 |  | 3074000 |
|  WD-40 Co. | 37500 |  | 8553375 |
|  |  |  | 70448385 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  BellRing Brands, Inc.\* | 77000 |  | 4460610 |
|  Edgewell Personal Care Co. | 160000 |  | 3745600 |
|  United-Guardian, Inc. | 152000 |  | 1209920 |
|  |  |  | 9416130 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 173789472 |
|  **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** |
|  ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** |
|  Innovex International, Inc. (x)\* | 787000 |  | 12292940 |
|  KLX Energy Services Holdings, Inc. (x)\* | 23000 |  | 43010 |
|  Oceaneering International, Inc.\* | 185000 |  | 3833200 |
|  RPC, Inc. (x) | 1450000 |  | 6858500 |
|  |  |  | 23027650 |
|  ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** |
|  APA Corp. | 67200 |  | 1229088 |
|  CNX Resources Corp.\* | 190000 |  | 6399200 |
|  Navigator Holdings Ltd. | 412000 |  | 5829800 |
|  ONEOK, Inc. | 135000 |  | 11020050 |
|  |  |  | 24478138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 47505788 |
|  **Financials (3.2%)** | **Financials (3.2%)** | **Financials (3.2%)** | **Financials (3.2%)** |
|  ***Banks (1.6%)*** | ***Banks (1.6%)*** | ***Banks (1.6%)*** | ***Banks (1.6%)*** |
|  Ameris Bancorp | 33300 |  | 2154510 |
|  Atlantic Union Bankshares Corp. | 148000 |  | 4629440 |
|  Cadence Bank | 43000 |  | 1375140 |
|  Capital City Bank Group, Inc. | 4700 |  | 184945 |
|  Capitol Federal Financial, Inc. | 39500 |  | 240950 |
|  Colony Bankcorp, Inc. | 12800 |  | 210816 |
|  Eagle Bancorp, Inc. | 188000 |  | 3662240 |
|  Farmers & Merchants Bank of Long Beach | 105 |  | 579600 |
|  FB Financial Corp. | 12000 |  | 543600 |
|  First Bancorp (Nasdaq Stock Exchange) | 10000 |  | 440900 |
|  First Bancorp (New York Stock Exchange) | 84000 |  | 1749720 |
|  First Busey Corp. | 28500 |  | 652222 |
|  First Horizon Corp. | 94200 |  | 1997040 |
|  Flushing Financial Corp. | 725000 |  | 8613000 |
|  FNB Corp. | 46000 |  | 670680 |
|  Hanover Bancorp, Inc. | 5000 |  | 114450 |
|  HomeTrust Bancshares, Inc. | 5000 |  | 187050 |
|  Hope Bancorp, Inc. | 570000 |  | 6116100 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Huntington Bancshares, Inc. | 250000 | $| 4190000 |
|  OceanFirst Financial Corp. | 120000 |  | 2113200 |
|  Peapack-Gladstone Financial Corp. | 38000 |  | 1073500 |
|  Renasant Corp. | 22000 |  | 790460 |
|  Seacoast Banking Corp. of Florida | 37000 |  | 1021940 |
|  ServisFirst Bancshares, Inc. | 26000 |  | 2015260 |
|  Southern First Bancshares, Inc.\* | 20000 |  | 760600 |
|  SouthState Corp. | 18200 |  | 1674946 |
|  Synovus Financial Corp. | 78000 |  | 4036500 |
|  Thomasville Bancshares, Inc. | 16100 |  | 1288000 |
|  Towne Bank | 11000 |  | 375980 |
|  Trustmark Corp. | 12000 |  | 437520 |
|  United Community Banks, Inc. | 23000 |  | 685170 |
|  USCB Financial Holdings, Inc. | 8000 |  | 132320 |
|  Webster Financial Corp. | 69000 |  | 3767400 |
|  |  |  | 58485199 |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  BKF Capital Group, Inc. (r)\* | 12800 |  | 179360 |
|  Charles Schwab Corp. (The) | 25000 |  | 2281000 |
|  Cohen & Steers, Inc. | 215500 |  | 16237925 |
|  Federated Hermes, Inc., Class B | 78400 |  | 3474688 |
|  GAM Holding AG (x)\* | 1500000 |  | 192829 |
|  Janus Henderson Group plc | 244000 |  | 9476960 |
|  KKR & Co., Inc. | 148500 |  | 19754955 |
|  PJT Partners, Inc., Class A | 5000 |  | 825050 |
|  |  |  | 52422767 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  Medallion Financial Corp. | 162000 |  | 1543860 |
|  PROG Holdings, Inc. | 74000 |  | 2171900 |
|  |  |  | 3715760 |
|  ***Financial Services (0.0%)†*** | ***Financial Services (0.0%)†*** | ***Financial Services (0.0%)†*** | ***Financial Services (0.0%)†*** |
|  Crazy Woman Creek Bancorp, Inc. | 6100 |  | 176900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 114800626 |
|  **Health Care (2.2%)** | **Health Care (2.2%)** | **Health Care (2.2%)** | **Health Care (2.2%)** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  GRAIL, Inc. (x)\* | 20500 |  | 1054110 |
|  ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** |
|  Align Technology, Inc.\* | 300 |  | 56799 |
|  CONMED Corp. | 57000 |  | 2968560 |
|  Cooper Cos., Inc. (The)\* | 44000 |  | 3131040 |
|  Dexcom, Inc.\* | 52000 |  | 4539080 |
|  Electromed, Inc.\* | 142000 |  | 3122580 |
|  Globus Medical, Inc., Class A\* | 111500 |  | 6580730 |
|  ICU Medical, Inc.\* | 21000 |  | 2775150 |
|  Masimo Corp.\* | 84500 |  | 14214590 |
|  Neogen Corp.\* | 55000 |  | 262900 |
|  Neuronetics, Inc. (x)\* | 73000 |  | 254770 |
|  Orthofix Medical, Inc.\* | 150000 |  | 1672500 |
|  QuidelOrtho Corp.\* | 161000 |  | 4640020 |
|  STERIS plc | 84000 |  | 20178480 |
|  Surmodics, Inc.\* | 30200 |  | 897242 |
|  Zimvie, Inc.\* | 310500 |  | 2903175 |
|  |  |  | 68197616 |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** |
|  Chemed Corp. | 1200 |  | 584316 |
|  Henry Schein, Inc.\* | 20000 |  | 1461000 |
|  NeoGenomics, Inc.\* | 11000 |  | 80410 |
|  OPKO Health, Inc.\* | 175000 |  | 231000 |
|  |  |  | 2356726 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Evolent Health, Inc., Class A\* | 145000 |  | 1632700 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Bio-Rad Laboratories, Inc., Class A\* | 20000 |  | 4826400 |
|  Lifecore Biomedical, Inc.\* | 78500 |  | 637420 |
|  |  |  | 5463820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 78704972 |
|  **Industrials (45.9%)** | **Industrials (45.9%)** | **Industrials (45.9%)** | **Industrials (45.9%)** |
|  ***Aerospace & Defense (6.2%)*** | ***Aerospace & Defense (6.2%)*** | ***Aerospace & Defense (6.2%)*** | ***Aerospace & Defense (6.2%)*** |
|  AAR Corp.\* | 119600 |  | 8227284 |
|  Astronics Corp.\* | 11000 |  | 368280 |
|  Astronics Corp., Class B (x)\* | 52000 |  | 1700504 |
|  ATI, Inc.\* | 395000 |  | 34104300 |
|  Curtiss-Wright Corp. | 98000 |  | 47877900 |
|  Ducommun, Inc.\* | 150000 |  | 12394500 |
|  HEICO Corp. | 120700 |  | 39589600 |
|  HEICO Corp., Class A | 3200 |  | 828000 |
|  Innovative Solutions and Support, Inc.\* | 127000 |  | 1762760 |
|  Moog, Inc., Class A | 66600 |  | 12052602 |
|  Moog, Inc., Class B | 34221 |  | 6192974 |
|  National Presto Industries, Inc. | 30000 |  | 2938800 |
|  Park Aerospace Corp. | 685000 |  | 10117450 |
|  Textron, Inc. | 283000 |  | 22722070 |
|  Triumph Group, Inc.\* | 25000 |  | 643750 |
|  Woodward, Inc. | 73000 |  | 17891570 |
|  |  |  | 219412344 |
|  ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** |
|  A.O. Smith Corp. | 70500 |  | 4622685 |
|  AZZ, Inc. | 174000 |  | 16439520 |
|  Burnham Holdings, Inc., Class A | 50000 |  | 1200000 |
|  Fortune Brands Innovations, Inc. | 8800 |  | 453024 |
|  Gibraltar Industries, Inc.\* | 59000 |  | 3481000 |
|  Griffon Corp. | 368000 |  | 26632160 |
|  Johnson Controls International plc | 102000 |  | 10773240 |
|  |  |  | 63601629 |
|  ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** |
|  ACCO Brands Corp. | 150000 |  | 537000 |
|  Casella Waste Systems, Inc., Class A\* | 97500 |  | 11249550 |
|  Loomis AB, Class B | 192000 |  | 8068915 |
|  OPENLANE, Inc.\* | 435000 |  | 10635750 |
|  Pitney Bowes, Inc. | 264000 |  | 2880240 |
|  RB Global, Inc. | 57000 |  | 6052830 |
|  Republic Services, Inc. | 296000 |  | 72996560 |
|  Rollins, Inc. | 1070000 |  | 60369400 |
|  |  |  | 172790245 |
|  ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** |
|  Arcosa, Inc. | 89000 |  | 7717190 |
|  Centuri Holdings, Inc. (x)\* | 136000 |  | 3051840 |
|  Granite Construction, Inc. (x) | 15000 |  | 1402650 |
|  Valmont Industries, Inc. | 10000 |  | 3265700 |
|  |  |  | 15437380 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electrical Equipment (2.6%)*** | ***Electrical Equipment (2.6%)*** | ***Electrical Equipment (2.6%)*** |
|  Allient, Inc. | 174000 | $6317940 |
|  AMETEK, Inc. | 325000 | 58812000 |
|  Rockwell Automation, Inc. | 84500 | 28068365 |
|  |  | 93198305 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Hertz Global Holdings, Inc.\* | 325000 | 2219750 |
|  ***Machinery (22.2%)*** | ***Machinery (22.2%)*** | ***Machinery (22.2%)*** |
|  Albany International Corp., Class A | 37500 | 2629875 |
|  Astec Industries, Inc. | 655000 | 27306950 |
|  Blue Bird Corp.\* | 38200 | 1648712 |
|  Chart Industries, Inc.\* | 114000 | 18770100 |
|  CNH Industrial NV | 2680000 | 34732800 |
|  Commercial Vehicle Group, Inc.\* | 150000 | 249000 |
|  Crane Co. | 530400 | 100717656 |
|  Donaldson Co., Inc. | 207000 | 14355450 |
|  Eastern Co. (The) | 279000 | 6366780 |
|  Enerpac Tool Group Corp., Class A | 132500 | 5374200 |
|  Enpro, Inc. | 212000 | 40608600 |
|  Federal Signal Corp. | 323000 | 34373660 |
|  Flowserve Corp. | 103000 | 5392050 |
|  Franklin Electric Co., Inc. | 241000 | 21627340 |
|  Gencor Industries, Inc.\* | 184000 | 2576000 |
|  Gorman-Rupp Co. (The) | 485000 | 17809200 |
|  Graco, Inc. | 386700 | 33244599 |
|  Graham Corp.\* | 79500 | 3936045 |
|  Greenbrier Cos., Inc. (The) | 140000 | 6447000 |
|  Hyster-Yale, Inc. | 295500 | 11754990 |
|  IDEX Corp. | 83500 | 14660095 |
|  Interpump Group SpA | 200000 | 8325751 |
|  Iveco Group NV | 740000 | 14557106 |
|  Kennametal, Inc. | 212000 | 4867520 |
|  L B Foster Co., Class A\*‡ | 550000 | 12028500 |
|  Lincoln Electric Holdings, Inc. | 89500 | 18555140 |
|  Lindsay Corp. | 55000 | 7933750 |
|  Manitowoc Co., Inc. (The)\* | 270000 | 3245400 |
|  Middleby Corp. (The)\* | 4800 | 691200 |
|  Mueller Industries, Inc. | 1646500 | 130847355 |
|  Mueller Water Products, Inc., Class A | 1310000 | 31492400 |
|  Nordson Corp. | 38200 | 8188934 |
|  Park-Ohio Holdings Corp. | 580000 | 10358800 |
|  Shyft Group, Inc. (The) | 230000 | 2884200 |
|  Standex International Corp. | 77000 | 12048960 |
|  Stratasys Ltd.\* | 50000 | 573500 |
|  Tennant Co. | 397000 | 30759560 |
|  Titan International, Inc.\* | 65000 | 667550 |
|  Toro Co. (The) | 47000 | 3321960 |
|  Trinity Industries, Inc. | 628000 | 16962280 |
|  Twin Disc, Inc. | 690000 | 6092700 |
|  Watts Water Technologies, Inc., Class A | 246000 | 60488940 |
|  |  | 789472608 |
|  ***Trading Companies & Distributors (7.8%)*** | ***Trading Companies & Distributors (7.8%)*** | ***Trading Companies & Distributors (7.8%)*** |
|  Distribution Solutions Group, Inc. (x)\* | 214500 | 5892315 |
|  GATX Corp. | 756000 | 116091360 |
|  Herc Holdings, Inc. | 549672 | 72386306 |
|  McGrath RentCorp | 27000 | 3130920 |
|  Rush Enterprises, Inc., Class B (x)‡ | 1057000 | 55471360 |
|  Titan Machinery, Inc.\* | 256500 | 5081265 |
|  United Rentals, Inc. | 26500 | 19965100 |
|  |  | 278018626 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1634150887 |
|  **Information Technology (4.3%)** | **Information Technology (4.3%)** | **Information Technology (4.3%)** |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  Applied Optoelectronics, Inc. (x)\* | 29000 | 745010 |
|  ***Electronic Equipment, Instruments & Components (2.9%)*** | ***Electronic Equipment, Instruments & Components (2.9%)*** | ***Electronic Equipment, Instruments & Components (2.9%)*** |
|  Badger Meter, Inc. | 85000 | 20820750 |
|  Bel Fuse, Inc., Class A (x)‡ | 76700 | 6891495 |
|  Crane NXT Co. | 32000 | 1724800 |
|  CTS Corp. | 972000 | 41416920 |
|  Daktronics, Inc.\* | 188500 | 2850120 |
|  Itron, Inc.\* | 54000 | 7108020 |
|  Landis+Gyr Group AG (x)\* | 30500 | 2137249 |
|  Littelfuse, Inc. | 35000 | 7935550 |
|  Napco Security Technologies, Inc. | 180000 | 5344200 |
|  Rogers Corp.\* | 81500 | 5581120 |
|  Trans-Lux Corp.\* | 120060 | 32464 |
|  |  | 101842688 |
|  ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** |
|  Alithya Group, Inc., Class A\* | 770000 | 1378300 |
|  ***Software (1.3%)*** | ***Software (1.3%)*** | ***Software (1.3%)*** |
|  Fortinet, Inc.\* | 101200 | 10698864 |
|  Roper Technologies, Inc. | 26200 | 14851208 |
|  Tyler Technologies, Inc.\* | 36000 | 21342240 |
|  |  | 46892312 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  TransAct Technologies, Inc.\* | 145000 | 523450 |
|  Xerox Holdings Corp. (x) | 300000 | 1581000 |
|  |  | 2104450 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 152962760 |
|  **Materials (4.7%)** | **Materials (4.7%)** | **Materials (4.7%)** |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** |
|  Ashland, Inc. | 57500 | 2891100 |
|  Core Molding Technologies, Inc.\* | 306000 | 5076540 |
|  Element Solutions, Inc. | 67000 | 1517550 |
|  FMC Corp. | 18400 | 768200 |
|  Hawkins, Inc. | 45200 | 6422920 |
|  HB Fuller Co. | 329000 | 19789350 |
|  Huntsman Corp. | 135000 | 1406700 |
|  Mativ Holdings, Inc. | 60500 | 412610 |
|  Minerals Technologies, Inc. | 225000 | 12390750 |
|  NewMarket Corp. | 14500 | 10017470 |
|  Olin Corp. | 115000 | 2310350 |
|  Quaker Chemical Corp. | 4700 | 526118 |
|  Scotts Miracle-Gro Co. (The) | 77000 | 5078920 |
|  Sensient Technologies Corp. | 154100 | 15181932 |
|  Takasago International Corp. | 28500 | 1381410 |
|  |  | 85171920 |
|  ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** |
|  Ardagh Metal Packaging SA | 210000 | 898800 |
|  Greif, Inc., Class A | 208500 | 13550415 |
|  Myers Industries, Inc. | 1735000 | 25140150 |
|  Sonoco Products Co. | 155000 | 6751800 |
|  |  | 46341165 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  Ampco-Pittsburgh Corp.\*‡ | 970506 | 2872698 |
|  Barrick Mining Corp. | 24000 | 499680 |
|  Kinross Gold Corp. | 45000 | 703350 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Materion Corp. | 173200 | $13746884 |
|  Metallus, Inc.\* | 210000 | 3236100 |
|  Tredegar Corp.\* | 1665000 | 14652000 |
|  |  | 35710712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 167223797 |
|  **Real Estate (2.5%)** | **Real Estate (2.5%)** | **Real Estate (2.5%)** |
|  ***Hotel & Resort REITs (1.4%)*** | ***Hotel & Resort REITs (1.4%)*** | ***Hotel & Resort REITs (1.4%)*** |
|  Ryman Hospitality Properties, Inc. (REIT) | 514500 | 50765715 |
|  ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** |
|  Capital Properties, Inc., Class A | 83000 | 854900 |
|  Gyrodyne LLC\* | 14411 | 124655 |
|  Seritage Growth Properties, Class A (x)\* | 136000 | 418880 |
|  St Joe Co. (The) | 565000 | 26950500 |
|  Tejon Ranch Co. (x)\* | 552000 | 9361920 |
|  |  | 37710855 |
|  ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** |
|  Millrose Properties, Inc. (REIT) | 49800 | 1419798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 89896368 |
|  **Utilities (4.7%)** | **Utilities (4.7%)** | **Utilities (4.7%)** |
|  ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** |
|  Evergy, Inc. | 148000 | 10201640 |
|  Hawaiian Electric Industries, Inc.\* | 120000 | 1275600 |
|  Otter Tail Corp. | 224500 | 17306705 |
|  TXNM Energy, Inc. | 556000 | 31313920 |
|  |  | 60097865 |
|  ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** |
|  Chesapeake Utilities Corp. | 5600 | 673232 |
|  National Fuel Gas Co. | 185500 | 15713705 |
|  Northwest Natural Holding Co. | 363000 | 14418360 |
|  ONE Gas, Inc. | 33500 | 2407310 |
|  RGC Resources, Inc. | 378900 | 8479782 |
|  Southwest Gas Holdings, Inc. | 404500 | 30090755 |
|  |  | 71783144 |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** |
|  AES Corp. (The) | 240000 | 2524800 |
|  Ormat Technologies, Inc. | 82700 | 6926952 |
|  XPLR Infrastructure LP | 48000 | 393600 |
|  |  | 9845352 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Black Hills Corp. | 172500 | 9677250 |
|  Northwestern Energy Group, Inc. | 264000 | 13543200 |
|  |  | 23220450 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  Cadiz, Inc.\* | 8500 | 25415 |
|  H2O America | 47500 | 2468575 |
|  York Water Co. (The) | 43500 | 1374600 |
|  |  | 3868590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 168815401 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $1,262,165,465)* | **Total Common Stocks (99.0%)**<br> *(Cost $1,262,165,465)* | 3529466171 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  Pineapple Energy, Inc., CVR (r)(x)\* | 115000 | $90988 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 90988 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\* | 100000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 150000 |
|  **Total Rights (0.0%)†**<br> *(Cost $106,500)* |  | 240988 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Ampco-Pittsburgh Corp., expiring 8/1/25\* <br>*(Cost $—)* | 532000 | 10108 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 6000000 | 6000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 18732780 | 18732780 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 4.27% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 26732780 |
|  **Total Short-Term Investments (0.8%)**<br> *(Cost $26,732,780)* | **Total Short-Term Investments (0.8%)**<br> *(Cost $26,732,780)* | 26732780 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $1,289,004,745)* | **Total Investments in Securities (99.8%)**<br> *(Cost $1,289,004,745)* | 3556450047 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 5610677 |
|  **Net Assets (100%)** |  | $3562060724 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $57,798,391. This was collateralized by $33,015,614 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.250%, maturing 7/15/25 - 2/15/55 and by cash of $26,732,780 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Communication Services** |  |  |  |  |  |  |  |  |  |
|  **Media** |  |  |  |  |  |  |  |  |  |
|  Beasley Broadcast Group, Inc., Class A (x)\*,\*\* | 21500 | 298816 | 30470 | (93460) | (163612) | 17226 | 89440 |  |  |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |
|  **Automobile Components** |  |  |  |  |  |  |  |  |  |
|  Strattec Security Corp.\* | 233000 | 9640800 |  | (48155) | (615) | 4902900 | 14494930 |  |  |
|  **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
|  Biglari Holdings, Inc., Class A\* | 10860 | 14279888 |  | (410131) | 66510 | 1271643 | 15207910 |  |  |
|  Canterbury Park Holding Corp. | 319000 | 6702190 |  |  |  | (567820) | 6134370 | 44660 |  |
|  Nathan's Famous, Inc. | 207100 | 16350880 |  | (94042) | 21827 | 6622453 | 22901118 | 207850 |  |
|  **Household Durables** |  |  |  |  |  |  |  |  |  |
|  Nobility Homes, Inc. | 212000 | 6840900 | 134999 |  |  | (1039899) | 5936000 | 259125 |  |
|  **Consumer Staples** |  |  |  |  |  |  |  |  |  |
|  **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |
|  Ingles Markets, Inc., Class A | 465000 | 29964600 |  |  |  | (492900) | 29471700 | 153450 |  |
|  **Household Products** |  |  |  |  |  |  |  |  |  |
|  Oil-Dri Corp. of America | 731000 | 32382980 |  | (401329) | 333529 | 10806510 | 43121690 | 228160 |  |
|  **Industrials** |  |  |  |  |  |  |  |  |  |
|  **Machinery** |  |  |  |  |  |  |  |  |  |
|  L B Foster Co., Class A\* | 550000 | 14795000 |  |  |  | (2766500) | 12028500 |  |  |
|  **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
|  Rush Enterprises, Inc., Class B (x) | 1057000 | 57760840 |  | (224315) | 197118 | (2262283) | 55471360 | 380736 |  |
|  **Information Technology** |  |  |  |  |  |  |  |  |  |
|  **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
|  Bel Fuse, Inc., Class A (x) | 76700 | 8107200 |  | (1086919) | 822147 | (950933) | 6891495 | 9960 |  |
|  **Materials** |  |  |  |  |  |  |  |  |  |
|  **Metals & Mining** |  |  |  |  |  |  |  |  |  |
|  Ampco-Pittsburgh Corp.\* | 970506 | 2044020 | 3698 | (27900) | 450 | 852430 | 2872698 |  |  |
|  **Total** |  | **199168114** | **169167** | **(2386251)** | **1277354** | **16392827** | **214621211** | **1283941** |  |

---

*\** *Non-income producing.* 

*\*\** *Not affiliated at June 30, 2025.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $306445608 | $3832580 | $— | $310278188 |
|  Consumer Discretionary | 572095723 | 19242189 |  | 591337912 |
|  Consumer Staples | 166280613 | 7508859 |  | 173789472 |
|  Energy | 47505788 |  |  | 47505788 |
|  Financials | 112383937 | 2237329 | 179360 | 114800626 |
|  Health Care | 78704972 |  |  | 78704972 |
|  Industrials | 1594105637 | 40045250 |  | 1634150887 |
|  Information Technology | 150793047 | 2169713 |  | 152962760 |
|  Materials | 165842387 | 1381410 |  | 167223797 |
|  Real Estate | 88916813 | 979555 |  | 89896368 |
|  Utilities | 168815401 |  |  | 168815401 |
|  **Rights** |  |  |  |  |
|  Industrials |  |  | 90988 | 90988 |
|  Materials |  | 150000 |  | 150000 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 26732780 |  |  | 26732780 |
|  **Warrants** |  |  |  |  |
|  Materials | 10108 |  |  | 10108 |
|  **Total Assets** | $**3478632814** | $**77546885** | $**270348** | $**3556450047** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3478632814** | $**77546885** | $**270348** | $**3556450047** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $36747885.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $96814223.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2435985584 |
|  Aggregate gross unrealized depreciation | (172959963) |
|  Net unrealized appreciation | $2263025621 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1293424426 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $61,532,458) | $214531771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,227,472,287) | 3341918276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 31700134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $969,895) | 1154986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2256751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1210057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 314899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 17673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 36691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3593141238 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 26732780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1970165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1304459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 637045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 255925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 13335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 166805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 31080514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3562060724 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1176099608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2385961116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3562060724 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,178,346,828 / 42,770,547 shares outstanding (unlimited amount authorized: $0.01 par value) | $74.31 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $383,713,896 / 5,164,143 shares outstanding (unlimited amount authorized: $0.01 par value) | $74.30 |

---

*(x)* *Includes value of securities on loan of $57,798,391.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,283,941 of dividend income received from affiliates) (net of $198,852 foreign withholding tax) | $28200475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1359726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 100624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 29660825 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 11869846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3826715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1561324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 124147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 58629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 57667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17628740 |
|  **NET INVESTMENT INCOME (LOSS)** | 12032085 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($1,277,354 realized gain (loss) from affiliates) | 54510676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 54515129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($16,392,827 of change in unrealized appreciation (depreciation) from affiliates) | 31162591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 140510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31303101 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 85818230 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $97850315 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12032085 | $20747384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 54515129 | 288053720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31303101 | 87020350 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 97850315 | 395821454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (254859796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (33440814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (288300610) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 33,343 shares, respectively ] |  | 2373823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2702188) shares, respectively ] |  | (190492915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (294583) shares, respectively ] |  | (21065176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (209184268) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 775,085 and 1,429,252 shares, respectively ] | 54957291 | 105489551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,695,177 shares, respectively ] |  | 190492915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,347,311 shares, respectively ] |  | 254859796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2443861) and (4529864) shares, respectively ] | (173171199) | (336624556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (118213908) | 214217706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 84,375 and 180,354 shares, respectively ] | 6026567 | 13177256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 439,757 shares, respectively ] |  | 33440814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (568420) and (998879) shares, respectively ] | (40334856) | (73463095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (34308289) | (26845025) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (152522197) | (21811587) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (54671882) | 85709257 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3616732606 | 3531023349 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3562060724 | $3616732606 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $72.22 | $69.96 | $62.33 | $73.76 | $63.68 | $59.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.40 | 0.39 | 0.30 | 0.35 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.85 | 7.97 | 12.59 | (8.19) | 15.50 | 5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.09 | 8.37 | 12.98 | (7.89) | 15.85 | 5.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.45) | (0.44) | (0.35) | (0.48) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (5.66) | (4.91) | (3.19) | (5.29) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (6.11) | (5.35) | (3.54) | (5.77) | (1.79) |
|  Net asset value, end of period | $74.31 | $72.22 | $69.96 | $62.33 | $73.76 | $63.68 |
|  Total return (b) | 2.89% | 11.59% | 21.04% | (10.67) | 25.15 | 9.51 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3178347 | $3209374 | $2903212 | $2542134 | $2995792 | $2571252 |
|  Ratio of expenses to average net assets (a)(f) | 1.05% | 1.05% | 1.06% | 1.05 | 1.05 | 1.07 |
|  Ratio of net investment income (loss) to average net<br>assets (a)(f) | 0.67% | 0.54% | 0.57% | 0.46 | 0.47 | 0.54 |
|  Portfolio turnover rate^ | 1 %(z) | 4% | 5% | 3 | 4 | 5 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $72.12 | $69.86 | $62.23 | $73.64 | $63.57 | $59.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.32 | 0.59 | 0.55 | 0.47 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.86 | 7.97 | 12.60 | (8.17) | 15.47 | 5.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.18 | 8.56 | 13.15 | (7.70) | 16.00 | 5.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.64) | (0.61) | (0.52) | (0.64) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (5.66) | (4.91) | (3.19) | (5.29) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (6.30) | (5.52) | (3.71) | (5.93) | (1.92) |
|  Net asset value, end of period | $74.30 | $72.12 | $69.86 | $62.23 | $73.64 | $63.57 |
|  Total return (b) | 3.02% | 11.86% | 21.35% | (10.45) | 25.45 | 9.78 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $383714 | $407358 | $421024 | $403431 | $500683 | $500755 |
|  Ratio of expenses to average net assets (a)(f) | 0.80% | 0.80% | 0.81% | 0.80 | 0.80 | 0.82 |
|  Ratio of net investment income (loss) to average net<br>assets (a)(f) | 0.92% | 0.80% | 0.82% | 0.71 | 0.72 | 0.76 |
|  Portfolio turnover rate^ | 1 %(z) | 4% | 5% | 3 | 4 | 5 |

---

See Notes to Financial Statements.

------

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.12 and $0.23 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.19 and $0.37 for Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.19 and $0.37 for Class IB and Class K, respectively.* 

*(4)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.22 and $0.39 for Class IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.31% lower.* 

*(dd)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.22% lower.* 

*(ee)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.12% lower.* 

---

| | |
|:---|:---|
| *(ff).* | *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.22% lower.*  |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (80.4%)** | **Corporate Bonds (80.4%)** | **Corporate Bonds (80.4%)** |
|  **Communication Services (8.4%)** | **Communication Services (8.4%)** |  |
|  ***Diversified Telecommunication Services (2.9%)*** | ***Diversified Telecommunication Services (2.9%)*** | ***Diversified Telecommunication Services (2.9%)*** |
|  CCO Holdings LLC<br>5.500%, 5/1/26§ | $150000 | $149704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/28§ | 225000 | 222871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29 (x)§ | 494000 | 504078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/30§ | 300000 | 289659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32§ | 619000 | 585277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 | 679000 | 629800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33 (x)§ | 748000 | 680972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34 (x)§ | 775000 | 689827 |
|  Level 3 Financing, Inc.<br>4.500%, 4/1/30§ | 452000 | 409060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/30/33§ | 322500 | 328144 |
|  Virgin Media Finance plc<br>5.000%, 7/15/30 (x)§ | 400000 | 365492 |
|  Virgin Media Secured Finance plc<br>5.500%, 5/15/29§ | 1175000 | 1152687 |
|  Windstream Escrow LLC<br>7.750%, 8/15/28 | 399 | 5 |
|  Windstream Services LLC<br>8.250%, 10/1/31§ | 281000 | 293409 |
|  Zayo Group Holdings, Inc.<br>4.000%, 3/1/27§ | 705000 | 660937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/28§ | 328000 | 281139 |
|  |  | 7243061 |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Cinemark USA, Inc.<br>5.250%, 7/15/28 (x)§ | 1650000 | 1641618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 8/1/32§ | 175000 | 181561 |
|  Live Nation Entertainment, Inc.<br>6.500%, 5/15/27§ | 282000 | 285877 |
|  Playtika Holding Corp.<br>4.250%, 3/15/29§ | 1300000 | 1175642 |
|  |  | 3284698 |
|  ***Media (4.2%)*** | ***Media (4.2%)*** | ***Media (4.2%)*** |
|  CSC Holdings LLC<br>7.500%, 4/1/28§ | 250000 | 186785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 1/31/29§ | 524000 | 497800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/31 (x)§ | 300000 | 210000 |
|  DISH Network Corp.<br>11.750%, 11/15/27§ | 725000 | 743850 |
|  Gray Media, Inc.<br>10.500%, 7/15/29 (x)§ | 149000 | 159489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ | 645000 | 479719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/31§ | 257000 | 191560 |
|  McGraw-Hill Education, Inc.<br>8.000%, 8/1/29 (x)§ | 604000 | 614087 |
|  Neptune Bidco US, Inc.<br>9.290%, 4/15/29§ | 723000 | 701852 |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ | 326000 | 324778 |
|  Outfront Media Capital LLC<br>5.000%, 8/15/27§ | 1230000 | 1222312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29§ | 850000 | 812370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/30 (x)§ | 250000 | 237898 |
|  Sinclair Television Group, Inc.<br>5.500%, 3/1/30§ | 304000 | 246012 |
|  Sirius XM Radio LLC<br>3.125%, 9/1/26§ | 394000 | 386817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/28§ | 475000 | 456238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/1/30§ | 75000 | 69000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31 (x)§ | 676000 | 600714 |
|  Stagwell Global LLC<br>5.625%, 8/15/29§ | 571000 | 544471 |
|  TEGNA, Inc.<br>4.750%, 3/15/26§ | 500000 | 497190 |
|  Univision Communications, Inc.<br>8.500%, 7/31/31§ | 692000 | 692000 |
|  VZ Secured Financing BV<br>5.000%, 1/15/32§ | 526000 | 466168 |
|  |  | 10341110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 20868869 |
|  **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** |  |
|  ***Automobile Components (1.7%)*** | ***Automobile Components (1.7%)*** | ***Automobile Components (1.7%)*** |
|  Clarios Global LP<br>8.500%, 5/15/27§ | 344000 | 345644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/28§ | 744000 | 764951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30§ | 1040000 | 1079011 |
|  Forvia SE<br>8.000%, 6/15/30 (x)§ | 399000 | 406980 |
|  Icahn Enterprises LP<br>9.750%, 1/15/29 | 125000 | 122004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 (x) | 550000 | 462220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 6/15/30 | 525000 | 492187 |
|  IHO Verwaltungs GmbH<br>8.000%, 11/15/32 PIK§ | 575000 | 585781 |
|  |  | 4258778 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Getty Images, Inc.<br>9.750%, 3/1/27§ | 858000 | 845576 |
|  ***Distributors (0.9%)*** | ***Distributors (0.9%)*** | ***Distributors (0.9%)*** |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 533000 | 546799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 3/15/31§ | 689000 | 725087 |
|  Resideo Funding, Inc.<br>6.500%, 7/15/32§ | 274000 | 280708 |
|  Velocity Vehicle Group LLC<br>8.000%, 6/1/29§ | 214000 | 213398 |
|  Windsor Holdings III LLC<br>8.500%, 6/15/30§ | 542000 | 579940 |
|  |  | 2345932 |
|  ***Diversified Consumer Services (1.4%)*** | ***Diversified Consumer Services (1.4%)*** | ***Diversified Consumer Services (1.4%)*** |
|  Champions Financing, Inc.<br>8.750%, 2/15/29 (x)§ | 625000 | 601750 |
|  Matthews International Corp.<br>8.625%, 10/1/27 (x)§ | 391000 | 406847 |
|  Mavis Tire Express Services Topco Corp.<br>6.500%, 5/15/29§ | 225000 | 221114 |
|  Service Corp. International<br>5.750%, 10/15/32 | 289000 | 291483 |
|  Sotheby's<br>7.375%, 10/15/27 (x)§ | 1350000 | 1335285 |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ | 601000 | 631825 |
|  |  | 3488304 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Hotels, Restaurants & Leisure (7.2%)*** | ***Hotels, Restaurants & Leisure (7.2%)*** | ***Hotels, Restaurants & Leisure (7.2%)*** |
|  1011778 BC ULC<br>3.875%, 1/15/28§ | $420000 | $408983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/29§ | 437000 | 440824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/30§ | 700000 | 652043 |
|  Boyd Gaming Corp.<br>4.750%, 6/15/31§ | 250000 | 238763 |
|  Caesars Entertainment, Inc.<br>4.625%, 10/15/29 (x)§ | 300000 | 286509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/15/30§ | 2535000 | 2623725 |
|  Carnival Corp.<br>7.000%, 8/15/29§ | 546000 | 575037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/15/33§ | 457000 | 465569 |
|  CEC Entertainment LLC<br>6.750%, 5/1/26§ | 165000 | 163305 |
|  Churchill Downs, Inc.<br>5.750%, 4/1/30§ | 526000 | 526110 |
|  Everi Holdings, Inc.<br>5.000%, 7/15/29§ | 1025000 | 1035763 |
|  Flutter Treasury DAC<br>6.375%, 4/29/29§ | 249000 | 255676 |
|  Great Canadian Gaming Corp.<br>8.750%, 11/15/29§ | 463000 | 452583 |
|  Hilton Domestic Operating Co., Inc.<br>5.750%, 5/1/28§ | 172000 | 172219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/32§ | 346000 | 313393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/33§ | 263000 | 267931 |
|  Light & Wonder International, Inc.<br>7.500%, 9/1/31§ | 300000 | 313500 |
|  Marriott International, Inc.<br>5.350%, 3/15/35 | 382000 | 383649 |
|  NCL Corp. Ltd.<br>6.750%, 2/1/32 (x)§ | 840000 | 859454 |
|  Ontario Gaming GTA LP<br>8.000%, 8/1/30 (x)§ | 525000 | 526312 |
|  Raising Cane's Restaurants LLC<br>9.375%, 5/1/29§ | 100000 | 105250 |
|  Rivers Enterprise Borrower LLC<br>6.625%, 2/1/33§ | 850000 | 850425 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ | 371000 | 373020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/33§ | 813000 | 828203 |
|  Sabre GLBL, Inc.<br>11.125%, 7/15/30§ | 245000 | 255721 |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ | 350000 | 337110 |
|  Six Flags Entertainment Corp.<br>6.625%, 5/1/32 (x)§ | 381000 | 390898 |
|  Speedway Motorsports LLC<br>4.875%, 11/1/27§ | 400000 | 397232 |
|  Station Casinos LLC<br>4.500%, 2/15/28 (x)§ | 450000 | 441000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31 (x)§ | 1319000 | 1235494 |
|  Voyager Parent LLC<br>9.250%, 7/1/32§ | 1009000 | 1048260 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28§ | 294000 | 287711 |
|  Wynn Resorts Finance LLC<br>5.125%, 10/1/29 (x)§ | 375000 | 371659 |
|  |  | 17883331 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  Newell Brands, Inc.<br>8.500%, 6/1/28§ | 276000 | 290145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 | 406000 | 385103 |
|  Whirlpool Corp.<br>6.500%, 6/15/33 | 229000 | 229642 |
|  |  | 904890 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  Cougar JV Subsidiary LLC<br>8.000%, 5/15/32§ | 169000 | 180081 |
|  eG Global Finance plc<br>12.000%, 11/30/28§ | 614000 | 677703 |
|  Global Auto Holdings Ltd.<br>8.375%, 1/15/29§ | 474000 | 437763 |
|  LBM Acquisition LLC<br>6.250%, 1/15/29§ | 458000 | 397315 |
|  LCM Investments Holdings II LLC<br>4.875%, 5/1/29§ | 302000 | 293317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/31§ | 425000 | 451074 |
|  Lithia Motors, Inc.<br>4.375%, 1/15/31§ | 250000 | 236875 |
|  Upbound Group, Inc.<br>6.375%, 2/15/29§ | 750000 | 737108 |
|  Victra Holdings LLC<br>8.750%, 9/15/29 (x)§ | 850000 | 892500 |
|  White Cap Buyer LLC<br>6.875%, 10/15/28 (x)§ | 391000 | 390112 |
|  |  | 4693848 |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** |
|  Beach Acquisition Bidco LLC<br>10.000%, 7/15/33 PIK§ | 425000 | 440406 |
|  Champ Acquisition Corp.<br>8.375%, 12/1/31§ | 274000 | 292501 |
|  Crocs, Inc.<br>4.125%, 8/15/31 (x)§ | 272000 | 245151 |
|  Hanesbrands, Inc.<br>9.000%, 2/15/31§ | 464000 | 491260 |
|  S&S Holdings LLC<br>8.375%, 10/1/31§ | 515000 | 491825 |
|  |  | 1961143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 36381802 |
|  **Consumer Staples (3.2%)** | **Consumer Staples (3.2%)** |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ | 355000 | 344347 |
|  ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** |
|  Performance Food Group, Inc.<br>5.500%, 10/15/27§ | 275000 | 274312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/1/29 (x)§ | 500000 | 482365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/32§ | 577000 | 591010 |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28§ | 210000 | 206587 |
|  US Foods, Inc.<br>4.625%, 6/1/30§ | 481000 | 468412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/32§ | 356000 | 373498 |
|  |  | 2396184 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Food Products (1.6%)*** | ***Food Products (1.6%)*** | ***Food Products (1.6%)*** |
|  Chobani LLC<br>7.625%, 7/1/29§ | $50000 | $52079 |
|  Darling Ingredients, Inc.<br>6.000%, 6/15/30§ | 720000 | 728856 |
|  Fiesta Purchaser, Inc.<br>7.875%, 3/1/31§ | 244000 | 258840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 9/15/32 (x)§ | 330000 | 346088 |
|  Lamb Weston Holdings, Inc.<br>4.375%, 1/31/32§ | 225000 | 210454 |
|  Post Holdings, Inc.<br>5.500%, 12/15/29§ | 118000 | 117410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/15/30§ | 325000 | 312227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/31§ | 738000 | 682746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/15/32§ | 190000 | 194750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/34§ | 324000 | 325620 |
|  Simmons Foods, Inc.<br>4.625%, 3/1/29§ | 186000 | 175835 |
|  Viking Baked Goods Acquisition Corp.<br>8.625%, 11/1/31§ | 715000 | 701179 |
|  |  | 4106084 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Energizer Holdings, Inc.<br>4.750%, 6/15/28 (x)§ | 396000 | 385435 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Herbalife Nutrition Ltd.<br>7.875%, 9/1/25§ | 136000 | 136061 |
|  Opal Bidco SAS<br>6.500%, 3/31/32§ | 200000 | 203754 |
|  Prestige Brands, Inc.<br>3.750%, 4/1/31§ | 310000 | 285671 |
|  |  | 625486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 7857536 |
|  **Energy (7.8%)** | **Energy (7.8%)** |  |
|  ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** |
|  Aris Water Holdings LLC<br>7.250%, 4/1/30 (x)§ | 584000 | 599844 |
|  Transocean, Inc.<br>8.750%, 2/15/30§ | 253600 | 260274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/15/31 | 575000 | 470908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/15/31 (x)§ | 530000 | 472866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 3/15/38 | 275000 | 192500 |
|  |  | 1996392 |
|  ***Oil, Gas & Consumable Fuels (7.0%)*** | ***Oil, Gas & Consumable Fuels (7.0%)*** | ***Oil, Gas & Consumable Fuels (7.0%)*** |
|  Ascent Resources Utica Holdings LLC<br>6.625%, 10/15/32 (x)§ | 348000 | 354525 |
|  Blue Racer Midstream LLC<br>6.625%, 7/15/26§ | 304000 | 304128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 7/15/32§ | 503000 | 532928 |
|  Buckeye Partners LP<br>4.500%, 3/1/28 (x)§ | 200000 | 196728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/15/43 | 125000 | 110313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/44 | 75000 | 63248 |
|  Chord Energy Corp.<br>6.750%, 3/15/33§ | 350000 | 355250 |
|  CNX Midstream Partners LP<br>4.750%, 4/15/30§ | 700000 | 662361 |
|  Comstock Resources, Inc.<br>5.875%, 1/15/30§ | 650000 | 631313 |
|  Crescent Energy Finance LLC<br>7.625%, 4/1/32§ | 588000 | 572565 |
|  Delek Logistics Partners LP<br>8.625%, 3/15/29§ | 645000 | 666704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/30/33§ | 230000 | 228926 |
|  Encino Acquisition Partners Holdings LLC<br>8.500%, 5/1/28§ | 302000 | 310305 |
|  Genesis Energy LP<br>7.750%, 2/1/28 | 669000 | 676593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 1/15/29 (x) | 150000 | 156035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 (x) | 200000 | 211460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 (x) | 643000 | 668276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5/15/33 (x) | 150000 | 155968 |
|  Harvest Midstream I LP<br>7.500%, 5/15/32§ | 300000 | 317007 |
|  Hilcorp Energy I LP<br>6.250%, 4/15/32§ | 250000 | 238670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/1/33§ | 175000 | 181806 |
|  Kinder Morgan, Inc.<br>4.800%, 2/1/33 | 367000 | 360267 |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ | 597000 | 601870 |
|  Matador Resources Co.<br>6.250%, 4/15/33§ | 575000 | 571855 |
|  MEG Energy Corp.<br>5.875%, 2/1/29§ | 325000 | 324041 |
|  NGL Energy Operating LLC<br>8.375%, 2/15/32 (x)§ | 777000 | 777194 |
|  NuStar Logistics LP<br>6.000%, 6/1/26 | 250000 | 250437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 (x) | 230000 | 238264 |
|  Permian Resources Operating LLC<br>5.875%, 7/1/29§ | 252000 | 252945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ | 312000 | 313560 |
|  Prairie Acquiror LP<br>9.000%, 8/1/29§ | 675000 | 703067 |
|  SM Energy Co.<br>7.000%, 8/1/32§ | 350000 | 344750 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/29§ | 933000 | 951772 |
|  Sunoco LP<br>7.250%, 5/1/32§ | 326000 | 342052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33§ | 324000 | 328050 |
|  Tallgrass Energy Partners LP<br>7.375%, 2/15/29§ | 250000 | 256530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/1/31§ | 150000 | 146103 |
|  Venture Global LNG, Inc.<br>7.000%, 1/15/30 (x)§ | 150000 | 151500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/1/31§ | 850000 | 882938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 2/1/32§ | 450000 | 486000 |
|  Venture Global Plaquemines LNG LLC<br>7.750%, 5/1/35§ | 400000 | 432992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/36§ | 300000 | 300000 |
|  Wildfire Intermediate Holdings LLC<br>7.500%, 10/15/29§ | 750000 | 745058 |
|  |  | 17356354 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 19352746 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Financials (10.7%)** | **Financials (10.7%)** |  |
|  ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** |
|  Aretec Group, Inc.<br>10.000%, 8/15/30§ | $231000 | $253871 |
|  HAT Holdings I LLC<br>3.750%, 9/15/30 (x)§ | 625000 | 570171 |
|  MSCI, Inc.<br>3.250%, 8/15/33§ | 662000 | 579181 |
|  Stonex Escrow Issuer LLC<br>6.875%, 7/15/32§ | 275000 | 277766 |
|  StoneX Group, Inc.<br>7.875%, 3/1/31§ | 400000 | 419252 |
|  |  | 2100241 |
|  ***Consumer Finance (3.3%)*** | ***Consumer Finance (3.3%)*** | ***Consumer Finance (3.3%)*** |
|  Ally Financial, Inc.<br>6.700%, 2/14/33 (x) | 925000 | 962903 |
|  Azorra Finance Ltd.<br>7.750%, 4/15/30§ | 1075000 | 1115984 |
|  Bread Financial Holdings, Inc.<br>9.750%, 3/15/29 (x)§ | 747000 | 804444 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.30%),<br>8.375%, 6/15/35 (k)§ | 400000 | 401000 |
|  Credit Acceptance Corp.<br>9.250%, 12/15/28§ | 800000 | 846432 |
|  Enova International, Inc.<br>9.125%, 8/1/29 (x)§ | 391000 | 411527 |
|  GGAM Finance Ltd.<br>8.000%, 2/15/27§ | 224000 | 230879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/28§ | 414000 | 437884 |
|  goeasy Ltd.<br>6.875%, 5/15/30 (x)§ | 525000 | 526313 |
|  OneMain Finance Corp.<br>7.875%, 3/15/30 | 125000 | 132691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/30 | 1000000 | 922500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5/15/31 | 300000 | 313134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/31 (x) | 350000 | 363580 |
|  PROG Holdings, Inc.<br>6.000%, 11/15/29§ | 850000 | 816000 |
|  |  | 8285271 |
|  ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ | 617000 | 592246 |
|  Freedom Mortgage Corp.<br>12.000%, 10/1/28§ | 296000 | 317629 |
|  Freedom Mortgage Holdings LLC<br>9.250%, 2/1/29§ | 374000 | 388025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 4/1/32§ | 243000 | 244961 |
|  Nationstar Mortgage Holdings, Inc.<br>5.500%, 8/15/28§ | 225000 | 223875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/29§ | 525000 | 535931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 2/1/32§ | 200000 | 207668 |
|  Rocket Cos., Inc.<br>6.125%, 8/1/30§ | 100000 | 101852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/1/33§ | 552000 | 564254 |
|  Rocket Mortgage LLC<br>3.875%, 3/1/31§ | 725000 | 670625 |
|  Shift4 Payments LLC<br>6.750%, 8/15/32§ | 1124000 | 1163913 |
|  WEX, Inc.<br>6.500%, 3/15/33§ | 1475000 | 1475922 |
|  |  | 6486901 |
|  ***Insurance (3.9%)*** | ***Insurance (3.9%)*** | ***Insurance (3.9%)*** |
|  Acrisure LLC<br>8.250%, 2/1/29§ | 1391000 | 1437807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/29 (x)§ | 275000 | 263585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/6/30§ | 150000 | 154821 |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27§ | 328000 | 328708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/31§ | 1150000 | 1172759 |
|  AmWINS Group, Inc.<br>4.875%, 6/30/29§ | 1175000 | 1137283 |
|  Ardonagh Group Finance Ltd.<br>8.875%, 2/15/32 (x)§ | 1587000 | 1663208 |
|  AssuredPartners, Inc.<br>5.625%, 1/15/29§ | 475000 | 473936 |
|  BroadStreet Partners, Inc.<br>5.875%, 4/15/29§ | 356000 | 351550 |
|  Howden UK Refinance plc<br>7.250%, 2/15/31§ | 525000 | 542062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 2/15/32 (x)§ | 500000 | 519400 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ | 458000 | 478656 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ | 1051000 | 1091726 |
|  |  | 9615501 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  Starwood Property Trust, Inc. (REIT)<br>6.500%, 7/1/30§ | 204000 | 210075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 26697989 |
|  **Health Care (5.4%)** | **Health Care (5.4%)** |  |
|  ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** |
|  Grifols SA<br>3.875%, 10/15/28§ | 225000 | 252269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/28§ | $275000 | 263464 |
|  |  | 515733 |
|  ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** |
|  Medline Borrower LP<br>5.250%, 10/1/29 (x)§ | 644000 | 639035 |
|  Neogen Food Safety Corp.<br>8.625%, 7/20/30§ | 785000 | 811847 |
|  Varex Imaging Corp.<br>7.875%, 10/15/27§ | 313000 | 316258 |
|  |  | 1767140 |
|  ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** |
|  Acadia Healthcare Co., Inc.<br>5.500%, 7/1/28§ | 300000 | 297021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/29§ | 250000 | 242190 |
|  AdaptHealth LLC<br>5.125%, 3/1/30 (x)§ | 298000 | 282328 |
|  Concentra Health Services, Inc.<br>6.875%, 7/15/32§ | 175000 | 181125 |
|  DaVita, Inc.<br>4.625%, 6/1/30§ | 525000 | 501375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/31§ | 150000 | 136416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/32 (x)§ | 125000 | 129176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 7/15/33 (x)§ | 425000 | 438290 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  HealthEquity, Inc.<br>4.500%, 10/1/29§ | $| 601000 | $| 582922 |
|  Heartland Dental LLC<br>10.500%, 4/30/28§ |  | 657000 |  | 693436 |
|  LifePoint Health, Inc.<br>9.875%, 8/15/30§ |  | 200000 |  | 216094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 10/15/30§ |  | 225000 |  | 248062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 6/1/32 (x)§ |  | 775000 |  | 794313 |
|  Select Medical Corp.<br>6.250%, 12/1/32§ |  | 250000 |  | 251657 |
|  Star Parent, Inc.<br>9.000%, 10/1/30§ |  | 383000 |  | 403146 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32 (x)§ |  | 557000 |  | 567811 |
|  Tenet Healthcare Corp.<br>6.250%, 2/1/27 |  | 490000 |  | 490255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 |  | 700000 |  | 698250 |
|  US Acute Care Solutions LLC<br>9.750%, 5/15/29§ |  | 716000 |  | 736585 |
|  |  |  |  | 7890452 |
|  ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** |
|  IQVIA, Inc.<br>5.000%, 5/15/27§ |  | 200000 |  | 198750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 |  | 500000 |  | 511789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 |  | 648000 |  | 675989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 6/1/32§ |  | 591000 |  | 606821 |
|  |  |  |  | 1993349 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Charles River Laboratories International, Inc.<br>4.000%, 3/15/31§ |  | 400000 |  | 366120 |
|  ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** |
|  1261229 BC Ltd.<br>10.000%, 4/15/32§ |  | 400000 |  | 403444 |
|  Cheplapharm Arzneimittel GmbH<br>5.500%, 1/15/28§ |  | 600000 |  | 577500 |
|  |  |  |  | 980944 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 13513738 |
|  **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** |  |  |
|  ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ |  | 284000 |  | 288697 |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ |  | 452000 |  | 464124 |
|  TransDigm, Inc.<br>7.125%, 12/1/31§ |  | 425000 |  | 444125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/31/33§ |  | 1400000 |  | 1401512 |
|  |  |  |  | 2598458 |
|  ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ |  | 269000 |  | 275055 |
|  AmeriTex HoldCo Intermediate LLC<br>10.250%, 10/15/28 (x)§ |  | 576000 |  | 610733 |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ |  | 434000 |  | 398737 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ |  | 594000 |  | 606034 |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ |  | 239000 |  | 238890 |
|  Quikrete Holdings, Inc.<br>6.750%, 3/1/33§ |  | 125000 |  | 128950 |
|  Smyrna Ready Mix Concrete LLC<br>6.000%, 11/1/28§ |  | 625000 |  | 621269 |
|  Standard Industries, Inc.<br>4.375%, 7/15/30§ |  | 332000 |  | 314155 |
|  |  |  |  | 3193823 |
|  ***Commercial Services & Supplies (3.3%)*** | ***Commercial Services & Supplies (3.3%)*** | ***Commercial Services & Supplies (3.3%)*** | ***Commercial Services & Supplies (3.3%)*** | ***Commercial Services & Supplies (3.3%)*** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29§ |  | 246000 |  | 216173 |
|  ADT Security Corp. (The)<br>4.875%, 7/15/32§ |  | 363000 |  | 346839 |
|  Allied Universal Holdco LLC<br>6.000%, 6/1/29§ |  | 151000 |  | 146848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/30§ |  | 482000 |  | 488685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 2/15/31§ |  | 408000 |  | 424830 |
|  Aramark Services, Inc.<br>5.000%, 2/1/28§ |  | 390000 |  | 387644 |
|  Clarivate Science Holdings Corp.<br>3.875%, 7/1/28§ |  | 275000 |  | 262625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/1/29§ |  | 610000 |  | 572430 |
|  Clean Harbors, Inc.<br>6.375%, 2/1/31§ |  | 50000 |  | 51130 |
|  Garda World Security Corp.<br>6.000%, 6/1/29§ |  | 310000 |  | 302405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ |  | 169000 |  | 173021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32§ |  | 695000 |  | 714404 |
|  Madison IAQ LLC<br>5.875%, 6/30/29 (x)§ |  | 801000 |  | 786141 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/31§ |  | 529000 |  | 527514 |
|  Reworld Holding Corp.<br>4.875%, 12/1/29§ |  | 375000 |  | 355552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/30 |  | 250000 |  | 236383 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ |  | 626000 |  | 677745 |
|  Waste Pro USA, Inc.<br>7.000%, 2/1/33§ |  | 981000 |  | 1019043 |
|  Williams Scotsman, Inc.<br>7.375%, 10/1/31§ |  | 558000 |  | 585342 |
|  |  |  |  | 8274754 |
|  ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** |
|  Arcosa, Inc.<br>6.875%, 8/15/32§ |  | 307000 |  | 318129 |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30§ |  | 400000 |  | 370232 |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ |  | 383000 |  | 371456 |
|  Pike Corp.<br>8.625%, 1/31/31§ |  | 262000 |  | 285119 |
|  Weekley Homes LLC<br>4.875%, 9/15/28 (x)§ |  | 242000 |  | 233656 |
|  |  |  |  | 1578592 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  EnerSys<br>6.625%, 1/15/32§ |  | 267000 |  | 272967 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** |
|  Beacon Mobility Corp.<br>7.250%, 8/1/30§ | $139000 | $141868 |
|  EquipmentShare.com, Inc.<br>9.000%, 5/15/28§ | 321000 | 338273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 5/15/32§ | 450000 | 480559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 3/15/33§ | 150000 | 157125 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ | 230000 | 234195 |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ | 564000 | 549246 |
|  RXO, Inc.<br>7.500%, 11/15/27§ | 316000 | 324229 |
|  Star Leasing Co. LLC<br>7.625%, 2/15/30§ | 208000 | 206180 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ | 434000 | 453048 |
|  XPO, Inc.<br>7.125%, 6/1/31§ | 368000 | 384225 |
|  |  | 3268948 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  ATS Corp.<br>4.125%, 12/15/28 (x)§ | 468000 | 447525 |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ | 832000 | 868400 |
|  Enpro, Inc.<br>6.125%, 6/1/33§ | 225000 | 230083 |
|  Hillenbrand, Inc.<br>6.250%, 2/15/29 | 394000 | 400678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31 | 130000 | 116480 |
|  Husky Injection Molding Systems Ltd.<br>9.000%, 2/15/29 (x)§ | 344000 | 358217 |
|  Terex Corp.<br>6.250%, 10/15/32§ | 351000 | 351660 |
|  |  | 2773043 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  American Airlines, Inc.<br>5.750%, 4/20/29§ | 325000 | 324344 |
|  VistaJet Malta Finance plc<br>9.500%, 6/1/28§ | 475000 | 488062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 2/1/30 (x)§ | 225000 | 210363 |
|  |  | 1022769 |
|  ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** |
|  AMN Healthcare, Inc.<br>4.625%, 10/1/27 (x)§ | 275000 | 267619 |
|  CACI International, Inc.<br>6.375%, 6/15/33§ | 300000 | 309294 |
|  VT Topco, Inc.<br>8.500%, 8/15/30§ | 1564000 | 1662595 |
|  |  | 2239508 |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** |
|  Fortress Transportation and Infrastructure Investors LLC<br>7.000%, 5/1/31§ | 450000 | 464063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 6/15/32 (x)§ | 275000 | 284064 |
|  Herc Holdings, Inc.<br>7.000%, 6/15/30§ | 400000 | 417908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/33§ | 150000 | 157155 |
|  QXO Building Products, Inc.<br>6.750%, 4/30/32§ | 235000 | 241463 |
|  United Rentals North America, Inc.<br>6.000%, 12/15/29§ | 408000 | 417690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34§ | 242000 | 249763 |
|  WESCO Distribution, Inc.<br>7.250%, 6/15/28§ | 532000 | 538650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/32§ | 569000 | 588875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/15/33§ | 415000 | 428085 |
|  |  | 3787716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 29010578 |
|  **Information Technology (8.3%)** | **Information Technology (8.3%)** |  |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  CommScope LLC<br>8.250%, 3/1/27§ | 314000 | 311701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29 (x)§ | 364000 | 355395 |
|  |  | 667096 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Zebra Technologies Corp.<br>6.500%, 6/1/32§ | 261000 | 268394 |
|  ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** |
|  Ahead DB Holdings LLC<br>6.625%, 5/1/28 (x)§ | 640000 | 640583 |
|  ASGN, Inc.<br>4.625%, 5/15/28§ | 575000 | 559682 |
|  Cablevision Lightpath LLC<br>3.875%, 9/15/27 (x)§ | 250000 | 241150 |
|  Fortress Intermediate 3, Inc.<br>7.500%, 6/1/31§ | 280000 | 293412 |
|  ION Trading Technologies Sarl<br>5.750%, 5/15/28§ | 600000 | 579492 |
|  Unisys Corp.<br>10.625%, 1/15/31§ | 504000 | 519911 |
|  |  | 2834230 |
|  ***Software (6.6%)*** | ***Software (6.6%)*** | ***Software (6.6%)*** |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30§ | 1502000 | 1471960 |
|  Camelot Finance SA<br>4.500%, 11/1/26§ | 100000 | 98104 |
|  Capstone Borrower, Inc.<br>8.000%, 6/15/30§ | 1729000 | 1805481 |
|  Central Parent LLC<br>8.000%, 6/15/29§ | 1150000 | 951625 |
|  Central Parent, Inc.<br>7.250%, 6/15/29§ | 511000 | 416583 |
|  Cloud Software Group, Inc.<br>6.500%, 3/31/29§ | 234000 | 235334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 9/30/29§ | 898000 | 926978 |
|  Dye & Durham Ltd.<br>8.625%, 4/15/29 (x)§ | 1025000 | 1073021 |
|  Ellucian Holdings, Inc.<br>6.500%, 12/1/29§ | 444000 | 454114 |
|  Gen Digital, Inc.<br>7.125%, 9/30/30§ | 847000 | 878763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/33§ | 410000 | 421398 |
|  Helios Software Holdings, Inc.<br>4.625%, 5/1/28§ | 272000 | 257380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 5/1/29§ | 300000 | 307500 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  McAfee Corp.<br>7.375%, 2/15/30§ | $| 762000 | $| 719557 |
|  NCR Voyix Corp.<br>5.000%, 10/1/28§ |  | 349000 |  | 344041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ |  | 178000 |  | 175287 |
|  Open Text Corp.<br>6.900%, 12/1/27§ |  | 380000 |  | 393387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/1/29§ |  | 75000 |  | 70653 |
|  Open Text Holdings, Inc.<br>4.125%, 12/1/31§ |  | 492000 |  | 452794 |
|  RingCentral, Inc.<br>8.500%, 8/15/30§ |  | 75000 |  | 80174 |
|  Rocket Software, Inc.<br>9.000%, 11/28/28§ |  | 258000 |  | 265513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/29§ |  | 342000 |  | 332102 |
|  SS&C Technologies, Inc.<br>5.500%, 9/30/27§ |  | 662000 |  | 661663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ |  | 1067000 |  | 1107407 |
|  UKG, Inc.<br>6.875%, 2/1/31§ |  | 762000 |  | 787786 |
|  ZoomInfo Technologies LLC<br>3.875%, 2/1/29§ |  | 2013000 |  | 1893226 |
|  |  |  |  | 16581831 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  Dell International LLC<br>4.850%, 2/1/35 |  | 422000 |  | 406811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 20758362 |
|  **Materials (8.3%)** | **Materials (8.3%)** | **Materials (8.3%)** |  |  |
|  ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** |
|  Avient Corp.<br>7.125%, 8/1/30§ |  | 339000 |  | 350383 |
|  Axalta Coating Systems LLC<br>4.750%, 6/15/27§ |  | 350000 |  | 346860 |
|  Celanese US Holdings LLC<br>6.750%, 4/15/33 (x) |  | 640000 |  | 644000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/15/33 (e)(x) |  | 110000 |  | 116401 |
|  HB Fuller Co.<br>4.250%, 10/15/28 |  | 372000 |  | 359017 |
|  Illuminate Buyer LLC<br>9.000%, 7/1/28§ |  | 1026000 |  | 1031038 |
|  INEOS Quattro Finance 2 plc<br>9.625%, 3/15/29 (x)§ |  | 600000 |  | 605880 |
|  Maxam Prill Sarl<br>7.750%, 7/15/30§ |  | 286000 |  | 286507 |
|  Minerals Technologies, Inc.<br>5.000%, 7/1/28§ |  | 720000 |  | 705600 |
|  NOVA Chemicals Corp.<br>8.500%, 11/15/28§ |  | 545000 |  | 574730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/30§ |  | 116000 |  | 124933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/1/31§ |  | 177000 |  | 185629 |
|  Nufarm Australia Ltd.<br>5.000%, 1/27/30§ |  | 582000 |  | 538635 |
|  Olympus Water US Holding Corp.<br>4.250%, 10/1/28§ |  | 246000 |  | 233491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/1/29 (x)§ |  | 200000 |  | 190676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/31§ |  | 370000 |  | 377437 |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ |  | 977000 |  | 882544 |
|  |  |  |  | 7553761 |
|  ***Containers & Packaging (3.1%)*** | ***Containers & Packaging (3.1%)*** | ***Containers & Packaging (3.1%)*** | ***Containers & Packaging (3.1%)*** | ***Containers & Packaging (3.1%)*** |
|  Ardagh Metal Packaging Finance USA LLC<br>4.000%, 9/1/29§ |  | 1434000 |  | 1309285 |
|  Ardagh Packaging Finance plc<br>4.125%, 8/15/26 (x)§ |  | 400000 |  | 374000 |
|  Clydesdale Acquisition Holdings, Inc.<br>8.750%, 4/15/30§ |  | 796000 |  | 813910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/32§ |  | 236000 |  | 241086 |
|  Graphic Packaging International LLC<br>6.375%, 7/15/32§ |  | 230000 |  | 234890 |
|  LABL, Inc.<br>10.500%, 7/15/27§ |  | 197000 |  | 188628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28§ |  | 500000 |  | 437500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/1/31§ |  | 394000 |  | 336870 |
|  Mauser Packaging Solutions Holding Co.<br>7.875%, 4/15/27§ |  | 366000 |  | 372324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 4/15/27§ |  | 1150000 |  | 1141375 |
|  Owens-Brockway Glass Container, Inc.<br>6.625%, 5/13/27§ |  | 413000 |  | 413285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/31 (x)§ |  | 258000 |  | 264450 |
|  Sealed Air Corp.<br>6.125%, 2/1/28§ |  | 182000 |  | 184537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/15/31§ |  | 350000 |  | 367500 |
|  Toucan FinCo Ltd.<br>9.500%, 5/15/30§ |  | 298000 |  | 304705 |
|  Trivium Packaging Finance BV<br>8.250%, 7/15/30§ |  | 400000 |  | 421500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 1/15/31 (x)§ |  | 226000 |  | 241594 |
|  |  |  |  | 7647439 |
|  ***Metals & Mining (1.7%)*** | ***Metals & Mining (1.7%)*** | ***Metals & Mining (1.7%)*** | ***Metals & Mining (1.7%)*** | ***Metals & Mining (1.7%)*** |
|  Arsenal AIC Parent LLC<br>8.000%, 10/1/30 (x)§ |  | 400000 |  | 427000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 10/1/31§ |  | 650000 |  | 727714 |
|  Constellium SE<br>3.750%, 4/15/29 (x)§ |  | 75000 |  | 70447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/15/32 (x)§ |  | 550000 |  | 558442 |
|  Kaiser Aluminum Corp.<br>4.500%, 6/1/31 (x)§ |  | 338000 |  | 315243 |
|  Novelis Corp.<br>4.750%, 1/30/30§ |  | 800000 |  | 765600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/30/30§ |  | 221000 |  | 228691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/31 (x)§ |  | 75000 |  | 67252 |
|  SunCoke Energy, Inc.<br>4.875%, 6/30/29§ |  | 1250000 |  | 1159000 |
|  |  |  |  | 4319389 |
|  ***Paper & Forest Products (0.5%)*** | ***Paper & Forest Products (0.5%)*** | ***Paper & Forest Products (0.5%)*** | ***Paper & Forest Products (0.5%)*** | ***Paper & Forest Products (0.5%)*** |
|  Magnera Corp.<br>4.750%, 11/15/29§ |  | 250000 |  | 220558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/31 (x)§ |  | 1108000 |  | 1042783 |
|  |  |  |  | 1263341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 20783930 |
|  **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |  |  |
|  ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** |
|  VICI Properties LP (REIT)<br>4.250%, 12/1/26§ |  | 290000 |  | 288147 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** |
|  MPT Operating Partnership LP (REIT)<br>0.993%, 10/15/26 | 500000 | $541904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 (x) | $575000 | 530438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/31 | 300000 | 211938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 2/15/32§ | 375000 | 391987 |
|  |  | 1676267 |
|  ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** |
|  Park Intermediate Holdings LLC (REIT)<br>5.875%, 10/1/28§ | 356000 | 355274 |
|  Pebblebrook Hotel LP (REIT)<br>6.375%, 10/15/29§ | 232000 | 232896 |
|  RHP Hotel Properties LP (REIT)<br>6.500%, 6/15/33§ | 350000 | 358911 |
|  Service Properties Trust (REIT)<br>8.625%, 11/15/31§ | 450000 | 483052 |
|  |  | 1430133 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Cushman & Wakefield US Borrower LLC<br>6.750%, 5/15/28§ | 446000 | 449046 |
|  Greystar Real Estate Partners LLC<br>7.750%, 9/1/30§ | 324000 | 343835 |
|  |  | 792881 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Iron Mountain, Inc. (REIT)<br>5.000%, 7/15/28§ | 381000 | 378017 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4565445 |
|  **Utilities (0.2%)** | **Utilities (0.2%)** |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Suburban Propane Partners LP<br>5.000%, 6/1/31§ | 250000 | 236405 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Lightning Power LLC<br>7.250%, 8/15/32§ | 350000 | 367063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 603468 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 200394463 |
|  **Loan Participations (5.6%)** | **Loan Participations (5.6%)** | **Loan Participations (5.6%)** |
|  **Communication Services (0.0%)†** | **Communication Services (0.0%)†** |  |
|  ***Media (0.0%)†*** | ***Media (0.0%)†*** | ***Media (0.0%)†*** |
|  Loyalty Ventures, Inc., 1st Lien Term Loan B<br>(US Prime Rate + 5.50%),<br>13.000%, 11/3/26 (k) | 305297 | 21371 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 21371 |
|  **Consumer Discretionary (0.9%)** | **Consumer Discretionary (0.9%)** |  |
|  ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** |
|  Clarios Global LP, 1st Lien Term Loan<br>(CME Term SOFR 1 Month + 2.50%),<br>6.827%, 5/6/30 (k) | 224436 | 223033 |
|  First Brands Group LLC, 1st Lien Incremental Term Loan<br>(CME Term SOFR 3 Month + 5.00%),<br>9.541%, 3/30/27 (k) | 146998 | 138692 |
|  First Brands Group LLC, 1st Lien Term Loan<br>(CME Term SOFR 3 Month + 5.00%),<br>9.541%, 3/30/27 (k) | 603465 | 569143 |
|  First Brands Group LLC, 2nd Lien Term Loan<br>(CME Term SOFR 3 Month + 8.50%),<br>13.041%, 3/30/28 (k) | 300000 | 267000 |
|  |  | 1197868 |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** |
|  Champions Financing, Inc., 1st Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 4.75%),<br>9.080%, 2/6/29 (k) | 572111 | 533851 |
|  Mavis Tire Express Services Topco Corp., 1st Lien Incremental Term Loan<br>(CME Term SOFR 3 Month + 3.00%),<br>7.333%, 5/4/28 (k) | 149625 | 149438 |
|  |  | 683289 |
|  ***Specialty Retail (0.1%)*** | ***Specialty Retail (0.1%)*** | ***Specialty Retail (0.1%)*** |
|  Victra Holdings LLC, 1st Lien Incremental Term Loan<br>(CME Term SOFR 3 Month + 4.25%),<br>8.546%, 3/30/29 (k) | 240703 | 240402 |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** |
|  Varsity Brands, Inc., 1st Lien Term Loan B<br>(CME Term SOFR 3 Month + 3.50%),<br>7.830%, 8/26/31 (k) | 99750 | 99584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 2221143 |
|  **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  Arterra Wines Canada, Inc., 1st Lien Initial Term Loan B1<br>(CME Term SOFR 3 Month + 3.50%),<br>8.057%, 11/25/27 (k) | 299216 | 295101 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 295101 |
|  **Financials (1.7%)** | **Financials (1.7%)** |  |
|  ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** |
|  Nexus Buyer LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 3.50%),<br>7.827%, 7/31/31 (k) | 274313 | 274941 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Nexus Buyer LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 6.25%),<br>10.677%, 11/1/29 (k) | $| 1460000 | $| 1447834 |
|  |  |  |  | 1722775 |
|  ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** |
|  Jump Financial LLC, 1st Lien Term Loan B<br>(CME Term SOFR 3 Month + 4.25%),<br>8.546%, 2/26/32 (k) |  | 224438 |  | 224438 |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** |
|  Acrisure LLC, 1st Lien Term Loan B6<br>(CME Term SOFR 1 Month + 3.00%),<br>7.327%, 11/6/30 (k) |  | 199499 |  | 198750 |
|  Asurion LLC, 2nd Lien Term Loan B3<br>(CME Term SOFR 1 Month + 5.25%),<br>9.691%, 1/31/28 (k) |  | 1050000 |  | 1001875 |
|  Asurion LLC, 2nd Lien Term Loan B4<br>(CME Term SOFR 1 Month + 5.25%),<br>9.691%, 1/19/29 (k) |  | 800000 |  | 740429 |
|  Truist Insurance Holdings LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 4.75%),<br>9.049%, 5/6/32 (k) |  | 355263 |  | 359371 |
|  |  |  |  | 2300425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 4247638 |
|  **Health Care (0.2%)** | **Health Care (0.2%)** | **Health Care (0.2%)** |  |  |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |
|  EyeCare Partners LLC, 1st Lien Term Loan B<br>(CME Term SOFR 6 Month + 1.00%),<br>5.227%, 11/30/28 PIK (k) |  | 175792 |  | 136306 |
|  EyeCare Partners LLC, 1st Lien Term Loan C<br>(CME Term SOFR 3 Month + 6.75%),<br>11.019%, 11/30/28 PIK (k) |  | 72322 |  | 18080 |
|  Sound Inpatient Physicians, Inc., 1st Lien Term Loan C<br>(CME Term SOFR 3 Month + 6.75%),<br>11.307%, 6/28/29 PIK (k) |  | 269544 |  | 215636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 370022 |
|  **Industrials (0.2%)** | **Industrials (0.2%)** | **Industrials (0.2%)** |  |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  Eco Material Technologies, Inc.,<br>1st Lien Initial Term Loan<br>(CME Term SOFR 6 Month + 3.25%),<br>7.467%, 2/12/32 (k) |  | 300000 |  | 301500 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Tecta America Corp., 1st Lien Term Loan<br>(CME Term SOFR 1 Month + 3.00%),<br>7.327%, 2/18/32 (k) |  | 300000 |  | 300300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 601800 |
|  **Information Technology (2.5%)** | **Information Technology (2.5%)** | **Information Technology (2.5%)** |  |  |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Kaseya, Inc., 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 3.25%),<br>7.577%, 3/5/32 (k) |  | 174563 |  | 175217 |
|  Kaseya, Inc., 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 5.00%),<br>9.327%, 3/22/32 (k) |  | 525000 |  | 525219 |
|  |  |  |  | 700436 |
|  ***Software (2.2%)*** | ***Software (2.2%)*** | ***Software (2.2%)*** | ***Software (2.2%)*** | ***Software (2.2%)*** |
|  Applied Systems, Inc., 2nd Lien Term Loan<br>(CME Term SOFR 3 Month + 4.50%),<br>8.796%, 2/23/32 (k) |  | 975000 |  | 997852 |
|  Ascend Learning LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 3.00%),<br>7.327%, 12/11/28 (k) |  | 847875 |  | 847433 |
|  Ascend Learning LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 5.75%),<br>10.177%, 12/10/29 (k) |  | 172020 |  | 171877 |
|  AthenaHealth Group, Inc., 1st Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 2.75%),<br>7.077%, 2/15/29 (k) |  | 299250 |  | 298277 |
|  Cast & Crew LLC, 1st Lien Incremental Term Loan<br>(CME Term SOFR 1 Month + 3.75%),<br>8.077%, 12/29/28 (k) |  | 618724 |  | 583147 |
|  Ellucian Holdings, Inc., 2nd Lien Initial Term Loan<br>(CME Term SOFR 1 Month + 4.75%),<br>9.077%, 11/15/32 (k) |  | 350000 |  | 357000 |
|  Leia Finco U.S. LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 3.25%),<br>7.458%, 10/9/31 (k) |  | 498750 |  | 498750 |
|  Leia Finco U.S. LLC, 2nd Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 5.25%),<br>9.458%, 10/11/32 (k) |  | 875000 |  | 864063 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Modena Buyer LLC, 1st Lien Initial Term Loan<br>(CME Term SOFR 3 Month + 4.50%),<br>8.780%, 7/1/31 (k) | $572125 | $551147 |
|  Planview Parent, Inc., 1st Lien Incremental Term Loan B<br>(CME Term SOFR 3 Month + 3.50%),<br>7.796%, 12/17/27 (k) | 124686 | 120945 |
|  Proofpoint, Inc., 1st Lien Term Loan<br>(CME Term SOFR 12 Month + 3.00%),<br>6.785%, 8/31/28 (k) | 125000 | 125014 |
|  |  | 5415505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 6115941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Loan Participations** |  | 13873016 |
|  **Total Long-Term Debt Securities (86.0%)**<br> *(Cost $213,027,781)* | **Total Long-Term Debt Securities (86.0%)**<br> *(Cost $213,027,781)* | 214267479 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCK: | COMMON STOCK: | COMMON STOCK: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** |
|  Sound Inpatient Physicians, Inc., Class A (r)\* | 377134 | 48865 |
|  Sound Inpatient Physicians, Inc., Class A2 (r)\* | 16883 | 12662 |
|  **Total Common Stocks (0.0%)†**<br> *(Cost $–)* | **Total Common Stocks (0.0%)†**<br> *(Cost $–)* | 61527 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Fixed Income (8.9%)** | **Fixed Income (8.9%)** | **Fixed Income (8.9%)** |
|  iShares Broad USD High Yield Corporate Bond ETF (x) | 256750 | 9630693 |
|  iShares iBoxx $ High Yield Corporate Bond ETF (x) | 37700 | 3040505 |
|  SPDR Bloomberg High Yield Bond ETF (x) | 32634 | 3174309 |
|  SPDR Portfolio High Yield Bond ETF | 262030 | 6236314 |
|  **Total Exchange Traded Funds (8.9%)**<br> *(Cost $23,747,387)*  | **Total Exchange Traded Funds (8.9%)**<br> *(Cost $23,747,387)*  | 22081821 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (8.5%)** | **Investment Companies (8.5%)** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 3000000 | 3000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 10216725 | 10216725 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 1725430 | 1725775 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 4.23% (7 day yield) (xx) | 2000000 | 2000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 4.27% (7 day yield) (xx) | 1000000 | 1000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares 4.24% (7 day yield) (xx) | 2150417 | 2150417 |
|  Total Investment Companies | Total Investment Companies | 21092917 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (1.9%)** | **U.S. Treasury Obligations (1.9%)** |  |
|  U.S. Treasury Bills<br>0.00%, 7/1/25 (p) | $4100000 | 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/25 (p) | 700000 | 698871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 4798871 |
|  **Total Short-Term Investments (10.4%)**<br> *(Cost $25,891,678)* |  | 25891788 |
|  **Total Investments in Securities (105.3%)**<br> *(Cost $262,666,846)* |  | 262302615 |
|  **Other Assets Less Liabilities (-5.3%)** |  | (13199278) |
|  **Net Assets (100%)** |  | $249103337 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $185,208,960 or 74.4% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $28,446,795. This was collateralized by $9,638,219 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.250%, maturing 7/15/25 - 2/15/55 and by cash of $19,367,142 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*EUR* *— European Currency Unit* 

*PIK* *— Payment-in Kind Security* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
| USD | 760675 | EUR | 679000 | JPMorgan Chase Bank | 8/20/2025 | (41874) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (41874) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Health Care | $— | $— | $61527 | $61527 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 20868869 |  | 20868869 |
|  Consumer Discretionary |  | 36381802 |  | 36381802 |
|  Consumer Staples |  | 7857536 |  | 7857536 |
|  Energy |  | 19352746 |  | 19352746 |
|  Financials |  | 26697989 |  | 26697989 |
|  Health Care |  | 13513738 |  | 13513738 |
|  Industrials |  | 29010578 |  | 29010578 |
|  Information Technology |  | 20758362 |  | 20758362 |
|  Materials |  | 20783930 |  | 20783930 |
|  Real Estate |  | 4565445 |  | 4565445 |
|  Utilities |  | 603468 |  | 603468 |
|  **Exchange Traded Funds** | 22081821 |  |  | 22081821 |
|  **Loan Participations** |  |  |  |  |
|  Communication Services |  | 21371 |  | 21371 |
|  Consumer Discretionary |  | 2221143 |  | 2221143 |
|  Consumer Staples |  | 295101 |  | 295101 |
|  Financials |  | 4247638 |  | 4247638 |
|  Health Care |  | 370022 |  | 370022 |
|  Industrials |  | 601800 |  | 601800 |
|  Information Technology |  | 6115941 |  | 6115941 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 21092917 |  |  | 21092917 |
|  U.S. Treasury Obligations |  | 4798871 |  | 4798871 |
|  **Total Assets** | $**43174738** | $**219066350** | $**61527** | $**262302615** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(41874) | $— | $(41874) |
|  **Total Liabilities** | $**—** | $**(41874)** | $**—** | $**(41874)** |
|  **Total** | $**43174738** | $**219024476** | $**61527** | $**262260741** |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(41874) |
|  **Total** |  | $(41874) |

---

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(45483) | $(45483) |
|  **Total** | $(45483) | $(45483) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(57520) | $(57520) |
|  **Total** | $(57520) | $(57520) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $31000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 717000.0 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  JPMorgan Chase | $41874 | $— | $— | $41874 |
|  **Total** | $41874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $41874 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $50886035.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $55115386.0 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4871994 |
|  Aggregate gross unrealized depreciation | (5646859) |
|  Net unrealized depreciation | $(774865) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $263035606 |

---

See Notes to Financial Statements.

------

1290 VT HIGH YIELD BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $262,666,846) | $262302615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5195927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $3,854) | 3830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3531676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 320268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 274153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 9839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 271641010 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 19367142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2672079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 239388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 104921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 41874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 24214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 17170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 70885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 22537673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $249103337 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $266691584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (17588247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $249103337 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $84,978,400 / 9,193,788 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.24 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $164,124,937 / 17,737,819 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.25 |

---

*(x)* *Includes value of securities on loan of $28,446,795.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7826082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 659050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 86257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8571389 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 734683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 152591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 100319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 47339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1124257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (105340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1018917 |
|  **NET INVESTMENT INCOME (LOSS)** | 7552472 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1113020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (45483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 14279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1144224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 4894659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (57520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4837910 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3693686 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $11246158 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT HIGH YIELD BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7552472 | $15055430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1144224) | (1526174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4837910 | 4709881 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 11246158 | 18239137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (4567868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (10541458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (15109326) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,520,049 and 2,569,702 shares, respectively ] | 13644624 | 23263065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 513,974 shares, respectively ] |  | 4567868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1181721) and (1421792) shares, respectively ] | (10576107) | (12820906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 3068517 | 15010027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 372,395 and 1,250,821 shares, respectively ] | 3360446 | 11118033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,186,482 shares, respectively ] |  | 10541458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2031837) and (2507161) shares, respectively ] | (18094987) | (22777627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (14734541) | (1118136) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (11666024) | 13891891 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (419866) | 17021702 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 249523203 | 232501501 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $249103337 | $249523203 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT HIGH YIELD BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.83 | $8.72 | $8.24 | $9.70 | $9.75 | $9.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.27 | 0.54 | 0.52 | 0.46 | 0.43 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 0.12 | 0.50 | (1.45) | (0.05) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.66 | 1.02 | (0.99) | 0.38 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.55) | (0.54) | (0.47) | (0.43) | (0.47) |
|  Net asset value, end of period | $9.24 | $8.83 | $8.72 | $8.24 | $9.70 | $9.75 |
|  Total return (b) | 4.64% | 7.56% | 12.39% | (10.30)% | 3.95% | 6.48% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $84978 | $78220 | $62748 | $51671 | $57218 | $46783 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.09% | 1.07% | 1.07% | 1.06% | 1.04% | 1.08% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 6.00% | 6.02% | 5.98% | 5.14% | 4.31% | 4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 5.91% | 5.94% | 5.91% | 5.08% | 4.26% | 4.71% |
|  Portfolio turnover rate^ | 22 %(z) | 39% | 26% | 26% | 53% | 67% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.83 | $8.72 | $8.24 | $9.69 | $9.74 | $9.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.57 | 0.54 | 0.48 | 0.45 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 0.12 | 0.50 | (1.44) | (0.05) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.42 | 0.69 | 1.04 | (0.96) | 0.40 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.58) | (0.56) | (0.49) | (0.45) | (0.49) |
|  Net asset value, end of period | $9.25 | $8.83 | $8.72 | $8.24 | $9.69 | $9.74 |
|  Total return (b) | 4.76% | 7.83% | 12.66% | (9.99)% | 4.19% | 6.74% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $164125 | $171303 | $169753 | $157636 | $186707 | $171719 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.84% | 0.82% | 0.82% | 0.81% | 0.79% | 0.83% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 6.25% | 6.26% | 6.22% | 5.38% | 4.56% | 5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 6.16% | 6.19% | 6.15% | 5.32% | 4.51% | 4.96% |
|  Portfolio turnover rate^ | 22 %(z) | 39% | 26% | 26% | 53% | 67% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (4.4%)** | **Communication Services (4.4%)** | **Communication Services (4.4%)** |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  Anterix, Inc.\* | 2713 | $69589 |
|  ATN International, Inc. | 2016 | 32760 |
|  Bandwidth, Inc., Class A\* | 5630 | 89517 |
|  IDT Corp., Class B | 3412 | 233108 |
|  |  | 424974 |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Cineverse Corp., Class A\* | 2642 | 12629 |
|  CuriosityStream, Inc. | 6684 | 37631 |
|  Eventbrite, Inc., Class A\* | 15492 | 40744 |
|  Gaia, Inc., Class A\* | 3498 | 15356 |
|  Golden Matrix Group, Inc. (x)\* | 2846 | 4838 |
|  IMAX Corp. (x)\* | 45472 | 1271397 |
|  LiveOne, Inc.\* | 804 | 607 |
|  Marcus Corp. (The) | 4980 | 83963 |
|  Mega Matrix, Inc. (x)\* | 701 | 813 |
|  Playstudios, Inc.\* | 18504 | 24240 |
|  PodcastOne, Inc.\* | 1197 | 2909 |
|  Reading International, Inc., Class A\* | 508 | 681 |
|  Reservoir Media, Inc.\* | 4180 | 32060 |
|  Skillz, Inc., Class A\* | 2485 | 16948 |
|  Starz Entertainment Corp. | 2645 | 42505 |
|  |  | 1587321 |
|  ***Interactive Media & Services (2.0%)*** | ***Interactive Media & Services (2.0%)*** | ***Interactive Media & Services (2.0%)*** |
|  Angi, Inc., Class A\* | 9077 | 138515 |
|  Arena Group Holdings, Inc. (The)\* | 2424 | 15029 |
|  BuzzFeed, Inc., Class A\* | 4146 | 8292 |
|  DHI Group, Inc.\* | 8543 | 25373 |
|  EverQuote, Inc., Class A\* | 5735 | 138672 |
|  fuboTV, Inc. (x)\* | 69885 | 269756 |
|  Giftify, Inc.\* | 3350 | 5025 |
|  Grindr, Inc.\* | 95289 | 2163060 |
|  IZEA Worldwide, Inc.\* | 3163 | 7971 |
|  MediaAlpha, Inc., Class A\* | 6978 | 76409 |
|  Nextdoor Holdings, Inc.\* | 44212 | 73392 |
|  PSQ Holdings, Inc.\* | 6276 | 12866 |
|  QuinStreet, Inc.\* | 11415 | 183782 |
|  Teads Holding Co. (x)\* | 7732 | 19175 |
|  Travelzoo (x)\* | 1254 | 15963 |
|  TrueCar, Inc.\* | 16625 | 31588 |
|  Zedge, Inc., Class B\* | 2242 | 8990 |
|  |  | 3193858 |
|  ***Media (1.1%)*** | ***Media (1.1%)*** | ***Media (1.1%)*** |
|  Boston Omaha Corp., Class A (x)\* | 4664 | 65483 |
|  Cardlytics, Inc. (x)\* | 10657 | 17531 |
|  Emerald Holding, Inc. (x) | 2998 | 14540 |
|  Entravision Communications Corp., Class A | 13117 | 30432 |
|  EW Scripps Co. (The), Class A\* | 13126 | 38590 |
|  Fluent, Inc.\* | 2143 | 4286 |
|  Gambling.com Group Ltd.\* | 3461 | 41151 |
|  Gannett Co., Inc.\* | 29521 | 105685 |
|  GD Culture Group Ltd.\* | 2406 | 9047 |
|  Harte Hanks, Inc.\* | 1239 | 4931 |
|  iHeartMedia, Inc., Class A\* | 24839 | 43717 |
|  Lee Enterprises, Inc. (x)\* | 1120 | 7112 |
|  Marchex, Inc., Class B\* | 4459 | 9631 |
|  MNTN, Inc., Class A\* | 44610 | 975621 |
|  National CineMedia, Inc. | 13565 | 65722 |
|  Nexxen International Ltd.\* | 7353 | 76545 |
|  Saga Communications, Inc., Class A | 948 | 12324 |
|  Thryv Holdings, Inc.\* | 7815 | 95030 |
|  Townsquare Media, Inc., Class A | 2833 | 22409 |
|  Urban One, Inc., Class A\* | 1527 | 2474 |
|  WideOpenWest, Inc.\* | 10520 | 42711 |
|  |  | 1684972 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  KORE Group Holdings, Inc.\* | 982 | 2347 |
|  Spok Holdings, Inc. | 4270 | 75494 |
|  SurgePays, Inc.\* | 2896 | 9035 |
|  |  | 86876 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 6978001 |
|  **Consumer Discretionary (6.8%)** | **Consumer Discretionary (6.8%)** | **Consumer Discretionary (6.8%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Cooper-Standard Holdings, Inc.\* | 3547 | 76260 |
|  Holley, Inc. (x)\* | 12305 | 24610 |
|  Luminar Technologies, Inc., Class A (x)\* | 8463 | 24289 |
|  Motorcar Parts of America, Inc.\* | 3809 | 42661 |
|  Solid Power, Inc. (x)\* | 30385 | 66543 |
|  Stoneridge, Inc.\* | 5714 | 40227 |
|  Strattec Security Corp.\* | 795 | 49457 |
|  Sypris Solutions, Inc.\* | 2083 | 4603 |
|  |  | 328650 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A\* | 18636 | 31308 |
|  Massimo Group\* | 822 | 1825 |
|  |  | 33133 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  1stdibs.com, Inc.\* | 4820 | 13255 |
|  Groupon, Inc. (x)\* | 5244 | 175412 |
|  |  | 188667 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  A-Mark Precious Metals, Inc. | 3993 | 88565 |
|  AMCON Distributing Co. | 19 | 2092 |
|  Weyco Group, Inc. | 1276 | 42312 |
|  |  | 132969 |
|  ***Diversified Consumer Services (3.3%)*** | ***Diversified Consumer Services (3.3%)*** | ***Diversified Consumer Services (3.3%)*** |
|  American Public Education, Inc.\* | 23554 | 717455 |
|  Carriage Services, Inc., Class A | 2999 | 137174 |
|  European Wax Center, Inc., Class A\* | 6105 | 34371 |
|  Legacy Education, Inc.\* | 1745 | 19509 |
|  Lincoln Educational Services Corp.\* | 33510 | 772406 |
|  Nerdy, Inc. (x)\* | 12599 | 20536 |
|  OneSpaWorld Holdings Ltd. | 40272 | 821146 |
|  Regis Corp.\* | 419 | 9340 |
|  Stride, Inc.\* | 4961 | 720288 |
|  Universal Technical Institute, Inc.\* | 57889 | 1961858 |
|  Zspace, Inc. (x)\* | 320 | 1043 |
|  |  | 5215126 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** |
|  Allied Gaming & Entertainment, Inc.\* | 2522 | $6532 |
|  Ark Restaurants Corp.\* | 437 | 3988 |
|  Bally's Corp.\* | 1480 | 14178 |
|  Biglari Holdings, Inc., Class B\* | 142 | 41494 |
|  BJ's Restaurants, Inc.\* | 4499 | 200655 |
|  Canterbury Park Holding Corp. | 667 | 12826 |
|  Century Casinos, Inc.\* | 5461 | 11550 |
|  Denny's Corp.\* | 10591 | 43423 |
|  El Pollo Loco Holdings, Inc.\* | 5565 | 61271 |
|  FAT Brands, Inc., Class A | 1087 | 2587 |
|  Flanigan's Enterprises, Inc. | 74 | 2569 |
|  Full House Resorts, Inc.\* | 7090 | 25949 |
|  Golden Entertainment, Inc. | 4095 | 120516 |
|  Inspired Entertainment, Inc.\* | 5159 | 42149 |
|  Kura Sushi USA, Inc., Class A (x)\* | 1318 | 113454 |
|  Lindblad Expeditions Holdings, Inc.\* | 7885 | 92018 |
|  Nathan's Famous, Inc. | 553 | 61151 |
|  ONE Group Hospitality, Inc. (The)\* | 5320 | 21546 |
|  PlayAGS, Inc.\* | 8491 | 106053 |
|  Potbelly Corp.\* | 5361 | 65672 |
|  Pursuit Attractions and Hospitality, Inc.\* | 4449 | 128265 |
|  Rave Restaurant Group, Inc.\* | 1812 | 4983 |
|  RCI Hospitality Holdings, Inc. | 1731 | 65986 |
|  Red Robin Gourmet Burgers, Inc.\* | 3019 | 17480 |
|  Serve Robotics, Inc. (x)\* | 8273 | 94643 |
|  |  | 1360938 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  Bassett Furniture Industries, Inc. | 1590 | 24168 |
|  Beazer Homes USA, Inc.\* | 6083 | 136077 |
|  Ethan Allen Interiors, Inc. | 4898 | 136409 |
|  Flexsteel Industries, Inc. | 793 | 28572 |
|  GoPro, Inc., Class A\* | 760 | 576 |
|  Hamilton Beach Brands Holding Co., Class A | 1484 | 26549 |
|  Hooker Furnishings Corp. | 2268 | 23995 |
|  Hovnanian Enterprises, Inc., Class A\* | 1022 | 106850 |
|  iRobot Corp. (x)\* | 6484 | 20295 |
|  Koss Corp.\* | 1055 | 5381 |
|  Legacy Housing Corp.\* | 1866 | 42284 |
|  Lifetime Brands, Inc. | 2448 | 12485 |
|  Live Ventures, Inc.\* | 225 | 3910 |
|  Lovesac Co. (The)\* | 2851 | 51888 |
|  Purple Innovation, Inc., Class A\* | 2843 | 2073 |
|  Traeger, Inc.\* | 6647 | 11366 |
|  United Homes Group, Inc.\* | 1708 | 4953 |
|  Universal Electronics, Inc.\* | 2564 | 16974 |
|  |  | 654805 |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** |
|  American Outdoor Brands, Inc.\* | 2571 | 26867 |
|  Clarus Corp. (x) | 5693 | 19755 |
|  Escalade, Inc. | 2078 | 29050 |
|  Funko, Inc., Class A\* | 7299 | 34743 |
|  JAKKS Pacific, Inc. | 1874 | 38942 |
|  Johnson Outdoors, Inc., Class A | 1119 | 33872 |
|  Latham Group, Inc.\* | 9415 | 60068 |
|  Marine Products Corp. | 1701 | 14475 |
|  MasterCraft Boat Holdings, Inc.\* | 3441 | 63934 |
|  Outdoor Holding Co. (x)\* | 17640 | 22579 |
|  Smith & Wesson Brands, Inc. | 9222 | 80047 |
|  |  | 424332 |
|  ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 4877 | 23995 |
|  aka Brands Holding Corp.\* | 96 | 989 |
|  America's Car-Mart, Inc.\* | 1568 | 87871 |
|  BARK, Inc.\* | 24003 | 21111 |
|  Barnes & Noble Education, Inc.\* | 3126 | 36793 |
|  Beyond, Inc.\* | 11515 | 79223 |
|  Build-A-Bear Workshop, Inc. | 2607 | 134417 |
|  Caleres, Inc. (x) | 6943 | 84843 |
|  Cato Corp. (The), Class A (x) | 3389 | 9523 |
|  Children's Place, Inc. (The) (x)\* | 1636 | 7247 |
|  Citi Trends, Inc.\* | 1020 | 34058 |
|  Designer Brands, Inc., Class A | 6701 | 15948 |
|  Destination XL Group, Inc.\* | 9568 | 10620 |
|  Duluth Holdings, Inc., Class B\* | 2768 | 5813 |
|  Envela Corp.\* | 1291 | 7901 |
|  Genesco, Inc.\* | 2136 | 42058 |
|  Grove Collaborative Holdings (x)\* | 5048 | 5805 |
|  GrowGeneration Corp.\* | 11105 | 10384 |
|  Haverty Furniture Cos., Inc. | 2861 | 58221 |
|  J Jill, Inc. (x) | 1544 | 22604 |
|  Lands' End, Inc.\* | 2466 | 26411 |
|  MarineMax, Inc.\* | 3974 | 99906 |
|  Newegg Commerce, Inc., Class A\* | 385 | 6252 |
|  OneWater Marine, Inc., Class A\* | 2342 | 31359 |
|  PetMed Express, Inc.\* | 3756 | 12470 |
|  RealReal, Inc. (The)\* | 19978 | 95695 |
|  RumbleON, Inc., Class B\* | 4554 | 10520 |
|  Shoe Carnival, Inc. | 3831 | 71678 |
|  Sleep Number Corp. (x)\* | 4403 | 29742 |
|  Sportsman's Warehouse Holdings, Inc.\* | 7887 | 27210 |
|  Stitch Fix, Inc., Class A\* | 22235 | 82270 |
|  ThredUp, Inc., Class A\* | 19060 | 142759 |
|  Tile Shop Holdings, Inc.\* | 5930 | 37715 |
|  Tilly's, Inc., Class A\* | 3049 | 4208 |
|  Torrid Holdings, Inc. (x)\* | 4928 | 14538 |
|  Warby Parker, Inc., Class A\* | 18944 | 415442 |
|  Winmark Corp. | 624 | 235629 |
|  Zumiez, Inc.\* | 3303 | 43798 |
|  |  | 2087026 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Allbirds, Inc., Class A\* | 1117 | 11874 |
|  Crown Crafts, Inc. | 1742 | 4999 |
|  Culp, Inc.\* | 2105 | 8273 |
|  Fossil Group, Inc.\* | 9963 | 14745 |
|  Jerash Holdings US, Inc. | 1177 | 3849 |
|  Lakeland Industries, Inc. (x) | 1921 | 26145 |
|  Movado Group, Inc. | 3257 | 49669 |
|  Playboy, Inc.\* | 12236 | 19822 |
|  Rocky Brands, Inc. | 1484 | 32930 |
|  Superior Group of Cos., Inc. | 2280 | 23484 |
|  Unifi, Inc.\* | 3151 | 16448 |
|  Vera Bradley, Inc. (x)\* | 4647 | 10270 |
|  |  | 222508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 10648154 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Vita Coco Co., Inc. (The)\* | 42036 | $1517500 |
|  Willamette Valley Vineyards, Inc.\* | 623 | 3439 |
|  Zevia PBC, Class A\* | 6561 | 21126 |
|  |  | 1542065 |
|  ***Consumer Staples Distribution & Retail (2.0%)*** | ***Consumer Staples Distribution & Retail (2.0%)*** | ***Consumer Staples Distribution & Retail (2.0%)*** |
|  Chefs' Warehouse, Inc. (The)\* | 21165 | 1350539 |
|  HF Foods Group, Inc.\* | 8616 | 27399 |
|  Natural Grocers by Vitamin Cottage, Inc. | 41604 | 1632957 |
|  SpartanNash Co. | 7068 | 187231 |
|  Village Super Market, Inc., Class A | 1916 | 73766 |
|  |  | 3271892 |
|  ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** |
|  Alico, Inc. | 1186 | 38759 |
|  Barfresh Food Group, Inc.\* | 988 | 3418 |
|  Beyond Meat, Inc. (x)\* | 15439 | 53882 |
|  Bridgford Foods Corp.\* | 296 | 2335 |
|  Calavo Growers, Inc. | 3541 | 94155 |
|  Farmer Bros Co.\* | 3021 | 4139 |
|  Forafric Global plc (x)\* | 945 | 7371 |
|  Laird Superfood, Inc.\* | 1638 | 10319 |
|  Lifeway Foods, Inc.\* | 1076 | 26523 |
|  Limoneira Co. | 3506 | 54869 |
|  Mama's Creations, Inc.\* | 7142 | 59279 |
|  Seneca Foods Corp., Class A\* | 964 | 97779 |
|  SunOpta, Inc.\* | 20060 | 116348 |
|  Vital Farms, Inc.\* | 29951 | 1153713 |
|  |  | 1722889 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Oil-Dri Corp. of America | 2078 | 122581 |
|  ***Personal Care Products (1.2%)*** | ***Personal Care Products (1.2%)*** | ***Personal Care Products (1.2%)*** |
|  AXIL Brands, Inc.\* | 420 | 2306 |
|  Beauty Health Co. (The)\* | 23778 | 45416 |
|  FitLife Brands, Inc.\* | 772 | 10051 |
|  Honest Co., Inc. (The)\* | 19558 | 99550 |
|  Lifevantage Corp. (x) | 2098 | 27442 |
|  Medifast, Inc.\* | 2287 | 32132 |
|  Natural Alternatives International, Inc.\* | 168 | 551 |
|  Natural Health Trends Corp. | 1508 | 6696 |
|  Nature's Sunshine Products, Inc.\* | 3049 | 45095 |
|  Oddity Tech Ltd., Class A\* | 21864 | 1650076 |
|  United-Guardian, Inc. | 544 | 4330 |
|  |  | 1923645 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Ispire Technology, Inc.\* | 3634 | 9303 |
|  Turning Point Brands, Inc. | 3588 | 271863 |
|  |  | 281166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 8864238 |
|  **Energy (2.2%)** | **Energy (2.2%)** | **Energy (2.2%)** |
|  ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** |
|  Bristow Group, Inc., Class A\* | 5968 | 196765 |
|  Dawson Geophysical Co.\* | 1144 | 1670 |
|  DMC Global, Inc.\* | 4056 | 32691 |
|  Drilling Tools International Corp.\* | 3588 | 10226 |
|  Energy Services of America Corp. (x) | 2468 | 24532 |
|  Forum Energy Technologies, Inc.\* | 2330 | 45365 |
|  Geospace Technologies Corp.\* | 2482 | 35393 |
|  Gulf Island Fabrication, Inc.\* | 3080 | 20482 |
|  KLX Energy Services Holdings, Inc. (x)\* | 2778 | 5195 |
|  Mammoth Energy Services, Inc.\* | 5430 | 15204 |
|  MIND Technology, Inc.\* | 1619 | 13664 |
|  National Energy Services Reunited Corp.\* | 11617 | 69934 |
|  Natural Gas Services Group, Inc.\* | 2131 | 55001 |
|  NCS Multistage Holdings, Inc.\* | 154 | 4548 |
|  Oil States International, Inc.\* | 12286 | 65853 |
|  Ranger Energy Services, Inc., Class A | 3615 | 43163 |
|  SEACOR Marine Holdings, Inc.\* | 4319 | 22027 |
|  Select Water Solutions, Inc., Class A | 19581 | 169180 |
|  Smart Sand, Inc. | 5669 | 11395 |
|  TETRA Technologies, Inc.\* | 26615 | 89427 |
|  |  | 931715 |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** |
|  Aemetis, Inc. (x)\* | 10289 | 25517 |
|  Amplify Energy Corp.\* | 7717 | 24694 |
|  Ardmore Shipping Corp. | 7304 | 70118 |
|  Berry Corp. | 16181 | 44821 |
|  Centrus Energy Corp., Class A (x)\* | 3097 | 567308 |
|  Comstock, Inc.\* | 5419 | 20538 |
|  Diversified Energy Co. plc (m) | 11518 | 168969 |
|  Empire Petroleum Corp. (x)\* | 3060 | 16157 |
|  Encore Energy Corp. (x)\* | 38565 | 110296 |
|  Energy Fuels, Inc. (x)\* | 43620 | 250815 |
|  Epsilon Energy Ltd. | 3856 | 28457 |
|  Evolution Petroleum Corp. (x) | 6527 | 30677 |
|  FutureFuel Corp. | 5156 | 20005 |
|  Gevo, Inc.\* | 48192 | 63613 |
|  Granite Ridge Resources, Inc. (x) | 11323 | 72128 |
|  Green Plains, Inc.\* | 13436 | 81019 |
|  Hallador Energy Co.\* | 6501 | 102911 |
|  Kolibri Global Energy, Inc.\* | 7351 | 50354 |
|  Lightbridge Corp. (x)\* | 3640 | 48667 |
|  NACCO Industries, Inc., Class A | 797 | 35315 |
|  NextNRG, Inc.\* | 3093 | 8568 |
|  Nordic American Tankers Ltd. (x) | 42911 | 112856 |
|  OPAL Fuels, Inc., Class A\* | 4294 | 10392 |
|  Prairie Operating Co. (x)\* | 4520 | 13537 |
|  PrimeEnergy Resources Corp.\* | 105 | 15370 |
|  REX American Resources Corp.\* | 3110 | 151488 |
|  Riley Exploration Permian, Inc. | 2759 | 72369 |
|  SandRidge Energy, Inc. | 7660 | 82881 |
|  Stabilis Solutions, Inc.\* | 522 | 2480 |
|  Summit Midstream Corp.\* | 2047 | 50213 |
|  Teekay Corp. Ltd. | 10937 | 90230 |
|  Ur-Energy, Inc.\* | 3677 | 3861 |
|  US Energy Corp. (x)\* | 1547 | 2166 |
|  VAALCO Energy, Inc. | 21711 | 78377 |
|  Verde Clean Fuels, Inc.\* | 530 | 1823 |
|  W&T Offshore, Inc. (x) | 20811 | 34338 |
|  |  | 2563328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3495043 |
|  **Financials (15.6%)** | **Financials (15.6%)** | **Financials (15.6%)** |
|  ***Banks (8.4%)*** | ***Banks (8.4%)*** | ***Banks (8.4%)*** |
|  ACNB Corp. | 2150 | 92106 |
|  Affinity Bancshares, Inc. | 956 | 17667 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Amalgamated Financial Corp. | 4969 | $155033 |
|  Amerant Bancorp, Inc., Class A | 7845 | 143014 |
|  AmeriServ Financial, Inc. | 3016 | 9169 |
|  Ames National Corp. | 1845 | 32859 |
|  Arrow Financial Corp. | 3513 | 92813 |
|  Auburn National Bancorp, Inc. | 445 | 11525 |
|  Bank First Corp. | 1937 | 227888 |
|  Bank of Marin Bancorp | 3135 | 71603 |
|  Bank of the James Financial Group, Inc. | 773 | 10876 |
|  Bank7 Corp. | 890 | 37229 |
|  BankFinancial Corp. | 2241 | 25928 |
|  Bankwell Financial Group, Inc. | 1460 | 52604 |
|  Bar Harbor Bankshares | 3208 | 96112 |
|  BayCom Corp. | 2169 | 60103 |
|  Bayfirst Financial Corp. | 653 | 9142 |
|  BCB Bancorp, Inc. | 3284 | 27651 |
|  Blue Foundry Bancorp\* | 4000 | 38280 |
|  Blue Ridge Bankshares, Inc.\* | 13406 | 48128 |
|  Bogota Financial Corp.\* | 870 | 6803 |
|  Bridgewater Bancshares, Inc.\* | 4391 | 69861 |
|  Broadway Financial Corp.\* | 755 | 5512 |
|  Burke & Herbert Financial Services Corp. | 2831 | 169096 |
|  Business First Bancshares, Inc. | 6006 | 148048 |
|  BV Financial, Inc.\* | 1914 | 29150 |
|  Byline Bancorp, Inc. | 5925 | 158375 |
|  C&F Financial Corp. | 633 | 39075 |
|  California Bancorp\* | 4811 | 75821 |
|  Camden National Corp. | 3613 | 146616 |
|  Capital Bancorp, Inc. | 2468 | 82875 |
|  Capital City Bank Group, Inc. | 2925 | 115099 |
|  Carter Bankshares, Inc.\* | 4866 | 84376 |
|  Catalyst Bancorp, Inc.\* | 788 | 9763 |
|  CB Financial Services, Inc. | 998 | 28443 |
|  Central Pacific Financial Corp. | 4880 | 136786 |
|  Central Plains Bancshares, Inc.\* | 621 | 9408 |
|  CF Bankshares, Inc. | 817 | 19583 |
|  CFSB Bancorp, Inc.\* | 650 | 8918 |
|  Chain Bridge Bancorp, Inc., Class A\* | 468 | 12060 |
|  Chemung Financial Corp. | 838 | 40618 |
|  ChoiceOne Financial Services, Inc. | 3018 | 86617 |
|  Citizens & Northern Corp. | 3157 | 59794 |
|  Citizens Community Bancorp, Inc. | 1937 | 26731 |
|  Citizens Financial Services, Inc. (x) | 942 | 55314 |
|  Civista Bancshares, Inc. | 3172 | 73590 |
|  CNB Financial Corp. | 4409 | 100790 |
|  Coastal Financial Corp.\* | 2704 | 261936 |
|  Colony Bankcorp, Inc. | 3610 | 59457 |
|  Community Trust Bancorp, Inc. | 3430 | 181516 |
|  Community West Bancshares | 3558 | 69417 |
|  ConnectOne Bancorp, Inc. | 10030 | 232295 |
|  Dime Community Bancshares, Inc. | 8395 | 226161 |
|  Eagle Bancorp Montana, Inc. | 1603 | 26722 |
|  Eagle Financial Services, Inc. | 928 | 28415 |
|  ECB Bancorp, Inc.\* | 1548 | 23901 |
|  Enterprise Bancorp, Inc. | 2111 | 83680 |
|  Equity Bancshares, Inc., Class A | 3437 | 140230 |
|  Esquire Financial Holdings, Inc. | 1514 | 143315 |
|  ESSA Bancorp, Inc. | 1815 | 35211 |
|  Farmers & Merchants Bancorp, Inc. | 2628 | 66436 |
|  Farmers National Banc Corp. | 7726 | 106542 |
|  FB Bancorp, Inc.\* | 3750 | 42188 |
|  Fidelity D&D Bancorp, Inc. | 984 | 45264 |
|  Fifth District Bancorp, Inc.\* | 997 | 12313 |
|  Financial Institutions, Inc. | 4207 | 108036 |
|  Finward Bancorp | 791 | 21847 |
|  Finwise Bancorp\* | 2023 | 30365 |
|  First Bancorp, Inc. (The) | 2263 | 57503 |
|  First Bank | 4542 | 70265 |
|  First Business Financial Services, Inc. | 1673 | 84754 |
|  First Capital, Inc. | 687 | 28366 |
|  First Community Bankshares, Inc. | 3305 | 129457 |
|  First Community Corp. | 1568 | 38228 |
|  First Financial Corp. | 2423 | 131302 |
|  First Foundation, Inc.\* | 13339 | 68029 |
|  First Guaranty Bancshares, Inc. | 1170 | 9617 |
|  First Internet Bancorp | 1632 | 43901 |
|  First Mid Bancshares, Inc. | 4427 | 165968 |
|  First National Corp. | 1612 | 31386 |
|  First Northwest Bancorp | 1508 | 11612 |
|  First Savings Financial Group, Inc. | 1165 | 29172 |
|  First Seacoast Bancorp\* | 871 | 9842 |
|  First United Corp. | 1257 | 38980 |
|  First US Bancshares, Inc. | 997 | 12861 |
|  First Western Financial, Inc.\* | 1727 | 38961 |
|  Five Star Bancorp | 3348 | 95552 |
|  Flushing Financial Corp. | 6758 | 80285 |
|  Franklin Financial Services Corp. | 881 | 30505 |
|  FS Bancorp, Inc. | 1387 | 54620 |
|  FVCBankcorp, Inc.\* | 3202 | 37784 |
|  GBank Financial Holdings, Inc.\* | 1736 | 61472 |
|  Great Southern Bancorp, Inc. | 1816 | 106744 |
|  Greene County Bancorp, Inc. | 1472 | 32708 |
|  Guaranty Bancshares, Inc. | 1873 | 79490 |
|  Hanmi Financial Corp. | 6289 | 155213 |
|  Hanover Bancorp, Inc. | 1079 | 24698 |
|  HarborOne Bancorp, Inc. | 8096 | 94561 |
|  Hawthorn Bancshares, Inc. | 1190 | 34677 |
|  HBT Financial, Inc. | 2657 | 66983 |
|  Heritage Commerce Corp. | 12751 | 126617 |
|  Hingham Institution For Savings (The) (x) | 327 | 81210 |
|  Home Bancorp, Inc. | 1462 | 75702 |
|  Home Federal Bancorp, Inc. of Louisiana | 492 | 6691 |
|  HomeStreet, Inc.\* | 3855 | 50385 |
|  HomeTrust Bancshares, Inc. | 3372 | 126147 |
|  Horizon Bancorp, Inc. | 9237 | 142065 |
|  IF Bancorp, Inc. | 475 | 11713 |
|  Independent Bank Corp. | 3638 | 117908 |
|  Investar Holding Corp. | 1918 | 37056 |
|  John Marshall Bancorp, Inc. | 2644 | 48993 |
|  Kearny Financial Corp. | 12008 | 77572 |
|  Lake Shore Bancorp, Inc. | 333 | 5268 |
|  Landmark Bancorp, Inc. | 939 | 24827 |
|  LCNB Corp. | 2682 | 38969 |
|  LINKBANCORP, Inc. | 4353 | 31820 |
|  Magyar Bancorp, Inc. | 1162 | 19556 |
|  MainStreet Bancshares, Inc. | 1468 | 27745 |
|  Mercantile Bank Corp. | 3355 | 155706 |
|  Meridian Corp. | 1848 | 23821 |
|  Metrocity Bankshares, Inc. | 4141 | 118350 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Metropolitan Bank Holding Corp.\* | 2052 | $| 143640 |
|  Mid Penn Bancorp, Inc. (x) | 4224 |  | 119117 |
|  Middlefield Banc Corp. | 1515 |  | 45617 |
|  Midland States Bancorp, Inc. | 4346 |  | 75273 |
|  MidWestOne Financial Group, Inc. | 4334 |  | 124689 |
|  MVB Financial Corp. | 2441 |  | 54996 |
|  National Bankshares, Inc. | 1267 |  | 34462 |
|  NB Bancorp, Inc.\* | 7421 |  | 132539 |
|  Northeast Bank | 1556 |  | 138468 |
|  Northeast Community Bancorp, Inc. | 2582 |  | 60019 |
|  Northfield Bancorp, Inc. | 7965 |  | 91438 |
|  Northpointe Bancshares, Inc. | 2199 |  | 30148 |
|  Northrim Bancorp, Inc. | 1153 |  | 107529 |
|  Norwood Financial Corp. | 1781 |  | 45914 |
|  NSTS Bancorp, Inc.\* | 986 |  | 12138 |
|  Oak Valley Bancorp | 1415 |  | 38545 |
|  Ohio Valley Banc Corp. | 814 |  | 26235 |
|  Old Point Financial Corp. | 835 |  | 32774 |
|  Old Second Bancorp, Inc. | 9255 |  | 164184 |
|  OP Bancorp | 2547 |  | 33086 |
|  OptimumBank Holdings, Inc.\* | 1671 |  | 7469 |
|  Orange County Bancorp, Inc. | 2052 |  | 53024 |
|  Origin Bancorp, Inc. | 6271 |  | 224126 |
|  Orrstown Financial Services, Inc. | 3972 |  | 126429 |
|  Parke Bancorp, Inc. | 2044 |  | 41636 |
|  Pathfinder Bancorp, Inc. | 600 |  | 9204 |
|  Patriot National Bancorp, Inc.\* | 8921 |  | 13560 |
|  PB Bankshares, Inc.\* | 440 |  | 7775 |
|  PCB Bancorp | 2310 |  | 48464 |
|  Peapack-Gladstone Financial Corp. | 3391 |  | 95796 |
|  Penns Woods Bancorp, Inc. | 1563 |  | 47453 |
|  Peoples Bancorp of North Carolina, Inc. | 857 |  | 24724 |
|  Peoples Bancorp, Inc. | 7449 |  | 227492 |
|  Peoples Financial Services Corp. | 1941 |  | 95827 |
|  Pioneer Bancorp, Inc.\* | 2389 |  | 28740 |
|  Plumas Bancorp | 1077 |  | 47883 |
|  Ponce Financial Group, Inc.\* | 4108 |  | 56855 |
|  Preferred Bank | 1963 |  | 169888 |
|  Primis Financial Corp. | 4478 |  | 48586 |
|  Princeton Bancorp, Inc. | 1084 |  | 33105 |
|  Provident Bancorp, Inc.\* | 3408 |  | 42566 |
|  Provident Financial Holdings, Inc. | 1103 |  | 17097 |
|  QCR Holdings, Inc. | 3487 |  | 236767 |
|  RBB Bancorp | 3545 |  | 61009 |
|  Red River Bancshares, Inc. | 984 |  | 57761 |
|  Rhinebeck Bancorp, Inc.\* | 895 |  | 10498 |
|  Richmond Mutual Bancorp, Inc. (x) | 1862 |  | 25696 |
|  Riverview Bancorp, Inc. | 4089 |  | 22490 |
|  SB Financial Group, Inc. | 1295 |  | 24734 |
|  Shore Bancshares, Inc. | 6616 |  | 104004 |
|  Sierra Bancorp | 2639 |  | 78352 |
|  SmartFinancial, Inc. | 3090 |  | 104380 |
|  Sound Financial Bancorp, Inc. | 438 |  | 20148 |
|  South Plains Financial, Inc. | 2708 |  | 97596 |
|  Southern First Bancshares, Inc.\* | 1611 |  | 61266 |
|  Southern Missouri Bancorp, Inc. | 2040 |  | 111751 |
|  SR Bancorp, Inc. | 1751 |  | 23638 |
|  Sterling Bancorp, Inc. (r)\* | 3894 |  |  |
|  Summit State Bank | 1354 |  | 14677 |
|  Texas Community Bancshares, Inc. | 436 |  | 6998 |
|  Third Coast Bancshares, Inc.\* | 2696 |  | 88078 |
|  Timberland Bancorp, Inc. | 1530 |  | 47736 |
|  TrustCo Bank Corp. | 3899 |  | 130305 |
|  Union Bankshares, Inc. | 796 |  | 21190 |
|  United Bancorp, Inc. | 1079 |  | 16185 |
|  United Security Bancshares | 2779 |  | 24038 |
|  Unity Bancorp, Inc. | 1544 |  | 72692 |
|  Univest Financial Corp. | 6076 |  | 182523 |
|  USCB Financial Holdings, Inc. | 2233 |  | 36934 |
|  Virginia National Bankshares Corp. | 988 |  | 36556 |
|  Washington Trust Bancorp, Inc. | 4125 |  | 116655 |
|  West Bancorp, Inc. | 3225 |  | 63307 |
|  Western New England Bancorp, Inc. | 3891 |  | 35914 |
|  |  |  | 13220104 |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** |
|  Aether Holdings, Inc.\* | 418 |  | 5704 |
|  AlTi Global, Inc. (x)\* | 8803 |  | 36532 |
|  B Riley Financial, Inc. (x)\* | 3446 |  | 10235 |
|  Bakkt Holdings, Inc., Class A (x)\* | 1009 |  | 14075 |
|  Binah Capital Group, Inc. (x)\* | 1107 |  | 2247 |
|  Diamond Hill Investment Group, Inc. | 578 |  | 83989 |
|  Dominari Holdings, Inc. | 1457 |  | 7926 |
|  Forge Global Holdings, Inc. (x)\* | 2133 |  | 40612 |
|  Great Elm Group, Inc.\* | 3025 |  | 6383 |
|  Hennessy Advisors, Inc. | 890 |  | 11214 |
|  Heritage Global, Inc.\* | 6544 |  | 14528 |
|  Marex Group plc | 22293 |  | 879905 |
|  MarketWise, Inc. (x) | 475 |  | 9400 |
|  MDB Capital Holdings LLC, Class A\* | 166 |  | 689 |
|  Open Lending Corp.\* | 21363 |  | 41444 |
|  Piper Sandler Cos. | 4407 |  | 1224882 |
|  Siebert Financial Corp.\* | 2773 |  | 12257 |
|  Silvercrest Asset Management Group, Inc., Class A | 1726 |  | 27374 |
|  Value Line, Inc. | 154 |  | 6029 |
|  Westwood Holdings Group, Inc. | 1611 |  | 25132 |
|  |  |  | 2460557 |
|  ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** |
|  Atlanticus Holdings Corp.\* | 1120 |  | 61320 |
|  Consumer Portfolio Services, Inc.\* | 1965 |  | 19316 |
|  Dave, Inc.\* | 6767 |  | 1816330 |
|  DeFi Development Corp.\* | 1088 |  | 23327 |
|  LendingTree, Inc.\* | 2343 |  | 86855 |
|  Medallion Financial Corp. | 3656 |  | 34842 |
|  NerdWallet, Inc., Class A\* | 8681 |  | 95231 |
|  Old Market Capital Corp.\* | 936 |  | 5129 |
|  Oportun Financial Corp.\* | 7002 |  | 50134 |
|  OppFi, Inc. | 5076 |  | 71013 |
|  Regional Management Corp. | 1940 |  | 56667 |
|  Vroom, Inc.\* | 164 |  | 4676 |
|  World Acceptance Corp.\* | 709 |  | 117070 |
|  |  |  | 2441910 |
|  ***Financial Services (2.2%)*** | ***Financial Services (2.2%)*** | ***Financial Services (2.2%)*** | ***Financial Services (2.2%)*** |
|  Acacia Research Corp.\* | 7237 |  | 25909 |
|  Alerus Financial Corp. | 4738 |  | 102530 |
|  Better Home & Finance Holding Co.\* | 1009 |  | 12502 |
|  Cantaloupe, Inc.\* | 11068 |  | 121637 |
|  Cass Information Systems, Inc. | 2555 |  | 111015 |
|  Finance of America Cos., Inc., Class A\* | 925 |  | 21571 |
|  FlexShopper, Inc.\* | 1919 |  | 2303 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  International Money Express, Inc.\* | 5893 | $| 59460 |
|  loanDepot, Inc., Class A\* | 16817 |  | 21358 |
|  NewtekOne, Inc. | 5239 |  | 59096 |
|  Onity Group, Inc.\* | 1386 |  | 52904 |
|  Paymentus Holdings, Inc., Class A\* | 55456 |  | 1816184 |
|  Paysign, Inc.\* | 7190 |  | 51768 |
|  Priority Technology Holdings, Inc.\* | 5222 |  | 40627 |
|  Security National Financial Corp., Class A\* | 3037 |  | 29914 |
|  Sezzle, Inc. (x)\* | 4477 |  | 802502 |
|  SWK Holdings Corp. | 637 |  | 9389 |
|  Triller Group, Inc.\* | 18514 |  | 17227 |
|  Usio, Inc.\* | 4749 |  | 7266 |
|  Velocity Financial, Inc.\* | 2364 |  | 43829 |
|  Waterstone Financial, Inc. | 3394 |  | 46871 |
|  XBP Europe Holdings, Inc.\* | 3229 |  | 3003 |
|  |  |  | 3458865 |
|  ***Insurance (1.2%)*** | ***Insurance (1.2%)*** | ***Insurance (1.2%)*** | ***Insurance (1.2%)*** |
|  Ambac Financial Group, Inc.\* | 9967 |  | 70766 |
|  American Coastal Insurance Corp. | 5131 |  | 57057 |
|  Atlantic American Corp. | 194 |  | 413 |
|  Citizens, Inc., Class A (x)\* | 9455 |  | 32998 |
|  Crawford & Co., Class A | 3384 |  | 35803 |
|  Donegal Group, Inc., Class A | 3414 |  | 68365 |
|  eHealth, Inc.\* | 6229 |  | 27096 |
|  Fundamental Global, Inc.\* | 25 |  | 416 |
|  GoHealth, Inc., Class A\* | 893 |  | 4956 |
|  Greenlight Capital Re Ltd., Class A\* | 5540 |  | 79610 |
|  Heritage Insurance Holdings, Inc.\* | 4691 |  | 116993 |
|  Hippo Holdings, Inc. (x)\* | 3789 |  | 105827 |
|  Investors Title Co. (x) | 298 |  | 62967 |
|  James River Group Holdings Ltd. | 7714 |  | 45204 |
|  Kestrel Group Ltd. | 404 |  | 10714 |
|  Kingstone Cos., Inc.\* | 2215 |  | 34133 |
|  Kingsway Financial Services, Inc. (x)\* | 3761 |  | 50924 |
|  MBIA, Inc.\* | 9582 |  | 41586 |
|  NI Holdings, Inc.\* | 1537 |  | 19581 |
|  Selectquote, Inc.\* | 28749 |  | 68423 |
|  Tiptree, Inc., Class A | 4943 |  | 116556 |
|  TWFG, Inc., Class A\* | 16366 |  | 572810 |
|  United Fire Group, Inc. | 4412 |  | 126624 |
|  Universal Insurance Holdings, Inc. | 5334 |  | 147912 |
|  |  |  | 1897734 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 1218 |  | 21851 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 3835 |  | 17181 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 5884 |  | 44424 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 2610 |  | 24586 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 11063 |  | 52770 |
|  Cherry Hill Mortgage Investment Corp. (REIT) | 6774 |  | 18493 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 3637 |  | 50773 |
|  Ellington Financial, Inc. (REIT) (x) | 19448 |  | 252630 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 17280 |  | 184723 |
|  Granite Point Mortgage Trust, Inc. (REIT) | 9625 |  | 23774 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 13920 |  | 109133 |
|  Lument Finance Trust, Inc. (REIT) | 8590 |  | 18984 |
|  Manhattan Bridge Capital, Inc. (REIT) | 1766 |  | 9660 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1591 |  | 21940 |
|  Orchid Island Capital, Inc. (REIT) (x) | 22619 |  | 158559 |
|  Rithm Property Trust, Inc. (REIT) | 8616 |  | 23263 |
|  Sachem Capital Corp. (REIT) | 8460 |  | 10152 |
|  Seven Hills Realty Trust (REIT) | 2927 |  | 35329 |
|  Sunrise Realty Trust, Inc. (REIT) | 2227 |  | 23606 |
|  |  |  | 1101831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 24581001 |
|  **Health Care (22.7%)** | **Health Care (22.7%)** | **Health Care (22.7%)** | **Health Care (22.7%)** |
|  ***Biotechnology (10.1%)*** | ***Biotechnology (10.1%)*** | ***Biotechnology (10.1%)*** | ***Biotechnology (10.1%)*** |
|  4D Molecular Therapeutics, Inc.\* | 8645 |  | 32073 |
|  89bio, Inc.\* | 26139 |  | 256685 |
|  Abeona Therapeutics, Inc. (x)\* | 9165 |  | 52057 |
|  Absci Corp. (x)\* | 22855 |  | 58737 |
|  Achieve Life Sciences, Inc.\* | 6028 |  | 13623 |
|  Acrivon Therapeutics, Inc.\* | 4090 |  | 4867 |
|  Actinium Pharmaceuticals, Inc.\* | 5849 |  | 8189 |
|  Actuate Therapeutics, Inc.\* | 1029 |  | 6287 |
|  Acumen Pharmaceuticals, Inc.\* | 10641 |  | 12344 |
|  ADC Therapeutics SA\* | 15183 |  | 40690 |
|  Adicet Bio, Inc.\* | 1250 |  | 763 |
|  Adverum Biotechnologies, Inc.\* | 3579 |  | 7695 |
|  Agenus, Inc.\* | 5297 |  | 24207 |
|  Akebia Therapeutics, Inc.\* | 52354 |  | 190569 |
|  Aldeyra Therapeutics, Inc.\* | 11347 |  | 43459 |
|  Alector, Inc.\* | 17293 |  | 24210 |
|  Altimmune, Inc. (x)\* | 16229 |  | 62806 |
|  ALX Oncology Holdings, Inc.\* | 1063 |  | 441 |
|  AnaptysBio, Inc.\* | 4099 |  | 90998 |
|  Anavex Life Sciences Corp. (x)\* | 17504 |  | 161387 |
|  Anika Therapeutics, Inc.\* | 2622 |  | 27741 |
|  Anixa Biosciences, Inc.\* | 6525 |  | 21533 |
|  Annexon, Inc.\* | 20058 |  | 48139 |
|  Applied Therapeutics, Inc.\* | 4681 |  | 1456 |
|  Arbutus Biopharma Corp. (x)\* | 31673 |  | 97870 |
|  Arcellx, Inc.\* | 6847 |  | 450875 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 5306 |  | 69031 |
|  Armata Pharmaceuticals, Inc.\* | 1977 |  | 3756 |
|  ArriVent Biopharma, Inc.\* | 4860 |  | 105802 |
|  Artiva Biotherapeutics, Inc. (x)\* | 1872 |  | 2827 |
|  Assembly Biosciences, Inc.\* | 971 |  | 17595 |
|  Astria Therapeutics, Inc.\* | 8812 |  | 47232 |
|  Atara Biotherapeutics, Inc.\* | 834 |  | 6438 |
|  Atossa Therapeutics, Inc.\* | 566 |  | 470 |
|  aTyr Pharma, Inc. (x)\* | 17809 |  | 90292 |
|  Aura Biosciences, Inc.\* | 8036 |  | 50305 |
|  Avalo Therapeutics, Inc.\* | 1822 |  | 9092 |
|  Avita Medical, Inc. (x)\* | 5550 |  | 29360 |
|  Benitec Biopharma, Inc.\* | 2415 |  | 28256 |
|  Beyondspring, Inc. (x)\* | 5870 |  | 13795 |
|  BioCryst Pharmaceuticals, Inc.\* | 56800 |  | 508928 |
|  Biomea Fusion, Inc.\* | 6592 |  | 11866 |
|  Black Diamond Therapeutics, Inc.\* | 9639 |  | 23905 |
|  Bolt Biotherapeutics, Inc.\* | 59 |  | 344 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Boundless Bio, Inc.\* | 2961 | $2991 |
|  Bright Minds Biosciences, Inc.\* | 945 | 24674 |
|  C4 Therapeutics, Inc.\* | 12906 | 18456 |
|  Cabaletta Bio, Inc.\* | 10322 | 15689 |
|  CAMP4 Therapeutics Corp. (x)\* | 1233 | 1788 |
|  Candel Therapeutics, Inc. (x)\* | 8238 | 41684 |
|  Capricor Therapeutics, Inc. (x)\* | 8068 | 80115 |
|  Cardiff Oncology, Inc. (x)\* | 12983 | 40896 |
|  CareDx, Inc.\* | 35434 | 692380 |
|  Cargo Therapeutics, Inc.\* | 7449 | 30690 |
|  Caribou Biosciences, Inc.\* | 1520 | 1915 |
|  Cartesian Therapeutics, Inc. (x)\* | 2034 | 21133 |
|  Celcuity, Inc. (x)\* | 6123 | 81742 |
|  Celularity, Inc., Class A (x)\* | 2156 | 4226 |
|  Century Therapeutics, Inc.\* | 1377 | 769 |
|  CervoMed, Inc. (x)\* | 1068 | 6712 |
|  Cibus, Inc., Class A\* | 5625 | 7762 |
|  Cidara Therapeutics, Inc. (x)\* | 3513 | 171118 |
|  Climb Bio, Inc.\* | 5666 | 7026 |
|  Cogent Biosciences, Inc.\* | 22239 | 159676 |
|  Coherus Oncology, Inc.\* | 21401 | 15651 |
|  Compass Therapeutics, Inc. (x)\* | 19383 | 50396 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 2257 | 15573 |
|  Corvus Pharmaceuticals, Inc. (x)\* | 10955 | 43822 |
|  Coya Therapeutics, Inc.\* | 3040 | 17480 |
|  Cullinan Therapeutics, Inc.\* | 10692 | 80511 |
|  Design Therapeutics, Inc. (x)\* | 6719 | 22643 |
|  DiaMedica Therapeutics, Inc.\* | 5501 | 21454 |
|  Dianthus Therapeutics, Inc. (x)\* | 4120 | 76756 |
|  Dyadic International, Inc.\* | 3140 | 3109 |
|  Editas Medicine, Inc.\* | 17621 | 38766 |
|  Eledon Pharmaceuticals, Inc.\* | 12257 | 33216 |
|  Elevation Oncology, Inc.\* | 1091 | 401 |
|  Elicio Therapeutics, Inc.\* | 1932 | 14915 |
|  Elutia, Inc.\* | 4040 | 7999 |
|  Emergent BioSolutions, Inc.\* | 11180 | 71328 |
|  Enanta Pharmaceuticals, Inc.\* | 4222 | 31918 |
|  Entrada Therapeutics, Inc.\* | 5859 | 39372 |
|  Erasca, Inc.\* | 36303 | 46105 |
|  Estrella Immunopharma, Inc.\* | 2373 | 2033 |
|  Exagen, Inc.\* | 2116 | 14770 |
|  Exicure, Inc.\* | 395 | 2781 |
|  eXoZymes, Inc.\* | 274 | 2630 |
|  Fate Therapeutics, Inc.\* | 22543 | 25248 |
|  Fennec Pharmaceuticals, Inc.\* | 4873 | 40446 |
|  Fibrobiologics, Inc.\* | 5089 | 3166 |
|  Foghorn Therapeutics, Inc.\* | 6799 | 31955 |
|  Forte Biosciences, Inc.\* | 1087 | 14055 |
|  Fortress Biotech, Inc. (x)\* | 4839 | 9001 |
|  Gain Therapeutics, Inc.\* | 5823 | 10481 |
|  Galectin Therapeutics, Inc. (x)\* | 9157 | 19321 |
|  Genelux Corp. (x)\* | 6911 | 19835 |
|  Generation Bio Co.\* | 1817 | 582 |
|  Gossamer Bio, Inc.\* | 39389 | 48448 |
|  Greenwich Lifesciences, Inc. (x)\* | 1162 | 10539 |
|  Heron Therapeutics, Inc. (x)\* | 31978 | 66194 |
|  HilleVax, Inc.\* | 6170 | 12278 |
|  Humacyte, Inc. (x)\* | 26253 | 54869 |
|  IGM Biosciences, Inc.\* | 4832 | 5412 |
|  Immix Biopharma, Inc.\* | 3327 | 6887 |
|  ImmuCell Corp.\* | 1094 | 7614 |
|  Immuneering Corp., Class A (x)\* | 5760 | 19411 |
|  Immunic, Inc. (x)\* | 20596 | 14366 |
|  Immunome, Inc.\* | 15435 | 143545 |
|  Inhibikase Therapeutics, Inc.\* | 11613 | 22645 |
|  Inhibrx Biosciences, Inc. (x)\* | 1963 | 28012 |
|  Inmune Bio, Inc. (x)\* | 3509 | 8106 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 8172 | 16630 |
|  Insight Molecular Diagnostics, Inc. (x)\* | 2330 | 7037 |
|  Instil Bio, Inc.\* | 726 | 15123 |
|  Invivyd, Inc.\* | 3402 | 2432 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 33011 | 23675 |
|  iTeos Therapeutics, Inc.\* | 6271 | 62522 |
|  Jade Biosciences, Inc. | 5415 | 54096 |
|  Jasper Therapeutics, Inc.\* | 2787 | 15468 |
|  Kalaris Therapeutics, Inc.\* | 907 | 2422 |
|  KalVista Pharmaceuticals, Inc.\* | 7919 | 89524 |
|  Karyopharm Therapeutics, Inc. (x)\* | 1425 | 6142 |
|  Kezar Life Sciences, Inc.\* | 1195 | 5473 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 747 | 20669 |
|  Kodiak Sciences, Inc.\* | 7029 | 26218 |
|  Korro Bio, Inc. (x)\* | 1417 | 17698 |
|  Kyverna Therapeutics, Inc. (x)\* | 4913 | 15083 |
|  Lantern Pharma, Inc.\* | 1917 | 6058 |
|  Larimar Therapeutics, Inc.\* | 8887 | 25683 |
|  Lexeo Therapeutics, Inc.\* | 5014 | 20156 |
|  MacroGenics, Inc.\* | 12274 | 14852 |
|  MAIA Biotechnology, Inc.\* | 4673 | 8411 |
|  MDxHealth SA\* | 6702 | 14811 |
|  MediciNova, Inc.\* | 9049 | 11854 |
|  Medicus Pharma Ltd.\* | 1256 | 3755 |
|  MeiraGTx Holdings plc (x)\* | 8976 | 58524 |
|  Mersana Therapeutics, Inc.\* | 3813 | 1129 |
|  Metagenomi, Inc.\* | 5198 | 7693 |
|  MiMedx Group, Inc.\* | 24765 | 151314 |
|  Mineralys Therapeutics, Inc.\* | 8195 | 110878 |
|  MiNK Therapeutics, Inc.\* | 124 | 928 |
|  Mirum Pharmaceuticals, Inc.\* | 36250 | 1844762 |
|  Monopar Therapeutics, Inc.\* | 838 | 29984 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 9753 | 43986 |
|  Mural Oncology plc\* | 3256 | 8042 |
|  Neurogene, Inc. (x)\* | 2094 | 31305 |
|  Nkarta, Inc.\* | 11746 | 19498 |
|  Nurix Therapeutics, Inc.\* | 15795 | 179905 |
|  Nuvectis Pharma, Inc.\* | 2660 | 19870 |
|  Ocugen, Inc.\* | 5355 | 5196 |
|  Olema Pharmaceuticals, Inc. (x)\* | 12450 | 53037 |
|  OnKure Therapeutics, Inc., Class A\* | 1762 | 4211 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 14289 | 52298 |
|  ORIC Pharmaceuticals, Inc.\* | 9453 | 95948 |
|  Oruka Therapeutics, Inc. (x) | 5115 | 57339 |
|  OS Therapies, Inc. (x)\* | 3527 | 6631 |
|  Outlook Therapeutics, Inc. (x)\* | 4392 | 7027 |
|  Ovid therapeutics, Inc.\* | 3263 | 1076 |
|  Palvella Therapeutics, Inc.\* | 1419 | 31984 |
|  PDS Biotechnology Corp. (x)\* | 9304 | 12374 |
|  PepGen, Inc.\* | 2989 | 3318 |
|  Perspective Therapeutics, Inc.\* | 12420 | 42725 |
|  PMV Pharmaceuticals, Inc.\* | 8718 | 9241 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Praxis Precision Medicines, Inc.\* | 3732 | $| 156931 |
|  Precigen, Inc. (x)\* | 31366 |  | 44540 |
|  Precision BioSciences, Inc.\* | 1746 |  | 7333 |
|  Prelude Therapeutics, Inc.\* | 606 |  | 491 |
|  Prime Medicine, Inc. (x)\* | 12167 |  | 30052 |
|  Protalix BioTherapeutics, Inc.\* | 13944 |  | 20637 |
|  Protara Therapeutics, Inc.\* | 6697 |  | 20292 |
|  Puma Biotechnology, Inc.\* | 8862 |  | 30397 |
|  Pyxis Oncology, Inc.\* | 9541 |  | 10495 |
|  Q32 Bio, Inc.\* | 294 |  | 438 |
|  Quince Therapeutics, Inc.\* | 7357 |  | 12139 |
|  Rallybio Corp.\* | 1336 |  | 452 |
|  Rein Therapeutics, Inc.\* | 3982 |  | 5575 |
|  Renovaro, Inc.\* | 5535 |  | 1599 |
|  Replimune Group, Inc.\* | 13792 |  | 128128 |
|  Rezolute, Inc.\* | 13987 |  | 62382 |
|  Rhythm Pharmaceuticals, Inc.\* | 21684 |  | 1370212 |
|  Rigel Pharmaceuticals, Inc.\* | 3690 |  | 69114 |
|  Sagimet Biosciences, Inc., Class A (x)\* | 5135 |  | 39129 |
|  Savara, Inc. (x)\* | 26409 |  | 60213 |
|  Scholar Rock Holding Corp.\* | 47872 |  | 1695626 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 18780 |  | 41128 |
|  Senti Biosciences, Inc.\* | 1452 |  | 3064 |
|  Sera Prognostics, Inc., Class A\* | 5409 |  | 14983 |
|  Seres Therapeutics, Inc.\* | 1233 |  | 13699 |
|  Serina Therapeutics, Inc.\* | 575 |  | 3542 |
|  Shattuck Labs, Inc. (x)\* | 1514 |  | 1199 |
|  Sionna Therapeutics, Inc.\* | 1918 |  | 33277 |
|  Skye Bioscience, Inc.\* | 4010 |  | 16762 |
|  Soleno Therapeutics, Inc.\* | 14624 |  | 1225199 |
|  Solid Biosciences, Inc. (x)\* | 13732 |  | 66875 |
|  Stoke Therapeutics, Inc.\* | 8589 |  | 97485 |
|  Surrozen, Inc.\* | 973 |  | 8699 |
|  Sutro Biopharma, Inc.\* | 17436 |  | 12448 |
|  Tango Therapeutics, Inc. (x)\* | 15839 |  | 81096 |
|  Taysha Gene Therapies, Inc. (x)\* | 34735 |  | 80238 |
|  Tectonic Therapeutic, Inc.\* | 2229 |  | 44290 |
|  Tenaya Therapeutics, Inc.\* | 1894 |  | 1158 |
|  Tevogen Bio Holdings, Inc.\* | 6101 |  | 7626 |
|  Tonix Pharmaceuticals Holding Corp.\* | 1190 |  | 42816 |
|  Tourmaline Bio, Inc.\* | 4014 |  | 64184 |
|  Travere Therapeutics, Inc.\* | 33075 |  | 489510 |
|  TriSalus Life Sciences, Inc.\* | 3151 |  | 17173 |
|  TScan Therapeutics, Inc.\* | 9055 |  | 13130 |
|  TuHURA Biosciences, Inc.\* | 4653 |  | 10376 |
|  Tyra Biosciences, Inc. (x)\* | 5041 |  | 48242 |
|  UroGen Pharma Ltd. (x)\* | 7739 |  | 106024 |
|  Vanda Pharmaceuticals, Inc.\* | 11662 |  | 55045 |
|  Verastem, Inc. (x)\* | 9517 |  | 39496 |
|  Verve Therapeutics, Inc.\* | 14319 |  | 160802 |
|  Vigil Neuroscience, Inc.\* | 5880 |  | 46746 |
|  Viridian Therapeutics, Inc.\* | 14565 |  | 203619 |
|  Vistagen Therapeutics, Inc.\* | 6446 |  | 12892 |
|  Voyager Therapeutics, Inc.\* | 9763 |  | 30363 |
|  vTv Therapeutics, Inc., Class A\* | 310 |  | 4569 |
|  Werewolf Therapeutics, Inc.\* | 854 |  | 931 |
|  Whitehawk Therapeutics, Inc.\* | 7688 |  | 14377 |
|  X4 Pharmaceuticals, Inc.\* | 266 |  | 505 |
|  XBiotech, Inc. (x)\* | 3866 |  | 11482 |
|  XOMA Royalty Corp.\* | 1952 |  | 49190 |
|  Y-mAbs Therapeutics, Inc.\* | 7703 |  | 34741 |
|  Zenas Biopharma, Inc. (x)\* | 3392 |  | 32868 |
|  Zentalis Pharmaceuticals, Inc.\* | 11776 |  | 13660 |
|  Zura Bio Ltd., Class A\* | 9695 |  | 10180 |
|  Zymeworks, Inc.\* | 10303 |  | 129303 |
|  |  |  | 15983664 |
|  ***Health Care Equipment & Supplies (4.8%)*** | ***Health Care Equipment & Supplies (4.8%)*** | ***Health Care Equipment & Supplies (4.8%)*** | ***Health Care Equipment & Supplies (4.8%)*** |
|  Accuray, Inc.\* | 21125 |  | 28941 |
|  AngioDynamics, Inc.\* | 8145 |  | 80798 |
|  Anteris Technologies Global Corp. (x)\* | 4480 |  | 16979 |
|  Apyx Medical Corp.\* | 6907 |  | 15541 |
|  Artivion, Inc.\* | 47147 |  | 1466272 |
|  Axogen, Inc.\* | 9200 |  | 99820 |
|  Beta Bionics, Inc.\* | 44945 |  | 654399 |
|  Bioventus, Inc., Class A (x)\* | 9648 |  | 63870 |
|  Butterfly Network, Inc., Class A\* | 40160 |  | 80320 |
|  Ceribell, Inc. (x)\* | 36317 |  | 680217 |
|  Cerus Corp.\* | 38474 |  | 54248 |
|  ClearPoint Neuro, Inc.\* | 5461 |  | 65204 |
|  CVRx, Inc. (x)\* | 3376 |  | 19851 |
|  CytoSorbents Corp.\* | 9243 |  | 11831 |
|  Delcath Systems, Inc.\* | 6201 |  | 84334 |
|  ElectroCore, Inc.\* | 1384 |  | 7308 |
|  Electromed, Inc.\* | 1475 |  | 32435 |
|  Envoy Medical, Inc.\* | 1182 |  | 1678 |
|  enVVeno Medical Corp.\* | 3607 |  | 14392 |
|  Femasys, Inc.\* | 4686 |  | 4526 |
|  FONAR Corp.\* | 1241 |  | 18565 |
|  Fractyl Health, Inc.\* | 6351 |  | 10289 |
|  HeartBeam, Inc.\* | 5788 |  | 7235 |
|  Inogen, Inc.\* | 5025 |  | 35326 |
|  InspireMD, Inc.\* | 2663 |  | 6045 |
|  iRadimed Corp. | 1705 |  | 101942 |
|  Kestra Medical Technologies Ltd. (x)\* | 32303 |  | 535584 |
|  Kewaunee Scientific Corp.\* | 446 |  | 26180 |
|  KORU Medical Systems, Inc.\* | 8801 |  | 31508 |
|  LENSAR, Inc.\* | 1943 |  | 25589 |
|  Lucid Diagnostics, Inc.\* | 14305 |  | 16451 |
|  Microbot Medical, Inc.\* | 7223 |  | 18202 |
|  Modular Medical, Inc.\* | 9543 |  | 7110 |
|  Monogram Technologies, Inc.\* | 4830 |  | 13959 |
|  Myomo, Inc.\* | 6835 |  | 14764 |
|  Neuronetics, Inc. (x)\* | 7562 |  | 26391 |
|  NeuroPace, Inc.\* | 47972 |  | 534408 |
|  Odysight.ai, Inc.\* | 1000 |  | 5100 |
|  OraSure Technologies, Inc.\* | 15748 |  | 47244 |
|  Orchestra BioMed Holdings, Inc.\* | 5265 |  | 14110 |
|  Orthofix Medical, Inc.\* | 8141 |  | 90772 |
|  OrthoPediatrics Corp.\* | 3556 |  | 76383 |
|  Outset Medical, Inc. (x)\* | 2954 |  | 56746 |
|  Owlet, Inc.\* | 2123 |  | 17833 |
|  Precision Optics Corp., Inc.\* | 1048 |  | 5104 |
|  PROCEPT BioRobotics Corp.\* | 12837 |  | 739411 |
|  Pro-Dex, Inc.\* | 440 |  | 19202 |
|  Pulmonx Corp.\* | 8168 |  | 21155 |
|  Pulse Biosciences, Inc. (x)\* | 3719 |  | 56120 |
|  Retractable Technologies, Inc.\* | 655 |  | 419 |
|  Rockwell Medical, Inc.\* | 6059 |  | 5138 |
|  Sanara Medtech, Inc. (x)\* | 635 |  | 18028 |
|  SANUWAVE Health, Inc.\* | 1094 |  | 35949 |
|  Semler Scientific, Inc. (x)\* | 1755 |  | 67989 |
|  Sensus Healthcare, Inc. (x)\* | 2971 |  | 14083 |
|  SI-BONE, Inc.\* | 7966 |  | 149920 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sight Sciences, Inc.\* | 8636 | $| 35667 |
|  Spectral AI, Inc.\* | 3419 |  | 8479 |
|  Stereotaxis, Inc. (x)\* | 11944 |  | 25321 |
|  Surmodics, Inc.\* | 2929 |  | 87021 |
|  Tactile Systems Technology, Inc.\* | 4927 |  | 49960 |
|  Tela Bio, Inc.\* | 5498 |  | 10666 |
|  TransMedics Group, Inc.\* | 3144 |  | 421327 |
|  UFP Technologies, Inc.\* | 1852 |  | 452184 |
|  Utah Medical Products, Inc. | 657 |  | 37396 |
|  Vicarious Surgical, Inc., Class A\* | 609 |  | 4567 |
|  Vivani Medical, Inc.\* | 6125 |  | 7901 |
|  Zimvie, Inc.\* | 5777 |  | 54015 |
|  Zynex, Inc. (x)\* | 2973 |  | 7670 |
|  |  |  | 7555392 |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** |
|  AirSculpt Technologies, Inc. (x)\* | 2657 |  | 12833 |
|  Aveanna Healthcare Holdings, Inc.\* | 9684 |  | 50647 |
|  Castle Biosciences, Inc.\* | 5957 |  | 121642 |
|  Cross Country Healthcare, Inc.\* | 6556 |  | 85556 |
|  Cryo-Cell International, Inc. | 1052 |  | 5460 |
|  DocGo, Inc.\* | 19283 |  | 30274 |
|  GeneDx Holdings Corp., Class A\* | 10309 |  | 951624 |
|  InfuSystem Holdings, Inc.\* | 4274 |  | 26670 |
|  Joint Corp. (The)\* | 3119 |  | 35993 |
|  ModivCare, Inc. (x)\* | 448 |  | 1398 |
|  Nano-X Imaging Ltd. (x)\* | 13473 |  | 69655 |
|  National Research Corp. | 2635 |  | 44268 |
|  NeueHealth, Inc.\* | 560 |  | 3864 |
|  Nutex Health, Inc.\* | 717 |  | 89259 |
|  Omada Health, Inc. (x)\* | 29801 |  | 545358 |
|  Oncology Institute, Inc. (The) (x)\* | 12298 |  | 25211 |
|  P3 Health Partners, Inc.\* | 375 |  | 2362 |
|  Pennant Group, Inc. (The)\* | 7105 |  | 212084 |
|  Performant Healthcare, Inc.\* | 14659 |  | 58636 |
|  Prenetics Global Ltd., Class A\* | 2075 |  | 17513 |
|  Quipt Home Medical Corp.\* | 7588 |  | 13583 |
|  SBC Medical Group Holdings, Inc.\* | 1100 |  | 5104 |
|  Sonida Senior Living, Inc. (x)\* | 1150 |  | 28693 |
|  Talkspace, Inc.\* | 25806 |  | 71741 |
|  Viemed Healthcare, Inc.\* | 7269 |  | 50229 |
|  |  |  | 2559657 |
|  ***Health Care Technology (1.0%)*** | ***Health Care Technology (1.0%)*** | ***Health Care Technology (1.0%)*** | ***Health Care Technology (1.0%)*** |
|  CareCloud, Inc.\* | 7166 |  | 16912 |
|  Claritev Corp.\* | 1455 |  | 65664 |
|  Firefly Neuroscience, Inc.\* | 1338 |  | 3787 |
|  Forian, Inc.\* | 3905 |  | 7654 |
|  Health Catalyst, Inc.\* | 14094 |  | 53134 |
|  HealthStream, Inc. | 5134 |  | 142058 |
|  iCAD, Inc.\* | 5524 |  | 21046 |
|  LifeMD, Inc.\* | 7724 |  | 105201 |
|  OptimizeRx Corp.\* | 3624 |  | 48924 |
|  Phreesia, Inc.\* | 32816 |  | 933943 |
|  Simulations Plus, Inc. | 3504 |  | 61145 |
|  TruBridge, Inc.\* | 2128 |  | 49838 |
|  |  |  | 1509306 |
|  ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** |
|  Adaptive Biotechnologies Corp.\* | 159322 |  | 1856101 |
|  Akoya Biosciences, Inc. (x)\* | 5191 |  | 6748 |
|  Alpha Teknova, Inc. (x)\* | 2304 |  | 11313 |
|  Atlantic International Corp.\* | 1399 |  | 2840 |
|  BioLife Solutions, Inc.\* | 7966 |  | 171588 |
|  Champions Oncology, Inc.\* | 1755 |  | 12934 |
|  Codexis, Inc.\* | 17123 |  | 41780 |
|  Harvard Bioscience, Inc.\* | 2056 |  | 912 |
|  Inotiv, Inc.\* | 3512 |  | 6392 |
|  Lifecore Biomedical, Inc. (x)\* | 5771 |  | 46860 |
|  MaxCyte, Inc.\* | 21211 |  | 46240 |
|  Nautilus Biotechnology, Inc., Class A\* | 1699 |  | 1232 |
|  Niagen Bioscience, Inc.\* | 10934 |  | 157559 |
|  OmniAb, Inc.\* | 20905 |  | 36375 |
|  Personalis, Inc.\* | 9721 |  | 63770 |
|  Quanterix Corp. (x)\* | 7731 |  | 51411 |
|  Quantum-Si, Inc. (x)\* | 29531 |  | 57881 |
|  Rapid Micro Biosystems, Inc., Class A\* | 5923 |  | 20434 |
|  Seer, Inc., Class A (x)\* | 10635 |  | 22759 |
|  Standard BioTools, Inc. (x)\* | 62518 |  | 75022 |
|  |  |  | 2690151 |
|  ***Pharmaceuticals (3.5%)*** | ***Pharmaceuticals (3.5%)*** | ***Pharmaceuticals (3.5%)*** | ***Pharmaceuticals (3.5%)*** |
|  Aardvark Therapeutics, Inc.\* | 866 |  | 11708 |
|  Aclaris Therapeutics, Inc.\* | 18839 |  | 26751 |
|  ALT5 Sigma Corp. (x)\* | 1852 |  | 13418 |
|  Alto Neuroscience, Inc.\* | 4120 |  | 9064 |
|  Alumis, Inc. (x)\* | 10287 |  | 30861 |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 14284 |  | 91560 |
|  AN2 Therapeutics, Inc.\* | 5334 |  | 5654 |
|  Anebulo Pharmaceuticals, Inc.\* | 1571 |  | 2262 |
|  Aquestive Therapeutics, Inc. (x)\* | 18023 |  | 59656 |
|  Atea Pharmaceuticals, Inc.\* | 16026 |  | 57694 |
|  BioAge Labs, Inc. (x)\* | 4947 |  | 20431 |
|  Biote Corp., Class A\* | 6062 |  | 24369 |
|  Cadrenal Therapeutics, Inc.\* | 264 |  | 3181 |
|  Cassava Sciences, Inc.\* | 8855 |  | 16028 |
|  Collegium Pharmaceutical, Inc.\* | 6722 |  | 198770 |
|  Contineum Therapeutics, Inc., Class A\* | 2881 |  | 11438 |
|  CorMedix, Inc.\* | 13457 |  | 165790 |
|  Cumberland Pharmaceuticals, Inc.\* | 1488 |  | 4985 |
|  Enliven Therapeutics, Inc.\* | 6760 |  | 135606 |
|  Esperion Therapeutics, Inc. (x)\* | 41783 |  | 41131 |
|  Eton Pharmaceuticals, Inc. (x)\* | 5216 |  | 74328 |
|  Evolus, Inc.\* | 11196 |  | 103115 |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 12993 |  | 122264 |
|  Fulcrum Therapeutics, Inc.\* | 11173 |  | 76870 |
|  Harrow, Inc.\* | 6610 |  | 201869 |
|  Ikena Oncology, Inc.\* | 6638 |  | 8895 |
|  Journey Medical Corp.\* | 2419 |  | 17368 |
|  LENZ Therapeutics, Inc. (x)\* | 17700 |  | 518787 |
|  Liquidia Corp.\* | 13455 |  | 167649 |
|  Maze Therapeutics, Inc. (x)\* | 1752 |  | 21497 |
|  MBX Biosciences, Inc. (x)\* | 3350 |  | 38224 |
|  MediWound Ltd. (x)\* | 1645 |  | 31864 |
|  Mind Medicine MindMed, Inc. (x)\* | 15774 |  | 102373 |
|  Nektar Therapeutics\* | 156 |  | 4031 |
|  Neonc Technologies Holdings, Inc.\* | 611 |  | 2181 |
|  NRX Pharmaceuticals, Inc. (x)\* | 2977 |  | 9705 |
|  Nutriband, Inc.\* | 668 |  | 5257 |
|  Nuvation Bio, Inc. (x)\* | 52201 |  | 101792 |
|  Omeros Corp. (x)\* | 11836 |  | 35508 |
|  Oramed Pharmaceuticals, Inc. (x)\* | 7025 |  | 15806 |
|  Phathom Pharmaceuticals, Inc. (x)\* | 8859 |  | 84958 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Phibro Animal Health Corp., Class A | 4288 | $| 109516 |
|  Pliant Therapeutics, Inc.\* | 11562 |  | 13412 |
|  Rafael Holdings, Inc., Class B\* | 9939 |  | 17194 |
|  Rani Therapeutics Holdings, Inc., Class A\* | 4548 |  | 2337 |
|  Rapport Therapeutics, Inc. (x)\* | 3672 |  | 41751 |
|  Scilex Holding Co.\* | 1044 |  | 6149 |
|  scPharmaceuticals, Inc. (x)\* | 7339 |  | 27962 |
|  SIGA Technologies, Inc. | 8684 |  | 56620 |
|  Tarsus Pharmaceuticals, Inc.\* | 44841 |  | 1816509 |
|  Telomir Pharmaceuticals, Inc.\* | 3635 |  | 4544 |
|  Terns Pharmaceuticals, Inc.\* | 15150 |  | 56510 |
|  Theravance Biopharma, Inc.\* | 7958 |  | 87777 |
|  Third Harmonic Bio, Inc.\* | 5280 |  | 28670 |
|  Trevi Therapeutics, Inc.\* | 15890 |  | 86918 |
|  Tvardi Therapeutics, Inc.\* | 706 |  | 16471 |
|  Ventyx Biosciences, Inc.\* | 13557 |  | 29012 |
|  Veru, Inc.\* | 1737 |  | 1011 |
|  WaVe Life Sciences Ltd.\* | 23468 |  | 152542 |
|  Xeris Biopharma Holdings, Inc.\* | 31389 |  | 146587 |
|  Zevra Therapeutics, Inc. (x)\* | 11377 |  | 100231 |
|  |  |  | 5476421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 35774591 |
|  **Industrials (17.8%)** | **Industrials (17.8%)** | **Industrials (17.8%)** | **Industrials (17.8%)** |
|  ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** | ***Aerospace & Defense (3.5%)*** |
|  AerSale Corp.\* | 6788 |  | 40796 |
|  Astronics Corp.\* | 6340 |  | 212263 |
|  Byrna Technologies, Inc.\* | 3790 |  | 117035 |
|  Cadre Holdings, Inc. | 5965 |  | 189985 |
|  CPI Aerostructures, Inc.\* | 2401 |  | 8404 |
|  Ducommun, Inc.\* | 2893 |  | 239049 |
|  Innovative Solutions and Support, Inc.\* | 2796 |  | 38808 |
|  Kratos Defense & Security Solutions, Inc.\* | 36347 |  | 1688318 |
|  Mercury Systems, Inc.\* | 18884 |  | 1017092 |
|  National Presto Industries, Inc. | 1090 |  | 106776 |
|  Optex Systems Holdings, Inc.\* | 1052 |  | 12088 |
|  Park Aerospace Corp. | 3795 |  | 56052 |
|  Redwire Corp.\* | 7041 |  | 114768 |
|  Safe Pro Group, Inc.\* | 1244 |  | 3421 |
|  Satellogic, Inc., Class A (x)\* | 14396 |  | 52114 |
|  TAT Technologies Ltd. (x)\* | 34867 |  | 1064838 |
|  Virgin Galactic Holdings, Inc. (x)\* | 8318 |  | 22708 |
|  VirTra, Inc.\* | 2411 |  | 17046 |
|  Voyager Technologies, Inc., Class A\* | 13014 |  | 510800 |
|  |  |  | 5512361 |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** |
|  Air T, Inc.\* | 285 |  | 6273 |
|  Freightos Ltd.\* | 5732 |  | 13929 |
|  Radiant Logistics, Inc.\* | 6805 |  | 41374 |
|  |  |  | 61576 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  Alpha Pro Tech Ltd.\* | 2064 |  | 9680 |
|  Caesarstone Ltd.\* | 4061 |  | 8000 |
|  Insteel Industries, Inc. | 3921 |  | 145900 |
|  Quanex Building Products Corp. | 9944 |  | 187942 |
|  |  |  | 351522 |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** |
|  ACCO Brands Corp. | 18253 |  | 65346 |
|  Acme United Corp. | 659 |  | 27315 |
|  Bridger Aerospace Group Holdings, Inc.\* | 6597 |  | 12732 |
|  CECO Environmental Corp. (x)\* | 6116 |  | 173144 |
|  CompX International, Inc. | 311 |  | 8263 |
|  Ennis, Inc. | 5231 |  | 94890 |
|  Enviri Corp.\* | 15931 |  | 138281 |
|  Interface, Inc., Class A | 12158 |  | 254467 |
|  Knightscope, Inc., Class A\* | 1349 |  | 6664 |
|  LanzaTech Global, Inc. (x)\* | 4206 |  | 1141 |
|  Liquidity Services, Inc.\* | 4874 |  | 114978 |
|  Mobile Infrastructure Corp., Class A\* | 2775 |  | 12571 |
|  NL Industries, Inc. | 1686 |  | 10790 |
|  Odyssey Marine Exploration, Inc., Class B\* | 5489 |  | 6477 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 3619 |  | 38072 |
|  Quad/Graphics, Inc. | 5920 |  | 33448 |
|  Quest Resource Holding Corp.\* | 3342 |  | 6751 |
|  Team, Inc.\* | 548 |  | 9974 |
|  Virco Mfg. Corp. | 2387 |  | 19048 |
|  VSE Corp. (x) | 8352 |  | 1093945 |
|  |  |  | 2128297 |
|  ***Construction & Engineering (5.3%)*** | ***Construction & Engineering (5.3%)*** | ***Construction & Engineering (5.3%)*** | ***Construction & Engineering (5.3%)*** |
|  Argan, Inc. | 9160 |  | 2019597 |
|  Bowman Consulting Group Ltd., Class A\* | 2947 |  | 84726 |
|  Concrete Pumping Holdings, Inc. | 4874 |  | 29975 |
|  Great Lakes Dredge & Dock Corp.\* | 13950 |  | 170051 |
|  INNOVATE Corp.\* | 1036 |  | 5335 |
|  JFB Construction Holdings, Class A\* | 373 |  | 2467 |
|  Limbach Holdings, Inc.\* | 13294 |  | 1862489 |
|  Matrix Service Co.\* | 5595 |  | 75589 |
|  NWPX Infrastructure, Inc.\* | 2030 |  | 83250 |
|  Orion Group Holdings, Inc.\* | 7896 |  | 71617 |
|  Primoris Services Corp. | 21733 |  | 1693870 |
|  Southland Holdings, Inc. (x)\* | 1837 |  | 7679 |
|  Sterling Infrastructure, Inc.\* | 7470 |  | 1723553 |
|  Tutor Perini Corp.\* | 9329 |  | 436411 |
|  |  |  | 8266609 |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** |
|  Allient, Inc. | 3020 |  | 109656 |
|  American Superconductor Corp.\* | 8003 |  | 293630 |
|  Amprius Technologies, Inc. (x)\* | 19507 |  | 82124 |
|  Blink Charging Co. (x)\* | 2292 |  | 2154 |
|  Broadwind, Inc.\* | 3695 |  | 6688 |
|  Complete Solaria, Inc.\* | 12425 |  | 22862 |
|  Energy Vault Holdings, Inc.\* | 1147 |  | 822 |
|  Espey Mfg. & Electronics Corp. | 431 |  | 19701 |
|  FTC Solar, Inc.\* | 1360 |  | 6161 |
|  FuelCell Energy, Inc. (x)\* | 4475 |  | 25105 |
|  Hyliion Holdings Corp. (x)\* | 27086 |  | 35754 |
|  Ideal Power, Inc.\* | 1366 |  | 6188 |
|  KULR Technology Group, Inc.\* | 6889 |  | 49119 |
|  LSI Industries, Inc. | 5595 |  | 95171 |
|  NANO Nuclear Energy, Inc. (x)\* | 5602 |  | 193213 |
|  NeoVolta, Inc. (x)\* | 5948 |  | 19628 |
|  Powell Industries, Inc. | 3321 |  | 698904 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Power Solutions International, Inc. (x)\* | 1371 | $| 88676 |
|  Preformed Line Products Co. | 509 |  | 81343 |
|  SKYX Platforms Corp.\* | 14392 |  | 15040 |
|  SolarMax Technology, Inc.\* | 5474 |  | 5967 |
|  Stem, Inc. (x)\* | 216 |  | 1346 |
|  T1 Energy, Inc. (x)\* | 23311 |  | 28673 |
|  Thermon Group Holdings, Inc.\* | 6994 |  | 196392 |
|  Tigo Energy, Inc.\* | 543 |  | 692 |
|  TPI Composites, Inc.\* | 839 |  | 721 |
|  Ultralife Corp.\* | 2146 |  | 19271 |
|  Zeo Energy Corp.\* | 799 |  | 2317 |
|  |  |  | 2107318 |
|  ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** |
|  Armlogi Holding Corp.\* | 1926 |  | 3120 |
|  Covenant Logistics Group, Inc., Class A | 3473 |  | 83734 |
|  FTAI Infrastructure, Inc. | 20485 |  | 126392 |
|  PAMT Corp.\* | 1176 |  | 15135 |
|  Proficient Auto Logistics, Inc. (x)\* | 4926 |  | 35763 |
|  Universal Logistics Holdings, Inc. (x) | 1413 |  | 35862 |
|  |  |  | 300006 |
|  ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** | ***Machinery (1.2%)*** |
|  374Water, Inc.\* | 3216 |  | 1043 |
|  3D Systems Corp.\* | 27517 |  | 42376 |
|  AirJoule Technologies Corp.\* | 3934 |  | 18214 |
|  Blue Bird Corp.\* | 6756 |  | 291589 |
|  Columbus McKinnon Corp. | 5939 |  | 90689 |
|  Commercial Vehicle Group, Inc.\* | 6619 |  | 10988 |
|  Douglas Dynamics, Inc. | 4769 |  | 140542 |
|  Eastern Co. (The) | 1190 |  | 27156 |
|  FreightCar America, Inc.\* | 2880 |  | 24826 |
|  Gencor Industries, Inc.\* | 2124 |  | 29736 |
|  Graham Corp.\* | 2181 |  | 107981 |
|  Hurco Cos., Inc.\* | 1177 |  | 22245 |
|  Hyster-Yale, Inc. | 2468 |  | 98177 |
|  L B Foster Co., Class A\* | 2133 |  | 46649 |
|  Laser Photonics Corp.\* | 1177 |  | 3166 |
|  Luxfer Holdings plc | 5617 |  | 68415 |
|  Manitowoc Co., Inc. (The)\* | 7249 |  | 87133 |
|  Mayville Engineering Co., Inc.\* | 2989 |  | 47704 |
|  Microvast Holdings, Inc.\* | 41630 |  | 151117 |
|  Miller Industries, Inc. | 2323 |  | 103281 |
|  Nauticus Robotics, Inc.\* | 7072 |  | 6397 |
|  NN, Inc.\* | 9934 |  | 20861 |
|  Novusterra, Inc. (r)(x)\* | 957 |  |  |
|  Palladyne AI Corp. (x)\* | 5355 |  | 46374 |
|  Park-Ohio Holdings Corp. | 1992 |  | 35577 |
|  Perma-Pipe International Holdings, Inc.\* | 1537 |  | 35151 |
|  Richtech Robotics, Inc., Class B (x)\* | 14505 |  | 28285 |
|  Shyft Group, Inc. (The) | 6820 |  | 85523 |
|  Taylor Devices, Inc.\* | 639 |  | 27733 |
|  Titan International, Inc. (x)\* | 10196 |  | 104713 |
|  Twin Disc, Inc. | 2249 |  | 19859 |
|  Wabash National Corp. | 8642 |  | 91865 |
|  Xos, Inc.\* | 972 |  | 2935 |
|  |  |  | 1918300 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 1747 |  | 15147 |
|  Genco Shipping & Trading Ltd. | 8299 |  | 108468 |
|  Himalaya Shipping Ltd. (x) | 6237 |  | 35987 |
|  Pangaea Logistics Solutions Ltd. (x) | 6561 |  | 30837 |
|  Safe Bulkers, Inc. | 12102 |  | 43688 |
|  |  |  | 234127 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Blade Air Mobility, Inc.\* | 13419 |  | 54079 |
|  Mesa Air Group, Inc.\* | 6423 |  | 5973 |
|  Spirit Aviation Holdings, Inc.\* | 3284 |  | 16387 |
|  Surf Air Mobility, Inc.\* | 2681 |  | 9893 |
|  |  |  | 86332 |
|  ***Professional Services (4.0%)*** | ***Professional Services (4.0%)*** | ***Professional Services (4.0%)*** | ***Professional Services (4.0%)*** |
|  Asure Software, Inc.\* | 5122 |  | 49991 |
|  Barrett Business Services, Inc. | 5241 |  | 218497 |
|  BGSF, Inc.\* | 2027 |  | 12912 |
|  BlackSky Technology, Inc., Class A (x)\* | 5867 |  | 120743 |
|  CRA International, Inc. | 11682 |  | 2188856 |
|  DLH Holdings Corp.\* | 2528 |  | 14764 |
|  FiscalNote Holdings, Inc. (x)\* | 1057 |  | 567 |
|  Forrester Research, Inc.\* | 2506 |  | 24809 |
|  Franklin Covey Co.\* | 2327 |  | 53102 |
|  Heidrick & Struggles International, Inc. | 4297 |  | 196631 |
|  HireQuest, Inc. | 1027 |  | 10280 |
|  Huron Consulting Group, Inc.\* | 6301 |  | 866640 |
|  IBEX Holdings Ltd.\* | 2088 |  | 60761 |
|  Innodata, Inc. (x)\* | 6348 |  | 325145 |
|  Kelly Services, Inc., Class A | 6376 |  | 74663 |
|  Mastech Digital, Inc.\* | 806 |  | 5779 |
|  Mistras Group, Inc.\* | 3548 |  | 28419 |
|  Nixxy, Inc.\* | 3174 |  | 6634 |
|  RCM Technologies, Inc.\* | 1120 |  | 26398 |
|  Resolute Holdings Management, Inc.\* | 871 |  | 27759 |
|  Resources Connection, Inc. | 6789 |  | 36457 |
|  Skillsoft Corp. (x)\* | 921 |  | 14708 |
|  Spire Global, Inc. (x)\* | 5748 |  | 68401 |
|  TrueBlue, Inc.\* | 5997 |  | 38861 |
|  TTEC Holdings, Inc.\* | 4216 |  | 20279 |
|  Where Food Comes From, Inc.\* | 649 |  | 7301 |
|  Willdan Group, Inc.\* | 28692 |  | 1793537 |
|  |  |  | 6292894 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  Alta Equipment Group, Inc. (x) | 4376 |  | 27656 |
|  BlueLinx Holdings, Inc.\* | 1635 |  | 121611 |
|  EVI Industries, Inc. | 1145 |  | 24996 |
|  Hudson Technologies, Inc.\* | 8293 |  | 67339 |
|  Karat Packaging, Inc. | 1442 |  | 40607 |
|  NPK International, Inc.\* | 16867 |  | 143538 |
|  Titan Machinery, Inc. (x)\* | 4367 |  | 86510 |
|  Transcat, Inc.\* | 1922 |  | 165215 |
|  Willis Lease Finance Corp. | 748 |  | 106800 |
|  |  |  | 784272 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 4433 |  | 43310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 28086924 |
|  **Information Technology (18.7%)** | **Information Technology (18.7%)** | **Information Technology (18.7%)** | **Information Technology (18.7%)** |
|  ***Communications Equipment (2.0%)*** | ***Communications Equipment (2.0%)*** | ***Communications Equipment (2.0%)*** | ***Communications Equipment (2.0%)*** |
|  ADTRAN Holdings, Inc.\* | 15596 |  | 139896 |
|  Applied Optoelectronics, Inc. (x)\* | 11261 |  | 289295 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Aviat Networks, Inc.\* | 2425 | $| 58321 |
|  BK Technologies Corp.\* | 570 |  | 26864 |
|  Calix, Inc.\* | 27787 |  | 1477991 |
|  Clearfield, Inc.\* | 2470 |  | 107223 |
|  CommScope Holding Co., Inc.\* | 44678 |  | 369934 |
|  Comtech Telecommunications Corp.\* | 5562 |  | 13627 |
|  Digi International, Inc.\* | 7638 |  | 266261 |
|  Franklin Wireless Corp.\* | 1953 |  | 8164 |
|  Genasys, Inc.\* | 8644 |  | 14954 |
|  Inseego Corp. (x)\* | 2582 |  | 21276 |
|  KVH Industries, Inc.\* | 2898 |  | 15446 |
|  Lantronix, Inc.\* | 6389 |  | 18336 |
|  NETGEAR, Inc.\* | 5816 |  | 169071 |
|  Network-1 Technologies, Inc. | 316 |  | 385 |
|  Ribbon Communications, Inc.\* | 19617 |  | 78664 |
|  |  |  | 3075708 |
|  ***Electronic Equipment, Instruments & Components (4.2%)*** | ***Electronic Equipment, Instruments & Components (4.2%)*** | ***Electronic Equipment, Instruments & Components (4.2%)*** | ***Electronic Equipment, Instruments & Components (4.2%)*** |
|  908 Devices, Inc. (x)\* | 5751 |  | 41005 |
|  Aeva Technologies, Inc. (x)\* | 6334 |  | 239362 |
|  Airgain, Inc.\* | 1835 |  | 7615 |
|  AmpliTech Group, Inc.\* | 3317 |  | 7032 |
|  Arlo Technologies, Inc.\* | 20838 |  | 353412 |
|  Bel Fuse, Inc., Class A | 345 |  | 30998 |
|  Bel Fuse, Inc., Class B (x) | 10887 |  | 1063551 |
|  Climb Global Solutions, Inc. | 820 |  | 87666 |
|  Coda Octopus Group, Inc.\* | 1065 |  | 8712 |
|  Daktronics, Inc. (x)\* | 8625 |  | 130410 |
|  Evolv Technologies Holdings, Inc. (x)\* | 24286 |  | 151545 |
|  FARO Technologies, Inc.\* | 3981 |  | 174846 |
|  Focus Universal, Inc.\* | 571 |  | 2335 |
|  Frequency Electronics, Inc. | 1338 |  | 30386 |
|  Identiv, Inc.\* | 4616 |  | 15048 |
|  Key Tronic Corp.\* | 111 |  | 317 |
|  Kimball Electronics, Inc.\* | 5108 |  | 98227 |
|  LGL Group, Inc. (The)\* | 588 |  | 4481 |
|  LightPath Technologies, Inc., Class A\* | 7557 |  | 23276 |
|  Lightwave Logic, Inc. (x)\* | 2312 |  | 2867 |
|  Methode Electronics, Inc. | 7080 |  | 67331 |
|  MicroVision, Inc. (x)\* | 51279 |  | 58458 |
|  M-Tron Industries, Inc.\* | 510 |  | 21420 |
|  Neonode, Inc. (x)\* | 2215 |  | 56482 |
|  nLight, Inc.\* | 10079 |  | 198355 |
|  OSI Systems, Inc.\* | 6637 |  | 1492396 |
|  Ouster, Inc.\* | 10649 |  | 258238 |
|  PAR Technology Corp. (x)\* | 20262 |  | 1405575 |
|  Powerfleet, Inc. (x)\* | 26004 |  | 112077 |
|  Red Cat Holdings, Inc. (x)\* | 15687 |  | 114201 |
|  Research Frontiers, Inc.\* | 5313 |  | 8607 |
|  RF Industries Ltd.\* | 1836 |  | 11879 |
|  Richardson Electronics Ltd. | 2591 |  | 25003 |
|  ScanSource, Inc.\* | 4571 |  | 191114 |
|  SmartRent, Inc., Class A\* | 1218 |  | 1206 |
|  Sono-Tek Corp.\* | 1057 |  | 4017 |
|  Syntec Optics Holdings, Inc.\* | 1674 |  | 2243 |
|  Unusual Machines, Inc.\* | 3146 |  | 26961 |
|  Vishay Precision Group, Inc. (x)\* | 2521 |  | 70840 |
|  Vuzix Corp. (x)\* | 13473 |  | 39341 |
|  Wrap Technologies, Inc. (x)\* | 7146 |  | 11148 |
|  |  |  | 6649983 |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** |
|  Applied Digital Corp. (x)\* | 37075 |  | 373345 |
|  Backblaze, Inc., Class A\* | 11198 |  | 61589 |
|  BigBear.ai Holdings, Inc. (x)\* | 60602 |  | 411488 |
|  Couchbase, Inc.\* | 9019 |  | 219883 |
|  Crexendo, Inc.\* | 2915 |  | 17694 |
|  CSP, Inc. | 1476 |  | 19099 |
|  Grid Dynamics Holdings, Inc.\* | 72154 |  | 833379 |
|  Hackett Group, Inc. (The) | 5276 |  | 134116 |
|  Information Services Group, Inc. | 7359 |  | 35323 |
|  Rackspace Technology, Inc.\* | 17340 |  | 22195 |
|  Research Solutions, Inc.\* | 5334 |  | 15309 |
|  TSS, Inc.\* | 3820 |  | 110131 |
|  Tucows, Inc., Class A\* | 1421 |  | 28008 |
|  Unisys Corp.\* | 13970 |  | 63284 |
|  WidePoint Corp.\* | 1512 |  | 5171 |
|  |  |  | 2350014 |
|  ***Semiconductors & Semiconductor Equipment (1.9%)*** | ***Semiconductors & Semiconductor Equipment (1.9%)*** | ***Semiconductors & Semiconductor Equipment (1.9%)*** | ***Semiconductors & Semiconductor Equipment (1.9%)*** |
|  Aehr Test Systems (x)\* | 5970 |  | 77192 |
|  Aeluma, Inc.\* | 1497 |  | 24506 |
|  Alpha & Omega Semiconductor Ltd.\* | 5187 |  | 133098 |
|  Ambarella, Inc.\* | 7382 |  | 487692 |
|  Amtech Systems, Inc.\* | 2841 |  | 12614 |
|  Atomera, Inc.\* | 5995 |  | 30215 |
|  AXT, Inc.\* | 8919 |  | 18641 |
|  CEVA, Inc.\* | 4910 |  | 107922 |
|  Credo Technology Group Holding Ltd.\* | 12246 |  | 1133857 |
|  Everspin Technologies, Inc.\* | 4093 |  | 25745 |
|  GCT Semiconductor Holding, Inc.\* | 6599 |  | 9832 |
|  GSI Technology, Inc.\* | 4020 |  | 13507 |
|  Ichor Holdings Ltd.\* | 7131 |  | 140053 |
|  indie Semiconductor, Inc., Class A (x)\* | 40609 |  | 144568 |
|  inTEST Corp.\* | 2460 |  | 17909 |
|  Kopin Corp. (x)\* | 31214 |  | 47757 |
|  Maxeon Solar Technologies Ltd. (x)\* | 1228 |  | 3758 |
|  Navitas Semiconductor Corp., Class A (x)\* | 28071 |  | 183865 |
|  NVE Corp. | 1013 |  | 74567 |
|  Penguin Solutions, Inc. (x)\* | 11179 |  | 221456 |
|  QuickLogic Corp. (x)\* | 3180 |  | 19589 |
|  SkyWater Technology, Inc. (x)\* | 5510 |  | 54218 |
|  |  |  | 2982561 |
|  ***Software (8.9%)*** | ***Software (8.9%)*** | ***Software (8.9%)*** | ***Software (8.9%)*** |
|  8x8, Inc.\* | 27217 |  | 53345 |
|  A10 Networks, Inc. | 15453 |  | 299016 |
|  ACCESS Newswire, Inc.\* | 580 |  | 7134 |
|  Agilysys, Inc.\* | 9853 |  | 1129548 |
|  Airship AI Holdings, Inc. (x)\* | 4179 |  | 24614 |
|  Alkami Technology, Inc. (x)\* | 41410 |  | 1248097 |
|  Amplitude, Inc., Class A\* | 48042 |  | 595721 |
|  Arteris, Inc.\* | 5916 |  | 56380 |
|  AudioEye, Inc. (x)\* | 1704 |  | 19852 |
|  authID, Inc.\* | 2084 |  | 11024 |
|  Aware, Inc.\* | 2352 |  | 4422 |
|  Bit Digital, Inc. (x)\* | 38005 |  | 83231 |
|  Blend Labs, Inc., Class A\* | 44103 |  | 145540 |
|  BTCS, Inc. (r)\* | 650 |  |  |
|  BTCS, Inc. (Nasdaq Stock Exchange)\* | 2657 |  | 5845 |
|  Cerence, Inc. (x)\* | 9166 |  | 93585 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cipher Mining, Inc. (x)\* | 55548 | $| 265519 |
|  Consensus Cloud Solutions, Inc.\* | 4069 |  | 93831 |
|  Core Scientific, Inc.\* | 111841 |  | 1909126 |
|  CoreCard Corp.\* | 1181 |  | 34214 |
|  CS Disco, Inc.\* | 5711 |  | 24957 |
|  Daily Journal Corp.\* | 265 |  | 111896 |
|  Digimarc Corp. (x)\* | 3277 |  | 43289 |
|  Digital Turbine, Inc.\* | 21334 |  | 125871 |
|  Domo, Inc., Class B\* | 7230 |  | 101003 |
|  Duos Technologies Group, Inc.\* | 1706 |  | 12198 |
|  D-Wave Quantum, Inc. (x)\* | 22350 |  | 327204 |
|  eGain Corp.\* | 3781 |  | 23631 |
|  Expensify, Inc., Class A\* | 12586 |  | 32598 |
|  Fatpipe, Inc.\* | 288 |  | 2834 |
|  I3 Verticals, Inc., Class A (x)\* | 4835 |  | 132866 |
|  Intellicheck, Inc.\* | 3519 |  | 18967 |
|  Intellinetics, Inc.\* | 409 |  | 5113 |
|  Kaltura, Inc.\* | 17477 |  | 35129 |
|  Life360, Inc. (x)\* | 32433 |  | 2116253 |
|  Mercurity Fintech Holding, Inc. (x)\* | 6985 |  | 26892 |
|  Mitek Systems, Inc.\* | 9326 |  | 92327 |
|  Nukkleus, Inc.\* | 505 |  | 5520 |
|  ON24, Inc.\* | 7748 |  | 42072 |
|  OneSpan, Inc. | 7570 |  | 126343 |
|  Ooma, Inc.\* | 5329 |  | 68744 |
|  Opera Ltd. (ADR) | 81122 |  | 1533206 |
|  Pagaya Technologies Ltd., Class A (x)\* | 8804 |  | 187701 |
|  Phunware, Inc. (x)\* | 4186 |  | 13270 |
|  Porch Group, Inc.\* | 16874 |  | 198945 |
|  Red Violet, Inc. | 14922 |  | 734162 |
|  Rekor Systems, Inc.\* | 22078 |  | 25611 |
|  ReposiTrak, Inc. (x) | 2336 |  | 45902 |
|  Rezolve AI plc (x)\* | 18926 |  | 58197 |
|  Rimini Street, Inc.\* | 10324 |  | 38922 |
|  Roadzen, Inc.\* | 7121 |  | 6979 |
|  Silvaco Group, Inc. (x)\* | 1621 |  | 7651 |
|  SoundThinking, Inc.\* | 2065 |  | 26959 |
|  SRAX, Inc. (x)\* | 4308 |  |  |
|  Synchronoss Technologies, Inc.\* | 2208 |  | 15125 |
|  Telos Corp.\* | 11477 |  | 36382 |
|  Terawulf, Inc. (x)\* | 55790 |  | 244360 |
|  Thumzup Media Corp.\* | 530 |  | 3715 |
|  Upland Software, Inc.\* | 4555 |  | 8882 |
|  Veea, Inc.\* | 1387 |  | 2538 |
|  Veritone, Inc. (x)\* | 7738 |  | 9750 |
|  Viant Technology, Inc., Class A\* | 33267 |  | 440122 |
|  VirnetX Holding Corp.\* | 683 |  | 7411 |
|  Weave Communications, Inc.\* | 61121 |  | 508527 |
|  WM Technology, Inc.\* | 18691 |  | 16747 |
|  Xperi, Inc.\* | 9351 |  | 73966 |
|  Yext, Inc.\* | 21644 |  | 183974 |
|  ZenaTech, Inc.\* | 1366 |  | 5013 |
|  |  |  | 13989768 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  AstroNova, Inc.\* | 1212 |  | 14047 |
|  CompoSecure, Inc., Class A (x)\* | 9208 |  | 129741 |
|  CPI Card Group, Inc.\* | 1236 |  | 29318 |
|  Eastman Kodak Co. (x)\* | 13329 |  | 75309 |
|  Foxx Development Holdings, Inc.\* | 304 |  | 1635 |
|  Immersion Corp. | 6204 |  | 48887 |
|  One Stop Systems, Inc.\* | 3795 |  | 13472 |
|  Quantum Corp.\* | 1308 |  | 13041 |
|  TransAct Technologies, Inc.\* | 1793 |  | 6473 |
|  Turtle Beach Corp. (x)\* | 3217 |  | 44491 |
|  |  |  | 376414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 29424448 |
|  **Materials (2.3%)** | **Materials (2.3%)** | **Materials (2.3%)** | **Materials (2.3%)** |
|  ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** |
|  AdvanSix, Inc. | 5525 |  | 131219 |
|  American Vanguard Corp.\* | 5456 |  | 21387 |
|  Arq, Inc.\* | 6620 |  | 35549 |
|  ASP Isotopes, Inc. (x)\* | 11908 |  | 87643 |
|  Aspen Aerogels, Inc.\* | 13895 |  | 82258 |
|  Core Molding Technologies, Inc.\* | 1779 |  | 29514 |
|  Flexible Solutions International, Inc. | 1168 |  | 5665 |
|  Flotek Industries, Inc.\* | 3012 |  | 44457 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 7320 |  | 82350 |
|  Hawkins, Inc. | 5818 |  | 826738 |
|  Intrepid Potash, Inc.\* | 2266 |  | 80964 |
|  Koppers Holdings, Inc. | 4062 |  | 130593 |
|  Northern Technologies International Corp. | 1548 |  | 11471 |
|  Rayonier Advanced Materials, Inc.\* | 13489 |  | 51933 |
|  Solesence, Inc.\* | 3556 |  | 15504 |
|  Trinseo plc | 6822 |  | 21285 |
|  Valhi, Inc. | 444 |  | 7175 |
|  |  |  | 1665705 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Smith-Midland Corp.\* | 628 |  | 21076 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Myers Industries, Inc. | 7782 |  | 112761 |
|  Ranpak Holdings Corp., Class A\* | 9827 |  | 35082 |
|  |  |  | 147843 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  5E Advanced Materials, Inc. (x)\* | 365 |  | 1285 |
|  American Battery Technology Co. (x)\* | 16850 |  | 27297 |
|  American Infrastructure Corp. (r)(x)\* | 1723 |  |  |
|  Ampco-Pittsburgh Corp.\* | 3305 |  | 9783 |
|  Ascent Industries Co.\* | 1649 |  | 20794 |
|  Caledonia Mining Corp. plc | 3459 |  | 66828 |
|  Contango ORE, Inc. (x)\* | 1815 |  | 35356 |
|  Critical Metals Corp. (x)\* | 6759 |  | 24197 |
|  Dakota Gold Corp.\* | 18025 |  | 66512 |
|  Ferroglobe plc | 24939 |  | 91526 |
|  Friedman Industries, Inc. | 1305 |  | 21611 |
|  Hycroft Mining Holding Corp., Class A\* | 4212 |  | 13184 |
|  i-80 Gold Corp.\* | 3143 |  | 1881 |
|  Idaho Strategic Resources, Inc.\* | 2605 |  | 34074 |
|  Ivanhoe Electric, Inc. (x)\* | 17991 |  | 163178 |
|  Lifezone Metals Ltd. (x)\* | 6011 |  | 24765 |
|  Metallus, Inc.\* | 7761 |  | 119597 |
|  NioCorp Developments Ltd. (x)\* | 10819 |  | 25208 |
|  Olympic Steel, Inc. | 2072 |  | 67527 |
|  Perpetua Resources Corp.\* | 9652 |  | 117175 |
|  Piedmont Lithium, Inc. (x)\* | 4335 |  | 25230 |
|  Radius Recycling, Inc. | 5820 |  | 172796 |
|  Ramaco Resources, Inc., Class A (x) | 7449 |  | 97880 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ramaco Resources, Inc., Class B | 207 | $| 1693 |
|  ReElement Technologies Corp. (x)\* | 3055 |  |  |
|  SunCoke Energy, Inc. | 17804 |  | 152936 |
|  Tredegar Corp.\* | 5578 |  | 49086 |
|  United States Antimony Corp.\* | 19124 |  | 41690 |
|  US Gold Corp.\* | 2275 |  | 27755 |
|  US Goldmining, Inc.\* | 339 |  | 2780 |
|  Vox Royalty Corp. | 8056 |  | 25457 |
|  |  |  | 1529081 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 3314 |  | 90273 |
|  Magnera Corp. (x)\* | 6985 |  | 84379 |
|  |  |  | 174652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 3538357 |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Alpine Income Property Trust, Inc. (REIT) | 2643 |  | 38879 |
|  CTO Realty Growth, Inc. (REIT) | 6408 |  | 110602 |
|  Gladstone Commercial Corp. (REIT) | 9652 |  | 138313 |
|  Modiv Industrial, Inc. (REIT), Class C | 1981 |  | 27892 |
|  NexPoint Diversified Real Estate Trust (REIT) | 7087 |  | 29695 |
|  One Liberty Properties, Inc. (REIT) | 3826 |  | 91288 |
|  |  |  | 436669 |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Diversified Healthcare Trust (REIT) | 45914 |  | 164372 |
|  Global Medical REIT, Inc. (REIT) | 13367 |  | 92633 |
|  Strawberry Fields REIT, Inc. (REIT) | 1581 |  | 16664 |
|  Universal Health Realty Income Trust (REIT) | 2718 |  | 108639 |
|  |  |  | 382308 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Ashford Hospitality Trust, Inc. (REIT)\* | 1110 |  | 6682 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 12157 |  | 29785 |
|  Chatham Lodging Trust (REIT) | 9707 |  | 67658 |
|  |  |  | 104125 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Industrial Logistics Properties Trust (REIT) | 11312 |  | 51469 |
|  Plymouth Industrial REIT, Inc. (REIT) | 8667 |  | 139192 |
|  |  |  | 190661 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  City Office REIT, Inc. (REIT) | 8074 |  | 43115 |
|  Franklin Street Properties Corp. (REIT) | 16703 |  | 27393 |
|  NET Lease Office Properties (REIT)\* | 3128 |  | 101816 |
|  Orion Properties, Inc. (REIT) | 11014 |  | 23460 |
|  Peakstone Realty Trust (REIT) (x) | 7691 |  | 101598 |
|  Postal Realty Trust, Inc. (REIT), Class A | 4711 |  | 69393 |
|  |  |  | 366775 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  American Realty Investors, Inc. (x)\* | 258 |  | 3643 |
|  AMREP Corp.\* | 607 |  | 12705 |
|  Comstock Holding Cos., Inc., Class A\* | 614 |  | 6195 |
|  Douglas Elliman, Inc.\* | 15285 |  | 35461 |
|  FRP Holdings, Inc.\* | 2503 |  | 67306 |
|  JW Mays, Inc.\* | 69 |  | 2622 |
|  Logistic Properties of The Americas\* | 516 |  | 3524 |
|  Maui Land & Pineapple Co., Inc.\* | 1388 |  | 25248 |
|  Offerpad Solutions, Inc. (x)\* | 4574 |  | 4162 |
|  RE/MAX Holdings, Inc., Class A\* | 3823 |  | 31272 |
|  Real Brokerage, Inc. (The)\* | 22186 |  | 100059 |
|  Seaport Entertainment Group, Inc. (x)\* | 1538 |  | 28684 |
|  Star Holdings\* | 2704 |  | 21118 |
|  Stratus Properties, Inc.\* | 1353 |  | 25545 |
|  Tejon Ranch Co.\* | 4414 |  | 74861 |
|  Transcontinental Realty Investors, Inc.\* | 371 |  | 15808 |
|  |  |  | 458213 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  Bluerock Homes Trust, Inc. (REIT) | 674 |  | 8439 |
|  BRT Apartments Corp. (REIT) | 2286 |  | 35753 |
|  Clipper Realty, Inc. (REIT) | 2954 |  | 10841 |
|  |  |  | 55033 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  CBL & Associates Properties, Inc. (REIT) | 3898 |  | 98970 |
|  FrontView REIT, Inc. (REIT) (x) | 3699 |  | 44388 |
|  Whitestone REIT (REIT) | 9493 |  | 118473 |
|  |  |  | 261831 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Farmland Partners, Inc. (REIT) (x) | 8730 |  | 100482 |
|  Gladstone Land Corp. (REIT) (x) | 7146 |  | 72675 |
|  Global Self Storage, Inc. (REIT) | 2068 |  | 11043 |
|  |  |  | 184200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2439815 |
|  **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  Genie Energy Ltd., Class B | 4451 |  | 119643 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  RGC Resources, Inc. | 1706 |  | 38180 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Spruce Power Holding Corp.\* | 3458 |  | 6985 |
|  ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** |
|  Unitil Corp. | 3407 |  | 177675 |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** |
|  Cadiz, Inc. (x)\* | 11490 |  | 34355 |
|  Consolidated Water Co. Ltd. (x) | 3177 |  | 95374 |
|  Global Water Resources, Inc. | 2598 |  | 26474 |
|  Pure Cycle Corp.\* | 4115 |  | 44113 |
|  York Water Co. (The) | 3059 |  | 96664 |
|  |  |  | 296980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 639463 |
|  **Total Common Stocks (98.1%)**<br> *(Cost $137,864,803)* |  |  | 154470035 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 1755 | $— |
|  Icosavax, Inc., CVR \* | 4644 | 1393 |
|  Sanofi Aatd, Inc., CVR (r)\* | 5676 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4149 |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  Pineapple Energy, Inc., CVR (r)\* | 411 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 325 |
|  **Total Rights (0.0%)†**<br> *(Cost $3,836)* |  | 4474 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29\* | 287 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 587 |
|  **Information Technology (0.0%)†** | **Information Technology (0.0%)†** | **Information Technology (0.0%)†** |
|  ***Electronic Equipment, Instruments & Components (0.0%)†*** | ***Electronic Equipment, Instruments & Components (0.0%)†*** | ***Electronic Equipment, Instruments & Components (0.0%)†*** |
|  M-Tron Industries, Inc., expiring 3/11/28\* | 439 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 455 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  | 1042 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.2%)** | **Investment Companies (4.2%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 1600000 | 1600000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 4616120 | $4616120 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 444277 | 444366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 6660486 |
|  **Total Short-Term Investments (4.2%)**<br> *(Cost $6,660,486)* | **Total Short-Term Investments (4.2%)**<br> *(Cost $6,660,486)* | 6660486 |
|  **Total Investments in Securities (102.3%)**<br> *(Cost $144,529,125)* | **Total Investments in Securities (102.3%)**<br> *(Cost $144,529,125)* | 161136037 |
|  **Other Assets Less Liabilities (-2.3%)** | **Other Assets Less Liabilities (-2.3%)** | (3643383) |
|  **Net Assets (100%)** |  | $157492654 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $168,969 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $17,189,961. This was collateralized by $11,307,865 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.250%, maturing 7/15/25 - 2/15/55 and by cash of $6,216,120 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 Micro E-Mini Index | 69 | 9/2025 | USD | 756137 | 11821 |
|  |  |  |  |  | 11821 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $6978001 | $— | $— | $6978001 |
|  Consumer Discretionary | 10648154 |  |  | 10648154 |
|  Consumer Staples | 8864238 |  |  | 8864238 |
|  Energy | 3495043 |  |  | 3495043 |
|  Financials | 24581001 |  | — (a) | 24581001 |
|  Health Care | 35774591 |  |  | 35774591 |
|  Industrials | 28086924 |  | — (a) | 28086924 |
|  Information Technology | 29424448 | — (a) | — (a) | 29424448 |
|  Materials | 3538357 | — (a) | — (a) | 3538357 |
|  Real Estate | 2439815 |  |  | 2439815 |
|  Utilities | 639463 |  |  | 639463 |
|  **Futures** | 11821 |  |  | 11821 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 1393 | 2756 | 4149 |
|  Industrials |  |  | 325 | 325 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6660486 |  |  | 6660486 |
|  **Warrants** |  |  |  |  |
|  Health Care |  | 587 |  | 587 |
|  Information Technology | 455 |  |  | 455 |
|  **Total Assets** | $**161142797** | $**1980** | $**3081** | $**161147858** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**161142797** | $**1980** | $**3081** | $**161147858** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair**<br>**Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $11821 \* |
|  **Total** |  | $11821 |

---

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

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(98196) | $(98196) |
|  **Total** | $(98196) | $(98196) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $40935 | $40935 |
|  **Total** | $40935 | $40935 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $559000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $63238693.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $69674218.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 4%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 15%)\*** | **Net Realized<br>Gain (Loss)** |
| $2534117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10469979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861723 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $36929953 |
|  Aggregate gross unrealized depreciation | (21617983) |
|  Net unrealized appreciation | $15311970 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $145835888 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $144,529,125) | $161136037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2864046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 55200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 191033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 58158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 24820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 20091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 164352712 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6216120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 385290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 84934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 82072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 15010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 74855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6860058 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $157492654 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $149029182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 8463472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $157492654 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $8,952,362 / 890,830 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.05 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $148,540,292 / 14,641,873 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.14 |

---

*(x)* *Includes value of securities on loan of $17,189,961.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $138 foreign withholding tax) | $643654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 45368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 117948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 806970 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 637863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 93423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 54830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 29451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 10472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 841022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (155299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 685723 |
|  **NET INVESTMENT INCOME (LOSS)** | 121247 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 678975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (98196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 580779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (5588705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 40935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5547770) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (4966991) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(4845744) |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MICRO CAP PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $121247 | $96752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 580779 | 18260477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5547770) | 11255881 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (4845744) | 29613110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (25586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (767256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (792842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (13700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (14157) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 145,868 and 1,060,611 shares, respectively ] | 1455582 | 9594898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,441 shares, respectively ] |  | 26043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (152842) and (1198234) shares, respectively ] | (1522889) | (10901979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (67307) | (1281038) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 443,514 and 1,750,219 shares, respectively ] | 3662777 | 15773683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 72,611 shares, respectively ] |  | 780956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1028003) and (2192922) shares, respectively ] | (9804279) | (20596188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (6141502) | (4041549) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (6208809) | (5322587) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (11054553) | 23483524 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 168547207 | 145063683 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $157492654 | $168547207 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT MICRO CAP PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.37 | $8.66 | $8.09 | $11.27 | $13.80 | $10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) |  | (0.02) | (0.01) |  | (0.07) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.32) | 1.76 | 0.63 | (2.93) | 1.51 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.32) | 1.74 | 0.62 | (2.93) | 1.44 | 5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.03) | (0.05) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.24) | (3.97) | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.03) | (0.05) | (0.25) | (3.97) | (1.82) |
|  Net asset value, end of period | $10.05 | $10.37 | $8.66 | $8.09 | $11.27 | $13.80 |
|  Total return (b) | (3.09) | 20.06 | 7.62 | (26.00) | 10.96 | 50.22 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $8952 | $9312 | $8945 | $8138 | $11220 | $3348 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.36 | 1.38 | 1.36 | 1.34 | 1.30 | 1.37 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.07) | (0.18) | (0.17) | (0.02) | (0.45) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.28) | (0.41) | (0.38) | (0.21) | (0.59) | (0.28) |
|  Portfolio turnover rate^ | 42 | 90 | 88 | 78 | 62 | 94 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.46 | $8.73 | $8.16 | $11.35 | $13.85 | $10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.01 | 0.01 | 0.02 | (0.04) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | 1.77 | 0.63 | (2.93) | 1.51 | 5.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.32) | 1.78 | 0.64 | (2.91) | 1.47 | 5.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.07) | (0.04) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.24) | (3.97) | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.05) | (0.07) | (0.28) | (3.97) | (1.85) |
|  Net asset value, end of period | $10.14 | $10.46 | $8.73 | $8.16 | $11.35 | $13.85 |
|  Total return (b) | (3.06) | 20.39 | 7.82 | (25.71) | 11.13 | 50.54 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $148540 | $159235 | $136119 | $143894 | $194975 | $196267 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.11 | 1.13 | 1.11 | 1.09 | 1.05 | 1.12 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.18 | 0.08 | 0.07 | 0.23 | (0.23) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.03) | (0.16) | (0.13) | 0.04 | (0.38) | (0.03) |
|  Portfolio turnover rate^ | 42 | 90 | 88 | 78 | 62 | 94 |

---

See Notes to Financial Statements.

------

1290 VT MICRO CAP PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Food, Beverage & Tobacco (1.4%)** | **Food, Beverage & Tobacco (1.4%)** | **Food, Beverage & Tobacco (1.4%)** |
|  ***Agricultural Products & Services (1.4%)*** | ***Agricultural Products & Services (1.4%)*** | ***Agricultural Products & Services (1.4%)*** |
|  Archer-Daniels-Midland Co. | 5192 | $274034 |
|  Bunge Global SA | 1449 | 116325 |
|  Wilmar International Ltd. | 20644 | 46597 |
|  |  | 436956 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Food, Beverage & Tobacco** |  | 436956 |
|  **Energy (63.3%)** | **Energy (63.3%)** | **Energy (63.3%)** |
|  ***Coal & Consumable Fuels (1.1%)*** | ***Coal & Consumable Fuels (1.1%)*** | ***Coal & Consumable Fuels (1.1%)*** |
|  Cameco Corp. | 4708 | 349638 |
|  ***Integrated Oil & Gas (44.3%)*** | ***Integrated Oil & Gas (44.3%)*** | ***Integrated Oil & Gas (44.3%)*** |
|  BP plc | 173214 | 869496 |
|  Cenovus Energy, Inc. | 14791 | 201268 |
|  Chevron Corp. | 17945 | 2569545 |
|  Eni SpA | 23821 | 386105 |
|  Equinor ASA | 9060 | 229300 |
|  Exxon Mobil Corp. | 46774 | 5042237 |
|  Galp Energia SGPS SA | 4512 | 82753 |
|  Imperial Oil Ltd. | 1927 | 153085 |
|  Occidental Petroleum Corp. | 7617 | 319990 |
|  OMV AG | 1593 | 86656 |
|  Repsol SA (x) | 12516 | 183332 |
|  Shell plc | 64733 | 2268932 |
|  Suncor Energy, Inc. | 13379 | 501166 |
|  TotalEnergies SE | 22094 | 1355935 |
|  |  | 14249800 |
|  ***Oil & Gas Exploration & Production (17.9%)*** | ***Oil & Gas Exploration & Production (17.9%)*** | ***Oil & Gas Exploration & Production (17.9%)*** |
|  Aker BP ASA | 3417 | 87396 |
|  ARC Resources Ltd. | 6336 | 133583 |
|  Canadian Natural Resources Ltd. | 22702 | 713527 |
|  ConocoPhillips | 13671 | 1226836 |
|  Coterra Energy, Inc. | 8263 | 209715 |
|  Devon Energy Corp. | 6667 | 212077 |
|  Diamondback Energy, Inc. | 2067 | 284006 |
|  EOG Resources, Inc. | 5964 | 713354 |
|  EQT Corp. | 6138 | 357968 |
|  Expand Energy Corp. | 2265 | 264869 |
|  Hess Corp. | 3178 | 440280 |
|  Inpex Corp. (x) | 9533 | 134053 |
|  Santos Ltd. | 35122 | 177065 |
|  Texas Pacific Land Corp. | 211 | 222898 |
|  Tourmaline Oil Corp. | 3845 | 185509 |
|  Whitecap Resources, Inc. (x) | 13343 | 89656 |
|  Woodside Energy Group Ltd. | 20533 | 319331 |
|  |  | 5772123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 20371561 |
|  **Materials (34.3%)** | **Materials (34.3%)** | **Materials (34.3%)** |
|  ***Aluminum (0.3%)*** | ***Aluminum (0.3%)*** | ***Aluminum (0.3%)*** |
|  Norsk Hydro ASA | 15208 | 86818 |
|  ***Copper (3.1%)*** | ***Copper (3.1%)*** | ***Copper (3.1%)*** |
|  Antofagasta plc | 4264 | 105910 |
|  First Quantum Minerals Ltd.\* | 7668 | 136214 |
|  Freeport-McMoRan, Inc. | 15541 | 673702 |
|  Lundin Mining Corp. | 7491 | 78774 |
|  |  | 994600 |
|  ***Diversified Metals & Mining (11.3%)*** | ***Diversified Metals & Mining (11.3%)*** | ***Diversified Metals & Mining (11.3%)*** |
|  Anglo American plc | 12103 | 357183 |
|  BHP Group Ltd. | 54892 | 1327674 |
|  Boliden AB\* | 3074 | 95883 |
|  Glencore plc | 110884 | 431653 |
|  Ivanhoe Mines Ltd., Class A\* | 8045 | 60437 |
|  Rio Tinto Ltd. | 4014 | 283018 |
|  Rio Tinto plc | 12205 | 711173 |
|  South32 Ltd. | 48801 | 93464 |
|  Sumitomo Metal Mining Co. Ltd. | 2696 | 66649 |
|  Teck Resources Ltd., Class B | 5084 | 205600 |
|  |  | 3632734 |
|  ***Fertilizers & Agricultural Chemicals (3.6%)*** | ***Fertilizers & Agricultural Chemicals (3.6%)*** | ***Fertilizers & Agricultural Chemicals (3.6%)*** |
|  CF Industries Holdings, Inc. | 1800 | 165600 |
|  Corteva, Inc. | 7386 | 550478 |
|  ICL Group Ltd. | 8373 | 57398 |
|  Nutrien Ltd. | 5283 | 307844 |
|  Yara International ASA | 1791 | 66100 |
|  |  | 1147420 |
|  ***Forest Products (0.4%)*** | ***Forest Products (0.4%)*** | ***Forest Products (0.4%)*** |
|  Svenska Cellulosa AB SCA, Class B | 6570 | 85416 |
|  West Fraser Timber Co. Ltd. | 584 | 42826 |
|  |  | 128242 |
|  ***Gold (10.0%)*** | ***Gold (10.0%)*** | ***Gold (10.0%)*** |
|  Agnico Eagle Mines Ltd. | 5442 | 648364 |
|  Alamos Gold, Inc., Class A | 4547 | 120942 |
|  Barrick Mining Corp. | 18599 | 387209 |
|  Evolution Mining Ltd. | 21654 | 111020 |
|  Franco-Nevada Corp. | 2083 | 341984 |
|  Kinross Gold Corp. | 13306 | 207932 |
|  Lundin Gold, Inc. | 1171 | 61828 |
|  Newmont Corp. | 12190 | 710189 |
|  Northern Star Resources Ltd. | 14687 | 179309 |
|  Wheaton Precious Metals Corp. | 4906 | 441189 |
|  |  | 3209966 |
|  ***Paper Products (1.0%)*** | ***Paper Products (1.0%)*** | ***Paper Products (1.0%)*** |
|  Holmen AB, Class B (x) | 824 | 32678 |
|  Mondi plc | 4774 | 77948 |
|  Stora Enso OYJ, Class R | 6298 | 68431 |
|  UPM-Kymmene OYJ | 5772 | 157468 |
|  |  | 336525 |
|  ***Silver (0.3%)*** | ***Silver (0.3%)*** | ***Silver (0.3%)*** |
|  Pan American Silver Corp. | 3916 | 111117 |
|  ***Steel (4.3%)*** | ***Steel (4.3%)*** | ***Steel (4.3%)*** |
|  ArcelorMittal SA | 5072 | 160537 |
|  BlueScope Steel Ltd. | 4743 | 72140 |
|  Fortescue Ltd. | 18313 | 184165 |
|  JFE Holdings, Inc. (x) | 6245 | 72726 |
|  Nippon Steel Corp. | 10481 | 198914 |
|  Nucor Corp. | 2495 | 323202 |
|  Reliance, Inc. | 572 | 179551 |
|  Steel Dynamics, Inc. | 1540 | 197135 |
|  |  | 1388370 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 11035792 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $25,873,915)* | **Total Common Stocks (99.0%)**<br> *(Cost $25,873,915)* | 31844309 |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 251360 | $251360 |
|  **Total Short-Term Investments (0.8%)**<br> *(Cost $251,360)* | **Total Short-Term Investments (0.8%)**<br> *(Cost $251,360)* | 251360 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $26,125,275)* | **Total Investments in Securities (99.8%)**<br> *(Cost $26,125,275)* | 32095669 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 65530 |
|  **Net Assets (100%)** |  | $32161199 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $443,318. This was collateralized by $226,987 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.250%, maturing 7/15/25 - 2/15/55 and by cash of $251,360 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Food, Beverage & Tobacco | $390359 | $46597 | $— | $436956 |
|  Energy | 14191207 | 6180354 |  | 20371561 |
|  Materials | 5952117 | 5083675 |  | 11035792 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 251360 |  |  | 251360 |
|  **Total Assets** | $**20785043** | $**11310626** | $**—** | $**32095669** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**20785043** | $**11310626** | $**—** | $**32095669** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $2501174.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1649572.0 |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6798041 |
|  Aggregate gross unrealized depreciation | (1288536) |
|  Net unrealized appreciation | $5509505 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $26586164 |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $26,125,275) | $32095669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 244391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $35,345) | 36027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 46438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 21287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 32449228 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 251360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 9055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 22405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 288029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $32161199 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $30903774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1257425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $32161199 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $25,658,780 / 2,651,663 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.68 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $6,502,419 / 670,832 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.69 |

---

*(x)* *Includes value of securities on loan of $443,318.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $26,465 foreign withholding tax) | $567550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 572168 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 75687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 44631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 30387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 25255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 20034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 221581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (89405) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (3336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 128840 |
|  **NET INVESTMENT INCOME (LOSS)** | 443328 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (289794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (283915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2263606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2266154 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1982239 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2425567 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT NATURAL RESOURCES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $443328 | $926262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (283915) | (127980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2266154 | (2374693) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2425567 | (1576411) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (730203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (198266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (928469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (734) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 300,313 and 418,881 shares, respectively ] | 2823672 | 4118799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 78,725 shares, respectively ] |  | 730780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (283699) and (695865) shares, respectively ] | (2656995) | (6910298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 166677 | (2060719) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 65,095 and 5,705 shares, respectively ] | 602873 | 56912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 21,368 shares, respectively ] |  | 198423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (43984) and (115245) shares, respectively ] | (410689) | (1156919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 192184 | (901584) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 358861 | (2962303) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 2784428 | (5467917) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 29376771 | 34844688 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $32161199 | $29376771 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT NATURAL RESOURCES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.94 | $9.76 | $10.00 | $7.81 | $6.22 | $7.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.27 | 0.30 | 0.36 | 0.29 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.61 | (0.80) | (0.19) | 2.17 | 1.57 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | (0.53) | 0.11 | 2.53 | 1.86 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.35) | (0.34) | (0.27) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.29) | (0.35) | (0.34) | (0.27) | (0.25) |
|  Net asset value, end of period | $9.68 | $8.94 | $9.76 | $10.00 | $7.81 | $6.22 |
|  Total return (b) | 8.28% | (5.56) | 1.17% | 32.35% | 30.04 | (15.65)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $25659 | $23564 | $27642 | $33318 | $14009 | $6214 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.90 %(j) | 0.90 | 0.90 %(j) | 0.90 %(j) | 0.92 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.51% | 1.51 | 1.28% | 1.33% | 1.56 | 2.02% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 2.88% | 2.72 | 3.08% | 3.79% | 3.89 | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.27% | 2.11 | 2.69% | 3.37% | 3.25 | 2.54% |
|  Portfolio turnover rate^ | 5 %(z) | 4 | 11% | 15% | 32 | 15% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.95 | $9.76 | $10.01 | $7.81 | $6.22 | $7.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.30 | 0.33 | 0.39 | 0.31 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.59 | (0.80) | (0.20) | 2.17 | 1.57 | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | (0.50) | 0.13 | 2.56 | 1.88 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.31) | (0.38) | (0.36) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.31) | (0.38) | (0.36) | (0.29) | (0.26) |
|  Net asset value, end of period | $9.69 | $8.95 | $9.76 | $10.01 | $7.81 | $6.22 |
|  Total return (b) | 8.27% | (5.21) | 1.32% | 32.79% | 30.32 | (15.46)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $6502 | $5813 | $7203 | $8514 | $8507 | $7283 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.65 %(j) | 0.65 | 0.65 %(j) | 0.65 %(j) | 0.66 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.26% | 1.26 | 1.04% | 1.07% | 1.31 | 1.69% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 3.12% | 2.98 | 3.29% | 4.15% | 4.12 | 4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.50% | 2.36 | 2.91% | 3.73% | 3.48 | 3.05% |
|  Portfolio turnover rate^ | 5 %(z) | 4 | 11% | 15% | 32 | 15% |

---

See Notes to Financial Statements.

------

1290 VT NATURAL RESOURCES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*#* *Per share amount is less than $0.005.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.27 and $0.29 for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.02%* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.90% for Class IB and 0.65% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.30% lower.* 

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** |
|  ***Hotels, Resorts & Cruise Lines (0.0%)†*** | ***Hotels, Resorts & Cruise Lines (0.0%)†*** | ***Hotels, Resorts & Cruise Lines (0.0%)†*** |
|  PPHE Hotel Group Ltd. | 453 | $9949 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 9949 |
|  **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** |
|  ***Consumer Staples Merchandise Retail (0.1%)*** | ***Consumer Staples Merchandise Retail (0.1%)*** | ***Consumer Staples Merchandise Retail (0.1%)*** |
|  Aeon Co. Ltd. | 1188 | 36470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 36470 |
|  **Health Care (0.2%)** | **Health Care (0.2%)** | **Health Care (0.2%)** |
|  ***Health Care Facilities (0.2%)*** | ***Health Care Facilities (0.2%)*** | ***Health Care Facilities (0.2%)*** |
|  Chartwell Retirement Residences | 5453 | 74442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 74442 |
|  **Information Technology (0.4%)** | **Information Technology (0.4%)** | **Information Technology (0.4%)** |
|  ***Internet Services & Infrastructure (0.4%)*** | ***Internet Services & Infrastructure (0.4%)*** | ***Internet Services & Infrastructure (0.4%)*** |
|  NEXTDC Ltd.\* | 12562 | 119881 |
|  SUNeVision Holdings Ltd. | 12000 | 11557 |
|  |  | 131438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 131438 |
|  **Real Estate (97.6%)** | **Real Estate (97.6%)** | **Real Estate (97.6%)** |
|  ***Data Center REITs (7.6%)*** | ***Data Center REITs (7.6%)*** | ***Data Center REITs (7.6%)*** |
|  Digital Core REIT Management Pte. Ltd. (REIT) | 16920 | 8968 |
|  Digital Realty Trust, Inc. (REIT) | 6658 | 1160689 |
|  Equinix, Inc. (REIT) | 1929 | 1534462 |
|  Keppel DC REIT (REIT) | 35272 | 64635 |
|  |  | 2768754 |
|  ***Diversified Real Estate Activities (4.9%)*** | ***Diversified Real Estate Activities (4.9%)*** | ***Diversified Real Estate Activities (4.9%)*** |
|  Allreal Holding AG (Registered) | 290 | 68055 |
|  City Developments Ltd. | 8292 | 33846 |
|  Heiwa Real Estate Co. Ltd. | 790 | 12014 |
|  Mitsubishi Estate Co. Ltd. | 22127 | 415328 |
|  Mitsui Fudosan Co. Ltd. | 51605 | 499906 |
|  New World Development Co. Ltd. (x)\* | 26996 | 19602 |
|  Nomura Real Estate Holdings, Inc. | 10240 | 60002 |
|  Peach Property Group AG (x)\* | 638 | 5765 |
|  Sumitomo Realty & Development Co. Ltd. | 6481 | 250545 |
|  Sun Hung Kai Properties Ltd. | 27259 | 312699 |
|  Tokyo Tatemono Co. Ltd. | 3752 | 66869 |
|  UOL Group Ltd. | 8993 | 43710 |
|  |  | 1788341 |
|  ***Diversified REITs (6.5%)*** | ***Diversified REITs (6.5%)*** | ***Diversified REITs (6.5%)*** |
|  Activia Properties, Inc. (REIT) | 39 | 33230 |
|  AEW UK REIT plc (REIT)(m) | 2413 | 3590 |
|  Alexander & Baldwin, Inc. (REIT) | 1426 | 25426 |
|  American Assets Trust, Inc. (REIT) | 1016 | 20066 |
|  Argosy Property Ltd. (REIT) | 14861 | 9783 |
|  British Land Co. plc (The) (REIT) | 19180 | 99096 |
|  Broadstone Net Lease, Inc. (REIT) | 3706 | 59481 |
|  Charter Hall Group (REIT) | 9258 | 116928 |
|  Charter Hall Long Wale REIT (REIT) | 13393 | 35964 |
|  Covivio SA (REIT) | 1063 | 67053 |
|  Custodian Property Income REIT plc (REIT) | 7842 | 8407 |
|  Daiwa House REIT Investment Corp. (REIT) (x) | 41 | 69327 |
|  Essential Properties Realty Trust, Inc. (REIT) | 3881 | 123843 |
|  Global Net Lease, Inc. (REIT) | 3861 | 29151 |
|  GPT Group (The) (REIT) | 37872 | 120639 |
|  Growthpoint Properties Australia Ltd. (REIT) | 5148 | 7894 |
|  H&R REIT (REIT) | 5114 | 40108 |
|  Hankyu Hanshin REIT, Inc. (REIT) | 12 | 13025 |
|  Heiwa Real Estate REIT, Inc. (REIT) | 19 | 17851 |
|  Hulic REIT, Inc. (REIT) | 24 | 25999 |
|  Icade (REIT) | 902 | 25330 |
|  KDX Realty Investment Corp. (REIT) | 73 | 79131 |
|  Land Securities Group plc (REIT) | 14642 | 126821 |
|  LondonMetric Property plc (REIT) | 44253 | 123309 |
|  Mapletree Pan Asia Commercial Trust (REIT) | 44386 | 43985 |
|  Merlin Properties SOCIMI SA (REIT) | 7432 | 97438 |
|  Mirai Corp. (REIT) | 35 | 10743 |
|  Mirvac Group (REIT) | 77670 | 112461 |
|  Mori Trust REIT, Inc. (REIT) | 46 | 22041 |
|  NIPPON REIT Investment Corp. (REIT) | 32 | 19644 |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 81 | 82797 |
|  NTT UD REIT Investment Corp. (REIT) | 25 | 22221 |
|  OUE REIT (REIT) | 44263 | 10443 |
|  Schroder REIT Ltd. (REIT) | 9663 | 7189 |
|  Sekisui House REIT, Inc. (REIT) | 77 | 40584 |
|  SK REITs Co. Ltd. (REIT) | 3173 | 10862 |
|  Star Asia Investment Corp. (REIT) (x) | 48 | 19066 |
|  Stockland (REIT) | 46131 | 162736 |
|  Stoneweg Europe Stapled Trust (REIT) | 6013 | 10766 |
|  Stride Property Group (REIT) | 9472 | 6524 |
|  Sunlight REIT (REIT) | 19781 | 5695 |
|  Suntec REIT (REIT) | 41478 | 36862 |
|  Takara Leben Real Estate Investment Corp. (REIT) | 17 | 10660 |
|  Tokyu REIT, Inc. (REIT) | 16 | 21644 |
|  United Urban Investment Corp. (REIT) | 60 | 64623 |
|  WP Carey, Inc. (REIT) | 4278 | 266862 |
|  |  | 2367298 |
|  ***Health Care REITs (11.2%)*** | ***Health Care REITs (11.2%)*** | ***Health Care REITs (11.2%)*** |
|  Aedifica SA (REIT) | 939 | 73058 |
|  Alexandria Real Estate Equities, Inc. (REIT) | 3385 | 245853 |
|  American Healthcare REIT, Inc. (REIT) | 3110 | 114261 |
|  Assura plc (REIT) | 62824 | 43333 |
|  CareTrust REIT, Inc. (REIT) | 3691 | 112945 |
|  Cofinimmo SA (REIT) | 753 | 68476 |
|  Health Care & Medical Investment Corp. (REIT) | 6 | 4825 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 6476 | 102709 |
|  HealthCo REIT (REIT) (x) | 8170 | 3952 |
|  Healthpeak Properties, Inc. (REIT) | 13680 | 239537 |
|  Life Science REIT plc (REIT) | 5657 | 3541 |
|  LTC Properties, Inc. (REIT) | 889 | 30768 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Medical Properties Trust, Inc. (REIT) (x) | 10026 | $| 43212 |
|  National Health Investors, Inc. (REIT) | 903 |  | 63318 |
|  NorthWest Healthcare Properties REIT (REIT) (x) | 4884 |  | 17861 |
|  Omega Healthcare Investors, Inc. (REIT) | 5667 |  | 207696 |
|  Parkway Life REIT (REIT) | 8500 |  | 27409 |
|  Primary Health Properties plc (REIT) | 25378 |  | 34452 |
|  Sabra Health Care REIT, Inc. (REIT) | 4645 |  | 85654 |
|  Sila Realty Trust, Inc. (REIT) | 1087 |  | 25729 |
|  Target Healthcare REIT plc (REIT) | 12260 |  | 17535 |
|  Ventas, Inc. (REIT) | 8612 |  | 543848 |
|  Welltower, Inc. (REIT) | 12933 |  | 1988190 |
|  |  |  | 4098162 |
|  ***Hotel & Resort REITs (2.0%)*** | ***Hotel & Resort REITs (2.0%)*** | ***Hotel & Resort REITs (2.0%)*** | ***Hotel & Resort REITs (2.0%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 4375 |  | 51056 |
|  CapitaLand Ascott Trust (REIT) | 51175 |  | 35619 |
|  CDL Hospitality Trusts (REIT) | 15277 |  | 9432 |
|  DiamondRock Hospitality Co. (REIT) | 4076 |  | 31222 |
|  Far East Hospitality Trust (REIT) | 18469 |  | 8207 |
|  Hoshino Resorts REIT, Inc. (REIT) | 11 |  | 18409 |
|  Host Hotels & Resorts, Inc. (REIT) | 13533 |  | 207867 |
|  Invincible Investment Corp. (REIT) (x) | 143 |  | 61567 |
|  Japan Hotel REIT Investment Corp. (REIT) | 96 |  | 50732 |
|  Park Hotels & Resorts, Inc. (REIT) | 3876 |  | 39651 |
|  Pebblebrook Hotel Trust (REIT) | 2296 |  | 22937 |
|  RLJ Lodging Trust (REIT) | 2900 |  | 21112 |
|  Ryman Hospitality Properties, Inc. (REIT) | 1149 |  | 113372 |
|  Sunstone Hotel Investors, Inc. (REIT) | 3764 |  | 32672 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 1986 |  | 24964 |
|  |  |  | 728819 |
|  ***Industrial REITs (14.0%)*** | ***Industrial REITs (14.0%)*** | ***Industrial REITs (14.0%)*** | ***Industrial REITs (14.0%)*** |
|  AIMS APAC REIT (REIT) | 13893 |  | 14423 |
|  Americold Realty Trust, Inc. (REIT) | 5626 |  | 93560 |
|  ARGAN SA (REIT) | 324 |  | 24998 |
|  CapitaLand Ascendas REIT (REIT) | 70387 |  | 148358 |
|  Centuria Industrial REIT (REIT) | 12403 |  | 25469 |
|  CRE Logistics REIT, Inc. (REIT) | 11 |  | 11534 |
|  Dexus Industria REIT (REIT) | 6274 |  | 11232 |
|  Dream Industrial REIT (REIT) (x) | 5624 |  | 48693 |
|  EastGroup Properties, Inc. (REIT) | 1029 |  | 171967 |
|  ESR Kendall Square REIT Co. Ltd. (REIT) | 2350 |  | 7313 |
|  ESR-REIT (REIT) | 13924 |  | 26939 |
|  First Industrial Realty Trust, Inc. (REIT) | 2526 |  | 121576 |
|  Frasers Logistics & Commercial Trust (REIT) (m) | 54769 |  | 36829 |
|  GLP J-REIT (REIT) | 86 |  | 77457 |
|  Goodman Group (REIT) | 39166 |  | 882608 |
|  Goodman Property Trust (REIT) | 19038 |  | 22397 |
|  Granite REIT (REIT) | 1223 |  | 62131 |
|  Industrial & Infrastructure Fund Investment Corp. (REIT) (x) | 47 |  | 39655 |
|  Innovative Industrial Properties, Inc. (REIT) | 543 |  | 29985 |
|  Japan Logistics Fund, Inc. (REIT) | 51 |  | 33113 |
|  LaSalle Logiport REIT (REIT) | 33 |  | 31876 |
|  Lineage, Inc. (REIT) (x) | 1394 |  | 60667 |
|  LXP Industrial Trust (REIT) | 5695 |  | 47041 |
|  Mapletree Industrial Trust (REIT) | 40399 |  | 64816 |
|  Mapletree Logistics Trust (REIT) | 66766 |  | 61961 |
|  Mitsubishi Estate Logistics REIT Investment Corp. (REIT) | 26 |  | 21485 |
|  Mitsui Fudosan Logistics Park, Inc. (REIT) | 59 |  | 42815 |
|  Montea NV (REIT) | 411 |  | 31517 |
|  Nippon Prologis REIT, Inc. (REIT) | 131 |  | 72411 |
|  Prologis, Inc. (REIT) | 18310 |  | 1924747 |
|  Rexford Industrial Realty, Inc. (REIT) | 4677 |  | 166361 |
|  Segro plc (REIT) | 26623 |  | 248353 |
|  SOSiLA Logistics REIT, Inc. (REIT) | 13 |  | 10373 |
|  STAG Industrial, Inc. (REIT) | 3684 |  | 133656 |
|  Terreno Realty Corp. (REIT) | 1998 |  | 112028 |
|  Tritax Big Box REIT plc (REIT) | 48391 |  | 98042 |
|  Warehouse REIT plc (REIT) (m) | 7569 |  | 11740 |
|  Warehouses De Pauw CVA (REIT) | 3536 |  | 86220 |
|  |  |  | 5116346 |
|  ***Multi-Family Residential REITs (8.4%)*** | ***Multi-Family Residential REITs (8.4%)*** | ***Multi-Family Residential REITs (8.4%)*** | ***Multi-Family Residential REITs (8.4%)*** |
|  Advance Residence Investment Corp. (REIT) | 51 |  | 52982 |
|  Altarea SCA (REIT) | 124 |  | 14782 |
|  Apartment Investment and Management Co. (REIT), Class A | 2579 |  | 22308 |
|  AvalonBay Communities, Inc. (REIT) | 2807 |  | 571225 |
|  Boardwalk REIT (REIT) | 797 |  | 40963 |
|  Camden Property Trust (REIT) | 2121 |  | 239016 |
|  Canadian Apartment Properties REIT (REIT) | 3172 |  | 103447 |
|  Care Property Invest NV (REIT) | 730 |  | 10732 |
|  Centerspace (REIT) | 329 |  | 19803 |
|  Comforia Residential REIT, Inc. (REIT) | 13 |  | 25882 |
|  Daiwa Securities Living Investments Corp. (REIT) | 38 |  | 25227 |
|  Elme Communities (REIT) | 1719 |  | 27332 |
|  Empiric Student Property plc (REIT) | 13119 |  | 18512 |
|  Equity Residential (REIT) | 7476 |  | 504555 |
|  Essex Property Trust, Inc. (REIT) | 1258 |  | 356517 |
|  Home Invest Belgium SA (REIT) | 190 |  | 4543 |
|  Home REIT plc (REIT) (r)\* | 17110 |  |  |
|  Independence Realty Trust, Inc. (REIT) | 4543 |  | 80366 |
|  Ingenia Communities Group (REIT) | 7984 |  | 28743 |
|  InterRent REIT (REIT) | 2790 |  | 27700 |
|  Irish Residential Properties REIT plc (REIT) | 10022 |  | 12042 |
|  Killam Apartment REIT (REIT) | 2339 |  | 33683 |
|  Mid-America Apartment Communities, Inc. (REIT) | 2297 |  | 339979 |
|  NexPoint Residential Trust, Inc. (REIT) | 439 |  | 14627 |
|  Nippon Accommodations Fund, Inc. (REIT) | 46 |  | 37597 |
|  Residential Secure Income plc (REIT) (m) | 3640 |  | 2948 |
|  Samty Residential Investment Corp. (REIT) | 7 |  | 4715 |
|  Social Housing REIT plc (REIT) (m) | 7331 |  | 7104 |
|  Starts Proceed Investment Corp. (REIT) | 4 |  | 4930 |
|  UDR, Inc. (REIT) | 6520 |  | 266212 |
|  UNITE Group plc (The) (REIT) | 8205 |  | 95450 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Veris Residential, Inc. (REIT) | 1542 | $| 22960 |
|  Xior Student Housing NV (REIT) (m) | 717 |  | 25971 |
|  |  |  | 3042853 |
|  ***Office REITs (5.2%)*** | ***Office REITs (5.2%)*** | ***Office REITs (5.2%)*** | ***Office REITs (5.2%)*** |
|  Abacus Group (REIT) | 8244 |  | 6077 |
|  Allied Properties REIT (REIT) | 2494 |  | 31428 |
|  Brandywine Realty Trust (REIT) | 3363 |  | 14427 |
|  BXP, Inc. (REIT) | 3126 |  | 210911 |
|  Centuria Office REIT (REIT) | 9767 |  | 7232 |
|  Champion REIT (REIT) | 34814 |  | 9225 |
|  CLS Holdings plc (REIT) | 2653 |  | 2553 |
|  COPT Defense Properties (REIT) | 2226 |  | 61393 |
|  Cousins Properties, Inc. (REIT) | 3293 |  | 98889 |
|  Cromwell Property Group (REIT) | 26539 |  | 5939 |
|  Daiwa Office Investment Corp. (REIT) | 10 |  | 22187 |
|  Derwent London plc (REIT) | 2098 |  | 59670 |
|  Dexus (REIT) | 20803 |  | 91048 |
|  Douglas Emmett, Inc. (REIT) | 3164 |  | 47587 |
|  Easterly Government Properties, Inc. (REIT), Class A | 777 |  | 17249 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 2696 |  | 21811 |
|  Gecina SA (REIT) | 1009 |  | 110892 |
|  Global One Real Estate Investment Corp. (REIT) | 19 |  | 18023 |
|  Great Portland Estates plc (REIT) | 7647 |  | 37630 |
|  Helical plc (REIT) | 2076 |  | 6554 |
|  Highwoods Properties, Inc. (REIT) | 2092 |  | 65040 |
|  Ichigo Office REIT Investment Corp. (REIT) | 18 |  | 11475 |
|  Inmobiliaria Colonial SOCIMI SA (REIT) | 7083 |  | 50144 |
|  Japan Excellent, Inc. (REIT) (x) | 22 |  | 20395 |
|  Japan Prime Realty Investment Corp. (REIT) (x) | 72 |  | 46298 |
|  Japan Real Estate Investment Corp. (REIT) | 132 |  | 108071 |
|  JBG SMITH Properties (REIT) (x) | 1443 |  | 24964 |
|  JR Global REIT (REIT) | 3490 |  | 6698 |
|  Keppel REIT (REIT) | 46938 |  | 32670 |
|  Kilroy Realty Corp. (REIT) (x) | 2315 |  | 79428 |
|  Mori Hills REIT Investment Corp. (REIT) | 28 |  | 26016 |
|  Nippon Building Fund, Inc. (REIT) (x) | 153 |  | 141201 |
|  NSI NV (REIT) | 290 |  | 8147 |
|  One REIT, Inc. (REIT) | 4 |  | 7150 |
|  Orix JREIT, Inc. (REIT) | 52 |  | 67814 |
|  Paramount Group, Inc. (REIT)\* | 3649 |  | 22259 |
|  Piedmont Realty Trust, Inc. (REIT) | 2428 |  | 17700 |
|  Precinct Properties Group (REIT) | 27624 |  | 20206 |
|  Prosperity REIT (REIT) | 24999 |  | 4395 |
|  Regional REIT Ltd. (REIT) (m) | 2470 |  | 4109 |
|  Sankei Real Estate, Inc. (REIT) | 8 |  | 5111 |
|  Shinhan Alpha REIT Co. Ltd. (REIT) | 2270 |  | 9486 |
|  SL Green Realty Corp. (REIT) (x) | 1404 |  | 86908 |
|  Vornado Realty Trust (REIT) | 3481 |  | 133113 |
|  Workspace Group plc (REIT) | 2574 |  | 14857 |
|  |  |  | 1894380 |
|  ***Other Specialized REITs (4.7%)*** | ***Other Specialized REITs (4.7%)*** | ***Other Specialized REITs (4.7%)*** | ***Other Specialized REITs (4.7%)*** |
|  Arena REIT (REIT) | 7705 |  | 18814 |
|  Charter Hall Social Infrastructure REIT (REIT) | 7125 |  | 13552 |
|  EPR Properties (REIT) | 1472 |  | 85759 |
|  Four Corners Property Trust, Inc. (REIT) | 1949 |  | 52448 |
|  Gaming and Leisure Properties, Inc. (REIT) | 5208 |  | 243109 |
|  Iron Mountain, Inc. (REIT) | 5791 |  | 593983 |
|  Safehold, Inc. (REIT) | 1097 |  | 17069 |
|  VICI Properties, Inc. (REIT), Class A | 21129 |  | 688805 |
|  |  |  | 1713539 |
|  ***Real Estate Development (0.5%)*** | ***Real Estate Development (0.5%)*** | ***Real Estate Development (0.5%)*** | ***Real Estate Development (0.5%)*** |
|  Henderson Land Development Co. Ltd. | 26000 |  | 90918 |
|  Lifestyle Communities Ltd. | 1892 |  | 8716 |
|  Sino Land Co. Ltd. | 72333 |  | 76941 |
|  |  |  | 176575 |
|  ***Real Estate Operating Companies (7.7%)*** | ***Real Estate Operating Companies (7.7%)*** | ***Real Estate Operating Companies (7.7%)*** | ***Real Estate Operating Companies (7.7%)*** |
|  Abrdn European Logistics Income plc (REIT) (m) | 8208 |  | 6985 |
|  Amot Investments Ltd. | 4516 |  | 30582 |
|  Aroundtown SA\* | 14013 |  | 51369 |
|  Atrium Ljungberg AB, Class B | 4522 |  | 16163 |
|  Azrieli Group Ltd. | 723 |  | 66477 |
|  CA Immobilien Anlagen AG | 544 |  | 15546 |
|  CapitaLand Investment Ltd. | 44810 |  | 93391 |
|  Castellum AB (x) | 7898 |  | 103558 |
|  Catena AB | 831 |  | 42389 |
|  Cibus Nordic Real Estate AB publ (x) | 1413 |  | 27929 |
|  Citycon OYJ\* | 1533 |  | 6869 |
|  Corem Property Group AB, Class B | 14845 |  | 8159 |
|  Deutsche EuroShop AG | 201 |  | 4842 |
|  Deutsche Wohnen SE | 973 |  | 27622 |
|  Dios Fastigheter AB | 1988 |  | 14551 |
|  Entra ASA (m)\* | 871 |  | 11545 |
|  Fabege AB | 4060 |  | 36326 |
|  Fastighets AB Balder, Class B\* | 13447 |  | 99862 |
|  FastPartner AB, Class A | 925 |  | 5661 |
|  Grainger plc | 13864 |  | 41867 |
|  Grand City Properties SA\* | 1346 |  | 17599 |
|  Heba Fastighets AB, Class B | 1457 |  | 4882 |
|  Hiag Immobilien Holding AG | 83 |  | 11570 |
|  Hongkong Land Holdings Ltd. | 20382 |  | 117604 |
|  Hufvudstaden AB, Class A | 2001 |  | 26121 |
|  Hulic Co. Ltd. | 9191 |  | 92705 |
|  Hysan Development Co. Ltd. | 11280 |  | 20261 |
|  Intea Fastigheter AB, Class B\* | 1153 |  | 9463 |
|  Intershop Holding AG | 106 |  | 18970 |
|  Kennedy-Wilson Holdings, Inc. | 2363 |  | 16068 |
|  Kojamo OYJ\* | 3006 |  | 38950 |
|  LEG Immobilien SE | 1472 |  | 130653 |
|  Logistea AB, Class B | 3704 |  | 6068 |
|  Melisron Ltd. | 476 |  | 54266 |
|  Mobimo Holding AG (Registered) | 143 |  | 58483 |
|  Neobo Fastigheter AB\* | 1596 |  | 2888 |
|  NP3 Fastigheter AB (x) | 621 |  | 17723 |
|  Nyfosa AB | 3146 |  | 31324 |
|  Pandox AB, Class B | 1981 |  | 34842 |
|  Platzer Fastigheter Holding AB, Class B | 1238 |  | 10455 |
|  PSP Swiss Property AG (Registered) | 901 |  | 165904 |
|  Public Property Invest A/S\* | 2529 |  | 6009 |
|  Sagax AB, Class B | 4209 |  | 96095 |
|  Samhallsbyggnadsbolaget i Norden AB (x)\* | 20020 |  | 11981 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sirius Real Estate Ltd. (REIT) | 29208 | $| 39090 |
|  StorageVault Canada, Inc. | 4411 |  | 13248 |
|  Swire Properties Ltd. | 19182 |  | 47894 |
|  Swiss Prime Site AG (Registered) | 1528 |  | 228781 |
|  TAG Immobilien AG | 3305 |  | 58747 |
|  VGP NV | 265 |  | 26689 |
|  Vonovia SE | 13850 |  | 487970 |
|  Wallenstam AB, Class B (x) | 6891 |  | 35122 |
|  Wharf Real Estate Investment Co. Ltd. | 31064 |  | 87850 |
|  Wihlborgs Fastigheter AB | 5321 |  | 57536 |
|  |  |  | 2795504 |
|  ***Retail REITs (16.2%)*** | ***Retail REITs (16.2%)*** | ***Retail REITs (16.2%)*** | ***Retail REITs (16.2%)*** |
|  Acadia Realty Trust (REIT) | 2578 |  | 47873 |
|  AEON REIT Investment Corp. (REIT) | 33 |  | 29057 |
|  Agree Realty Corp. (REIT) | 2136 |  | 156056 |
|  Ascencio (REIT) | 117 |  | 6636 |
|  Brixmor Property Group, Inc. (REIT) | 6008 |  | 156448 |
|  BWP Trust (REIT) | 10871 |  | 25185 |
|  CapitaLand Integrated Commercial Trust (REIT) | 112087 |  | 191293 |
|  Carmila SA (REIT) | 1066 |  | 20895 |
|  Charter Hall Retail REIT (REIT) | 11184 |  | 28265 |
|  Choice Properties REIT (REIT) | 5458 |  | 59600 |
|  Crombie REIT (REIT) | 2132 |  | 23281 |
|  Curbline Properties Corp. (REIT) | 1915 |  | 43719 |
|  Eurocommercial Properties NV (REIT) | 829 |  | 26122 |
|  Federal Realty Investment Trust (REIT) | 1679 |  | 159488 |
|  First Capital REIT (REIT) (x) | 4181 |  | 55726 |
|  Fortune REIT (REIT) | 30391 |  | 18661 |
|  Frasers Centrepoint Trust (REIT) | 24798 |  | 44467 |
|  Frontier Real Estate Investment Corp. (REIT) (x) | 48 |  | 27366 |
|  Fukuoka REIT Corp. (REIT) | 14 |  | 16760 |
|  Getty Realty Corp. (REIT) (x) | 1014 |  | 28027 |
|  Hamborner REIT AG (REIT) | 1412 |  | 9913 |
|  Hammerson plc (REIT) | 9237 |  | 37911 |
|  HomeCo Daily Needs REIT (REIT) (m) | 34768 |  | 28718 |
|  Immobiliare Grande Distribuzione SIIQ SpA (REIT) | 1072 |  | 3914 |
|  InvenTrust Properties Corp. (REIT) | 1524 |  | 41758 |
|  Japan Metropolitan Fund Invest (REIT) | 132 |  | 93497 |
|  Kimco Realty Corp. (REIT) | 13188 |  | 277212 |
|  Kite Realty Group Trust (REIT) | 4314 |  | 97712 |
|  Kiwi Property Group Ltd. (REIT) | 27751 |  | 15055 |
|  Klepierre SA (REIT) | 4095 |  | 161305 |
|  Lendlease Global Commercial REIT (REIT) | 32987 |  | 13490 |
|  Link REIT (REIT) | 52737 |  | 281490 |
|  LOTTE REIT Co. Ltd. (REIT) | 2950 |  | 8197 |
|  Macerich Co. (The) (REIT) | 4961 |  | 80269 |
|  Mercialys SA (REIT) | 1839 |  | 23049 |
|  NETSTREIT Corp. (REIT) (x) | 1606 |  | 27190 |
|  NewRiver REIT plc (REIT) | 8779 |  | 8893 |
|  NNN REIT, Inc. (REIT) | 3690 |  | 159334 |
|  Phillips Edison & Co., Inc. (REIT) | 2467 |  | 86419 |
|  Primaris REIT (REIT) | 1996 |  | 21576 |
|  Realty Income Corp. (REIT) | 17629 |  | 1015607 |
|  Regency Centers Corp. (REIT) | 3565 |  | 253935 |
|  Region Group (REIT) | 22750 |  | 32940 |
|  Retail Estates NV (REIT) | 223 |  | 16155 |
|  RioCan REIT (REIT) | 5859 |  | 76198 |
|  Scentre Group (REIT) | 102777 |  | 240808 |
|  Shaftesbury Capital plc (REIT) | 28961 |  | 62055 |
|  Simon Property Group, Inc. (REIT) | 6395 |  | 1028060 |
|  SmartCentres REIT (REIT)(x) | 2543 |  | 47788 |
|  Starhill Global REIT (REIT) | 27559 |  | 11054 |
|  Supermarket Income REIT plc (REIT) | 24263 |  | 28276 |
|  Tanger, Inc. (REIT) | 2183 |  | 66756 |
|  Unibail-Rodamco-Westfield (REIT) | 1894 |  | 181026 |
|  Urban Edge Properties (REIT) | 2485 |  | 46370 |
|  Vastned NV (REIT) | 199 |  | 7525 |
|  Vicinity Ltd. (REIT) | 75724 |  | 123099 |
|  Waypoint REIT Ltd. (REIT) | 12477 |  | 20201 |
|  Wereldhave NV (REIT) | 746 |  | 15009 |
|  |  |  | 5914689 |
|  ***Self-Storage REITs (5.3%)*** | ***Self-Storage REITs (5.3%)*** | ***Self-Storage REITs (5.3%)*** | ***Self-Storage REITs (5.3%)*** |
|  Abacus Storage King (REIT) | 9070 |  | 9163 |
|  Big Yellow Group plc (REIT) | 3656 |  | 50786 |
|  CubeSmart (REIT) | 4467 |  | 189847 |
|  Extra Space Storage, Inc. (REIT) | 4158 |  | 613056 |
|  National Storage Affiliates Trust (REIT) | 1389 |  | 44434 |
|  National Storage REIT (REIT) | 23931 |  | 36225 |
|  Public Storage (REIT) | 3118 |  | 914884 |
|  Safestore Holdings plc (REIT) | 4197 |  | 40788 |
|  Shurgard Self Storage Ltd. (REIT) | 626 |  | 27284 |
|  |  |  | 1926467 |
|  ***Single-Family Residential REITs (3.4%)*** | ***Single-Family Residential REITs (3.4%)*** | ***Single-Family Residential REITs (3.4%)*** | ***Single-Family Residential REITs (3.4%)*** |
|  American Homes 4 Rent (REIT), Class A | 6743 |  | 243220 |
|  Equity LifeStyle Properties, Inc. (REIT) | 3741 |  | 230708 |
|  Invitation Homes, Inc. (REIT) | 12078 |  | 396158 |
|  PRS REIT plc (The) (REIT) | 9967 |  | 14803 |
|  Sun Communities, Inc. (REIT) | 2494 |  | 315466 |
|  UMH Properties, Inc. (REIT) | 1525 |  | 25605 |
|  |  |  | 1225960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 35557687 |
|  **Total Common Stocks (98.3%)**<br> *(Cost $33,794,339)* | **Total Common Stocks (98.3%)**<br> *(Cost $33,794,339)* |  | 35809986 |
|  CLOSED END FUND**:** | CLOSED END FUND**:** | CLOSED END FUND**:** | CLOSED END FUND**:** |
|  Picton Property Income Ltd. (REIT) | 10462 |  | 11546 |
|  **Total Closed End Funds (0.1%)**<br> *(Cost $10,448)* |  |  | 11546 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Investment Funds (1.3%)** | **Investment Funds (1.3%)** | **Investment Funds (1.3%)** | **Investment Funds (1.3%)** |
|  iShares U.S. Real Estate ETF (x) | 2959 |  | 280424 |
|  Vanguard Global ex-U.S. Real Estate ETF (x) | 4170 |  | 192445 |
|  **Total Exchange Traded Funds (1.3%)**<br> *(Cost $461,837)* | **Total Exchange Traded Funds (1.3%)**<br> *(Cost $461,837)* |  | 472869 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (1.4%)** | **Investment Company (1.4%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 527695 | $527695 |
|  **Total Short-Term Investments (1.4%)**<br> *(Cost $527,695)* | **Total Short-Term Investments (1.4%)**<br> *(Cost $527,695)* | 527695 |
|  **Total Investments in Securities (101.1%)**<br> *(Cost $34,794,319)* | **Total Investments in Securities (101.1%)**<br> *(Cost $34,794,319)* | 36822096 |
|  **Other Assets Less Liabilities (-1.1%)** | **Other Assets Less Liabilities (-1.1%)** | (403152) |
|  **Net Assets (100%)** |  | $36418944 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $139,539 or 0.4% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $985,412. This was collateralized by $558,408 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.000%, maturing 7/15/25 – 11/15/54 and by cash of $527,695 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVA* *— Dutch Certification* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Fund** | $— | $11546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11546 |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary |  | 9949 |  | 9949 |
|  Consumer Staples |  | 36470 |  | 36470 |
|  Health Care | 74442 |  |  | 74442 |
|  Information Technology |  | 131438 |  | 131438 |
|  Real Estate | 22943003 | 12614684 | — (a) | 35557687 |
|  **Exchange Traded Funds** | 472869 |  |  | 472869 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 527695 |  |  | 527695 |
|  **Total Assets** | $**24018009** | $**12804087** | $**—** | $**36822096** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**24018009** | $**12804087** | $**—** | $**36822096** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $2642574.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1847408.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $7110732 |
|  Aggregate gross unrealized depreciation | (5575455) |
|  Net unrealized appreciation | $1535277 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $35286819 |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $34,794,319) | $36822096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 153682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $41,915) | 42316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 171545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 10763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 37201224 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 527695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 127744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 31660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 86200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 782280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $36418944 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $34984105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1434839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $36418944 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $20,088,739 / 3,349,469 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.00 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $16,330,205 / 2,700,794 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.05 |

---

*(x)* *Includes value of securities on loan of $985,412.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $30,725 foreign withholding tax) | $753801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 756877 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 85986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 50534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 25098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 23748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 15589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 241450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (101575) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (4303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 135572 |
|  **NET INVESTMENT INCOME (LOSS)** | 621305 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (116702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (113846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1661407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1665511 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1551665 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2172970 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT REAL ESTATE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $621305 | $989082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (113846) | (389455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1665511 | (138032) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2172970 | 461595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (561787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (508231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1070018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (29475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (26665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (56140) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 349,743 and 554,263 shares, respectively ] | 2010250 | 3157880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 100,494 shares, respectively ] |  | 591262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (301123) and (745157) shares, respectively ] | (1724681) | (4315985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 285569 | (566843) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 131,862 and 127,872 shares, respectively ] | 768964 | 728052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 90,324 shares, respectively ] |  | 534896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (159736) and (436888) shares, respectively ] | (924049) | (2603067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (155085) | (1340119) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 130484 | (1906962) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 2303454 | (2571525) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 34115490 | 36687015 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $36418944 | $34115490 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $5.64 | $5.77 | $5.42 | $7.24 | $10.40 | $11.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.15 | 0.17 | 0.15 | 0.22 (cc) | 0.22 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.26 | (0.10) | 0.34 | (1.96) | 2.28 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.36 | 0.05 | 0.51 | (1.81) | 2.50 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.17) | (0.16) | (0.01) | (0.41) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (2.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  | (2.83) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.18) | (0.16) | (0.01) | (5.66) | (0.14) |
|  Net asset value, end of period | $6.00 | $5.64 | $5.77 | $5.42 | $7.24 | $10.40 |
|  Total return (b) | 6.38% | 0.83% | 9.46% | (24.99) | 25.80% | (8.98)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $20089 | $18618 | $19568 | $16950 | $19746 | $14355 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.90% | 0.90% | 0.90% | 0.90 | 0.90 %(g) | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.52% | 1.42% | 1.27% | 1.57 | 1.23 %(g) | 1.52% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 3.51% | 2.65% | 3.07% | 2.40 | 1.96 %(dd) | 2.31 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.89% | 2.13% | 2.70% | 1.73 | 1.62 %(dd) | 1.69 %(bb) |
|  Portfolio turnover rate^ | 5 %(z) | 19% | 14% | 25 | 25% | 29% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $5.68 | $5.81 | $5.45 | $7.29 | $10.43 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.17 | 0.18 | 0.16 | 0.25 (cc) | 0.26 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.26 | (0.10) | 0.35 | (1.97) | 2.29 | (1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 0.07 | 0.53 | (1.81) | 2.54 | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.17) | (0.03) | (0.43) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (2.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  | (2.83) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.20) | (0.17) | (0.03) | (5.68) | (0.16) |
|  Net asset value, end of period | $6.05 | $5.68 | $5.81 | $5.45 | $7.29 | $10.43 |
|  Total return (b) | 6.51% | 1.07% | 9.84% | (24.89) | 26.17% | (8.82)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $16330 | $15497 | $17119 | $16811 | $21582 | $18158 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.65% | 0.65% | 0.65% | 0.65 | 0.65 %(g) | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.27% | 1.17% | 1.02% | 1.32 | 0.98 %(g) | 1.29% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 3.74% | 2.89% | 3.30% | 2.63 | 2.18 %(dd) | 2.68 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 3.13% | 2.38% | 2.92% | 1.97 | 2.18 %(dd) | 2.04 %(bb) |
|  Portfolio turnover rate^ | 5 %(z) | 19% | 14% | 25 | 25% | 29% |

---

See Notes to Financial Statements.

------

1290 VT REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.20 and $0.24 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.24% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18 and $0.20 for Class IB and Class K, respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.41% lower.* 

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.8%)** | **Communication Services (3.8%)** | **Communication Services (3.8%)** |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** |
|  AST SpaceMobile, Inc., Class A\* | 1557 | $72759 |
|  ATN International, Inc. | 1524 | 24765 |
|  Bandwidth, Inc., Class A\* | 3316 | 52724 |
|  IDT Corp., Class B | 604 | 41265 |
|  Liberty Latin America Ltd., Class A\* | 2960 | 18056 |
|  Liberty Latin America Ltd., Class C\* | 22005 | 136871 |
|  Lumen Technologies, Inc.\* | 18274 | 80040 |
|  Shenandoah Telecommunications Co. | 8254 | 112750 |
|  |  | 539230 |
|  ***Entertainment (2.7%)*** | ***Entertainment (2.7%)*** | ***Entertainment (2.7%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 70037 | 217115 |
|  CuriosityStream, Inc. | 1026 | 5776 |
|  Eventbrite, Inc., Class A\* | 11703 | 30779 |
|  Gaia, Inc., Class A\* | 2389 | 10488 |
|  IG Port, Inc. (x) | 40200 | 610237 |
|  Lionsgate Studios Corp.\* | 30820 | 179064 |
|  Live Nation Entertainment, Inc. (x)\* | 53000 | 8017840 |
|  Madison Square Garden Entertainment Corp., Class A\* | 7000 | 279790 |
|  Madison Square Garden Sports Corp.\* | 2200 | 459690 |
|  Marcus Corp. (The) | 3717 | 62669 |
|  Playstudios, Inc.\* | 12754 | 16708 |
|  Playtika Holding Corp. | 6893 | 32604 |
|  Reservoir Media, Inc.\* | 2732 | 20954 |
|  Sphere Entertainment Co. (x)\* | 11417 | 477231 |
|  Starz Entertainment Corp. | 2053 | 32992 |
|  Toei Animation Co. Ltd. | 11200 | 255491 |
|  Vivid Seats, Inc., Class A\* | 3550 | 5999 |
|  |  | 10715427 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Angi, Inc., Class A\* | 7001 | 106835 |
|  Bumble, Inc., Class A (x)\* | 10610 | 69920 |
|  Cars.com, Inc.\* | 9544 | 113096 |
|  Getty Images Holdings, Inc. (x)\* | 17132 | 28439 |
|  Nextdoor Holdings, Inc.\* | 33368 | 55391 |
|  Rumble, Inc. (x)\* | 9661 | 86756 |
|  Shutterstock, Inc. | 3851 | 73015 |
|  Teads Holding Co. (x)\* | 5890 | 14607 |
|  TripAdvisor, Inc. (x)\* | 9710 | 126716 |
|  TrueCar, Inc.\* | 14575 | 27693 |
|  Vimeo, Inc.\* | 15080 | 60923 |
|  Webtoon Entertainment, Inc. (x)\* | 2837 | 25760 |
|  Ziff Davis, Inc.\* | 6855 | 207501 |
|  |  | 996652 |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** |
|  Advantage Solutions, Inc. (x)\* | 17736 | 23411 |
|  Altice USA, Inc., Class A\* | 35243 | 75420 |
|  AMC Networks, Inc., Class A\* | 5279 | 33099 |
|  Boston Omaha Corp., Class A (x)\* | 3413 | 47918 |
|  Cable One, Inc. (x) | 835 | 113401 |
|  EchoStar Corp., Class A (x)\* | 21806 | 604026 |
|  Entravision Communications Corp., Class A | 7700 | 17864 |
|  EW Scripps Co. (The), Class A\* | 10881 | 31990 |
|  Gannett Co., Inc.\* | 3271 | 11710 |
|  Gray Media, Inc. | 14288 | 64725 |
|  iHeartMedia, Inc., Class A\* | 17876 | 31462 |
|  Integral Ad Science Holding Corp.\* | 10672 | 88684 |
|  John Wiley & Sons, Inc., Class A | 417 | 18611 |
|  National CineMedia, Inc. | 10531 | 51023 |
|  Newsmax, Inc., Class B (x)\* | 1097 | 16598 |
|  Nexxen International Ltd.\* | 5604 | 58338 |
|  PubMatic, Inc., Class A\* | 6723 | 83634 |
|  Scholastic Corp. | 3613 | 75801 |
|  Sinclair, Inc. | 6262 | 86541 |
|  TechTarget, Inc.\* | 3730 | 28982 |
|  TEGNA, Inc. | 26118 | 437738 |
|  WideOpenWest, Inc.\* | 7784 | 31603 |
|  |  | 2032579 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Spok Holdings, Inc. | 3054 | 53995 |
|  Telephone and Data Systems, Inc. | 15775 | 561274 |
|  |  | 615269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 14899157 |
|  **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** |
|  ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** |
|  Adient plc\* | 13547 | 263625 |
|  American Axle & Manufacturing Holdings, Inc.\* | 18865 | 76969 |
|  Cooper-Standard Holdings, Inc.\* | 2832 | 60888 |
|  Dana, Inc. | 21312 | 365501 |
|  Dorman Products, Inc.\* | 3000 | 368010 |
|  Fox Factory Holding Corp.\* | 5147 | 133513 |
|  Garrett Motion, Inc. | 20358 | 213963 |
|  Gentherm, Inc.\* | 4852 | 137263 |
|  Goodyear Tire & Rubber Co. (The)\* | 42163 | 437230 |
|  Holley, Inc. (x)\* | 8467 | 16934 |
|  LCI Industries | 3534 | 322265 |
|  Luminar Technologies, Inc., Class A (x)\* | 3693 | 10599 |
|  Motorcar Parts of America, Inc.\* | 2833 | 31730 |
|  Phinia, Inc. | 6386 | 284113 |
|  Solid Power, Inc. (x)\* | 23023 | 50420 |
|  Standard Motor Products, Inc. | 3315 | 101837 |
|  Stoneridge, Inc.\* | 581 | 4090 |
|  Strattec Security Corp.\* | 493 | 30670 |
|  Visteon Corp.\* | 4418 | 412199 |
|  |  | 3321819 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A\* | 13611 | 22866 |
|  Winnebago Industries, Inc. | 4585 | 132965 |
|  |  | 155831 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  1stdibs.com, Inc.\* | 302 | 830 |
|  Kohl's Corp. (x) | 17641 | 149596 |
|  Savers Value Village, Inc.\* | 563 | 5743 |
|  |  | 156169 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  A-Mark Precious Metals, Inc. | 3179 | 70510 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  GigaCloud Technology, Inc., Class A\* | 4269 | $| 84441 |
|  Weyco Group, Inc. | 766 |  | 25401 |
|  |  |  | 180352 |
|  ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** |
|  American Public Education, Inc.\* | 215 |  | 6549 |
|  Chegg, Inc.\* | 1142 |  | 1382 |
|  Graham Holdings Co., Class B | 519 |  | 491062 |
|  Laureate Education, Inc.\* | 13472 |  | 314975 |
|  Matthews International Corp., Class A | 4860 |  | 116202 |
|  Mister Car Wash, Inc.\* | 1881 |  | 11305 |
|  Perdoceo Education Corp. | 9923 |  | 324383 |
|  Strategic Education, Inc. | 3867 |  | 329198 |
|  |  |  | 1595056 |
|  ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** |
|  Biglari Holdings, Inc., Class B\* | 112 |  | 32727 |
|  BJ's Restaurants, Inc.\* | 1297 |  | 57846 |
|  Bloomin' Brands, Inc. | 5208 |  | 44841 |
|  Carnival Corp.\* | 32000 |  | 899840 |
|  Cracker Barrel Old Country Store, Inc. (x) | 2606 |  | 159174 |
|  Denny's Corp.\* | 7241 |  | 29688 |
|  Dine Brands Global, Inc. (x) | 2193 |  | 53356 |
|  El Pollo Loco Holdings, Inc.\* | 4341 |  | 47794 |
|  Full House Resorts, Inc.\* | 623 |  | 2280 |
|  Global Business Travel Group I (x)\* | 2174 |  | 13696 |
|  Golden Entertainment, Inc. | 3185 |  | 93735 |
|  International Game Technology plc | 17998 |  | 284548 |
|  Jack in the Box, Inc. | 460 |  | 8032 |
|  Krispy Kreme, Inc. (x) | 10768 |  | 31335 |
|  Marriott Vacations Worldwide Corp. | 5184 |  | 374855 |
|  Papa John's International, Inc. | 4803 |  | 235059 |
|  PlayAGS, Inc.\* | 475 |  | 5933 |
|  Portillo's, Inc., Class A (x)\* | 9043 |  | 105532 |
|  Potbelly Corp.\* | 492 |  | 6027 |
|  Pursuit Attractions and Hospitality, Inc.\* | 3138 |  | 90468 |
|  RCI Hospitality Holdings, Inc. | 622 |  | 23711 |
|  Red Rock Resorts, Inc., Class A | 3552 |  | 184811 |
|  Sabre Corp.\* | 43454 |  | 137315 |
|  Serve Robotics, Inc. (x)\* | 630 |  | 7207 |
|  Six Flags Entertainment Corp. (x)\* | 3140 |  | 95550 |
|  Target Hospitality Corp.\* | 5167 |  | 36789 |
|  United Parks & Resorts, Inc. (x)\* | 346 |  | 16314 |
|  Wendy's Co. (The) | 163800 |  | 1870596 |
|  |  |  | 4949059 |
|  ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** |
|  Bassett Furniture Industries, Inc. | 899 |  | 13665 |
|  Beazer Homes USA, Inc.\* | 4745 |  | 106146 |
|  Century Communities, Inc. | 4309 |  | 242683 |
|  Cricut, Inc., Class A | 7430 |  | 50301 |
|  Dream Finders Homes, Inc., Class A (x)\* | 3619 |  | 90945 |
|  Ethan Allen Interiors, Inc. | 3766 |  | 104883 |
|  Flexsteel Industries, Inc. | 673 |  | 24248 |
|  GoPro, Inc., Class A\* | 546 |  | 414 |
|  Green Brick Partners, Inc.\* | 3366 |  | 211654 |
|  Hamilton Beach Brands Holding Co., Class A | 1260 |  | 22541 |
|  Helen of Troy Ltd.\* | 3705 |  | 105148 |
|  Hooker Furnishings Corp. | 215 |  | 2275 |
|  Hovnanian Enterprises, Inc., Class A\* | 786 |  | 82176 |
|  KB Home | 11221 |  | 594376 |
|  La-Z-Boy, Inc. | 6770 |  | 251641 |
|  Legacy Housing Corp.\* | 1378 |  | 31226 |
|  Leggett & Platt, Inc. | 21353 |  | 190469 |
|  LGI Homes, Inc.\* | 3349 |  | 172540 |
|  Lovesac Co. (The)\* | 716 |  | 13031 |
|  M/I Homes, Inc.\* | 4249 |  | 476398 |
|  Meritage Homes Corp. | 11437 |  | 765936 |
|  Purple Innovation, Inc., Class A\* | 1879 |  | 1370 |
|  Sonos, Inc.\* | 1942 |  | 20993 |
|  Taylor Morrison Home Corp., Class A\* | 16008 |  | 983211 |
|  Traeger, Inc.\* | 5050 |  | 8636 |
|  Tri Pointe Homes, Inc.\* | 62266 |  | 1989399 |
|  |  |  | 6556305 |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** |
|  American Outdoor Brands, Inc.\* | 1457 |  | 15226 |
|  Clarus Corp. (x) | 3731 |  | 12947 |
|  Escalade, Inc. | 1476 |  | 20634 |
|  Funko, Inc., Class A\* | 5019 |  | 23890 |
|  JAKKS Pacific, Inc. | 1334 |  | 27721 |
|  Johnson Outdoors, Inc., Class A | 786 |  | 23792 |
|  Latham Group, Inc.\* | 1110 |  | 7082 |
|  Malibu Boats, Inc., Class A\* | 3024 |  | 94772 |
|  Marine Products Corp. | 628 |  | 5344 |
|  MasterCraft Boat Holdings, Inc.\* | 2750 |  | 51095 |
|  Outdoor Holding Co. (x)\* | 13565 |  | 17363 |
|  Peloton Interactive, Inc., Class A (x)\* | 38419 |  | 266628 |
|  Polaris, Inc. (x) | 8590 |  | 349183 |
|  Smith & Wesson Brands, Inc. | 6845 |  | 59415 |
|  Sturm Ruger & Co., Inc. | 1691 |  | 60707 |
|  Topgolf Callaway Brands Corp.\* | 21343 |  | 171811 |
|  |  |  | 1207610 |
|  ***Specialty Retail (10.3%)*** | ***Specialty Retail (10.3%)*** | ***Specialty Retail (10.3%)*** | ***Specialty Retail (10.3%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 2919 |  | 14362 |
|  Academy Sports & Outdoors, Inc. | 10692 |  | 479109 |
|  Advance Auto Parts, Inc. (x) | 9644 |  | 448350 |
|  American Eagle Outfitters, Inc. | 26152 |  | 251582 |
|  America's Car-Mart, Inc. (x)\* | 1244 |  | 69714 |
|  Arko Corp. | 11472 |  | 48527 |
|  Asbury Automotive Group, Inc.\* | 3173 |  | 756887 |
|  AutoNation, Inc.\* | 93856 |  | 18644494 |
|  BARK, Inc.\* | 7089 |  | 6235 |
|  Barnes & Noble Education, Inc.\* | 2347 |  | 27624 |
|  Beyond, Inc.\* | 8882 |  | 61108 |
|  Buckle, Inc. (The) | 310 |  | 14059 |
|  Caleres, Inc. (x) | 5392 |  | 65890 |
|  Citi Trends, Inc.\* | 807 |  | 26946 |
|  Designer Brands, Inc., Class A (x) | 5024 |  | 11957 |
|  EVgo, Inc., Class A\* | 17736 |  | 64736 |
|  Foot Locker, Inc.\* | 13777 |  | 337537 |
|  Genesco, Inc.\* | 1565 |  | 30815 |
|  Group 1 Automotive, Inc. | 1150 |  | 502217 |
|  GrowGeneration Corp.\* | 2261 |  | 2114 |
|  Haverty Furniture Cos., Inc. | 2239 |  | 45564 |
|  J Jill, Inc. (x) | 1156 |  | 16924 |
|  Lands' End, Inc.\* | 2256 |  | 24162 |
|  Leslie's, Inc. (x)\* | 1049 |  | 440 |
|  MarineMax, Inc.\* | 2969 |  | 74641 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Monro, Inc. | 4640 | $| 69182 |
|  National Vision Holdings, Inc.\* | 12552 |  | 288822 |
|  ODP Corp. (The)\* | 4478 |  | 81186 |
|  OneWater Marine, Inc., Class A (x)\* | 1747 |  | 23392 |
|  Penske Automotive Group, Inc. | 93856 |  | 16125399 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 11581 |  | 32774 |
|  RealReal, Inc. (The) (x)\* | 11360 |  | 54414 |
|  Sally Beauty Holdings, Inc.\* | 16481 |  | 152614 |
|  Shoe Carnival, Inc. | 3112 |  | 58226 |
|  Signet Jewelers Ltd. (x) | 6700 |  | 532985 |
|  Sleep Number Corp. (x)\* | 3548 |  | 23967 |
|  Sonic Automotive, Inc., Class A | 1558 |  | 124531 |
|  Stitch Fix, Inc., Class A\* | 16572 |  | 61316 |
|  Tile Shop Holdings, Inc.\* | 2818 |  | 17922 |
|  Tilly's, Inc., Class A\* | 343 |  | 473 |
|  Torrid Holdings, Inc.\* | 3575 |  | 10546 |
|  Upbound Group, Inc. | 5475 |  | 137423 |
|  Urban Outfitters, Inc.\* | 6634 |  | 481230 |
|  Victoria's Secret & Co.\* | 7867 |  | 145697 |
|  Winmark Corp. | 468 |  | 176721 |
|  Zumiez, Inc.\* | 2412 |  | 31983 |
|  |  |  | 40656797 |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  Capri Holdings Ltd. (x)\* | 18718 |  | 331309 |
|  Carter's, Inc. | 5744 |  | 173067 |
|  G-III Apparel Group Ltd.\* | 6390 |  | 143136 |
|  Kontoor Brands, Inc. | 1698 |  | 112017 |
|  Lakeland Industries, Inc. | 1363 |  | 18551 |
|  Movado Group, Inc. | 18561 |  | 283055 |
|  Oxford Industries, Inc. (x) | 2285 |  | 91971 |
|  Rocky Brands, Inc. | 1133 |  | 25141 |
|  Steven Madden Ltd. | 10181 |  | 244140 |
|  Superior Group of Cos., Inc. | 1645 |  | 16944 |
|  Vera Bradley, Inc. (x)\* | 191 |  | 422 |
|  |  |  | 1439753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 60218751 |
|  **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  Crimson Wine Group Ltd.\* | 38400 |  | 211200 |
|  MGP Ingredients, Inc. | 2260 |  | 67732 |
|  |  |  | 278932 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Andersons, Inc. (The) | 5306 |  | 194996 |
|  Grocery Outlet Holding Corp.\* | 15194 |  | 188709 |
|  HF Foods Group, Inc.\* | 6494 |  | 20651 |
|  Ingles Markets, Inc., Class A | 2324 |  | 147295 |
|  SpartanNash Co. | 5438 |  | 144053 |
|  United Natural Foods, Inc.\* | 9549 |  | 222587 |
|  Village Super Market, Inc., Class A | 1380 |  | 53130 |
|  Weis Markets, Inc. | 2603 |  | 188691 |
|  |  |  | 1160112 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Alico, Inc. | 1794 |  | 58628 |
|  B&G Foods, Inc. (x) | 11894 |  | 50312 |
|  Beyond Meat, Inc. (x)\* | 10640 |  | 37134 |
|  Calavo Growers, Inc. | 312 |  | 8296 |
|  Dole plc | 11077 |  | 154967 |
|  Fresh Del Monte Produce, Inc. | 5500 |  | 178310 |
|  Hain Celestial Group, Inc. (The)\* | 14304 |  | 21742 |
|  John B Sanfilippo & Son, Inc. | 463 |  | 29280 |
|  Limoneira Co. | 2499 |  | 39109 |
|  Mission Produce, Inc.\* | 7685 |  | 90068 |
|  Seneca Foods Corp., Class A\* | 710 |  | 72015 |
|  Simply Good Foods Co. (The)\* | 5330 |  | 168375 |
|  TreeHouse Foods, Inc.\* | 8137 |  | 158021 |
|  Utz Brands, Inc. | 11417 |  | 143283 |
|  WK Kellogg Co. | 738 |  | 11764 |
|  |  |  | 1221304 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Central Garden & Pet Co.\* | 1821 |  | 64063 |
|  Central Garden & Pet Co., Class A\* | 7865 |  | 246096 |
|  Energizer Holdings, Inc. | 2254 |  | 45441 |
|  Oil-Dri Corp. of America | 353 |  | 20823 |
|  Spectrum Brands Holdings, Inc. | 4157 |  | 220321 |
|  |  |  | 596744 |
|  ***Personal Care Products (2.4%)*** | ***Personal Care Products (2.4%)*** | ***Personal Care Products (2.4%)*** | ***Personal Care Products (2.4%)*** |
|  Beauty Health Co. (The)\* | 3066 |  | 5856 |
|  Edgewell Personal Care Co. | 7589 |  | 177659 |
|  Herbalife Ltd.\* | 4391 |  | 37850 |
|  Honest Co., Inc. (The)\* | 7868 |  | 40048 |
|  Interparfums, Inc. | 70000 |  | 9191700 |
|  Medifast, Inc.\* | 1591 |  | 22354 |
|  Nature's Sunshine Products, Inc.\* | 1462 |  | 21623 |
|  Nu Skin Enterprises, Inc., Class A | 7764 |  | 62034 |
|  Olaplex Holdings, Inc. (x)\* | 20405 |  | 28567 |
|  USANA Health Sciences, Inc.\* | 1842 |  | 56236 |
|  Waldencast plc, Class A\* | 6440 |  | 15778 |
|  |  |  | 9659705 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Turning Point Brands, Inc. | 320 |  | 24246 |
|  Universal Corp. | 3894 |  | 226787 |
|  |  |  | 251033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 13167830 |
|  **Energy (15.3%)** | **Energy (15.3%)** | **Energy (15.3%)** | **Energy (15.3%)** |
|  ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** |
|  Aris Water Solutions, Inc., Class A | 19400 |  | 458810 |
|  Atlas Energy Solutions, Inc. (x) | 3501 |  | 46808 |
|  Borr Drilling Ltd. | 35243 |  | 64495 |
|  Bristow Group, Inc., Class A\* | 4571 |  | 150706 |
|  ChampionX Corp. | 4526 |  | 112426 |
|  Core Laboratories, Inc. (x) | 7451 |  | 85836 |
|  DMC Global, Inc.\* | 2267 |  | 18272 |
|  Expro Group Holdings NV\* | 16607 |  | 142654 |
|  Flowco Holdings, Inc., Class A | 1413 |  | 25166 |
|  Forum Energy Technologies, Inc.\* | 1894 |  | 36876 |
|  Geospace Technologies Corp. (x)\* | 417 |  | 5946 |
|  Helix Energy Solutions Group, Inc.\* | 18162 |  | 113331 |
|  Helmerich & Payne, Inc. | 15736 |  | 238558 |
|  Innovex International, Inc.\* | 6191 |  | 96703 |
|  Liberty Energy, Inc., Class A | 25873 |  | 297022 |
|  Mammoth Energy Services, Inc.\* | 3693 |  | 10340 |
|  Nabors Industries Ltd.(x)\* | 2263 |  | 63409 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  National Energy Services Reunited Corp.\* | 7719 | $| 46468 |
|  Natural Gas Services Group, Inc.\* | 1228 |  | 31695 |
|  Noble Corp. plc | 20274 |  | 538275 |
|  Oceaneering International, Inc.\* | 1786 |  | 37006 |
|  Oil States International, Inc.\* | 9228 |  | 49462 |
|  Patterson-UTI Energy, Inc. (x) | 57479 |  | 340850 |
|  ProFrac Holding Corp., Class A (x)\* | 2071 |  | 16071 |
|  ProPetro Holding Corp.\* | 12787 |  | 76338 |
|  Ranger Energy Services, Inc., Class A | 2471 |  | 29504 |
|  RPC, Inc. | 13517 |  | 63935 |
|  SEACOR Marine Holdings, Inc.\* | 3636 |  | 18544 |
|  Seadrill Ltd.\* | 6552 |  | 171990 |
|  Select Water Solutions, Inc., Class A | 14658 |  | 126645 |
|  Subsea 7 SA (ADR) | 99000 |  | 1838925 |
|  TETRA Technologies, Inc.\* | 19966 |  | 67086 |
|  Tidewater, Inc.\* | 443 |  | 20436 |
|  Transocean Ltd.\* | 117727 |  | 304913 |
|  Valaris Ltd.\* | 10279 |  | 432849 |
|  |  |  | 6178350 |
|  ***Oil, Gas & Consumable Fuels (13.7%)*** | ***Oil, Gas & Consumable Fuels (13.7%)*** | ***Oil, Gas & Consumable Fuels (13.7%)*** | ***Oil, Gas & Consumable Fuels (13.7%)*** |
|  Aemetis, Inc.\* | 216 |  | 536 |
|  Ardmore Shipping Corp. | 5707 |  | 54787 |
|  Berry Corp. | 12226 |  | 33866 |
|  BKV Corp.\* | 2637 |  | 63604 |
|  California Resources Corp. | 10538 |  | 481270 |
|  Calumet, Inc.\* | 8827 |  | 139069 |
|  Centrus Energy Corp., Class A (x)\* | 536 |  | 98185 |
|  Clean Energy Fuels Corp.\* | 27691 |  | 53997 |
|  CNX Resources Corp.\* | 22928 |  | 772215 |
|  Comstock Resources, Inc.\* | 3683 |  | 101909 |
|  Core Natural Resources, Inc. | 5600 |  | 390544 |
|  Crescent Energy Co., Class A | 28590 |  | 245874 |
|  DHT Holdings, Inc. | 20554 |  | 222189 |
|  Diversified Energy Co. plc (m) | 8770 |  | 128656 |
|  Dorian LPG Ltd. | 5958 |  | 145256 |
|  Encore Energy Corp. (x)\* | 29058 |  | 83106 |
|  Energy Fuels, Inc. (x)\* | 24589 |  | 141387 |
|  Epsilon Energy Ltd. | 2116 |  | 15616 |
|  Evolution Petroleum Corp. (x) | 1421 |  | 6679 |
|  Excelerate Energy, Inc., Class A | 3759 |  | 110214 |
|  FLEX LNG Ltd. (x) | 4158 |  | 91393 |
|  FutureFuel Corp. | 4174 |  | 16195 |
|  Gevo, Inc. (x)\* | 35998 |  | 47517 |
|  Golar LNG Ltd. (x) | 16051 |  | 661141 |
|  Granite Ridge Resources, Inc. (x) | 8323 |  | 53018 |
|  Green Plains, Inc.\* | 10485 |  | 63225 |
|  Hallador Energy Co.\* | 384 |  | 6079 |
|  HighPeak Energy, Inc. (x) | 2882 |  | 28244 |
|  Infinity Natural Resources, Inc., Class A\* | 1839 |  | 33672 |
|  International Seaways, Inc. | 6445 |  | 235114 |
|  Kinetik Holdings, Inc., Class A | 2000 |  | 88100 |
|  Kolibri Global Energy, Inc.\* | 4189 |  | 28695 |
|  Kosmos Energy Ltd.\* | 75957 |  | 130646 |
|  Magnolia Oil & Gas Corp., Class A | 23692 |  | 532596 |
|  Murphy Oil Corp. | 22034 |  | 495765 |
|  NACCO Industries, Inc., Class A | 667 |  | 29555 |
|  Navigator Holdings Ltd. | 5055 |  | 71528 |
|  New Fortress Energy, Inc. (x)\* | 27103 |  | 89982 |
|  NextNRG, Inc. (x)\* | 1760 |  | 4875 |
|  Nordic American Tankers Ltd. (x) | 32410 |  | 85238 |
|  Northern Oil & Gas, Inc. | 15027 |  | 426015 |
|  Par Pacific Holdings, Inc.\* | 6180 |  | 163955 |
|  PBF Energy, Inc., Class A | 13555 |  | 293737 |
|  Peabody Energy Corp. | 19871 |  | 266669 |
|  Permian Basin Royalty Trust | 25900 |  | 322714 |
|  Prairie Operating Co.\* | 3115 |  | 9329 |
|  PrairieSky Royalty Ltd. | 91000 |  | 1578425 |
|  PrimeEnergy Resources Corp.\* | 92 |  | 13467 |
|  REX American Resources Corp.\* | 1757 |  | 85583 |
|  Riley Exploration Permian, Inc. | 1592 |  | 41758 |
|  SandRidge Energy, Inc. | 5926 |  | 64119 |
|  Scorpio Tankers, Inc. | 7042 |  | 275553 |
|  SFL Corp. Ltd. (x) | 19251 |  | 160361 |
|  Sitio Royalties Corp., Class A | 12445 |  | 228739 |
|  SM Energy Co. | 18456 |  | 456048 |
|  Summit Midstream Corp.\* | 1490 |  | 36550 |
|  Talos Energy, Inc.\* | 19957 |  | 169235 |
|  Teekay Corp. Ltd. | 8451 |  | 69721 |
|  Teekay Tankers Ltd., Class A | 3845 |  | 160413 |
|  Texas Pacific Land Corp. | 40670 |  | 42963381 |
|  Ur-Energy, Inc.\* | 396 |  | 416 |
|  VAALCO Energy, Inc. | 15268 |  | 55117 |
|  Vital Energy, Inc.\* | 4912 |  | 79034 |
|  Vitesse Energy, Inc. (x) | 4499 |  | 99383 |
|  W&T Offshore, Inc. | 15329 |  | 25293 |
|  World Kinect Corp. (x) | 7856 |  | 222718 |
|  |  |  | 54349270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 60527620 |
|  **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** |
|  ***Banks (9.4%)*** | ***Banks (9.4%)*** | ***Banks (9.4%)*** | ***Banks (9.4%)*** |
|  1st Source Corp. | 3072 |  | 190679 |
|  ACNB Corp. | 1607 |  | 68844 |
|  Amalgamated Financial Corp. | 3731 |  | 116407 |
|  Amerant Bancorp, Inc., Class A | 3733 |  | 68053 |
|  Ameris Bancorp | 10560 |  | 683232 |
|  Ames National Corp. | 1585 |  | 28229 |
|  Arrow Financial Corp. | 2678 |  | 70753 |
|  Associated Banc-Corp. | 26805 |  | 653774 |
|  Atlantic Union Bankshares Corp. | 22944 |  | 717688 |
|  Axos Financial, Inc.\* | 7379 |  | 561099 |
|  Banc of California, Inc. | 21017 |  | 295289 |
|  BancFirst Corp. | 381 |  | 47099 |
|  Bank First Corp. | 1272 |  | 149651 |
|  Bank of Hawaii Corp. | 1504 |  | 101565 |
|  Bank of Marin Bancorp | 2669 |  | 60960 |
|  Bank of NT Butterfield & Son Ltd. (The) | 7050 |  | 312174 |
|  Bank7 Corp. | 682 |  | 28528 |
|  BankFinancial Corp. | 839 |  | 9707 |
|  BankUnited, Inc. | 11891 |  | 423201 |
|  Bankwell Financial Group, Inc. | 1119 |  | 40318 |
|  Banner Corp. | 5443 |  | 349168 |
|  Bar Harbor Bankshares | 2604 |  | 78016 |
|  BayCom Corp. | 1683 |  | 46636 |
|  BCB Bancorp, Inc. | 2350 |  | 19787 |
|  Berkshire Hills Bancorp, Inc. | 6744 |  | 168870 |
|  Blue Foundry Bancorp\* | 3343 |  | 31993 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Blue Ridge Bankshares, Inc.\* | 8965 | $32184 |
|  Bridgewater Bancshares, Inc.\* | 2050 | 32615 |
|  Brookline Bancorp, Inc. | 14512 | 153102 |
|  Burke & Herbert Financial Services Corp. | 2211 | 132063 |
|  Business First Bancshares, Inc. | 4418 | 108904 |
|  BV Financial, Inc.\* | 1138 | 17332 |
|  Byline Bancorp, Inc. | 4796 | 128197 |
|  C&F Financial Corp. | 437 | 26976 |
|  Cadence Bank | 27152 | 868321 |
|  California Bancorp\* | 3312 | 52197 |
|  Camden National Corp. | 2765 | 112204 |
|  Capital Bancorp, Inc. | 1432 | 48087 |
|  Capital City Bank Group, Inc. | 2381 | 93692 |
|  Capitol Federal Financial, Inc. | 20418 | 124550 |
|  Carter Bankshares, Inc.\* | 3305 | 57309 |
|  Cathay General Bancorp | 10762 | 489994 |
|  CB Financial Services, Inc. | 572 | 16302 |
|  Central Pacific Financial Corp. | 4251 | 119156 |
|  CF Bankshares, Inc. | 457 | 10954 |
|  Chain Bridge Bancorp, Inc., Class A\* | 264 | 6803 |
|  Chemung Financial Corp. | 550 | 26658 |
|  ChoiceOne Financial Services, Inc. | 2174 | 62394 |
|  Citizens & Northern Corp. | 2339 | 44301 |
|  Citizens Community Bancorp, Inc. | 1069 | 14752 |
|  Citizens Financial Services, Inc. | 726 | 42631 |
|  City Holding Co. | 925 | 113239 |
|  Civista Bancshares, Inc. | 2570 | 59624 |
|  CNB Financial Corp. | 3407 | 77884 |
|  Colony Bankcorp, Inc. | 2941 | 48438 |
|  Columbia Financial, Inc.\* | 4229 | 61363 |
|  Community Financial System, Inc. | 6808 | 387171 |
|  Community Trust Bancorp, Inc. | 2412 | 127643 |
|  Community West Bancshares | 2404 | 46902 |
|  ConnectOne Bancorp, Inc. | 6023 | 139493 |
|  Customers Bancorp, Inc.\* | 4448 | 261276 |
|  CVB Financial Corp. | 21450 | 424496 |
|  Dime Community Bancshares, Inc. | 5452 | 146877 |
|  Eagle Bancorp Montana, Inc. | 914 | 15236 |
|  Eagle Bancorp, Inc. | 3944 | 76829 |
|  Eagle Financial Services, Inc. | 468 | 14330 |
|  Eastern Bankshares, Inc. | 31534 | 481524 |
|  ECB Bancorp, Inc.\* | 756 | 11673 |
|  Enterprise Bancorp, Inc. | 1610 | 63820 |
|  Enterprise Financial Services Corp. | 5900 | 325090 |
|  Equity Bancshares, Inc., Class A | 2755 | 112404 |
|  ESSA Bancorp, Inc. | 1363 | 26442 |
|  Farmers & Merchants Bancorp, Inc. | 2151 | 54377 |
|  Farmers National Banc Corp. | 5833 | 80437 |
|  FB Bancorp, Inc.\* | 2708 | 30465 |
|  FB Financial Corp. | 5690 | 257757 |
|  Fidelity D&D Bancorp, Inc. | 746 | 34316 |
|  Financial Institutions, Inc. | 3109 | 79839 |
|  Finward Bancorp | 357 | 9860 |
|  Finwise Bancorp\* | 377 | 5659 |
|  First Bancorp (Nasdaq Stock Exchange) | 6473 | 285395 |
|  First Bancorp (New York Stock Exchange) | 12306 | 256334 |
|  First Bancorp, Inc. (The) | 1802 | 45789 |
|  First Bank | 3555 | 54996 |
|  First Busey Corp. | 13660 | 312609 |
|  First Business Financial Services, Inc. | 1186 | 60083 |
|  First Capital, Inc. | 430 | 17755 |
|  First Commonwealth Financial Corp. | 16249 | 263721 |
|  First Community Bankshares, Inc. | 2653 | 103918 |
|  First Community Corp. | 637 | 15530 |
|  First Financial Bancorp | 15521 | 376539 |
|  First Financial Corp. | 1744 | 94507 |
|  First Foundation, Inc.\* | 9873 | 50352 |
|  First Internet Bancorp | 734 | 19745 |
|  First Interstate BancSystem, Inc., Class A | 14136 | 407400 |
|  First Merchants Corp. | 9093 | 348262 |
|  First Mid Bancshares, Inc. | 3600 | 134964 |
|  First National Corp. | 897 | 17465 |
|  First Savings Financial Group, Inc. | 716 | 17929 |
|  First United Corp. | 848 | 26296 |
|  First Western Financial, Inc.\* | 923 | 20823 |
|  Firstsun Capital Bancorp\* | 1927 | 66963 |
|  Five Star Bancorp | 1493 | 42610 |
|  Flagstar Financial, Inc. (x) | 48834 | 517640 |
|  Flushing Financial Corp. | 4815 | 57202 |
|  Franklin Financial Services Corp. | 569 | 19702 |
|  FS Bancorp, Inc. | 1116 | 43948 |
|  Fulton Financial Corp. | 28367 | 511741 |
|  FVCBankcorp, Inc.\* | 2837 | 33477 |
|  GBank Financial Holdings, Inc.\* | 1235 | 43731 |
|  German American Bancorp, Inc. | 5599 | 215617 |
|  Glacier Bancorp, Inc. | 14808 | 637929 |
|  Great Southern Bancorp, Inc. | 1371 | 80587 |
|  Greene County Bancorp, Inc. | 259 | 5755 |
|  Guaranty Bancshares, Inc. | 1319 | 55978 |
|  Hancock Whitney Corp. | 14102 | 809455 |
|  Hanmi Financial Corp. | 4661 | 115033 |
|  Hanover Bancorp, Inc. | 536 | 12269 |
|  HarborOne Bancorp, Inc. | 6018 | 70290 |
|  Hawthorn Bancshares, Inc. | 717 | 20893 |
|  HBT Financial, Inc. | 2085 | 52563 |
|  Heritage Commerce Corp. | 9767 | 96986 |
|  Heritage Financial Corp. | 5557 | 132479 |
|  Hilltop Holdings, Inc. | 7461 | 226441 |
|  Hingham Institution For Savings (The) (x) | 248 | 61591 |
|  Home Bancorp, Inc. | 1179 | 61049 |
|  Home BancShares, Inc. | 30311 | 862651 |
|  HomeStreet, Inc.\* | 2767 | 36165 |
|  HomeTrust Bancshares, Inc. | 2476 | 92627 |
|  Hope Bancorp, Inc. | 19369 | 207829 |
|  Horizon Bancorp, Inc. | 7379 | 113489 |
|  Independent Bank Corp. | 3237 | 104911 |
|  Independent Bank Corp./MA | 6880 | 432649 |
|  International Bancshares Corp. | 8038 | 535009 |
|  Investar Holding Corp. | 1716 | 33153 |
|  John Marshall Bancorp, Inc. | 1937 | 35893 |
|  Kearny Financial Corp. | 8894 | 57455 |
|  Lakeland Financial Corp. | 1998 | 122777 |
|  Landmark Bancorp, Inc. | 505 | 13352 |
|  LCNB Corp. | 1923 | 27941 |
|  LINKBANCORP, Inc. | 3194 | 23348 |
|  Live Oak Bancshares, Inc. | 3231 | 96284 |
|  MainStreet Bancshares, Inc. | 852 | 16103 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mercantile Bank Corp. | 2636 | $| 122337 |
|  Meridian Corp. | 976 |  | 12581 |
|  Metrocity Bankshares, Inc. | 1734 |  | 49558 |
|  Metropolitan Bank Holding Corp.\* | 1271 |  | 88970 |
|  Mid Penn Bancorp, Inc. | 3106 |  | 87589 |
|  Middlefield Banc Corp. | 1244 |  | 37457 |
|  Midland States Bancorp, Inc. | 3534 |  | 61209 |
|  MidWestOne Financial Group, Inc. | 3195 |  | 91920 |
|  MVB Financial Corp. | 1905 |  | 42920 |
|  National Bank Holdings Corp., Class A | 6072 |  | 228368 |
|  National Bankshares, Inc. | 962 |  | 26166 |
|  NB Bancorp, Inc.\* | 5775 |  | 103142 |
|  NBT Bancorp, Inc. | 7870 |  | 326999 |
|  Nicolet Bankshares, Inc. | 1578 |  | 194851 |
|  Northeast Bank | 512 |  | 45563 |
|  Northeast Community Bancorp, Inc. | 2148 |  | 49930 |
|  Northfield Bancorp, Inc. | 5746 |  | 65964 |
|  Northpointe Bancshares, Inc. | 1390 |  | 19057 |
|  Northrim Bancorp, Inc. | 470 |  | 43832 |
|  Northwest Bancshares, Inc. | 20487 |  | 261824 |
|  Norwood Financial Corp. | 1150 |  | 29647 |
|  Oak Valley Bancorp | 1174 |  | 31980 |
|  OceanFirst Financial Corp. | 9624 |  | 169479 |
|  OFG Bancorp | 7154 |  | 306191 |
|  Ohio Valley Banc Corp. | 406 |  | 13085 |
|  Old National Bancorp | 46114 |  | 984073 |
|  Old Point Financial Corp. | 345 |  | 13541 |
|  Old Second Bancorp, Inc. | 7290 |  | 129325 |
|  OP Bancorp | 1484 |  | 19277 |
|  Orange County Bancorp, Inc. | 1315 |  | 33980 |
|  Origin Bancorp, Inc. | 4570 |  | 163332 |
|  Orrstown Financial Services, Inc. | 2974 |  | 94662 |
|  Pacific Premier Bancorp, Inc. | 15204 |  | 320652 |
|  Park National Corp. | 2370 |  | 396406 |
|  Parke Bancorp, Inc. | 1834 |  | 37359 |
|  PCB Bancorp | 1944 |  | 40785 |
|  Peapack-Gladstone Financial Corp. | 1809 |  | 51104 |
|  Penns Woods Bancorp, Inc. | 1022 |  | 31028 |
|  Peoples Bancorp of North Carolina, Inc. | 706 |  | 20368 |
|  Peoples Bancorp, Inc. | 5641 |  | 172276 |
|  Peoples Financial Services Corp. | 1209 |  | 59688 |
|  Pioneer Bancorp, Inc.\* | 1697 |  | 20415 |
|  Plumas Bancorp | 877 |  | 38991 |
|  Ponce Financial Group, Inc.\* | 3122 |  | 43208 |
|  Preferred Bank | 1227 |  | 106191 |
|  Primis Financial Corp. | 3294 |  | 35740 |
|  Princeton Bancorp, Inc. | 881 |  | 26906 |
|  Provident Bancorp, Inc.\* | 2276 |  | 28427 |
|  Provident Financial Services, Inc. | 17564 |  | 307897 |
|  QCR Holdings, Inc. | 2689 |  | 182583 |
|  RBB Bancorp | 2731 |  | 47001 |
|  Red River Bancshares, Inc. | 734 |  | 43086 |
|  Renasant Corp. | 15170 |  | 545058 |
|  Republic Bancorp, Inc., Class A | 1417 |  | 103597 |
|  Rhinebeck Bancorp, Inc.\* | 491 |  | 5759 |
|  Richmond Mutual Bancorp, Inc. | 873 |  | 12047 |
|  Riverview Bancorp, Inc. | 2523 |  | 13877 |
|  S&T Bancorp, Inc. | 6108 |  | 231005 |
|  SB Financial Group, Inc. | 777 |  | 14841 |
|  Seacoast Banking Corp. of Florida | 13533 |  | 373781 |
|  Shore Bancshares, Inc. | 4660 |  | 73255 |
|  Sierra Bancorp | 2297 |  | 68198 |
|  Simmons First National Corp., Class A | 20090 |  | 380906 |
|  SmartFinancial, Inc. | 2109 |  | 71242 |
|  Sound Financial Bancorp, Inc. | 212 |  | 9752 |
|  South Plains Financial, Inc. | 2111 |  | 76080 |
|  Southern First Bancshares, Inc.\* | 1229 |  | 46739 |
|  Southern Missouri Bancorp, Inc. | 1512 |  | 82827 |
|  Southern States Bancshares, Inc. | 1326 |  | 48227 |
|  Southside Bancshares, Inc. | 4519 |  | 132994 |
|  SR Bancorp, Inc. | 907 |  | 12245 |
|  Stellar Bancorp, Inc. | 7750 |  | 216845 |
|  Sterling Bancorp, Inc. (r)\* | 3185 |  |  |
|  Stock Yards Bancorp, Inc. | 400 |  | 31592 |
|  Texas Capital Bancshares, Inc.\* | 6436 |  | 511018 |
|  Third Coast Bancshares, Inc.\* | 1953 |  | 63805 |
|  Timberland Bancorp, Inc. | 1332 |  | 41558 |
|  Tompkins Financial Corp. | 2102 |  | 131858 |
|  Towne Bank | 11289 |  | 385858 |
|  TriCo Bancshares | 5007 |  | 202733 |
|  Triumph Financial, Inc.\* | 1962 |  | 108126 |
|  TrustCo Bank Corp. | 2984 |  | 99725 |
|  Trustmark Corp. | 9459 |  | 344875 |
|  UMB Financial Corp. | 10767 |  | 1132258 |
|  United Bankshares, Inc. | 22774 |  | 829657 |
|  United Community Banks, Inc. | 19359 |  | 576705 |
|  United Security Bancshares | 1108 |  | 9584 |
|  Unity Bancorp, Inc. | 808 |  | 38041 |
|  Univest Financial Corp. | 4609 |  | 138454 |
|  USCB Financial Holdings, Inc. | 1203 |  | 19898 |
|  Valley National Bancorp | 59794 |  | 533960 |
|  Veritex Holdings, Inc. | 8636 |  | 225400 |
|  Virginia National Bankshares Corp. | 653 |  | 24161 |
|  WaFd, Inc. | 12146 |  | 355635 |
|  Washington Trust Bancorp, Inc. | 3269 |  | 92447 |
|  WesBanco, Inc. | 14334 |  | 453384 |
|  West Bancorp, Inc. | 2690 |  | 52805 |
|  Westamerica Bancorp | 4106 |  | 198895 |
|  Western New England Bancorp, Inc. | 2371 |  | 21884 |
|  WSFS Financial Corp. | 9162 |  | 503910 |
|  |  |  | 37058260 |
|  ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** |
|  AlTi Global, Inc. (x)\* | 6465 |  | 26830 |
|  Artisan Partners Asset Management, Inc., Class A | 4508 |  | 199840 |
|  Associated Capital Group, Inc., Class A‡ | 53000 |  | 1987500 |
|  Bakkt Holdings, Inc., Class A (x)\* | 100472 |  | 1401584 |
|  Cohen & Steers, Inc. | 378 |  | 28482 |
|  Diamond Hill Investment Group, Inc. | 326 |  | 47371 |
|  DigitalBridge Group, Inc. | 27609 |  | 285753 |
|  Donnelley Financial Solutions, Inc.\* | 1211 |  | 74658 |
|  Fairfax India Holdings Corp. (m)\* | 5000 |  | 92950 |
|  Federated Hermes, Inc., Class B | 7600 |  | 336832 |
|  Forge Global Holdings, Inc. (x)\* | 1628 |  | 30997 |
|  Galaxy Digital, Inc., Class A\* | 25000 |  | 547458 |
|  GAMCO Investors, Inc., Class A | 36600 |  | 883890 |
|  GCM Grosvenor, Inc., Class A (x) | 744 |  | 8601 |
|  Hellenic Exchanges – Athens Stock Exchange SA | 5400 |  | 38102 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Marex Group plc | 1613 | $| 63665 |
|  MarketWise, Inc. (x) | 250 |  | 4947 |
|  Onex Corp. | 1100 |  | 89738 |
|  Open Lending Corp.\* | 15919 |  | 30883 |
|  OTC Markets Group, Inc., Class A | 100 |  | 5700 |
|  Siebert Financial Corp.\* | 1863 |  | 8234 |
|  Silvercrest Asset Management Group, Inc., Class A | 1536 |  | 24361 |
|  Urbana Corp. | 18400 |  | 84856 |
|  Urbana Corp. (Non-Voting) | 20800 |  | 97146 |
|  Virtus Investment Partners, Inc. | 1056 |  | 191558 |
|  Westwood Holdings Group, Inc. | 717 |  | 11185 |
|  |  |  | 6603121 |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** |
|  Atlanticus Holdings Corp.\* | 804 |  | 44019 |
|  Bread Financial Holdings, Inc. | 5975 |  | 341292 |
|  Consumer Portfolio Services, Inc.\* | 1457 |  | 14322 |
|  Encore Capital Group, Inc.\* | 3798 |  | 147021 |
|  Green Dot Corp., Class A\* | 8623 |  | 92956 |
|  LendingClub Corp.\* | 18123 |  | 218020 |
|  LendingTree, Inc.\* | 147 |  | 5449 |
|  Medallion Financial Corp. | 2861 |  | 27265 |
|  Navient Corp. | 11946 |  | 168439 |
|  Nelnet, Inc., Class A | 2276 |  | 275669 |
|  Oportun Financial Corp.\* | 5299 |  | 37941 |
|  PRA Group, Inc.\* | 6326 |  | 93308 |
|  PROG Holdings, Inc. | 6517 |  | 191274 |
|  Regional Management Corp. | 1217 |  | 35549 |
|  Vroom, Inc.\* | 173 |  | 4932 |
|  World Acceptance Corp.\* | 542 |  | 89495 |
|  |  |  | 1786951 |
|  ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** |
|  Acacia Research Corp.\* | 5621 |  | 20123 |
|  Alerus Financial Corp. | 3637 |  | 78705 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 4644 |  | 187153 |
|  Better Home & Finance Holding Co.\* | 689 |  | 8537 |
|  Burford Capital Ltd. | 11555 |  | 164774 |
|  Cannae Holdings, Inc. | 9248 |  | 192821 |
|  Cass Information Systems, Inc. | 403 |  | 17510 |
|  Compass Diversified Holdings | 10824 |  | 67975 |
|  Enact Holdings, Inc. | 4687 |  | 174122 |
|  Essent Group Ltd. | 16024 |  | 973138 |
|  Federal Agricultural Mortgage Corp., Class C | 157 |  | 30502 |
|  Finance of America Cos., Inc., Class A\* | 706 |  | 16464 |
|  Flywire Corp.\* | 1835 |  | 21469 |
|  HA Sustainable Infrastructure Capital, Inc. (x) | 19687 |  | 528793 |
|  Jackson Financial, Inc., Class A | 11154 |  | 990364 |
|  loanDepot, Inc., Class A\* | 12314 |  | 15639 |
|  Marqeta, Inc., Class A\* | 33551 |  | 195602 |
|  Merchants Bancorp | 4157 |  | 137472 |
|  Mr Cooper Group, Inc.\* | 275 |  | 41033 |
|  NewtekOne, Inc. | 4524 |  | 51031 |
|  NMI Holdings, Inc., Class A\* | 12616 |  | 532269 |
|  Onity Group, Inc.\* | 1007 |  | 38437 |
|  Pagseguro Digital Ltd., Class A | 11059 |  | 106609 |
|  Paysafe Ltd. (x)\* | 5160 |  | 65119 |
|  PennyMac Financial Services, Inc. | 4686 |  | 466913 |
|  Radian Group, Inc. | 22820 |  | 821976 |
|  Repay Holdings Corp., Class A\* | 12877 |  | 62067 |
|  Security National Financial Corp., Class A\* | 1988 |  | 19582 |
|  Sezzle, Inc.\* | 209 |  | 37463 |
|  SWK Holdings Corp. | 665 |  | 9802 |
|  Triller Group, Inc.\* | 12245 |  | 11394 |
|  Velocity Financial, Inc.\* | 1829 |  | 33910 |
|  Walker & Dunlop, Inc. | 5271 |  | 371500 |
|  Waterstone Financial, Inc. | 2642 |  | 36486 |
|  |  |  | 6526754 |
|  ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** |
|  Ambac Financial Group, Inc.\* | 7704 |  | 54698 |
|  American Coastal Insurance Corp. | 2090 |  | 23241 |
|  AMERISAFE, Inc. | 1498 |  | 65508 |
|  Citizens, Inc., Class A\* | 6843 |  | 23882 |
|  CNO Financial Group, Inc. | 16333 |  | 630127 |
|  Donegal Group, Inc., Class A | 2808 |  | 56230 |
|  eHealth, Inc.\* | 4484 |  | 19505 |
|  Employers Holdings, Inc. | 3815 |  | 179992 |
|  Enstar Group Ltd.\* | 1937 |  | 651529 |
|  F&G Annuities & Life, Inc. | 3216 |  | 102848 |
|  Fairfax Financial Holdings Ltd. | 4 |  | 7226 |
|  Fidelis Insurance Holdings Ltd. | 9705 |  | 160909 |
|  Genworth Financial, Inc., Class A\* | 67240 |  | 523127 |
|  GoHealth, Inc., Class A\* | 670 |  | 3719 |
|  Goosehead Insurance, Inc., Class A | 797 |  | 84091 |
|  Greenlight Capital Re Ltd., Class A\* | 4641 |  | 66691 |
|  Hamilton Insurance Group Ltd., Class B\* | 7362 |  | 159166 |
|  Heritage Insurance Holdings, Inc.\* | 879 |  | 21922 |
|  Hippo Holdings, Inc.\* | 1363 |  | 38069 |
|  Horace Mann Educators Corp. | 6622 |  | 284547 |
|  Investors Title Co. (x) | 211 |  | 44584 |
|  James River Group Holdings Ltd. | 6095 |  | 35717 |
|  Kestrel Group Ltd. | 149 |  | 3951 |
|  MBIA, Inc.\* | 6796 |  | 29495 |
|  Mercury General Corp. | 4350 |  | 292929 |
|  NI Holdings, Inc.\* | 873 |  | 11122 |
|  ProAssurance Corp.\* | 8132 |  | 185654 |
|  Safety Insurance Group, Inc. | 2409 |  | 191251 |
|  Selective Insurance Group, Inc. | 1211 |  | 104933 |
|  Selectquote, Inc.\* | 7163 |  | 17048 |
|  SiriusPoint Ltd.\* | 11821 |  | 241030 |
|  Stewart Information Services Corp. | 4497 |  | 292755 |
|  Tiptree, Inc., Class A | 2842 |  | 67014 |
|  United Fire Group, Inc. | 3481 |  | 99905 |
|  Universal Insurance Holdings, Inc. | 3216 |  | 89180 |
|  White Mountains Insurance Group Ltd. | 2294 |  | 4119382 |
|  |  |  | 8982977 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 860 |  | 15428 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 3065 |  | 13731 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 4328 |  | 32676 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 1402 | $| 13207 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 12369 |  | 119732 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 26505 |  | 283604 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 8387 |  | 40006 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 13296 |  | 223506 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 26769 |  | 515303 |
|  BrightSpire Capital, Inc. (REIT), Class A (x) | 21125 |  | 106681 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 2856 |  | 39870 |
|  Chimera Investment Corp. (REIT) | 13313 |  | 184651 |
|  Claros Mortgage Trust, Inc. (REIT) | 15453 |  | 44041 |
|  Dynex Capital, Inc. (REIT) (x) | 16930 |  | 206885 |
|  Ellington Financial, Inc. (REIT) (x) | 14728 |  | 191317 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 12911 |  | 138019 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 11298 |  | 88576 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 9172 |  | 80438 |
|  Ladder Capital Corp. (REIT) | 18671 |  | 200713 |
|  Lument Finance Trust, Inc. (REIT) | 4399 |  | 9722 |
|  MFA Financial, Inc. (REIT) | 16525 |  | 156327 |
|  New York Mortgage Trust, Inc. (REIT) | 14323 |  | 95964 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1397 |  | 19265 |
|  Orchid Island Capital, Inc. (REIT) (x) | 17011 |  | 119247 |
|  PennyMac Mortgage Investment Trust (REIT) | 14194 |  | 182535 |
|  Ready Capital Corp. (REIT) (x) | 26558 |  | 116058 |
|  Redwood Trust, Inc. (REIT) | 21187 |  | 125215 |
|  Rithm Property Trust, Inc. (REIT) | 5221 |  | 14097 |
|  Seven Hills Realty Trust (REIT) | 1860 |  | 22450 |
|  Sunrise Realty Trust, Inc. (REIT) | 1623 |  | 17204 |
|  TPG RE Finance Trust, Inc. (REIT) | 11131 |  | 85931 |
|  Two Harbors Investment Corp. (REIT) | 9307 |  | 100236 |
|  |  |  | 3602635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 64560698 |
|  **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** |
|  ***Biotechnology (1.9%)*** | ***Biotechnology (1.9%)*** | ***Biotechnology (1.9%)*** | ***Biotechnology (1.9%)*** |
|  4D Molecular Therapeutics, Inc.\* | 6335 |  | 23503 |
|  89bio, Inc.\* | 13288 |  | 130488 |
|  Abeona Therapeutics, Inc.\* | 1005 |  | 5708 |
|  Absci Corp.(x)\* | 3276 |  | 8419 |
|  Acrivon Therapeutics, Inc.\* | 278 |  | 331 |
|  Adverum Biotechnologies, Inc.\* | 305 |  | 656 |
|  Agenus, Inc.\* | 167 |  | 763 |
|  Agios Pharmaceuticals, Inc.\* | 9172 |  | 305061 |
|  Akebia Therapeutics, Inc.\* | 35711 |  | 129988 |
|  Aldeyra Therapeutics, Inc.\* | 2162 |  | 8280 |
|  Alector, Inc.\* | 11039 |  | 15455 |
|  Alkermes plc\* | 6567 |  | 187882 |
|  Allogene Therapeutics, Inc. (x)\* | 23989 |  | 27108 |
|  Anika Therapeutics, Inc.\* | 1724 |  | 18240 |
|  Annexon, Inc.\* | 15735 |  | 37764 |
|  Applied Therapeutics, Inc. (x)\* | 1410 |  | 439 |
|  Arbutus Biopharma Corp. (x)\* | 1625 |  | 5021 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 2488 |  | 32369 |
|  Arcus Biosciences, Inc.\* | 2905 |  | 23647 |
|  Artiva Biotherapeutics, Inc. (x)\* | 220 |  | 332 |
|  Astria Therapeutics, Inc.\* | 6684 |  | 35826 |
|  Atossa Therapeutics, Inc.\* | 365 |  | 303 |
|  aTyr Pharma, Inc.\* | 998 |  | 5060 |
|  Aura Biosciences, Inc. (x)\* | 4547 |  | 28464 |
|  Avidity Biosciences, Inc.\* | 1497 |  | 42515 |
|  Bicara Therapeutics, Inc. (x)\* | 5119 |  | 47556 |
|  C4 Therapeutics, Inc. (x)\* | 747 |  | 1068 |
|  Cabaletta Bio, Inc.\* | 191 |  | 290 |
|  Candel Therapeutics, Inc.\* | 1214 |  | 6143 |
|  Cardiff Oncology, Inc. (x)\* | 5879 |  | 18519 |
|  Cargo Therapeutics, Inc.\* | 4983 |  | 20530 |
|  Caribou Biosciences, Inc. (x)\* | 1195 |  | 1506 |
|  Cartesian Therapeutics, Inc. (x)\* | 1175 |  | 12208 |
|  Celcuity, Inc.\* | 220 |  | 2937 |
|  Celldex Therapeutics, Inc.\* | 10493 |  | 213533 |
|  Century Therapeutics, Inc. (x)\* | 960 |  | 536 |
|  Cibus, Inc., Class A (x)\* | 539 |  | 744 |
|  Cidara Therapeutics, Inc. (x)\* | 2702 |  | 131614 |
|  Climb Bio, Inc.\* | 420 |  | 521 |
|  Cogent Biosciences, Inc.\* | 987 |  | 7087 |
|  Coherus Oncology, Inc.\* | 11956 |  | 8743 |
|  Compass Therapeutics, Inc.\* | 7611 |  | 19789 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 150 |  | 1035 |
|  CRISPR Therapeutics AG (x)\* | 10090 |  | 490778 |
|  Cullinan Therapeutics, Inc.\* | 8099 |  | 60985 |
|  Cytokinetics, Inc.\* | 16781 |  | 554444 |
|  Day One Biopharmaceuticals, Inc.\* | 10822 |  | 70343 |
|  Denali Therapeutics, Inc.\* | 20051 |  | 280513 |
|  Design Therapeutics, Inc. (x)\* | 4551 |  | 15337 |
|  Dianthus Therapeutics, Inc.\* | 2919 |  | 54381 |
|  Dyne Therapeutics, Inc.\* | 10249 |  | 97570 |
|  Editas Medicine, Inc.\* | 13120 |  | 28864 |
|  Eledon Pharmaceuticals, Inc.\* | 8452 |  | 22905 |
|  Elevation Oncology, Inc.\* | 829 |  | 304 |
|  Emergent BioSolutions, Inc.\* | 7859 |  | 50140 |
|  Enanta Pharmaceuticals, Inc.\* | 3132 |  | 23678 |
|  Entrada Therapeutics, Inc.\* | 4555 |  | 30610 |
|  Erasca, Inc.\* | 29049 |  | 36892 |
|  Fate Therapeutics, Inc.\* | 14769 |  | 16541 |
|  Fennec Pharmaceuticals, Inc.\* | 2612 |  | 21680 |
|  Foghorn Therapeutics, Inc.\* | 1449 |  | 6810 |
|  Generation Bio Co.\* | 2248 |  | 720 |
|  GRAIL, Inc. (x)\* | 4620 |  | 237560 |
|  Heron Therapeutics, Inc. (x)\* | 21678 |  | 44873 |
|  Humacyte, Inc. (x)\* | 15208 |  | 31785 |
|  Ideaya Biosciences, Inc.\* | 13425 |  | 282194 |
|  ImmunityBio, Inc. (x)\* | 6800 |  | 17952 |
|  Inhibikase Therapeutics, Inc.\* | 7439 |  | 14506 |
|  Inhibrx Biosciences, Inc. (x)\* | 1425 |  | 20335 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 346 |  | 704 |
|  Intellia Therapeutics, Inc.\* | 16528 |  | 155033 |
|  Invivyd, Inc. (x)\* | 2840 |  | 2031 |
|  Iovance Biotherapeutics, Inc. (x)\* | 40893 |  | 70336 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 4808 |  | 3448 |
|  iTeos Therapeutics, Inc.\* | 4663 |  | 46490 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Jade Biosciences, Inc. | 4081 | $| 40769 |
|  Janux Therapeutics, Inc.\* | 4274 |  | 98729 |
|  Keros Therapeutics, Inc.\* | 5408 |  | 72197 |
|  Kodiak Sciences, Inc.\* | 5573 |  | 20787 |
|  Korro Bio, Inc. (x)\* | 1129 |  | 14101 |
|  Kura Oncology, Inc.\* | 12584 |  | 72610 |
|  Kyverna Therapeutics, Inc. (x)\* | 96 |  | 295 |
|  Larimar Therapeutics, Inc.\* | 6605 |  | 19088 |
|  Lexeo Therapeutics, Inc.\* | 3684 |  | 14810 |
|  MeiraGTx Holdings plc (x)\* | 1498 |  | 9767 |
|  Mersana Therapeutics, Inc.\* | 2409 |  | 713 |
|  Metsera, Inc. (x)\* | 1298 |  | 36928 |
|  Monte Rosa Therapeutics, Inc.\* | 6884 |  | 31047 |
|  Myriad Genetics, Inc.\* | 14599 |  | 77521 |
|  Neurogene, Inc. (x)\* | 1552 |  | 23202 |
|  Nkarta, Inc.\* | 7802 |  | 12951 |
|  Novavax, Inc. (x)\* | 4420 |  | 27846 |
|  Nurix Therapeutics, Inc.\* | 12073 |  | 137511 |
|  Olema Pharmaceuticals, Inc. (x)\* | 9469 |  | 40338 |
|  ORIC Pharmaceuticals, Inc.\* | 5290 |  | 53694 |
|  Oruka Therapeutics, Inc. | 3821 |  | 42833 |
|  Outlook Therapeutics, Inc. (x)\* | 188 |  | 301 |
|  Perspective Therapeutics, Inc.\* | 9361 |  | 32202 |
|  Praxis Precision Medicines, Inc.\* | 2620 |  | 110171 |
|  Precigen, Inc.\* | 2841 |  | 4034 |
|  Prelude Therapeutics, Inc.\* | 680 |  | 550 |
|  Prime Medicine, Inc. (x)\* | 9086 |  | 22442 |
|  ProKidney Corp., Class A (x)\* | 449 |  | 266 |
|  Protara Therapeutics, Inc.\* | 4884 |  | 14799 |
|  Prothena Corp. plc\* | 5651 |  | 34302 |
|  PTC Therapeutics, Inc.\* | 2342 |  | 114383 |
|  Puma Biotechnology, Inc.\* | 6702 |  | 22988 |
|  Pyxis Oncology, Inc.\* | 719 |  | 791 |
|  Q32 Bio, Inc. (x)\* | 226 |  | 337 |
|  REGENXBIO, Inc.\* | 7624 |  | 62593 |
|  Relay Therapeutics, Inc.\* | 21589 |  | 74698 |
|  Renovaro, Inc. (x)\* | 1879 |  | 543 |
|  Replimune Group, Inc.\* | 10391 |  | 96532 |
|  Revolution Medicines, Inc.\* | 442 |  | 16261 |
|  Rezolute, Inc.\* | 1388 |  | 6190 |
|  Rocket Pharmaceuticals, Inc.\* | 11330 |  | 27759 |
|  Sage Therapeutics, Inc.\* | 9152 |  | 83466 |
|  Sana Biotechnology, Inc.\* | 18860 |  | 51488 |
|  Scholar Rock Holding Corp.\* | 1073 |  | 38006 |
|  Shattuck Labs, Inc. (x)\* | 498 |  | 394 |
|  Skye Bioscience, Inc.\* | 326 |  | 1363 |
|  Solid Biosciences, Inc. (x)\* | 10479 |  | 51033 |
|  Spyre Therapeutics, Inc.\* | 2717 |  | 40674 |
|  Sutro Biopharma, Inc.\* | 1170 |  | 835 |
|  Syndax Pharmaceuticals, Inc.\* | 910 |  | 8522 |
|  Tango Therapeutics, Inc. (x)\* | 11862 |  | 60733 |
|  Tectonic Therapeutic, Inc.\* | 1303 |  | 25891 |
|  Tenaya Therapeutics, Inc.\* | 1565 |  | 957 |
|  Tevogen Bio Holdings, Inc.\* | 2420 |  | 3025 |
|  Tonix Pharmaceuticals Holding Corp. (x)\* | 910 |  | 32742 |
|  Tourmaline Bio, Inc.\* | 3119 |  | 49873 |
|  Travere Therapeutics, Inc.\* | 982 |  | 14534 |
|  TriSalus Life Sciences, Inc.\* | 1361 |  | 7417 |
|  Tyra Biosciences, Inc.\* | 3788 |  | 36251 |
|  Upstream Bio, Inc. (x)\* | 5520 |  | 60610 |
|  UroGen Pharma Ltd. (x)\* | 1133 |  | 15522 |
|  Vanda Pharmaceuticals, Inc.\* | 8709 |  | 41106 |
|  Vaxcyte, Inc.\* | 20214 |  | 657157 |
|  Verastem, Inc. (x)\* | 3215 |  | 13342 |
|  Verve Therapeutics, Inc.\* | 11057 |  | 124170 |
|  Vir Biotechnology, Inc.\* | 14650 |  | 73836 |
|  Viridian Therapeutics, Inc.\* | 2396 |  | 33496 |
|  Voyager Therapeutics, Inc.\* | 6727 |  | 20921 |
|  Werewolf Therapeutics, Inc.\* | 524 |  | 571 |
|  XBiotech, Inc. (x)\* | 166 |  | 493 |
|  Xencor, Inc.\* | 11275 |  | 88622 |
|  XOMA Royalty Corp.\* | 466 |  | 11743 |
|  Zenas Biopharma, Inc. (x)\* | 2509 |  | 24312 |
|  Zentalis Pharmaceuticals, Inc.\* | 1404 |  | 1629 |
|  |  |  | 7523336 |
|  ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** |
|  AngioDynamics, Inc.\* | 4948 |  | 49084 |
|  Artivion, Inc.\* | 1170 |  | 36387 |
|  Avanos Medical, Inc.\* | 7513 |  | 91959 |
|  Beta Bionics, Inc.\* | 285 |  | 4150 |
|  CONMED Corp. | 4995 |  | 260140 |
|  Embecta Corp. | 8344 |  | 80853 |
|  Enovis Corp.\* | 9152 |  | 287007 |
|  Fractyl Health, Inc.\* | 223 |  | 361 |
|  ICU Medical, Inc.\* | 988 |  | 130564 |
|  Inmode Ltd.\* | 486 |  | 7018 |
|  Inogen, Inc.\* | 3903 |  | 27438 |
|  Integra LifeSciences Holdings Corp.\* | 10748 |  | 131878 |
|  Kestra Medical Technologies Ltd.\* | 334 |  | 5538 |
|  LivaNova plc\* | 8773 |  | 394960 |
|  Lucid Diagnostics, Inc.\* | 5053 |  | 5811 |
|  Merit Medical Systems, Inc.\* | 640 |  | 59827 |
|  Neogen Corp.\* | 35196 |  | 168237 |
|  Omnicell, Inc.\* | 7568 |  | 222499 |
|  OraSure Technologies, Inc.\* | 12421 |  | 37263 |
|  Orthofix Medical, Inc.\* | 6103 |  | 68048 |
|  OrthoPediatrics Corp.\* | 2134 |  | 45838 |
|  Outset Medical, Inc.\* | 1279 |  | 24570 |
|  QuidelOrtho Corp. (x)\* | 6140 |  | 176955 |
|  Semler Scientific, Inc. (x)\* | 1124 |  | 43544 |
|  STAAR Surgical Co. (x)\* | 1140 |  | 19129 |
|  Tactile Systems Technology, Inc.\* | 3841 |  | 38948 |
|  Utah Medical Products, Inc. | 385 |  | 21914 |
|  Varex Imaging Corp.\* | 6366 |  | 55193 |
|  Zimvie, Inc.\* | 4502 |  | 42094 |
|  |  |  | 2537207 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  AdaptHealth Corp., Class A\* | 14867 |  | 140196 |
|  Addus HomeCare Corp.\* | 1503 |  | 173131 |
|  AirSculpt Technologies, Inc. (x)\* | 1145 |  | 5530 |
|  AMN Healthcare Services, Inc.\* | 6138 |  | 126873 |
|  Ardent Health, Inc.\* | 3435 |  | 46922 |
|  Aveanna Healthcare Holdings, Inc.\* | 1661 |  | 8687 |
|  Brookdale Senior Living, Inc.\* | 4201 |  | 29239 |
|  Castle Biosciences, Inc.\* | 4555 |  | 93013 |
|  Community Health Systems, Inc. (x)\* | 8685 |  | 29529 |
|  Concentra Group Holdings Parent, Inc. | 1193 |  | 24540 |
|  Cross Country Healthcare, Inc.\* | 5301 |  | 69178 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  DocGo, Inc.\* | 13420 | $| 21069 |
|  Enhabit, Inc.\* | 7880 |  | 75963 |
|  Fulgent Genetics, Inc.\* | 3235 |  | 64312 |
|  Innovage Holding Corp.\* | 1749 |  | 6454 |
|  LifeStance Health Group, Inc.\* | 9694 |  | 50118 |
|  ModivCare, Inc. (x)\* | 206 |  | 643 |
|  Nano-X Imaging Ltd. (x)\* | 7749 |  | 40062 |
|  National HealthCare Corp. | 2015 |  | 215625 |
|  NeoGenomics, Inc.\* | 19091 |  | 139555 |
|  OPKO Health, Inc. (x)\* | 57713 |  | 76181 |
|  Owens & Minor, Inc.\* | 12110 |  | 110201 |
|  PACS Group, Inc.\* | 483 |  | 6240 |
|  Pediatrix Medical Group, Inc.\* | 13871 |  | 199049 |
|  Performant Healthcare, Inc.\* | 2507 |  | 10028 |
|  Premier, Inc., Class A | 14645 |  | 321165 |
|  Quipt Home Medical Corp.\* | 708 |  | 1267 |
|  RadNet, Inc.\* | 1979 |  | 112625 |
|  SBC Medical Group Holdings, Inc.\* | 1379 |  | 6399 |
|  Select Medical Holdings Corp. | 17919 |  | 272011 |
|  Sonida Senior Living, Inc. (x)\* | 233 |  | 5813 |
|  Surgery Partners, Inc.\* | 12493 |  | 277719 |
|  US Physical Therapy, Inc. | 895 |  | 69989 |
|  |  |  | 2829326 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Definitive Healthcare Corp., Class A\* | 6049 |  | 23591 |
|  Evolent Health, Inc., Class A\* | 12693 |  | 142923 |
|  Health Catalyst, Inc.\* | 10673 |  | 40237 |
|  HealthStream, Inc. | 2299 |  | 63613 |
|  LifeMD, Inc.\* | 2005 |  | 27308 |
|  Teladoc Health, Inc.\* | 22780 |  | 198414 |
|  Waystar Holding Corp.\* | 2296 |  | 93838 |
|  |  |  | 589924 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  10X Genomics, Inc., Class A (x)\* | 12487 |  | 144599 |
|  Azenta, Inc.\* | 5780 |  | 177908 |
|  Codexis, Inc.\* | 3238 |  | 7901 |
|  CryoPort, Inc.\* | 5936 |  | 44283 |
|  Cytek Biosciences, Inc.\* | 18930 |  | 64362 |
|  Fortrea Holdings, Inc.\* | 14668 |  | 72460 |
|  Harvard Bioscience, Inc. (x)\* | 1081 |  | 480 |
|  Lifecore Biomedical, Inc. (x)\* | 1428 |  | 11595 |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 19381 |  | 46708 |
|  MaxCyte, Inc.\* | 17325 |  | 37768 |
|  Nautilus Biotechnology, Inc., Class A\* | 1293 |  | 937 |
|  OmniAb, Inc. (Earn Out Shares) (r)(x)\* | 1612 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 11878 |  | 20668 |
|  Pacific Biosciences of California, Inc. (x)\* | 44167 |  | 54767 |
|  Personalis, Inc.\* | 6339 |  | 41584 |
|  Quanterix Corp. (x)\* | 5844 |  | 38863 |
|  Quantum-Si, Inc. (x)\* | 22900 |  | 44884 |
|  Standard BioTools, Inc. (x)\* | 46998 |  | 56398 |
|  |  |  | 866165 |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** |
|  Aardvark Therapeutics, Inc.\* | 281 |  | 3799 |
|  Aclaris Therapeutics, Inc.\* | 13682 |  | 19428 |
|  Alto Neuroscience, Inc. (x)\* | 248 |  | 546 |
|  Alumis, Inc. (x)\* | 6622 |  | 19866 |
|  Amneal Pharmaceuticals, Inc.\* | 3250 |  | 26292 |
|  Amphastar Pharmaceuticals, Inc.\* | 5537 |  | 127129 |
|  Amylyx Pharmaceuticals, Inc.\* | 2238 |  | 14346 |
|  Aquestive Therapeutics, Inc. (x)\* | 8057 |  | 26669 |
|  Arvinas, Inc.\* | 9458 |  | 69611 |
|  Atea Pharmaceuticals, Inc.\* | 13393 |  | 48215 |
|  BioAge Labs, Inc. (x)\* | 3682 |  | 15207 |
|  Biote Corp., Class A\* | 2864 |  | 11513 |
|  Esperion Therapeutics, Inc. (x)\* | 22418 |  | 22068 |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 9856 |  | 92745 |
|  Fulcrum Therapeutics, Inc.\* | 7879 |  | 54208 |
|  Indivior plc (x)\* | 2590 |  | 38177 |
|  Innoviva, Inc.\* | 1318 |  | 26479 |
|  Ligand Pharmaceuticals, Inc.\* | 2733 |  | 310687 |
|  Maze Therapeutics, Inc. (x)\* | 1224 |  | 15018 |
|  MBX Biosciences, Inc.\* | 2365 |  | 26985 |
|  Mind Medicine MindMed, Inc. (x)\* | 8231 |  | 53419 |
|  Nektar Therapeutics\* | 129 |  | 3333 |
|  Nuvation Bio, Inc. (x)\* | 36679 |  | 71524 |
|  Omeros Corp. (x)\* | 1485 |  | 4455 |
|  Pacira BioSciences, Inc.\* | 6871 |  | 164217 |
|  Phathom Pharmaceuticals, Inc.\* | 4920 |  | 47183 |
|  Pliant Therapeutics, Inc.\* | 2079 |  | 2412 |
|  Prestige Consumer Healthcare, Inc.\* | 6516 |  | 520303 |
|  Rapport Therapeutics, Inc. (x)\* | 2748 |  | 31245 |
|  Septerna, Inc. (x)\* | 3392 |  | 35853 |
|  SIGA Technologies, Inc. | 1760 |  | 11475 |
|  Supernus Pharmaceuticals, Inc.\* | 7962 |  | 250962 |
|  Telomir Pharmaceuticals, Inc.\* | 197 |  | 246 |
|  Terns Pharmaceuticals, Inc.\* | 12100 |  | 45133 |
|  Theravance Biopharma, Inc.\* | 1397 |  | 15409 |
|  Third Harmonic Bio, Inc.\* | 4365 |  | 23702 |
|  Tvardi Therapeutics, Inc.\* | 458 |  | 10685 |
|  Ventyx Biosciences, Inc.\* | 755 |  | 1616 |
|  Veru, Inc. (x)\* | 670 |  | 390 |
|  WaVe Life Sciences Ltd.\* | 2202 |  | 14313 |
|  |  |  | 2276863 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 16622821 |
|  **Industrials (15.7%)** | **Industrials (15.7%)** | **Industrials (15.7%)** | **Industrials (15.7%)** |
|  ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** |
|  AAR Corp.\* | 4317 |  | 296966 |
|  AerSale Corp.\* | 5761 |  | 34624 |
|  Astronics Corp.\* | 457 |  | 15300 |
|  Ducommun, Inc.\* | 2195 |  | 181373 |
|  Intuitive Machines, Inc. (x)\* | 16537 |  | 179757 |
|  Mercury Systems, Inc.\* | 6475 |  | 348744 |
|  National Presto Industries, Inc. | 847 |  | 82972 |
|  Park Aerospace Corp. | 1489 |  | 21993 |
|  Satellogic, Inc., Class A (x)\* | 2215 |  | 8018 |
|  Triumph Group, Inc.\* | 7327 |  | 188670 |
|  V2X, Inc.\* | 2517 |  | 122200 |
|  |  |  | 1480617 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp. (x)\* | 2262 |  | 55510 |
|  Hub Group, Inc., Class A | 9584 |  | 320393 |
|  Radiant Logistics, Inc.\* | 4987 |  | 30321 |
|  |  |  | 406224 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  American Woodmark Corp.\* | 2399 | $128035 |
|  Apogee Enterprises, Inc. | 3400 | 138040 |
|  Caesarstone Ltd.\* | 394 | 776 |
|  Gibraltar Industries, Inc.\* | 4771 | 281489 |
|  Insteel Industries, Inc. | 1382 | 51424 |
|  Janus International Group, Inc.\* | 13635 | 110989 |
|  JELD-WEN Holding, Inc.\* | 13575 | 53214 |
|  Masterbrand, Inc.\* | 20467 | 223704 |
|  Quanex Building Products Corp. | 7599 | 143621 |
|  Resideo Technologies, Inc.\* | 23976 | 528911 |
|  UFP Industries, Inc. | 9197 | 913814 |
|  |  | 2574017 |
|  ***Commercial Services & Supplies (3.3%)*** | ***Commercial Services & Supplies (3.3%)*** | ***Commercial Services & Supplies (3.3%)*** |
|  ABM Industries, Inc. | 10003 | 472242 |
|  ACCO Brands Corp. | 14278 | 51115 |
|  Acme United Corp. | 403 | 16704 |
|  BrightView Holdings, Inc.\* | 9661 | 160856 |
|  Cimpress plc\* | 1901 | 89347 |
|  Civeo Corp. (x) | 185000 | 4271650 |
|  CoreCivic, Inc.\* | 14714 | 310024 |
|  Deluxe Corp. | 7132 | 113470 |
|  Ennis, Inc. | 3636 | 65957 |
|  Enviri Corp.\* | 12568 | 109090 |
|  Healthcare Services Group, Inc.\* | 6492 | 97575 |
|  HNI Corp. | 3224 | 158556 |
|  Interface, Inc., Class A | 8430 | 176440 |
|  MillerKnoll, Inc. | 11268 | 218825 |
|  Mobile Infrastructure Corp., Class A\* | 1561 | 7071 |
|  Montrose Environmental Group, Inc.\* | 5194 | 113697 |
|  NL Industries, Inc. | 958 | 6131 |
|  OPENLANE, Inc.\* | 101224 | 2474927 |
|  Perma-Fix Environmental Services, Inc.\* | 2135 | 22460 |
|  Pitney Bowes, Inc. | 12931 | 141077 |
|  Quad/Graphics, Inc. | 1973 | 11148 |
|  RB Global, Inc. | 30696 | 3259608 |
|  Steelcase, Inc., Class A | 13998 | 145999 |
|  UniFirst Corp. | 2442 | 459633 |
|  Vestis Corp. | 18509 | 106057 |
|  Virco Mfg. Corp. | 1445 | 11531 |
|  VSE Corp. | 462 | 60513 |
|  |  | 13131703 |
|  ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** | ***Construction & Engineering (0.7%)*** |
|  Ameresco, Inc., Class A (x)\* | 5192 | 78866 |
|  Arcosa, Inc. | 5659 | 490692 |
|  Bowman Consulting Group Ltd., Class A\* | 206 | 5923 |
|  Concrete Pumping Holdings, Inc. | 3274 | 20135 |
|  Fluor Corp.\* | 26932 | 1380804 |
|  Granite Construction, Inc. (x) | 996 | 93136 |
|  Great Lakes Dredge & Dock Corp.\* | 10450 | 127386 |
|  Matrix Service Co.\* | 3471 | 46893 |
|  NWPX Infrastructure, Inc.\* | 1539 | 63114 |
|  Orion Group Holdings, Inc.\* | 4832 | 43826 |
|  Primoris Services Corp. | 586 | 45673 |
|  Southland Holdings, Inc. (x)\* | 1774 | 7415 |
|  Tutor Perini Corp.\* | 7167 | 335272 |
|  |  | 2739135 |
|  ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** |
|  Allient, Inc. | 2142 | 77776 |
|  Array Technologies, Inc.\* | 19078 | 112560 |
|  Atkore, Inc. | 5547 | 391341 |
|  Blink Charging Co. (x)\* | 932 | 876 |
|  Complete Solaria, Inc.\* | 6296 | 11585 |
|  Energy Vault Holdings, Inc.\* | 811 | 581 |
|  EnerSys | 5948 | 510160 |
|  Fluence Energy, Inc., Class A\* | 2300 | 15433 |
|  FuelCell Energy, Inc. (x)\* | 56 | 314 |
|  GrafTech International Ltd. (x)\* | 403 | 392 |
|  Hyliion Holdings Corp. (x)\* | 22146 | 29233 |
|  LSI Industries, Inc. | 1204 | 20480 |
|  NANO Nuclear Energy, Inc. (x)\* | 288 | 9933 |
|  Net Power, Inc. (x)\* | 5646 | 13946 |
|  NEXTracker, Inc., Class A\* | 4583 | 249178 |
|  Plug Power, Inc. (x)\* | 146462 | 218228 |
|  Power Solutions International, Inc.\* | 91 | 5886 |
|  Preformed Line Products Co. | 361 | 57691 |
|  Shoals Technologies Group, Inc., Class A\* | 22606 | 96076 |
|  SolarMax Technology, Inc.\* | 526 | 573 |
|  Stem, Inc. (x)\* | 154 | 959 |
|  Sunrun, Inc. (x)\* | 33829 | 276721 |
|  T1 Energy, Inc. (x)\* | 16510 | 20307 |
|  Thermon Group Holdings, Inc.\* | 4656 | 130741 |
|  TPI Composites, Inc.\* | 605 | 520 |
|  |  | 2251490 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  ArcBest Corp. | 3693 | 284398 |
|  Covenant Logistics Group, Inc., Class A | 2218 | 53476 |
|  Heartland Express, Inc. | 7474 | 64575 |
|  Marten Transport Ltd. | 8595 | 111649 |
|  PAMT Corp.\* | 820 | 10553 |
|  Proficient Auto Logistics, Inc. (x)\* | 3593 | 26085 |
|  RXO, Inc.\* | 24443 | 384244 |
|  Universal Logistics Holdings, Inc. (x) | 1049 | 26624 |
|  Werner Enterprises, Inc. | 8102 | 221671 |
|  |  | 1183275 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 2600 | 81120 |
|  ***Machinery (2.9%)*** | ***Machinery (2.9%)*** | ***Machinery (2.9%)*** |
|  3D Systems Corp. (x)\* | 20952 | 32266 |
|  AirJoule Technologies Corp.\* | 2704 | 12520 |
|  Alamo Group, Inc. | 1140 | 248953 |
|  Albany International Corp., Class A | 3395 | 238091 |
|  Astec Industries, Inc. | 3661 | 152627 |
|  Atmus Filtration Technologies, Inc. | 1251 | 45561 |
|  Columbus McKinnon Corp. | 4804 | 73357 |
|  Douglas Dynamics, Inc. | 480 | 14146 |
|  Eastern Co. (The) | 737 | 16818 |
|  Enpro, Inc. | 2965 | 567946 |
|  Gencor Industries, Inc.\* | 1552 | 21728 |
|  Greenbrier Cos., Inc. (The) | 5001 | 230296 |
|  Helios Technologies, Inc. | 5292 | 176594 |
|  Hillenbrand, Inc. | 11291 | 226610 |
|  Hillman Solutions Corp.\* | 31399 | 224189 |
|  Hyster-Yale, Inc. | 1888 | 75105 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  JBT Marel Corp. | 4359 | $| 524213 |
|  Kennametal, Inc. | 12514 |  | 287322 |
|  L B Foster Co., Class A\* | 1618 |  | 35386 |
|  Luxfer Holdings plc | 4062 |  | 49475 |
|  Manitowoc Co., Inc. (The)\* | 5564 |  | 66879 |
|  Mayville Engineering Co., Inc.\* | 1957 |  | 31234 |
|  Microvast Holdings, Inc.\* | 11454 |  | 41578 |
|  Miller Industries, Inc. | 1716 |  | 76293 |
|  Oshkosh Corp. | 58000 |  | 6585320 |
|  Palladyne AI Corp.\* | 4075 |  | 35290 |
|  Park-Ohio Holdings Corp. | 1583 |  | 28272 |
|  Proto Labs, Inc.\* | 3821 |  | 152993 |
|  Shyft Group, Inc. (The) | 5109 |  | 64067 |
|  Standex International Corp. | 353 |  | 55238 |
|  Tennant Co. | 2967 |  | 229883 |
|  Terex Corp. | 10609 |  | 495334 |
|  Titan International, Inc. (x)\* | 7691 |  | 78987 |
|  Trinity Industries, Inc. | 6937 |  | 187368 |
|  Wabash National Corp. | 6816 |  | 72454 |
|  Worthington Enterprises, Inc. | 3427 |  | 218094 |
|  |  |  | 11672487 |
|  ***Marine Transportation (2.6%)*** | ***Marine Transportation (2.6%)*** | ***Marine Transportation (2.6%)*** | ***Marine Transportation (2.6%)*** |
|  Clarkson plc | 109000 |  | 4885055 |
|  Costamare Bulkers Holdings Ltd.\* | 1251 |  | 10846 |
|  Costamare, Inc. | 6959 |  | 63397 |
|  Genco Shipping & Trading Ltd. | 6278 |  | 82053 |
|  Golden Ocean Group Ltd. (x) | 16578 |  | 121351 |
|  Himalaya Shipping Ltd. | 4292 |  | 24765 |
|  Matson, Inc. | 5238 |  | 583251 |
|  Pangaea Logistics Solutions Ltd. | 5721 |  | 26889 |
|  Safe Bulkers, Inc. | 9800 |  | 35378 |
|  Stolt-Nielsen Ltd. | 168400 |  | 4277080 |
|  |  |  | 10110065 |
|  ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** |
|  Allegiant Travel Co.\* | 1948 |  | 107043 |
|  Blade Air Mobility, Inc.\* | 10678 |  | 43032 |
|  Frontier Group Holdings, Inc.\* | 4485 |  | 16280 |
|  JetBlue Airways Corp. (x)\* | 51982 |  | 219884 |
|  SkyWest, Inc.\* | 6540 |  | 673424 |
|  Spirit Aviation Holdings, Inc.\* | 2133 |  | 10644 |
|  Sun Country Airlines Holdings, Inc.\* | 3358 |  | 39456 |
|  |  |  | 1109763 |
|  ***Professional Services (3.0%)*** | ***Professional Services (3.0%)*** | ***Professional Services (3.0%)*** | ***Professional Services (3.0%)*** |
|  Acuren Corp. (x)\* | 9854 |  | 108788 |
|  Alight, Inc., Class A | 68890 |  | 389917 |
|  Asure Software, Inc.\* | 4046 |  | 39489 |
|  Booz Allen Hamilton Holding Corp. | 6400 |  | 666432 |
|  CACI International, Inc., Class A\* | 12000 |  | 5720400 |
|  Conduent, Inc.\* | 26249 |  | 69297 |
|  CRA International, Inc. | 3700 |  | 693269 |
|  CSG Systems International, Inc. | 486 |  | 31741 |
|  First Advantage Corp. (x)\* | 3988 |  | 66241 |
|  Forrester Research, Inc.\* | 1719 |  | 17018 |
|  Franklin Covey Co.\* | 256 |  | 5842 |
|  Heidrick & Struggles International, Inc. | 3318 |  | 151832 |
|  HireQuest, Inc. (x) | 583 |  | 5836 |
|  ICF International, Inc. | 2937 |  | 248793 |
|  Kelly Services, Inc., Class A | 4995 |  | 58492 |
|  Kforce, Inc. | 404 |  | 16617 |
|  Korn Ferry | 4583 |  | 336071 |
|  Mistras Group, Inc.\* | 2501 |  | 20033 |
|  NV5 Global, Inc.\* | 9304 |  | 214829 |
|  Resolute Holdings Management, Inc.\* | 312 |  | 9944 |
|  Resources Connection, Inc. | 5355 |  | 28756 |
|  Science Applications International Corp. | 24000 |  | 2702640 |
|  Skillsoft Corp.\* | 631 |  | 10077 |
|  TrueBlue, Inc.\* | 4481 |  | 29037 |
|  TTEC Holdings, Inc.\* | 3015 |  | 14502 |
|  Willdan Group, Inc.\* | 724 |  | 45257 |
|  |  |  | 11701150 |
|  ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** |
|  Alta Equipment Group, Inc. | 2516 |  | 15901 |
|  BlueLinx Holdings, Inc.\* | 1302 |  | 96843 |
|  Boise Cascade Co. | 6146 |  | 533596 |
|  Custom Truck One Source, Inc. (x)\* | 9433 |  | 46599 |
|  Distribution Solutions Group, Inc.\* | 203 |  | 5576 |
|  DNOW, Inc.\* | 17370 |  | 257597 |
|  EVI Industries, Inc. | 640 |  | 13971 |
|  GATX Corp. | 5326 |  | 817861 |
|  GMS, Inc.\* | 3449 |  | 375079 |
|  Hudson Technologies, Inc.\* | 6453 |  | 52398 |
|  McGrath RentCorp | 904 |  | 104828 |
|  MRC Global, Inc.\* | 13799 |  | 189184 |
|  NPK International, Inc.\* | 13293 |  | 113124 |
|  Rush Enterprises, Inc., Class A | 4685 |  | 241324 |
|  Rush Enterprises, Inc., Class B | 791 |  | 41512 |
|  Titan Machinery, Inc. (x)\* | 3491 |  | 69157 |
|  Transcat, Inc.\* | 719 |  | 61805 |
|  Willis Lease Finance Corp. | 518 |  | 73960 |
|  |  |  | 3110315 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Braemar plc | 132800 |  | 382805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 61934166 |
|  **Information Technology (3.8%)** | **Information Technology (3.8%)** | **Information Technology (3.8%)** | **Information Technology (3.8%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Applied Optoelectronics, Inc.\* | 1809 |  | 46473 |
|  Aviat Networks, Inc. (x)\* | 1958 |  | 47090 |
|  Clearfield, Inc.\* | 1105 |  | 47968 |
|  CommScope Holding Co., Inc.\* | 13379 |  | 110778 |
|  Digi International, Inc.\* | 5904 |  | 205813 |
|  Harmonic, Inc.\* | 13427 |  | 127154 |
|  Inseego Corp.\* | 1536 |  | 12657 |
|  NETGEAR, Inc.\* | 4580 |  | 133141 |
|  NetScout Systems, Inc.\* | 11378 |  | 282288 |
|  Ribbon Communications, Inc.\* | 15289 |  | 61309 |
|  Viasat, Inc.\* | 18298 |  | 267151 |
|  |  |  | 1341822 |
|  ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** |
|  908 Devices, Inc. (x)\* | 1190 |  | 8485 |
|  Bel Fuse, Inc., Class A | 313 |  | 28123 |
|  Bel Fuse, Inc., Class B (x) | 1631 |  | 159332 |
|  Benchmark Electronics, Inc. | 5750 |  | 223272 |
|  CTS Corp. | 3956 |  | 168565 |
|  Daktronics, Inc. (x)\* | 5523 |  | 83508 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ePlus, Inc.\* | 4245 | $| 306064 |
|  FARO Technologies, Inc.\* | 1654 |  | 72644 |
|  Insight Enterprises, Inc.\* | 2949 |  | 407213 |
|  Itron, Inc.\* | 3758 |  | 494666 |
|  Kimball Electronics, Inc.\* | 3811 |  | 73285 |
|  Knowles Corp.\* | 13153 |  | 231756 |
|  Methode Electronics, Inc. | 5658 |  | 53808 |
|  MicroVision, Inc. (x)\* | 14267 |  | 16264 |
|  Neonode, Inc.\* | 204 |  | 5202 |
|  nLight, Inc.\* | 7366 |  | 144963 |
|  PAR Technology Corp. (x)\* | 2676 |  | 185634 |
|  PC Connection, Inc. | 1860 |  | 122351 |
|  Plexus Corp.\* | 341 |  | 46141 |
|  Powerfleet, Inc. (x)\* | 19914 |  | 85829 |
|  Richardson Electronics Ltd. | 1820 |  | 17563 |
|  Rogers Corp.\* | 2860 |  | 195853 |
|  Sanmina Corp.\* | 4698 |  | 459605 |
|  ScanSource, Inc.\* | 3615 |  | 151143 |
|  SmartRent, Inc., Class A\* | 1100 |  | 1089 |
|  TTM Technologies, Inc.\* | 16147 |  | 659121 |
|  Vishay Intertechnology, Inc. | 19718 |  | 313122 |
|  Vishay Precision Group, Inc. (x)\* | 1961 |  | 55104 |
|  |  |  | 4769705 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  Applied Digital Corp. (x)\* | 6925 |  | 69735 |
|  ASGN, Inc.\* | 6929 |  | 345965 |
|  BigBear.ai Holdings, Inc. (x)\* | 35680 |  | 242267 |
|  Fastly, Inc., Class A\* | 22043 |  | 155623 |
|  Grid Dynamics Holdings, Inc.\* | 2131 |  | 24613 |
|  Hackett Group, Inc. (The) | 264 |  | 6711 |
|  Information Services Group, Inc. | 4166 |  | 19997 |
|  Rackspace Technology, Inc.\* | 9900 |  | 12672 |
|  Tucows, Inc., Class A\* | 807 |  | 15906 |
|  Unisys Corp.\* | 2687 |  | 12172 |
|  |  |  | 905661 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  ACM Research, Inc., Class A\* | 8129 |  | 210541 |
|  Aehr Test Systems\* | 880 |  | 11378 |
|  Aeluma, Inc.\* | 955 |  | 15633 |
|  Alpha & Omega Semiconductor Ltd.\* | 4004 |  | 102743 |
|  Axcelis Technologies, Inc.\* | 4806 |  | 334930 |
|  CEVA, Inc.\* | 616 |  | 13540 |
|  Cohu, Inc.\* | 7488 |  | 144069 |
|  Diodes, Inc.\* | 7439 |  | 393449 |
|  Everspin Technologies, Inc.\* | 196 |  | 1233 |
|  FormFactor, Inc.\* | 3176 |  | 109286 |
|  Ichor Holdings Ltd.\* | 5477 |  | 107568 |
|  indie Semiconductor, Inc., Class A (x)\* | 18333 |  | 65266 |
|  Kulicke & Soffa Industries, Inc. | 3542 |  | 122553 |
|  MaxLinear, Inc., Class A\* | 11403 |  | 162037 |
|  Navitas Semiconductor Corp., Class A (x)\* | 17451 |  | 114304 |
|  Penguin Solutions, Inc. (x)\* | 8808 |  | 174486 |
|  Photronics, Inc.\* | 9966 |  | 187660 |
|  Synaptics, Inc.\* | 5786 |  | 375049 |
|  Ultra Clean Holdings, Inc.\* | 6695 |  | 151106 |
|  Veeco Instruments, Inc.\* | 9191 |  | 186761 |
|  Wolfspeed, Inc. (x)\* | 24506 |  | 9773 |
|  |  |  | 2993365 |
|  ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** |
|  8x8, Inc.\* | 20303 |  | 39794 |
|  A10 Networks, Inc. | 1655 |  | 32024 |
|  Adeia, Inc. | 2251 |  | 31829 |
|  Airship AI Holdings, Inc.\* | 1094 |  | 6444 |
|  Arteris, Inc.\* | 3985 |  | 37977 |
|  Bit Digital, Inc.\* | 29260 |  | 64079 |
|  Blackbaud, Inc.\* | 1178 |  | 75639 |
|  Box, Inc., Class A\* | 5012 |  | 171260 |
|  Cerence, Inc.\* | 4961 |  | 50652 |
|  Cipher Mining, Inc. (x)\* | 42615 |  | 203700 |
|  Cleanspark, Inc. (x)\* | 44651 |  | 492501 |
|  Consensus Cloud Solutions, Inc.\* | 3196 |  | 73700 |
|  Core Scientific, Inc.\* | 7494 |  | 127923 |
|  CS Disco, Inc.\* | 1847 |  | 8071 |
|  Daily Journal Corp.\* | 46 |  | 19424 |
|  Digital Turbine, Inc.\* | 5960 |  | 35164 |
|  Domo, Inc., Class B\* | 719 |  | 10044 |
|  E2open Parent Holdings, Inc.\* | 29916 |  | 96629 |
|  eGain Corp.\* | 918 |  | 5737 |
|  Expensify, Inc., Class A\* | 4229 |  | 10953 |
|  Hut 8 Corp. (x)\* | 15197 |  | 282664 |
|  I3 Verticals, Inc., Class A (x)\* | 3529 |  | 96977 |
|  MARA Holdings, Inc. (x)\* | 55843 |  | 875618 |
|  Mercurity Fintech Holding, Inc.\* | 4469 |  | 17206 |
|  Mitek Systems, Inc.\* | 5607 |  | 55509 |
|  N-able, Inc.\* | 11469 |  | 92899 |
|  NCR Voyix Corp.\* | 22640 |  | 265567 |
|  Olo, Inc., Class A\* | 7922 |  | 70506 |
|  ON24, Inc.\* | 5704 |  | 30973 |
|  OneSpan, Inc. | 5011 |  | 83634 |
|  Porch Group, Inc.\* | 2519 |  | 29699 |
|  Rimini Street, Inc.\* | 6759 |  | 25481 |
|  Riot Platforms, Inc.\* | 53202 |  | 601183 |
|  Roadzen, Inc.\* | 1894 |  | 1856 |
|  Silvaco Group, Inc. (x)\* | 1618 |  | 7637 |
|  Telos Corp.\* | 8529 |  | 27037 |
|  Terawulf, Inc. (x)\* | 3248 |  | 14226 |
|  Verint Systems, Inc.\* | 9948 |  | 195677 |
|  Xperi, Inc.\* | 7540 |  | 59641 |
|  |  |  | 4427534 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  CompoSecure, Inc., Class A (x)\* | 909 |  | 12808 |
|  Corsair Gaming, Inc.\* | 7581 |  | 71489 |
|  Diebold Nixdorf, Inc.\* | 353 |  | 19556 |
|  Eastman Kodak Co. (x)\* | 10219 |  | 57737 |
|  Immersion Corp. | 4764 |  | 37540 |
|  Turtle Beach Corp. (x)\* | 1121 |  | 15504 |
|  Xerox Holdings Corp. (x) | 19342 |  | 101932 |
|  |  |  | 316566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 14754653 |
|  **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  AdvanSix, Inc. | 4381 |  | 104049 |
|  American Vanguard Corp.\* | 3896 |  | 15272 |
|  Arq, Inc. (x)\* | 5337 |  | 28660 |
|  Aspen Aerogels, Inc.\* | 10622 |  | 62882 |
|  Avient Corp. | 14856 |  | 479997 |
|  Cabot Corp. | 592 |  | 44400 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Core Molding Technologies, Inc.\* | 1200 | $| 19908 |
|  Ecovyst, Inc.\* | 17614 |  | 144963 |
|  Flotek Industries, Inc.\* | 1523 |  | 22479 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 5243 |  | 58984 |
|  HB Fuller Co. | 8768 |  | 527395 |
|  Innospec, Inc. | 3774 |  | 317356 |
|  Intrepid Potash, Inc.\* | 1718 |  | 61384 |
|  Koppers Holdings, Inc. | 3202 |  | 102944 |
|  Kronos Worldwide, Inc. | 3453 |  | 21409 |
|  LSB Industries, Inc.\* | 8496 |  | 66269 |
|  Mativ Holdings, Inc. | 8642 |  | 58938 |
|  Minerals Technologies, Inc. | 5158 |  | 284051 |
|  Orion SA | 8861 |  | 92952 |
|  Perimeter Solutions, Inc.\* | 22374 |  | 311446 |
|  Quaker Chemical Corp. | 2239 |  | 250634 |
|  Rayonier Advanced Materials, Inc.\* | 10362 |  | 39894 |
|  Stepan Co. | 3461 |  | 188901 |
|  Trinseo plc | 5096 |  | 15900 |
|  Tronox Holdings plc | 19151 |  | 97096 |
|  Valhi, Inc. (x) | 375 |  | 6060 |
|  |  |  | 3424223 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 16510 |  | 70663 |
|  Greif, Inc., Class A | 4139 |  | 268993 |
|  Greif, Inc., Class B | 662 |  | 45685 |
|  Myers Industries, Inc. | 5068 |  | 73435 |
|  O-I Glass, Inc.\* | 18891 |  | 278454 |
|  Ranpak Holdings Corp., Class A\* | 6995 |  | 24972 |
|  TriMas Corp. | 5411 |  | 154809 |
|  |  |  | 917011 |
|  ***Metals & Mining (3.7%)*** | ***Metals & Mining (3.7%)*** | ***Metals & Mining (3.7%)*** | ***Metals & Mining (3.7%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 1323 |  | 148811 |
|  American Battery Technology Co.\* | 5176 |  | 8385 |
|  Ascent Industries Co.\* | 1090 |  | 13745 |
|  Caledonia Mining Corp. plc | 2511 |  | 48513 |
|  Coeur Mining, Inc.\* | 51598 |  | 457158 |
|  Commercial Metals Co. | 18246 |  | 892412 |
|  Compass Minerals International, Inc.\* | 1360 |  | 27322 |
|  Constellium SE\* | 14452 |  | 192212 |
|  Critical Metals Corp.\* | 2775 |  | 9935 |
|  Ferroglobe plc | 18880 |  | 69290 |
|  Friedman Industries, Inc. | 817 |  | 13530 |
|  Hecla Mining Co. | 73887 |  | 442583 |
|  i-80 Gold Corp.\* | 2477 |  | 1482 |
|  Ivanhoe Electric, Inc.\* | 1889 |  | 17133 |
|  Kaiser Aluminum Corp. | 1227 |  | 98037 |
|  MAC Copper Ltd.\* | 11382 |  | 137608 |
|  Materion Corp. | 2661 |  | 211204 |
|  Mesabi Trust | 170184 |  | 4077609 |
|  Metallus, Inc.\* | 6184 |  | 95295 |
|  Novagold Resources, Inc.\* | 2992 |  | 12237 |
|  Olympic Steel, Inc. | 1639 |  | 53415 |
|  Piedmont Lithium, Inc. (x)\* | 411 |  | 2392 |
|  Radius Recycling, Inc. | 4472 |  | 132774 |
|  Ryerson Holding Corp. | 4290 |  | 92535 |
|  Sandstorm Gold Ltd. | 651400 |  | 6123160 |
|  SSR Mining, Inc.\* | 32931 |  | 419541 |
|  SunCoke Energy, Inc. | 13619 |  | 116987 |
|  Tredegar Corp.\* | 4338 |  | 38174 |
|  Warrior Met Coal, Inc. | 8417 |  | 385751 |
|  Wheaton Precious Metals Corp. | 2000 |  | 179600 |
|  Worthington Steel, Inc. | 5346 |  | 159471 |
|  |  |  | 14678301 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 2592 |  | 70606 |
|  Magnera Corp.\* | 5311 |  | 64157 |
|  Sylvamo Corp. | 4104 |  | 205610 |
|  |  |  | 340373 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 19359908 |
|  **Real Estate (11.3%)** | **Real Estate (11.3%)** | **Real Estate (11.3%)** | **Real Estate (11.3%)** |
|  ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 11754 |  | 209574 |
|  Alpine Income Property Trust, Inc. (REIT) | 2212 |  | 32539 |
|  American Assets Trust, Inc. (REIT) | 8438 |  | 166650 |
|  Armada Hoffler Properties, Inc. (REIT) | 12768 |  | 87716 |
|  Broadstone Net Lease, Inc. (REIT) | 30606 |  | 491226 |
|  CTO Realty Growth, Inc. (REIT) | 4601 |  | 79413 |
|  Essential Properties Realty Trust, Inc. (REIT) | 31860 |  | 1016653 |
|  Gladstone Commercial Corp. (REIT) | 6110 |  | 87556 |
|  Global Net Lease, Inc. (REIT) | 32436 |  | 244892 |
|  Modiv Industrial, Inc. (REIT), Class C | 1278 |  | 17994 |
|  NexPoint Diversified Real Estate Trust (REIT) | 4829 |  | 20234 |
|  One Liberty Properties, Inc. (REIT) | 2746 |  | 65520 |
|  |  |  | 2519967 |
|  ***Health Care REITs (0.8%)*** | ***Health Care REITs (0.8%)*** | ***Health Care REITs (0.8%)*** | ***Health Care REITs (0.8%)*** |
|  American Healthcare REIT, Inc. (REIT) | 16700 |  | 613558 |
|  CareTrust REIT, Inc. (REIT) | 27398 |  | 838379 |
|  Community Healthcare Trust, Inc. (REIT) | 4363 |  | 72557 |
|  Diversified Healthcare Trust (REIT) | 34726 |  | 124319 |
|  Global Medical REIT, Inc. (REIT) | 10462 |  | 72502 |
|  LTC Properties, Inc. (REIT) | 7204 |  | 249330 |
|  National Health Investors, Inc. (REIT) | 5810 |  | 407397 |
|  Sabra Health Care REIT, Inc. (REIT) | 38148 |  | 703449 |
|  Sila Realty Trust, Inc. (REIT) | 8921 |  | 211160 |
|  Universal Health Realty Income Trust (REIT) | 326 |  | 13030 |
|  |  |  | 3305681 |
|  ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** | ***Hotel & Resort REITs (0.4%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 36414 |  | 424951 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 9731 |  | 23841 |
|  Chatham Lodging Trust (REIT) | 7970 |  | 55551 |
|  DiamondRock Hospitality Co. (REIT) | 16535 |  | 126658 |
|  Pebblebrook Hotel Trust (REIT) | 19845 |  | 198251 |
|  RLJ Lodging Trust (REIT) | 24860 |  | 180981 |
|  Service Properties Trust (REIT) | 25102 |  | 59994 |
|  Summit Hotel Properties, Inc. (REIT) | 17923 |  | 91228 |
|  Sunstone Hotel Investors, Inc. (REIT) | 29494 |  | 256008 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 14437 |  | 181473 |
|  |  |  | 1598936 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 8378 | $38120 |
|  Innovative Industrial Properties, Inc. (REIT) | 4484 | 247606 |
|  LXP Industrial Trust (REIT) | 47535 | 392639 |
|  Plymouth Industrial REIT, Inc. (REIT) | 6779 | 108871 |
|  Terreno Realty Corp. (REIT) | 16441 | 921847 |
|  |  | 1709083 |
|  ***Office REITs (0.8%)*** | ***Office REITs (0.8%)*** | ***Office REITs (0.8%)*** |
|  Brandywine Realty Trust (REIT) | 27836 | 119416 |
|  City Office REIT, Inc. (REIT) | 5945 | 31746 |
|  COPT Defense Properties (REIT) | 18375 | 506783 |
|  Douglas Emmett, Inc. (REIT) | 23761 | 357365 |
|  Easterly Government Properties, Inc. (REIT), Class A | 6522 | 144788 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 22912 | 185358 |
|  Franklin Street Properties Corp. (REIT) | 13546 | 22215 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 52420 | 143631 |
|  JBG SMITH Properties (REIT)(x) | 12014 | 207842 |
|  NET Lease Office Properties (REIT)\* | 2401 | 78153 |
|  Paramount Group, Inc. (REIT)\* | 30040 | 183244 |
|  Peakstone Realty Trust (REIT) (x) | 6107 | 80674 |
|  Piedmont Realty Trust, Inc. (REIT) | 20099 | 146522 |
|  Postal Realty Trust, Inc. (REIT), Class A | 3275 | 48241 |
|  SL Green Realty Corp. (REIT) (x) | 11613 | 718845 |
|  |  | 2974823 |
|  ***Real Estate Management & Development (6.3%)*** | ***Real Estate Management & Development (6.3%)*** | ***Real Estate Management & Development (6.3%)*** |
|  American Realty Investors, Inc. (x)\* | 237 | 3346 |
|  Anywhere Real Estate, Inc.\* | 16539 | 59871 |
|  Cushman & Wakefield plc\* | 23222 | 257068 |
|  Douglas Elliman, Inc.\* | 11492 | 26662 |
|  DREAM Unlimited Corp., Class A | 199000 | 2952881 |
|  Forestar Group, Inc.\* | 3124 | 62480 |
|  FRP Holdings, Inc.\* | 2188 | 58835 |
|  Howard Hughes Holdings, Inc.\* | 29400 | 1984500 |
|  Kennedy-Wilson Holdings, Inc. | 19899 | 135313 |
|  Landbridge Co. LLC, Class A | 258136 | 17444831 |
|  Marcus & Millichap, Inc. | 3863 | 118633 |
|  Newmark Group, Inc., Class A | 22253 | 270374 |
|  Offerpad Solutions, Inc. (x)\* | 335 | 305 |
|  RE/MAX Holdings, Inc., Class A\* | 3332 | 27256 |
|  RMR Group, Inc. (The), Class A | 2692 | 44014 |
|  Seaport Entertainment Group, Inc. (x)\* | 4956 | 92429 |
|  Star Holdings (x)\* | 440 | 3436 |
|  Stratus Properties, Inc. (x)\* | 1120 | 21146 |
|  Tejon Ranch Co. (x)\* | 68367 | 1159504 |
|  Transcontinental Realty Investors, Inc.\* | 327 | 13934 |
|  |  | 24736818 |
|  ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** | ***Residential REITs (0.5%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 9492 | 82106 |
|  BRT Apartments Corp. (REIT) | 1862 | 29122 |
|  Centerspace (REIT) | 2699 | 162453 |
|  Clipper Realty, Inc. (REIT) | 1725 | 6331 |
|  Elme Communities (REIT) | 14276 | 226988 |
|  Equity LifeStyle Properties, Inc. (REIT) | 11400 | 703038 |
|  Independence Realty Trust, Inc. (REIT) | 37358 | 660863 |
|  NexPoint Residential Trust, Inc. (REIT) | 2620 | 87298 |
|  Veris Residential, Inc. (REIT) | 12986 | 193361 |
|  |  | 2151560 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Acadia Realty Trust (REIT) | 21356 | 396581 |
|  CBL & Associates Properties, Inc. (REIT) | 896 | 22749 |
|  Curbline Properties Corp. (REIT) | 15736 | 359253 |
|  FrontView REIT, Inc. (REIT) (x) | 2754 | 33048 |
|  Getty Realty Corp. (REIT) (x) | 8171 | 225846 |
|  InvenTrust Properties Corp. (REIT) | 12727 | 348720 |
|  Kite Realty Group Trust (REIT) | 35579 | 805864 |
|  Macerich Co. (The) (REIT) | 40956 | 662668 |
|  NETSTREIT Corp. (REIT) (x) | 10014 | 169537 |
|  Phillips Edison & Co., Inc. (REIT) | 16884 | 591447 |
|  Saul Centers, Inc. (REIT) | 164 | 5599 |
|  SITE Centers Corp. (REIT) | 8175 | 92459 |
|  Tanger, Inc. (REIT) | 1925 | 58867 |
|  Urban Edge Properties (REIT) | 20629 | 384937 |
|  Whitestone REIT (REIT) | 7493 | 93513 |
|  |  | 4251088 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Farmland Partners, Inc. (REIT) (x) | 7028 | 80892 |
|  Four Corners Property Trust, Inc. (REIT) | 15849 | 426497 |
|  Gladstone Land Corp. (REIT) (x) | 5057 | 51430 |
|  PotlatchDeltic Corp. (REIT) | 12044 | 462128 |
|  Safehold, Inc. (REIT) | 9107 | 141705 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 4522 | 163832 |
|  Uniti Group, Inc. (REIT)\* | 39290 | 169733 |
|  |  | 1496217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 44744173 |
|  **Utilities (4.6%)** | **Utilities (4.6%)** | **Utilities (4.6%)** |
|  ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** |
|  ALLETE, Inc. | 9372 | 600464 |
|  Genie Energy Ltd., Class B | 3048 | 81930 |
|  Hawaiian Electric Industries, Inc.\* | 584732 | 6215701 |
|  MGE Energy, Inc. | 2883 | 254973 |
|  Oklo, Inc., Class A (x)\* | 12654 | 708498 |
|  Otter Tail Corp. | 5757 | 443807 |
|  Portland General Electric Co. | 17721 | 720004 |
|  TXNM Energy, Inc. | 14907 | 839562 |
|  |  | 9864939 |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** |
|  Brookfield Infrastructure Corp., Class A (x) | 19380 | 806208 |
|  Chesapeake Utilities Corp. | 2459 | 295621 |
|  New Jersey Resources Corp. | 16235 | 727653 |
|  Northwest Natural Holding Co. | 6420 | 255002 |
|  ONE Gas, Inc. | 9652 | 693593 |
|  RGC Resources, Inc. | 1254 | 28065 |
|  Rubis SCA | 7600 | 245475 |
|  Southwest Gas Holdings, Inc. | 10409 | 774325 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Spire, Inc. | 9291 | $678150 |
|  |  | 4504092 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Montauk Renewables, Inc.\* | 7884 | 17502 |
|  Ormat Technologies, Inc. | 9823 | 822775 |
|  |  | 840277 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Avista Corp. | 12917 | 490200 |
|  Black Hills Corp. | 11717 | 657324 |
|  Northwestern Energy Group, Inc. | 9872 | 506434 |
|  Unitil Corp. | 2577 | 134390 |
|  |  | 1788348 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American States Water Co. | 2162 | 165739 |
|  California Water Service Group | 9550 | 434334 |
|  Consolidated Water Co. Ltd. | 1793 | 53826 |
|  H2O America | 5150 | 267646 |
|  Middlesex Water Co. | 2429 | 131603 |
|  Pure Cycle Corp.\* | 2954 | 31667 |
|  York Water Co. (The) | 1975 | 62410 |
|  |  | 1147225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 18144881 |
|  **Total Common Stocks (98.4%)**<br> *(Cost $273,429,454)* |  | 388934658 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 237 |  |
|  Chinook Therapeutics, Inc., CVR (r)\* | 6337 |  |
|  Icosavax, Inc., CVR \* | 3924 | 1177 |
|  Sanofi Aatd, Inc., CVR (r)\* | 1653 | 803 |
|  **Total Rights (0.0%)†**<br> *(Cost $1,715)* |  | 1980 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29 (x)\* <br>*(Cost $—)* | 168 | 344 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.3%)** | **Investment Companies (2.3%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 5497508 | 5497508 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 1659065 | 1659397 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 4.27% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9156905 |
|  **Total Short-Term Investments (2.3%)**<br> *(Cost $9,156,876)* | **Total Short-Term Investments (2.3%)**<br> *(Cost $9,156,876)* | 9156905 |
|  **Total Investments in Securities (100.7%)**<br> *(Cost $282,588,045)* | **Total Investments in Securities (100.7%)**<br> *(Cost $282,588,045)* | 398093887 |
|  **Other Assets Less Liabilities (-0.7%)** | **Other Assets Less Liabilities (-0.7%)** | (2699308) |
|  **Net Assets (100%)** |  | $395394579 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $221,606 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $23,446,524. This was collateralized by $16,467,597 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $7,497,508 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases**<br>**at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  Associated Capital Group, Inc., Class A | 53000 | 2055570 |  | (252940) | 41155 | 143715 | 1987500 | 5440 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 21 | 9/2025 | USD | 2301285 | 31868 |
|  |  |  |  |  | 31868 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $14033429 | $865728 | $— | $14899157 |
|  Consumer Discretionary | 60218751 |  |  | 60218751 |
|  Consumer Staples | 12956630 | 211200 |  | 13167830 |
|  Energy | 60527620 |  |  | 60527620 |
|  Financials | 64522596 | 38102 | — (a) | 64560698 |
|  Health Care | 16622821 |  | — (a) | 16622821 |
|  Industrials | 52389226 | 9544940 |  | 61934166 |
|  Information Technology | 14754653 |  |  | 14754653 |
|  Materials | 19359908 |  |  | 19359908 |
|  Real Estate | 44744173 |  |  | 44744173 |
|  Utilities | 17899406 | 245475 |  | 18144881 |
|  **Futures** | 31868 |  |  | 31868 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 1177 | 803 | 1980 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9156905 |  |  | 9156905 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Warrants** |  |  |  |  |
|  Health Care | $— | $344 | $— | $344 |
|  **Total Assets** | $**387217986** | $**10906966** | $**803** | $**398125755** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**387217986** | $**10906966** | $**803** | $**398125755** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $31868 \* |
|  **Total** |  | $31868 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(180929) | $(180929) |
|  **Total** | $(180929) | $(180929) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $72779 | $72779 |
|  **Total** | $72779 | $72779 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1222000.0 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $58113401.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $69914915.0 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 37%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 45%)\*** | **Net Realized<br>Gain (Loss)** |
| $21743452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31480443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586483 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $154990500 |
|  Aggregate gross unrealized depreciation | (42391240) |
|  Net unrealized appreciation | $112599260 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $285526495 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $1,576,018) | $1987500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $281,012,027) | 396106387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4139450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 159800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 566899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 388377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 141950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 116257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 26427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 403639766 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 7497508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 262055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 232047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 159887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 51680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 38759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8245187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $395394579 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $245235444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 150159135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $395394579 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $254,223,896 / 21,523,005 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.81 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $141,170,683 / 11,945,288 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.82 |

---

*(x)* *Includes value of securities on loan of $23,446,524.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($5,440 of dividend income received from affiliates) (net of $32,493 foreign withholding tax) | $4765558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 71363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 212420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5049341 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1612284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 316530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 251324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 64867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2309940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (179599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2130341 |
|  **NET INVESTMENT INCOME (LOSS)** | 2919000 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($41,155 realized gain (loss) from affiliates) | 16933816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (180929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16756524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($143,715 of change in unrealized appreciation (depreciation) from affiliates) | (19795319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 72779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (19722484) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (2965960) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(46960) |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMALL CAP VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2919000 | $4943375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16756524 | 45696371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (19722484) | 25319875 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (46960) | 75959621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (19939314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (12610563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (32549877) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,033,123 and 1,539,657 shares, respectively ] | 12181199 | 18029541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,613,089 shares, respectively ] |  | 19939314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1356240) and (2622828) shares, respectively ] | (15873434) | (30173877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (3692235) | 7794978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,383 and 11,661 shares, respectively ] | 27497 | 136661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,020,948 shares, respectively ] |  | 12610563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1402469) and (2262413) shares, respectively ] | (16478168) | (27135138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (16450671) | (14387914) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (20142906) | (6592936) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (20189866) | 36816808 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 415584445 | 378767637 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $395394579 | $415584445 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.81 | $10.56 | $11.08 | $12.11 | $10.32 | $10.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.13 | 0.09 | 0.09 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.08) | 2.10 | 0.47 | (0.05) | 3.87 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations |  | 2.23 | 0.56 | 0.04 | 3.90 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.17) | (0.12) | (0.05) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.81) | (0.96) | (1.02) | (1.96) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.98) | (1.08) | (1.07) | (2.11) | (0.14) |
|  Net asset value, end of period | $11.81 | $11.81 | $10.56 | $11.08 | $12.11 | $10.32 |
|  Total return (b) | 0.00 | 20.75 | 5.79% | 0.07 | 38.52% | (1.51) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $254224 | $258054 | $225045 | $225840 | $235844 | $162278 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.15 | 1.15 | 1.15% | 1.15 | 1.15% | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.24 | 1.24 | 1.29% | 1.23 | 1.21% | 1.27 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.36 | 1.15 | 0.87% | 0.80 | 0.23% | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.27 | 1.06 | 0.72% | 0.72 | 0.16% | 0.74 |
|  Portfolio turnover rate^ | 15 | 23 | 15% | 20 | 22% | 23 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.80 | $10.55 | $11.07 | $12.10 | $10.30 | $10.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.16 | 0.12 | 0.12 | 0.06 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.07) | 2.10 | 0.47 | (0.05) | 3.88 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.02 | 2.26 | 0.59 | 0.07 | 3.94 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.15) | (0.08) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.81) | (0.96) | (1.02) | (1.96) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.01) | (1.11) | (1.10) | (2.14) | (0.16) |
|  Net asset value, end of period | $11.82 | $11.80 | $10.55 | $11.07 | $12.10 | $10.30 |
|  Total return (b) | 0.17 | 21.03 | 6.04% | 0.31 | 39.02% | (1.31) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $141171 | $157530 | $153723 | $162923 | $196357 | $192801 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.90 | 0.90 | 0.90% | 0.90 | 0.90% | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.99 | 0.99 | 1.04% | 0.98 | 0.96% | 1.01 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.61 | 1.39 | 1.11% | 1.03 | 0.45% | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.52 | 1.30 | 0.97% | 0.96 | 0.38% | 1.19 |
|  Portfolio turnover rate^ | 15 | 23 | 15% | 20 | 22% | 23 |

---

See Notes to Financial Statements.

------

1290 VT SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *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.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.03 and $0.07 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.08 and $0.11 for Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.11 and $0.14 for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.51% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.21% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.18% lower.* 

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (7.0%)** | **Communication Services (7.0%)** | **Communication Services (7.0%)** |
|  ***Diversified Telecommunication Services (2.0%)*** | ***Diversified Telecommunication Services (2.0%)*** | ***Diversified Telecommunication Services (2.0%)*** |
|  AT&T, Inc. | 29767 | $861457 |
|  Deutsche Telekom AG (Registered) | 19166 | 699197 |
|  Koninklijke KPN NV | 187684 | 914397 |
|  Nippon Telegraph & Telephone Corp. | 582500 | 622930 |
|  Quebecor, Inc., Class B | 20600 | 627039 |
|  Singapore Telecommunications Ltd. | 263000 | 790137 |
|  Swisscom AG (Registered) | 532 | 377150 |
|  Telstra Group Ltd. | 184009 | 586151 |
|  Verizon Communications, Inc. | 42552 | 1841225 |
|  |  | 7319683 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Electronic Arts, Inc. | 7410 | 1183377 |
|  ***Interactive Media & Services (3.4%)*** | ***Interactive Media & Services (3.4%)*** | ***Interactive Media & Services (3.4%)*** |
|  Alphabet, Inc., Class A | 43770 | 7713587 |
|  Meta Platforms, Inc., Class A | 6950 | 5129726 |
|  |  | 12843313 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Comcast Corp., Class A | 40486 | 1444945 |
|  ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** |
|  KDDI Corp. | 40800 | 702642 |
|  SoftBank Corp. | 707000 | 1094830 |
|  T-Mobile US, Inc. | 6053 | 1442188 |
|  |  | 3239660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 26030978 |
|  **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Bridgestone Corp.(x) | 17400 | 712892 |
|  ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** |
|  Tesla, Inc.\* | 9755 | 3098773 |
|  ***Broadline Retail (3.0%)*** | ***Broadline Retail (3.0%)*** | ***Broadline Retail (3.0%)*** |
|  Amazon.com, Inc.\* | 33811 | 7417795 |
|  Dollarama, Inc. | 14022 | 1975694 |
|  eBay, Inc. | 4681 | 348547 |
|  Wesfarmers Ltd. | 22284 | 1242962 |
|  |  | 10984998 |
|  ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** |
|  Aristocrat Leisure Ltd. | 17514 | 751204 |
|  Booking Holdings, Inc. | 311 | 1800454 |
|  Chipotle Mexican Grill, Inc.\* | 15000 | 842250 |
|  Lottery Corp. Ltd. (The) | 175394 | 615272 |
|  McDonald's Corp. | 13778 | 4025518 |
|  Oriental Land Co. Ltd. | 16700 | 385478 |
|  Restaurant Brands International, Inc. | 6100 | 404636 |
|  Yum! Brands, Inc. | 7917 | 1173141 |
|  |  | 9997953 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  Garmin Ltd. | 2062 | 430381 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Bandai Namco Holdings, Inc. | 10900 | 391402 |
|  ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** |
|  AutoZone, Inc.\* | 342 | 1269582 |
|  Fast Retailing Co. Ltd. | 1400 | 481428 |
|  Home Depot, Inc. (The) | 8538 | 3130372 |
|  Lowe's Cos., Inc. | 6600 | 1464342 |
|  O'Reilly Automotive, Inc.\* | 13560 | 1222163 |
|  Ross Stores, Inc. | 2774 | 353907 |
|  TJX Cos., Inc. (The) | 21822 | 2694799 |
|  Tractor Supply Co. | 8000 | 422160 |
|  |  | 11038753 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  adidas AG | 2710 | 631905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 37287057 |
|  **Consumer Staples (11.0%)** | **Consumer Staples (11.0%)** | **Consumer Staples (11.0%)** |
|  ***Beverages (2.7%)*** | ***Beverages (2.7%)*** | ***Beverages (2.7%)*** |
|  Anheuser-Busch InBev SA/NV | 7741 | 531062 |
|  Coca-Cola Co. (The) | 42234 | 2988055 |
|  Diageo plc | 33069 | 829769 |
|  Keurig Dr Pepper, Inc. | 28287 | 935168 |
|  Kirin Holdings Co. Ltd.(x) | 25600 | 359010 |
|  Monster Beverage Corp.\* | 8200 | 513648 |
|  PepsiCo, Inc. | 29253 | 3862566 |
|  |  | 10019278 |
|  ***Consumer Staples Distribution & Retail (3.4%)*** | ***Consumer Staples Distribution & Retail (3.4%)*** | ***Consumer Staples Distribution & Retail (3.4%)*** |
|  Coles Group Ltd. | 35880 | 492125 |
|  Costco Wholesale Corp. | 4378 | 4333957 |
|  Empire Co. Ltd., Class A | 17221 | 714638 |
|  George Weston Ltd. | 3500 | 701954 |
|  Koninklijke Ahold Delhaize NV | 31924 | 1334973 |
|  Kroger Co. (The) | 8100 | 581013 |
|  Loblaw Cos. Ltd. | 4700 | 777437 |
|  Metro, Inc., Class A | 7900 | 620571 |
|  Sysco Corp. | 5721 | 433309 |
|  Tesco plc | 105597 | 581675 |
|  Walmart, Inc. | 13903 | 1359435 |
|  Woolworths Group Ltd. | 24133 | 494124 |
|  |  | 12425211 |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** |
|  Chocoladefabriken Lindt & Spruengli AG | 32 | 538408 |
|  Danone SA | 9011 | 736222 |
|  Hershey Co. (The) | 4900 | 813155 |
|  McCormick & Co., Inc. (Non-Voting) | 5516 | 418223 |
|  Mondelez International, Inc., Class A | 16235 | 1094889 |
|  Nestle SA (Registered) | 9940 | 987549 |
|  Orkla ASA | 62988 | 684910 |
|  |  | 5273356 |
|  ***Household Products (2.4%)*** | ***Household Products (2.4%)*** | ***Household Products (2.4%)*** |
|  Church & Dwight Co., Inc. | 8122 | 780605 |
|  Colgate-Palmolive Co. | 30113 | 2737272 |
|  Henkel AG & Co. KGaA (Preference)(q) | 11807 | 927111 |
|  Kimberly-Clark Corp. | 10800 | 1392336 |
|  Procter & Gamble Co. (The) | 20043 | 3193251 |
|  |  | 9030575 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Personal Care Products (1.1%)*** | ***Personal Care Products (1.1%)*** | ***Personal Care Products (1.1%)*** |
|  Beiersdorf AG | 6158 | $773257 |
|  Kao Corp. (x) | 22500 | 1008871 |
|  L'Oreal SA | 2805 | 1199737 |
|  Unilever plc (Cboe Europe) | 8484 | 517275 |
|  Unilever plc (London Stock Exchange) | 10307 | 626045 |
|  |  | 4125185 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 40873605 |
|  **Energy (0.8%)** | **Energy (0.8%)** | **Energy (0.8%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 9330 | 357712 |
|  ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** |
|  Cheniere Energy, Inc. | 2843 | 692327 |
|  Equinor ASA | 34266 | 867240 |
|  Equinor ASA (ADR) | 13171 | 331119 |
|  TotalEnergies SE | 10877 | 667535 |
|  |  | 2558221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2915933 |
|  **Financials (20.9%)** | **Financials (20.9%)** | **Financials (20.9%)** |
|  ***Banks (4.3%)*** | ***Banks (4.3%)*** | ***Banks (4.3%)*** |
|  Bank of Montreal | 4363 | 483510 |
|  Bank of Nova Scotia (The) | 34377 | 1900928 |
|  Canadian Imperial Bank of Commerce | 18890 | 1340854 |
|  DBS Group Holdings Ltd. | 33660 | 1188888 |
|  DNB Bank ASA | 29838 | 824738 |
|  Intesa Sanpaolo SpA | 103449 | 596067 |
|  JPMorgan Chase & Co. | 7628 | 2211434 |
|  National Bank of Canada (x) | 8646 | 892187 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 37103 | 551126 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 33032 | 491592 |
|  Oversea-Chinese Banking Corp. Ltd. | 76900 | 986425 |
|  Royal Bank of Canada | 27007 | 3559351 |
|  Sumitomo Mitsui Financial Group, Inc. | 16500 | 416381 |
|  United Overseas Bank Ltd. | 19800 | 560598 |
|  |  | 16004079 |
|  ***Capital Markets (3.9%)*** | ***Capital Markets (3.9%)*** | ***Capital Markets (3.9%)*** |
|  Ameriprise Financial, Inc. | 1000 | 533730 |
|  ASX Ltd. | 10412 | 478041 |
|  Bank of New York Mellon Corp. (The) | 12800 | 1166208 |
|  Cboe Global Markets, Inc. | 6955 | 1621976 |
|  CME Group, Inc. | 9937 | 2738836 |
|  Deutsche Boerse AG | 6178 | 2015105 |
|  FactSet Research Systems, Inc. | 900 | 402552 |
|  Intercontinental Exchange, Inc. | 11062 | 2029545 |
|  Moody's Corp. | 1000 | 501590 |
|  Nasdaq, Inc. | 13500 | 1207170 |
|  S&P Global, Inc. | 1887 | 994996 |
|  TMX Group Ltd. | 15500 | 656993 |
|  |  | 14346742 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 1961 | 625520 |
|  ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** | ***Financial Services (3.5%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 3978 | 1932393 |
|  Fiserv, Inc.\* | 8100 | 1396521 |
|  Jack Henry & Associates, Inc. | 2600 | 468442 |
|  Mastercard, Inc., Class A | 7265 | 4082494 |
|  Visa, Inc., Class A | 14578 | 5175919 |
|  |  | 13055769 |
|  ***Insurance (9.0%)*** | ***Insurance (9.0%)*** | ***Insurance (9.0%)*** |
|  Aflac, Inc. | 16100 | 1697906 |
|  Allianz SE (Registered) | 5190 | 2103676 |
|  Allstate Corp. (The) | 3247 | 653654 |
|  Aon plc, Class A | 2792 | 996074 |
|  Chubb Ltd. | 7213 | 2089750 |
|  Dai-ichi Life Holdings, Inc. | 48700 | 370648 |
|  Generali | 31746 | 1129709 |
|  Gjensidige Forsikring ASA | 24351 | 617025 |
|  Great-West Lifeco, Inc. | 17443 | 663391 |
|  Hannover Rueck SE | 2335 | 734937 |
|  Hartford Insurance Group, Inc. (The) | 11900 | 1509753 |
|  Intact Financial Corp. | 5700 | 1325431 |
|  Loews Corp. | 12300 | 1127418 |
|  Manulife Financial Corp. | 15852 | 506845 |
|  Marsh & McLennan Cos., Inc. | 10614 | 2320645 |
|  Medibank Pvt Ltd. | 185639 | 617001 |
|  MS&AD Insurance Group Holdings, Inc. | 16200 | 363362 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 2258 | 1464492 |
|  Poste Italiane SpA (m)(x) | 33001 | 709053 |
|  Power Corp. of Canada (x) | 19200 | 749953 |
|  Progressive Corp. (The) | 8778 | 2342497 |
|  QBE Insurance Group Ltd. | 51545 | 793490 |
|  Sampo OYJ, Class A | 101955 | 1096494 |
|  Sompo Holdings, Inc. | 18400 | 555175 |
|  Sun Life Financial, Inc. | 15700 | 1044668 |
|  Suncorp Group Ltd. | 30910 | 439621 |
|  Swiss Re AG | 2383 | 411908 |
|  Tokio Marine Holdings, Inc. | 15900 | 674733 |
|  Travelers Cos., Inc. (The) | 7189 | 1923345 |
|  Willis Towers Watson plc | 1709 | 523809 |
|  Zurich Insurance Group AG | 2783 | 1945242 |
|  |  | 33501705 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 77533815 |
|  **Health Care (8.2%)** | **Health Care (8.2%)** | **Health Care (8.2%)** |
|  ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** |
|  AbbVie, Inc. | 2633 | 488738 |
|  Gilead Sciences, Inc. | 9653 | 1070228 |
|  |  | 1558966 |
|  ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** |
|  Abbott Laboratories | 20405 | 2775284 |
|  Becton Dickinson & Co. | 4965 | 855221 |
|  Boston Scientific Corp.\* | 22551 | 2422203 |
|  IDEXX Laboratories, Inc.\* | 1600 | 858144 |
|  Medtronic plc | 17130 | 1493222 |
|  ResMed, Inc. | 1843 | 475494 |
|  Stryker Corp. | 3250 | 1285798 |
|  |  | 10165366 |
|  ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** |
|  Cardinal Health, Inc. | 4269 | 717192 |
|  Cencora, Inc. | 4777 | 1432384 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cigna Group (The) | 2780 | $| 919012 |
|  Elevance Health, Inc. | 966 |  | 375735 |
|  HCA Healthcare, Inc. | 1582 |  | 606064 |
|  |  |  | 4050387 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Veeva Systems, Inc., Class A\* | 2283 |  | 657458 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Agilent Technologies, Inc. | 3554 |  | 419408 |
|  Mettler-Toledo International, Inc.\* | 600 |  | 704832 |
|  |  |  | 1124240 |
|  ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** |
|  Bristol-Myers Squibb Co. | 21726 |  | 1005697 |
|  Eli Lilly & Co. | 1706 |  | 1329878 |
|  Johnson & Johnson | 22055 |  | 3368901 |
|  Merck & Co., Inc. | 9405 |  | 744500 |
|  Novartis AG (Registered) | 18803 |  | 2279015 |
|  Novo Nordisk A/S, Class B | 5967 |  | 414145 |
|  Novo Nordisk A/S (ADR) | 4723 |  | 325981 |
|  Roche Holding AG | 2660 |  | 866273 |
|  Sanofi SA | 7938 |  | 768710 |
|  Zoetis, Inc. | 10600 |  | 1653070 |
|  |  |  | 12756170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 30312587 |
|  **Industrials (14.0%)** | **Industrials (14.0%)** | **Industrials (14.0%)** | **Industrials (14.0%)** |
|  ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** |
|  GE Aerospace | 11875 |  | 3056506 |
|  Howmet Aerospace, Inc. | 4865 |  | 905522 |
|  Singapore Technologies Engineering Ltd. | 145200 |  | 889586 |
|  Thales SA | 1255 |  | 368991 |
|  |  |  | 5220605 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  Expeditors International of Washington, Inc. | 9000 |  | 1028250 |
|  United Parcel Service, Inc., Class B | 5500 |  | 555170 |
|  |  |  | 1583420 |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** |
|  Allegion plc | 9400 |  | 1354728 |
|  Geberit AG (Registered) | 974 |  | 765992 |
|  Trane Technologies plc | 5123 |  | 2240851 |
|  |  |  | 4361571 |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** |
|  Brambles Ltd. | 35114 |  | 541243 |
|  Cintas Corp. | 6800 |  | 1515516 |
|  Copart, Inc.\* | 20400 |  | 1001028 |
|  Republic Services, Inc. | 2974 |  | 733418 |
|  Secom Co. Ltd. | 35000 |  | 1259713 |
|  |  |  | 5050918 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  Stantec, Inc. | 6294 |  | 684841 |
|  WSP Global, Inc. | 5245 |  | 1069876 |
|  |  |  | 1754717 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  ABB Ltd. (Registered) | 22235 |  | 1325777 |
|  Eaton Corp. plc | 5262 |  | 1878481 |
|  |  |  | 3204258 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  Central Japan Railway Co. | 17000 |  | 381542 |
|  Union Pacific Corp. | 3636 |  | 836571 |
|  |  |  | 1218113 |
|  ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** |
|  Honeywell International, Inc. | 4645 |  | 1081728 |
|  Siemens AG (Registered) | 2503 |  | 641721 |
|  |  |  | 1723449 |
|  ***Machinery (3.6%)*** | ***Machinery (3.6%)*** | ***Machinery (3.6%)*** | ***Machinery (3.6%)*** |
|  Atlas Copco AB, Class A | 75485 |  | 1219533 |
|  Caterpillar, Inc. | 5213 |  | 2023739 |
|  FANUC Corp. | 17000 |  | 465123 |
|  GEA Group AG | 9600 |  | 671714 |
|  Illinois Tool Works, Inc. | 11300 |  | 2793925 |
|  Kone OYJ, Class B | 8843 |  | 582080 |
|  Otis Worldwide Corp. | 8517 |  | 843353 |
|  Parker-Hannifin Corp. | 1636 |  | 1142697 |
|  Pentair plc | 13900 |  | 1426974 |
|  Snap-on, Inc. | 4100 |  | 1275838 |
|  Volvo AB, Class B | 26961 |  | 756318 |
|  |  |  | 13201294 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Kuehne + Nagel International AG (Registered)(x) | 1779 |  | 384858 |
|  ***Professional Services (2.9%)*** | ***Professional Services (2.9%)*** | ***Professional Services (2.9%)*** | ***Professional Services (2.9%)*** |
|  Automatic Data Processing, Inc. | 5929 |  | 1828504 |
|  Booz Allen Hamilton Holding Corp. | 5000 |  | 520650 |
|  Broadridge Financial Solutions, Inc. | 5416 |  | 1316250 |
|  Leidos Holdings, Inc. | 3500 |  | 552160 |
|  Paychex, Inc. | 8500 |  | 1236410 |
|  RELX plc | 10385 |  | 561218 |
|  Thomson Reuters Corp. | 8863 |  | 1782298 |
|  Verisk Analytics, Inc. | 5600 |  | 1744400 |
|  Wolters Kluwer NV | 7972 |  | 1332998 |
|  |  |  | 10874888 |
|  ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** |
|  Fastenal Co. | 41517 |  | 1743714 |
|  ITOCHU Corp. | 9700 |  | 508963 |
|  W.W. Grainger, Inc. | 900 |  | 936216 |
|  |  |  | 3188893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 51766984 |
|  **Information Technology (20.5%)** | **Information Technology (20.5%)** | **Information Technology (20.5%)** | **Information Technology (20.5%)** |
|  ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** |
|  Cisco Systems, Inc. | 27961 |  | 1939934 |
|  Motorola Solutions, Inc. | 4793 |  | 2015265 |
|  |  |  | 3955199 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Amphenol Corp., Class A | 15405 |  | 1521244 |
|  CDW Corp. | 4900 |  | 875091 |
|  |  |  | 2396335 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***IT Services (1.6%)*** | ***IT Services (1.6%)*** | ***IT Services (1.6%)*** |
|  Accenture plc, Class A | 6980 | $2086252 |
|  CGI, Inc. | 9559 | 1003880 |
|  Fujitsu Ltd. | 22100 | 539436 |
|  Gartner, Inc.\* | 1100 | 444642 |
|  International Business Machines Corp. | 3737 | 1101593 |
|  VeriSign, Inc. | 3000 | 866400 |
|  |  | 6042203 |
|  ***Semiconductors & Semiconductor Equipment (5.9%)*** | ***Semiconductors & Semiconductor Equipment (5.9%)*** | ***Semiconductors & Semiconductor Equipment (5.9%)*** |
|  Broadcom, Inc. | 13654 | 3763725 |
|  NVIDIA Corp. | 106659 | 16851055 |
|  QUALCOMM, Inc. | 6638 | 1057168 |
|  |  | 21671948 |
|  ***Software (7.0%)*** | ***Software (7.0%)*** | ***Software (7.0%)*** |
|  Autodesk, Inc.\* | 2355 | 729037 |
|  Constellation Software, Inc. | 370 | 1356698 |
|  Fair Isaac Corp.\* | 400 | 731184 |
|  Intuit, Inc. | 983 | 774240 |
|  Microsoft Corp. | 34819 | 17319319 |
|  Oracle Corp. | 9471 | 2070645 |
|  Palo Alto Networks, Inc.\* | 3828 | 783362 |
|  Roper Technologies, Inc. | 2300 | 1303732 |
|  Salesforce, Inc. | 3300 | 899877 |
|  |  | 25968094 |
|  ***Technology Hardware, Storage & Peripherals (4.2%)*** | ***Technology Hardware, Storage & Peripherals (4.2%)*** | ***Technology Hardware, Storage & Peripherals (4.2%)*** |
|  Apple, Inc. | 73768 | 15134980 |
|  Canon, Inc. (x) | 19600 | 570150 |
|  |  | 15705130 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 75738909 |
|  **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** |
|  Air Liquide SA | 2867 | 591480 |
|  Ecolab, Inc. | 7590 | 2045050 |
|  Givaudan SA (Registered) | 280 | 1355448 |
|  Mitsubishi Chemical Group Corp. | 76600 | 403200 |
|  Nitto Denko Corp. | 33000 | 639696 |
|  Sherwin-Williams Co. (The) | 5051 | 1734311 |
|  |  | 6769185 |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Franco-Nevada Corp. | 2116 | 347401 |
|  Rio Tinto Ltd. | 5206 | 367063 |
|  |  | 714464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 7483649 |
|  **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Daiwa House Industry Co. Ltd. | 10800 | 371537 |
|  Swiss Prime Site AG (Registered) | 4939 | 739496 |
|  |  | 1111033 |
|  ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** | ***Residential REITs (0.7%)*** |
|  AvalonBay Communities, Inc. (REIT) | 4795 | 975783 |
|  Equity Residential (REIT) | 9300 | 627657 |
|  Essex Property Trust, Inc. (REIT) | 1700 | 481780 |
|  Mid-America Apartment Communities, Inc. (REIT) | 3300 | 488433 |
|  |  | 2573653 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  SBA Communications Corp. (REIT) | 1622 | 380910 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4065596 |
|  **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** |
|  ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** |
|  Enel SpA | 102593 | 973563 |
|  Eversource Energy | 9298 | 591539 |
|  Exelon Corp. | 26699 | 1159271 |
|  Hydro One Ltd. (m) | 17164 | 618496 |
|  Iberdrola SA | 70995 | 1362309 |
|  Redeia Corp. SA (x) | 31834 | 680604 |
|  Terna - Rete Elettrica Nazionale (x) | 99482 | 1022555 |
|  |  | 6408337 |
|  ***Gas Utilities (0.6%)*** | ***Gas Utilities (0.6%)*** | ***Gas Utilities (0.6%)*** |
|  Atmos Energy Corp. | 8604 | 1325963 |
|  Hong Kong & China Gas Co. Ltd. | 708000 | 594363 |
|  Osaka Gas Co. Ltd. | 15800 | 405190 |
|  |  | 2325516 |
|  ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** |
|  Consolidated Edison, Inc. | 14800 | 1485180 |
|  E.ON SE | 55801 | 1027044 |
|  National Grid plc | 71216 | 1037665 |
|  Public Service Enterprise Group, Inc. | 8400 | 707112 |
|  Sempra | 8259 | 625784 |
|  |  | 4882785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 13616638 |
|  **Total Common Stocks (99.3%)**<br> *(Cost $246,610,724)* |  | 367625751 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Information Technology (0.0%)** | **Information Technology (0.0%)** | **Information Technology (0.0%)** |
|  ***Software (0.0%)*** | ***Software (0.0%)*** | ***Software (0.0%)*** |
|  Constellation Software, Inc., expiring 3/31/40 (r)\* <br>*(Cost $—)* | 200 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 2725535 | 2725535 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 1287197 | 1287455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 4012990 |
|  **Total Short-Term Investments (1.1%)**<br> *(Cost $4,013,041)* | **Total Short-Term Investments (1.1%)**<br> *(Cost $4,013,041)* | 4012990 |
|  **Total Investments in Securities (100.4%)**<br> *(Cost $250,623,765)* | **Total Investments in Securities (100.4%)**<br> *(Cost $250,623,765)* | 371638741 |
|  **Other Assets Less Liabilities (-0.4%)** | **Other Assets Less Liabilities (-0.4%)** | (1445585) |
|  **Net Assets (100%)** |  | $370193156 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $1,327,549 or 0.4% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $5,477,077. This was collateralized by $3,011,733 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.000%, maturing 7/15/25 – 11/15/54 and by cash of $2,725,535 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20243544 | $5787434 | $— | $26030978 |
|  Consumer Discretionary | 32074514 | 5212543 |  | 37287057 |
|  Consumer Staples | 28251482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40873605 |
|  Energy | 1381158 | 1534775 |  | 2915933 |
|  Financials | 55398288 | 22135527 |  | 77533815 |
|  Health Care | 25984444 | 4328143 |  | 30312587 |
|  Industrials | 39109614 | 12657370 |  | 51766984 |
|  Information Technology | 74629323 | 1109586 |  | 75738909 |
|  Materials | 4126762 | 3356887 |  | 7483649 |
|  Real Estate | 2954563 | 1111033 |  | 4065596 |
|  Utilities | 6513345 | 7103293 |  | 13616638 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 4012990 |  |  | 4012990 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**294680027** | $**76958714** | $**—** | $**371638741** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**294680027** | $**76958714** | $**—** | $**371638741** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $29 | $29 |
|  **Total** | $29 | $29 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $468201000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $53150994.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $72213841.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $125037492 |
|  Aggregate gross unrealized depreciation | (4034757) |
|  Net unrealized appreciation | $121002735 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $250636006 |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $250,623,765) | $371638741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 464998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $268,351) | 271295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1167501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 108861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 373657458 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2725535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 375547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 209846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 68533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 26842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 57999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3464302 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $370193156 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $227039070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 143154086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $370193156 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $338,456,018 / 16,787,487 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.16 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $31,737,138 / 1,569,769 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.22 |

---

*(x)* *Includes value of securities on loan of $5,477,077.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $283,139 foreign withholding tax) | $3881468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 9807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 10321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3901596 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1249194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 407702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 161867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 24877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1910042 |
|  **NET INVESTMENT INCOME (LOSS)** | 1991554 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 12525256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12525997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 13568250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 105317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13673567 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 26199564 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28191118 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMARTBETA EQUITY ESG PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1991554 | $3068610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12525997 | 27331810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13673567 | 24834862 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 28191118 | 55235282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (22834823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2307771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (25142594) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 559,055 and 950,039 shares, respectively ] | 10708493 | 17779803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,181,723 shares, respectively ] |  | 22834823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1549098) and (2828492) shares, respectively ] | (29446968) | (53201301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (18738475) | (12586675) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 36,746 and 36,540 shares, respectively ] | 713438 | 675086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 119,244 shares, respectively ] |  | 2307771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (177220) and (385167) shares, respectively ] | (3373019) | (7328634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2659581) | (4345777) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (21398056) | (16932452) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 6793062 | 13160236 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 363400094 | 350239858 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $370193156 | $363400094 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SMARTBETA EQUITY ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.65 | $17.15 | $15.08 | $18.15 | $15.83 | $14.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.15 | 0.18 | 0.21 | 0.19 (aa) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.41 | 2.71 | 2.30 | (2.85) | 3.44 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 2.86 | 2.48 | (2.64) | 3.63 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.22) | (0.19) | (0.23) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.18) | (0.19) | (0.24) | (1.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.36) | (0.41) | (0.43) | (1.31) | (0.17) |
|  Net asset value, end of period | $20.16 | $18.65 | $17.15 | $15.08 | $18.15 | $15.83 |
|  Total return (b) | 8.10% | 16.44% | 16.49% | (14.52)% | 23.08% | 10.95% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $338456 | $331463 | $316924 | $296890 | $364960 | $322433 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.09% | 1.10% | 1.10% | 1.10% | 1.10 %(g) | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.09% | 1.10% | 1.12% | 1.11% | 1.11 %(g) | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.09% | 0.82% | 1.14% | 1.32% | 1.07 %(bb) | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.09% | 0.81% | 1.13% | 1.31% | 1.07 %(bb) | 0.84% |
|  Portfolio turnover rate^ | 15 %(z) | 28% | 30% | 31% | 39% | 53% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.67 | $17.18 | $15.09 | $18.17 | $15.84 | $14.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.20 | 0.23 | 0.25 | 0.23 (aa) | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.42 | 2.70 | 2.31 | (2.86) | 3.45 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 2.90 | 2.54 | (2.61) | 3.68 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.26) | (0.23) | (0.27) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.18) | (0.19) | (0.24) | (1.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.41) | (0.45) | (0.47) | (1.35) | (0.20) |
|  Net asset value, end of period | $20.22 | $18.67 | $17.18 | $15.09 | $18.17 | $15.84 |
|  Total return (b) | 8.30% | 16.62% | 16.88% | (14.35)% | 23.39% | 11.28% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $31737 | $31937 | $33315 | $32742 | $27844 | $25765 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.84% | 0.85% | 0.85% | 0.85% | 0.85 %(g) | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.84% | 0.85% | 0.87% | 0.86% | 0.86 %(g) | 0.94% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.34% | 1.08% | 1.40% | 1.58% | 1.32 %(bb) | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.34% | 1.07% | 1.38% | 1.56% | 1.32 %(bb) | 1.13% |
|  Portfolio turnover rate^ | 15 %(z) | 28% | 30% | 31% | 39% | 53% |

---

See Notes to Financial Statements.

------

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.14 and $0.18 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.29% lower.* 

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.4%)** | **Communication Services (8.4%)** | **Communication Services (8.4%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  Lumen Technologies, Inc.\* | 9814 | $42985 |
|  Verizon Communications, Inc. | 39210 | 1696617 |
|  |  | 1739602 |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Electronic Arts, Inc. | 2284 | 364755 |
|  Walt Disney Co. (The) | 16760 | 2078408 |
|  Warner Bros Discovery, Inc.\* | 22062 | 252830 |
|  |  | 2695993 |
|  ***Interactive Media & Services (6.7%)*** | ***Interactive Media & Services (6.7%)*** | ***Interactive Media & Services (6.7%)*** |
|  Alphabet, Inc., Class A | 54079 | 9530342 |
|  Alphabet, Inc., Class C | 45867 | 8136347 |
|  ZoomInfo Technologies, Inc., Class A\* | 2704 | 27365 |
|  |  | 17694054 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Cable One, Inc. (x) | 49 | 6655 |
|  John Wiley & Sons, Inc., Class A | 342 | 15263 |
|  New York Times Co. (The), Class A | 1501 | 84026 |
|  Omnicom Group, Inc. | 1866 | 134240 |
|  Scholastic Corp. | 399 | 8371 |
|  |  | 248555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 22378204 |
|  **Consumer Discretionary (9.0%)** | **Consumer Discretionary (9.0%)** | **Consumer Discretionary (9.0%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 2144 | 146264 |
|  Autoliv, Inc. | 657 | 73518 |
|  BorgWarner, Inc. | 2074 | 69437 |
|  |  | 289219 |
|  ***Automobiles (3.3%)*** | ***Automobiles (3.3%)*** | ***Automobiles (3.3%)*** |
|  Harley-Davidson, Inc. | 1032 | 24355 |
|  Lucid Group, Inc. (x)\* | 10084 | 21277 |
|  Rivian Automotive, Inc., Class A\* | 7200 | 98928 |
|  Tesla, Inc.\* | 26839 | 8525677 |
|  |  | 8670237 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  Kohl's Corp. (x) | 1117 | 9472 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 1295 | 157097 |
|  LKQ Corp. (x) | 2426 | 89786 |
|  Pool Corp. | 361 | 105224 |
|  |  | 352107 |
|  ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** |
|  Aramark | 2385 | 99860 |
|  Booking Holdings, Inc. | 304 | 1759929 |
|  Choice Hotels International, Inc. (x) | 276 | 35019 |
|  Darden Restaurants, Inc. | 1072 | 233664 |
|  Domino's Pizza, Inc. | 304 | 136982 |
|  Hilton Worldwide Holdings, Inc. | 2236 | 595536 |
|  Marriott International, Inc., Class A | 2160 | 590134 |
|  McDonald's Corp. | 6627 | 1936211 |
|  Royal Caribbean Cruises Ltd. | 2365 | 740576 |
|  Starbucks Corp. | 10507 | 962756 |
|  Vail Resorts, Inc. (x) | 366 | 57510 |
|  |  | 7148177 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  Ethan Allen Interiors, Inc. | 235 | 6545 |
|  Garmin Ltd. | 1425 | 297426 |
|  La-Z-Boy, Inc. | 357 | 13270 |
|  Meritage Homes Corp. | 632 | 42325 |
|  Mohawk Industries, Inc.\* | 484 | 50742 |
|  Newell Brands, Inc. | 3777 | 20396 |
|  Whirlpool Corp. | 528 | 53550 |
|  |  | 484254 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Hasbro, Inc. | 1180 | 87108 |
|  Mattel, Inc.\* | 2965 | 58470 |
|  Topgolf Callaway Brands Corp.\* | 1567 | 12614 |
|  |  | 158192 |
|  ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** |
|  AutoNation, Inc.\* | 228 | 45292 |
|  Best Buy Co., Inc. | 1815 | 121841 |
|  Buckle, Inc. (The) | 355 | 16099 |
|  CarMax, Inc.\* | 1444 | 97051 |
|  Foot Locker, Inc.\* | 772 | 18914 |
|  GameStop Corp., Class A\* | 3908 | 95316 |
|  Gap, Inc. (The) | 2048 | 44667 |
|  Home Depot, Inc. (The) | 9215 | 3378588 |
|  Lowe's Cos., Inc. | 5185 | 1150396 |
|  Signet Jewelers Ltd. | 341 | 27127 |
|  Tractor Supply Co. | 5016 | 264694 |
|  Ulta Beauty, Inc.\* | 416 | 194613 |
|  Williams-Sonoma, Inc. | 1134 | 185262 |
|  |  | 5639860 |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  Capri Holdings Ltd.\* | 1033 | 18284 |
|  Columbia Sportswear Co. | 276 | 16858 |
|  Deckers Outdoor Corp.\* | 1437 | 148112 |
|  Hanesbrands, Inc.\* | 2926 | 13401 |
|  NIKE, Inc., Class B | 10927 | 776254 |
|  PVH Corp. | 484 | 33202 |
|  Under Armour, Inc., Class A\* | 2099 | 14336 |
|  Under Armour, Inc., Class C\* | 1024 | 6646 |
|  VF Corp. | 3073 | 36108 |
|  Wolverine World Wide, Inc. | 585 | 10577 |
|  |  | 1073778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 23825296 |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |
|  ***Beverages (1.8%)*** | ***Beverages (1.8%)*** | ***Beverages (1.8%)*** |
|  Coca-Cola Co. (The) | 37905 | 2681779 |
|  Keurig Dr Pepper, Inc. | 11979 | 396025 |
|  PepsiCo, Inc. | 12703 | 1677304 |
|  |  | 4755108 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Kroger Co. (The) | 5858 | 420194 |
|  Sysco Corp. | 4566 | 345829 |
|  Target Corp. | 4217 | 416007 |
|  United Natural Foods, Inc.\* | 460 | 10723 |
|  |  | 1192753 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** |
|  Archer-Daniels-Midland Co. | 4445 | $234607 |
|  Bunge Global SA | 1279 | 102678 |
|  Campbell's Co. (The) | 1813 | 55568 |
|  Conagra Brands, Inc. | 4566 | 93466 |
|  Darling Ingredients, Inc.\* | 1502 | 56986 |
|  General Mills, Inc. | 5066 | 262469 |
|  Hormel Foods Corp. | 2762 | 83551 |
|  Ingredion, Inc. | 602 | 81643 |
|  J M Smucker Co. (The) | 983 | 96531 |
|  Kellanova | 2538 | 201847 |
|  Kraft Heinz Co. (The) | 8275 | 213661 |
|  Lamb Weston Holdings, Inc. | 1257 | 65175 |
|  McCormick & Co., Inc. (Non-Voting) | 2364 | 179239 |
|  Mondelez International, Inc., Class A | 11972 | 807392 |
|  |  | 2534813 |
|  ***Household Products (1.8%)*** | ***Household Products (1.8%)*** | ***Household Products (1.8%)*** |
|  Church & Dwight Co., Inc. | 2247 | 215959 |
|  Clorox Co. (The) | 1116 | 133998 |
|  Colgate-Palmolive Co. | 7189 | 653480 |
|  Kimberly-Clark Corp. | 3049 | 393077 |
|  Procter & Gamble Co. (The) | 21740 | 3463617 |
|  |  | 4860131 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 2146 | 173397 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 13516202 |
|  **Energy (1.3%)** | **Energy (1.3%)** | **Energy (1.3%)** |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Baker Hughes Co. | 9085 | 348319 |
|  Core Laboratories, Inc. | 556 | 6405 |
|  Halliburton Co. | 7841 | 159800 |
|  NOV, Inc. | 3692 | 45891 |
|  TechnipFMC plc | 3979 | 137037 |
|  |  | 697452 |
|  ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** |
|  Cheniere Energy, Inc. | 2066 | 503112 |
|  HF Sinclair Corp. | 1530 | 62853 |
|  Marathon Petroleum Corp. | 2907 | 482882 |
|  ONEOK, Inc. | 5766 | 470679 |
|  Phillips 66 | 3801 | 453459 |
|  Targa Resources Corp. | 2030 | 353382 |
|  Valero Energy Corp. | 2883 | 387533 |
|  |  | 2713900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3411352 |
|  **Financials (12.8%)** | **Financials (12.8%)** | **Financials (12.8%)** |
|  ***Banks (1.0%)*** | ***Banks (1.0%)*** | ***Banks (1.0%)*** |
|  Bank of Hawaii Corp. | 341 | 23028 |
|  Cathay General Bancorp | 666 | 30323 |
|  Citizens Financial Group, Inc. | 4118 | 184280 |
|  Comerica, Inc. | 1188 | 70864 |
|  Huntington Bancshares, Inc. | 13354 | 223813 |
|  International Bancshares Corp. | 523 | 34811 |
|  KeyCorp | 8543 | 148819 |
|  M&T Bank Corp. | 1512 | 293313 |
|  Old National Bancorp | 2920 | 62313 |
|  PNC Financial Services Group, Inc. (The) | 3667 | 683602 |
|  Regions Financial Corp. | 8488 | 199638 |
|  Truist Financial Corp. | 12218 | 525252 |
|  Zions Bancorp NA | 1307 | 67885 |
|  |  | 2547941 |
|  ***Capital Markets (4.4%)*** | ***Capital Markets (4.4%)*** | ***Capital Markets (4.4%)*** |
|  Ameriprise Financial, Inc. | 894 | 477155 |
|  Bank of New York Mellon Corp. (The) | 6661 | 606884 |
|  BlackRock, Inc.‡ | 1369 | 1436423 |
|  Cboe Global Markets, Inc. | 978 | 228079 |
|  Charles Schwab Corp. (The) | 15986 | 1458563 |
|  CME Group, Inc. | 3343 | 921398 |
|  FactSet Research Systems, Inc. | 347 | 155206 |
|  Franklin Resources, Inc. | 2691 | 64180 |
|  Intercontinental Exchange, Inc. | 5328 | 977528 |
|  Invesco Ltd. | 3327 | 52467 |
|  MarketAxess Holdings, Inc. | 336 | 75042 |
|  Moody's Corp. | 1502 | 753388 |
|  Morgan Stanley | 11245 | 1583971 |
|  Nasdaq, Inc. | 3965 | 354550 |
|  Northern Trust Corp. | 1839 | 233167 |
|  Raymond James Financial, Inc. | 1786 | 273919 |
|  S&P Global, Inc. | 2910 | 1534414 |
|  State Street Corp. | 2646 | 281376 |
| T. Rowe Price Group, Inc. | 2023 | 195219 |
|  |  | 11662929 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 2586 | 100725 |
|  American Express Co. | 5206 | 1660610 |
|  Synchrony Financial | 3632 | 242399 |
|  |  | 2003734 |
|  ***Financial Services (4.2%)*** | ***Financial Services (4.2%)*** | ***Financial Services (4.2%)*** |
|  Equitable Holdings, Inc.‡ | 2812 | 157753 |
|  Fidelity National Information Services, Inc. | 4905 | 399316 |
|  Mastercard, Inc., Class A | 7550 | 4242647 |
|  PayPal Holdings, Inc.\* | 8746 | 650003 |
|  Visa, Inc., Class A | 15978 | 5672989 |
|  Voya Financial, Inc. | 848 | 60208 |
|  Western Union Co. (The) (x) | 3154 | 26557 |
|  |  | 11209473 |
|  ***Insurance (2.5%)*** | ***Insurance (2.5%)*** | ***Insurance (2.5%)*** |
|  Allstate Corp. (The) | 2461 | 495424 |
|  Arthur J Gallagher & Co. | 2361 | 755803 |
|  Chubb Ltd. | 3523 | 1020684 |
|  Hartford Insurance Group, Inc. (The) | 2657 | 337094 |
|  Lincoln National Corp. | 1536 | 53146 |
|  Loews Corp. | 1635 | 149864 |
|  Marsh & McLennan Cos., Inc. | 4559 | 996780 |
|  Principal Financial Group, Inc. | 2103 | 167041 |
|  Progressive Corp. (The) | 5425 | 1447715 |
|  Prudential Financial, Inc. | 3253 | 349502 |
|  Travelers Cos., Inc. (The) | 2103 | 562637 |
|  Willis Towers Watson plc | 919 | 281673 |
|  |  | 6617363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 34041440 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Health Care (7.8%)** | **Health Care (7.8%)** | **Health Care (7.8%)** |
|  ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** |
|  AbbVie, Inc. | 16401 | $3044354 |
|  Amgen, Inc. | 4975 | 1389070 |
|  Biogen, Inc.\* | 1341 | 168416 |
|  BioMarin Pharmaceutical, Inc.\* | 1783 | 98011 |
|  Gilead Sciences, Inc. | 11586 | 1284540 |
|  Vertex Pharmaceuticals, Inc.\* | 2389 | 1063583 |
|  |  | 7047974 |
|  ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** | ***Health Care Equipment & Supplies (1.1%)*** |
|  Align Technology, Inc.\* | 655 | 124011 |
|  Becton Dickinson & Co. | 2673 | 460424 |
|  Cooper Cos., Inc. (The)\* | 1797 | 127875 |
|  Dentsply Sirona, Inc. | 1915 | 30410 |
|  Dexcom, Inc.\* | 3667 | 320092 |
|  Edwards Lifesciences Corp.\* | 5385 | 421161 |
|  Hologic, Inc.\* | 2127 | 138595 |
|  IDEXX Laboratories, Inc.\* | 744 | 399037 |
|  Insulet Corp.\* | 660 | 207359 |
|  ResMed, Inc. | 1363 | 351654 |
|  STERIS plc | 922 | 221483 |
|  Zimmer Biomet Holdings, Inc. | 1876 | 171110 |
|  |  | 2973211 |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** |
|  Cardinal Health, Inc. | 2255 | 378840 |
|  Cencora, Inc. | 1719 | 515442 |
|  Centene Corp.\* | 4628 | 251208 |
|  Cigna Group (The) | 2504 | 827772 |
|  DaVita, Inc.\* | 408 | 58120 |
|  Elevance Health, Inc. | 2092 | 813704 |
|  HCA Healthcare, Inc. | 1723 | 660081 |
|  Henry Schein, Inc.\* | 1029 | 75168 |
|  Humana, Inc. | 1126 | 275285 |
|  Labcorp Holdings, Inc. | 765 | 200820 |
|  Pediatrix Medical Group, Inc.\* | 946 | 13575 |
|  Quest Diagnostics, Inc. | 1046 | 187893 |
|  Select Medical Holdings Corp. | 1036 | 15727 |
|  |  | 4273635 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Teladoc Health, Inc.\* | 1828 | 15922 |
|  Veeva Systems, Inc., Class A\* | 1437 | 413827 |
|  |  | 429749 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  Agilent Technologies, Inc. | 2638 | 311310 |
|  Bio-Techne Corp. | 1498 | 77072 |
|  Danaher Corp. | 5968 | 1178919 |
|  Illumina, Inc.\* | 1458 | 139108 |
|  IQVIA Holdings, Inc.\* | 1645 | 259235 |
|  Mettler-Toledo International, Inc.\* | 192 | 225546 |
|  Waters Corp.\* | 549 | 191623 |
|  West Pharmaceutical Services, Inc. | 667 | 145940 |
|  |  | 2528753 |
|  ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** |
|  Bristol-Myers Squibb Co. | 18812 | 870807 |
|  Jazz Pharmaceuticals plc\* | 505 | 53591 |
|  Merck & Co., Inc. | 23330 | 1846803 |
|  Zoetis, Inc. | 4145 | 646413 |
|  |  | 3417614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 20670936 |
|  **Industrials (8.7%)** | **Industrials (8.7%)** | **Industrials (8.7%)** |
|  ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** |
|  Axon Enterprise, Inc.\* | 673 | 557204 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  CH Robinson Worldwide, Inc. | 1098 | 105353 |
|  Expeditors International of Washington, Inc. | 1273 | 145440 |
|  United Parcel Service, Inc., Class B | 6781 | 684474 |
|  |  | 935267 |
|  ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** |
|  A.O. Smith Corp. | 1096 | 71865 |
|  Allegion plc | 801 | 115440 |
|  Builders FirstSource, Inc.\* | 1038 | 121124 |
|  Carrier Global Corp. | 7255 | 530993 |
|  Fortune Brands Innovations, Inc. | 1101 | 56679 |
|  Johnson Controls International plc | 6107 | 645021 |
|  Lennox International, Inc. | 290 | 166240 |
|  Masco Corp. | 2011 | 129428 |
|  Owens Corning | 801 | 110154 |
|  Trane Technologies plc | 2080 | 909813 |
|  |  | 2856757 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Copart, Inc.\* | 8563 | 420186 |
|  Deluxe Corp. | 487 | 7748 |
|  HNI Corp. | 507 | 24934 |
|  Interface, Inc., Class A | 393 | 8226 |
|  Steelcase, Inc., Class A | 654 | 6821 |
|  Tetra Tech, Inc. | 2437 | 87635 |
|  Veralto Corp. | 2268 | 228955 |
|  |  | 784505 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  EMCOR Group, Inc. | 415 | 221979 |
|  Granite Construction, Inc. (x) | 417 | 38994 |
|  Quanta Services, Inc. | 1382 | 522507 |
|  |  | 783480 |
|  ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** |
|  Acuity, Inc. | 290 | 86519 |
|  Eaton Corp. plc | 3632 | 1296588 |
|  Hubbell, Inc., Class B | 493 | 201346 |
|  Rockwell Automation, Inc. | 1055 | 350439 |
|  Sensata Technologies Holding plc | 1518 | 45707 |
|  |  | 1980599 |
|  ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** |
|  ArcBest Corp. | 225 | 17327 |
|  Avis Budget Group, Inc.\* | 166 | 28062 |
|  CSX Corp. | 17676 | 576768 |
|  JB Hunt Transport Services, Inc. | 720 | 103392 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 1482 | 65549 |
|  Norfolk Southern Corp. | 2095 | 536257 |
|  Ryder System, Inc. | 375 | 59625 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  U-Haul Holding Co. | 922 | $50129 |
|  Union Pacific Corp. | 5556 | 1278325 |
|  |  | 2715434 |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** |
|  3M Co. | 5032 | 766072 |
|  ***Machinery (2.9%)*** | ***Machinery (2.9%)*** | ***Machinery (2.9%)*** |
|  AGCO Corp. | 604 | 62309 |
|  Caterpillar, Inc. | 4437 | 1722488 |
|  CNH Industrial NV | 8388 | 108708 |
|  Cummins, Inc. | 1284 | 420510 |
|  Deere & Co. | 2385 | 1212749 |
|  Dover Corp. | 1282 | 234901 |
|  Flowserve Corp. | 1275 | 66746 |
|  Fortive Corp. | 3135 | 163427 |
|  Graco, Inc. | 1588 | 136520 |
|  IDEX Corp. | 712 | 125006 |
|  Illinois Tool Works, Inc. | 2569 | 635185 |
|  Ingersoll Rand, Inc. | 3704 | 308099 |
|  Lincoln Electric Holdings, Inc. | 528 | 109465 |
|  Middleby Corp. (The)\* | 496 | 71424 |
|  PACCAR, Inc. | 4886 | 464463 |
|  Parker-Hannifin Corp. | 1188 | 829782 |
|  Pentair plc | 1530 | 157070 |
|  Snap-on, Inc. | 482 | 149989 |
|  Stanley Black & Decker, Inc. | 1473 | 99796 |
|  Tennant Co. | 204 | 15806 |
|  Timken Co. (The) | 657 | 47665 |
|  Westinghouse Air Brake Technologies Corp. | 1593 | 333495 |
|  Xylem, Inc. | 2253 | 291448 |
|  |  | 7767051 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Delta Air Lines, Inc. | 1575 | 77458 |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** |
|  Automatic Data Processing, Inc. | 3783 | 1166677 |
|  Broadridge Financial Solutions, Inc. | 1095 | 266118 |
|  Exponent, Inc. | 512 | 38252 |
|  Heidrick & Struggles International, Inc. | 257 | 11760 |
|  ICF International, Inc. | 170 | 14401 |
|  Jacobs Solutions, Inc. | 1143 | 150247 |
|  ManpowerGroup, Inc. | 453 | 18301 |
|  Paycom Software, Inc. | 482 | 111535 |
|  Robert Half, Inc. | 1030 | 42281 |
|  TransUnion | 1836 | 161568 |
|  |  | 1981140 |
|  ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** |
|  Air Lease Corp., Class A | 938 | 54864 |
|  Applied Industrial Technologies, Inc. | 371 | 86239 |
|  Fastenal Co. | 10559 | 443478 |
|  Ferguson Enterprises, Inc. | 1834 | 399354 |
|  United Rentals, Inc. | 605 | 455807 |
|  W.W. Grainger, Inc. | 427 | 444182 |
|  |  | 1883924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 23088891 |
|  **Information Technology (40.5%)** | **Information Technology (40.5%)** | **Information Technology (40.5%)** |
|  ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** |
|  Cisco Systems, Inc. | 36884 | $2559012 |
|  F5, Inc.\* | 526 | 154812 |
|  Motorola Solutions, Inc. | 1547 | 650452 |
|  |  | 3364276 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Cognex Corp. | 1716 | 54432 |
|  Corning, Inc. | 7592 | 399263 |
|  Flex Ltd.\* | 3499 | 174670 |
|  Itron, Inc.\* | 393 | 51731 |
|  Keysight Technologies, Inc.\* | 1612 | 264142 |
|  Ralliant Corp.\* | 1045 | 50672 |
|  TE Connectivity plc | 2783 | 469409 |
|  Trimble, Inc.\* | 2286 | 173690 |
|  Zebra Technologies Corp., Class A\* | 468 | 144312 |
|  |  | 1782321 |
|  ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | ***IT Services (2.0%)*** |
|  Accenture plc, Class A | 5800 | 1733562 |
|  Akamai Technologies, Inc.\* | 1331 | 106161 |
|  ASGN, Inc.\* | 455 | 22718 |
|  Cognizant Technology Solutions Corp., Class A | 4550 | 355036 |
|  Gartner, Inc.\* | 717 | 289826 |
|  International Business Machines Corp. | 8593 | 2533044 |
|  Okta, Inc.\* | 1499 | 149855 |
|  Twilio, Inc., Class A\* | 1325 | 164777 |
|  |  | 5354979 |
|  ***Semiconductors & Semiconductor Equipment (17.1%)*** | ***Semiconductors & Semiconductor Equipment (17.1%)*** | ***Semiconductors & Semiconductor Equipment (17.1%)*** |
|  Advanced Micro Devices, Inc.\* | 15057 | 2136588 |
|  Analog Devices, Inc. | 4595 | 1093702 |
|  Applied Materials, Inc. | 7515 | 1375771 |
|  First Solar, Inc.\* | 923 | 152793 |
|  Intel Corp. | 40200 | 900480 |
|  Lam Research Corp. | 11928 | 1161072 |
|  Microchip Technology, Inc. | 4964 | 349317 |
|  NVIDIA Corp. | 226217 | 35740024 |
|  NXP Semiconductors NV | 2348 | 513015 |
|  ON Semiconductor Corp.\* | 4000 | 209640 |
|  Skyworks Solutions, Inc. | 1447 | 107830 |
|  Texas Instruments, Inc. | 8436 | 1751482 |
|  |  | 45491714 |
|  ***Software (18.9%)*** | ***Software (18.9%)*** | ***Software (18.9%)*** |
|  Adobe, Inc.\* | 3951 | 1528563 |
|  ANSYS, Inc.\* | 810 | 284488 |
|  Atlassian Corp., Class A\* | 1530 | 310728 |
|  Autodesk, Inc.\* | 1987 | 615116 |
|  Cadence Design Systems, Inc.\* | 2540 | 782701 |
|  Dynatrace, Inc.\* | 2793 | 154202 |
|  Fair Isaac Corp.\* | 225 | 411291 |
|  Fortinet, Inc.\* | 6056 | 640240 |
|  Gen Digital, Inc. | 4888 | 143707 |
|  Guidewire Software, Inc.\* | 727 | 171172 |
|  HubSpot, Inc.\* | 455 | 253267 |
|  Intuit, Inc. | 2591 | 2040749 |
|  Microsoft Corp. | 65476 | 32568417 |
|  Oracle Corp. | 15599 | 3410409 |
|  PTC, Inc.\* | 1114 | 191987 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RingCentral, Inc., Class A\* | 726 | $| 20582 |
|  Roper Technologies, Inc. | 995 |  | 564006 |
|  Salesforce, Inc. | 8927 |  | 2434304 |
|  ServiceNow, Inc.\* | 1919 |  | 1972885 |
|  Synopsys, Inc.\* | 1433 |  | 734670 |
|  Teradata Corp.\* | 818 |  | 18250 |
|  Workday, Inc., Class A\* | 2003 |  | 480720 |
|  Zscaler, Inc.\* | 938 |  | 294476 |
|  |  |  | 50026930 |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** |
|  Dell Technologies, Inc., Class C | 3007 |  | 368658 |
|  Hewlett Packard Enterprise Co. | 12227 |  | 250042 |
|  HP, Inc. | 8789 |  | 214979 |
|  NetApp, Inc. | 1880 |  | 200314 |
|  Seagate Technology Holdings plc | 1969 |  | 284186 |
|  Xerox Holdings Corp. (x) | 1274 |  | 6714 |
|  |  |  | 1324893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 107345113 |
|  **Materials (2.6%)** | **Materials (2.6%)** | **Materials (2.6%)** | **Materials (2.6%)** |
|  ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** |
|  Air Products and Chemicals, Inc. | 2079 |  | 586403 |
|  Albemarle Corp. (x) | 1144 |  | 71694 |
|  Axalta Coating Systems Ltd.\* | 1983 |  | 58875 |
|  Ecolab, Inc. | 2382 |  | 641806 |
|  HB Fuller Co. | 498 |  | 29955 |
|  International Flavors & Fragrances, Inc. | 2409 |  | 177182 |
|  Linde plc | 4378 |  | 2054070 |
|  LyondellBasell Industries NV, Class A | 2385 |  | 137996 |
|  Minerals Technologies, Inc. | 284 |  | 15640 |
|  Mosaic Co. (The) | 2863 |  | 104442 |
|  PPG Industries, Inc. | 2078 |  | 236373 |
|  Sherwin-Williams Co. (The) | 2225 |  | 763976 |
|  |  |  | 4878412 |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** |
|  CRH plc | 6322 |  | 580360 |
|  Martin Marietta Materials, Inc. | 561 |  | 307966 |
|  |  |  | 888326 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Avery Dennison Corp. | 749 |  | 131427 |
|  Ball Corp. | 2503 |  | 140393 |
|  International Paper Co. | 4711 |  | 220616 |
|  Sealed Air Corp. | 1373 |  | 42604 |
|  Sonoco Products Co. | 883 |  | 38464 |
|  |  |  | 573504 |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Newmont Corp. | 10473 |  | 610157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 6950399 |
|  **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  Healthpeak Properties, Inc. (REIT) | 6366 |  | 111469 |
|  Ventas, Inc. (REIT) | 3959 |  | 250011 |
|  Welltower, Inc. (REIT) | 5999 |  | 922226 |
|  |  |  | 1283706 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 6499 |  | 99825 |
|  ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** | ***Industrial REITs (0.3%)*** |
|  Prologis, Inc. (REIT) | 8567 |  | 900563 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  BXP, Inc. (REIT) | 1351 |  | 91152 |
|  COPT Defense Properties (REIT) | 977 |  | 26946 |
|  |  |  | 118098 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  CBRE Group, Inc., Class A\* | 2783 |  | 389954 |
|  Jones Lang LaSalle, Inc.\* | 444 |  | 113566 |
|  |  |  | 503520 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 1310 |  | 266585 |
|  Equity Residential (REIT) | 3127 |  | 211041 |
|  UDR, Inc. (REIT) | 2936 |  | 119877 |
|  |  |  | 597503 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 742 |  | 70483 |
|  Macerich Co. (The) (REIT) | 2423 |  | 39204 |
|  Simon Property Group, Inc. (REIT) | 3027 |  | 486620 |
|  |  |  | 596307 |
|  ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** |
|  American Tower Corp. (REIT) | 4346 |  | 960553 |
|  Crown Castle, Inc. (REIT) | 4047 |  | 415748 |
|  Digital Realty Trust, Inc. (REIT) | 3101 |  | 540597 |
|  Equinix, Inc. (REIT) | 900 |  | 715923 |
|  Iron Mountain, Inc. (REIT) | 2691 |  | 276016 |
|  SBA Communications Corp. (REIT) | 1013 |  | 237893 |
|  |  |  | 3146730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 7246252 |
|  **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** |
|  ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** |
|  Eversource Energy | 3403 |  | 216499 |
|  Exelon Corp. | 9318 |  | 404587 |
|  |  |  | 621086 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Atmos Energy Corp. | 1463 |  | 225463 |
|  New Jersey Resources Corp. | 908 |  | 40697 |
|  UGI Corp. | 1950 |  | 71019 |
|  |  |  | 337179 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Ormat Technologies, Inc. | 542 |  | 45398 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Avista Corp. | 768 |  | 29146 |
|  CMS Energy Corp. | 2802 |  | 194122 |
|  Consolidated Edison, Inc. | 3239 |  | 325034 |
|  NiSource, Inc. | 4383 |  | 176810 |
|  Sempra | 6082 |  | 460833 |
|  |  |  | 1185945 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 1816 | $252624 |
|  Essential Utilities, Inc. | 2367 | 87910 |
|  |  | 340534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2530142 |
|  **Total Common Stocks (99.9%)**<br> *(Cost $87,307,604)* |  | 265004227 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%**) | **Investment Companies (0.1%**) |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 134384 | 134384 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $134,384)* |  | 134384 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $87,441,988)* |  | 265138611 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (110775) |
|  **Net Assets (100%)** |  | $265027836 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $285,927. This was collateralized by $159,798 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.000%, maturing 7/15/25 – 11/15/51 and by cash of $134,384 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1369 | 1496661 |  | (87232) | 40483 | (13489) | 1436423 | 14489 |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 2812 | 146651 |  | (16031) | 8617 | 18516 | 157753 | 1468 |  |
|  **Total** |  | **1643312** |  | **(103263)** | **49100** | **5027** | **1594176** | **15957** |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $22378204 | $— | $— | $22378204 |
|  Consumer Discretionary | 23825296 |  |  | 23825296 |
|  Consumer Staples | 13516202 |  |  | 13516202 |
|  Energy | 3411352 |  |  | 3411352 |
|  Financials | 34041440 |  |  | 34041440 |
|  Health Care | 20670936 |  |  | 20670936 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Industrials | $23088891 | $— | $— | $23088891 |
|  Information Technology | 107345113 |  |  | 107345113 |
|  Materials | 6950399 |  |  | 6950399 |
|  Real Estate | 7246252 |  |  | 7246252 |
|  Utilities | 2530142 |  |  | 2530142 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 134384 |  |  | 134384 |
|  **Total Assets** | $**265138611** | $**—** | $**—** | $**265138611** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**265138611** | $**—** | $**—** | $**265138611** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $3309680.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $18203180.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $185292803 |
|  Aggregate gross unrealized depreciation | (7649618) |
|  Net unrealized appreciation | $177643185 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $87495426 |

---

See Notes to Financial Statements.

------

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $372,958) | $1594176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $87,069,030) | 263544435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 214064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 156384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 109516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 265621367 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 231060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 134384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 106108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 53054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 18976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 593531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $265027836 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $73618452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 191409384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $265027836 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $265,027,836 / 11,033,835 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.02 |

---

*(x)* *Includes value of securities on loan of $285,927.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($15,957 of dividend income received from affiliates) (net of $319 foreign withholding tax) | $1716120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1727001 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 627237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 313618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 113756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 30370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1134441 |
|  **NET INVESTMENT INCOME (LOSS)** | 592560 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($49,100 realized gain (loss) from affiliates) | 9489130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($5,027 of change in unrealized appreciation (depreciation) from affiliates) | 3375020 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 12864150 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $13456710 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $592560 | $1138615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9489130 | 14981747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3375020 | 34715074 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 13456710 | 50835436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (13274397) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 2,259 shares, respectively ] |  | 48011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (212954) shares, respectively ] |  | (4913631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (23562) shares, respectively ] |  | (489858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (5355478) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 327,808 and 669,668 shares, respectively ] | 7363565 | 14691276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 217,755 shares, respectively ] |  | 4913631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 564,457 shares, respectively ] |  | 13274397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1053483) and (1835995) shares, respectively ] | (23344529) | (40663687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (15980964) | (7784383) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (15980964) | (13139861) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2524254) | 24421178 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 267552090 | 243130912 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $265027836 | $267552090 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $22.75 | $19.63 | $15.84 | $20.60 | $16.07 | $13.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.10 | 0.12 | 0.11 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.22 | 4.19 | 4.22 | (4.66) | 4.76 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 4.29 | 4.34 | (4.55) | 4.86 | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.10) | (0.14) | (0.11) | (0.09) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.07) | (0.41) | (0.10) | (0.24) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.17) | (0.55) | (0.21) | (0.33) | (0.64) |
|  Net asset value, end of period | $24.02 | $22.75 | $19.63 | $15.84 | $20.60 | $16.07 |
|  Total return (b) | 5.58% | 21.70% | 27.50% | (22.12)% | 30.29% | 20.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $265028 | $267552 | $238428 | $200319 | $274262 | $196643 |
|  Ratio of expenses to average net assets (a)(f) | 0.90% | 0.90% | 0.92% | 0.91% | 0.90% | 0.93% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.47% | 0.45% | 0.65% | 0.67% | 0.51% | 0.81% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 3% | 5% | 10% | 7% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.8%)** | **Communication Services (8.8%)** | **Communication Services (8.8%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. | 341437 | $9881187 |
|  Verizon Communications, Inc. | 200059 | 8656553 |
|  |  | 18537740 |
|  ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** |
|  Electronic Arts, Inc. | 10781 | 1721726 |
|  Live Nation Entertainment, Inc.\* | 7446 | 1126431 |
|  Netflix, Inc.\* | 20219 | 27075869 |
|  Take-Two Interactive Software, Inc.\* | 8111 | 1969756 |
|  TKO Group Holdings, Inc., Class A | 3297 | 599889 |
|  Walt Disney Co. (The) | 85412 | 10591942 |
|  Warner Bros Discovery, Inc.\* | 108738 | 1246138 |
|  |  | 44331751 |
|  ***Interactive Media & Services (5.9%)*** | ***Interactive Media & Services (5.9%)*** | ***Interactive Media & Services (5.9%)*** |
|  Alphabet, Inc., Class A | 276512 | 48729710 |
|  Alphabet, Inc., Class C | 223050 | 39566839 |
|  Match Group, Inc. | 11882 | 367035 |
|  Meta Platforms, Inc., Class A | 103153 | 76136198 |
|  |  | 164799782 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Charter Communications, Inc., Class A\* | 4464 | 1824928 |
|  Comcast Corp., Class A | 176942 | 6315060 |
|  Fox Corp., Class A | 10588 | 593352 |
|  Fox Corp., Class B | 6734 | 347676 |
|  Interpublic Group of Cos., Inc. (The) | 17629 | 431558 |
|  News Corp., Class A | 18706 | 555942 |
|  News Corp., Class B | 5606 | 192342 |
|  Omnicom Group, Inc. | 9184 | 660697 |
|  Paramount Global, Class B | 28103 | 362528 |
|  |  | 11284083 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  T-Mobile US, Inc. | 22618 | 5388965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 244342321 |
|  **Consumer Discretionary (9.3%)** | **Consumer Discretionary (9.3%)** | **Consumer Discretionary (9.3%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 10629 | 725110 |
|  ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** |
|  Ford Motor Co. | 186218 | 2020465 |
|  General Motors Co. | 45679 | 2247864 |
|  Tesla, Inc.\* | 133136 | 42291982 |
|  |  | 46560311 |
|  ***Broadline Retail (3.6%)*** | ***Broadline Retail (3.6%)*** | ***Broadline Retail (3.6%)*** |
|  Amazon.com, Inc.\* | 448907 | 98485707 |
|  eBay, Inc. | 21721 | 1617345 |
|  |  | 100103052 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 6473 | 785240 |
|  LKQ Corp. (x) | 12334 | 456481 |
|  Pool Corp. | 1768 | 515337 |
|  |  | 1757058 |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** |
|  Airbnb, Inc., Class A\* | 20673 | 2735865 |
|  Booking Holdings, Inc. | 1546 | 8950165 |
|  Caesars Entertainment, Inc.\* | 10586 | 300536 |
|  Carnival Corp.\* | 48835 | 1373240 |
|  Chipotle Mexican Grill, Inc.\* | 63628 | 3572712 |
|  Darden Restaurants, Inc. | 5465 | 1191206 |
|  Domino's Pizza, Inc. | 1642 | 739885 |
|  DoorDash, Inc., Class A\* | 16261 | 4008499 |
|  Expedia Group, Inc. | 5690 | 959789 |
|  Hilton Worldwide Holdings, Inc. | 11246 | 2995260 |
|  Las Vegas Sands Corp. | 15813 | 688024 |
|  Marriott International, Inc., Class A | 10710 | 2926079 |
|  McDonald's Corp. | 33971 | 9925307 |
|  MGM Resorts International\* | 9507 | 326946 |
|  Norwegian Cruise Line Holdings Ltd.\* | 22469 | 455671 |
|  Royal Caribbean Cruises Ltd. | 11863 | 3714780 |
|  Starbucks Corp. | 54297 | 4975234 |
|  Wynn Resorts Ltd. | 4225 | 395756 |
|  Yum! Brands, Inc. | 13282 | 1968127 |
|  |  | 52203081 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  DR Horton, Inc. | 13362 | 1722629 |
|  Garmin Ltd. | 7348 | 1533675 |
|  Lennar Corp., Class A | 10965 | 1212839 |
|  Mohawk Industries, Inc.\* | 2610 | 273632 |
|  NVR, Inc.\* | 137 | 1011835 |
|  PulteGroup, Inc. | 9486 | 1000394 |
|  |  | 6755004 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 6056 | 447054 |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** |
|  AutoZone, Inc.\* | 787 | 2921525 |
|  Best Buy Co., Inc. | 9493 | 637265 |
|  CarMax, Inc.\* | 7530 | 506091 |
|  Home Depot, Inc. (The) | 47222 | 17313474 |
|  Lowe's Cos., Inc. | 26592 | 5899967 |
|  O'Reilly Automotive, Inc.\* | 40437 | 3644587 |
|  Ross Stores, Inc. | 15756 | 2010151 |
|  TJX Cos., Inc. (The) | 53046 | 6550651 |
|  Tractor Supply Co. | 25129 | 1326057 |
|  Ulta Beauty, Inc.\* | 2182 | 1020783 |
|  Williams-Sonoma, Inc. | 5767 | 942155 |
|  |  | 42772706 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Deckers Outdoor Corp.\* | 7253 | 747566 |
|  Lululemon Athletica, Inc.\* | 5336 | 1267727 |
|  NIKE, Inc., Class B | 56418 | 4007935 |
|  Ralph Lauren Corp. | 1942 | 532652 |
|  Tapestry, Inc. | 9571 | 840429 |
|  |  | 7396309 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 258719685 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Brown-Forman Corp., Class B | 8200 | 220662 |
|  Coca-Cola Co. (The) | 184038 | 13020688 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Constellation Brands, Inc., Class A | 7398 | $| 1203507 |
|  Keurig Dr Pepper, Inc. | 64916 |  | 2146123 |
|  Molson Coors Beverage Co., Class B | 8418 |  | 404822 |
|  Monster Beverage Corp.\* | 33258 |  | 2083281 |
|  PepsiCo, Inc. | 65081 |  | 8593295 |
|  |  |  | 27672378 |
|  ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** |
|  Costco Wholesale Corp. | 21080 |  | 20867935 |
|  Dollar General Corp. | 10512 |  | 1202363 |
|  Dollar Tree, Inc.\* | 9128 |  | 904037 |
|  Kroger Co. (The) | 29105 |  | 2087702 |
|  Sysco Corp. | 23327 |  | 1766787 |
|  Target Corp. | 21297 |  | 2100949 |
|  Walgreens Boots Alliance, Inc. | 34705 |  | 398413 |
|  Walmart, Inc. | 205269 |  | 20071203 |
|  |  |  | 49399389 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Archer-Daniels-Midland Co. | 22805 |  | 1203648 |
|  Bunge Global SA | 6135 |  | 492518 |
|  Campbell's Co. (The) | 10020 |  | 307113 |
|  Conagra Brands, Inc. | 23352 |  | 478015 |
|  General Mills, Inc. | 26300 |  | 1362603 |
|  Hershey Co. (The) | 6890 |  | 1143395 |
|  Hormel Foods Corp. | 13334 |  | 403354 |
|  J M Smucker Co. (The) | 5190 |  | 509658 |
|  Kellanova | 12427 |  | 988319 |
|  Kraft Heinz Co. (The) | 41175 |  | 1063139 |
|  Lamb Weston Holdings, Inc. | 6870 |  | 356210 |
|  McCormick & Co., Inc. (Non-Voting) | 12315 |  | 933723 |
|  Mondelez International, Inc., Class A | 61842 |  | 4170624 |
|  Tyson Foods, Inc., Class A | 13503 |  | 755358 |
|  |  |  | 14167677 |
|  ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** |
|  Church & Dwight Co., Inc. | 11685 |  | 1123045 |
|  Clorox Co. (The) | 5808 |  | 697366 |
|  Colgate-Palmolive Co. | 38774 |  | 3524557 |
|  Kimberly-Clark Corp. | 15855 |  | 2044027 |
|  Procter & Gamble Co. (The) | 111391 |  | 17746814 |
|  |  |  | 25135809 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 11020 |  | 890416 |
|  Kenvue, Inc. | 91671 |  | 1918674 |
|  |  |  | 2809090 |
|  ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** |
|  Altria Group, Inc. | 79836 |  | 4680785 |
|  Philip Morris International, Inc. | 73951 |  | 13468696 |
|  |  |  | 18149481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 137333824 |
|  **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Baker Hughes Co. | 47214 |  | 1810185 |
|  Halliburton Co. | 40227 |  | 819826 |
|  Schlumberger NV | 64622 |  | 2184224 |
|  |  |  | 4814235 |
|  ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** |
|  APA Corp. (x) | 16040 |  | 293372 |
|  Chevron Corp.# | 77164 |  | 11049113 |
|  ConocoPhillips | 59978 |  | 5382426 |
|  Coterra Energy, Inc. | 36281 |  | 920812 |
|  Devon Energy Corp. | 30635 |  | 974499 |
|  Diamondback Energy, Inc. | 8859 |  | 1217227 |
|  EOG Resources, Inc. | 25931 |  | 3101607 |
|  EQT Corp. | 28543 |  | 1664628 |
|  Expand Energy Corp. | 10009 |  | 1170452 |
|  Exxon Mobil Corp. | 204771 |  | 22074314 |
|  Hess Corp. | 13144 |  | 1820970 |
|  Kinder Morgan, Inc. | 92395 |  | 2716413 |
|  Marathon Petroleum Corp. | 14596 |  | 2424541 |
|  Occidental Petroleum Corp. | 33739 |  | 1417375 |
|  ONEOK, Inc. | 29708 |  | 2425064 |
|  Phillips 66 | 19235 |  | 2294735 |
|  Targa Resources Corp. | 10408 |  | 1811825 |
|  Texas Pacific Land Corp. | 915 |  | 966597 |
|  Valero Energy Corp. | 14988 |  | 2014687 |
|  Williams Cos., Inc. (The) | 58288 |  | 3661069 |
|  |  |  | 69401726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 74215961 |
|  **Financials (12.6%)** | **Financials (12.6%)** | **Financials (12.6%)** | **Financials (12.6%)** |
|  ***Banks (3.2%)*** | ***Banks (3.2%)*** | ***Banks (3.2%)*** | ***Banks (3.2%)*** |
|  Bank of America Corp. | 311325 |  | 14731899 |
|  Citigroup, Inc. | 88737 |  | 7553294 |
|  Citizens Financial Group, Inc. | 19983 |  | 894239 |
|  Fifth Third Bancorp | 31341 |  | 1289055 |
|  Huntington Bancshares, Inc. | 68530 |  | 1148563 |
|  JPMorgan Chase & Co. | 132036 |  | 38278557 |
|  KeyCorp | 46626 |  | 812225 |
|  M&T Bank Corp. | 7497 |  | 1454343 |
|  PNC Financial Services Group, Inc. (The) | 18920 |  | 3527066 |
|  Regions Financial Corp. | 43031 |  | 1012089 |
|  Truist Financial Corp. | 62815 |  | 2700417 |
|  US Bancorp | 74537 |  | 3372799 |
|  Wells Fargo & Co. | 154608 |  | 12387193 |
|  |  |  | 89161739 |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** |
|  Ameriprise Financial, Inc. | 4480 |  | 2391110 |
|  Bank of New York Mellon Corp. (The) | 33678 |  | 3068403 |
|  BlackRock, Inc.‡ | 6903 |  | 7242973 |
|  Blackstone, Inc. | 34566 |  | 5170382 |
|  Cboe Global Markets, Inc. | 4879 |  | 1137832 |
|  Charles Schwab Corp. (The) | 80894 |  | 7380769 |
|  CME Group, Inc. | 17223 |  | 4747003 |
|  Coinbase Global, Inc., Class A\* | 10052 |  | 3523125 |
|  FactSet Research Systems, Inc. | 1852 |  | 828362 |
|  Franklin Resources, Inc. (x) | 14495 |  | 345706 |
|  Goldman Sachs Group, Inc. (The) | 14578 |  | 10317579 |
|  Intercontinental Exchange, Inc. | 27154 |  | 4981944 |
|  Invesco Ltd. | 19745 |  | 311379 |
|  KKR & Co., Inc. | 32289 |  | 4295406 |
|  MarketAxess Holdings, Inc. | 1833 |  | 409382 |
|  Moody's Corp. | 7398 |  | 3710763 |
|  Morgan Stanley | 58645 |  | 8260735 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MSCI, Inc. | 3708 | $| 2138552 |
|  Nasdaq, Inc. | 19651 |  | 1757192 |
|  Northern Trust Corp. | 9349 |  | 1185360 |
|  Raymond James Financial, Inc. | 8562 |  | 1313154 |
|  S&P Global, Inc. | 14914 |  | 7864003 |
|  State Street Corp. | 13746 |  | 1461750 |
| T. Rowe Price Group, Inc. | 10219 |  | 986133 |
|  |  |  | 84828997 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  American Express Co. | 26296 |  | 8387898 |
|  Capital One Financial Corp. | 30480 |  | 6484925 |
|  Synchrony Financial | 18282 |  | 1220141 |
|  |  |  | 16092964 |
|  ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** |
|  Apollo Global Management, Inc. | 21422 |  | 3039139 |
|  Berkshire Hathaway, Inc., Class B\* | 87122 |  | 42321254 |
|  Corpay, Inc.\* | 3303 |  | 1096001 |
|  Fidelity National Information Services, Inc. | 24597 |  | 2002442 |
|  Fiserv, Inc.\* | 26342 |  | 4541624 |
|  Global Payments, Inc. | 11363 |  | 909495 |
|  Jack Henry & Associates, Inc. | 3543 |  | 638342 |
|  Mastercard, Inc., Class A | 38537 |  | 21655482 |
|  PayPal Holdings, Inc.\* | 46206 |  | 3434030 |
|  Visa, Inc., Class A | 81290 |  | 28862015 |
|  |  |  | 108499824 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Aflac, Inc. | 22954 |  | 2420729 |
|  Allstate Corp. (The) | 12663 |  | 2549189 |
|  American International Group, Inc. | 27382 |  | 2343625 |
|  Aon plc, Class A | 10332 |  | 3686044 |
|  Arch Capital Group Ltd. | 17897 |  | 1629522 |
|  Arthur J Gallagher & Co. | 12180 |  | 3899062 |
|  Assurant, Inc. | 2432 |  | 480296 |
|  Brown & Brown, Inc. | 12539 |  | 1390199 |
|  Chubb Ltd. | 17627 |  | 5106894 |
|  Cincinnati Financial Corp. | 7595 |  | 1131047 |
|  Erie Indemnity Co., Class A | 1184 |  | 410599 |
|  Everest Group Ltd. | 2012 |  | 683778 |
|  Globe Life, Inc. | 3837 |  | 476901 |
|  Hartford Insurance Group, Inc. (The) | 13624 |  | 1728477 |
|  Loews Corp. | 8352 |  | 765544 |
|  Marsh & McLennan Cos., Inc. | 23494 |  | 5136728 |
|  MetLife, Inc. | 26691 |  | 2146490 |
|  Principal Financial Group, Inc. | 9991 |  | 793585 |
|  Progressive Corp. (The) | 27807 |  | 7420576 |
|  Prudential Financial, Inc. | 16920 |  | 1817885 |
|  Travelers Cos., Inc. (The) | 10633 |  | 2844753 |
|  W.R. Berkley Corp. | 13942 |  | 1024319 |
|  Willis Towers Watson plc | 4763 |  | 1459860 |
|  |  |  | 51346102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 349929626 |
|  **Health Care (8.4%)** | **Health Care (8.4%)** | **Health Care (8.4%)** | **Health Care (8.4%)** |
|  ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** |
|  AbbVie, Inc. | 83923 |  | 15577787 |
|  Amgen, Inc. | 25503 |  | 7120693 |
|  Biogen, Inc.\* | 7108 |  | 892694 |
|  Gilead Sciences, Inc. | 58982 |  | 6539334 |
|  Incyte Corp.\* | 7832 |  | 533359 |
|  Moderna, Inc.\* | 16570 |  | 457166 |
|  Regeneron Pharmaceuticals, Inc. | 4911 |  | 2578275 |
|  Vertex Pharmaceuticals, Inc.\* | 12157 |  | 5412297 |
|  |  |  | 39111605 |
|  ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** |
|  Abbott Laboratories | 82578 |  | 11231434 |
|  Align Technology, Inc.\* | 3342 |  | 632741 |
|  Baxter International, Inc. | 23954 |  | 725327 |
|  Becton Dickinson & Co. | 13717 |  | 2362753 |
|  Boston Scientific Corp.\* | 70515 |  | 7574016 |
|  Cooper Cos., Inc. (The)\* | 9766 |  | 694948 |
|  Dexcom, Inc.\* | 18692 |  | 1631625 |
|  Edwards Lifesciences Corp.\* | 28150 |  | 2201611 |
|  GE HealthCare Technologies, Inc. | 21864 |  | 1619466 |
|  Hologic, Inc.\* | 10842 |  | 706465 |
|  IDEXX Laboratories, Inc.\* | 3793 |  | 2034338 |
|  Insulet Corp.\* | 3305 |  | 1038365 |
|  Intuitive Surgical, Inc.\* | 17070 |  | 9276009 |
|  Medtronic plc | 60686 |  | 5289999 |
|  ResMed, Inc. | 6969 |  | 1798002 |
|  Solventum Corp.\* | 6348 |  | 481432 |
|  STERIS plc | 4540 |  | 1090599 |
|  Stryker Corp. | 16281 |  | 6441252 |
|  Zimmer Biomet Holdings, Inc. | 9146 |  | 834207 |
|  |  |  | 57664589 |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** |
|  Cardinal Health, Inc. | 11173 |  | 1877064 |
|  Cencora, Inc. | 8248 |  | 2473163 |
|  Centene Corp.\* | 23527 |  | 1277046 |
|  Cigna Group (The) | 12692 |  | 4195721 |
|  CVS Health Corp. | 60315 |  | 4160529 |
|  DaVita, Inc.\* | 2131 |  | 303561 |
|  Elevance Health, Inc. | 10734 |  | 4175097 |
|  HCA Healthcare, Inc. | 8230 |  | 3152913 |
|  Henry Schein, Inc.\* | 5946 |  | 434355 |
|  Humana, Inc. | 5727 |  | 1400137 |
|  Labcorp Holdings, Inc. | 4055 |  | 1064478 |
|  McKesson Corp. | 5914 |  | 4333661 |
|  Molina Healthcare, Inc.\* | 2502 |  | 745346 |
|  Quest Diagnostics, Inc. | 5426 |  | 974672 |
|  UnitedHealth Group, Inc. | 43099 |  | 13445595 |
|  Universal Health Services, Inc., Class B | 2762 |  | 500336 |
|  |  |  | 44513674 |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** |
|  Agilent Technologies, Inc. | 13633 |  | 1608830 |
|  Bio-Techne Corp. | 7857 |  | 404243 |
|  Charles River Laboratories International, Inc.\* | 2227 |  | 337903 |
|  Danaher Corp. | 30246 |  | 5974795 |
|  IQVIA Holdings, Inc.\* | 7861 |  | 1238815 |
|  Mettler-Toledo International, Inc.\* | 985 |  | 1157099 |
|  Revvity, Inc. | 5591 |  | 540761 |
|  Thermo Fisher Scientific, Inc. | 17935 |  | 7271925 |
|  Waters Corp.\* | 2870 |  | 1001745 |
|  West Pharmaceutical Services, Inc. | 3357 |  | 734511 |
|  |  |  | 20270627 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Bristol-Myers Squibb Co. | 97066 | $4493185 |
|  Eli Lilly & Co. | 37373 | 29133375 |
|  Johnson & Johnson | 114314 | 17461463 |
|  Merck & Co., Inc. | 119301 | 9443867 |
|  Pfizer, Inc. | 271092 | 6571270 |
|  Viatris, Inc. | 53356 | 476469 |
|  Zoetis, Inc. | 21048 | 3282436 |
|  |  | 70862065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 232422560 |
|  **Industrials (7.7%)** | **Industrials (7.7%)** | **Industrials (7.7%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  Axon Enterprise, Inc.\* | 3482 | 2882887 |
|  Boeing Co. (The)\* | 35900 | 7522127 |
|  GE Aerospace | 50665 | 13040664 |
|  General Dynamics Corp. | 11917 | 3475712 |
|  Howmet Aerospace, Inc. | 19032 | 3542426 |
|  Huntington Ingalls Industries, Inc. | 1983 | 478815 |
|  L3Harris Technologies, Inc. | 8777 | 2201623 |
|  Lockheed Martin Corp. | 9874 | 4573045 |
|  Northrop Grumman Corp. | 6391 | 3195372 |
|  RTX Corp. | 63356 | 9251243 |
|  Textron, Inc. | 8694 | 698041 |
|  TransDigm Group, Inc. | 2682 | 4078357 |
|  |  | 54940312 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 5492 | 526957 |
|  Expeditors International of Washington, Inc. | 6342 | 724573 |
|  FedEx Corp. | 10576 | 2404031 |
|  United Parcel Service, Inc., Class B | 34987 | 3531588 |
|  |  | 7187149 |
|  ***Building Products (0.5%)*** | ***Building Products (0.5%)*** | ***Building Products (0.5%)*** |
|  A.O. Smith Corp. | 5280 | 346210 |
|  Allegion plc | 4262 | 614240 |
|  Builders FirstSource, Inc.\* | 5107 | 595936 |
|  Carrier Global Corp. | 37725 | 2761093 |
|  Johnson Controls International plc | 31007 | 3274959 |
|  Lennox International, Inc. | 1513 | 867312 |
|  Masco Corp. | 10426 | 671017 |
|  Trane Technologies plc | 10559 | 4618612 |
|  |  | 13749379 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  Cintas Corp. | 16397 | 3654399 |
|  Copart, Inc.\* | 41937 | 2057849 |
|  Republic Services, Inc. | 9704 | 2393103 |
|  Rollins, Inc. | 13475 | 760259 |
|  Veralto Corp. | 11509 | 1161834 |
|  Waste Management, Inc. | 17469 | 3997257 |
|  |  | 14024701 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Quanta Services, Inc. | 7040 | 2661683 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  AMETEK, Inc. | 11041 | 1997980 |
|  Eaton Corp. plc | 18591 | 6636801 |
|  Emerson Electric Co. | 26513 | 3534978 |
|  GE Vernova, Inc. | 12968 | 6862017 |
|  Generac Holdings, Inc.\* | 2953 | 422899 |
|  Hubbell, Inc., Class B | 2536 | 1035728 |
|  Rockwell Automation, Inc. | 5400 | 1793718 |
|  |  | 22284121 |
|  ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** |
|  CSX Corp. | 89251 | 2912260 |
|  JB Hunt Transport Services, Inc. | 3822 | 548839 |
|  Norfolk Southern Corp. | 10597 | 2712514 |
|  Old Dominion Freight Line, Inc. | 8856 | 1437329 |
|  Uber Technologies, Inc.\* | 99243 | 9259372 |
|  Union Pacific Corp. | 28387 | 6531281 |
|  |  | 23401595 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 25459 | 3875878 |
|  Honeywell International, Inc. | 30534 | 7110758 |
|  |  | 10986636 |
|  ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** |
|  Caterpillar, Inc. | 22345 | 8674552 |
|  Cummins, Inc. | 6574 | 2152985 |
|  Deere & Co. | 11975 | 6089168 |
|  Dover Corp. | 6434 | 1178902 |
|  Fortive Corp. | 16332 | 851387 |
|  IDEX Corp. | 3457 | 606945 |
|  Illinois Tool Works, Inc. | 12759 | 3154663 |
|  Ingersoll Rand, Inc. | 19069 | 1586159 |
|  Nordson Corp. | 2536 | 543642 |
|  Otis Worldwide Corp. | 18928 | 1874251 |
|  PACCAR, Inc. | 25071 | 2383249 |
|  Parker-Hannifin Corp. | 6048 | 4224347 |
|  Pentair plc | 7778 | 798489 |
|  Snap-on, Inc. | 2531 | 787597 |
|  Stanley Black & Decker, Inc. | 7422 | 502841 |
|  Westinghouse Air Brake Technologies Corp. | 8169 | 1710180 |
|  Xylem, Inc. | 11513 | 1489322 |
|  |  | 38608679 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 30695 | 1509580 |
|  Southwest Airlines Co. (x) | 26579 | 862223 |
|  United Airlines Holdings, Inc.\* | 15666 | 1247483 |
|  |  | 3619286 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Automatic Data Processing, Inc. | 19236 | 5932382 |
|  Broadridge Financial Solutions, Inc. | 5598 | 1360482 |
|  Dayforce, Inc.\* | 7304 | 404569 |
|  Equifax, Inc. | 5929 | 1537805 |
|  Jacobs Solutions, Inc. | 5766 | 757941 |
|  Leidos Holdings, Inc. | 6174 | 974010 |
|  Paychex, Inc. | 15318 | 2228156 |
|  Paycom Software, Inc. | 2242 | 518799 |
|  Verisk Analytics, Inc. | 6561 | 2043751 |
|  |  | 15757895 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Fastenal Co. | 54819 | 2302398 |
|  United Rentals, Inc. | 3118 | 2349101 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  W.W. Grainger, Inc. | 2060 | $| 2142895 |
|  |  |  | 6794394 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 214015830 |
|  **Information Technology (29.8%)** | **Information Technology (29.8%)** | **Information Technology (29.8%)** | **Information Technology (29.8%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Arista Networks, Inc.\* | 48762 |  | 4988840 |
|  Cisco Systems, Inc. | 189012 |  | 13113652 |
|  F5, Inc.\* | 2818 |  | 829394 |
|  Juniper Networks, Inc. | 16275 |  | 649861 |
|  Motorola Solutions, Inc. | 7856 |  | 3303134 |
|  |  |  | 22884881 |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** |
|  Amphenol Corp., Class A | 57295 |  | 5657881 |
|  CDW Corp. | 6260 |  | 1117973 |
|  Corning, Inc. | 36845 |  | 1937679 |
|  Jabil, Inc. | 5006 |  | 1091809 |
|  Keysight Technologies, Inc.\* | 8184 |  | 1341030 |
|  Ralliant Corp.\* | 5444 |  | 263980 |
|  TE Connectivity plc | 14234 |  | 2400849 |
|  Teledyne Technologies, Inc.\* | 2210 |  | 1132205 |
|  Trimble, Inc.\* | 11183 |  | 849684 |
|  Zebra Technologies Corp., Class A\* | 2395 |  | 738522 |
|  |  |  | 16531612 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Accenture plc, Class A | 29706 |  | 8878826 |
|  Akamai Technologies, Inc. (x)\* | 6593 |  | 525858 |
|  Cognizant Technology Solutions Corp., Class A | 23417 |  | 1827228 |
|  EPAM Systems, Inc.\* | 2763 |  | 488554 |
|  Gartner, Inc.\* | 3674 |  | 1485104 |
|  GoDaddy, Inc., Class A\* | 6745 |  | 1214505 |
|  International Business Machines Corp. | 44255 |  | 13045489 |
|  VeriSign, Inc. | 3881 |  | 1120833 |
|  |  |  | 28586397 |
|  ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** |
|  Advanced Micro Devices, Inc.\* | 76939 |  | 10917644 |
|  Analog Devices, Inc. | 23475 |  | 5587520 |
|  Applied Materials, Inc. | 38531 |  | 7053870 |
|  Broadcom, Inc. | 223392 |  | 61578005 |
|  Enphase Energy, Inc.\* | 6358 |  | 252095 |
|  First Solar, Inc.\* | 5037 |  | 833825 |
|  Intel Corp. | 207363 |  | 4644931 |
|  KLA Corp. | 6272 |  | 5618081 |
|  Lam Research Corp. | 60615 |  | 5900264 |
|  Microchip Technology, Inc. | 25417 |  | 1788594 |
|  Micron Technology, Inc. | 53296 |  | 6568732 |
|  Monolithic Power Systems, Inc. | 2286 |  | 1671935 |
|  NVIDIA Corp. | 1158670 |  | 183058273 |
|  NXP Semiconductors NV | 12144 |  | 2653343 |
|  ON Semiconductor Corp.\* | 19733 |  | 1034207 |
|  QUALCOMM, Inc. | 52128 |  | 8301905 |
|  Skyworks Solutions, Inc. | 7048 |  | 525217 |
|  Teradyne, Inc. | 7836 |  | 704613 |
|  Texas Instruments, Inc. | 43162 |  | 8961294 |
|  |  |  | 317654348 |
|  ***Software (10.3%)*** | ***Software (10.3%)*** | ***Software (10.3%)*** | ***Software (10.3%)*** |
|  Adobe, Inc.\* | 20249 |  | 7833933 |
|  ANSYS, Inc.\* | 4108 |  | 1442812 |
|  Autodesk, Inc.\* | 10082 |  | 3121085 |
|  Cadence Design Systems, Inc.\* | 12917 |  | 3980374 |
|  Crowdstrike Holdings, Inc., Class A\* | 11807 |  | 6013423 |
|  Fair Isaac Corp.\* | 1166 |  | 2131401 |
|  Fortinet, Inc.\* | 30395 |  | 3213359 |
|  Gen Digital, Inc. | 25410 |  | 747054 |
|  Intuit, Inc. | 13282 |  | 10461302 |
|  Microsoft Corp. | 353125 |  | 175647906 |
|  Oracle Corp. | 77275 |  | 16894633 |
|  Palantir Technologies, Inc., Class A\* | 101061 |  | 13776636 |
|  Palo Alto Networks, Inc.\* | 31377 |  | 6420989 |
|  PTC, Inc.\* | 5650 |  | 973721 |
|  Roper Technologies, Inc. | 5129 |  | 2907322 |
|  Salesforce, Inc. | 45536 |  | 12417212 |
|  ServiceNow, Inc.\* | 9859 |  | 10135841 |
|  Synopsys, Inc.\* | 7388 |  | 3787680 |
|  Tyler Technologies, Inc.\* | 2025 |  | 1200501 |
|  Workday, Inc., Class A\* | 10262 |  | 2462880 |
|  |  |  | 285570064 |
|  ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** |
|  Apple, Inc.# | 709611 |  | 145590889 |
|  Dell Technologies, Inc., Class C | 14233 |  | 1744966 |
|  Hewlett Packard Enterprise Co. | 61857 |  | 1264976 |
|  HP, Inc. | 44116 |  | 1079077 |
|  NetApp, Inc. | 9579 |  | 1020642 |
|  Seagate Technology Holdings plc | 10023 |  | 1446619 |
|  Super Micro Computer, Inc. (x)\* | 24912 |  | 1220937 |
|  Western Digital Corp. | 16832 |  | 1077080 |
|  |  |  | 154445186 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 825672488 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** |
|  Air Products and Chemicals, Inc. | 10634 |  | 2999426 |
|  Albemarle Corp. (x) | 5839 |  | 365930 |
|  CF Industries Holdings, Inc. | 7568 |  | 696256 |
|  Corteva, Inc. | 32724 |  | 2438920 |
|  Dow, Inc. | 33186 |  | 878765 |
|  DuPont de Nemours, Inc. | 19778 |  | 1356573 |
|  Eastman Chemical Co. | 5837 |  | 435790 |
|  Ecolab, Inc. | 12050 |  | 3246752 |
|  International Flavors & Fragrances, Inc. | 11904 |  | 875539 |
|  Linde plc | 22364 |  | 10492742 |
|  LyondellBasell Industries NV, Class A (x) | 12157 |  | 703404 |
|  Mosaic Co. (The) | 14963 |  | 545850 |
|  PPG Industries, Inc. | 10640 |  | 1210300 |
|  Sherwin-Williams Co. (The) | 10902 |  | 3743311 |
|  |  |  | 29989558 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Martin Marietta Materials, Inc. | 2911 |  | 1598023 |
|  Vulcan Materials Co. | 6260 |  | 1632733 |
|  |  |  | 3230756 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 111314 | $1022976 |
|  Avery Dennison Corp. | 3752 | 658364 |
|  Ball Corp. | 13180 | 739266 |
|  International Paper Co. | 25064 | 1173747 |
|  Packaging Corp. of America | 4145 | 781125 |
|  Smurfit WestRock plc | 23366 | 1008243 |
|  |  | 5383721 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  Freeport-McMoRan, Inc. | 68675 | 2977061 |
|  Newmont Corp. | 52879 | 3080730 |
|  Nucor Corp. | 10979 | 1422220 |
|  Steel Dynamics, Inc. | 6402 | 819520 |
|  |  | 8299531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 46903566 |
|  **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 7569 | 549736 |
|  Healthpeak Properties, Inc. (REIT) | 32683 | 572279 |
|  Ventas, Inc. (REIT) | 21259 | 1342506 |
|  Welltower, Inc. (REIT) | 29272 | 4499985 |
|  |  | 6964506 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 33863 | 520136 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 44314 | 4658288 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 6616 | 446381 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 14103 | 1976112 |
|  CoStar Group, Inc.\* | 20313 | 1633165 |
|  |  | 3609277 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 6682 | 1359787 |
|  Camden Property Trust (REIT) | 5030 | 566831 |
|  Equity Residential (REIT) | 16011 | 1080582 |
|  Essex Property Trust, Inc. (REIT) | 3004 | 851334 |
|  Invitation Homes, Inc. (REIT) | 27910 | 915448 |
|  Mid-America Apartment Communities, Inc. (REIT) | 5666 | 838625 |
|  UDR, Inc. (REIT) | 14657 | 598445 |
|  |  | 6211052 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 3637 | 345479 |
|  Kimco Realty Corp. (REIT) | 31785 | 668121 |
|  Realty Income Corp. (REIT) | 42185 | 2430278 |
|  Regency Centers Corp. (REIT) | 7813 | 556520 |
|  Simon Property Group, Inc. (REIT) | 14660 | 2356741 |
|  |  | 6357139 |
|  ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** |
|  American Tower Corp. (REIT) | 22345 | 4938692 |
|  Crown Castle, Inc. (REIT) | 20783 | 2135038 |
|  Digital Realty Trust, Inc. (REIT) | 15126 | 2636915 |
|  Equinix, Inc. (REIT) | 4659 | 3706095 |
|  Extra Space Storage, Inc. (REIT) | 10025 | 1478086 |
|  Iron Mountain, Inc. (REIT) | 14056 | 1441724 |
|  Public Storage (REIT) | 7536 | 2211213 |
|  SBA Communications Corp. (REIT) | 5002 | 1174670 |
|  VICI Properties, Inc. (REIT), Class A | 50129 | 1634205 |
|  Weyerhaeuser Co. (REIT) | 35152 | 903055 |
|  |  | 22259693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 51026472 |
|  **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
|  ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** |
|  Alliant Energy Corp. | 12493 | 755452 |
|  American Electric Power Co., Inc. | 25498 | 2645672 |
|  Constellation Energy Corp. | 14960 | 4828490 |
|  Duke Energy Corp. | 37106 | 4378508 |
|  Edison International | 17787 | 917809 |
|  Entergy Corp. | 20681 | 1719005 |
|  Evergy, Inc. | 11146 | 768294 |
|  Eversource Energy | 17449 | 1110105 |
|  Exelon Corp. | 47996 | 2083986 |
|  FirstEnergy Corp. | 24440 | 983954 |
|  NextEra Energy, Inc. | 97610 | 6776086 |
|  NRG Energy, Inc. | 9462 | 1519408 |
|  PG&E Corp. | 104303 | 1453984 |
|  Pinnacle West Capital Corp. | 5579 | 499153 |
|  PPL Corp. | 35300 | 1196317 |
|  Southern Co. (The) | 52412 | 4812994 |
|  Xcel Energy, Inc. | 27479 | 1871320 |
|  |  | 38320537 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 7588 | 1169387 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 33316 | 350484 |
|  Vistra Corp. | 16250 | 3149413 |
|  |  | 3499897 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Ameren Corp. | 12799 | 1229216 |
|  CenterPoint Energy, Inc. | 30856 | 1133649 |
|  CMS Energy Corp. | 14166 | 981421 |
|  Consolidated Edison, Inc. | 17208 | 1726823 |
|  Dominion Energy, Inc. | 40204 | 2272330 |
|  DTE Energy Co. | 9908 | 1312414 |
|  NiSource, Inc. | 22136 | 892966 |
|  Public Service Enterprise Group, Inc. | 23823 | 2005420 |
|  Sempra | 30513 | 2311970 |
|  WEC Energy Group, Inc. | 15202 | 1584048 |
|  |  | 15450257 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 9317 | 1296088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 59736166 |
|  **Total Common Stocks (89.9%)**<br> *(Cost $557,897,060)* |  | 2494318499 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.9%)** | **Investment Companies (2.9%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 972731 | $972731 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 78634834 | 78650561 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 79623292 |
|  **Total Short-Term Investments (2.9%)**<br> *(Cost $79,622,770)* |  | 79623292 |
|  **Total Investments in Securities (92.8%) (***Cost $637,519,830)* |  | 2573941791 |
|  **Other Assets Less Liabilities (7.2%)** |  | 198974858 |
|  **Net Assets (100%)** |  | $2772916649 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $4,428,240.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $3,230,377. This was collateralized by $2,312,520 of various U.S. Government Treasury Securities, ranging from 0.125% - 4.875%, maturing 11/30/25 - 5/15/54 and by cash of $972,731 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market<br>Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 5053 | 5629904 |  | (415268) | 180979 | (93755) | 5301860 | 54658 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 895 | 9/2025 | USD | 279855313 | 8486539 |
|  |  |  |  |  | 8486539 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $244342321 | $— | $— | $244342321 |
|  Consumer Discretionary | 258719685 |  |  | 258719685 |
|  Consumer Staples | 137333824 |  |  | 137333824 |
|  Energy | 74215961 |  |  | 74215961 |
|  Financials | 349929626 |  |  | 349929626 |
|  Health Care | 232422560 |  |  | 232422560 |
|  Industrials | 214015830 |  |  | 214015830 |
|  Information Technology | 825672488 |  |  | 825672488 |
|  Materials | 46903566 |  |  | 46903566 |
|  Real Estate | 51026472 |  |  | 51026472 |
|  Utilities | 59736166 |  |  | 59736166 |
|  **Futures** | 8486539 |  |  | 8486539 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 79623292 |  |  | 79623292 |
|  **Total Assets** | $**2582428330** | $**—** | $**—** | $**2582428330** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**2582428330** | $**—** | $**—** | $**2582428330** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $8486539 \* |
|  **Total** |  | $8486539 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(116070108) | $(116070108) |
|  **Total** | $(116070108) | $(116070108) |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $17539741 | $17539741 |
|  **Total** | $17539741 | $17539741 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $234492000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 647254000.0 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $25261789.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $190268456.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 19%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 9%)\*** | **Net Realized<br>Gain (Loss)** |
| $4736321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17507853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12566369 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1990917030 |
|  Aggregate gross unrealized depreciation | (38369581) |
|  Net unrealized appreciation | $1952547449 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $629880881 |

---

See Notes to Financial Statements.

------

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $910,300) | $5301860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $636,609,530) | 2568639931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 178328805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 20936400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2074008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 1342507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 27883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 28649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2776680463 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1373403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 983961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 972731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 264977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 168742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3763814 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2772916649 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $913862386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1859054263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2772916649 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,772,916,649 / 188,297,344 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.73 |

---

*(x)* *Includes value of securities on loan of $3,230,377.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($54,658 of dividend income received from affiliates) (net of $4,055 foreign withholding tax) | $17695468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4084367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21781991 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5919206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1662161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 95920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 83692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 66288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 44452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 34735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7906454 |
|  **NET INVESTMENT INCOME (LOSS)** | 13875537 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($180,979 realized gain (loss) from affiliates) | 132580147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (116070108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16510039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(93755) of change in unrealized appreciation (depreciation) from affiliates) | (2669507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 17539741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14870234 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 31380273 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $45255810 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $13875537 | $33463865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16510039 | 546452961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 14870234 | 52395163 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 45255810 | 632311989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (550894074) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,657,460 and 863,484 shares, respectively ] | 85414049 | 14411841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 36,305,950 shares, respectively ] |  | 550894074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12073086) and (44161881) shares, respectively ] | (170469454) | (714023422) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (85055405) | (148717507) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (39799595) | (67299592) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2812716244 | 2880015836 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2772916649 | $2812716244 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.52 | $14.35 | $12.58 | $16.88 | $14.94 | $15.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.19 | 0.18 | 0.14 | 0.12 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 3.36 | 2.98 | (3.54) | 3.98 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.21 | 3.55 | 3.16 | (3.40) | 4.10 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.19) | (0.15) | (0.13) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.16) | (1.20) | (0.75) | (2.03) | (2.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (3.38) | (1.39) | (0.90) | (2.16) | (2.83) |
|  Net asset value, end of period | $14.73 | $14.52 | $14.35 | $12.58 | $16.88 | $14.94 |
|  Total return (b) | 1.45% | 24.18% | 25.54% | (20.28)% | 27.86% | 16.75% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $2772917 | $2812716 | $2880016 | $2537689 | $3593669 | $3221897 |
|  Ratio of expenses to average net <br>assets (a)(f) | 0.59% | 0.59% | 0.59% | 0.58% | 0.57% | 0.59% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.04% | 1.15% | 1.26% | 0.97% | 0.69% | 1.15% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 2% | 2% | 3% | 7% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.1%)** | **Communication Services (1.1%)** | **Communication Services (1.1%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Frontier Communications Parent, Inc.\* | 20514 | $746710 |
|  Iridium Communications, Inc. | 10119 | 305290 |
|  |  | 1052000 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Warner Music Group Corp., Class A | 13420 | 365561 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  ZoomInfo Technologies, Inc., Class A\* | 24948 | 252474 |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** |
|  EchoStar Corp., Class A (x)\* | 11865 | 328660 |
|  New York Times Co. (The), Class A | 14819 | 829568 |
|  Nexstar Media Group, Inc., Class A | 2670 | 461776 |
|  |  | 1620004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3290039 |
|  **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** | **Consumer Discretionary (12.1%)** |
|  ***Automobile Components (0.7%)*** | ***Automobile Components (0.7%)*** | ***Automobile Components (0.7%)*** |
|  Autoliv, Inc. | 6566 | 734735 |
|  Gentex Corp. | 20324 | 446925 |
|  Goodyear Tire & Rubber Co. (The)\* | 26358 | 273332 |
|  Lear Corp. | 4969 | 471956 |
|  Visteon Corp.\* | 2477 | 231104 |
|  |  | 2158052 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Harley-Davidson, Inc. | 10584 | 249782 |
|  Thor Industries, Inc. | 4833 | 429219 |
|  |  | 679001 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Macy's, Inc. | 25438 | 296607 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 5613 | 739681 |
|  |  | 1036288 |
|  ***Diversified Consumer Services (1.4%)*** | ***Diversified Consumer Services (1.4%)*** | ***Diversified Consumer Services (1.4%)*** |
|  Duolingo, Inc., Class A\* | 3568 | 1462951 |
|  Graham Holdings Co., Class B | 322 | 304667 |
|  Grand Canyon Education, Inc.\* | 2592 | 489888 |
|  H&R Block, Inc. | 12351 | 677946 |
|  Service Corp. International | 13294 | 1082132 |
|  |  | 4017584 |
|  ***Hotels, Restaurants & Leisure (3.1%)*** | ***Hotels, Restaurants & Leisure (3.1%)*** | ***Hotels, Restaurants & Leisure (3.1%)*** |
|  Aramark | 24410 | 1022047 |
|  Boyd Gaming Corp. | 6178 | 483305 |
|  Cava Group, Inc.\* | 7509 | 632483 |
|  Choice Hotels International, Inc. (x) | 2026 | 257059 |
|  Churchill Downs, Inc. | 6692 | 675892 |
|  Hilton Grand Vacations, Inc.\* | 5663 | 235184 |
|  Hyatt Hotels Corp., Class A | 3848 | 537373 |
|  Light & Wonder, Inc. (x)\* | 7902 | 760646 |
|  Marriott Vacations Worldwide Corp. | 2847 | 205867 |
|  Planet Fitness, Inc., Class A\* | 7773 | 847646 |
|  Texas Roadhouse, Inc., Class A | 6071 | 1137766 |
|  Travel + Leisure Co. | 6338 | 327104 |
|  Vail Resorts, Inc. (x) | 3422 | 537699 |
|  Wendy's Co. (The) | 15718 | 179500 |
|  Wingstop, Inc. | 2605 | 877208 |
|  Wyndham Hotels & Resorts, Inc. | 7202 | 584874 |
|  |  | 9301653 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  KB Home | 6160 | 326295 |
|  Somnigroup International, Inc. | 19036 | 1295400 |
|  Taylor Morrison Home Corp., Class A\* | 9448 | 580296 |
|  Toll Brothers, Inc. | 9131 | 1042121 |
|  TopBuild Corp.\* | 2651 | 858235 |
|  Whirlpool Corp. | 5078 | 515011 |
|  |  | 4617358 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  Brunswick Corp. | 6014 | 332213 |
|  Mattel, Inc.\* | 30387 | 599232 |
|  Polaris, Inc. (x) | 4694 | 190811 |
|  YETI Holdings, Inc.\* | 7754 | 244406 |
|  |  | 1366662 |
|  ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** |
|  Abercrombie & Fitch Co., Class A\* | 4587 | 380033 |
|  AutoNation, Inc.\* | 2411 | 478945 |
|  Bath & Body Works, Inc. | 19559 | 585988 |
|  Burlington Stores, Inc.\* | 5726 | 1332097 |
|  Chewy, Inc., Class A\* | 20098 | 856577 |
|  Dick's Sporting Goods, Inc. | 5303 | 1048986 |
|  Five Below, Inc.\* | 5036 | 660622 |
|  Floor & Decor Holdings, Inc., Class A\* | 9912 | 752916 |
|  GameStop Corp., Class A\* | 37337 | 910649 |
|  Gap, Inc. (The) | 20253 | 441718 |
|  Lithia Motors, Inc., Class A | 2426 | 819551 |
|  Murphy USA, Inc. | 1655 | 673254 |
|  Penske Automotive Group, Inc. | 1759 | 302214 |
|  RH\* | 1365 | 257999 |
|  Valvoline, Inc.\* | 11804 | 447017 |
|  |  | 9948566 |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** |
|  Capri Holdings Ltd.\* | 10914 | 193178 |
|  Columbia Sportswear Co. | 2863 | 174872 |
|  Crocs, Inc.\* | 5227 | 529391 |
|  PVH Corp. | 4630 | 317618 |
|  Skechers USA, Inc., Class A\* | 11975 | 755623 |
|  Under Armour, Inc., Class A\* | 14465 | 98796 |
|  Under Armour, Inc., Class C\* | 15454 | 100296 |
|  VF Corp. | 30499 | 358363 |
|  |  | 2528137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 35653301 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 754 | 143871 |
|  Celsius Holdings, Inc.\* | 14458 | 670707 |
|  Coca-Cola Consolidated, Inc. | 5456 | 609162 |
|  |  | 1423740 |
|  ***Consumer Staples Distribution & Retail (3.0%)*** | ***Consumer Staples Distribution & Retail (3.0%)*** | ***Consumer Staples Distribution & Retail (3.0%)*** |
|  Albertsons Cos., Inc., Class A | 36669 | 788750 |
|  BJ's Wholesale Club Holdings, Inc.\* | 12088 | 1303449 |
|  Casey's General Stores, Inc. | 3390 | 1729816 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Maplebear, Inc.\* | 14908 | $| 674438 |
|  Performance Food Group Co.\* | 14341 |  | 1254407 |
|  Sprouts Farmers Market, Inc.\* | 9042 |  | 1488675 |
|  US Foods Holding Corp.\* | 21298 |  | 1640159 |
|  |  |  | 8879694 |
|  ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** |
|  Darling Ingredients, Inc.\* | 14465 |  | 548802 |
|  Flowers Foods, Inc. (x) | 17318 |  | 276742 |
|  Ingredion, Inc. | 5941 |  | 805718 |
|  Lancaster Colony Corp. | 1729 |  | 298719 |
|  Pilgrim's Pride Corp. | 3883 |  | 174657 |
|  Post Holdings, Inc.\* | 4187 |  | 456509 |
|  |  |  | 2561147 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  BellRing Brands, Inc.\* | 11700 |  | 677781 |
|  Coty, Inc., Class A\* | 34723 |  | 161462 |
|  e.l.f. Beauty, Inc.\* | 5167 |  | 642981 |
|  |  |  | 1482224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 14346805 |
|  **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  ChampionX Corp. | 17721 |  | 440190 |
|  NOV, Inc. | 35424 |  | 440320 |
|  Valaris Ltd. (x)\* | 5863 |  | 246891 |
|  Weatherford International plc | 6527 |  | 328373 |
|  |  |  | 1455774 |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** |
|  Antero Midstream Corp. | 30780 |  | 583281 |
|  Antero Resources Corp.\* | 27009 |  | 1087923 |
|  Chord Energy Corp. | 5370 |  | 520084 |
|  Civitas Resources, Inc. | 7947 |  | 218701 |
|  CNX Resources Corp.\* | 13613 |  | 458486 |
|  DT Midstream, Inc. | 9241 |  | 1015678 |
|  HF Sinclair Corp. | 14636 |  | 601247 |
|  Matador Resources Co. | 10611 |  | 506357 |
|  Murphy Oil Corp. | 12180 |  | 274050 |
|  Ovintiv, Inc. | 24014 |  | 913733 |
|  PBF Energy, Inc., Class A | 8888 |  | 192603 |
|  Permian Resources Corp. | 58919 |  | 802477 |
|  Range Resources Corp. | 22173 |  | 901776 |
|  Viper Energy, Inc., Class A | 11909 |  | 454090 |
|  |  |  | 8530486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 9986260 |
|  **Financials (16.4%)** | **Financials (16.4%)** | **Financials (16.4%)** | **Financials (16.4%)** |
|  ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** |
|  Associated Banc-Corp. | 14590 |  | 355850 |
|  Bank OZK | 9685 |  | 455776 |
|  Cadence Bank | 16742 |  | 535409 |
|  Columbia Banking System, Inc. | 19625 |  | 458832 |
|  Comerica, Inc. | 12243 |  | 730295 |
|  Commerce Bancshares, Inc. | 11217 |  | 697361 |
|  Cullen/Frost Bankers, Inc. | 5887 |  | 756715 |
|  East West Bancorp, Inc. | 12865 |  | 1299108 |
|  First Financial Bankshares, Inc. | 11705 |  | 421146 |
|  First Horizon Corp. | 49086 |  | 1040623 |
|  Flagstar Financial, Inc. | 27943 |  | 296196 |
|  FNB Corp. | 34228 |  | 499044 |
|  Glacier Bancorp, Inc. | 10645 |  | 458587 |
|  Hancock Whitney Corp. | 7967 |  | 457306 |
|  Home BancShares, Inc. | 16886 |  | 480576 |
|  International Bancshares Corp. | 4779 |  | 318090 |
|  Old National Bancorp | 29693 |  | 633649 |
|  Pinnacle Financial Partners, Inc. | 7137 |  | 787996 |
|  Prosperity Bancshares, Inc. | 8680 |  | 609683 |
|  SouthState Corp. | 9146 |  | 841706 |
|  Synovus Financial Corp. | 13197 |  | 682945 |
|  Texas Capital Bancshares, Inc.\* | 4244 |  | 336974 |
|  UMB Financial Corp. | 6463 |  | 679649 |
|  United Bankshares, Inc. | 12489 |  | 454974 |
|  Valley National Bancorp | 44123 |  | 394018 |
|  Webster Financial Corp. | 15833 |  | 864482 |
|  Western Alliance Bancorp | 10217 |  | 796722 |
|  Wintrust Financial Corp. | 6243 |  | 774007 |
|  Zions Bancorp NA | 13805 |  | 717032 |
|  |  |  | 17834751 |
|  ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** |
|  Affiliated Managers Group, Inc. | 2694 |  | 530098 |
|  Carlyle Group, Inc. (The) | 19930 |  | 1024402 |
|  Evercore, Inc., Class A | 3317 |  | 895656 |
|  Federated Hermes, Inc., Class B | 7781 |  | 344854 |
|  Hamilton Lane, Inc., Class A | 3963 |  | 563221 |
|  Houlihan Lokey, Inc., Class A | 5324 |  | 958054 |
|  Interactive Brokers Group, Inc., Class A | 40260 |  | 2230807 |
|  Janus Henderson Group plc | 12695 |  | 493074 |
|  Jefferies Financial Group, Inc. | 15466 |  | 845835 |
|  Morningstar, Inc. | 2361 |  | 741189 |
|  SEI Investments Co. | 9185 |  | 825364 |
|  Stifel Financial Corp. | 10011 |  | 1038942 |
|  |  |  | 10491496 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  Ally Financial, Inc. | 26177 |  | 1019594 |
|  FirstCash Holdings, Inc. | 3783 |  | 511235 |
|  SLM Corp. | 20869 |  | 684294 |
|  |  |  | 2215123 |
|  ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** | ***Financial Services (1.4%)*** |
|  Equitable Holdings, Inc.‡ | 8180 |  | 458898 |
|  Essent Group Ltd. | 9442 |  | 573413 |
|  Euronet Worldwide, Inc.\* | 3840 |  | 389299 |
|  MGIC Investment Corp. | 22560 |  | 628071 |
|  Shift4 Payments, Inc., Class A (x)\* | 6357 |  | 630042 |
|  Voya Financial, Inc. | 9254 |  | 657034 |
|  Western Union Co. (The) | 31803 |  | 267781 |
|  WEX, Inc.\* | 3180 |  | 467110 |
|  |  |  | 4071648 |
|  ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** |
|  American Financial Group, Inc. | 6614 |  | 834753 |
|  Brighthouse Financial, Inc.\* | 5426 |  | 291756 |
|  CNO Financial Group, Inc. | 9818 |  | 378778 |
|  Fidelity National Financial, Inc. | 23940 |  | 1342076 |
|  First American Financial Corp. | 9347 |  | 573812 |
|  Hanover Insurance Group, Inc. (The) | 3266 |  | 554795 |
|  Kemper Corp. | 5386 |  | 347613 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kinsale Capital Group, Inc. | 2025 | $| 979898 |
|  Old Republic International Corp. | 21640 |  | 831842 |
|  Primerica, Inc. | 3115 |  | 852482 |
|  Reinsurance Group of America, Inc. | 6049 |  | 1199880 |
|  RenaissanceRe Holdings Ltd. | 4557 |  | 1106895 |
|  RLI Corp. | 7339 |  | 530023 |
|  Ryan Specialty Holdings, Inc., Class A | 9956 |  | 676908 |
|  Selective Insurance Group, Inc. | 5453 |  | 472503 |
|  Unum Group | 15300 |  | 1235628 |
|  |  |  | 12209642 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** |
|  Annaly Capital Management, Inc. (REIT) | 56283 |  | 1059246 |
|  Starwood Property Trust, Inc. (REIT) (x) | 30526 |  | 612657 |
|  |  |  | 1671903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 48494563 |
|  **Health Care (7.7%)** | **Health Care (7.7%)** | **Health Care (7.7%)** | **Health Care (7.7%)** |
|  ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** |
|  BioMarin Pharmaceutical, Inc.\* | 17509 |  | 962470 |
|  Cytokinetics, Inc.\* | 11032 |  | 364497 |
|  Exelixis, Inc.\* | 25887 |  | 1140970 |
|  Halozyme Therapeutics, Inc.\* | 11518 |  | 599166 |
|  Neurocrine Biosciences, Inc.\* | 9108 |  | 1144784 |
|  Roivant Sciences Ltd.\* | 38992 |  | 439440 |
|  Sarepta Therapeutics, Inc.\* | 8958 |  | 153182 |
|  United Therapeutics Corp.\* | 4105 |  | 1179572 |
|  |  |  | 5984081 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Dentsply Sirona, Inc. | 18051 |  | 286650 |
|  Envista Holdings Corp.\* | 15839 |  | 309494 |
|  Globus Medical, Inc., Class A\* | 10469 |  | 617880 |
|  Haemonetics Corp.\* | 4640 |  | 346190 |
|  Lantheus Holdings, Inc. (x)\* | 6404 |  | 524232 |
|  LivaNova plc\* | 5020 |  | 226000 |
|  Masimo Corp.\* | 4133 |  | 695253 |
|  Penumbra, Inc.\* | 3561 |  | 913860 |
|  |  |  | 3919559 |
|  ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** |
|  Acadia Healthcare Co., Inc.\* | 8384 |  | 190233 |
|  Amedisys, Inc.\* | 2891 |  | 284445 |
|  Chemed Corp. | 1343 |  | 653947 |
|  Encompass Health Corp. | 9233 |  | 1132243 |
|  Ensign Group, Inc. (The) | 5168 |  | 797216 |
|  HealthEquity, Inc.\* | 8035 |  | 841747 |
|  Hims & Hers Health, Inc. (x)\* | 17890 |  | 891816 |
|  Option Care Health, Inc.\* | 15668 |  | 508897 |
|  Tenet Healthcare Corp.\* | 8639 |  | 1520464 |
|  |  |  | 6821008 |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** |
|  Doximity, Inc., Class A\* | 12339 |  | 756874 |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** |
|  Avantor, Inc.\* | 62507 |  | 841344 |
|  Bio-Rad Laboratories, Inc., Class A\* | 1732 |  | 417966 |
|  Bruker Corp. | 10223 |  | 421188 |
|  Illumina, Inc.\* | 14544 |  | 1387643 |
|  Medpace Holdings, Inc.\* | 2212 |  | 694259 |
|  Repligen Corp.\* | 4802 |  | 597273 |
|  Sotera Health Co.\* | 14119 |  | 157003 |
|  |  |  | 4516676 |
|  ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** |
|  Jazz Pharmaceuticals plc\* | 5544 |  | 588329 |
|  Perrigo Co. plc | 12264 |  | 327694 |
|  |  |  | 916023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 22914221 |
|  **Industrials (20.6%)** | **Industrials (20.6%)** | **Industrials (20.6%)** | **Industrials (20.6%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  ATI, Inc.\* | 12989 |  | 1121470 |
|  BWX Technologies, Inc. | 8364 |  | 1204918 |
|  Curtiss-Wright Corp. | 3466 |  | 1693314 |
|  Hexcel Corp. | 7307 |  | 412773 |
|  Woodward, Inc. | 5434 |  | 1331819 |
|  |  |  | 5764294 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  GXO Logistics, Inc.\* | 10813 |  | 526593 |
|  ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** |
|  AAON, Inc. | 6197 |  | 457029 |
|  Advanced Drainage Systems, Inc. | 6421 |  | 737516 |
|  Carlisle Cos., Inc. | 4010 |  | 1497334 |
|  Fortune Brands Innovations, Inc. | 11257 |  | 579510 |
|  Owens Corning | 7861 |  | 1081045 |
|  Simpson Manufacturing Co., Inc. | 3784 |  | 587693 |
|  Trex Co., Inc. (x)\* | 9723 |  | 528737 |
|  UFP Industries, Inc. | 5505 |  | 546977 |
|  |  |  | 6015841 |
|  ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** |
|  Brink's Co. (The) | 4063 |  | 362785 |
|  Clean Harbors, Inc.\* | 4677 |  | 1081229 |
|  MSA Safety, Inc. | 3532 |  | 591716 |
|  RB Global, Inc. | 17050 |  | 1810539 |
|  Tetra Tech, Inc. | 24333 |  | 875015 |
|  |  |  | 4721284 |
|  ***Construction & Engineering (3.0%)*** | ***Construction & Engineering (3.0%)*** | ***Construction & Engineering (3.0%)*** | ***Construction & Engineering (3.0%)*** |
|  AECOM | 12247 |  | 1382197 |
|  API Group Corp.\* | 22403 |  | 1143673 |
|  Comfort Systems USA, Inc. | 3251 |  | 1743219 |
|  EMCOR Group, Inc. | 4198 |  | 2245468 |
|  Fluor Corp.\* | 15338 |  | 786379 |
|  MasTec, Inc.\* | 5642 |  | 961566 |
|  Valmont Industries, Inc. | 1841 |  | 601215 |
|  |  |  | 8863717 |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** |
|  Acuity, Inc. | 2820 |  | 841319 |
|  EnerSys | 3627 |  | 311088 |
|  NEXTracker, Inc., Class A\* | 13175 |  | 716325 |
|  nVent Electric plc | 15117 |  | 1107320 |
|  Regal Rexnord Corp. | 6095 |  | 883531 |
|  Sensata Technologies Holding plc | 13547 |  | 407900 |
|  |  |  | 4267483 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** |
|  Avis Budget Group, Inc.\* | 1551 | $262196 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 14574 | 644608 |
|  Landstar System, Inc. | 3058 | 425123 |
|  Ryder System, Inc. | 3944 | 627096 |
|  Saia, Inc.\* | 2421 | 663330 |
|  XPO, Inc.\* | 10796 | 1363427 |
|  |  | 3985780 |
|  ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | ***Machinery (4.7%)*** |
|  AGCO Corp. | 5684 | 586361 |
|  Chart Industries, Inc.\* | 4063 | 668973 |
|  CNH Industrial NV | 80490 | 1043150 |
|  Crane Co. | 4447 | 844441 |
|  Donaldson Co., Inc. | 10550 | 731642 |
|  Esab Corp. | 5205 | 627463 |
|  Flowserve Corp. | 12005 | 628462 |
|  Graco, Inc. | 15123 | 1300124 |
|  ITT, Inc. | 7390 | 1158974 |
|  Lincoln Electric Holdings, Inc. | 5168 | 1071430 |
|  Middleby Corp. (The)\* | 4945 | 712080 |
|  Mueller Industries, Inc. | 10480 | 832846 |
|  Oshkosh Corp. | 5892 | 668978 |
|  RBC Bearings, Inc.\* | 2870 | 1104376 |
|  Terex Corp. | 5965 | 278506 |
|  Timken Co. (The) | 5872 | 426013 |
|  Toro Co. (The) | 9222 | 651811 |
|  Watts Water Technologies, Inc., Class A | 2500 | 614725 |
|  |  | 13950355 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Kirby Corp.\* | 5256 | 596083 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  Alaska Air Group, Inc.\* | 11318 | 560015 |
|  American Airlines Group, Inc. (x)\* | 61419 | 689121 |
|  |  | 1249136 |
|  ***Professional Services (2.1%)*** | ***Professional Services (2.1%)*** | ***Professional Services (2.1%)*** |
|  CACI International, Inc., Class A\* | 2040 | 972468 |
|  Concentrix Corp. (x) | 4232 | 223682 |
|  ExlService Holdings, Inc.\* | 14960 | 655098 |
|  Exponent, Inc. | 4491 | 335523 |
|  FTI Consulting, Inc.\* | 3131 | 505657 |
|  Genpact Ltd. | 14909 | 656145 |
|  Insperity, Inc. | 3273 | 196773 |
|  KBR, Inc. | 12154 | 582663 |
|  ManpowerGroup, Inc. | 4331 | 174972 |
|  Maximus, Inc. | 5204 | 365321 |
|  Parsons Corp.\* | 4287 | 307678 |
|  Paylocity Holding Corp.\* | 4003 | 725304 |
|  Science Applications International Corp. | 4427 | 498524 |
|  |  | 6199808 |
|  ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** |
|  Applied Industrial Technologies, Inc. | 3579 | 831939 |
|  Core & Main, Inc., Class A\* | 17489 | 1055461 |
|  GATX Corp. | 3311 | 508437 |
|  MSC Industrial Direct Co., Inc., Class A | 4044 | 343821 |
|  Watsco, Inc. | 3212 | 1418483 |
|  WESCO International, Inc. | 4114 | 761913 |
|  |  | 4920054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 61060428 |
|  **Information Technology (10.5%)** | **Information Technology (10.5%)** | **Information Technology (10.5%)** |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** |
|  Ciena Corp.\* | 13178 | 1071767 |
|  Lumentum Holdings, Inc.\* | 6441 | 612281 |
|  |  | 1684048 |
|  ***Electronic Equipment, Instruments & Components (3.0%)*** | ***Electronic Equipment, Instruments & Components (3.0%)*** | ***Electronic Equipment, Instruments & Components (3.0%)*** |
|  Arrow Electronics, Inc.\* | 4774 | 608351 |
|  Avnet, Inc. | 8014 | 425383 |
|  Belden, Inc. | 3732 | 432166 |
|  Cognex Corp. | 15446 | 489947 |
|  Coherent Corp.\* | 14332 | 1278558 |
|  Crane NXT Co. | 4482 | 241580 |
|  Fabrinet\* | 3286 | 968318 |
|  Flex Ltd.\* | 35515 | 1772909 |
|  IPG Photonics Corp.\* | 2309 | 158513 |
|  Littelfuse, Inc. | 2258 | 511956 |
|  Novanta, Inc.\* | 3250 | 419022 |
|  TD SYNNEX Corp. | 6901 | 936466 |
|  Vontier Corp. | 13691 | 505198 |
|  |  | 8748367 |
|  ***IT Services (0.9%)*** | ***IT Services (0.9%)*** | ***IT Services (0.9%)*** |
|  ASGN, Inc.\* | 3992 | 199320 |
|  Kyndryl Holdings, Inc.\* | 21610 | 906756 |
|  Okta, Inc.\* | 15280 | 1527542 |
|  |  | 2633618 |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** |
|  Allegro MicroSystems, Inc.\* | 11882 | 406246 |
|  Amkor Technology, Inc. | 10446 | 219261 |
|  Cirrus Logic, Inc.\* | 4833 | 503864 |
|  Entegris, Inc. | 13934 | 1123777 |
|  Lattice Semiconductor Corp.\* | 12658 | 620115 |
|  MACOM Technology Solutions Holdings, Inc.\* | 5468 | 783510 |
|  MKS, Inc. | 6165 | 612554 |
|  Onto Innovation, Inc.\* | 4473 | 451460 |
|  Power Integrations, Inc. | 5007 | 279891 |
|  Rambus, Inc.\* | 9783 | 626308 |
|  Silicon Laboratories, Inc.\* | 2988 | 440312 |
|  Synaptics, Inc.\* | 3610 | 234000 |
|  Universal Display Corp. | 4047 | 625100 |
|  |  | 6926398 |
|  ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** |
|  Appfolio, Inc., Class A\* | 2094 | 482206 |
|  BILL Holdings, Inc. (x)\* | 8756 | 405052 |
|  Blackbaud, Inc.\* | 3561 | 228652 |
|  Commvault Systems, Inc.\* | 4029 | 702376 |
|  Docusign, Inc.\* | 18544 | 1444392 |
|  Dolby Laboratories, Inc., Class A | 5480 | 406945 |
|  Dropbox, Inc., Class A\* | 18965 | 542399 |
|  Dynatrace, Inc.\* | 27551 | 1521091 |
|  Guidewire Software, Inc.\* | 7705 | 1814142 |
|  Manhattan Associates, Inc.\* | 5577 | 1101290 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Pegasystems, Inc. | 8274 | $| 447872 |
|  Qualys, Inc.\* | 3313 |  | 473328 |
|  |  |  | 9569745 |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** |
|  Pure Storage, Inc., Class A\* | 28541 |  | 1643391 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 31205567 |
|  **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  Ashland, Inc. | 4077 |  | 204991 |
|  Avient Corp. | 8460 |  | 273343 |
|  Axalta Coating Systems Ltd.\* | 20079 |  | 596145 |
|  Cabot Corp. | 5011 |  | 375825 |
|  NewMarket Corp. | 681 |  | 470476 |
|  Olin Corp. | 10624 |  | 213436 |
|  RPM International, Inc. | 11854 |  | 1302043 |
|  Scotts Miracle-Gro Co. (The) | 3975 |  | 262191 |
|  Westlake Corp. | 3163 |  | 240167 |
|  |  |  | 3938617 |
|  ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** |
|  Eagle Materials, Inc. | 3041 |  | 614617 |
|  Knife River Corp.\* | 5221 |  | 426242 |
|  |  |  | 1040859 |
|  ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** |
|  AptarGroup, Inc. | 6088 |  | 952346 |
|  Crown Holdings, Inc. | 10788 |  | 1110948 |
|  Graphic Packaging Holding Co. (x) | 27799 |  | 585725 |
|  Greif, Inc., Class A | 2421 |  | 157341 |
|  Silgan Holdings, Inc. | 7441 |  | 403153 |
|  Sonoco Products Co. | 8823 |  | 384330 |
|  |  |  | 3593843 |
|  ***Metals & Mining (1.8%)*** | ***Metals & Mining (1.8%)*** | ***Metals & Mining (1.8%)*** | ***Metals & Mining (1.8%)*** |
|  Alcoa Corp. | 23799 |  | 702309 |
|  Carpenter Technology Corp. | 4593 |  | 1269413 |
|  Cleveland-Cliffs, Inc.\* | 44488 |  | 338109 |
|  Commercial Metals Co. | 10256 |  | 501621 |
|  Reliance, Inc. | 4893 |  | 1535913 |
|  Royal Gold, Inc. | 6036 |  | 1073442 |
|  |  |  | 5420807 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Louisiana-Pacific Corp. | 5679 |  | 488337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 14482463 |
|  **Real Estate (6.2%)** | **Real Estate (6.2%)** | **Real Estate (6.2%)** | **Real Estate (6.2%)** |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  WP Carey, Inc. (REIT) | 20119 |  | 1255023 |
|  ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 32422 |  | 514213 |
|  Omega Healthcare Investors, Inc. (REIT) | 26381 |  | 966864 |
|  Sabra Health Care REIT, Inc. (REIT) | 21694 |  | 400037 |
|  |  |  | 1881114 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Hotels & Resorts, Inc. (REIT) | 18785 |  | 192171 |
|  ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** |
|  EastGroup Properties, Inc. (REIT) | 4756 |  | 794823 |
|  First Industrial Realty Trust, Inc. (REIT) | 12088 |  | 581795 |
|  Rexford Industrial Realty, Inc. (REIT) | 21346 |  | 759277 |
|  STAG Industrial, Inc. (REIT) | 16977 |  | 615926 |
|  |  |  | 2751821 |
|  ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** |
|  COPT Defense Properties (REIT) | 10149 |  | 279910 |
|  Cousins Properties, Inc. (REIT) | 15269 |  | 458528 |
|  Kilroy Realty Corp. (REIT) | 9559 |  | 327969 |
|  Vornado Realty Trust (REIT) | 15468 |  | 591496 |
|  |  |  | 1657903 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Jones Lang LaSalle, Inc.\* | 4388 |  | 1122363 |
|  ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** |
|  American Homes 4 Rent (REIT), Class A | 29178 |  | 1052451 |
|  Equity LifeStyle Properties, Inc. (REIT) | 17578 |  | 1084035 |
|  Independence Realty Trust, Inc. (REIT) | 20747 |  | 367014 |
|  |  |  | 2503500 |
|  ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** |
|  Agree Realty Corp. (REIT) | 9852 |  | 719787 |
|  Brixmor Property Group, Inc. (REIT) | 28399 |  | 739510 |
|  Kite Realty Group Trust (REIT) | 19801 |  | 448493 |
|  NNN REIT, Inc. (REIT) | 17223 |  | 743689 |
|  |  |  | 2651479 |
|  ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** |
|  CubeSmart (REIT) | 20880 |  | 887400 |
|  EPR Properties (REIT) | 7123 |  | 414986 |
|  Gaming and Leisure Properties, Inc. (REIT) | 25611 |  | 1195521 |
|  Lamar Advertising Co. (REIT), Class A (x) | 8080 |  | 980589 |
|  National Storage Affiliates Trust (REIT) | 6547 |  | 209439 |
|  PotlatchDeltic Corp. (REIT) | 6486 |  | 248868 |
|  Rayonier, Inc. (REIT) | 12419 |  | 275453 |
|  |  |  | 4212256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 18227630 |
|  **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  ALLETE, Inc. | 5281 |  | 338354 |
|  IDACORP, Inc. | 4974 |  | 574248 |
|  OGE Energy Corp. | 18917 |  | 839536 |
|  Portland General Electric Co. | 9903 |  | 402359 |
|  TXNM Energy, Inc. | 8550 |  | 481536 |
|  |  |  | 2636033 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  National Fuel Gas Co. | 8528 |  | 722407 |
|  New Jersey Resources Corp. | 9425 |  | 422428 |
|  ONE Gas, Inc. | 5371 |  | 385960 |
|  Southwest Gas Holdings, Inc. | 5577 |  | 414873 |
|  Spire, Inc. | 5404 |  | 394438 |
|  UGI Corp. | 19862 |  | 723374 |
|  |  |  | 3063480 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Ormat Technologies, Inc. | 5316 | $445268 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Black Hills Corp. | 6526 | 366109 |
|  Northwestern Energy Group, Inc. | 5547 | 284561 |
|  |  | 650670 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  Essential Utilities, Inc. | 23640 | 877990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 7673441 |
|  **Total Common Stocks (90.4%)**<br> *(Cost $178,617,802)* |  | 267334718 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (6.3%)** | **Investment Companies (6.3%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 2371729 | 2371729 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 16362289 | 16365561 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 18737290 |
|  **Total Short-Term Investments (6.3%)**<br> *(Cost $18,736,520)* |  | 18737290 |
|  **Total Investments in Securities (96.7%)**<br> *(Cost $197,354,322)* |  | 286072008 |
|  **Other Assets Less Liabilities (3.3%)** |  | 9823773 |
|  **Net Assets (100%)** |  | $295895781 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,759,902. This was collateralized by $2,526,842 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $2,371,729 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 8180 | 379294 | 32669 | (28951) | 7488 | 68398 | 458898 | 4096 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 90 | 9/2025 | USD | 28129500 | 629468 |
|  S&P Midcap 400 Micro E-Mini Index | 10 | 9/2025 | USD | 312550 | 4552 |
|  |  |  |  |  | 634020 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $3290039 | $— | $— | $3290039 |
|  Consumer Discretionary | 35653301 |  |  | 35653301 |
|  Consumer Staples | 14346805 |  |  | 14346805 |
|  Energy | 9986260 |  |  | 9986260 |
|  Financials | 48494563 |  |  | 48494563 |
|  Health Care | 22914221 |  |  | 22914221 |
|  Industrials | 61060428 |  |  | 61060428 |
|  Information Technology | 31205567 |  |  | 31205567 |
|  Materials | 14482463 |  |  | 14482463 |
|  Real Estate | 18227630 |  |  | 18227630 |
|  Utilities | 7673441 |  |  | 7673441 |
|  **Futures** | 634020 |  |  | 634020 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 18737290 |  |  | 18737290 |
|  **Total Assets** | $**286706028** | $**—** | $**—** | $**286706028** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**286706028** | $**—** | $**—** | $**286706028** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $634020 \* |
|  **Total** |  | $634020 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(13694030) | $(13694030) |
|  **Total** | $(13694030) | $(13694030) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2233216 | $2233216 |
|  **Total** | $2233216 | $2233216 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $24957000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 47439000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $20666244.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $23064193.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 15%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 10%)\*** | **Net Realized<br>Gain (Loss)** |
| $3005755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242428 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $108353833 |
|  Aggregate gross unrealized depreciation | (17653783) |
|  Net unrealized appreciation | $90700050 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $196005978 |

---

See Notes to Financial Statements.

------

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $284,922) | $458898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $197,069,400) | 285613110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 2000060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 354468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 298636967 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2371729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 154021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 97091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 28714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 7272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 82359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2741186 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $295895781 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $223744319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 72151462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $295895781 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $295,895,781 / 38,017,930 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.78 |

---

*(x)* *Includes value of securities on loan of $4,759,902.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($4,096 of dividend income received from affiliates) (net of $1,568 foreign withholding tax) | $2437552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 267479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2709480 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 641884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 177799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 52891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 14877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 934419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (78751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 855668 |
|  **NET INVESTMENT INCOME (LOSS)** | 1853812 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($7,488 realized gain (loss) from affiliates) | 6249333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (13694030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7444697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($68,398 of change in unrealized appreciation (depreciation) from affiliates) | (7317181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2233216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5083965) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (12528662) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(10674850) |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM MID CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1853812 | $3730899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7444697) | 27584344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5083965) | 6710624 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (10674850) | 38025867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (30880470) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,683,763 and 1,343,570 shares, respectively ] | 25775158 | 11283965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,588,994 shares, respectively ] |  | 30880470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2556947) and (5691308) shares, respectively ] | (19831352) | (48386341) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 5943806 | (6221906) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (4731044) | 923491 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 300626825 | 299703334 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $295895781 | $300626825 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM MID CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.15 | $7.96 | $7.11 | $8.81 | $8.12 | $7.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.10 | 0.10 | 0.07 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.42) | 0.98 | 1.01 | (1.48) | 1.85 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.37) | 1.08 | 1.11 | (1.41) | 1.90 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.11) | (0.11) | (0.08) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.78) | (0.15) | (0.21) | (1.15) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.89) | (0.26) | (0.29) | (1.21) | (0.85) |
|  Net asset value, end of period | $7.78 | $8.15 | $7.96 | $7.11 | $8.81 | $8.12 |
|  Total return (b) | (4.54)% | 13.21% | 15.70% | (16.00)% | 23.86% | 13.46% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $295896 | $300627 | $299703 | $285662 | $313922 | $296877 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.66% | 0.65% | 0.64% | 0.64% | 0.62% | 0.65% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.30% | 1.22% | 1.30% | 0.96% | 0.56% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.24% | 1.17% | 1.26% | 0.92% | 0.53% | 0.84% |
|  Portfolio turnover rate^ | 8 %(z) | 20% | 19% | 20% | 17% | 23% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.4%)** | **Communication Services (2.4%)** | **Communication Services (2.4%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Anterix, Inc.\* | 2963 | $76001 |
|  AST SpaceMobile, Inc., Class A\* | 2262 | 105703 |
|  ATN International, Inc. | 4146 | 67373 |
|  Bandwidth, Inc., Class A\* | 7340 | 116706 |
|  Cogent Communications Holdings, Inc. | 14729 | 710085 |
|  Globalstar, Inc.\* | 16215 | 381863 |
|  IDT Corp., Class B | 5279 | 360661 |
|  Liberty Latin America Ltd., Class A\* | 11021 | 67228 |
|  Liberty Latin America Ltd., Class C\* | 41913 | 260699 |
|  Lumen Technologies, Inc.\* | 307658 | 1347542 |
|  Shenandoah Telecommunications Co. | 16978 | 231920 |
|  |  | 3725781 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 139654 | 432927 |
|  Atlanta Braves Holdings, Inc., Class A\* | 2724 | 134048 |
|  Atlanta Braves Holdings, Inc., Class C\* | 15327 | 716844 |
|  Cinemark Holdings, Inc. | 33883 | 1022589 |
|  CuriosityStream, Inc. | 7412 | 41730 |
|  Eventbrite, Inc., Class A\* | 35403 | 93110 |
|  Gaia, Inc., Class A\* | 3563 | 15642 |
|  Golden Matrix Group, Inc. (x)\* | 8475 | 14407 |
|  IMAX Corp. (x)\* | 13712 | 383387 |
|  Lionsgate Studios Corp.\* | 60722 | 352795 |
|  LiveOne, Inc.\* | 1146 | 865 |
|  Madison Square Garden Entertainment Corp., Class A\* | 13048 | 521529 |
|  Marcus Corp. (The) | 7665 | 129232 |
|  Playstudios, Inc.\* | 24139 | 31622 |
|  Playtika Holding Corp. | 12892 | 60979 |
|  Reservoir Media, Inc.\* | 7941 | 60907 |
|  Sphere Entertainment Co. (x)\* | 9107 | 380673 |
|  Starz Entertainment Corp. | 4155 | 66771 |
|  Vivid Seats, Inc., Class A\* | 25360 | 42858 |
|  |  | 4502915 |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** |
|  Angi, Inc., Class A\* | 14147 | 215883 |
|  Arena Group Holdings, Inc. (The)\* | 2645 | 16399 |
|  Bumble, Inc., Class A\* | 26754 | 176309 |
|  Cargurus, Inc., Class A\* | 27227 | 911288 |
|  Cars.com, Inc.\* | 19143 | 226845 |
|  EverQuote, Inc., Class A\* | 8306 | 200839 |
|  fuboTV, Inc. (x)\* | 108692 | 419551 |
|  Getty Images Holdings, Inc. (x)\* | 43672 | 72496 |
|  Grindr, Inc.\* | 10569 | 239916 |
|  MediaAlpha, Inc., Class A\* | 10287 | 112643 |
|  Nextdoor Holdings, Inc.\* | 66700 | 110722 |
|  QuinStreet, Inc.\* | 18450 | 297045 |
|  Rumble, Inc.\* | 25757 | 231298 |
|  Shutterstock, Inc. | 8040 | 152438 |
|  System1, Inc.\* | 65 | 359 |
|  Teads Holding Co. (x)\* | 10844 | 26893 |
|  Travelzoo\* | 1404 | 17873 |
|  TripAdvisor, Inc.\* | 37964 | 495430 |
|  TrueCar, Inc.\* | 28020 | 53238 |
|  Vimeo, Inc.\* | 52753 | 213122 |
|  VTEX, Class A\* | 13160 | 86856 |
|  Webtoon Entertainment, Inc. (x)\* | 7588 | 68899 |
|  Yelp, Inc., Class A\* | 20411 | 699485 |
|  Ziff Davis, Inc.\* | 13839 | 418907 |
|  ZipRecruiter, Inc., Class A\* | 21301 | 106718 |
|  |  | 5571452 |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** |
|  Advantage Solutions, Inc. (x)\* | 39903 | 52672 |
|  Altice USA, Inc., Class A\* | 84947 | 181787 |
|  AMC Networks, Inc., Class A\* | 12594 | 78964 |
|  Boston Omaha Corp., Class A (x)\* | 7978 | 112011 |
|  Cable One, Inc. (x) | 1780 | 241742 |
|  Cardlytics, Inc.\* | 711 | 1170 |
|  EchoStar Corp., Class A (x)\* | 44318 | 1227609 |
|  Emerald Holding, Inc. (x) | 10478 | 50818 |
|  Entravision Communications Corp., Class A | 25751 | 59742 |
|  EW Scripps Co. (The), Class A\* | 14874 | 43730 |
|  Gambling.com Group Ltd.\* | 6753 | 80293 |
|  Gannett Co., Inc.\* | 46343 | 165908 |
|  Gray Media, Inc. | 28642 | 129748 |
|  Ibotta, Inc., Class A\* | 4531 | 165835 |
|  iHeartMedia, Inc., Class A\* | 25642 | 45130 |
|  Integral Ad Science Holding Corp.\* | 24542 | 203944 |
|  John Wiley & Sons, Inc., Class A | 13017 | 580949 |
|  Magnite, Inc. (x)\* | 45812 | 1104985 |
|  National CineMedia, Inc. | 19896 | 96396 |
|  Newsmax, Inc., Class B (x)\* | 5455 | 82534 |
|  Nexxen International Ltd.\* | 8168 | 85029 |
|  PubMatic, Inc., Class A\* | 9784 | 121713 |
|  Scholastic Corp. | 7913 | 166015 |
|  Sinclair, Inc. | 12079 | 166932 |
|  Stagwell, Inc., Class A (x)\* | 34925 | 157162 |
|  TechTarget, Inc.\* | 9320 | 72416 |
|  TEGNA, Inc. | 53113 | 890174 |
|  Thryv Holdings, Inc.\* | 12452 | 151416 |
|  WideOpenWest, Inc.\* | 17475 | 70948 |
|  |  | 6587772 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Gogo, Inc.\* | 19380 | 284498 |
|  Spok Holdings, Inc. | 6131 | 108396 |
|  Telephone and Data Systems, Inc. | 32232 | 1146815 |
|  |  | 1539709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 21927629 |
|  **Consumer Discretionary (9.1%)** | **Consumer Discretionary (9.1%)** | **Consumer Discretionary (9.1%)** |
|  ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** |
|  Adient plc\* | 28526 | 555116 |
|  American Axle & Manufacturing Holdings, Inc. (x)\* | 39997 | 163188 |
|  Cooper-Standard Holdings, Inc.\* | 6035 | 129752 |
|  Dana, Inc. | 43204 | 740949 |
|  Dorman Products, Inc.\* | 8943 | 1097038 |
|  Fox Factory Holding Corp.\* | 13856 | 359425 |
|  Garrett Motion, Inc. | 41462 | 435766 |
|  Gentherm, Inc.\* | 10218 | 289067 |
|  Goodyear Tire & Rubber Co. (The)\* | 88359 | 916283 |
|  Holley, Inc. (x)\* | 25607 | 51214 |
|  LCI Industries | 8055 | 734535 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Luminar Technologies, Inc., Class A (x)\* | 17428 | $| 50018 |
|  Modine Manufacturing Co.\* | 17062 |  | 1680607 |
|  Motorcar Parts of America, Inc.\* | 4151 |  | 46491 |
|  Patrick Industries, Inc. | 10643 |  | 982030 |
|  Phinia, Inc. | 12781 |  | 568627 |
|  Solid Power, Inc. (x)\* | 33893 |  | 74226 |
|  Standard Motor Products, Inc. | 7375 |  | 226560 |
|  Stoneridge, Inc.\* | 1014 |  | 7138 |
|  Strattec Security Corp.\* | 714 |  | 44418 |
|  Visteon Corp.\* | 8980 |  | 837834 |
|  XPEL, Inc. (m)\* | 7786 |  | 279517 |
|  |  |  | 10269799 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A\* | 19785 |  | 33239 |
|  Livewire Group, Inc. (x)\* | 19112 |  | 87915 |
|  Winnebago Industries, Inc. | 9126 |  | 264654 |
|  |  |  | 385808 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  1stdibs.com, Inc.\* | 527 |  | 1449 |
|  Groupon, Inc. (x)\* | 8018 |  | 268202 |
|  Kohl's Corp. (x) | 35653 |  | 302338 |
|  Savers Value Village, Inc.\* | 9677 |  | 98705 |
|  |  |  | 670694 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  A-Mark Precious Metals, Inc. | 8118 |  | 180057 |
|  GigaCloud Technology, Inc., Class A (x)\* | 8740 |  | 172877 |
|  Weyco Group, Inc. | 1872 |  | 62076 |
|  |  |  | 415010 |
|  ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** |
|  Adtalem Global Education, Inc.\* | 12063 |  | 1534775 |
|  American Public Education, Inc.\* | 5746 |  | 175023 |
|  Carriage Services, Inc., Class A | 4504 |  | 206013 |
|  Chegg, Inc.\* | 1913 |  | 2315 |
|  Coursera, Inc.\* | 45267 |  | 396539 |
|  European Wax Center, Inc., Class A\* | 14108 |  | 79428 |
|  Frontdoor, Inc.\* | 24625 |  | 1451397 |
|  Graham Holdings Co., Class B | 1054 |  | 997263 |
|  KinderCare Learning Cos., Inc.\* | 9910 |  | 100091 |
|  Laureate Education, Inc.\* | 41537 |  | 971135 |
|  Lincoln Educational Services Corp.\* | 10299 |  | 237392 |
|  Matthews International Corp., Class A | 9845 |  | 235394 |
|  Mister Car Wash, Inc.\* | 32629 |  | 196100 |
|  Nerdy, Inc. (x)\* | 19763 |  | 32214 |
|  OneSpaWorld Holdings Ltd. | 30127 |  | 614290 |
|  Perdoceo Education Corp. | 20208 |  | 660599 |
|  Strategic Education, Inc. | 7700 |  | 655501 |
|  Stride, Inc.\* | 13925 |  | 2021771 |
|  Udemy, Inc.\* | 32122 |  | 225818 |
|  Universal Technical Institute, Inc.\* | 14885 |  | 504453 |
|  Zspace, Inc. (x)\* | 1077 |  | 3511 |
|  |  |  | 11301022 |
|  ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** |
|  Accel Entertainment, Inc., Class A\* | 18436 |  | 216992 |
|  Bally's Corp.\* | 1560 |  | 14945 |
|  Biglari Holdings, Inc., Class B\* | 161 |  | 47046 |
|  BJ's Restaurants, Inc.\* | 7585 |  | 338291 |
|  Bloomin' Brands, Inc. | 27450 |  | 236344 |
|  Brinker International, Inc.\* | 14443 |  | 2604506 |
|  Cheesecake Factory, Inc. (The) (x) | 15429 |  | 966781 |
|  Cracker Barrel Old Country Store, Inc. (x) | 7301 |  | 445945 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 9406 |  | 282932 |
|  Denny's Corp.\* | 12333 |  | 50565 |
|  Dine Brands Global, Inc. (x) | 3502 |  | 85204 |
|  El Pollo Loco Holdings, Inc.\* | 8167 |  | 89919 |
|  Everi Holdings, Inc.\* | 28205 |  | 401639 |
|  First Watch Restaurant Group, Inc.\* | 13187 |  | 211519 |
|  Full House Resorts, Inc.\* | 1130 |  | 4136 |
|  Genius Sports Ltd.\* | 72372 |  | 752669 |
|  Global Business Travel Group I (x)\* | 35158 |  | 221495 |
|  Golden Entertainment, Inc. | 6583 |  | 193738 |
|  Hilton Grand Vacations, Inc.\* | 20633 |  | 856888 |
|  Inspired Entertainment, Inc.\* | 6729 |  | 54976 |
|  International Game Technology plc | 37767 |  | 597096 |
|  Jack in the Box, Inc. (x) | 6383 |  | 111447 |
|  Krispy Kreme, Inc. (x) | 27709 |  | 80633 |
|  Kura Sushi USA, Inc., Class A\* | 2363 |  | 203407 |
|  Life Time Group Holdings, Inc.\* | 44370 |  | 1345742 |
|  Lindblad Expeditions Holdings, Inc.\* | 12756 |  | 148863 |
|  Marriott Vacations Worldwide Corp. | 10428 |  | 754049 |
|  Monarch Casino & Resort, Inc. | 3990 |  | 344896 |
|  Nathan's Famous, Inc. | 840 |  | 92887 |
|  ONE Group Hospitality, Inc. (The)\* | 417 |  | 1689 |
|  Papa John's International, Inc. (x) | 10978 |  | 537263 |
|  PlayAGS, Inc.\* | 13173 |  | 164531 |
|  Portillo's, Inc., Class A (x)\* | 18249 |  | 212966 |
|  Potbelly Corp.\* | 6001 |  | 73512 |
|  Pursuit Attractions and Hospitality, Inc.\* | 7148 |  | 206077 |
|  RCI Hospitality Holdings, Inc. | 1890 |  | 72047 |
|  Red Rock Resorts, Inc., Class A | 15495 |  | 806205 |
|  Rush Street Interactive, Inc.\* | 29019 |  | 432383 |
|  Sabre Corp.\* | 122618 |  | 387473 |
|  Serve Robotics, Inc. (x)\* | 8183 |  | 93613 |
|  Shake Shack, Inc., Class A\* | 12726 |  | 1789276 |
|  Six Flags Entertainment Corp. (x)\* | 31527 |  | 959367 |
|  Super Group SGHC Ltd. | 52100 |  | 571537 |
|  Sweetgreen, Inc., Class A (x)\* | 34330 |  | 510830 |
|  Target Hospitality Corp.\* | 16056 |  | 114319 |
|  United Parks & Resorts, Inc. (x)\* | 9308 |  | 438872 |
|  Xponential Fitness, Inc., Class A\* | 6540 |  | 48985 |
|  |  |  | 19176495 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  Bassett Furniture Industries, Inc. | 1514 |  | 23013 |
|  Beazer Homes USA, Inc.\* | 10097 |  | 225870 |
|  Cavco Industries, Inc.\* | 2512 |  | 1091288 |
|  Century Communities, Inc. | 9293 |  | 523382 |
|  Champion Homes, Inc.\* | 17525 |  | 1097240 |
|  Cricut, Inc., Class A | 10853 |  | 73475 |
|  Dream Finders Homes, Inc., Class A (x)\* | 9840 |  | 247279 |
|  Ethan Allen Interiors, Inc. | 7840 |  | 218344 |
|  Flexsteel Industries, Inc. | 886 |  | 31923 |
|  GoPro, Inc., Class A\* | 987 |  | 748 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Green Brick Partners, Inc.\* | 10443 | $| 656656 |
|  Hamilton Beach Brands Holding Co., Class A | 1755 |  | 31397 |
|  Helen of Troy Ltd.\* | 7752 |  | 220002 |
|  Hooker Furnishings Corp. | 362 |  | 3830 |
|  Hovnanian Enterprises, Inc., Class A\* | 1137 |  | 118873 |
|  Installed Building Products, Inc. | 7601 |  | 1370612 |
|  KB Home | 22812 |  | 1208352 |
|  La-Z-Boy, Inc. | 14332 |  | 532720 |
|  Legacy Housing Corp.\* | 2265 |  | 51325 |
|  Leggett & Platt, Inc. | 43534 |  | 388323 |
|  LGI Homes, Inc.\* | 7098 |  | 365689 |
|  Lovesac Co. (The)\* | 3299 |  | 60042 |
|  M/I Homes, Inc.\* | 8774 |  | 983741 |
|  Meritage Homes Corp. | 23164 |  | 1551293 |
|  Purple Innovation, Inc., Class A\* | 3345 |  | 2439 |
|  Sonos, Inc.\* | 40861 |  | 441707 |
|  Taylor Morrison Home Corp., Class A\* | 32054 |  | 1968757 |
|  Traeger, Inc.\* | 12075 |  | 20648 |
|  Tri Pointe Homes, Inc.\* | 30216 |  | 965401 |
|  United Homes Group, Inc.\* | 397 |  | 1151 |
|  |  |  | 14475520 |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** |
|  Acushnet Holdings Corp. (x) | 9118 |  | 663973 |
|  American Outdoor Brands, Inc.\* | 2154 |  | 22509 |
|  Clarus Corp. (x) | 8706 |  | 30210 |
|  Escalade, Inc. | 2626 |  | 36712 |
|  Funko, Inc., Class A\* | 14117 |  | 67197 |
|  JAKKS Pacific, Inc. | 3040 |  | 63171 |
|  Johnson Outdoors, Inc., Class A | 1968 |  | 59571 |
|  Latham Group, Inc.\* | 17094 |  | 109060 |
|  Malibu Boats, Inc., Class A\* | 6560 |  | 205590 |
|  Marine Products Corp. | 4530 |  | 38550 |
|  MasterCraft Boat Holdings, Inc. (x)\* | 5584 |  | 103751 |
|  Outdoor Holding Co. (x)\* | 33475 |  | 42848 |
|  Peloton Interactive, Inc., Class A (x)\* | 113139 |  | 785185 |
|  Polaris, Inc. (x) | 17446 |  | 709180 |
|  Smith & Wesson Brands, Inc. | 13563 |  | 117727 |
|  Sturm Ruger & Co., Inc. | 5220 |  | 187398 |
|  Topgolf Callaway Brands Corp.\* | 40846 |  | 328810 |
|  |  |  | 3571442 |
|  ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 8528 |  | 41958 |
|  Abercrombie & Fitch Co., Class A\* | 15766 |  | 1306213 |
|  Academy Sports & Outdoors, Inc. | 21416 |  | 959651 |
|  Advance Auto Parts, Inc. (x) | 19621 |  | 912180 |
|  American Eagle Outfitters, Inc. | 55681 |  | 535651 |
|  America's Car-Mart, Inc.\* | 2271 |  | 127267 |
|  Arhaus, Inc., Class A\* | 17602 |  | 152609 |
|  Arko Corp. | 30268 |  | 128034 |
|  Asbury Automotive Group, Inc.\* | 6420 |  | 1531427 |
|  BARK, Inc.\* | 38084 |  | 33495 |
|  Barnes & Noble Education, Inc.\* | 3413 |  | 40171 |
|  Beyond, Inc.\* | 12761 |  | 87796 |
|  Boot Barn Holdings, Inc.\* | 10081 |  | 1532312 |
|  Buckle, Inc. (The) | 10730 |  | 486605 |
|  Build-A-Bear Workshop, Inc. | 4110 |  | 211912 |
|  Caleres, Inc. (x) | 10610 |  | 129654 |
|  Camping World Holdings, Inc., Class A | 19476 |  | 334792 |
|  Citi Trends, Inc.\* | 1909 |  | 63741 |
|  Designer Brands, Inc., Class A (x) | 13262 |  | 31564 |
|  Envela Corp.\* | 988 |  | 6047 |
|  EVgo, Inc., Class A\* | 42116 |  | 153723 |
|  Foot Locker, Inc.\* | 27921 |  | 684064 |
|  Genesco, Inc.\* | 2358 |  | 46429 |
|  Group 1 Automotive, Inc. | 4149 |  | 1811910 |
|  GrowGeneration Corp.\* | 3443 |  | 3220 |
|  Haverty Furniture Cos., Inc. | 4519 |  | 91962 |
|  J Jill, Inc. (x) | 2226 |  | 32589 |
|  Lands' End, Inc.\* | 4006 |  | 42904 |
|  Leslie's, Inc. (x)\* | 4260 |  | 1789 |
|  MarineMax, Inc.\* | 6720 |  | 168941 |
|  Monro, Inc. | 9985 |  | 148876 |
|  National Vision Holdings, Inc.\* | 26149 |  | 601688 |
|  ODP Corp. (The)\* | 6383 |  | 115724 |
|  OneWater Marine, Inc., Class A\* | 2740 |  | 36689 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 32134 |  | 90939 |
|  RealReal, Inc. (The) (x)\* | 31757 |  | 152116 |
|  Revolve Group, Inc., Class A\* | 14004 |  | 280780 |
|  Sally Beauty Holdings, Inc.\* | 31176 |  | 288690 |
|  Shoe Carnival, Inc. | 6234 |  | 116638 |
|  Signet Jewelers Ltd. (x) | 13700 |  | 1089835 |
|  Sleep Number Corp.\* | 4671 |  | 31553 |
|  Sonic Automotive, Inc., Class A | 4871 |  | 389339 |
|  Stitch Fix, Inc., Class A\* | 37477 |  | 138665 |
|  ThredUp, Inc., Class A\* | 28659 |  | 214656 |
|  Tile Shop Holdings, Inc.\* | 8974 |  | 57075 |
|  Tilly's, Inc., Class A (x)\* | 687 |  | 948 |
|  Torrid Holdings, Inc.\* | 9797 |  | 28901 |
|  Upbound Group, Inc. | 17860 |  | 448286 |
|  Urban Outfitters, Inc.\* | 20712 |  | 1502448 |
|  Victoria's Secret & Co.\* | 21501 |  | 398199 |
|  Warby Parker, Inc., Class A\* | 31225 |  | 684764 |
|  Winmark Corp. | 980 |  | 370058 |
|  Zumiez, Inc.\* | 3798 |  | 50361 |
|  |  |  | 18927838 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd.\* | 37963 |  | 671945 |
|  Carter's, Inc. | 11631 |  | 350442 |
|  Ermenegildo Zegna NV (x) | 19989 |  | 170906 |
|  Figs, Inc., Class A\* | 35510 |  | 200276 |
|  G-III Apparel Group Ltd.\* | 12264 |  | 274714 |
|  Hanesbrands, Inc.\* | 114515 |  | 524479 |
|  Kontoor Brands, Inc. | 17852 |  | 1177696 |
|  Lakeland Industries, Inc. | 2010 |  | 27356 |
|  Movado Group, Inc. | 5776 |  | 88084 |
|  Oxford Industries, Inc. (x) | 4899 |  | 197185 |
|  Rocky Brands, Inc. | 2079 |  | 46133 |
|  Steven Madden Ltd. | 20877 |  | 500630 |
|  Superior Group of Cos., Inc. | 4753 |  | 48956 |
|  Vera Bradley, Inc. (x)\* | 328 |  | 725 |
|  Wolverine World Wide, Inc. | 26585 |  | 480657 |
|  |  |  | 4760184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 83953812 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  MGP Ingredients, Inc. | 4669 | $139930 |
|  National Beverage Corp.\* | 7787 | 336710 |
|  Vita Coco Co., Inc. (The)\* | 12661 | 457062 |
|  Zevia PBC, Class A\* | 14036 | 45196 |
|  |  | 978898 |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Andersons, Inc. (The) | 10669 | 392086 |
|  Chefs' Warehouse, Inc. (The)\* | 11896 | 759084 |
|  Grocery Outlet Holding Corp.\* | 30911 | 383915 |
|  Guardian Pharmacy Services, Inc., Class A\* | 3516 | 74926 |
|  HF Foods Group, Inc.\* | 11584 | 36837 |
|  Ingles Markets, Inc., Class A | 4757 | 301499 |
|  Natural Grocers by Vitamin Cottage, Inc. | 4277 | 167872 |
|  PriceSmart, Inc. | 8430 | 885487 |
|  SpartanNash Co. | 12063 | 319549 |
|  Sprouts Farmers Market, Inc.\* | 332 | 54660 |
|  United Natural Foods, Inc.\* | 18871 | 439883 |
|  Village Super Market, Inc., Class A | 2765 | 106452 |
|  Weis Markets, Inc. | 5436 | 394056 |
|  |  | 4316306 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Alico, Inc. | 1764 | 57648 |
|  B&G Foods, Inc. (x) | 25623 | 108385 |
|  Beyond Meat, Inc. (x)\* | 23482 | 81952 |
|  BRC, Inc., Class A (x)\* | 21888 | 28673 |
|  Calavo Growers, Inc. | 4357 | 115853 |
|  Cal-Maine Foods, Inc. | 14883 | 1482793 |
|  Dole plc | 23809 | 333088 |
|  Forafric Global plc (x)\* | 1534 | 11965 |
|  Fresh Del Monte Produce, Inc. | 11025 | 357430 |
|  Hain Celestial Group, Inc. (The)\* | 29228 | 44427 |
|  J & J Snack Foods Corp. | 5027 | 570112 |
|  John B Sanfilippo & Son, Inc. | 2705 | 171064 |
|  Lancaster Colony Corp. | 6556 | 1132680 |
|  Lifeway Foods, Inc.\* | 3112 | 76711 |
|  Limoneira Co. | 4943 | 77358 |
|  Mama's Creations, Inc.\* | 7445 | 61793 |
|  Mission Produce, Inc.\* | 15693 | 183922 |
|  Seneca Foods Corp., Class A\* | 1421 | 144132 |
|  Simply Good Foods Co. (The)\* | 30585 | 966180 |
|  SunOpta, Inc.\* | 31306 | 181575 |
|  Tootsie Roll Industries, Inc. | 5337 | 178523 |
|  TreeHouse Foods, Inc.\* | 16607 | 322508 |
|  Utz Brands, Inc. | 22971 | 288286 |
|  Vital Farms, Inc.\* | 11273 | 434236 |
|  Westrock Coffee Co. (x)\* | 14492 | 83039 |
|  WK Kellogg Co. (x) | 21258 | 338853 |
|  |  | 7833186 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Central Garden & Pet Co.\* | 3041 | 106982 |
|  Central Garden & Pet Co., Class A\* | 16847 | 527143 |
|  Energizer Holdings, Inc. | 20067 | 404551 |
|  Oil-Dri Corp. of America | 3270 | 192897 |
|  Spectrum Brands Holdings, Inc. | 8343 | 442179 |
|  WD-40 Co. | 4484 | 1022755 |
|  |  | 2696507 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Beauty Health Co. (The)\* | 44077 | 84187 |
|  Edgewell Personal Care Co. | 15308 | 358360 |
|  FitLife Brands, Inc.\* | 631 | 8216 |
|  Herbalife Ltd. (x)\* | 33037 | 284779 |
|  Honest Co., Inc. (The)\* | 29527 | 150292 |
|  Interparfums, Inc. | 5955 | 781951 |
|  Lifevantage Corp. | 2838 | 37121 |
|  Medifast, Inc.\* | 2503 | 35167 |
|  Nature's Sunshine Products, Inc.\* | 5144 | 76080 |
|  Nu Skin Enterprises, Inc., Class A | 16897 | 135007 |
|  Olaplex Holdings, Inc.\* | 47079 | 65911 |
|  USANA Health Sciences, Inc.\* | 3745 | 114335 |
|  Waldencast plc, Class A (x)\* | 13718 | 33609 |
|  |  | 2165015 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc.\* | 9255 | 23693 |
|  Turning Point Brands, Inc. | 5545 | 420145 |
|  Universal Corp. | 7884 | 459164 |
|  |  | 903002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 18892914 |
|  **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |
|  ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** |
|  Archrock, Inc. | 54318 | 1348716 |
|  Aris Water Solutions, Inc., Class A | 9808 | 231959 |
|  Atlas Energy Solutions, Inc. (x) | 24934 | 333368 |
|  Borr Drilling Ltd. | 75117 | 137464 |
|  Bristow Group, Inc., Class A\* | 9310 | 306951 |
|  Cactus, Inc., Class A | 22601 | 988116 |
|  ChampionX Corp. | 62119 | 1543036 |
|  Core Laboratories, Inc. (x) | 16123 | 185737 |
|  DMC Global, Inc.\* | 5431 | 43774 |
|  Energy Services of America Corp. | 2397 | 23826 |
|  Expro Group Holdings NV\* | 32823 | 281949 |
|  Flowco Holdings, Inc., Class A | 6414 | 114233 |
|  Forum Energy Technologies, Inc.\* | 3278 | 63823 |
|  Geospace Technologies Corp. (x)\* | 734 | 10467 |
|  Helix Energy Solutions Group, Inc.\* | 48395 | 301985 |
|  Helmerich & Payne, Inc. | 32056 | 485969 |
|  Innovex International, Inc.\* | 11458 | 178974 |
|  Kodiak Gas Services, Inc. | 17638 | 604454 |
|  Liberty Energy, Inc., Class A | 52703 | 605030 |
|  Mammoth Energy Services, Inc.\* | 6257 | 17520 |
|  Nabors Industries Ltd. (x)\* | 4127 | 115638 |
|  National Energy Services Reunited Corp.\* | 12617 | 75954 |
|  Natural Gas Services Group, Inc.\* | 3942 | 101743 |
|  Noble Corp. plc | 41325 | 1097179 |
|  Oceaneering International, Inc.\* | 31772 | 658316 |
|  Oil States International, Inc.\* | 13871 | 74348 |
|  Patterson-UTI Energy, Inc. | 117770 | 698376 |
|  ProFrac Holding Corp., Class A (x)\* | 9639 | 74799 |
|  ProPetro Holding Corp.\* | 19533 | 116612 |
|  Ranger Energy Services, Inc., Class A | 5719 | 68285 |
|  RPC, Inc. | 31051 | 146871 |
|  SEACOR Marine Holdings, Inc.\* | 8110 | 41361 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Seadrill Ltd.\* | 20975 | $| 550594 |
|  Select Water Solutions, Inc., Class A | 30067 |  | 259779 |
|  Solaris Energy Infrastructure, Inc., Class A (x) | 11909 |  | 336906 |
|  TETRA Technologies, Inc.\* | 43655 |  | 146681 |
|  Tidewater, Inc.\* | 16742 |  | 772308 |
|  Transocean Ltd.\* | 247469 |  | 640945 |
|  Valaris Ltd. (x)\* | 21270 |  | 895680 |
|  |  |  | 14679726 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |
|  Aemetis, Inc. (x)\* | 356 |  | 883 |
|  Ardmore Shipping Corp. | 12022 |  | 115411 |
|  Berry Corp. | 18541 |  | 51359 |
|  BKV Corp.\* | 6196 |  | 149447 |
|  California Resources Corp. | 21558 |  | 984554 |
|  Calumet, Inc.\* | 20926 |  | 329689 |
|  Centrus Energy Corp., Class A (x)\* | 4853 |  | 888972 |
|  Clean Energy Fuels Corp.\* | 57500 |  | 112125 |
|  CNX Resources Corp.\* | 46614 |  | 1569959 |
|  Comstock Resources, Inc.\* | 24261 |  | 671302 |
|  Core Natural Resources, Inc. | 17234 |  | 1201899 |
|  Crescent Energy Co., Class A | 56099 |  | 482451 |
|  CVR Energy, Inc. | 10736 |  | 288262 |
|  Delek US Holdings, Inc. | 19841 |  | 420232 |
|  DHT Holdings, Inc. | 43497 |  | 470203 |
|  Diversified Energy Co. plc (m) | 17552 |  | 257488 |
|  Dorian LPG Ltd. | 12275 |  | 299264 |
|  Empire Petroleum Corp. (x)\* | 3717 |  | 19626 |
|  Encore Energy Corp. (x)\* | 59146 |  | 169158 |
|  Energy Fuels, Inc. (x)\* | 66500 |  | 382375 |
|  Epsilon Energy Ltd. | 3897 |  | 28760 |
|  Evolution Petroleum Corp. (x) | 9400 |  | 44180 |
|  Excelerate Energy, Inc., Class A | 7600 |  | 222832 |
|  FLEX LNG Ltd. (x) | 10596 |  | 232900 |
|  FutureFuel Corp. | 10021 |  | 38881 |
|  Gevo, Inc. (x)\* | 52560 |  | 69379 |
|  Golar LNG Ltd. (x) | 32928 |  | 1356304 |
|  Granite Ridge Resources, Inc. | 17391 |  | 110781 |
|  Green Plains, Inc.\* | 23479 |  | 141578 |
|  Gulfport Energy Corp.\* | 4872 |  | 980100 |
|  Hallador Energy Co.\* | 7233 |  | 114498 |
|  HighPeak Energy, Inc. (x) | 7522 |  | 73716 |
|  Infinity Natural Resources, Inc., Class A\* | 3317 |  | 60734 |
|  International Seaways, Inc. | 13154 |  | 479858 |
|  Kinetik Holdings, Inc., Class A | 14170 |  | 624188 |
|  Kolibri Global Energy, Inc.\* | 7895 |  | 54081 |
|  Kosmos Energy Ltd.\* | 153808 |  | 264550 |
|  Lightbridge Corp.\* | 3349 |  | 44776 |
|  Magnolia Oil & Gas Corp., Class A | 60366 |  | 1357028 |
|  Murphy Oil Corp. | 44983 |  | 1012117 |
|  NACCO Industries, Inc., Class A | 1173 |  | 51976 |
|  Navigator Holdings Ltd. | 10532 |  | 149028 |
|  New Fortress Energy, Inc. (x)\* | 59912 |  | 198908 |
|  NextDecade Corp.\* | 42900 |  | 382239 |
|  NextNRG, Inc.\* | 3767 |  | 10435 |
|  Nordic American Tankers Ltd. | 66059 |  | 173735 |
|  Northern Oil & Gas, Inc. (x) | 31798 |  | 901473 |
|  OPAL Fuels, Inc., Class A\* | 4345 |  | 10515 |
|  Par Pacific Holdings, Inc.\* | 18120 |  | 480724 |
|  PBF Energy, Inc., Class A | 27430 |  | 594408 |
|  Peabody Energy Corp. | 41638 |  | 558782 |
|  Prairie Operating Co. (x)\* | 4751 |  | 14229 |
|  PrimeEnergy Resources Corp.\* | 177 |  | 25909 |
|  REX American Resources Corp.\* | 5233 |  | 254899 |
|  Riley Exploration Permian, Inc. | 4657 |  | 122153 |
|  Sable Offshore Corp. (x)\* | 22382 |  | 491956 |
|  SandRidge Energy, Inc. | 12454 |  | 134752 |
|  Scorpio Tankers, Inc. | 14705 |  | 575407 |
|  SFL Corp. Ltd. | 40097 |  | 334008 |
|  Sitio Royalties Corp., Class A | 26460 |  | 486335 |
|  SM Energy Co. | 38429 |  | 949581 |
|  Summit Midstream Corp.\* | 2205 |  | 54089 |
|  Talos Energy, Inc.\* | 43575 |  | 369516 |
|  Teekay Corp. Ltd. | 17556 |  | 144837 |
|  Teekay Tankers Ltd., Class A | 8183 |  | 341395 |
|  Uranium Energy Corp. (x)\* | 139152 |  | 946234 |
|  Ur-Energy, Inc.\* | 4636 |  | 4868 |
|  VAALCO Energy, Inc. (x) | 37328 |  | 134754 |
|  Verde Clean Fuels, Inc. (x)\* | 1072 |  | 3688 |
|  Vital Energy, Inc.\* | 6973 |  | 112196 |
|  Vitesse Energy, Inc. (x) | 9399 |  | 207624 |
|  W&T Offshore, Inc. (x) | 52766 |  | 87064 |
|  World Kinect Corp. (x) | 19517 |  | 553307 |
|  |  |  | 26036924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 40716650 |
|  **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** |
|  ***Banks (9.5%)*** | ***Banks (9.5%)*** | ***Banks (9.5%)*** | ***Banks (9.5%)*** |
|  1st Source Corp. | 6042 |  | 375027 |
|  ACNB Corp. | 3160 |  | 135374 |
|  Amalgamated Financial Corp. | 7658 |  | 238930 |
|  Amerant Bancorp, Inc., Class A | 12151 |  | 221513 |
|  Ameris Bancorp | 21365 |  | 1382315 |
|  Ames National Corp. | 2444 |  | 43528 |
|  Arrow Financial Corp. | 5281 |  | 139524 |
|  Associated Banc-Corp. | 54262 |  | 1323450 |
|  Atlantic Union Bankshares Corp. | 46634 |  | 1458712 |
|  Axos Financial, Inc.\* | 17111 |  | 1301120 |
|  Banc of California, Inc. | 47033 |  | 660814 |
|  BancFirst Corp. | 6955 |  | 859777 |
|  Bancorp, Inc. (The)\* | 15364 |  | 875287 |
|  Bank First Corp. | 3235 |  | 380598 |
|  Bank of Hawaii Corp. | 13124 |  | 886264 |
|  Bank of Marin Bancorp | 5888 |  | 134482 |
|  Bank of NT Butterfield & Son Ltd. (The) | 14793 |  | 655034 |
|  Bank7 Corp. | 1704 |  | 71278 |
|  BankFinancial Corp. | 2033 |  | 23522 |
|  BankUnited, Inc. | 25124 |  | 894163 |
|  Bankwell Financial Group, Inc. | 1924 |  | 69322 |
|  Banner Corp. | 11671 |  | 748695 |
|  Bar Harbor Bankshares | 4703 |  | 140902 |
|  BayCom Corp. | 3139 |  | 86982 |
|  BCB Bancorp, Inc. | 5457 |  | 45948 |
|  Berkshire Hills Bancorp, Inc. | 14098 |  | 353014 |
|  Blue Foundry Bancorp\* | 6313 |  | 60415 |
|  Blue Ridge Bankshares, Inc.\* | 16340 |  | 58661 |
|  Bridgewater Bancshares, Inc.\* | 7434 |  | 118275 |
|  Brookline Bancorp, Inc. | 30221 |  | 318832 |
|  Burke & Herbert Financial Services Corp. | 4248 |  | 253733 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Business First Bancshares, Inc. | 9067 | $223502 |
|  BV Financial, Inc.\* | 2274 | 34633 |
|  Byline Bancorp, Inc. | 11191 | 299135 |
|  C&F Financial Corp. | 790 | 48767 |
|  Cadence Bank | 59436 | 1900763 |
|  California Bancorp\* | 7980 | 125765 |
|  Camden National Corp. | 5364 | 217671 |
|  Capital Bancorp, Inc. | 3838 | 128880 |
|  Capital City Bank Group, Inc. | 4512 | 177547 |
|  Capitol Federal Financial, Inc. | 41439 | 252778 |
|  Carter Bankshares, Inc.\* | 8117 | 140749 |
|  Cathay General Bancorp | 22174 | 1009582 |
|  CB Financial Services, Inc. | 1109 | 31607 |
|  Central Pacific Financial Corp. | 8787 | 246300 |
|  CF Bankshares, Inc. | 859 | 20590 |
|  Chain Bridge Bancorp, Inc., Class A\* | 622 | 16029 |
|  Chemung Financial Corp. | 1183 | 57340 |
|  ChoiceOne Financial Services, Inc. | 4608 | 132250 |
|  Citizens & Northern Corp. | 4716 | 89321 |
|  Citizens Community Bancorp, Inc. | 2061 | 28442 |
|  Citizens Financial Services, Inc. | 1277 | 74985 |
|  City Holding Co. | 5012 | 613569 |
|  Civista Bancshares, Inc. | 4629 | 107393 |
|  CNB Financial Corp. | 6266 | 143241 |
|  Coastal Financial Corp.\* | 4153 | 402301 |
|  Colony Bankcorp, Inc. | 5129 | 84475 |
|  Columbia Financial, Inc.\* | 8602 | 124815 |
|  Community Financial System, Inc. | 17518 | 996249 |
|  Community Trust Bancorp, Inc. | 4792 | 253593 |
|  Community West Bancshares | 5683 | 110875 |
|  ConnectOne Bancorp, Inc. | 14719 | 340892 |
|  Customers Bancorp, Inc.\* | 9713 | 570542 |
|  CVB Financial Corp. | 43503 | 860924 |
|  Dime Community Bancshares, Inc. | 13074 | 352214 |
|  Eagle Bancorp Montana, Inc. | 1990 | 33173 |
|  Eagle Bancorp, Inc. | 10453 | 203624 |
|  Eagle Financial Services, Inc. | 1131 | 34631 |
|  Eastern Bankshares, Inc. | 65883 | 1006033 |
|  ECB Bancorp, Inc.\* | 1593 | 24596 |
|  Enterprise Bancorp, Inc. | 3147 | 124747 |
|  Enterprise Financial Services Corp. | 12377 | 681973 |
|  Equity Bancshares, Inc., Class A | 5346 | 218117 |
|  Esquire Financial Holdings, Inc. | 2086 | 197461 |
|  ESSA Bancorp, Inc. | 2197 | 42622 |
|  Farmers & Merchants Bancorp, Inc. | 4039 | 102106 |
|  Farmers National Banc Corp. | 11427 | 157578 |
|  FB Bancorp, Inc.\* | 4897 | 55091 |
|  FB Financial Corp. | 12197 | 552524 |
|  Fidelity D&D Bancorp, Inc. | 1479 | 68034 |
|  Financial Institutions, Inc. | 6336 | 162708 |
|  Finward Bancorp | 709 | 19583 |
|  Finwise Bancorp\* | 1901 | 28534 |
|  First Bancorp (Nasdaq Stock Exchange) | 13433 | 592261 |
|  First Bancorp (New York Stock Exchange) | 55398 | 1153940 |
|  First Bancorp, Inc. (The) | 3146 | 79940 |
|  First Bank | 7359 | 113844 |
|  First Busey Corp. | 27733 | 634670 |
|  First Business Financial Services, Inc. | 2483 | 125789 |
|  First Capital, Inc. | 737 | 30431 |
|  First Commonwealth Financial Corp. | 34785 | 564561 |
|  First Community Bankshares, Inc. | 5101 | 199806 |
|  First Community Corp. | 1761 | 42933 |
|  First Financial Bancorp | 31170 | 756184 |
|  First Financial Bankshares, Inc. | 43392 | 1561244 |
|  First Financial Corp. | 3327 | 180290 |
|  First Financial Northwest, Inc. (r)\* | 250 | 265 |
|  First Foundation, Inc.\* | 22947 | 117030 |
|  First Internet Bancorp | 2400 | 64560 |
|  First Interstate BancSystem, Inc., Class A | 29118 | 839181 |
|  First Merchants Corp. | 18973 | 726666 |
|  First Mid Bancshares, Inc. | 7421 | 278213 |
|  First National Corp. | 1858 | 36175 |
|  First Savings Financial Group, Inc. | 1363 | 34130 |
|  First United Corp. | 1507 | 46732 |
|  First Western Financial, Inc.\* | 2791 | 62965 |
|  Firstsun Capital Bancorp\* | 3681 | 127915 |
|  Five Star Bancorp | 5158 | 147209 |
|  Flagstar Financial, Inc. | 99384 | 1053470 |
|  Flushing Financial Corp. | 11616 | 137998 |
|  Franklin Financial Services Corp. | 1069 | 37014 |
|  FS Bancorp, Inc. | 1991 | 78406 |
|  Fulton Financial Corp. | 60695 | 1094938 |
|  FVCBankcorp, Inc.\* | 5163 | 60923 |
|  GBank Financial Holdings, Inc.\* | 3176 | 112462 |
|  German American Bancorp, Inc. | 11734 | 451876 |
|  Glacier Bancorp, Inc. | 37229 | 1603825 |
|  Great Southern Bancorp, Inc. | 2554 | 150124 |
|  Greene County Bancorp, Inc. | 3664 | 81414 |
|  Guaranty Bancshares, Inc. | 2884 | 122397 |
|  Hancock Whitney Corp. | 28291 | 1623903 |
|  Hanmi Financial Corp. | 8900 | 219652 |
|  Hanover Bancorp, Inc. | 1079 | 24698 |
|  HarborOne Bancorp, Inc. | 12258 | 143173 |
|  Hawthorn Bancshares, Inc. | 1304 | 37999 |
|  HBT Financial, Inc. | 4275 | 107773 |
|  Heritage Commerce Corp. | 19850 | 197110 |
|  Heritage Financial Corp. | 12146 | 289561 |
|  Hilltop Holdings, Inc. | 15859 | 481321 |
|  Hingham Institution For Savings (The) (x) | 625 | 155219 |
|  Home Bancorp, Inc. | 2312 | 119715 |
|  Home BancShares, Inc. | 61412 | 1747786 |
|  HomeStreet, Inc.\* | 7002 | 91516 |
|  HomeTrust Bancshares, Inc. | 4554 | 170365 |
|  Hope Bancorp, Inc. | 40751 | 437258 |
|  Horizon Bancorp, Inc. | 13930 | 214243 |
|  Independent Bank Corp. | 6698 | 217082 |
|  Independent Bank Corp./MA | 13703 | 861713 |
|  International Bancshares Corp. | 17965 | 1195750 |
|  Investar Holding Corp. | 2448 | 47295 |
|  John Marshall Bancorp, Inc. | 3314 | 61408 |
|  Kearny Financial Corp. | 18355 | 118573 |
|  Lakeland Financial Corp. | 8230 | 505734 |
|  Landmark Bancorp, Inc. | 1079 | 28529 |
|  LCNB Corp. | 3963 | 57582 |
|  LINKBANCORP, Inc. | 6260 | 45761 |
|  Live Oak Bancshares, Inc. | 11350 | 338230 |
|  MainStreet Bancshares, Inc. | 1709 | 32300 |
|  Mercantile Bank Corp. | 5357 | 248618 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Meridian Corp. | 2343 | $| 30201 |
|  Metrocity Bankshares, Inc. | 6365 |  | 181912 |
|  Metropolitan Bank Holding Corp.\* | 3123 |  | 218610 |
|  Mid Penn Bancorp, Inc. | 5888 |  | 166042 |
|  Middlefield Banc Corp. | 1974 |  | 59437 |
|  Midland States Bancorp, Inc. | 8137 |  | 140933 |
|  MidWestOne Financial Group, Inc. | 6523 |  | 187667 |
|  MVB Financial Corp. | 3798 |  | 85569 |
|  National Bank Holdings Corp., Class A | 12748 |  | 479452 |
|  National Bankshares, Inc. | 1935 |  | 52632 |
|  NB Bancorp, Inc.\* | 12327 |  | 220160 |
|  NBT Bancorp, Inc. | 16660 |  | 692223 |
|  Nicolet Bankshares, Inc. | 4413 |  | 544917 |
|  Northeast Bank | 2388 |  | 212508 |
|  Northeast Community Bancorp, Inc. | 3711 |  | 86262 |
|  Northfield Bancorp, Inc. | 12474 |  | 143202 |
|  Northpointe Bancshares, Inc. | 3127 |  | 42871 |
|  Northrim Bancorp, Inc. | 1824 |  | 170106 |
|  Northwest Bancshares, Inc. | 43219 |  | 552339 |
|  Norwood Financial Corp. | 2264 |  | 58366 |
|  Oak Valley Bancorp | 2212 |  | 60255 |
|  OceanFirst Financial Corp. | 19115 |  | 336615 |
|  OFG Bancorp | 15459 |  | 661645 |
|  Ohio Valley Banc Corp. | 729 |  | 23496 |
|  Old National Bancorp | 104608 |  | 2232335 |
|  Old Point Financial Corp. | 1152 |  | 45216 |
|  Old Second Bancorp, Inc. | 13356 |  | 236935 |
|  OP Bancorp | 3217 |  | 41789 |
|  Orange County Bancorp, Inc. | 3519 |  | 90931 |
|  Origin Bancorp, Inc. | 9607 |  | 343354 |
|  Orrstown Financial Services, Inc. | 6214 |  | 197792 |
|  Pacific Premier Bancorp, Inc. | 32189 |  | 678866 |
|  Park National Corp. | 4984 |  | 833624 |
|  Parke Bancorp, Inc. | 3552 |  | 72354 |
|  Pathward Financial, Inc. | 7702 |  | 609382 |
|  Patriot National Bancorp, Inc.\* | 22375 |  | 34010 |
|  PCB Bancorp | 3293 |  | 69087 |
|  Peapack-Gladstone Financial Corp. | 5275 |  | 149019 |
|  Penns Woods Bancorp, Inc. | 1865 |  | 56621 |
|  Peoples Bancorp of North Carolina, Inc. | 1108 |  | 31966 |
|  Peoples Bancorp, Inc. | 11004 |  | 336062 |
|  Peoples Financial Services Corp. | 2786 |  | 137545 |
|  Pioneer Bancorp, Inc.\* | 4523 |  | 54412 |
|  Plumas Bancorp | 1589 |  | 70647 |
|  Ponce Financial Group, Inc.\* | 5850 |  | 80964 |
|  Preferred Bank | 3583 |  | 310091 |
|  Primis Financial Corp. | 7369 |  | 79954 |
|  Princeton Bancorp, Inc. | 1602 |  | 48925 |
|  Provident Bancorp, Inc.\* | 7569 |  | 94537 |
|  Provident Financial Services, Inc. | 42265 |  | 740905 |
|  QCR Holdings, Inc. | 5705 |  | 387370 |
|  RBB Bancorp | 5497 |  | 94603 |
|  Red River Bancshares, Inc. | 1651 |  | 96914 |
|  Renasant Corp. | 31235 |  | 1122274 |
|  Republic Bancorp, Inc., Class A | 2431 |  | 177730 |
|  Rhinebeck Bancorp, Inc.\* | 876 |  | 10275 |
|  Richmond Mutual Bancorp, Inc. | 2292 |  | 31630 |
|  Riverview Bancorp, Inc. | 5497 |  | 30234 |
|  S&T Bancorp, Inc. | 13055 |  | 493740 |
|  SB Financial Group, Inc. | 1504 |  | 28726 |
|  Seacoast Banking Corp. of Florida | 27370 |  | 755959 |
|  ServisFirst Bancshares, Inc. | 16985 |  | 1316507 |
|  Shore Bancshares, Inc. | 9456 |  | 148648 |
|  Sierra Bancorp | 4125 |  | 122471 |
|  Simmons First National Corp., Class A | 40800 |  | 773568 |
|  SmartFinancial, Inc. | 4788 |  | 161739 |
|  Sound Financial Bancorp, Inc. | 457 |  | 21022 |
|  South Plains Financial, Inc. | 3686 |  | 132843 |
|  Southern First Bancshares, Inc.\* | 2119 |  | 80586 |
|  Southern Missouri Bancorp, Inc. | 2827 |  | 154863 |
|  Southern States Bancshares, Inc. | 1942 |  | 70631 |
|  Southside Bancshares, Inc. | 9989 |  | 293976 |
|  SR Bancorp, Inc. | 2337 |  | 31550 |
|  Stellar Bancorp, Inc. | 16492 |  | 461446 |
|  Sterling Bancorp, Inc. (r)(x)\* | 6057 |  |  |
|  Stock Yards Bancorp, Inc. (x) | 8435 |  | 666196 |
|  Texas Capital Bancshares, Inc.\* | 15449 |  | 1226651 |
|  Third Coast Bancshares, Inc.\* | 4179 |  | 136528 |
|  Timberland Bancorp, Inc. | 2073 |  | 64678 |
|  Tompkins Financial Corp. | 4385 |  | 275071 |
|  Towne Bank | 22917 |  | 783303 |
|  TriCo Bancshares | 10360 |  | 419476 |
|  Triumph Financial, Inc.\* | 7736 |  | 426331 |
|  TrustCo Bank Corp. | 5955 |  | 199016 |
|  Trustmark Corp. | 19168 |  | 698865 |
|  UMB Financial Corp. | 23825 |  | 2505437 |
|  Union Bankshares, Inc. | 812 |  | 21615 |
|  United Bankshares, Inc. | 45895 |  | 1671955 |
|  United Community Banks, Inc. | 40172 |  | 1196724 |
|  United Security Bancshares | 2408 |  | 20829 |
|  Unity Bancorp, Inc. | 2517 |  | 118500 |
|  Univest Financial Corp. | 9434 |  | 283397 |
|  USCB Financial Holdings, Inc. | 4044 |  | 66888 |
|  Valley National Bancorp | 157164 |  | 1403475 |
|  Veritex Holdings, Inc. | 17698 |  | 461918 |
|  Virginia National Bankshares Corp. | 1328 |  | 49136 |
|  WaFd, Inc. | 26033 |  | 762246 |
|  Washington Trust Bancorp, Inc. | 6091 |  | 172253 |
|  WesBanco, Inc. | 31018 |  | 981099 |
|  West Bancorp, Inc. | 4871 |  | 95618 |
|  Westamerica Bancorp | 8750 |  | 423850 |
|  Western New England Bancorp, Inc. | 4711 |  | 43483 |
|  WSFS Financial Corp. | 19547 |  | 1075085 |
|  |  |  | 87901664 |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** |
|  Acadian Asset Management, Inc. | 9976 |  | 351554 |
|  AlTi Global, Inc. (x)\* | 17753 |  | 73675 |
|  Artisan Partners Asset Management, Inc., Class A | 20664 |  | 916035 |
|  Bakkt Holdings, Inc., Class A\* | 874 |  | 12192 |
|  BGC Group, Inc., Class A | 116138 |  | 1188092 |
|  Cohen & Steers, Inc. | 9272 |  | 698645 |
|  Diamond Hill Investment Group, Inc. | 710 |  | 103170 |
|  DigitalBridge Group, Inc. | 54724 |  | 566393 |
|  Donnelley Financial Solutions, Inc.\* | 8837 |  | 544801 |
|  Forge Global Holdings, Inc. (x)\* | 3660 |  | 69686 |
|  GCM Grosvenor, Inc., Class A | 14612 |  | 168915 |
|  Hamilton Lane, Inc., Class A | 372 |  | 52869 |
|  Marex Group plc | 10434 |  | 411830 |
|  MarketWise, Inc. | 430 |  | 8510 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Moelis & Co., Class A | 22922 | $| 1428499 |
|  Open Lending Corp.\* | 29434 |  | 57102 |
|  P10, Inc., Class A | 14704 |  | 150275 |
|  Patria Investments Ltd., Class A | 20027 |  | 281580 |
|  Perella Weinberg Partners, Class A | 18964 |  | 368281 |
|  Piper Sandler Cos. | 5703 |  | 1585092 |
|  PJT Partners, Inc., Class A | 7413 |  | 1223219 |
|  Siebert Financial Corp.\* | 3146 |  | 13905 |
|  Silvercrest Asset Management Group, Inc., Class A | 2817 |  | 44678 |
|  StepStone Group, Inc., Class A | 20858 |  | 1157619 |
|  StoneX Group, Inc.\* | 14656 |  | 1335748 |
|  Value Line, Inc. | 933 |  | 36527 |
|  Victory Capital Holdings, Inc., Class A | 14561 |  | 927099 |
|  Virtus Investment Partners, Inc. | 2292 |  | 415769 |
|  Westwood Holdings Group, Inc. | 1172 |  | 18283 |
|  WisdomTree, Inc. (x) | 41108 |  | 473153 |
|  |  |  | 14683196 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  Atlanticus Holdings Corp.\* | 2162 |  | 118369 |
|  Bread Financial Holdings, Inc. | 13368 |  | 763580 |
|  Consumer Portfolio Services, Inc.\* | 3714 |  | 36509 |
|  Dave, Inc.\* | 3016 |  | 809525 |
|  Encore Capital Group, Inc.\* | 7840 |  | 303486 |
|  Enova International, Inc.\* | 8346 |  | 930746 |
|  FirstCash Holdings, Inc. | 12961 |  | 1751549 |
|  Green Dot Corp., Class A\* | 17591 |  | 189631 |
|  LendingClub Corp.\* | 38620 |  | 464599 |
|  LendingTree, Inc.\* | 3501 |  | 129782 |
|  Medallion Financial Corp. | 4310 |  | 41074 |
|  Navient Corp. | 23050 |  | 325005 |
|  Nelnet, Inc., Class A | 4422 |  | 535593 |
|  NerdWallet, Inc., Class A\* | 9919 |  | 108811 |
|  Oportun Financial Corp.\* | 7755 |  | 55526 |
|  OppFi, Inc. | 5670 |  | 79323 |
|  PRA Group, Inc.\* | 13237 |  | 195246 |
|  PROG Holdings, Inc. | 13242 |  | 388653 |
|  Regional Management Corp. | 3249 |  | 94903 |
|  Upstart Holdings, Inc.\* | 27504 |  | 1778959 |
|  Vroom, Inc.\* | 170 |  | 4847 |
|  World Acceptance Corp.\* | 1110 |  | 183283 |
|  |  |  | 9288999 |
|  ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** |
|  Acacia Research Corp.\* | 13529 |  | 48434 |
|  Alerus Financial Corp. | 5746 |  | 124343 |
|  AvidXchange Holdings, Inc.\* | 56823 |  | 556297 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 9753 |  | 393046 |
|  Better Home & Finance Holding Co.\* | 1063 |  | 13171 |
|  Burford Capital Ltd. | 61757 |  | 880655 |
|  Cannae Holdings, Inc. | 18054 |  | 376426 |
|  Cantaloupe, Inc.\* | 17904 |  | 196765 |
|  Cass Information Systems, Inc. | 4270 |  | 185531 |
|  Compass Diversified Holdings | 23133 |  | 145275 |
|  Enact Holdings, Inc. | 9549 |  | 354745 |
|  Essent Group Ltd. | 32923 |  | 1999414 |
|  Evertec, Inc. | 20866 |  | 752219 |
|  Federal Agricultural Mortgage Corp., Class C | 3035 |  | 589640 |
|  Finance of America Cos., Inc., Class A\* | 1048 |  | 24439 |
|  Flywire Corp.\* | 39713 |  | 464642 |
|  HA Sustainable Infrastructure Capital, Inc. (x) | 39985 |  | 1073997 |
|  International Money Express, Inc.\* | 6944 |  | 70065 |
|  Jackson Financial, Inc., Class A | 23829 |  | 2115777 |
|  loanDepot, Inc., Class A\* | 18129 |  | 23024 |
|  Marqeta, Inc., Class A\* | 126079 |  | 735041 |
|  Merchants Bancorp | 8110 |  | 268198 |
|  Mr Cooper Group, Inc.\* | 631 |  | 94151 |
|  NCR Atleos Corp.\* | 24478 |  | 698357 |
|  NewtekOne, Inc. | 7182 |  | 81013 |
|  NMI Holdings, Inc., Class A\* | 26088 |  | 1100653 |
|  Onity Group, Inc.\* | 1611 |  | 61492 |
|  Pagseguro Digital Ltd., Class A | 60010 |  | 578496 |
|  Payoneer Global, Inc.\* | 90023 |  | 616658 |
|  Paysafe Ltd. (x)\* | 10356 |  | 130693 |
|  Paysign, Inc.\* | 14452 |  | 104054 |
|  PennyMac Financial Services, Inc. | 9352 |  | 931833 |
|  Priority Technology Holdings, Inc.\* | 12186 |  | 94807 |
|  Radian Group, Inc. | 47084 |  | 1695966 |
|  Remitly Global, Inc.\* | 50618 |  | 950100 |
|  Repay Holdings Corp., Class A (x)\* | 27019 |  | 130232 |
|  Security National Financial Corp., Class A\* | 2959 |  | 29146 |
|  Sezzle, Inc. (x)\* | 4753 |  | 851975 |
|  StoneCo Ltd., Class A\* | 79414 |  | 1273801 |
|  SWK Holdings Corp. | 1367 |  | 20150 |
|  Triller Group, Inc.\* | 18858 |  | 17547 |
|  Velocity Financial, Inc.\* | 5217 |  | 96723 |
|  Walker & Dunlop, Inc. | 10954 |  | 772038 |
|  Waterstone Financial, Inc. | 5208 |  | 71922 |
|  |  |  | 21792951 |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** |
|  Ambac Financial Group, Inc.\* | 11443 |  | 81245 |
|  American Coastal Insurance Corp. | 8592 |  | 95543 |
|  AMERISAFE, Inc. | 5863 |  | 256389 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 23121 |  | 989810 |
|  Bowhead Specialty Holdings, Inc.\* | 5191 |  | 194818 |
|  Citizens, Inc., Class A\* | 10151 |  | 35427 |
|  CNO Financial Group, Inc. | 32707 |  | 1261836 |
|  Crawford & Co., Class A | 5644 |  | 59714 |
|  Donegal Group, Inc., Class A | 6495 |  | 130062 |
|  eHealth, Inc.\* | 6587 |  | 28653 |
|  Employers Holdings, Inc. | 8426 |  | 397539 |
|  Enstar Group Ltd.\* | 3987 |  | 1341067 |
|  F&G Annuities & Life, Inc. | 7029 |  | 224787 |
|  Fidelis Insurance Holdings Ltd. | 19602 |  | 325001 |
|  Genworth Financial, Inc., Class A\* | 132429 |  | 1030298 |
|  GoHealth, Inc., Class A\* | 979 |  | 5433 |
|  Goosehead Insurance, Inc., Class A | 7747 |  | 817386 |
|  Greenlight Capital Re Ltd., Class A\* | 8211 |  | 117992 |
|  Hamilton Insurance Group Ltd., Class B\* | 14570 |  | 315003 |
|  HCI Group, Inc. | 2703 |  | 411397 |
|  Heritage Insurance Holdings, Inc.\* | 8186 |  | 204159 |
|  Hippo Holdings, Inc.\* | 6001 |  | 167608 |
|  Horace Mann Educators Corp. | 13568 |  | 583017 |
|  Investors Title Co. | 581 |  | 122765 |
|  James River Group Holdings Ltd. | 11975 |  | 70174 |
|  Kestrel Group Ltd. | 616 |  | 16336 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kingstone Cos., Inc.\* | 1964 | $| 30265 |
|  Kingsway Financial Services, Inc. (x)\* | 6725 |  | 91057 |
|  Lemonade, Inc. (x)\* | 18232 |  | 798744 |
|  MBIA, Inc.\* | 14977 |  | 65000 |
|  Mercury General Corp. | 8541 |  | 575151 |
|  NI Holdings, Inc.\* | 3666 |  | 46705 |
|  Oscar Health, Inc., Class A (x)\* | 59952 |  | 1285371 |
|  Palomar Holdings, Inc.\* | 8621 |  | 1329789 |
|  ProAssurance Corp.\* | 16894 |  | 385690 |
|  Root, Inc., Class A\* | 3327 |  | 425756 |
|  Safety Insurance Group, Inc. | 4958 |  | 393616 |
|  Selective Insurance Group, Inc. | 19881 |  | 1722689 |
|  Selectquote, Inc.\* | 44554 |  | 106039 |
|  SiriusPoint Ltd.\* | 27113 |  | 552834 |
|  Skyward Specialty Insurance Group, Inc.\* | 12223 |  | 706367 |
|  Stewart Information Services Corp. | 9144 |  | 595274 |
|  Tiptree, Inc., Class A | 7984 |  | 188263 |
|  Trupanion, Inc.\* | 11942 |  | 660990 |
|  United Fire Group, Inc. | 6874 |  | 197284 |
|  Universal Insurance Holdings, Inc. | 8293 |  | 229965 |
|  |  |  | 19670308 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 1401 |  | 25134 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 5774 |  | 25868 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 9124 |  | 68886 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 4892 |  | 46083 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 47518 |  | 459974 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 60935 |  | 652004 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 20267 |  | 96674 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 26985 |  | 453618 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 52838 |  | 1017132 |
|  BrightSpire Capital, Inc. (REIT), Class A | 44589 |  | 225174 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 5859 |  | 81792 |
|  Chimera Investment Corp. (REIT) | 26084 |  | 361785 |
|  Claros Mortgage Trust, Inc. (REIT) | 33694 |  | 96028 |
|  Dynex Capital, Inc. (REIT) (x) | 34486 |  | 421419 |
|  Ellington Financial, Inc. (REIT) (x) | 29889 |  | 388258 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 25437 |  | 271922 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 21792 |  | 170849 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 20012 |  | 175505 |
|  Ladder Capital Corp. (REIT) | 36204 |  | 389193 |
|  Lument Finance Trust, Inc. (REIT) | 7470 |  | 16509 |
|  MFA Financial, Inc. (REIT) | 32554 |  | 307961 |
|  New York Mortgage Trust, Inc. (REIT) | 25712 |  | 172270 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 4085 |  | 56332 |
|  Orchid Island Capital, Inc. (REIT) (x) | 31616 |  | 221628 |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 28585 |  | 367603 |
|  Ready Capital Corp. (REIT) (x) | 56949 |  | 248867 |
|  Redwood Trust, Inc. (REIT) | 43489 |  | 257020 |
|  Rithm Property Trust, Inc. (REIT) | 8353 |  | 22553 |
|  Seven Hills Realty Trust (REIT) | 3398 |  | 41014 |
|  Sunrise Realty Trust, Inc. (REIT) | 3468 |  | 36761 |
|  TPG RE Finance Trust, Inc. (REIT) | 22395 |  | 172889 |
|  Two Harbors Investment Corp. (REIT) | 35478 |  | 382098 |
|  |  |  | 7730803 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 161067921 |
|  **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** |
|  ***Biotechnology (6.4%)*** | ***Biotechnology (6.4%)*** | ***Biotechnology (6.4%)*** | ***Biotechnology (6.4%)*** |
|  4D Molecular Therapeutics, Inc.\* | 14279 |  | 52975 |
|  89bio, Inc.\* | 39656 |  | 389422 |
|  Abeona Therapeutics, Inc.\* | 10035 |  | 56999 |
|  Absci Corp. (x)\* | 31652 |  | 81346 |
|  ACADIA Pharmaceuticals, Inc.\* | 41851 |  | 902726 |
|  Acrivon Therapeutics, Inc.\* | 426 |  | 507 |
|  Actinium Pharmaceuticals, Inc.\* | 410 |  | 574 |
|  Actuate Therapeutics, Inc.\* | 902 |  | 5511 |
|  Acumen Pharmaceuticals, Inc.\* | 555 |  | 644 |
|  ADC Therapeutics SA (x)\* | 33617 |  | 90094 |
|  ADMA Biologics, Inc.\* | 74780 |  | 1361744 |
|  Adverum Biotechnologies, Inc.\* | 530 |  | 1140 |
|  Agenus, Inc.\* | 340 |  | 1554 |
|  Agios Pharmaceuticals, Inc.\* | 18613 |  | 619068 |
|  Akebia Therapeutics, Inc.\* | 78651 |  | 286290 |
|  Akero Therapeutics, Inc.\* | 23198 |  | 1237845 |
|  Aldeyra Therapeutics, Inc.\* | 18431 |  | 70591 |
|  Alector, Inc.\* | 25514 |  | 35720 |
|  Alkermes plc\* | 53292 |  | 1524684 |
|  Allogene Therapeutics, Inc. (x)\* | 59217 |  | 66915 |
|  Altimmune, Inc. (x)\* | 22795 |  | 88217 |
|  ALX Oncology Holdings, Inc.\* | 1330 |  | 552 |
|  Amicus Therapeutics, Inc.\* | 94947 |  | 544046 |
|  AnaptysBio, Inc.\* | 6537 |  | 145121 |
|  Anavex Life Sciences Corp. (x)\* | 26768 |  | 246801 |
|  Anika Therapeutics, Inc.\* | 4438 |  | 46954 |
|  Annexon, Inc.\* | 31487 |  | 75569 |
|  Apogee Therapeutics, Inc.\* | 11212 |  | 486937 |
|  Applied Therapeutics, Inc.\* | 6224 |  | 1936 |
|  Arbutus Biopharma Corp. (x)\* | 43761 |  | 135222 |
|  Arcellx, Inc.\* | 12642 |  | 832476 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 9404 |  | 122346 |
|  Arcus Biosciences, Inc.\* | 21027 |  | 171160 |
|  Arcutis Biotherapeutics, Inc.\* | 35975 |  | 504370 |
|  Ardelyx, Inc.\* | 78750 |  | 308700 |
|  ArriVent Biopharma, Inc. (x)\* | 7325 |  | 159465 |
|  Arrowhead Pharmaceuticals, Inc.\* | 40096 |  | 633517 |
|  ARS Pharmaceuticals, Inc. (x)\* | 17363 |  | 302984 |
|  Artiva Biotherapeutics, Inc. (x)\* | 877 |  | 1324 |
|  Astria Therapeutics, Inc.\* | 14153 |  | 75860 |
|  Atossa Therapeutics, Inc.\* | 434 |  | 360 |
|  aTyr Pharma, Inc.\* | 27460 |  | 139222 |
|  Aura Biosciences, Inc. (x)\* | 14498 |  | 90757 |
|  Aurinia Pharmaceuticals, Inc.\* | 43279 |  | 366573 |
|  Avidity Biosciences, Inc.\* | 36863 |  | 1046909 |
|  Avita Medical, Inc. (x)\* | 6276 |  | 33200 |
|  Beam Therapeutics, Inc.\* | 30874 |  | 525167 |
|  Benitec Biopharma, Inc.\* | 2483 |  | 29051 |
|  Bicara Therapeutics, Inc. (x)\* | 11612 |  | 107875 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  BioCryst Pharmaceuticals, Inc.\* | 69985 | $627066 |
|  Biohaven Ltd.\* | 28700 | 404957 |
|  Biomea Fusion, Inc.\* | 452 | 814 |
|  Black Diamond Therapeutics, Inc.\* | 287 | 712 |
|  Blueprint Medicines Corp.\* | 20855 | 2673194 |
|  Bridgebio Pharma, Inc.\* | 50724 | 2190262 |
|  Bright Minds Biosciences, Inc.\* | 1021 | 26658 |
|  C4 Therapeutics, Inc.\* | 1200 | 1716 |
|  Cabaletta Bio, Inc.\* | 418 | 635 |
|  CAMP4 Therapeutics Corp.\* | 334 | 484 |
|  Candel Therapeutics, Inc. (x)\* | 17650 | 89309 |
|  Capricor Therapeutics, Inc. (x)\* | 13762 | 136657 |
|  Cardiff Oncology, Inc. (x)\* | 13824 | 43546 |
|  CareDx, Inc.\* | 17477 | 341501 |
|  Cargo Therapeutics, Inc.\* | 12252 | 50478 |
|  Caribou Biosciences, Inc. (x)\* | 1683 | 2121 |
|  Cartesian Therapeutics, Inc. (x)\* | 4967 | 51607 |
|  Catalyst Pharmaceuticals, Inc.\* | 37968 | 823906 |
|  Celcuity, Inc.\* | 9235 | 123287 |
|  Celldex Therapeutics, Inc.\* | 21696 | 441514 |
|  Century Therapeutics, Inc.\* | 1668 | 932 |
|  CervoMed, Inc. (x)\* | 273 | 1716 |
|  CG oncology, Inc.\* | 17683 | 459758 |
|  Cibus, Inc., Class A\* | 916 | 1264 |
|  Cidara Therapeutics, Inc.\* | 3971 | 193427 |
|  Climb Bio, Inc.\* | 491 | 609 |
|  Cogent Biosciences, Inc.\* | 32152 | 230851 |
|  Coherus Oncology, Inc.\* | 42317 | 30946 |
|  Compass Therapeutics, Inc. (x)\* | 30802 | 80085 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 567 | 3912 |
|  Corvus Pharmaceuticals, Inc.\* | 12029 | 48116 |
|  Crinetics Pharmaceuticals, Inc.\* | 29680 | 853597 |
|  CRISPR Therapeutics AG (x)\* | 22402 | 1089633 |
|  Cullinan Therapeutics, Inc.\* | 15925 | 119915 |
|  Cytokinetics, Inc.\* | 38575 | 1274518 |
|  Day One Biopharmaceuticals, Inc.\* | 22217 | 144411 |
|  Denali Therapeutics, Inc.\* | 43499 | 608551 |
|  Design Therapeutics, Inc.\* | 9463 | 31890 |
|  DiaMedica Therapeutics, Inc.\* | 5753 | 22437 |
|  Dianthus Therapeutics, Inc. (x)\* | 6832 | 127280 |
|  Disc Medicine, Inc.\* | 8059 | 426805 |
|  Dynavax Technologies Corp.\* | 39281 | 389668 |
|  Dyne Therapeutics, Inc.\* | 30051 | 286086 |
|  Editas Medicine, Inc.\* | 27408 | 60298 |
|  Eledon Pharmaceuticals, Inc.\* | 13073 | 35428 |
|  Elevation Oncology, Inc.\* | 1325 | 486 |
|  Emergent BioSolutions, Inc.\* | 11356 | 72451 |
|  Enanta Pharmaceuticals, Inc.\* | 5140 | 38858 |
|  Entrada Therapeutics, Inc.\* | 10423 | 70043 |
|  Erasca, Inc.\* | 77384 | 98278 |
|  Fate Therapeutics, Inc.\* | 34303 | 38419 |
|  Fennec Pharmaceuticals, Inc.\* | 5733 | 47584 |
|  Fibrobiologics, Inc.\* | 1586 | 987 |
|  Foghorn Therapeutics, Inc.\* | 10683 | 50210 |
|  Galectin Therapeutics, Inc. (x)\* | 129 | 272 |
|  Generation Bio Co.\* | 2543 | 814 |
|  Geron Corp.\* | 197850 | 278969 |
|  Gossamer Bio, Inc.\* | 42976 | 52860 |
|  GRAIL, Inc. (x)\* | 9562 | 491678 |
|  Greenwich Lifesciences, Inc. (x)\* | 1876 | 17015 |
|  Gyre Therapeutics, Inc. (x)\* | 7077 | 52016 |
|  Heron Therapeutics, Inc. (x)\* | 49610 | 102693 |
|  Humacyte, Inc. (x)\* | 35416 | 74019 |
|  Ideaya Biosciences, Inc.\* | 27820 | 584776 |
|  IGM Biosciences, Inc. (x)\* | 663 | 743 |
|  ImmunityBio, Inc. (x)\* | 74982 | 197953 |
|  Immunome, Inc.\* | 23805 | 221387 |
|  Immunovant, Inc.\* | 21598 | 345568 |
|  Inhibikase Therapeutics, Inc.\* | 12226 | 23841 |
|  Inhibrx Biosciences, Inc.\* | 5156 | 73576 |
|  Inmune Bio, Inc. (x)\* | 4030 | 9309 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 495 | 1007 |
|  Intellia Therapeutics, Inc.\* | 33552 | 314718 |
|  Invivyd, Inc.\* | 4401 | 3147 |
|  Iovance Biotherapeutics, Inc. (x)\* | 83103 | 142937 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 47946 | 34387 |
|  iTeos Therapeutics, Inc.\* | 12371 | 123339 |
|  Jade Biosciences, Inc. (x) | 5968 | 59620 |
|  Janux Therapeutics, Inc.\* | 11995 | 277085 |
|  Jasper Therapeutics, Inc.\* | 120 | 666 |
|  KalVista Pharmaceuticals, Inc.\* | 11647 | 131669 |
|  Keros Therapeutics, Inc.\* | 8003 | 106840 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 924 | 25567 |
|  Kodiak Sciences, Inc.\* | 8097 | 30202 |
|  Korro Bio, Inc. (x)\* | 1574 | 19659 |
|  Krystal Biotech, Inc.\* | 8290 | 1139543 |
|  Kura Oncology, Inc.\* | 24694 | 142484 |
|  Kymera Therapeutics, Inc.\* | 14918 | 651022 |
|  Kyverna Therapeutics, Inc. (x)\* | 505 | 1550 |
|  Larimar Therapeutics, Inc.\* | 14498 | 41899 |
|  Lexeo Therapeutics, Inc.\* | 8590 | 34532 |
|  MacroGenics, Inc.\* | 1225 | 1482 |
|  Madrigal Pharmaceuticals, Inc.\* | 5519 | 1670270 |
|  MannKind Corp.\* | 93621 | 350143 |
|  MeiraGTx Holdings plc\* | 15204 | 99130 |
|  Mersana Therapeutics, Inc.\* | 6434 | 1904 |
|  Metagenomi, Inc.\* | 384 | 568 |
|  Metsera, Inc. (x)\* | 5900 | 167855 |
|  MiMedx Group, Inc.\* | 41737 | 255013 |
|  Mineralys Therapeutics, Inc.\* | 12503 | 169166 |
|  Mirum Pharmaceuticals, Inc.\* | 14121 | 718618 |
|  Monopar Therapeutics, Inc.\* | 916 | 32774 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 13195 | 59509 |
|  Myriad Genetics, Inc.\* | 30033 | 159475 |
|  Neurogene, Inc.\* | 3321 | 49649 |
|  Nkarta, Inc.\* | 20918 | 34724 |
|  Novavax, Inc. (x)\* | 49351 | 310911 |
|  Nurix Therapeutics, Inc.\* | 23752 | 270535 |
|  Nuvalent, Inc., Class A\* | 14049 | 1071939 |
|  Nuvectis Pharma, Inc.\* | 2855 | 21327 |
|  Ocugen, Inc. (x)\* | 6323 | 6136 |
|  Olema Pharmaceuticals, Inc. (x)\* | 18591 | 79198 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 25570 | 93586 |
|  ORIC Pharmaceuticals, Inc.\* | 15724 | 159599 |
|  Oruka Therapeutics, Inc. | 7176 | 80443 |
|  Ovid therapeutics, Inc.\* | 3483 | 1149 |
|  Palvella Therapeutics, Inc.\* | 1531 | 34509 |
|  PDL BioPharma, Inc. (r)\* | 24135 |  |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PepGen, Inc.\* | 1011 | $| 1122 |
|  Perspective Therapeutics, Inc. (x)\* | 18855 |  | 64861 |
|  Praxis Precision Medicines, Inc.\* | 5928 |  | 249272 |
|  Precigen, Inc. (x)\* | 57369 |  | 81464 |
|  Prelude Therapeutics, Inc.\* | 616 |  | 499 |
|  Prime Medicine, Inc. (x)\* | 41225 |  | 101826 |
|  ProKidney Corp., Class A (x)\* | 2041 |  | 1208 |
|  Protagonist Therapeutics, Inc.\* | 19520 |  | 1078870 |
|  Protalix BioTherapeutics, Inc.\* | 15471 |  | 22897 |
|  Protara Therapeutics, Inc.\* | 7195 |  | 21801 |
|  Prothena Corp. plc\* | 14401 |  | 87414 |
|  PTC Therapeutics, Inc.\* | 25858 |  | 1262905 |
|  Puma Biotechnology, Inc.\* | 10526 |  | 36104 |
|  Pyxis Oncology, Inc.\* | 1251 |  | 1376 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 110914 |  | 561225 |
|  REGENXBIO, Inc.\* | 14460 |  | 118717 |
|  Relay Therapeutics, Inc.\* | 46420 |  | 160613 |
|  Renovaro, Inc. (x)\* | 6765 |  | 1954 |
|  Replimune Group, Inc.\* | 21085 |  | 195880 |
|  Revolution Medicines, Inc.\* | 1845 |  | 67878 |
|  Rezolute, Inc.\* | 23292 |  | 103882 |
|  Rhythm Pharmaceuticals, Inc.\* | 18273 |  | 1154671 |
|  Rigel Pharmaceuticals, Inc.\* | 3982 |  | 74583 |
|  Rocket Pharmaceuticals, Inc.\* | 24795 |  | 60748 |
|  Sage Therapeutics, Inc.\* | 19113 |  | 174311 |
|  Sana Biotechnology, Inc. (x)\* | 53760 |  | 146765 |
|  Savara, Inc. (x)\* | 50440 |  | 115003 |
|  Scholar Rock Holding Corp.\* | 26334 |  | 932750 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 18310 |  | 40099 |
|  Shattuck Labs, Inc. (x)\* | 2074 |  | 1642 |
|  Sionna Therapeutics, Inc. (x)\* | 3396 |  | 58921 |
|  Skye Bioscience, Inc.\* | 657 |  | 2746 |
|  Soleno Therapeutics, Inc.\* | 13135 |  | 1100450 |
|  Solid Biosciences, Inc.\* | 20246 |  | 98598 |
|  SpringWorks Therapeutics, Inc.\* | 16887 |  | 793520 |
|  Spyre Therapeutics, Inc. (x)\* | 15094 |  | 225957 |
|  Stoke Therapeutics, Inc.\* | 12976 |  | 147278 |
|  Sutro Biopharma, Inc.\* | 2061 |  | 1471 |
|  Syndax Pharmaceuticals, Inc.\* | 28231 |  | 264383 |
|  Tango Therapeutics, Inc. (x)\* | 22629 |  | 115860 |
|  Taysha Gene Therapies, Inc.\* | 58148 |  | 134322 |
|  Tectonic Therapeutic, Inc.\* | 4007 |  | 79619 |
|  Tenaya Therapeutics, Inc.\* | 2772 |  | 1694 |
|  Tevogen Bio Holdings, Inc.\* | 5177 |  | 6471 |
|  TG Therapeutics, Inc.\* | 46934 |  | 1689155 |
|  Tonix Pharmaceuticals Holding Corp. (x)\* | 1311 |  | 47170 |
|  Tourmaline Bio, Inc.\* | 8318 |  | 133005 |
|  Travere Therapeutics, Inc.\* | 27394 |  | 405431 |
|  TriSalus Life Sciences, Inc.\* | 3070 |  | 16732 |
|  TScan Therapeutics, Inc.\* | 647 |  | 938 |
|  TuHURA Biosciences, Inc.\* | 4778 |  | 10655 |
|  Twist Bioscience Corp.\* | 19725 |  | 725683 |
|  Tyra Biosciences, Inc. (x)\* | 11462 |  | 109691 |
|  Upstream Bio, Inc. (x)\* | 12698 |  | 139424 |
|  UroGen Pharma Ltd.\* | 11671 |  | 159893 |
|  Vanda Pharmaceuticals, Inc.\* | 21969 |  | 103694 |
|  Vaxcyte, Inc.\* | 40810 |  | 1326733 |
|  Vera Therapeutics, Inc., Class A\* | 16168 |  | 380918 |
|  Veracyte, Inc.\* | 25287 |  | 683508 |
|  Verastem, Inc.\* | 10552 |  | 43791 |
|  Vericel Corp.\* | 16787 |  | 714287 |
|  Verve Therapeutics, Inc.\* | 23814 |  | 267431 |
|  Vir Biotechnology, Inc.\* | 29835 |  | 150368 |
|  Viridian Therapeutics, Inc.\* | 22584 |  | 315724 |
|  Voyager Therapeutics, Inc. (x)\* | 14721 |  | 45782 |
|  Werewolf Therapeutics, Inc.\* | 1199 |  | 1307 |
|  X4 Pharmaceuticals, Inc.\* | 359 |  | 682 |
|  XBiotech, Inc. (x)\* | 344 |  | 1022 |
|  Xencor, Inc.\* | 21804 |  | 171379 |
|  Xenon Pharmaceuticals, Inc.\* | 24761 |  | 775019 |
|  XOMA Royalty Corp.\* | 2458 |  | 61942 |
|  Y-mAbs Therapeutics, Inc.\* | 12323 |  | 55577 |
|  Zenas Biopharma, Inc. (x)\* | 5667 |  | 54913 |
|  Zentalis Pharmaceuticals, Inc.\* | 2415 |  | 2801 |
|  Zura Bio Ltd., Class A\* | 1099 |  | 1154 |
|  Zymeworks, Inc.\* | 16915 |  | 212283 |
|  |  |  | 59449589 |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** |
|  Accuray, Inc. (x)\* | 23288 |  | 31905 |
|  Alphatec Holdings, Inc.\* | 36530 |  | 405483 |
|  AngioDynamics, Inc.\* | 13415 |  | 133077 |
|  Anteris Technologies Global Corp. (x)\* | 4752 |  | 18010 |
|  Artivion, Inc.\* | 12581 |  | 391269 |
|  AtriCure, Inc.\* | 15145 |  | 496302 |
|  Avanos Medical, Inc.\* | 15533 |  | 190124 |
|  Axogen, Inc.\* | 10410 |  | 112948 |
|  Beta Bionics, Inc. (x)\* | 6385 |  | 92966 |
|  Bioventus, Inc., Class A\* | 14463 |  | 95745 |
|  Butterfly Network, Inc., Class A\* | 68450 |  | 136900 |
|  Ceribell, Inc.\* | 7121 |  | 133376 |
|  Cerus Corp.\* | 49315 |  | 69534 |
|  ClearPoint Neuro, Inc.\* | 8919 |  | 106493 |
|  CONMED Corp. | 10201 |  | 531268 |
|  CVRx, Inc.\* | 3432 |  | 20180 |
|  Delcath Systems, Inc.\* | 10088 |  | 137197 |
|  Electromed, Inc.\* | 1490 |  | 32765 |
|  Embecta Corp. | 20212 |  | 195854 |
|  Enovis Corp.\* | 18661 |  | 585209 |
|  Fractyl Health, Inc.\* | 588 |  | 953 |
|  Glaukos Corp.\* | 18237 |  | 1883700 |
|  Haemonetics Corp.\* | 16619 |  | 1239944 |
|  ICU Medical, Inc.\* | 7811 |  | 1032224 |
|  Inmode Ltd.\* | 799 |  | 11538 |
|  Inogen, Inc.\* | 9219 |  | 64810 |
|  Integer Holdings Corp.\* | 11232 |  | 1381199 |
|  Integra LifeSciences Holdings Corp.\* | 22817 |  | 279965 |
|  iRadimed Corp. | 2545 |  | 152165 |
|  iRhythm Technologies, Inc.\* | 10373 |  | 1597027 |
|  Kestra Medical Technologies Ltd.\* | 5642 |  | 93544 |
|  KORU Medical Systems, Inc.\* | 9139 |  | 32718 |
|  Lantheus Holdings, Inc.\* | 22175 |  | 1815245 |
|  LeMaitre Vascular, Inc. | 7026 |  | 583509 |
|  LENSAR, Inc.\* | 1980 |  | 26077 |
|  LivaNova plc\* | 17997 |  | 810225 |
|  Lucid Diagnostics, Inc.\* | 15117 |  | 17384 |
|  Merit Medical Systems, Inc.\* | 18982 |  | 1774437 |
|  Myomo, Inc.\* | 7283 |  | 15731 |
|  Neogen Corp.\* | 73303 |  | 350388 |
|  Neuronetics, Inc.\* | 14364 |  | 50130 |
|  NeuroPace, Inc.\* | 8214 |  | 91504 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Novocure Ltd.\* | 34557 | $| 615115 |
|  Omnicell, Inc.\* | 15091 |  | 443675 |
|  OraSure Technologies, Inc.\* | 20267 |  | 60801 |
|  Orthofix Medical, Inc.\* | 12186 |  | 135874 |
|  OrthoPediatrics Corp.\* | 5427 |  | 116572 |
|  Outset Medical, Inc.\* | 5449 |  | 104675 |
|  PROCEPT BioRobotics Corp.\* | 17140 |  | 987264 |
|  Pro-Dex, Inc.\* | 478 |  | 20860 |
|  Pulmonx Corp.\* | 12554 |  | 32515 |
|  Pulse Biosciences, Inc. (x)\* | 5759 |  | 86903 |
|  QuidelOrtho Corp.\* | 22037 |  | 635106 |
|  RxSight, Inc.\* | 12097 |  | 157261 |
|  Sanara Medtech, Inc. (x)\* | 1600 |  | 45424 |
|  SANUWAVE Health, Inc.\* | 1204 |  | 39563 |
|  Semler Scientific, Inc. (x)\* | 3144 |  | 121799 |
|  SI-BONE, Inc.\* | 12971 |  | 244114 |
|  Sight Sciences, Inc.\* | 13362 |  | 55185 |
|  STAAR Surgical Co. (x)\* | 17222 |  | 288985 |
|  Stereotaxis, Inc. (x)\* | 13764 |  | 29180 |
|  Surmodics, Inc.\* | 4462 |  | 132566 |
|  Tactile Systems Technology, Inc.\* | 7834 |  | 79437 |
|  Tandem Diabetes Care, Inc.\* | 22251 |  | 414759 |
|  TransMedics Group, Inc.\* | 11016 |  | 1476254 |
|  Treace Medical Concepts, Inc.\* | 14734 |  | 86636 |
|  UFP Technologies, Inc. (x)\* | 2444 |  | 596727 |
|  Utah Medical Products, Inc. | 1101 |  | 62669 |
|  Varex Imaging Corp.\* | 14269 |  | 123712 |
|  Zimvie, Inc.\* | 9000 |  | 84150 |
|  Zynex, Inc. (x)\* | 639 |  | 1649 |
|  |  |  | 24500452 |
|  ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** |
|  AdaptHealth Corp., Class A\* | 31917 |  | 300977 |
|  Addus HomeCare Corp.\* | 5885 |  | 677893 |
|  agilon health, Inc.\* | 103614 |  | 238312 |
|  AirSculpt Technologies, Inc. (x)\* | 3879 |  | 18736 |
|  Alignment Healthcare, Inc.\* | 41697 |  | 583758 |
|  AMN Healthcare Services, Inc.\* | 12456 |  | 257466 |
|  Ardent Health, Inc.\* | 9131 |  | 124729 |
|  Astrana Health, Inc.\* | 14090 |  | 350559 |
|  Aveanna Healthcare Holdings, Inc.\* | 20128 |  | 105269 |
|  BrightSpring Health Services, Inc.\* | 27652 |  | 652311 |
|  Brookdale Senior Living, Inc.\* | 74935 |  | 521548 |
|  Castle Biosciences, Inc.\* | 8956 |  | 182881 |
|  Clover Health Investments Corp., Class A\* | 131800 |  | 367722 |
|  Community Health Systems, Inc.\* | 42211 |  | 143517 |
|  Concentra Group Holdings Parent, Inc. | 37777 |  | 777073 |
|  CorVel Corp.\* | 9520 |  | 978466 |
|  Cross Country Healthcare, Inc.\* | 8599 |  | 112217 |
|  DocGo, Inc. (x)\* | 29268 |  | 45951 |
|  Enhabit, Inc.\* | 16064 |  | 154857 |
|  Ensign Group, Inc. (The) | 18378 |  | 2834990 |
|  Fulgent Genetics, Inc.\* | 6476 |  | 128743 |
|  GeneDx Holdings Corp., Class A\* | 6102 |  | 563276 |
|  Guardant Health, Inc.\* | 38754 |  | 2016758 |
|  HealthEquity, Inc.\* | 27927 |  | 2925633 |
|  Hims & Hers Health, Inc.\* | 62271 |  | 3104209 |
|  InfuSystem Holdings, Inc.\* | 319 |  | 1991 |
|  Innovage Holding Corp.\* | 10412 |  | 38420 |
|  Joint Corp. (The) (x)\* | 4449 |  | 51341 |
|  LifeStance Health Group, Inc.\* | 42387 |  | 219141 |
|  ModivCare, Inc. (x)\* | 618 |  | 1928 |
|  Nano-X Imaging Ltd. (x)\* | 19254 |  | 99543 |
|  National HealthCare Corp. | 4037 |  | 431999 |
|  National Research Corp. | 4932 |  | 82858 |
|  NeoGenomics, Inc.\* | 44320 |  | 323979 |
|  Nutex Health, Inc.\* | 1197 |  | 149015 |
|  Oncology Institute, Inc. (The)\* | 13581 |  | 27841 |
|  OPKO Health, Inc.\* | 114040 |  | 150533 |
|  Option Care Health, Inc.\* | 54494 |  | 1769965 |
|  Owens & Minor, Inc.\* | 24496 |  | 222914 |
|  PACS Group, Inc.\* | 14497 |  | 187301 |
|  Pediatrix Medical Group, Inc.\* | 29693 |  | 426095 |
|  Pennant Group, Inc. (The)\* | 10467 |  | 312440 |
|  Performant Healthcare, Inc.\* | 18224 |  | 72896 |
|  Premier, Inc., Class A | 29909 |  | 655904 |
|  Privia Health Group, Inc.\* | 37602 |  | 864846 |
|  Progyny, Inc.\* | 23923 |  | 526306 |
|  Quipt Home Medical Corp.\* | 1321 |  | 2365 |
|  RadNet, Inc.\* | 21410 |  | 1218443 |
|  SBC Medical Group Holdings, Inc.\* | 2267 |  | 10519 |
|  Select Medical Holdings Corp. | 36960 |  | 561053 |
|  Sonida Senior Living, Inc. (x)\* | 2045 |  | 51023 |
|  Surgery Partners, Inc.\* | 25480 |  | 566420 |
|  Talkspace, Inc.\* | 41333 |  | 114906 |
|  US Physical Therapy, Inc. | 4887 |  | 382163 |
|  Viemed Healthcare, Inc.\* | 9067 |  | 62653 |
|  |  |  | 27754652 |
|  ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** |
|  Claritev Corp.\* | 2709 |  | 122257 |
|  Definitive Healthcare Corp., Class A\* | 24125 |  | 94088 |
|  Evolent Health, Inc., Class A\* | 38969 |  | 438791 |
|  Health Catalyst, Inc.\* | 21069 |  | 79430 |
|  HealthStream, Inc. | 8011 |  | 221665 |
|  LifeMD, Inc.\* | 8644 |  | 117731 |
|  OptimizeRx Corp.\* | 4908 |  | 66258 |
|  Phreesia, Inc.\* | 18461 |  | 525400 |
|  Schrodinger, Inc. (x)\* | 18219 |  | 366566 |
|  Simulations Plus, Inc. | 5513 |  | 96202 |
|  Teladoc Health, Inc.\* | 58356 |  | 508281 |
|  TruBridge, Inc.\* | 3609 |  | 84523 |
|  Waystar Holding Corp.\* | 29775 |  | 1216904 |
|  |  |  | 3938096 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  10X Genomics, Inc., Class A\* | 34386 |  | 398190 |
|  Adaptive Biotechnologies Corp.\* | 48845 |  | 569044 |
|  Akoya Biosciences, Inc. (x)\* | 1329 |  | 1728 |
|  Alpha Teknova, Inc.\* | 4961 |  | 24359 |
|  Atlantic International Corp.\* | 1614 |  | 3276 |
|  Azenta, Inc.\* | 12183 |  | 374993 |
|  BioLife Solutions, Inc.\* | 11912 |  | 256584 |
|  Codexis, Inc.\* | 30905 |  | 75408 |
|  CryoPort, Inc.\* | 16131 |  | 120337 |
|  Cytek Biosciences, Inc.\* | 38961 |  | 132467 |
|  Fortrea Holdings, Inc.\* | 21069 |  | 104081 |
|  Harvard Bioscience, Inc. (x)\* | 2443 |  | 1084 |
|  Lifecore Biomedical, Inc.\* | 7608 |  | 61777 |
|  Maravai LifeSciences Holdings, Inc., Class A (x)\* | 46997 |  | 113263 |
|  MaxCyte, Inc.\* | 32655 |  | 71188 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mesa Laboratories, Inc. | 1691 | $| 159326 |
|  Nautilus Biotechnology, Inc., Class A\* | 2104 |  | 1525 |
|  Niagen Bioscience, Inc.\* | 15483 |  | 223110 |
|  OmniAb, Inc. (Earn Out Shares) (r)(x)\* | 4550 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange) (x)\* | 30543 |  | 53145 |
|  Pacific Biosciences of California, Inc. (x)\* | 88528 |  | 109775 |
|  Personalis, Inc.\* | 17064 |  | 111940 |
|  Quanterix Corp.\* | 12025 |  | 79966 |
|  Quantum-Si, Inc. (x)\* | 66491 |  | 130322 |
|  Standard BioTools, Inc.\* | 99763 |  | 119716 |
|  |  |  | 3296604 |
|  ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** |
|  Aardvark Therapeutics, Inc.\* | 1385 |  | 18725 |
|  Aclaris Therapeutics, Inc.\* | 20064 |  | 28491 |
|  Alto Neuroscience, Inc.\* | 1073 |  | 2361 |
|  Alumis, Inc. (x)\* | 27486 |  | 82458 |
|  Amneal Pharmaceuticals, Inc.\* | 48271 |  | 390512 |
|  Amphastar Pharmaceuticals, Inc.\* | 12589 |  | 289044 |
|  Amylyx Pharmaceuticals, Inc.\* | 22263 |  | 142706 |
|  ANI Pharmaceuticals, Inc.\* | 6121 |  | 399395 |
|  Aquestive Therapeutics, Inc. (x)\* | 23684 |  | 78394 |
|  Arvinas, Inc.\* | 22149 |  | 163017 |
|  Atea Pharmaceuticals, Inc.\* | 18162 |  | 65383 |
|  Avadel Pharmaceuticals plc (ADR) (x)\* | 30287 |  | 268040 |
|  Axsome Therapeutics, Inc.\* | 13134 |  | 1371058 |
|  BioAge Labs, Inc.\* | 5284 |  | 21823 |
|  Biote Corp., Class A\* | 9534 |  | 38327 |
|  Cassava Sciences, Inc.\* | 719 |  | 1301 |
|  Collegium Pharmaceutical, Inc.\* | 11186 |  | 330770 |
|  Corcept Therapeutics, Inc.\* | 586 |  | 43012 |
|  CorMedix, Inc. (x)\* | 20354 |  | 250761 |
|  Edgewise Therapeutics, Inc.\* | 24611 |  | 322650 |
|  Enliven Therapeutics, Inc.\* | 11123 |  | 223127 |
|  Esperion Therapeutics, Inc. (x)\* | 45816 |  | 45101 |
|  Eton Pharmaceuticals, Inc.\* | 5404 |  | 77007 |
|  Evolus, Inc.\* | 16401 |  | 151053 |
|  EyePoint Pharmaceuticals, Inc.\* | 22117 |  | 208121 |
|  Fulcrum Therapeutics, Inc.\* | 19268 |  | 132564 |
|  Harmony Biosciences Holdings, Inc.\* | 13834 |  | 437154 |
|  Harrow, Inc.\* | 10113 |  | 308851 |
|  Indivior plc\* | 36792 |  | 542314 |
|  Innoviva, Inc.\* | 20502 |  | 411885 |
|  Journey Medical Corp.\* | 2454 |  | 17620 |
|  LENZ Therapeutics, Inc. (x)\* | 5845 |  | 171317 |
|  Ligand Pharmaceuticals, Inc.\* | 6222 |  | 707317 |
|  Liquidia Corp.\* | 21905 |  | 272936 |
|  Maze Therapeutics, Inc. (x)\* | 5502 |  | 67510 |
|  MBX Biosciences, Inc. (x)\* | 6373 |  | 72716 |
|  MediWound Ltd. (x)\* | 1707 |  | 33065 |
|  Mind Medicine MindMed, Inc. (x)\* | 24758 |  | 160679 |
|  Nektar Therapeutics\* | 223 |  | 5762 |
|  Neumora Therapeutics, Inc.\* | 4852 |  | 3558 |
|  Nuvation Bio, Inc. (x)\* | 69840 |  | 136188 |
|  Ocular Therapeutix, Inc.\* | 48700 |  | 451936 |
|  Omeros Corp. (x)\* | 13262 |  | 39786 |
|  Pacira BioSciences, Inc.\* | 15881 |  | 379556 |
|  Phathom Pharmaceuticals, Inc.\* | 14684 |  | 140820 |
|  Phibro Animal Health Corp., Class A | 5955 |  | 152091 |
|  Pliant Therapeutics, Inc.\* | 3297 |  | 3825 |
|  Prestige Consumer Healthcare, Inc.\* | 16067 |  | 1282950 |
|  Rapport Therapeutics, Inc. (x)\* | 7178 |  | 81614 |
|  scPharmaceuticals, Inc. (x)\* | 7899 |  | 30095 |
|  Septerna, Inc. (x)\* | 9440 |  | 99781 |
|  SIGA Technologies, Inc. (x) | 16049 |  | 104640 |
|  Supernus Pharmaceuticals, Inc.\* | 17606 |  | 554941 |
|  Tarsus Pharmaceuticals, Inc.\* | 12781 |  | 517758 |
|  Telomir Pharmaceuticals, Inc.\* | 436 |  | 545 |
|  Terns Pharmaceuticals, Inc.\* | 23989 |  | 89479 |
|  Theravance Biopharma, Inc.\* | 12059 |  | 133011 |
|  Third Harmonic Bio, Inc.\* | 7949 |  | 43163 |
|  Trevi Therapeutics, Inc.\* | 27222 |  | 148904 |
|  Tvardi Therapeutics, Inc.\* | 763 |  | 17801 |
|  Ventyx Biosciences, Inc.\* | 1398 |  | 2992 |
|  Veru, Inc. (x)\* | 2272 |  | 1322 |
|  WaVe Life Sciences Ltd.\* | 34764 |  | 225966 |
|  Xeris Biopharma Holdings, Inc.\* | 48069 |  | 224482 |
|  Zevra Therapeutics, Inc. (x)\* | 17940 |  | 158051 |
|  |  |  | 13379582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 132318975 |
|  **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** |
|  AAR Corp.\* | 11898 |  | 818463 |
|  AeroVironment, Inc.\* | 9227 |  | 2629234 |
|  AerSale Corp.\* | 11616 |  | 69812 |
|  Archer Aviation, Inc., Class A\* | 178300 |  | 1934555 |
|  Astronics Corp.\* | 9707 |  | 324990 |
|  Byrna Technologies, Inc.\* | 6319 |  | 195131 |
|  Cadre Holdings, Inc. | 9269 |  | 295218 |
|  Ducommun, Inc.\* | 4565 |  | 377206 |
|  Eve Holding, Inc. (x)\* | 20557 |  | 141021 |
|  Intuitive Machines, Inc.\* | 35782 |  | 388950 |
|  Kratos Defense & Security Solutions, Inc.\* | 52641 |  | 2445174 |
|  Mercury Systems, Inc.\* | 16752 |  | 902263 |
|  Moog, Inc., Class A | 9199 |  | 1664743 |
|  National Presto Industries, Inc. | 1548 |  | 151642 |
|  Park Aerospace Corp. | 5013 |  | 74042 |
|  Redwire Corp.\* | 10994 |  | 179202 |
|  Satellogic, Inc., Class A (x)\* | 29332 |  | 106182 |
|  Triumph Group, Inc.\* | 23826 |  | 613520 |
|  V2X, Inc.\* | 5593 |  | 271540 |
|  VirTra, Inc.\* | 544 |  | 3846 |
|  |  |  | 13586734 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp. (x)\* | 8699 |  | 213473 |
|  Hub Group, Inc., Class A | 19632 |  | 656298 |
|  Radiant Logistics, Inc.\* | 11244 |  | 68364 |
|  |  |  | 938135 |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** |
|  American Woodmark Corp.\* | 4828 |  | 257670 |
|  Apogee Enterprises, Inc. | 6785 |  | 275471 |
|  AZZ, Inc. | 9620 |  | 908898 |
|  Caesarstone Ltd.\* | 720 |  | 1418 |
|  CSW Industrials, Inc. | 5374 |  | 1541424 |
|  Gibraltar Industries, Inc.\* | 9206 |  | 543154 |
|  Griffon Corp. | 12868 |  | 931257 |
|  Insteel Industries, Inc. | 6104 |  | 227130 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Janus International Group, Inc.\* | 45830 | $| 373056 |
|  JELD-WEN Holding, Inc.\* | 27926 |  | 109470 |
|  Masterbrand, Inc.\* | 41050 |  | 448677 |
|  Quanex Building Products Corp. | 14909 |  | 281780 |
|  Resideo Technologies, Inc.\* | 48634 |  | 1072866 |
|  Tecnoglass, Inc. | 7971 |  | 616637 |
|  UFP Industries, Inc. | 19813 |  | 1968620 |
|  Zurn Elkay Water Solutions Corp. | 48597 |  | 1777192 |
|  |  |  | 11334720 |
|  ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** |
|  ABM Industries, Inc. | 19991 |  | 943775 |
|  ACCO Brands Corp. | 20245 |  | 72477 |
|  Acme United Corp. | 617 |  | 25575 |
|  ACV Auctions, Inc., Class A\* | 54901 |  | 890494 |
|  BrightView Holdings, Inc.\* | 19685 |  | 327755 |
|  Brink's Co. (The) | 14164 |  | 1264704 |
|  Casella Waste Systems, Inc., Class A\* | 20545 |  | 2370482 |
|  CECO Environmental Corp. (x)\* | 9998 |  | 283043 |
|  Cimpress plc\* | 5498 |  | 258406 |
|  CompX International, Inc. | 633 |  | 16819 |
|  CoreCivic, Inc.\* | 35000 |  | 737450 |
|  Deluxe Corp. | 15089 |  | 240066 |
|  Driven Brands Holdings, Inc.\* | 20126 |  | 353413 |
|  Ennis, Inc. | 6570 |  | 119180 |
|  Enviri Corp.\* | 25291 |  | 219526 |
|  GEO Group, Inc. (The)\* | 44743 |  | 1071595 |
|  Healthcare Services Group, Inc.\* | 24057 |  | 361577 |
|  HNI Corp. | 15380 |  | 756388 |
|  Interface, Inc., Class A | 19514 |  | 408428 |
|  LanzaTech Global, Inc. (x)\* | 5459 |  | 1480 |
|  Liquidity Services, Inc.\* | 7438 |  | 175462 |
|  MillerKnoll, Inc. | 22852 |  | 443786 |
|  Mobile Infrastructure Corp., Class A\* | 2489 |  | 11275 |
|  Montrose Environmental Group, Inc.\* | 10310 |  | 225686 |
|  NL Industries, Inc. | 3714 |  | 23770 |
|  OPENLANE, Inc.\* | 35392 |  | 865334 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 3771 |  | 39671 |
|  Pitney Bowes, Inc. | 55698 |  | 607665 |
|  Quad/Graphics, Inc. | 11260 |  | 63619 |
|  Quest Resource Holding Corp.\* | 387 |  | 782 |
|  Steelcase, Inc., Class A | 30051 |  | 313432 |
|  UniFirst Corp. | 4986 |  | 938465 |
|  Vestis Corp. | 37593 |  | 215408 |
|  Virco Mfg. Corp. | 2712 |  | 21642 |
|  VSE Corp. | 6647 |  | 870624 |
|  |  |  | 15539254 |
|  ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** |
|  Ameresco, Inc., Class A\* | 7433 |  | 112907 |
|  Arcosa, Inc. | 15781 |  | 1368370 |
|  Argan, Inc. | 4339 |  | 956663 |
|  Bowman Consulting Group Ltd., Class A\* | 5093 |  | 146424 |
|  Centuri Holdings, Inc.\* | 6011 |  | 134887 |
|  Concrete Pumping Holdings, Inc. | 6780 |  | 41697 |
|  Construction Partners, Inc., Class A\* | 15306 |  | 1626722 |
|  Dycom Industries, Inc.\* | 9317 |  | 2276982 |
|  Fluor Corp.\* | 55439 |  | 2842357 |
|  Granite Construction, Inc. (x) | 14485 |  | 1354492 |
|  Great Lakes Dredge & Dock Corp.\* | 22152 |  | 270033 |
|  IES Holdings, Inc.\* | 2977 |  | 881877 |
|  Limbach Holdings, Inc.\* | 3317 |  | 464712 |
|  Matrix Service Co.\* | 6355 |  | 85856 |
|  MYR Group, Inc.\* | 5297 |  | 961141 |
|  NWPX Infrastructure, Inc.\* | 2212 |  | 90714 |
|  Orion Group Holdings, Inc.\* | 9640 |  | 87435 |
|  Primoris Services Corp. | 18004 |  | 1403232 |
|  Southland Holdings, Inc.\* | 3849 |  | 16089 |
|  Sterling Infrastructure, Inc.\* | 9898 |  | 2283765 |
|  Tutor Perini Corp.\* | 14240 |  | 666147 |
|  |  |  | 18072502 |
|  ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** |
|  Allient, Inc. | 4288 |  | 155697 |
|  American Superconductor Corp.\* | 12367 |  | 453745 |
|  Amprius Technologies, Inc. (x)\* | 38368 |  | 161529 |
|  Array Technologies, Inc.\* | 51796 |  | 305596 |
|  Atkore, Inc. | 11631 |  | 820567 |
|  Blink Charging Co. (x)\* | 3086 |  | 2901 |
|  Bloom Energy Corp., Class A (x)\* | 66979 |  | 1602138 |
|  Complete Solaria, Inc.\* | 12991 |  | 23903 |
|  Energy Vault Holdings, Inc.\* | 1419 |  | 1017 |
|  EnerSys | 12953 |  | 1110979 |
|  Enovix Corp. (x)\* | 53595 |  | 554172 |
|  Eos Energy Enterprises, Inc.\* | 72658 |  | 372009 |
|  Fluence Energy, Inc., Class A (x)\* | 26532 |  | 178030 |
|  FuelCell Energy, Inc. (x)\* | 71 |  | 398 |
|  GrafTech International Ltd. (x)\* | 5527 |  | 5376 |
|  Hyliion Holdings Corp. (x)\* | 35348 |  | 46659 |
|  KULR Technology Group, Inc. (x)\* | 7555 |  | 53867 |
|  LSI Industries, Inc. | 8951 |  | 152257 |
|  NANO Nuclear Energy, Inc. (x)\* | 8523 |  | 293958 |
|  Net Power, Inc.\* | 8054 |  | 19893 |
|  NEXTracker, Inc., Class A\* | 46328 |  | 2518853 |
|  NuScale Power Corp., Class A (x)\* | 40438 |  | 1599727 |
|  Plug Power, Inc. (x)\* | 287699 |  | 428672 |
|  Powell Industries, Inc. (x) | 3146 |  | 662076 |
|  Power Solutions International, Inc. (x)\* | 2317 |  | 149864 |
|  Preformed Line Products Co. | 767 |  | 122574 |
|  Shoals Technologies Group, Inc., Class A\* | 55098 |  | 234167 |
|  SKYX Platforms Corp.\* | 12865 |  | 13444 |
|  SolarMax Technology, Inc.\* | 456 |  | 497 |
|  Stem, Inc. (x)\* | 302 |  | 1881 |
|  Sunrun, Inc.\* | 71231 |  | 582670 |
|  T1 Energy, Inc. (x)\* | 28447 |  | 34990 |
|  Thermon Group Holdings, Inc.\* | 11573 |  | 324970 |
|  TPI Composites, Inc.\* | 1137 |  | 977 |
|  Vicor Corp.\* | 7374 |  | 334485 |
|  |  |  | 13324538 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  ArcBest Corp. | 7592 |  | 584660 |
|  Covenant Logistics Group, Inc., Class A | 4570 |  | 110183 |
|  FTAI Infrastructure, Inc. | 31728 |  | 195762 |
|  Heartland Express, Inc. | 16154 |  | 139570 |
|  Hertz Global Holdings, Inc.\* | 39126 |  | 267231 |
|  Marten Transport Ltd. | 20537 |  | 266776 |
|  PAMT Corp.\* | 2326 |  | 29936 |
|  Proficient Auto Logistics, Inc. (x)\* | 7497 |  | 54428 |
|  RXO, Inc.\* | 53159 |  | 835659 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Universal Logistics Holdings, Inc. (x) | 2548 | $| 64668 |
|  Werner Enterprises, Inc. | 18023 |  | 493109 |
|  |  |  | 3041982 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 8420 |  | 262704 |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** |
|  374Water, Inc.\* | 3488 |  | 1131 |
|  3D Systems Corp.\* | 31419 |  | 48385 |
|  AirJoule Technologies Corp.\* | 5312 |  | 24594 |
|  Alamo Group, Inc. | 3428 |  | 748607 |
|  Albany International Corp., Class A | 10074 |  | 706490 |
|  Astec Industries, Inc. | 8141 |  | 339398 |
|  Atmus Filtration Technologies, Inc. | 26677 |  | 971576 |
|  Blue Bird Corp.\* | 10793 |  | 465826 |
|  Chart Industries, Inc.\* | 14775 |  | 2432704 |
|  Columbus McKinnon Corp. | 8919 |  | 136193 |
|  Douglas Dynamics, Inc. | 7323 |  | 215809 |
|  Eastern Co. (The) | 1246 |  | 28434 |
|  Energy Recovery, Inc.\* | 17262 |  | 220608 |
|  Enerpac Tool Group Corp., Class A | 17862 |  | 724483 |
|  Enpro, Inc. | 6915 |  | 1324568 |
|  ESCO Technologies, Inc. | 8524 |  | 1635500 |
|  Federal Signal Corp. | 19586 |  | 2084342 |
|  Franklin Electric Co., Inc. | 13084 |  | 1174158 |
|  Gencor Industries, Inc.\* | 3252 |  | 45528 |
|  Gorman-Rupp Co. (The) | 7335 |  | 269341 |
|  Graham Corp.\* | 2919 |  | 144520 |
|  Greenbrier Cos., Inc. (The) | 10232 |  | 471184 |
|  Helios Technologies, Inc. | 11146 |  | 371942 |
|  Hillenbrand, Inc. | 23584 |  | 473331 |
|  Hillman Solutions Corp.\* | 66008 |  | 471297 |
|  Hyster-Yale, Inc. | 3224 |  | 128251 |
|  JBT Marel Corp. | 17041 |  | 2049351 |
|  Kadant, Inc. | 3822 |  | 1213294 |
|  Kennametal, Inc. | 26208 |  | 601736 |
|  L B Foster Co., Class A\* | 2603 |  | 56928 |
|  Lindsay Corp. | 3605 |  | 520021 |
|  Luxfer Holdings plc | 6471 |  | 78817 |
|  Manitowoc Co., Inc. (The)\* | 8320 |  | 100006 |
|  Mayville Engineering Co., Inc.\* | 3583 |  | 57185 |
|  Microvast Holdings, Inc.\* | 64908 |  | 235616 |
|  Miller Industries, Inc. | 3607 |  | 160367 |
|  Mueller Water Products, Inc., Class A | 51327 |  | 1233901 |
|  Omega Flex, Inc. | 1899 |  | 61490 |
|  Palladyne AI Corp.\* | 5893 |  | 51033 |
|  Park-Ohio Holdings Corp. | 2541 |  | 45382 |
|  Proto Labs, Inc.\* | 8415 |  | 336937 |
|  REV Group, Inc. | 17249 |  | 820880 |
|  Richtech Robotics, Inc., Class B (x)\* | 15785 |  | 30781 |
|  Shyft Group, Inc. (The) | 10714 |  | 134353 |
|  SPX Technologies, Inc.\* | 14855 |  | 2490886 |
|  Standex International Corp. | 3908 |  | 611524 |
|  Tennant Co. | 6290 |  | 487349 |
|  Terex Corp. | 22038 |  | 1028954 |
|  Titan International, Inc.\* | 16568 |  | 170153 |
|  Trinity Industries, Inc. | 27450 |  | 741424 |
|  Wabash National Corp. | 13414 |  | 142591 |
|  Watts Water Technologies, Inc., Class A | 8931 |  | 2196044 |
|  Worthington Enterprises, Inc. | 10355 |  | 658992 |
|  |  |  | 31974195 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 3026 |  | 26235 |
|  Costamare, Inc. | 10634 |  | 96876 |
|  Genco Shipping & Trading Ltd. | 13596 |  | 177699 |
|  Golden Ocean Group Ltd. (x) | 36250 |  | 265350 |
|  Himalaya Shipping Ltd. (x) | 8234 |  | 47510 |
|  Matson, Inc. | 10608 |  | 1181201 |
|  Pangaea Logistics Solutions Ltd. | 12924 |  | 60743 |
|  Safe Bulkers, Inc. | 25321 |  | 91409 |
|  |  |  | 1947023 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  Allegiant Travel Co.\* | 5237 |  | 287773 |
|  Blade Air Mobility, Inc.\* | 22462 |  | 90522 |
|  Frontier Group Holdings, Inc. (x)\* | 31164 |  | 113125 |
|  JetBlue Airways Corp.\* | 105117 |  | 444645 |
|  Joby Aviation, Inc. (x)\* | 148392 |  | 1565536 |
|  SkyWest, Inc.\* | 13226 |  | 1361881 |
|  Spirit Aviation Holdings, Inc.\* | 3366 |  | 16796 |
|  Sun Country Airlines Holdings, Inc.\* | 16740 |  | 196695 |
|  Wheels Up Experience, Inc. (x)\* | 2283 |  | 2443 |
|  |  |  | 4079416 |
|  ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** |
|  Acuren Corp. (x)\* | 33414 |  | 368890 |
|  Alight, Inc., Class A | 141472 |  | 800731 |
|  Asure Software, Inc.\* | 6259 |  | 61088 |
|  Barrett Business Services, Inc. | 8740 |  | 364371 |
|  BlackSky Technology, Inc., Class A (x)\* | 6495 |  | 133667 |
|  CBIZ, Inc.\* | 17080 |  | 1224807 |
|  Conduent, Inc.\* | 55693 |  | 147029 |
|  CRA International, Inc. | 2267 |  | 424768 |
|  CSG Systems International, Inc. | 9389 |  | 613196 |
|  ExlService Holdings, Inc.\* | 1291 |  | 56533 |
|  Exponent, Inc. | 16766 |  | 1252588 |
|  First Advantage Corp. (x)\* | 24847 |  | 412709 |
|  FiscalNote Holdings, Inc. (x)\* | 1208 |  | 648 |
|  Forrester Research, Inc.\* | 3414 |  | 33799 |
|  Franklin Covey Co.\* | 2635 |  | 60131 |
|  Heidrick & Struggles International, Inc. | 6813 |  | 311763 |
|  HireQuest, Inc. | 1338 |  | 13393 |
|  Huron Consulting Group, Inc.\* | 5734 |  | 788654 |
|  IBEX Holdings Ltd.\* | 3838 |  | 111686 |
|  ICF International, Inc. | 6187 |  | 524101 |
|  Innodata, Inc. (x)\* | 9692 |  | 496424 |
|  Insperity, Inc. | 11855 |  | 712723 |
|  Kelly Services, Inc., Class A | 10094 |  | 118201 |
|  Kforce, Inc. | 6058 |  | 249165 |
|  Korn Ferry | 16606 |  | 1217718 |
|  Legalzoom.com, Inc.\* | 37190 |  | 331363 |
|  Maximus, Inc. | 18765 |  | 1317303 |
|  Mistras Group, Inc.\* | 5911 |  | 47347 |
|  NV5 Global, Inc.\* | 19713 |  | 455173 |
|  Planet Labs PBC\* | 70570 |  | 430477 |
|  RCM Technologies, Inc.\* | 940 |  | 22156 |
|  Resolute Holdings Management, Inc.\* | 1379 |  | 43949 |
|  Resources Connection, Inc. | 7393 |  | 39700 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Skillsoft Corp.\* | 952 | $| 15203 |
|  Spire Global, Inc. (x)\* | 6366 |  | 75755 |
|  TriNet Group, Inc. | 10296 |  | 753049 |
|  TrueBlue, Inc.\* | 8108 |  | 52540 |
|  TTEC Holdings, Inc.\* | 4880 |  | 23473 |
|  Upwork, Inc.\* | 40924 |  | 550019 |
|  Verra Mobility Corp., Class A\* | 52063 |  | 1321880 |
|  Willdan Group, Inc.\* | 4434 |  | 277169 |
|  WNS Holdings Ltd.\* | 13301 |  | 841155 |
|  |  |  | 17096494 |
|  ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** |
|  Alta Equipment Group, Inc. (x) | 8663 |  | 54750 |
|  BlueLinx Holdings, Inc.\* | 2776 |  | 206479 |
|  Boise Cascade Co. | 12522 |  | 1087160 |
|  Custom Truck One Source, Inc. (x)\* | 21084 |  | 104155 |
|  Distribution Solutions Group, Inc.\* | 3857 |  | 105952 |
|  DNOW, Inc.\* | 34354 |  | 509470 |
|  DXP Enterprises, Inc.\* | 4230 |  | 370759 |
|  EVI Industries, Inc. | 1831 |  | 39971 |
|  FTAI Aviation Ltd. | 2595 |  | 298529 |
|  GATX Corp. | 11669 |  | 1791892 |
|  Global Industrial Co. | 4533 |  | 122436 |
|  GMS, Inc.\* | 12483 |  | 1357526 |
|  Herc Holdings, Inc. | 10740 |  | 1414351 |
|  Hudson Technologies, Inc.\* | 14794 |  | 120127 |
|  Karat Packaging, Inc. | 2891 |  | 81411 |
|  McGrath RentCorp | 7955 |  | 922462 |
|  MRC Global, Inc.\* | 29144 |  | 399564 |
|  NPK International, Inc.\* | 25623 |  | 218052 |
|  Rush Enterprises, Inc., Class A | 20492 |  | 1055543 |
|  Rush Enterprises, Inc., Class B | 2942 |  | 154396 |
|  Titan Machinery, Inc.\* | 7127 |  | 141186 |
|  Transcat, Inc.\* | 2965 |  | 254871 |
|  Willis Lease Finance Corp. | 1030 |  | 147063 |
|  Xometry, Inc., Class A (x)\* | 13681 |  | 462281 |
|  |  |  | 11420386 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 7751 |  | 75727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 142693810 |
|  **Information Technology (13.3%)** | **Information Technology (13.3%)** | **Information Technology (13.3%)** | **Information Technology (13.3%)** |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** |
|  ADTRAN Holdings, Inc.\* | 25222 |  | 226241 |
|  Applied Optoelectronics, Inc. (x)\* | 17579 |  | 451604 |
|  Aviat Networks, Inc.\* | 3643 |  | 87614 |
|  BK Technologies Corp.\* | 614 |  | 28938 |
|  Calix, Inc.\* | 19243 |  | 1023535 |
|  Clearfield, Inc.\* | 4090 |  | 177547 |
|  CommScope Holding Co., Inc.\* | 71405 |  | 591233 |
|  Digi International, Inc.\* | 11896 |  | 414695 |
|  Extreme Networks, Inc.\* | 43205 |  | 775530 |
|  Harmonic, Inc.\* | 36346 |  | 344197 |
|  Inseego Corp.\* | 2760 |  | 22742 |
|  NETGEAR, Inc.\* | 9958 |  | 289479 |
|  NetScout Systems, Inc.\* | 22466 |  | 557381 |
|  Ribbon Communications, Inc.\* | 33056 |  | 132555 |
|  Viasat, Inc.\* | 35536 |  | 518826 |
|  Viavi Solutions, Inc.\* | 73012 |  | 735231 |
|  |  |  | 6377348 |
|  ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** |
|  908 Devices, Inc. (x)\* | 8331 |  | 59400 |
|  Advanced Energy Industries, Inc. | 12410 |  | 1644325 |
|  Aeva Technologies, Inc.\* | 9948 |  | 375935 |
|  Arlo Technologies, Inc.\* | 32845 |  | 557051 |
|  Badger Meter, Inc. | 9661 |  | 2366462 |
|  Bel Fuse, Inc., Class A | 393 |  | 35311 |
|  Bel Fuse, Inc., Class B (x) | 3530 |  | 344846 |
|  Belden, Inc. | 13176 |  | 1525781 |
|  Benchmark Electronics, Inc. | 12303 |  | 477725 |
|  Climb Global Solutions, Inc. | 1523 |  | 162824 |
|  CTS Corp. | 10018 |  | 426867 |
|  Daktronics, Inc. (x)\* | 13078 |  | 197739 |
|  ePlus, Inc.\* | 9073 |  | 654163 |
|  Evolv Technologies Holdings, Inc.\* | 39084 |  | 243884 |
|  Fabrinet\* | 11916 |  | 3511407 |
|  FARO Technologies, Inc.\* | 6251 |  | 274544 |
|  Frequency Electronics, Inc. | 1477 |  | 33543 |
|  Insight Enterprises, Inc.\* | 9015 |  | 1244836 |
|  Itron, Inc.\* | 14750 |  | 1941543 |
|  Kimball Electronics, Inc.\* | 5566 |  | 107034 |
|  Knowles Corp.\* | 29576 |  | 521129 |
|  Lightwave Logic, Inc.\* | 2869 |  | 3558 |
|  Methode Electronics, Inc. | 7629 |  | 72552 |
|  MicroVision, Inc. (x)\* | 56039 |  | 63884 |
|  Mirion Technologies, Inc., Class A\* | 69304 |  | 1492115 |
|  M-Tron Industries, Inc.\* | 503 |  | 21126 |
|  Napco Security Technologies, Inc. | 11646 |  | 345770 |
|  Neonode, Inc. (x)\* | 1801 |  | 45926 |
|  nLight, Inc.\* | 17148 |  | 337473 |
|  Novanta, Inc.\* | 11723 |  | 1511446 |
|  OSI Systems, Inc.\* | 5198 |  | 1168822 |
|  Ouster, Inc.\* | 17383 |  | 421538 |
|  PAR Technology Corp. (x)\* | 12776 |  | 886271 |
|  PC Connection, Inc. | 3501 |  | 230296 |
|  Plexus Corp.\* | 9042 |  | 1223473 |
|  Powerfleet, Inc. (x)\* | 40671 |  | 175292 |
|  Red Cat Holdings, Inc. (x)\* | 24486 |  | 178258 |
|  Richardson Electronics Ltd. | 2988 |  | 28834 |
|  Rogers Corp.\* | 6112 |  | 418550 |
|  Sanmina Corp.\* | 17094 |  | 1672306 |
|  ScanSource, Inc.\* | 7261 |  | 303582 |
|  SmartRent, Inc., Class A\* | 1683 |  | 1666 |
|  TTM Technologies, Inc.\* | 32647 |  | 1332651 |
|  Vishay Intertechnology, Inc. | 41316 |  | 656098 |
|  Vishay Precision Group, Inc. (x)\* | 3292 |  | 92505 |
|  Vuzix Corp.\* | 14655 |  | 42793 |
|  |  |  | 29433134 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Applied Digital Corp. (x)\* | 59491 |  | 599074 |
|  ASGN, Inc.\* | 13979 |  | 697971 |
|  Backblaze, Inc., Class A\* | 16799 |  | 92395 |
|  BigBear.ai Holdings, Inc. (x)\* | 94751 |  | 643359 |
|  BigCommerce Holdings, Inc.\* | 24624 |  | 123120 |
|  Couchbase, Inc.\* | 13626 |  | 332202 |
|  Crexendo, Inc.\* | 2842 |  | 17251 |
|  CSP, Inc. | 1375 |  | 17793 |
|  DigitalOcean Holdings, Inc.\* | 21799 |  | 622579 |
|  Fastly, Inc., Class A\* | 44861 |  | 316719 |
|  Grid Dynamics Holdings, Inc.\* | 21383 |  | 246974 |
|  Hackett Group, Inc. (The) | 8479 |  | 215536 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Information Services Group, Inc. | 11606 | $| 55709 |
|  Rackspace Technology, Inc.\* | 42317 |  | 54166 |
|  TSS, Inc.\* | 4227 |  | 121864 |
|  Tucows, Inc., Class A (x)\* | 2407 |  | 47442 |
|  Unisys Corp.\* | 22847 |  | 103497 |
|  |  |  | 4307651 |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** |
|  ACM Research, Inc., Class A\* | 17343 |  | 449184 |
|  Aehr Test Systems (x)\* | 6856 |  | 88648 |
|  Aeluma, Inc.\* | 1640 |  | 26847 |
|  Alpha & Omega Semiconductor Ltd.\* | 8275 |  | 212336 |
|  Ambarella, Inc.\* | 13309 |  | 879259 |
|  Atomera, Inc.\* | 6295 |  | 31727 |
|  Axcelis Technologies, Inc.\* | 10843 |  | 755649 |
|  CEVA, Inc.\* | 7289 |  | 160212 |
|  Cohu, Inc.\* | 15430 |  | 296873 |
|  Credo Technology Group Holding Ltd.\* | 47905 |  | 4435524 |
|  Diodes, Inc.\* | 14906 |  | 788378 |
|  Everspin Technologies, Inc.\* | 1004 |  | 6315 |
|  FormFactor, Inc.\* | 26006 |  | 894866 |
|  Ichor Holdings Ltd.\* | 11120 |  | 218397 |
|  Impinj, Inc.\* | 8537 |  | 948205 |
|  indie Semiconductor, Inc., Class A (x)\* | 61117 |  | 217576 |
|  Kopin Corp.\* | 34052 |  | 52100 |
|  Kulicke & Soffa Industries, Inc. | 17480 |  | 604808 |
|  MaxLinear, Inc., Class A\* | 26237 |  | 372828 |
|  Navitas Semiconductor Corp., Class A (x)\* | 43483 |  | 284814 |
|  NVE Corp. | 1255 |  | 92381 |
|  PDF Solutions, Inc.\* | 10922 |  | 233512 |
|  Penguin Solutions, Inc. (x)\* | 17738 |  | 351390 |
|  Photronics, Inc.\* | 19936 |  | 375395 |
|  Power Integrations, Inc. | 18910 |  | 1057069 |
|  QuickLogic Corp. (x)\* | 688 |  | 4238 |
|  Rambus, Inc.\* | 35289 |  | 2259202 |
|  Rigetti Computing, Inc. (x)\* | 92514 |  | 1097216 |
|  Semtech Corp.\* | 28514 |  | 1287122 |
|  Silicon Laboratories, Inc.\* | 10730 |  | 1581173 |
|  SiTime Corp.\* | 6800 |  | 1448944 |
|  SkyWater Technology, Inc. (x)\* | 6203 |  | 61037 |
|  Synaptics, Inc.\* | 12686 |  | 822306 |
|  Ultra Clean Holdings, Inc.\* | 15085 |  | 340468 |
|  Veeco Instruments, Inc.\* | 18962 |  | 385308 |
|  Wolfspeed, Inc. (x)\* | 35353 |  | 14099 |
|  |  |  | 23135406 |
|  ***Software (5.8%)*** | ***Software (5.8%)*** | ***Software (5.8%)*** | ***Software (5.8%)*** |
|  8x8, Inc.\* | 29848 |  | 58502 |
|  A10 Networks, Inc. | 24016 |  | 464710 |
|  ACI Worldwide, Inc.\* | 35049 |  | 1609100 |
|  Adeia, Inc. | 36830 |  | 520776 |
|  Agilysys, Inc.\* | 8274 |  | 948531 |
|  Airship AI Holdings, Inc. (x)\* | 4592 |  | 27047 |
|  Alarm.com Holdings, Inc.\* | 15996 |  | 904894 |
|  Alkami Technology, Inc.\* | 21672 |  | 653194 |
|  Amplitude, Inc., Class A\* | 26709 |  | 331192 |
|  Appian Corp., Class A\* | 13042 |  | 389434 |
|  Arteris, Inc.\* | 8043 |  | 76650 |
|  Asana, Inc., Class A\* | 31092 |  | 419742 |
|  AudioEye, Inc.\* | 2897 |  | 33750 |
|  AvePoint, Inc.\* | 43047 |  | 831238 |
|  Bit Digital, Inc. (x)\* | 62313 |  | 136465 |
|  Bitdeer Technologies Group, Class A (x)\* | 27313 |  | 313553 |
|  Blackbaud, Inc.\* | 13059 |  | 838518 |
|  BlackLine, Inc. (x)\* | 17279 |  | 978337 |
|  Blend Labs, Inc., Class A\* | 72790 |  | 240207 |
|  Box, Inc., Class A\* | 45884 |  | 1567856 |
|  Braze, Inc., Class A\* | 24300 |  | 682830 |
|  C3.ai, Inc., Class A (x)\* | 38750 |  | 952088 |
|  Cerence, Inc. (x)\* | 14846 |  | 151578 |
|  Cipher Mining, Inc. (x)\* | 86696 |  | 414407 |
|  Cleanspark, Inc. (x)\* | 90823 |  | 1001778 |
|  Clear Secure, Inc., Class A (x) | 28804 |  | 799599 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 80636 |  | 1768347 |
|  Commvault Systems, Inc.\* | 14436 |  | 2516628 |
|  Consensus Cloud Solutions, Inc.\* | 5029 |  | 115969 |
|  Core Scientific, Inc.\* | 90354 |  | 1542343 |
|  CoreCard Corp.\* | 1062 |  | 30766 |
|  CS Disco, Inc.\* | 12148 |  | 53087 |
|  Daily Journal Corp.\* | 424 |  | 179034 |
|  Digimarc Corp.\* | 5514 |  | 72840 |
|  Digital Turbine, Inc.\* | 32879 |  | 193986 |
|  Domo, Inc., Class B\* | 11773 |  | 164469 |
|  D-Wave Quantum, Inc. (x)\* | 94255 |  | 1379893 |
|  E2open Parent Holdings, Inc.\* | 61995 |  | 200244 |
|  eGain Corp.\* | 6845 |  | 42781 |
|  EverCommerce, Inc.\* | 6315 |  | 66308 |
|  Expensify, Inc., Class A\* | 13525 |  | 35030 |
|  Five9, Inc.\* | 24849 |  | 658002 |
|  Freshworks, Inc., Class A\* | 68389 |  | 1019680 |
|  Hut 8 Corp. (x)\* | 30150 |  | 560790 |
|  I3 Verticals, Inc., Class A (x)\* | 7517 |  | 206567 |
|  Intapp, Inc.\* | 18025 |  | 930451 |
|  InterDigital, Inc. (x) | 8460 |  | 1896986 |
|  Jamf Holding Corp.\* | 23696 |  | 225349 |
|  Kaltura, Inc.\* | 25267 |  | 50787 |
|  Life360, Inc.\* | 5245 |  | 342236 |
|  LiveRamp Holdings, Inc.\* | 21395 |  | 706891 |
|  MARA Holdings, Inc. (x)\* | 113281 |  | 1776246 |
|  Mercurity Fintech Holding, Inc.\* | 7153 |  | 27539 |
|  Meridianlink, Inc.\* | 10073 |  | 163485 |
|  Mitek Systems, Inc.\* | 15392 |  | 152381 |
|  N-able, Inc.\* | 25035 |  | 202783 |
|  NCR Voyix Corp. (x)\* | 47571 |  | 558008 |
|  NextNav, Inc. (x)\* | 28775 |  | 437380 |
|  Olo, Inc., Class A\* | 35394 |  | 315007 |
|  ON24, Inc.\* | 10232 |  | 55560 |
|  OneSpan, Inc. | 12134 |  | 202516 |
|  Ooma, Inc.\* | 6189 |  | 79838 |
|  Pagaya Technologies Ltd., Class A\* | 14166 |  | 302019 |
|  PagerDuty, Inc.\* | 28010 |  | 427993 |
|  Porch Group, Inc.\* | 26199 |  | 308886 |
|  Progress Software Corp. | 14089 |  | 899442 |
|  PROS Holdings, Inc.\* | 14989 |  | 234728 |
|  Q2 Holdings, Inc.\* | 20461 |  | 1914945 |
|  Qualys, Inc.\* | 11994 |  | 1713583 |
|  Rapid7, Inc.\* | 21255 |  | 491628 |
|  Red Violet, Inc. | 3692 |  | 181646 |
|  Rekor Systems, Inc.\* | 1046 |  | 1213 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ReposiTrak, Inc. (x) | 3397 | $| 66751 |
|  Rezolve AI plc (x)\* | 37432 |  | 115103 |
|  Rimini Street, Inc.\* | 19624 |  | 73982 |
|  Riot Platforms, Inc. (x)\* | 108171 |  | 1222332 |
|  Roadzen, Inc.\* | 2262 |  | 2217 |
|  Sapiens International Corp. NV | 10874 |  | 318065 |
|  SEMrush Holdings, Inc., Class A\* | 16029 |  | 145062 |
|  Silvaco Group, Inc. (x)\* | 1520 |  | 7174 |
|  SoundHound AI, Inc., Class A (x)\* | 119860 |  | 1286098 |
|  SoundThinking, Inc.\* | 2426 |  | 31671 |
|  Sprinklr, Inc., Class A\* | 35453 |  | 299932 |
|  Sprout Social, Inc., Class A\* | 16675 |  | 348674 |
|  SPS Commerce, Inc.\* | 12392 |  | 1686427 |
|  Synchronoss Technologies, Inc.\* | 2273 |  | 15570 |
|  Telos Corp.\* | 17089 |  | 54172 |
|  Tenable Holdings, Inc.\* | 39927 |  | 1348734 |
|  Terawulf, Inc. (x)\* | 85298 |  | 373605 |
|  Varonis Systems, Inc.\* | 35911 |  | 1822483 |
|  Verint Systems, Inc.\* | 21863 |  | 430045 |
|  Vertex, Inc., Class A (x)\* | 20670 |  | 730374 |
|  Viant Technology, Inc., Class A\* | 3457 |  | 45736 |
|  Weave Communications, Inc.\* | 13511 |  | 112412 |
|  WM Technology, Inc.\* | 20496 |  | 18364 |
|  Workiva, Inc., Class A\* | 16870 |  | 1154751 |
|  Xperi, Inc.\* | 10393 |  | 82209 |
|  Yext, Inc.\* | 37173 |  | 315971 |
|  Zeta Global Holdings Corp., Class A\* | 60604 |  | 938756 |
|  |  |  | 53798936 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  CompoSecure, Inc., Class A (x)\* | 14447 |  | 203558 |
|  Corsair Gaming, Inc.\* | 15070 |  | 142110 |
|  CPI Card Group, Inc.\* | 2767 |  | 65633 |
|  Diebold Nixdorf, Inc.\* | 8301 |  | 459875 |
|  Eastman Kodak Co.\* | 24370 |  | 137691 |
|  Immersion Corp. | 7327 |  | 57737 |
|  IonQ, Inc. (x)\* | 77598 |  | 3334386 |
|  Quantum Computing, Inc. (x)\* | 31028 |  | 594807 |
|  Turtle Beach Corp. (x)\* | 4183 |  | 57851 |
|  Xerox Holdings Corp. (x) | 38835 |  | 204660 |
|  |  |  | 5258308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 122310783 |
|  **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** |
|  AdvanSix, Inc. | 9499 |  | 225601 |
|  American Vanguard Corp.\* | 9271 |  | 36342 |
|  Arq, Inc. (x)\* | 9775 |  | 52492 |
|  ASP Isotopes, Inc. (x)\* | 20422 |  | 150306 |
|  Aspen Aerogels, Inc.\* | 23131 |  | 136936 |
|  Avient Corp. | 30247 |  | 977281 |
|  Balchem Corp. | 10640 |  | 1693888 |
|  Cabot Corp. | 17590 |  | 1319250 |
|  Chemours Co. (The) | 49176 |  | 563065 |
|  Core Molding Technologies, Inc.\* | 2705 |  | 44876 |
|  Ecovyst, Inc.\* | 37125 |  | 305539 |
|  Flotek Industries, Inc.\* | 3033 |  | 44767 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 13136 |  | 147780 |
|  Hawkins, Inc. | 6429 |  | 913561 |
|  HB Fuller Co. | 17561 |  | 1056294 |
|  Ingevity Corp.\* | 11979 |  | 516175 |
|  Innospec, Inc. | 8261 |  | 694667 |
|  Intrepid Potash, Inc.\* | 3955 |  | 141312 |
|  Koppers Holdings, Inc. | 6745 |  | 216852 |
|  Kronos Worldwide, Inc. | 11526 |  | 71461 |
|  LSB Industries, Inc.\* | 18175 |  | 141765 |
|  Mativ Holdings, Inc. | 12758 |  | 87010 |
|  Minerals Technologies, Inc. | 10523 |  | 579502 |
|  Northern Technologies International Corp. | 423 |  | 3134 |
|  Orion SA | 19011 |  | 199425 |
|  Perimeter Solutions, Inc.\* | 46504 |  | 647336 |
|  PureCycle Technologies, Inc. (x)\* | 41170 |  | 564029 |
|  Quaker Chemical Corp. | 4583 |  | 513021 |
|  Rayonier Advanced Materials, Inc.\* | 17268 |  | 66482 |
|  Sensient Technologies Corp. | 13812 |  | 1360758 |
|  Solesence, Inc.\* | 5909 |  | 25763 |
|  Stepan Co. | 6671 |  | 364103 |
|  Trinseo plc | 7478 |  | 23331 |
|  Tronox Holdings plc | 39080 |  | 198136 |
|  Valhi, Inc. | 1508 |  | 24369 |
|  |  |  | 14106609 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 18654 |  | 1522912 |
|  Smith-Midland Corp.\* | 1331 |  | 44668 |
|  Titan America SA | 7460 |  | 93101 |
|  United States Lime & Minerals, Inc. | 3512 |  | 350498 |
|  |  |  | 2011179 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 49336 |  | 211158 |
|  Greif, Inc., Class A | 7601 |  | 493989 |
|  Greif, Inc., Class B | 1548 |  | 106828 |
|  Myers Industries, Inc. | 10556 |  | 152956 |
|  O-I Glass, Inc.\* | 50365 |  | 742380 |
|  Ranpak Holdings Corp., Class A\* | 20153 |  | 71946 |
|  TriMas Corp. | 11586 |  | 331476 |
|  |  |  | 2110733 |
|  ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 3850 |  | 433048 |
|  American Battery Technology Co.\* | 17753 |  | 28760 |
|  Ascent Industries Co.\* | 1702 |  | 21462 |
|  Caledonia Mining Corp. plc | 6009 |  | 116094 |
|  Carpenter Technology Corp. | 428 |  | 118291 |
|  Century Aluminum Co.\* | 17774 |  | 320288 |
|  Coeur Mining, Inc.\* | 208037 |  | 1843208 |
|  Commercial Metals Co. | 37296 |  | 1824147 |
|  Compass Minerals International, Inc.\* | 12229 |  | 245681 |
|  Constellium SE\* | 45978 |  | 611507 |
|  Contango ORE, Inc. (x)\* | 3779 |  | 73615 |
|  Critical Metals Corp.\* | 24578 |  | 87989 |
|  Dakota Gold Corp.\* | 29412 |  | 108530 |
|  Ferroglobe plc | 37840 |  | 138873 |
|  Friedman Industries, Inc. | 1276 |  | 21131 |
|  Hecla Mining Co. | 196354 |  | 1176161 |
|  i-80 Gold Corp.\* | 4036 |  | 2415 |
|  Idaho Strategic Resources, Inc.\* | 2634 |  | 34453 |
|  Ivanhoe Electric, Inc. (x)\* | 27768 |  | 251856 |
|  Kaiser Aluminum Corp. | 5333 |  | 426107 |
|  Lifezone Metals Ltd. (x)\* | 10283 |  | 42366 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MAC Copper Ltd.\* | 22024 | $| 266270 |
|  Materion Corp. | 6725 |  | 533763 |
|  Metallus, Inc.\* | 12117 |  | 186723 |
|  NioCorp Developments Ltd.\* | 11607 |  | 27044 |
|  Novagold Resources, Inc.\* | 82556 |  | 337654 |
|  Olympic Steel, Inc. | 3486 |  | 113609 |
|  Perpetua Resources Corp.\* | 14701 |  | 178470 |
|  Piedmont Lithium, Inc. (x)\* | 4494 |  | 26155 |
|  Radius Recycling, Inc. | 8312 |  | 246783 |
|  Ramaco Resources, Inc., Class A | 12509 |  | 164368 |
|  Ramaco Resources, Inc., Class B | 258 |  | 2111 |
|  Ryerson Holding Corp. | 8407 |  | 181339 |
|  SSR Mining, Inc.\* | 66661 |  | 849261 |
|  SunCoke Energy, Inc. | 29128 |  | 250210 |
|  Tredegar Corp.\* | 9574 |  | 84251 |
|  United States Antimony Corp.\* | 39851 |  | 86875 |
|  US Gold Corp.\* | 2437 |  | 29731 |
|  US Goldmining, Inc.\* | 597 |  | 4895 |
|  Vox Royalty Corp. | 8139 |  | 25719 |
|  Warrior Met Coal, Inc. | 17015 |  | 779797 |
|  Worthington Steel, Inc. | 10936 |  | 326221 |
|  |  |  | 12627231 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 5659 |  | 154151 |
|  Magnera Corp.\* | 11551 |  | 139536 |
|  Sylvamo Corp. | 11334 |  | 567834 |
|  |  |  | 861521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 31717273 |
|  **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** |
|  ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 23888 |  | 425923 |
|  Alpine Income Property Trust, Inc. (REIT) | 5809 |  | 85450 |
|  American Assets Trust, Inc. (REIT) | 16034 |  | 316672 |
|  Armada Hoffler Properties, Inc. (REIT) | 26063 |  | 179053 |
|  Broadstone Net Lease, Inc. (REIT) | 61191 |  | 982116 |
|  CTO Realty Growth, Inc. (REIT) | 9898 |  | 170839 |
|  Essential Properties Realty Trust, Inc. (REIT) | 65097 |  | 2077245 |
|  Gladstone Commercial Corp. (REIT) | 17460 |  | 250202 |
|  Global Net Lease, Inc. (REIT) | 58750 |  | 443562 |
|  Modiv Industrial, Inc. (REIT), Class C | 2024 |  | 28498 |
|  NexPoint Diversified Real Estate Trust (REIT) | 15943 |  | 66801 |
|  One Liberty Properties, Inc. (REIT) | 6065 |  | 144711 |
|  |  |  | 5171072 |
|  ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** |
|  American Healthcare REIT, Inc. (REIT) | 52271 |  | 1920437 |
|  CareTrust REIT, Inc. (REIT) | 61613 |  | 1885358 |
|  Community Healthcare Trust, Inc. (REIT) | 8906 |  | 148107 |
|  Diversified Healthcare Trust (REIT) | 71247 |  | 255064 |
|  Global Medical REIT, Inc. (REIT) | 20126 |  | 139473 |
|  LTC Properties, Inc. (REIT) | 15017 |  | 519738 |
|  National Health Investors, Inc. (REIT) | 15218 |  | 1067086 |
|  Sabra Health Care REIT, Inc. (REIT) | 75554 |  | 1393216 |
|  Sila Realty Trust, Inc. (REIT) | 18214 |  | 431125 |
|  Strawberry Fields REIT, Inc. (REIT) | 3336 |  | 35161 |
|  Universal Health Realty Income Trust (REIT) | 4846 |  | 193695 |
|  |  |  | 7988460 |
|  ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 73178 |  | 853987 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 25649 |  | 62840 |
|  Chatham Lodging Trust (REIT) | 14665 |  | 102215 |
|  DiamondRock Hospitality Co. (REIT) | 68504 |  | 524741 |
|  Pebblebrook Hotel Trust (REIT) | 39588 |  | 395484 |
|  RLJ Lodging Trust (REIT) | 43627 |  | 317604 |
|  Ryman Hospitality Properties, Inc. (REIT) | 19267 |  | 1901075 |
|  Service Properties Trust (REIT) | 60795 |  | 145300 |
|  Summit Hotel Properties, Inc. (REIT) | 36866 |  | 187648 |
|  Sunstone Hotel Investors, Inc. (REIT) | 64294 |  | 558072 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 33445 |  | 420404 |
|  |  |  | 5469370 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 24189 |  | 110060 |
|  Innovative Industrial Properties, Inc. (REIT) | 9170 |  | 506367 |
|  LXP Industrial Trust (REIT) | 95910 |  | 792217 |
|  Plymouth Industrial REIT, Inc. (REIT) | 13393 |  | 215091 |
|  Terreno Realty Corp. (REIT) | 33211 |  | 1862141 |
|  |  |  | 3485876 |
|  ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** |
|  Brandywine Realty Trust (REIT) | 59962 |  | 257237 |
|  City Office REIT, Inc. (REIT) | 17945 |  | 95826 |
|  COPT Defense Properties (REIT) | 36590 |  | 1009152 |
|  Douglas Emmett, Inc. (REIT) | 45343 |  | 681959 |
|  Easterly Government Properties, Inc. (REIT), Class A | 12693 |  | 281785 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 45351 |  | 366890 |
|  Franklin Street Properties Corp. (REIT) | 23400 |  | 38376 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 105776 |  | 289826 |
|  JBG SMITH Properties (REIT) | 24103 |  | 416982 |
|  NET Lease Office Properties (REIT)\* | 4435 |  | 144359 |
|  Paramount Group, Inc. (REIT)\* | 59954 |  | 365719 |
|  Peakstone Realty Trust (REIT) | 12541 |  | 165667 |
|  Piedmont Realty Trust, Inc. (REIT) | 40257 |  | 293474 |
|  Postal Realty Trust, Inc. (REIT), Class A | 10212 |  | 150423 |
|  SL Green Realty Corp. (REIT) | 23547 |  | 1457559 |
|  |  |  | 6015234 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  American Realty Investors, Inc. (x)\* | 916 |  | 12934 |
|  Anywhere Real Estate, Inc.\* | 35940 |  | 130103 |
|  Compass, Inc., Class A\* | 149184 |  | 936876 |
|  Cushman & Wakefield plc\* | 62587 |  | 692838 |
|  Douglas Elliman, Inc.\* | 16800 |  | 38976 |
|  eXp World Holdings, Inc. (x) | 26232 |  | 238711 |
|  Forestar Group, Inc.\* | 6594 |  | 131880 |
|  FRP Holdings, Inc.\* | 3850 |  | 103527 |
|  Kennedy-Wilson Holdings, Inc. | 37030 |  | 251804 |
|  Logistic Properties of The Americas\* | 887 |  | 6058 |
|  Marcus & Millichap, Inc. | 8555 |  | 262724 |
|  Maui Land & Pineapple Co., Inc.\* | 3433 |  | 62446 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Newmark Group, Inc., Class A | 44866 | $| 545122 |
|  Offerpad Solutions, Inc. (x)\* | 598 |  | 544 |
|  RE/MAX Holdings, Inc., Class A\* | 7226 |  | 59109 |
|  Real Brokerage, Inc. (The)\* | 30760 |  | 138728 |
|  RMR Group, Inc. (The), Class A | 4984 |  | 81488 |
|  Seaport Entertainment Group, Inc. (x)\* | 1588 |  | 29616 |
|  St Joe Co. (The) | 12582 |  | 600161 |
|  Star Holdings (x)\* | 647 |  | 5053 |
|  Stratus Properties, Inc.\* | 1903 |  | 35929 |
|  Tejon Ranch Co. (x)\* | 6818 |  | 115633 |
|  Transcontinental Realty Investors, Inc.\* | 1018 |  | 43377 |
|  |  |  | 4523637 |
|  ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 43259 |  | 374190 |
|  BRT Apartments Corp. (REIT) | 3909 |  | 61137 |
|  Centerspace (REIT) | 5550 |  | 334055 |
|  Clipper Realty, Inc. (REIT) | 5310 |  | 19488 |
|  Elme Communities (REIT) | 25909 |  | 411953 |
|  Independence Realty Trust, Inc. (REIT) | 76289 |  | 1349552 |
|  NexPoint Residential Trust, Inc. (REIT) | 8115 |  | 270392 |
|  UMH Properties, Inc. (REIT) | 25093 |  | 421311 |
|  Veris Residential, Inc. (REIT) | 26161 |  | 389537 |
|  |  |  | 3631615 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Acadia Realty Trust (REIT) | 43507 |  | 807925 |
|  Alexander's, Inc. (REIT) (x) | 810 |  | 182509 |
|  CBL & Associates Properties, Inc. (REIT) | 7349 |  | 186591 |
|  Curbline Properties Corp. (REIT) | 31111 |  | 710264 |
|  FrontView REIT, Inc. (REIT) | 5697 |  | 68364 |
|  Getty Realty Corp. (REIT) (x) | 16946 |  | 468388 |
|  InvenTrust Properties Corp. (REIT) | 24171 |  | 662286 |
|  Kite Realty Group Trust (REIT) | 71620 |  | 1622193 |
|  Macerich Co. (The) (REIT) | 82779 |  | 1339364 |
|  NETSTREIT Corp. (REIT) (x) | 26211 |  | 443752 |
|  Phillips Edison & Co., Inc. (REIT) | 41457 |  | 1452239 |
|  Saul Centers, Inc. (REIT) | 4136 |  | 141203 |
|  SITE Centers Corp. (REIT) | 19520 |  | 220771 |
|  Tanger, Inc. (REIT) | 36731 |  | 1123234 |
|  Urban Edge Properties (REIT) | 40617 |  | 757913 |
|  Whitestone REIT (REIT) | 16162 |  | 201702 |
|  |  |  | 10388698 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Farmland Partners, Inc. (REIT) | 15041 |  | 173122 |
|  Four Corners Property Trust, Inc. (REIT) | 32699 |  | 879930 |
|  Gladstone Land Corp. (REIT) (x) | 13404 |  | 136319 |
|  Outfront Media, Inc. (REIT) | 43519 |  | 710230 |
|  PotlatchDeltic Corp. (REIT) | 25479 |  | 977629 |
|  Safehold, Inc. (REIT) | 17915 |  | 278758 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 9283 |  | 336323 |
|  Uniti Group, Inc. (REIT)\* | 74769 |  | 323002 |
|  |  |  | 3815313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 50489275 |
|  **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** |
|  ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** |
|  ALLETE, Inc. | 19022 |  | 1218740 |
|  Genie Energy Ltd., Class B | 6553 |  | 176145 |
|  Hawaiian Electric Industries, Inc.\* | 56913 |  | 604985 |
|  MGE Energy, Inc. | 12053 |  | 1065967 |
|  Oklo, Inc., Class A (x)\* | 33542 |  | 1878017 |
|  Otter Tail Corp. | 12352 |  | 952216 |
|  Portland General Electric Co. | 36051 |  | 1464752 |
|  TXNM Energy, Inc. | 30392 |  | 1711677 |
|  |  |  | 9072499 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  Brookfield Infrastructure Corp., Class A | 39424 |  | 1640038 |
|  Chesapeake Utilities Corp. | 7390 |  | 888426 |
|  New Jersey Resources Corp. | 32736 |  | 1467228 |
|  Northwest Natural Holding Co. | 13202 |  | 524383 |
|  ONE Gas, Inc. | 19411 |  | 1394875 |
|  RGC Resources, Inc. | 2880 |  | 64454 |
|  Southwest Gas Holdings, Inc. | 21196 |  | 1576770 |
|  Spire, Inc. | 18906 |  | 1379949 |
|  |  |  | 8936123 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Montauk Renewables, Inc. (x)\* | 26147 |  | 58046 |
|  Ormat Technologies, Inc. | 19696 |  | 1649737 |
|  |  |  | 1707783 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Avista Corp. | 26364 |  | 1000514 |
|  Black Hills Corp. | 23627 |  | 1325474 |
|  Northwestern Energy Group, Inc. | 20293 |  | 1041031 |
|  Unitil Corp. | 5279 |  | 275300 |
|  |  |  | 3642319 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American States Water Co. | 12486 |  | 957177 |
|  Cadiz, Inc. (x)\* | 24499 |  | 73252 |
|  California Water Service Group | 19543 |  | 888816 |
|  Consolidated Water Co. Ltd. (x) | 4227 |  | 126894 |
|  Global Water Resources, Inc. | 4086 |  | 41636 |
|  H2O America | 9933 |  | 516218 |
|  Middlesex Water Co. | 5887 |  | 318958 |
|  Pure Cycle Corp.\* | 6878 |  | 73732 |
|  York Water Co. (The) | 4176 |  | 131962 |
|  |  |  | 3128645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 26487369 |
|  **Total Common Stocks (90.3%)**<br> *(Cost $615,210,399)* |  |  | 832576411 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 10401 |  |  |
|  Chinook Therapeutics, Inc., CVR (r)\* | 20304 |  |  |
|  Icosavax, Inc., CVR \* | 6876 |  | 2063 |
|  Sanofi Aatd, Inc., CVR (r)\* | 11170 |  | 5424 |
|  |  |  | 7487 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Paragon 28, Inc., CVR (r)\* | 4470 | $302 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 7789 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\* | 5400 | 8100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 8100 |
|  **Total Rights (0.0%)†**<br> *(Cost $13,075)* |  | 15889 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29 (x)\* <br>*(Cost $—)* | 436 | 891 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  ***Investment Companies (7.9%)*** | ***Investment Companies (7.9%)*** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 5000000 | 5000000 |
|  HSBC U.S. Government Money Market Fund, Intermediary Shares 4.23% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 32352104 | 32352104 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 33755571 | 33762321 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 73114425 |
|  **Total Short-Term Investments (7.9%)**<br> *(Cost $73,114,324)* |  | 73114425 |
|  **Total Investments in Securities (98.2%)**<br> *(Cost $688,337,798)* |  | 905707616 |
|  **Other Assets Less Liabilities (1.8%)** |  | 16906541 |
|  **Net Assets (100%)** |  | $922614157 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $537,005 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $55,164,220. This was collateralized by $17,200,205 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $39,352,104 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 836 | 9/2025 | USD | 91613060 | 1958711 |
|  |  |  |  |  | 1958711 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $21927629 | $— | $— | $21927629 |
|  Consumer Discretionary | 83953812 |  |  | 83953812 |
|  Consumer Staples | 18892914 |  |  | 18892914 |
|  Energy | 40716650 |  |  | 40716650 |
|  Financials | 161067656 |  | 265 | 161067921 |
|  Health Care | 132318975 |  | — (a) | 132318975 |
|  Industrials | 142693810 |  |  | 142693810 |
|  Information Technology | 122310783 |  |  | 122310783 |
|  Materials | 31717273 |  |  | 31717273 |
|  Real Estate | 50489275 |  |  | 50489275 |
|  Utilities | 26487369 |  |  | 26487369 |
|  **Futures** | 1958711 |  |  | 1958711 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 2063 | 5726 | 7789 |
|  Materials |  | 8100 |  | 8100 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 73114425 |  |  | 73114425 |
|  **Warrants** |  |  |  |  |
|  Health Care |  | 891 |  | 891 |
|  **Total Assets** | $**907649282** | $**11054** | $**5991** | $**907666327** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**907649282** | $**11054** | $**5991** | $**907666327** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1958711 \* |
|  **Total** |  | $1958711 |

---

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

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(41009359) | $(41009359) |
|  Total | $(41009359) | $(41009359) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $7863736 | $7863736 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;7863736 | $&nbsp;&nbsp;&nbsp;&nbsp;7863736 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $79585000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 93467000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 8%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 13%)\*** | **Net Realized<br>Gain (Loss)** |
| $5849804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18256245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12602533 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $76934097.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $141932028.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $346038951 |
|  Aggregate gross unrealized depreciation | (131084413) |
|  Net unrealized appreciation | $214954538 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $692711789 |

---

See Notes to Financial Statements.

------

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $688,337,798) | $905707616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 46814279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 8501285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1287618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1053142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 380932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 99703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 54816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 963915986 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 39352104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 855666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 576945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 329816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 88377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 98921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 41301829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $922614157 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $777788665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 144825492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $922614157 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $922,614,157 / 89,189,735 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.34 |

---

*(x)* *Includes value of securities on loan of $55,164,220.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $14,771 foreign withholding tax) | $6810523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1177351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 268525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8256399 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2083933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 576466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 77020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 16068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2853597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (75907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2777690 |
|  **NET INVESTMENT INCOME (LOSS)** | 5478709 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 32743974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (41009359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8265385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (57196680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 7863736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (49332944) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (57598329) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(52119620) |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5478709 | $11070771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8265385) | 72525564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (49332944) | 22838120 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (52119620) | 106434455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (91668955) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,362,045 and 9,243,097 shares, respectively ] | 21755245 | 100680220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 7,965,374 shares, respectively ] |  | 91668955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6849447) and (13513628) shares, respectively ] | (69688618) | (150909536) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (47933373) | 41439639 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (100052993) | 56205139 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1022667150 | 966462011 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $922614157 | $1022667150 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.92 | $10.74 | $9.50 | $12.62 | $13.23 | $12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.13 | 0.11 | 0.09 | 0.07 (aa) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.64) | 1.09 | 1.45 | (2.93) | 1.77 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.58) | 1.22 | 1.56 | (2.84) | 1.84 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.15) | (0.10) | (0.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.86) | (0.17) | (0.18) | (2.36) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.04) | (0.32) | (0.28) | (2.45) | (1.06) |
|  Net asset value, end of period | $10.34 | $10.92 | $10.74 | $9.50 | $12.62 | $13.23 |
|  Total return (b) | (5.31)% | 11.00% | 16.52% | (22.53)% | 14.23% | 18.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $922614 | $1022667 | $966462 | $945248 | $1311458 | $1401711 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60 %(g) | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.62% | 0.62% | 0.61% | 0.60% | 0.60 %(g) | 0.61% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.18% | 1.11% | 1.09% | 0.90% | 0.46 %(bb) | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.17% | 1.10% | 1.08% | 0.90% | 0.46 %(bb) | 0.73% |
|  Portfolio turnover rate^ | 9 %(z) | 21% | 10% | 13% | 19% | 28% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.06.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for class K would have been 0.07% lower.* 

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (6.2%)** | **Australia (6.2%)** | **Australia (6.2%)** |
|  ANZ Group Holdings Ltd. | 171278 | $3287108 |
|  APA Group | 72328 | 388914 |
|  Aristocrat Leisure Ltd. | 32842 | 1408647 |
|  ASX Ltd. | 11122 | 510639 |
|  BHP Group Ltd. | 293592 | 7101113 |
|  BlueScope Steel Ltd. | 25396 | 386269 |
|  Brambles Ltd. | 77679 | 1197334 |
|  CAR Group Ltd. | 21990 | 541569 |
|  Cochlear Ltd. | 3808 | 752923 |
|  Coles Group Ltd. | 78044 | 1070440 |
|  Commonwealth Bank of Australia | 96791 | 11769129 |
|  Computershare Ltd. | 30675 | 805329 |
|  Evolution Mining Ltd. | 115821 | 593813 |
|  Fortescue Ltd. | 98587 | 991443 |
|  Glencore plc | 591346 | 2302013 |
|  Goodman Group (REIT) | 118101 | 2661413 |
|  Insurance Australia Group Ltd. | 139648 | 829941 |
|  Lottery Corp. Ltd. (The) | 126875 | 445070 |
|  Macquarie Group Ltd. | 20794 | 3130301 |
|  Medibank Pvt Ltd. | 154801 | 514506 |
|  National Australia Bank Ltd. | 177137 | 4588696 |
|  Northern Star Resources Ltd. | 79070 | 965341 |
|  Origin Energy Ltd. | 100298 | 712260 |
|  Pro Medicus Ltd. | 3481 | 653124 |
|  Qantas Airways Ltd. | 42299 | 298992 |
|  QBE Insurance Group Ltd. | 87716 | 1350311 |
|  REA Group Ltd. | 3077 | 487023 |
|  Reece Ltd. (x) | 11507 | 108677 |
|  Rio Tinto Ltd. | 21611 | 1523740 |
|  Rio Tinto plc | 65044 | 3790048 |
|  Santos Ltd. | 187885 | 947209 |
|  Scentre Group (REIT) | 302958 | 709835 |
|  SGH Ltd. | 11725 | 417248 |
|  Sigma Healthcare Ltd. | 267081 | 525580 |
|  Sonic Healthcare Ltd. | 26368 | 464916 |
|  South32 Ltd. | 250207 | 479201 |
|  Stockland (REIT) | 139141 | 490846 |
|  Suncorp Group Ltd. | 63046 | 896679 |
|  Telstra Group Ltd. | 235147 | 749048 |
|  Transurban Group | 180780 | 1663345 |
|  Vicinity Ltd. (REIT) | 212810 | 345950 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 13204 | 365076 |
|  Wesfarmers Ltd. | 66066 | 3685043 |
|  Westpac Banking Corp. | 197806 | 4408099 |
|  WiseTech Global Ltd. | 11391 | 817397 |
|  Woodside Energy Group Ltd. | 110541 | 1719143 |
|  Woolworths Group Ltd. | 71117 | 1456124 |
|  |  | 75306865 |
|  **Austria (0.2%)** | **Austria (0.2%)** | **Austria (0.2%)** |
|  Erste Group Bank AG | 17925 | 1526597 |
|  Mondi plc | 26345 | 430153 |
|  OMV AG | 8841 | 480930 |
|  Verbund AG | 3882 | 297918 |
|  |  | 2735598 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 8687 | 586854 |
|  Anheuser-Busch InBev SA/NV | 57173 | 3922286 |
|  D'ieteren Group | 1288 | 276737 |
|  Elia Group SA/NV, Class B | 2839 | 326896 |
|  Groupe Bruxelles Lambert NV | 5057 | 430683 |
|  KBC Group NV | 13369 | 1380471 |
|  Lotus Bakeries NV | 23 | 221349 |
|  Sofina SA | 964 | 317952 |
|  Syensqo SA | 4351 | 335602 |
|  UCB SA | 7146 | 1405323 |
|  |  | 9204153 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Yara International ASA | 9616 | 354897 |
|  **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** |
|  Antofagasta plc | 22958 | 570233 |
|  **China (0.5%)** | **China (0.5%)** | **China (0.5%)** |
|  BOC Hong Kong Holdings Ltd. | 215417 | 935767 |
|  Prosus NV | 75679 | 4231764 |
|  SITC International Holdings Co. Ltd. | 67892 | 217515 |
|  Wharf Holdings Ltd. (The) | 68262 | 207831 |
|  Wilmar International Ltd. | 116045 | 261934 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 161500 | 281974 |
|  |  | 6136785 |
|  **Denmark (2.1%)** | **Denmark (2.1%)** | **Denmark (2.1%)** |
|  AP Moller – Maersk A/S, Class A | 166 | 306643 |
|  AP Moller – Maersk A/S, Class B (x) | 260 | 483363 |
|  Carlsberg A/S, Class B | 5562 | 788054 |
|  Coloplast A/S, Class B | 7343 | 697462 |
|  Danske Bank A/S | 40155 | 1637582 |
|  Demant A/S\* | 5369 | 223957 |
|  DSV A/S | 11898 | 2859089 |
|  Genmab A/S\* | 3681 | 764241 |
|  Novo Nordisk A/S, Class B | 187496 | 13013340 |
|  Novonesis Novozymes B | 20514 | 1470757 |
|  Orsted A/S (m)\* | 9690 | 416133 |
|  Pandora A/S | 4774 | 838159 |
|  ROCKWOOL A/S, Class B | 5610 | 262531 |
|  Tryg A/S | 20474 | 528841 |
|  Vestas Wind Systems A/S | 58792 | 882008 |
|  |  | 25172160 |
|  **Finland (1.0%)** | **Finland (1.0%)** | **Finland (1.0%)** |
|  Elisa OYJ | 8320 | 461410 |
|  Fortum OYJ | 25557 | 478366 |
|  Kesko OYJ, Class B | 15876 | 391602 |
|  Kone OYJ, Class B | 19787 | 1302457 |
|  Metso OYJ | 35482 | 458920 |
|  Neste OYJ | 22538 | 305840 |
|  Nokia OYJ | 310041 | 1609128 |
|  Nordea Bank Abp | 180717 | 2684361 |
|  Orion OYJ, Class B | 6114 | 459847 |
|  Sampo OYJ, Class A | 140956 | 1515937 |
|  Stora Enso OYJ, Class R | 33258 | 361362 |
|  UPM-Kymmene OYJ | 31074 | 847740 |
|  Wartsila OYJ Abp | 29282 | 691234 |
|  |  | 11568204 |
|  **France (8.6%)** | **France (8.6%)** | **France (8.6%)** |
|  Accor SA | 11258 | 587876 |
|  Aeroports de Paris SA | 2011 | 252046 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Air Liquide SA | 33455 | $| 6901973 |
|  Airbus SE | 34369 |  | 7176365 |
|  Alstom SA\* | 19747 |  | 460567 |
|  Amundi SA (m) | 3760 |  | 304279 |
|  Arkema SA | 3491 |  | 257220 |
|  AXA SA | 102334 |  | 5023082 |
|  BioMerieux | 2259 |  | 312400 |
|  BNP Paribas SA | 58813 |  | 5287356 |
|  Bollore SE | 42781 |  | 268599 |
|  Bouygues SA | 11453 |  | 518057 |
|  Bureau Veritas SA | 18399 |  | 627220 |
|  Capgemini SE | 9118 |  | 1557917 |
|  Carrefour SA | 30486 |  | 429855 |
|  Cie de Saint-Gobain SA | 25811 |  | 3029461 |
|  Cie Generale des Etablissements Michelin SCA | 38034 |  | 1413060 |
|  Covivio SA (REIT) | 2981 |  | 188039 |
|  Credit Agricole SA | 59815 |  | 1131925 |
|  Danone SA | 37584 |  | 3070711 |
|  Dassault Aviation SA | 1159 |  | 409846 |
|  Dassault Systemes SE | 38976 |  | 1410869 |
|  Edenred SE | 14080 |  | 436034 |
|  Eiffage SA | 3994 |  | 561039 |
|  Engie SA | 106333 |  | 2495705 |
|  EssilorLuxottica SA | 17180 |  | 4713239 |
|  Eurazeo SE | 2475 |  | 176529 |
|  FDJ United (m) | 6084 |  | 238649 |
|  Gecina SA (REIT) | 2639 |  | 290033 |
|  Getlink SE | 17257 |  | 333174 |
|  Hermes International SCA | 1828 |  | 4950420 |
|  Ipsen SA | 2072 |  | 246756 |
|  Kering SA | 4334 |  | 942222 |
|  Klepierre SA (REIT) | 12526 |  | 493407 |
|  Legrand SA | 15268 |  | 2041291 |
|  L'Oreal SA | 13907 |  | 5948214 |
|  LVMH Moet Hennessy Louis Vuitton SE | 15911 |  | 8332854 |
|  Orange SA | 108403 |  | 1649159 |
|  Pernod Ricard SA | 11749 |  | 1170842 |
|  Publicis Groupe SA | 13325 |  | 1501811 |
|  Renault SA | 11100 |  | 511634 |
|  Rexel SA | 13022 |  | 400968 |
|  Safran SA | 20827 |  | 6768700 |
|  Sartorius Stedim Biotech | 1692 |  | 404199 |
|  Societe Generale SA | 41243 |  | 2358665 |
|  Sodexo SA | 5233 |  | 321772 |
|  Teleperformance SE | 3219 |  | 312143 |
|  Thales SA | 5395 |  | 1586218 |
|  TotalEnergies SE | 118169 |  | 7252173 |
|  Unibail-Rodamco-Westfield (REIT) | 7063 |  | 675074 |
|  Veolia Environnement SA | 36413 |  | 1297504 |
|  Vinci SA | 28800 |  | 4244013 |
|  |  |  | 103273164 |
|  **Germany (9.3%)** | **Germany (9.3%)** | **Germany (9.3%)** | **Germany (9.3%)** |
|  adidas AG | 9955 |  | 2321259 |
|  Allianz SE (Registered) | 22336 |  | 9053509 |
|  BASF SE | 51166 |  | 2522944 |
|  Bayer AG (Registered) | 57194 |  | 1720336 |
|  Bayerische Motoren Werke AG | 16877 |  | 1500165 |
|  Bayerische Motoren Werke AG (Preference) (q) | 3140 |  | 260023 |
|  Beiersdorf AG | 5734 |  | 720015 |
|  Brenntag SE | 7145 |  | 473005 |
|  Commerzbank AG | 51390 |  | 1621123 |
|  Continental AG | 6488 |  | 566312 |
|  Covestro AG\* | 10454 |  | 743783 |
|  CTS Eventim AG & Co. KGaA | 3632 |  | 450934 |
|  Daimler Truck Holding AG | 27660 |  | 1308823 |
|  Deutsche Bank AG (Registered) | 106380 |  | 3154061 |
|  Deutsche Boerse AG | 10962 |  | 3575523 |
|  Deutsche Lufthansa AG (Registered) | 33645 |  | 284559 |
|  Deutsche Post AG | 55889 |  | 2581369 |
|  Deutsche Telekom AG (Registered) | 201889 |  | 7365135 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q)(x) | 6842 |  | 338017 |
|  E.ON SE | 130706 |  | 2405705 |
|  Evonik Industries AG | 14698 |  | 302986 |
|  Fresenius Medical Care AG | 12019 |  | 688776 |
|  Fresenius SE & Co. KGaA | 24593 |  | 1236411 |
|  GEA Group AG | 8246 |  | 576975 |
|  Hannover Rueck SE | 3510 |  | 1104766 |
|  Heidelberg Materials AG | 7722 |  | 1814223 |
|  Henkel AG & Co. KGaA | 5882 |  | 426115 |
|  Henkel AG & Co. KGaA (Preference) (q) | 9854 |  | 773757 |
|  Infineon Technologies AG | 76027 |  | 3234315 |
|  Knorr-Bremse AG | 4279 |  | 413569 |
|  LEG Immobilien SE | 4335 |  | 384768 |
|  Mercedes-Benz Group AG | 42043 |  | 2460875 |
|  Merck KGaA | 7524 |  | 974919 |
|  MTU Aero Engines AG | 3134 |  | 1392507 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 7728 |  | 5012221 |
|  Nemetschek SE | 3422 |  | 495806 |
|  Porsche Automobil Holding SE (Preference) (q) | 8520 |  | 338117 |
|  Rational AG | 315 |  | 264191 |
|  Rheinmetall AG | 2555 |  | 5408363 |
|  RWE AG | 36809 |  | 1536215 |
|  SAP SE | 60397 |  | 18365990 |
|  Sartorius AG (Preference) (q) | 1555 |  | 395650 |
|  Scout24 SE (m) | 4367 |  | 602375 |
|  Siemens AG (Registered) | 43958 |  | 11269988 |
|  Siemens Energy AG\* | 39298 |  | 4539303 |
|  Siemens Healthineers AG (m) | 19573 |  | 1085016 |
|  Symrise AG, Class A | 7730 |  | 811669 |
|  Talanx AG | 3623 |  | 469022 |
|  Volkswagen AG (Preference) (q) | 12005 |  | 1267342 |
|  Vonovia SE | 41967 |  | 1478602 |
|  Zalando SE (m)\* | 12593 |  | 414608 |
|  |  |  | 112506040 |
|  **Hong Kong (1.7%)** | **Hong Kong (1.7%)** | **Hong Kong (1.7%)** | **Hong Kong (1.7%)** |
|  AIA Group Ltd. | 618527 |  | 5547080 |
|  CK Asset Holdings Ltd. | 112005 |  | 493681 |
|  CK Infrastructure Holdings Ltd. | 33550 |  | 222030 |
|  CLP Holdings Ltd. | 94367 |  | 794611 |
|  Futu Holdings Ltd. (ADR) | 3293 |  | 406982 |
|  Hang Seng Bank Ltd. | 43915 |  | 657890 |
|  Henderson Land Development Co. Ltd. | 89651 |  | 313495 |
|  HKT Trust & HKT Ltd. | 222818 |  | 332668 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hong Kong & China Gas Co. Ltd. | 651709 | $| 547107 |
|  Hong Kong Exchanges & Clearing Ltd. | 70187 |  | 3744523 |
|  Hongkong Land Holdings Ltd. | 61146 |  | 352812 |
|  Jardine Matheson Holdings Ltd. | 9160 |  | 417421 |
|  Link REIT (REIT) | 150333 |  | 802420 |
|  MTR Corp. Ltd. | 87972 |  | 316029 |
|  Power Assets Holdings Ltd. | 82699 |  | 531489 |
|  Prudential plc | 150171 |  | 1881163 |
|  Sino Land Co. Ltd. | 203952 |  | 216944 |
|  Sun Hung Kai Properties Ltd. | 83431 |  | 957071 |
|  Swire Pacific Ltd., Class A | 20085 |  | 172067 |
|  Techtronic Industries Co. Ltd. | 80296 |  | 882750 |
|  WH Group Ltd. (m) | 491535 |  | 472753 |
|  Wharf Real Estate Investment Co. Ltd. | 98874 |  | 279620 |
|  |  |  | 20342606 |
|  **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** |
|  AerCap Holdings NV | 10647 |  | 1245699 |
|  AIB Group plc | 121082 |  | 996260 |
|  Bank of Ireland Group plc | 58120 |  | 827369 |
|  Kerry Group plc, Class A | 8960 |  | 989478 |
|  Kingspan Group plc | 9003 |  | 765687 |
|  |  |  | 4824493 |
|  **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** |
|  Azrieli Group Ltd. | 2641 |  | 242828 |
|  Bank Hapoalim BM | 73220 |  | 1404708 |
|  Bank Leumi Le-Israel BM | 87429 |  | 1625391 |
|  Check Point Software Technologies Ltd.\* | 4932 |  | 1091205 |
|  Elbit Systems Ltd. | 1557 |  | 692452 |
|  ICL Group Ltd. | 44184 |  | 302885 |
|  Israel Discount Bank Ltd., Class A | 71719 |  | 714571 |
|  Mizrahi Tefahot Bank Ltd. | 9346 |  | 609045 |
|  Nice Ltd.\* | 3593 |  | 609625 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 65659 |  | 1100445 |
|  Wix.com Ltd.\* | 3168 |  | 502001 |
|  |  |  | 8895156 |
|  **Italy (2.9%)** | **Italy (2.9%)** | **Italy (2.9%)** | **Italy (2.9%)** |
|  Banca Mediolanum SpA | 12934 |  | 222745 |
|  Banco BPM SpA | 65862 |  | 768994 |
|  BPER Banca SpA | 59182 |  | 537909 |
|  Coca-Cola HBC AG | 12663 |  | 661206 |
|  Davide Campari-Milano NV (x) | 34448 |  | 231701 |
|  DiaSorin SpA | 1401 |  | 149947 |
|  Enel SpA | 473512 |  | 4493423 |
|  Eni SpA | 125397 |  | 2032509 |
|  Ferrari NV | 7258 |  | 3557472 |
|  FinecoBank Banca Fineco SpA | 34474 |  | 764864 |
|  Generali | 49926 |  | 1776660 |
|  Infrastrutture Wireless Italiane SpA (m) | 16088 |  | 196710 |
|  Intesa Sanpaolo SpA | 874039 |  | 5036162 |
|  Leonardo SpA | 23561 |  | 1326071 |
|  Mediobanca Banca di Credito Finanziario SpA (x) | 28275 |  | 657305 |
|  Moncler SpA | 13416 |  | 764725 |
|  Nexi SpA (m) | 25504 |  | 152435 |
|  Poste Italiane SpA (m)(x) | 26614 |  | 571823 |
|  Prysmian SpA | 16359 |  | 1156976 |
|  Recordati Industria Chimica e Farmaceutica SpA | 6864 |  | 431763 |
|  Ryanair Holdings plc | 49175 |  | 1391375 |
|  Snam SpA (x) | 117401 |  | 711100 |
|  Telecom Italia SpA\* | 571671 |  | 281885 |
|  Terna – Rete Elettrica Nazionale (x) | 81914 |  | 841977 |
|  UniCredit SpA | 81379 |  | 5455415 |
|  Unipol Assicurazioni SpA | 20529 |  | 406865 |
|  |  |  | 34580017 |
|  **Japan (19.7%)** | **Japan (19.7%)** | **Japan (19.7%)** | **Japan (19.7%)** |
|  Advantest Corp. | 44620 |  | 3301456 |
|  Aeon Co. Ltd. (x) | 41508 |  | 1274021 |
|  AGC, Inc. (x) | 11386 |  | 334215 |
|  Aisin Corp. | 29954 |  | 384188 |
|  Ajinomoto Co., Inc. | 51498 |  | 1397908 |
|  ANA Holdings, Inc. | 8912 |  | 174675 |
|  Asahi Group Holdings Ltd. (x) | 84116 |  | 1125889 |
|  Asahi Kasei Corp. | 72586 |  | 517661 |
|  Asics Corp. | 37900 |  | 968522 |
|  Astellas Pharma, Inc. | 105278 |  | 1035563 |
|  Bandai Namco Holdings, Inc. | 34545 |  | 1240458 |
|  Bridgestone Corp. (x) | 33284 |  | 1363672 |
|  Canon, Inc. (x) | 54319 |  | 1580100 |
|  Capcom Co. Ltd. | 19852 |  | 680045 |
|  Central Japan Railway Co. | 45025 |  | 1010526 |
|  Chiba Bank Ltd. (The) (x) | 33683 |  | 312142 |
|  Chubu Electric Power Co., Inc. | 37539 |  | 464268 |
|  Chugai Pharmaceutical Co. Ltd. | 39077 |  | 2041974 |
|  Concordia Financial Group Ltd. | 57501 |  | 374223 |
|  Dai Nippon Printing Co. Ltd. | 22116 |  | 336336 |
|  Daifuku Co. Ltd. (x) | 18539 |  | 479165 |
|  Dai-ichi Life Holdings, Inc. | 203268 |  | 1547042 |
|  Daiichi Sankyo Co. Ltd. | 99324 |  | 2320928 |
|  Daikin Industries Ltd. | 15330 |  | 1812390 |
|  Daito Trust Construction Co. Ltd. | 3537 |  | 385004 |
|  Daiwa House Industry Co. Ltd. | 32606 |  | 1121698 |
|  Daiwa Securities Group, Inc. | 76383 |  | 543414 |
|  Denso Corp. | 110152 |  | 1491972 |
|  Dentsu Group, Inc. (x) | 11196 |  | 248480 |
|  Disco Corp. | 5190 |  | 1536403 |
|  East Japan Railway Co. | 52829 |  | 1140186 |
|  Eisai Co. Ltd. | 14896 |  | 429073 |
|  ENEOS Holdings, Inc. | 155322 |  | 771298 |
|  FANUC Corp. | 55088 |  | 1507217 |
|  Fast Retailing Co. Ltd. | 11075 |  | 3808437 |
|  Fuji Electric Co. Ltd. | 7630 |  | 352557 |
|  FUJIFILM Holdings Corp. | 65192 |  | 1422404 |
|  Fujikura Ltd. | 14600 |  | 767589 |
|  Fujitsu Ltd. | 100810 |  | 2460659 |
|  Hankyu Hanshin Holdings, Inc. | 12754 |  | 347180 |
|  Hikari Tsushin, Inc. | 1038 |  | 306776 |
|  Hitachi Ltd. | 264885 |  | 7734741 |
|  Honda Motor Co. Ltd. | 244312 |  | 2365842 |
|  Hoshizaki Corp. (x) | 6426 |  | 222046 |
|  Hoya Corp. | 19857 |  | 2365521 |
|  Hulic Co. Ltd. (x) | 25798 |  | 260210 |
|  Idemitsu Kosan Co. Ltd. | 49230 |  | 299130 |
|  IHI Corp. | 8500 |  | 923162 |
|  Inpex Corp. (x) | 51276 |  | 721044 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Isuzu Motors Ltd. | 31079 | $395057 |
|  ITOCHU Corp. | 69160 | 3628853 |
|  Japan Airlines Co. Ltd. | 8943 | 182673 |
|  Japan Exchange Group, Inc. | 56482 | 572841 |
|  Japan Post Bank Co. Ltd. | 101609 | 1097198 |
|  Japan Post Holdings Co. Ltd. | 103159 | 956695 |
|  Japan Post Insurance Co. Ltd. | 11072 | 250726 |
|  Japan Tobacco, Inc. (x) | 69900 | 2061978 |
|  JFE Holdings, Inc. (x) | 33600 | 391286 |
|  Kajima Corp. | 23594 | 616536 |
|  Kansai Electric Power Co., Inc. (The) | 55167 | 654702 |
|  Kao Corp. (x) | 27089 | 1214636 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 20055 | 284660 |
|  KDDI Corp. | 176408 | 3038032 |
|  Keyence Corp. | 11244 | 4516183 |
|  Kikkoman Corp. | 37540 | 348797 |
|  Kirin Holdings Co. Ltd. (x) | 45253 | 634620 |
|  Kobe Bussan Co. Ltd. | 8563 | 266276 |
|  Komatsu Ltd. | 52543 | 1728386 |
|  Konami Group Corp. | 5699 | 902904 |
|  Kubota Corp. (x) | 56287 | 633989 |
|  Kyocera Corp. | 74424 | 895899 |
|  Kyowa Kirin Co. Ltd. (x) | 12825 | 219576 |
|  Lasertec Corp. (x) | 4730 | 637542 |
|  LY Corp. | 166579 | 613545 |
|  M3, Inc. | 24381 | 336158 |
|  Makita Corp. | 13794 | 426546 |
|  Marubeni Corp. | 82208 | 1662942 |
|  MatsukiyoCocokara & Co. | 19335 | 398435 |
|  Meiji Holdings Co. Ltd. | 13860 | 306738 |
|  Minebea Mitsumi, Inc. | 20322 | 298681 |
|  Mitsubishi Chemical Group Corp. | 77919 | 410143 |
|  Mitsubishi Corp. | 197133 | 3953475 |
|  Mitsubishi Electric Corp. | 108748 | 2349328 |
|  Mitsubishi Estate Co. Ltd. | 61917 | 1162193 |
|  Mitsubishi HC Capital, Inc. | 49518 | 364667 |
|  Mitsubishi Heavy Industries Ltd. | 184800 | 4632672 |
|  Mitsubishi UFJ Financial Group, Inc. | 663106 | 9131205 |
|  Mitsui & Co. Ltd. | 142790 | 2922136 |
|  Mitsui Fudosan Co. Ltd. | 153802 | 1489905 |
|  Mitsui OSK Lines Ltd. (x) | 19988 | 669020 |
|  Mizuho Financial Group, Inc. | 138197 | 3831955 |
|  MonotaRO Co. Ltd. | 14999 | 296324 |
|  MS&AD Insurance Group Holdings, Inc. | 74895 | 1679878 |
|  Murata Manufacturing Co. Ltd. | 97204 | 1453959 |
|  NEC Corp. | 71465 | 2093753 |
|  Nexon Co. Ltd. (x) | 19206 | 388108 |
|  Nidec Corp. | 48662 | 947862 |
|  Nintendo Co. Ltd. | 63773 | 6146795 |
|  Nippon Building Fund, Inc. (REIT) (x) | 429 | 395918 |
|  Nippon Paint Holdings Co. Ltd. (x) | 53748 | 432955 |
|  Nippon Sanso Holdings Corp. | 9690 | 367602 |
|  Nippon Steel Corp. | 56321 | 1068889 |
|  Nippon Telegraph & Telephone Corp. | 1739620 | 1860362 |
|  Nippon Yusen KK (x) | 25324 | 912336 |
|  Nissan Motor Co. Ltd.\* | 123226 | 299668 |
|  Nissin Foods Holdings Co. Ltd. | 12448 | 258935 |
|  Nitori Holdings Co. Ltd. | 4608 | 445425 |
|  Nitto Denko Corp. | 40545 | 785954 |
|  Nomura Holdings, Inc. | 174987 | 1156818 |
|  Nomura Research Institute Ltd. | 21996 | 883323 |
|  NTT Data Group Corp. | 15137 | 420353 |
|  Obayashi Corp. | 38237 | 580306 |
|  Obic Co. Ltd. | 18855 | 734665 |
|  Olympus Corp. | 65428 | 779202 |
|  Omron Corp. | 9737 | 263296 |
|  Ono Pharmaceutical Co. Ltd. | 21262 | 230183 |
|  Oracle Corp. | 2248 | 268268 |
|  Oriental Land Co. Ltd. | 62958 | 1453230 |
|  ORIX Corp. | 67376 | 1525265 |
|  Osaka Gas Co. Ltd. | 21181 | 543186 |
|  Otsuka Corp. | 13250 | 270189 |
|  Otsuka Holdings Co. Ltd. (x) | 25738 | 1278098 |
|  Pan Pacific International Holdings Corp. | 22194 | 764279 |
|  Panasonic Holdings Corp. | 135660 | 1465360 |
|  Rakuten Group, Inc.\* | 87146 | 481949 |
|  Recruit Holdings Co. Ltd. | 81735 | 4844333 |
|  Renesas Electronics Corp. | 98030 | 1217844 |
|  Resona Holdings, Inc. | 117152 | 1083618 |
|  Ricoh Co. Ltd. | 30699 | 291097 |
|  Sanrio Co. Ltd. | 10300 | 498388 |
|  SBI Holdings, Inc. | 14970 | 522892 |
|  SCREEN Holdings Co. Ltd. | 4400 | 359321 |
|  SCSK Corp. | 9387 | 283425 |
|  Secom Co. Ltd. | 24400 | 878200 |
|  Sekisui Chemical Co. Ltd. | 21393 | 388032 |
|  Sekisui House Ltd. | 34684 | 766634 |
|  Seven & i Holdings Co. Ltd. | 128943 | 2080029 |
|  SG Holdings Co. Ltd. (x) | 17599 | 196332 |
|  Shimadzu Corp. | 13476 | 334268 |
|  Shimano, Inc. (x) | 4338 | 629741 |
|  Shin-Etsu Chemical Co. Ltd. | 104277 | 3455504 |
|  Shionogi & Co. Ltd. | 44023 | 792998 |
|  Shiseido Co. Ltd. (x) | 23692 | 423398 |
|  SMC Corp. | 3327 | 1202299 |
|  SoftBank Corp. | 1666190 | 2580191 |
|  SoftBank Group Corp. | 54777 | 3999723 |
|  Sompo Holdings, Inc. | 51872 | 1565111 |
|  Sony Group Corp. | 355720 | 9213816 |
|  Subaru Corp. | 33296 | 581619 |
|  Sumitomo Corp. | 63512 | 1644639 |
|  Sumitomo Electric Industries Ltd. | 41558 | 893177 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 13945 | 344739 |
|  Sumitomo Mitsui Financial Group, Inc. | 213470 | 5386966 |
|  Sumitomo Mitsui Trust Group, Inc. | 37664 | 1004077 |
|  Sumitomo Realty & Development Co. Ltd. | 17547 | 678339 |
|  Suntory Beverage & Food Ltd. (x) | 8580 | 274670 |
|  Suzuki Motor Corp. | 91548 | 1108074 |
|  Sysmex Corp. | 29847 | 521061 |
|  T&D Holdings, Inc. | 28355 | 624182 |
|  Taisei Corp. | 8723 | 508824 |
|  Takeda Pharmaceutical Co. Ltd. | 92609 | 2845699 |
|  TDK Corp. | 113170 | 1332452 |
|  Terumo Corp. | 77524 | 1426607 |
|  TIS, Inc. | 12816 | 430567 |
|  Toho Co. Ltd. (x) | 6505 | 384414 |
|  Tokio Marine Holdings, Inc. | 104592 | 4438469 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tokyo Electron Ltd. | 25791 | $| 4957431 |
|  Tokyo Gas Co. Ltd. | 19078 |  | 634851 |
|  Tokyo Metro Co. Ltd. (x) | 17900 |  | 208515 |
|  Tokyu Corp. | 29957 |  | 356559 |
|  TOPPAN Holdings, Inc. | 14090 |  | 384037 |
|  Toray Industries, Inc. | 77398 |  | 530910 |
|  Toyota Industries Corp. | 9473 |  | 1072254 |
|  Toyota Motor Corp. | 548140 |  | 9489344 |
|  Toyota Tsusho Corp. | 37146 |  | 843237 |
|  Trend Micro, Inc. | 7537 |  | 522181 |
|  Unicharm Corp. (x) | 65036 |  | 469914 |
|  West Japan Railway Co. | 25194 |  | 577692 |
|  Yakult Honsha Co. Ltd. | 14456 |  | 272295 |
|  Yamaha Motor Co. Ltd. (x) | 53714 |  | 402655 |
|  Yokogawa Electric Corp. | 13248 |  | 354648 |
|  Zensho Holdings Co. Ltd. | 5542 |  | 336280 |
|  ZOZO, Inc. (x) | 23046 |  | 249176 |
|  |  |  | 237329640 |
|  **Luxembourg (0.1%)** | **Luxembourg (0.1%)** | **Luxembourg (0.1%)** | **Luxembourg (0.1%)** |
|  ArcelorMittal SA | 27191 |  | 860636 |
|  CVC Capital Partners plc (m) | 13128 |  | 268767 |
|  Eurofins Scientific SE | 6777 |  | 482491 |
|  |  |  | 1611894 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 121282 |  | 538434 |
|  Sands China Ltd. | 148946 |  | 310037 |
|  |  |  | 848471 |
|  **Netherlands (3.8%)** | **Netherlands (3.8%)** | **Netherlands (3.8%)** | **Netherlands (3.8%)** |
|  ABN AMRO Bank NV (CVA) (m) | 25884 |  | 708589 |
|  Adyen NV (m)\* | 1458 |  | 2676476 |
|  Aegon Ltd. | 76980 |  | 557492 |
|  Akzo Nobel NV | 9943 |  | 695714 |
|  Argenx SE\* | 3525 |  | 1950738 |
|  ASM International NV | 2728 |  | 1746188 |
|  ASML Holding NV | 22779 |  | 18181718 |
|  ASR Nederland NV | 8411 |  | 558598 |
|  BE Semiconductor Industries NV | 4680 |  | 700402 |
|  Euronext NV (m) | 4552 |  | 778030 |
|  EXOR NV | 5146 |  | 518884 |
|  Heineken Holding NV | 7546 |  | 562217 |
|  Heineken NV | 16766 |  | 1461859 |
|  IMCD NV | 3559 |  | 478135 |
|  ING Groep NV | 181448 |  | 3981059 |
|  JDE Peet's NV | 10551 |  | 301268 |
|  Koninklijke Ahold Delhaize NV | 52573 |  | 2198457 |
|  Koninklijke KPN NV | 226403 |  | 1103036 |
|  Koninklijke Philips NV | 47054 |  | 1131270 |
|  NN Group NV | 15661 |  | 1040829 |
|  Randstad NV (x) | 6513 |  | 300742 |
|  Universal Music Group NV | 63637 |  | 2059934 |
|  Wolters Kluwer NV | 13886 |  | 2321878 |
|  |  |  | 46013513 |
|  **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** |
|  Auckland International Airport Ltd. | 96017 |  | 453293 |
|  Contact Energy Ltd. | 46535 |  | 255289 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 34126 |  | 749894 |
|  Infratil Ltd. | 53543 |  | 345953 |
|  Meridian Energy Ltd. | 79197 |  | 284820 |
|  Xero Ltd.\* | 8466 |  | 1001827 |
|  |  |  | 3091076 |
|  **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** |
|  Aker BP ASA | 18398 |  | 470564 |
|  DNB Bank ASA | 52135 |  | 1441039 |
|  Equinor ASA | 48777 |  | 1234499 |
|  Gjensidige Forsikring ASA | 11699 |  | 296439 |
|  Kongsberg Gruppen ASA | 25607 |  | 992965 |
|  Mowi ASA | 27096 |  | 523135 |
|  Norsk Hydro ASA | 83148 |  | 474665 |
|  Orkla ASA | 40812 |  | 443776 |
|  Salmar ASA | 3733 |  | 161773 |
|  Telenor ASA | 35340 |  | 549416 |
|  |  |  | 6588271 |
|  **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** |
|  InPost SA\* | 13271 |  | 220419 |
|  **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
|  EDP SA | 176789 |  | 766771 |
|  Galp Energia SGPS SA | 24292 |  | 445532 |
|  Jeronimo Martins SGPS SA | 16486 |  | 417135 |
|  |  |  | 1629438 |
|  **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** |
|  CapitaLand Ascendas REIT (REIT) | 209665 |  | 441921 |
|  CapitaLand Integrated Commercial Trust (REIT) | 328942 |  | 561387 |
|  CapitaLand Investment Ltd. | 128879 |  | 268604 |
|  DBS Group Holdings Ltd. | 123115 |  | 4348482 |
|  Genting Singapore Ltd. | 331669 |  | 186507 |
|  Grab Holdings Ltd., Class A\* | 135310 |  | 680609 |
|  Keppel Ltd. | 88946 |  | 519056 |
|  Oversea-Chinese Banking Corp. Ltd. | 197065 |  | 2527826 |
|  Sea Ltd. (ADR)\* | 22126 |  | 3538832 |
|  Sembcorp Industries Ltd. | 49900 |  | 268828 |
|  Singapore Airlines Ltd. | 89109 |  | 488470 |
|  Singapore Exchange Ltd. | 49189 |  | 575645 |
|  Singapore Technologies Engineering Ltd. | 90934 |  | 557118 |
|  Singapore Telecommunications Ltd. | 432632 |  | 1299767 |
|  STMicroelectronics NV | 39418 |  | 1204225 |
|  United Overseas Bank Ltd. | 73374 |  | 2077439 |
|  |  |  | 19544716 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 64017 |  | 1889268 |
|  **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** |
|  Delivery Hero SE (m)\* | 10504 |  | 284212 |
|  **Spain (2.9%)** | **Spain (2.9%)** | **Spain (2.9%)** | **Spain (2.9%)** |
|  Acciona SA (x) | 1337 |  | 240648 |
|  ACS Actividades de Construccion y Servicios SA (x) | 10351 |  | 718775 |
|  Aena SME SA (m) | 43750 |  | 1167790 |
|  Amadeus IT Group SA | 26227 |  | 2208310 |
|  Banco Bilbao Vizcaya Argentaria SA | 333014 |  | 5121135 |
|  Banco de Sabadell SA | 315859 |  | 1005695 |
|  Banco Santander SA | 876410 |  | 7254444 |
|  Bankinter SA (x) | 38994 |  | 508937 |
|  CaixaBank SA (x) | 225274 |  | 1951469 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cellnex Telecom SA (m) | 28604 | $| 1110220 |
|  EDP Renovaveis SA | 19227 |  | 214594 |
|  Endesa SA (x) | 18492 |  | 585735 |
|  Grifols SA\* | 18958 |  | 231132 |
|  Iberdrola SA | 335266 |  | 6433354 |
|  Industria de Diseno Textil SA | 62787 |  | 3267550 |
|  Redeia Corp. SA (x) | 23626 |  | 505119 |
|  Repsol SA (x) | 67384 |  | 987028 |
|  Telefonica SA (x) | 213173 |  | 1119436 |
|  |  |  | 34631371 |
|  **Sweden (2.7%)** | **Sweden (2.7%)** | **Sweden (2.7%)** | **Sweden (2.7%)** |
|  AddTech AB, Class B | 14391 |  | 489795 |
|  Alfa Laval AB | 16845 |  | 708277 |
|  Assa Abloy AB, Class B | 58351 |  | 1820674 |
|  Atlas Copco AB, Class A | 156377 |  | 2526422 |
|  Atlas Copco AB, Class B | 90870 |  | 1291364 |
|  Beijer Ref AB, Class B (x) | 21911 |  | 345888 |
|  Boliden AB\* | 16647 |  | 519246 |
|  Epiroc AB, Class A | 38368 |  | 832985 |
|  Epiroc AB, Class B | 21382 |  | 409067 |
|  EQT AB (x) | 21677 |  | 723796 |
|  Essity AB, Class B | 35401 |  | 980357 |
|  Evolution AB (m) | 8514 |  | 676376 |
|  Fastighets AB Balder, Class B\* | 41111 |  | 305305 |
|  H & M Hennes & Mauritz AB, Class B (x) | 33199 |  | 466356 |
|  Hexagon AB, Class B | 120870 |  | 1215739 |
|  Holmen AB, Class B | 4707 |  | 186670 |
|  Industrivarden AB, Class A | 6567 |  | 238222 |
|  Industrivarden AB, Class C (x) | 8677 |  | 313388 |
|  Indutrade AB | 15449 |  | 421623 |
|  Investment AB Latour, Class B | 8899 |  | 234400 |
|  Investor AB, Class B | 99482 |  | 2941590 |
|  L E Lundbergforetagen AB, Class B | 4648 |  | 231690 |
|  Lifco AB, Class B | 13251 |  | 536152 |
|  Nibe Industrier AB, Class B | 88231 |  | 376205 |
|  Saab AB, Class B | 18648 |  | 1039931 |
|  Sagax AB, Class B | 13094 |  | 298947 |
|  Sandvik AB | 62073 |  | 1423082 |
|  Securitas AB, Class B | 28225 |  | 422141 |
|  Skandinaviska Enskilda Banken AB, Class A | 92384 |  | 1612172 |
|  Skanska AB, Class B | 19812 |  | 461119 |
|  SKF AB, Class B | 19859 |  | 455706 |
|  Svenska Cellulosa AB SCA, Class B | 34218 |  | 444864 |
|  Svenska Handelsbanken AB, Class A | 84915 |  | 1134935 |
|  Swedbank AB, Class A | 49427 |  | 1308698 |
|  Swedish Orphan Biovitrum AB\* | 10767 |  | 327987 |
|  Tele2 AB, Class B | 32562 |  | 475821 |
|  Telefonaktiebolaget LM Ericsson, Class B | 161719 |  | 1383540 |
|  Telia Co. AB | 135588 |  | 486838 |
|  Trelleborg AB, Class B | 11192 |  | 416525 |
|  Volvo AB, Class B | 91129 |  | 2556378 |
|  |  |  | 33040271 |
|  **Switzerland (4.4%)** | **Switzerland (4.4%)** | **Switzerland (4.4%)** | **Switzerland (4.4%)** |
|  ABB Ltd. (Registered) | 92072 |  | 5489856 |
|  Avolta AG | 4993 |  | 270715 |
|  Baloise Holding AG (Registered) | 2400 |  | 566236 |
|  Banque Cantonale Vaudoise (Registered) | 1867 |  | 215183 |
|  Barry Callebaut AG (Registered) (x) | 204 |  | 222139 |
|  BKW AG | 1149 |  | 250957 |
|  Chocoladefabriken Lindt & Spruengli AG | 54 |  | 908564 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 6 |  | 999685 |
|  Cie Financiere Richemont SA (Registered) | 31094 |  | 5856700 |
|  DSM-Firmenich AG | 10827 |  | 1151146 |
|  EMS-Chemie Holding AG (Registered) (x) | 399 |  | 301217 |
|  Galderma Group AG | 6422 |  | 930783 |
|  Geberit AG (Registered) | 1946 |  | 1530410 |
|  Givaudan SA (Registered) | 538 |  | 2604396 |
|  Helvetia Holding AG (Registered) | 2161 |  | 506853 |
|  Julius Baer Group Ltd. | 11993 |  | 810769 |
|  Kuehne + Nagel International AG (Registered) (x) | 2776 |  | 600542 |
|  Logitech International SA (Registered) | 8855 |  | 797279 |
|  Lonza Group AG (Registered) | 4205 |  | 2994297 |
|  Partners Group Holding AG | 1321 |  | 1723152 |
|  Sandoz Group AG | 24335 |  | 1331685 |
|  Schindler Holding AG | 2304 |  | 856614 |
|  Schindler Holding AG (Registered) | 1367 |  | 495321 |
|  SGS SA (Registered) | 8981 |  | 911173 |
|  SIG Group AG | 17483 |  | 323021 |
|  Sika AG (Registered) | 8876 |  | 2409592 |
|  Sonova Holding AG (Registered) | 2950 |  | 878921 |
|  Straumann Holding AG (Registered) | 6498 |  | 848028 |
|  Swatch Group AG (The) (x) | 1674 |  | 272372 |
|  Swiss Life Holding AG (Registered) | 1672 |  | 1691281 |
|  Swiss Prime Site AG (Registered) | 4574 |  | 684846 |
|  Swisscom AG (Registered) | 1491 |  | 1057014 |
|  Temenos AG (Registered) | 3185 |  | 227801 |
|  UBS Group AG (Registered) | 190232 |  | 6437367 |
|  VAT Group AG (m) | 1572 |  | 663115 |
|  Zurich Insurance Group AG | 8465 |  | 5916805 |
|  |  |  | 53735835 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc (r)\* | 3282 |  |  |
|  **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** |
|  3i Group plc | 55981 |  | 3165904 |
|  Admiral Group plc | 15071 |  | 676472 |
|  Ashtead Group plc | 24656 |  | 1580179 |
|  Associated British Foods plc | 19060 |  | 538429 |
|  AstraZeneca plc | 89687 |  | 12458617 |
|  Auto Trader Group plc (m) | 51568 |  | 583550 |
|  Aviva plc | 155891 |  | 1324988 |
|  BAE Systems plc | 175266 |  | 4538520 |
|  Barclays plc | 827208 |  | 3829930 |
|  Barratt Redrow plc | 82035 |  | 513368 |
|  British American Tobacco plc | 114578 |  | 5446450 |
|  BT Group plc | 345551 |  | 918996 |
|  Bunzl plc | 19204 |  | 611561 |
|  Centrica plc | 294783 |  | 653686 |
|  CK Hutchison Holdings Ltd. | 156263 |  | 961471 |
|  Coca-Cola Europacific Partners plc | 13325 |  | 1235494 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Compass Group plc | 98821 | $3346403 |
|  Croda International plc | 7739 | 310615 |
|  DCC plc | 5670 | 367977 |
|  Diageo plc | 128147 | 3215470 |
|  Entain plc | 33258 | 411321 |
|  Halma plc | 22103 | 970870 |
|  Hikma Pharmaceuticals plc | 9116 | 248760 |
|  HSBC Holdings plc | 1022200 | 12372737 |
|  Imperial Brands plc | 44987 | 1776588 |
|  Informa plc | 77243 | 854370 |
|  InterContinental Hotels Group plc | 8577 | 977648 |
|  International Consolidated Airlines Group SA (x) | 71889 | 337541 |
|  Intertek Group plc | 9376 | 610036 |
|  J Sainsbury plc | 104058 | 413936 |
|  JD Sports Fashion plc | 162272 | 197662 |
|  Kingfisher plc | 106549 | 425308 |
|  Land Securities Group plc (REIT) | 40601 | 351662 |
|  Legal & General Group plc | 330938 | 1156551 |
|  Lloyds Banking Group plc | 3478959 | 3662726 |
|  London Stock Exchange Group plc | 27567 | 4024267 |
|  M&G plc | 128661 | 453879 |
|  Marks & Spencer Group plc | 119498 | 581318 |
|  Melrose Industries plc | 72489 | 528157 |
|  National Grid plc | 282305 | 4113376 |
|  NatWest Group plc | 467230 | 3279829 |
|  Next plc | 6608 | 1128367 |
|  Pearson plc | 33767 | 496643 |
|  Phoenix Group Holdings plc | 41397 | 374183 |
|  Reckitt Benckiser Group plc | 39294 | 2672574 |
|  RELX plc | 106847 | 5774143 |
|  Rentokil Initial plc | 144552 | 698634 |
|  Rolls-Royce Holdings plc | 490351 | 6512725 |
|  Sage Group plc (The) | 58032 | 996119 |
|  Schroders plc | 41380 | 205276 |
|  Segro plc (REIT) | 74833 | 698082 |
|  Severn Trent plc | 16003 | 600565 |
|  Smith & Nephew plc | 48385 | 739206 |
|  Smiths Group plc | 19303 | 595106 |
|  Spirax Group plc | 4267 | 348790 |
|  SSE plc | 64289 | 1615790 |
|  Standard Chartered plc | 116660 | 1932810 |
|  Tesco plc | 384837 | 2119853 |
|  Unilever plc | 144645 | 8785703 |
|  United Utilities Group plc | 39457 | 618244 |
|  Vodafone Group plc | 1140854 | 1218030 |
|  Whitbread plc | 9835 | 381105 |
|  Wise plc, Class A\* | 39544 | 564513 |
|  WPP plc | 62808 | 441930 |
|  |  | 123545013 |
|  **United States (9.2%)** | **United States (9.2%)** | **United States (9.2%)** |
|  Alcon AG | 29091 | 2573808 |
|  Amrize Ltd.\* | 30404 | 1516656 |
|  BP plc | 926414 | 4650395 |
|  CSL Ltd. | 27951 | 4405462 |
|  CyberArk Software Ltd.\* | 2729 | 1110376 |
|  Experian plc | 52774 | 2717958 |
|  Ferrovial SE | 28202 | 1503562 |
|  GSK plc | 238079 | 4542508 |
|  Haleon plc | 519732 | 2671008 |
|  Holcim AG | 30404 | 2256973 |
|  James Hardie Industries plc (CHDI) (x)\* | 31200 | 856280 |
|  Monday.com Ltd.\* | 2165 | 680849 |
|  Nestle SA (Registered) | 151539 | 15055541 |
|  Novartis AG (Registered) | 109963 | 13328051 |
|  QIAGEN NV\* | 12564 | 605088 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 40635 | 13233454 |
|  Roche Holding AG (OTC US Exchange) | 1864 | 646039 |
|  Sanofi SA | 64213 | 6218340 |
|  Schneider Electric SE | 31630 | 8412983 |
|  Shell plc | 346225 | 12135400 |
|  Spotify Technology SA\* | 8880 | 6813979 |
|  Stellantis NV | 114177 | 1144416 |
|  Swiss Re AG | 17560 | 3035294 |
|  Tenaris SA (x) | 23665 | 445322 |
|  |  | 110559742 |
|  **Total Common Stocks (90.2%)** <br>*(Cost $611,400,545)* |  | 1090033521 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 4000000 | 4000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 5354047 | 5354047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 9354047 |
|  **Total Short-Term Investments (0.8%)**<br> *(Cost $9,354,047)* |  | 9354047 |
|  **Total Investments in Securities (91.0%)**<br> *(Cost $620,754,592)* |  | 1099387568 |
|  **Other Assets Less Liabilities (9.0%)** | **Other Assets Less Liabilities (9.0%)** | 108082309 |
|  **Net Assets (100%)** |  | $1207469877 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $13,709,923 or 1.1% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $23,885,847. This was collateralized by $15,988,227 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $9,354,047 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 694 | 9/2025 | USD | 43548081 | (19064) |
|  FTSE 100 Index | 223 | 9/2025 | GBP | 26904743 | (351698) |
|  MSCI EAFE E-Mini Index | 20 | 9/2025 | USD | 2681700 | 30848 |
|  SPI 200 Index | 77 | 9/2025 | AUD | 10815856 | 5744 |
|  TOPIX Index | 139 | 9/2025 | JPY | 27562550 | 635837 |
|  |  |  |  |  | 301667 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 8024810 | USD | 5247528 | HSBC Bank plc | 9/19/2025 | 42823 |
|  EUR | 11804527 | USD | 13668246 | HSBC Bank plc | 9/19/2025 | 311266 |
|  GBP | 8316889 | USD | 11313140 | HSBC Bank plc | 9/19/2025 | 108956 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 463045 |
|  JPY | 1620028180 | USD | 11390793 | HSBC Bank plc | 9/19/2025 | (38650) |
|  USD | 30966005 | EUR | 26566739 | HSBC Bank plc | 9/19/2025 | (495658) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (534308) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (71263) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 5,278,920, CHF 41,009, DKK 33,105, EUR 60,917,634, GBP 14,865,009, HKD 108,144, ILS 64,717, JPY 15,477,579, NOK 46,332, NZD 31,571, SEK 35,568 and SGD 53,268.

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $75306865 | $— | $75306865 |
|  Austria |  | 2735598 |  | 2735598 |
|  Belgium |  | 9204153 |  | 9204153 |
|  Brazil |  | 354897 |  | 354897 |
|  Chile |  | 570233 |  | 570233 |
|  China |  | 6136785 |  | 6136785 |
|  Denmark |  | 25172160 |  | 25172160 |
|  Finland |  | 11568204 |  | 11568204 |
|  France |  | 103273164 |  | 103273164 |
|  Germany |  | 112506040 |  | 112506040 |
|  Hong Kong | 824403 | 19518203 |  | 20342606 |
|  Ireland | 1245699 | 3578794 |  | 4824493 |
|  Israel | 2693651 | 6201505 |  | 8895156 |
|  Italy |  | 34580017 |  | 34580017 |
|  Japan |  | 237329640 |  | 237329640 |
|  Luxembourg |  | 1611894 |  | 1611894 |
|  Macau |  | 848471 |  | 848471 |
|  Netherlands |  | 46013513 |  | 46013513 |
|  New Zealand |  | 3091076 |  | 3091076 |
|  Norway |  | 6588271 |  | 6588271 |
|  Poland |  | 220419 |  | 220419 |
|  Portugal |  | 1629438 |  | 1629438 |
|  Singapore | 4219441 | 15325275 |  | 19544716 |
|  South Africa |  | 1889268 |  | 1889268 |
|  South Korea |  | 284212 |  | 284212 |
|  Spain |  | 34631371 |  | 34631371 |
|  Sweden |  | 33040271 |  | 33040271 |
|  Switzerland |  | 53735835 |  | 53735835 |
|  United Arab Emirates |  |  | — (a) | — (a) |
|  United Kingdom | 1235494 | 122309519 |  | 123545013 |
|  United States | 8605204 | 101954538 |  | 110559742 |
|  **Forward Currency Contracts** |  | 463045 |  | 463045 |
|  **Futures** | 672429 |  |  | 672429 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9354047 |  |  | 9354047 |
|  **Total Assets** | $**28850368** | $**1071672674** | $**—** | $**1100523042** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(534308) | $— | $(534308) |
|  **Futures** | (370762) |  |  | (370762) |
|  **Total Liabilities** | $**(370762)** | $**(534308)** | $**—** | $**(905070)** |
|  **Total** | $**28479606** | $**1071138366** | $**—** | $**1099617972** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $463045 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 672429 |
|  **Total** |  | $1135474 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (534308) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (370762) |
|  **Total** |  | $(905070) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(14636220) | $(14636220) |
|  Equity contracts | (41137734) |  | (41137734) |
|  **Total** | $(41137734) | $(14636220) | $(55773954) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $112738 | $112738 |
|  Equity contracts | 1367256 |  | 1367256 |
|  **Total** | $1367256 | $112738 | $1479994 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $103506000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $165868000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 196082000 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $463045 | $(463045) | $— | $— |
|  **Total** | $463045 | $(463045) | $— | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $534308 | $(463045) | $— | $71263 |
|  **Total** | $534308 | $(463045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $71263 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $16882812.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $129436411.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 8%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 5%)\*** | **Net Realized<br>Gain (Loss)** |
| $1375956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213163 | $(327009) |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $532426391 |
|  Aggregate gross unrealized depreciation | (77963166) |
|  Net unrealized appreciation | $454463225 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $645154747 |

---

See Notes to Financial Statements.

------

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $620,754,592) | $1099387568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6110713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $92,789,433) | 96952856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 7446221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 8187746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 463045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 357917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 9460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 9087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 33960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1218958573 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9354047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 629289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 534308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 458733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 170616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 117411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 224292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11488696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1207469877 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $792910202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 414559675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1207469877 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,207,469,877 / 102,669,547 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.76 |

---

*(x)* *Includes value of securities on loan of $23,885,847.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,361,488 foreign withholding tax) | $21291022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 485764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 68704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21845490 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2618042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 725042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 251046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 45027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 19167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 17550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 67591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3798915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (17550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3781365 |
|  **NET INVESTMENT INCOME (LOSS)** | 18064125 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 35204775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (41137734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (14636220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1036525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21605704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 141239104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1367256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 112738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 12094586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 154813684 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 133207980 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $151272105 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18064125 | $26398179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21605704) | 43250979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 154813684 | (29703479) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 151272105 | 39945679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (59739329) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 884,636 and 659,582 shares, respectively ] | 9527121 | 7579534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 5,567,459 shares, respectively ] |  | 59739329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7803180) and (15798067) shares, respectively ] | (86405347) | (175122545) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (76878226) | (107803682) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 74393879 | (127597332) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1133075998 | 1260673330 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1207469877 | $1133075998 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.34 | $10.58 | $9.26 | $11.18 | $11.03 | $10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.24 | 0.22 | 0.22 | 0.23 (cc) | 0.16 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.25 | 0.09 | 1.36 | (1.88) | 0.96 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.42 | 0.33 | 1.58 | (1.66) | 1.19 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.26) | (0.26) | (0.32) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.23) |  |  | (0.72) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.57) | (0.26) | (0.26) | (1.04) | (0.42) |
|  Net asset value, end of period | $11.76 | $10.34 | $10.58 | $9.26 | $11.18 | $11.03 |
|  Total return (b) | 13.73% | 2.91% | 17.15% | (14.75)% | 10.94% | 6.43% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1207470 | $1133076 | $1260673 | $1296682 | $1593960 | $1626702 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65% | 0.65% | 0.63% | 0.67 %(g) | 0.68 %(g) | 0.63 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.65% | 0.65% | 0.63% | 0.67 %(g) | 0.68 %(g) | 0.63 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.10% | 2.13% | 2.23% | 2.35% | 1.97 %(dd) | 1.61 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.10% | 2.13% | 2.23% | 2.35% | 1.97 %(dd) | 1.61 %(bb) |
|  Portfolio turnover rate^ | 2 %(z) | 3% | 2% | 6% | 3% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%, 0.06% and 0.03% for the years ended December 31, 2022, 2021 and 2020, respectively.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.15.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for the class would have been 0.14% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.19.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for the class would have been 0.33% lower.* 

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.8%)** | **Communication Services (8.8%)** | **Communication Services (8.8%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. | 1014214 | $29351353 |
|  Verizon Communications, Inc. | 590278 | 25541329 |
|  |  | 54892682 |
|  ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** |
|  Electronic Arts, Inc. | 33103 | 5286549 |
|  Live Nation Entertainment, Inc. (x)\* | 22101 | 3343439 |
|  Netflix, Inc.\* | 59979 | 80319678 |
|  Take-Two Interactive Software, Inc.\* | 23495 | 5705761 |
|  TKO Group Holdings, Inc., Class A | 9885 | 1798576 |
|  Walt Disney Co. (The) | 253485 | 31434675 |
|  Warner Bros Discovery, Inc.\* | 306726 | 3515080 |
|  |  | 131403758 |
|  ***Interactive Media & Services (5.9%)*** | ***Interactive Media & Services (5.9%)*** | ***Interactive Media & Services (5.9%)*** |
|  Alphabet, Inc., Class A | 817894 | 144137460 |
|  Alphabet, Inc., Class C | 660258 | 117123167 |
|  Match Group, Inc. | 35724 | 1103514 |
|  Meta Platforms, Inc., Class A | 305345 | 225372091 |
|  |  | 487736232 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Charter Communications, Inc., Class A\* | 13430 | 5490318 |
|  Comcast Corp., Class A | 528845 | 18874478 |
|  Fox Corp., Class A | 30130 | 1688485 |
|  Fox Corp., Class B | 18843 | 972864 |
|  Interpublic Group of Cos., Inc. (The) | 56440 | 1381651 |
|  News Corp., Class A | 51419 | 1528173 |
|  News Corp., Class B | 12365 | 424243 |
|  Omnicom Group, Inc. | 26372 | 1897202 |
|  Paramount Global, Class B | 84371 | 1088386 |
|  |  | 33345800 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  T-Mobile US, Inc. | 67239 | 16020364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 723398836 |
|  **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 31732 | 2164757 |
|  ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** |
|  Ford Motor Co. | 555458 | 6026719 |
|  General Motors Co. | 138052 | 6793539 |
|  Tesla, Inc.\* | 394100 | 125189806 |
|  |  | 138010064 |
|  ***Broadline Retail (3.6%)*** | ***Broadline Retail (3.6%)*** | ***Broadline Retail (3.6%)*** |
|  Amazon.com, Inc.\* | 1328824 | 291530697 |
|  eBay, Inc. | 64834 | 4827540 |
|  |  | 296358237 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 19924 | 2416980 |
|  LKQ Corp. (x) | 37567 | 1390355 |
|  Pool Corp. | 4995 | 1455943 |
|  |  | 5263278 |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** |
|  Airbnb, Inc., Class A\* | 60391 | 7992145 |
|  Booking Holdings, Inc. | 4576 | 26491562 |
|  Caesars Entertainment, Inc.\* | 32791 | 930936 |
|  Carnival Corp.\* | 147656 | 4152087 |
|  Chipotle Mexican Grill, Inc.\* | 189445 | 10637337 |
|  Darden Restaurants, Inc. | 16267 | 3545718 |
|  Domino's Pizza, Inc. | 4799 | 2162429 |
|  DoorDash, Inc., Class A\* | 48453 | 11944149 |
|  Expedia Group, Inc. | 17329 | 2923056 |
|  Hilton Worldwide Holdings, Inc. | 33568 | 8940501 |
|  Las Vegas Sands Corp. | 49304 | 2145217 |
|  Marriott International, Inc., Class A | 31919 | 8720590 |
|  McDonald's Corp. | 100483 | 29358118 |
|  MGM Resorts International\* | 29882 | 1027642 |
|  Norwegian Cruise Line Holdings Ltd.\* | 64834 | 1314833 |
|  Royal Caribbean Cruises Ltd. | 34536 | 10814603 |
|  Starbucks Corp. | 159274 | 14594277 |
|  Wynn Resorts Ltd. | 11410 | 1068775 |
|  Yum! Brands, Inc. | 39611 | 5869558 |
|  |  | 154633533 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  DR Horton, Inc. | 40251 | 5189159 |
|  Garmin Ltd. | 21548 | 4497499 |
|  Lennar Corp., Class A | 32018 | 3541511 |
|  Mohawk Industries, Inc.\* | 7860 | 824042 |
|  NVR, Inc.\* | 408 | 3013349 |
|  PulteGroup, Inc. | 28437 | 2998966 |
|  |  | 20064526 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 18294 | 1350463 |
|  ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** |
|  AutoZone, Inc.\* | 2342 | 8694043 |
|  Best Buy Co., Inc. | 28038 | 1882191 |
|  CarMax, Inc.\* | 22613 | 1519820 |
|  Home Depot, Inc. (The) | 139288 | 51068552 |
|  Lowe's Cos., Inc. | 79174 | 17566335 |
|  O'Reilly Automotive, Inc.\* | 120703 | 10878961 |
|  Ross Stores, Inc. | 45583 | 5815479 |
|  TJX Cos., Inc. (The) | 157628 | 19465482 |
|  Tractor Supply Co. | 75779 | 3998858 |
|  Ulta Beauty, Inc.\* | 6638 | 3105389 |
|  Williams-Sonoma, Inc. | 16912 | 2762914 |
|  |  | 126758024 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Deckers Outdoor Corp.\* | 22120 | 2279908 |
|  Lululemon Athletica, Inc.\* | 16037 | 3810070 |
|  NIKE, Inc., Class B | 165214 | 11736803 |
|  Ralph Lauren Corp. | 5778 | 1584790 |
|  Tapestry, Inc. | 28175 | 2474047 |
|  |  | 21885618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 766488500 |
|  **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Brown-Forman Corp., Class B | 28282 | 761069 |
|  Coca-Cola Co. (The) | 545952 | 38626104 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Constellation Brands, Inc., Class A | 21837 | $| 3552443 |
|  Keurig Dr Pepper, Inc. | 187903 |  | 6212073 |
|  Molson Coors Beverage Co., Class B | 24074 |  | 1157719 |
|  Monster Beverage Corp.\* | 96856 |  | 6067060 |
|  PepsiCo, Inc. | 192310 |  | 25392612 |
|  |  |  | 81769080 |
|  ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** |
|  Costco Wholesale Corp. | 62243 |  | 61616836 |
|  Dollar General Corp. | 30629 |  | 3503345 |
|  Dollar Tree, Inc.\* | 27928 |  | 2765989 |
|  Kroger Co. (The) | 86153 |  | 6179755 |
|  Sysco Corp. | 69018 |  | 5227423 |
|  Target Corp. | 65306 |  | 6442437 |
|  Walgreens Boots Alliance, Inc. | 97986 |  | 1124879 |
|  Walmart, Inc. | 608272 |  | 59476836 |
|  |  |  | 146337500 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Archer-Daniels-Midland Co. | 67692 |  | 3572784 |
|  Bunge Global SA | 18745 |  | 1504849 |
|  Campbell's Co. (The) | 26019 |  | 797482 |
|  Conagra Brands, Inc. | 69620 |  | 1425121 |
|  General Mills, Inc. | 77792 |  | 4030404 |
|  Hershey Co. (The) | 21119 |  | 3504698 |
|  Hormel Foods Corp. | 39661 |  | 1199745 |
|  J M Smucker Co. (The) | 13895 |  | 1364489 |
|  Kellanova | 38944 |  | 3097216 |
|  Kraft Heinz Co. (The) | 120203 |  | 3103642 |
|  Lamb Weston Holdings, Inc. | 20910 |  | 1084184 |
|  McCormick & Co., Inc. (Non-Voting) | 35382 |  | 2682663 |
|  Mondelez International, Inc., Class A | 181376 |  | 12231997 |
|  Tyson Foods, Inc., Class A | 41297 |  | 2310154 |
|  |  |  | 41909428 |
|  ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** |
|  Church & Dwight Co., Inc. | 34840 |  | 3348472 |
|  Clorox Co. (The) | 16632 |  | 1997004 |
|  Colgate-Palmolive Co. | 113505 |  | 10317605 |
|  Kimberly-Clark Corp. | 47346 |  | 6103846 |
|  Procter & Gamble Co. (The) | 330130 |  | 52596312 |
|  |  |  | 74363239 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 33470 |  | 2704376 |
|  Kenvue, Inc. | 272307 |  | 5699386 |
|  |  |  | 8403762 |
|  **Tobacco (0.7%)** | **Tobacco (0.7%)** | **Tobacco (0.7%)** | **Tobacco (0.7%)** |
|  Altria Group, Inc. | 237644 |  | 13933068 |
|  Philip Morris International, Inc. | 219195 |  | 39921985 |
|  |  |  | 53855053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 406638062 |
|  **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Baker Hughes Co. | 141723 |  | 5433660 |
|  Halliburton Co. | 117561 |  | 2395893 |
|  Schlumberger NV | 191290 |  | 6465602 |
|  |  |  | 14295155 |
|  ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** |
|  APA Corp. (x) | 48310 |  | 883590 |
|  Chevron Corp. | 228416 |  | 32706887 |
|  ConocoPhillips | 178900 |  | 16054486 |
|  Coterra Energy, Inc. | 101423 |  | 2574116 |
|  Devon Energy Corp. | 89545 |  | 2848426 |
|  Diamondback Energy, Inc. | 26362 |  | 3622139 |
|  EOG Resources, Inc. | 76620 |  | 9164518 |
|  EQT Corp. | 83823 |  | 4888557 |
|  Expand Energy Corp. | 29323 |  | 3429032 |
|  Exxon Mobil Corp. | 606149 |  | 65342862 |
|  Hess Corp. | 39562 |  | 5480919 |
|  Kinder Morgan, Inc. | 268917 |  | 7906160 |
|  Marathon Petroleum Corp. | 43940 |  | 7298873 |
|  Occidental Petroleum Corp. | 100353 |  | 4215830 |
|  ONEOK, Inc. | 86186 |  | 7035363 |
|  Phillips 66 | 58725 |  | 7005893 |
|  Targa Resources Corp. | 31138 |  | 5420503 |
|  Texas Pacific Land Corp. | 2562 |  | 2706471 |
|  Valero Energy Corp. | 44788 |  | 6020403 |
|  Williams Cos., Inc. (The) | 170439 |  | 10705274 |
|  |  |  | 205310302 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 219605457 |
|  **Financials (12.7%)** | **Financials (12.7%)** | **Financials (12.7%)** | **Financials (12.7%)** |
|  ***Banks (3.2%)*** | ***Banks (3.2%)*** | ***Banks (3.2%)*** | ***Banks (3.2%)*** |
|  Bank of America Corp. | 921562 |  | 43608314 |
|  Citigroup, Inc. | 263204 |  | 22403924 |
|  Citizens Financial Group, Inc. | 58611 |  | 2622842 |
|  Fifth Third Bancorp | 95136 |  | 3912944 |
|  Huntington Bancshares, Inc. | 203722 |  | 3414381 |
|  JPMorgan Chase & Co. | 390846 |  | 113310164 |
|  KeyCorp | 146195 |  | 2546717 |
|  M&T Bank Corp. | 23341 |  | 4527921 |
|  PNC Financial Services Group, Inc. (The) | 55307 |  | 10310331 |
|  Regions Financial Corp. | 130181 |  | 3061857 |
|  Truist Financial Corp. | 182893 |  | 7862570 |
|  US Bancorp | 217748 |  | 9853097 |
|  Wells Fargo & Co. | 457661 |  | 36667799 |
|  |  |  | 264102861 |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** |
|  Ameriprise Financial, Inc. | 13350 |  | 7125295 |
|  Bank of New York Mellon Corp. (The) | 100082 |  | 9118471 |
|  BlackRock, Inc.‡ | 20414 |  | 21419389 |
|  Blackstone, Inc. | 102630 |  | 15351395 |
|  Cboe Global Markets, Inc. | 14248 |  | 3322776 |
|  Charles Schwab Corp. (The) | 238948 |  | 21801616 |
|  CME Group, Inc. | 50529 |  | 13926803 |
|  Coinbase Global, Inc., Class A\* | 29224 |  | 10242720 |
|  FactSet Research Systems, Inc. | 5379 |  | 2405919 |
|  Franklin Resources, Inc. (x) | 45692 |  | 1089754 |
|  Goldman Sachs Group, Inc. (The) | 43153 |  | 30541536 |
|  Intercontinental Exchange, Inc. | 80565 |  | 14781261 |
|  Invesco Ltd. | 69423 |  | 1094801 |
|  KKR & Co., Inc. | 94655 |  | 12591955 |
|  MarketAxess Holdings, Inc. | 5143 |  | 1148638 |
|  Moody's Corp. | 21656 |  | 10862433 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Morgan Stanley | 173505 | $| 24439914 |
|  MSCI, Inc. | 11026 |  | 6359135 |
|  Nasdaq, Inc. | 59234 |  | 5296704 |
|  Northern Trust Corp. | 27626 |  | 3502701 |
|  Raymond James Financial, Inc. | 25578 |  | 3922898 |
|  S&P Global, Inc. | 44169 |  | 23289872 |
|  State Street Corp. | 39601 |  | 4211170 |
| T. Rowe Price Group, Inc. | 32331 |  | 3119941 |
|  |  |  | 250967097 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  American Express Co. | 77821 |  | 24823342 |
|  Capital One Financial Corp. | 89322 |  | 19004149 |
|  Synchrony Financial | 53547 |  | 3573727 |
|  |  |  | 47401218 |
|  ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** | ***Financial Services (3.9%)*** |
|  Apollo Global Management, Inc. | 62376 |  | 8849283 |
|  Berkshire Hathaway, Inc., Class B\* | 257892 |  | 125276197 |
|  Corpay, Inc.\* | 9654 |  | 3203390 |
|  Fidelity National Information Services, Inc. | 75400 |  | 6138314 |
|  Fiserv, Inc.\* | 77974 |  | 13443497 |
|  Global Payments, Inc. | 33618 |  | 2690785 |
|  Jack Henry & Associates, Inc. | 9763 |  | 1759000 |
|  Mastercard, Inc., Class A | 114194 |  | 64170176 |
|  PayPal Holdings, Inc.\* | 138286 |  | 10277416 |
|  Visa, Inc., Class A | 240629 |  | 85435327 |
|  |  |  | 321243385 |
|  ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | ***Insurance (1.9%)*** |
|  Aflac, Inc. | 68752 |  | 7250586 |
|  Allstate Corp. (The) | 36853 |  | 7418877 |
|  American International Group, Inc. | 82408 |  | 7053301 |
|  Aon plc, Class A | 30272 |  | 10799839 |
|  Arch Capital Group Ltd. | 53659 |  | 4885652 |
|  Arthur J Gallagher & Co. | 36332 |  | 11630600 |
|  Assurant, Inc. | 6917 |  | 1366038 |
|  Brown & Brown, Inc. | 39644 |  | 4395330 |
|  Chubb Ltd. | 52253 |  | 15138739 |
|  Cincinnati Financial Corp. | 21195 |  | 3156359 |
|  Erie Indemnity Co., Class A | 3473 |  | 1204402 |
|  Everest Group Ltd. | 6139 |  | 2086339 |
|  Globe Life, Inc. | 12149 |  | 1509999 |
|  Hartford Insurance Group, Inc. (The) | 40314 |  | 5114637 |
|  Loews Corp. | 25094 |  | 2300116 |
|  Marsh & McLennan Cos., Inc. | 68866 |  | 15056862 |
|  MetLife, Inc. | 79304 |  | 6377628 |
|  Principal Financial Group, Inc. | 29316 |  | 2328570 |
|  Progressive Corp. (The) | 82142 |  | 21920414 |
|  Prudential Financial, Inc. | 50672 |  | 5444200 |
|  Travelers Cos., Inc. (The) | 31640 |  | 8464966 |
|  W.R. Berkley Corp. | 42197 |  | 3100214 |
|  Willis Towers Watson plc | 14107 |  | 4323795 |
|  |  |  | 152327463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 1036042024 |
|  **Health Care (8.4%)** | **Health Care (8.4%)** | **Health Care (8.4%)** | **Health Care (8.4%)** |
|  ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** |
|  AbbVie, Inc. | 248664 |  | 46157012 |
|  Amgen, Inc. | 75326 |  | 21031773 |
|  Biogen, Inc.\* | 20129 |  | 2528001 |
|  Gilead Sciences, Inc. | 174749 |  | 19374422 |
|  Incyte Corp.\* | 22865 |  | 1557106 |
|  Moderna, Inc.\* | 49402 |  | 1363001 |
|  Regeneron Pharmaceuticals, Inc. | 14646 |  | 7689150 |
|  Vertex Pharmaceuticals, Inc.\* | 36007 |  | 16030316 |
|  |  |  | 115730781 |
|  ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** | ***Health Care Equipment & Supplies (2.1%)*** |
|  Abbott Laboratories | 244990 |  | 33321090 |
|  Align Technology, Inc.\* | 9313 |  | 1763230 |
|  Baxter International, Inc. | 73955 |  | 2239357 |
|  Becton Dickinson & Co. | 39848 |  | 6863818 |
|  Boston Scientific Corp.\* | 208780 |  | 22425060 |
|  Cooper Cos., Inc. (The)\* | 28611 |  | 2035959 |
|  Dexcom, Inc.\* | 55924 |  | 4881606 |
|  Edwards Lifesciences Corp.\* | 83766 |  | 6551339 |
|  GE HealthCare Technologies, Inc. | 65457 |  | 4848400 |
|  Hologic, Inc.\* | 30431 |  | 1982884 |
|  IDEXX Laboratories, Inc.\* | 11253 |  | 6035434 |
|  Insulet Corp.\* | 9454 |  | 2970258 |
|  Intuitive Surgical, Inc.\* | 50472 |  | 27426989 |
|  Medtronic plc | 179800 |  | 15673166 |
|  ResMed, Inc. | 20782 |  | 5361756 |
|  Solventum Corp.\* | 17855 |  | 1354123 |
|  STERIS plc | 13739 |  | 3300383 |
|  Stryker Corp. | 48154 |  | 19051167 |
|  Zimmer Biomet Holdings, Inc. | 26665 |  | 2432115 |
|  |  |  | 170518134 |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** |
|  Cardinal Health, Inc. | 34578 |  | 5809104 |
|  Cencora, Inc. | 24565 |  | 7365815 |
|  Centene Corp.\* | 69533 |  | 3774251 |
|  Cigna Group (The) | 37570 |  | 12419891 |
|  CVS Health Corp. | 176787 |  | 12194767 |
|  DaVita, Inc.\* | 6520 |  | 928774 |
|  Elevance Health, Inc. | 31776 |  | 12359593 |
|  HCA Healthcare, Inc. | 24294 |  | 9307031 |
|  Henry Schein, Inc.\* | 16690 |  | 1219205 |
|  Humana, Inc. | 17113 |  | 4183786 |
|  Labcorp Holdings, Inc. | 11459 |  | 3008102 |
|  McKesson Corp. | 17573 |  | 12877143 |
|  Molina Healthcare, Inc.\* | 8059 |  | 2400776 |
|  Quest Diagnostics, Inc. | 15082 |  | 2709180 |
|  UnitedHealth Group, Inc. | 127578 |  | 39800509 |
|  Universal Health Services, Inc., Class B | 8156 |  | 1477459 |
|  |  |  | 131835386 |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** |
|  Agilent Technologies, Inc. | 40836 |  | 4819056 |
|  Bio-Techne Corp. | 21018 |  | 1081376 |
|  Charles River Laboratories International, Inc.\* | 6650 |  | 1009005 |
|  Danaher Corp. | 89740 |  | 17727240 |
|  IQVIA Holdings, Inc.\* | 23087 |  | 3638280 |
|  Mettler-Toledo International, Inc.\* | 2932 |  | 3444279 |
|  Revvity, Inc. | 17319 |  | 1675094 |
|  Thermo Fisher Scientific, Inc. | 53043 |  | 21506815 |
|  Waters Corp.\* | 8055 |  | 2811517 |
|  West Pharmaceutical Services, Inc. | 9844 |  | 2153867 |
|  |  |  | 59866529 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Bristol-Myers Squibb Co. | 284547 | $13171681 |
|  Eli Lilly & Co. | 110483 | 86124813 |
|  Johnson & Johnson | 337592 | 51567178 |
|  Merck & Co., Inc. | 354702 | 28078210 |
|  Pfizer, Inc. | 794616 | 19261492 |
|  Viatris, Inc. | 160296 | 1431443 |
|  Zoetis, Inc. | 62639 | 9768552 |
|  |  | 209403369 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 687354199 |
|  **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  Axon Enterprise, Inc.\* | 10401 | 8611404 |
|  Boeing Co. (The)\* | 106242 | 22260886 |
|  GE Aerospace | 150495 | 38735908 |
|  General Dynamics Corp. | 35463 | 10343139 |
|  Howmet Aerospace, Inc. | 56579 | 10531049 |
|  Huntington Ingalls Industries, Inc. | 5907 | 1426304 |
|  L3Harris Technologies, Inc. | 26085 | 6543161 |
|  Lockheed Martin Corp. | 29375 | 13604738 |
|  Northrop Grumman Corp. | 18995 | 9497120 |
|  RTX Corp. | 186788 | 27274784 |
|  Textron, Inc. | 26434 | 2122386 |
|  TransDigm Group, Inc. | 7860 | 11952230 |
|  |  | 162903109 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 17210 | 1651299 |
|  Expeditors International of Washington, Inc. | 19214 | 2195200 |
|  FedEx Corp. | 30703 | 6979099 |
|  United Parcel Service, Inc., Class B | 102319 | 10328080 |
|  |  | 21153678 |
|  ***Building Products (0.5%)*** | ***Building Products (0.5%)*** | ***Building Products (0.5%)*** |
|  A.O. Smith Corp. | 17958 | 1177506 |
|  Allegion plc | 12176 | 1754805 |
|  Builders FirstSource, Inc.\* | 16739 | 1953274 |
|  Carrier Global Corp. | 112561 | 8238340 |
|  Johnson Controls International plc | 92200 | 9738164 |
|  Lennox International, Inc. | 4487 | 2572128 |
|  Masco Corp. | 28463 | 1831879 |
|  Trane Technologies plc | 31450 | 13756544 |
|  |  | 41022640 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  Cintas Corp. | 48022 | 10702663 |
|  Copart, Inc.\* | 125506 | 6158579 |
|  Republic Services, Inc. | 28188 | 6951443 |
|  Rollins, Inc. | 40089 | 2261821 |
|  Veralto Corp. | 35399 | 3573529 |
|  Waste Management, Inc. | 51214 | 11718788 |
|  |  | 41366823 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Quanta Services, Inc. | 21047 | 7957450 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  AMETEK, Inc. | 32434 | 5869257 |
|  Eaton Corp. plc | 55414 | 19782244 |
|  Emerson Electric Co. | 78855 | 10513737 |
|  GE Vernova, Inc. | 38686 | 20470697 |
|  Generac Holdings, Inc.\* | 7520 | 1076939 |
|  Hubbell, Inc., Class B | 7473 | 3052048 |
|  Rockwell Automation, Inc. | 15932 | 5292132 |
|  |  | 66057054 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  CSX Corp. | 268679 | 8766996 |
|  JB Hunt Transport Services, Inc. | 11537 | 1656713 |
|  Norfolk Southern Corp. | 31556 | 8077389 |
|  Old Dominion Freight Line, Inc. | 26555 | 4309877 |
|  Uber Technologies, Inc.\* | 292918 | 27329249 |
|  Union Pacific Corp. | 84732 | 19495139 |
|  |  | 69635363 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 76060 | 11579374 |
|  Honeywell International, Inc. | 91177 | 21233300 |
|  |  | 32812674 |
|  ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** |
|  Caterpillar, Inc. | 66144 | 25677762 |
|  Cummins, Inc. | 19602 | 6419655 |
|  Deere & Co. | 35515 | 18059022 |
|  Dover Corp. | 18793 | 3443441 |
|  Fortive Corp. | 46833 | 2441404 |
|  IDEX Corp. | 10436 | 1832249 |
|  Illinois Tool Works, Inc. | 37250 | 9210063 |
|  Ingersoll Rand, Inc. | 55832 | 4644106 |
|  Nordson Corp. | 7769 | 1665441 |
|  Otis Worldwide Corp. | 56698 | 5614236 |
|  PACCAR, Inc. | 72738 | 6914474 |
|  Parker-Hannifin Corp. | 18055 | 12610876 |
|  Pentair plc | 22262 | 2285417 |
|  Snap-on, Inc. | 7597 | 2364034 |
|  Stanley Black & Decker, Inc. | 20469 | 1386775 |
|  Westinghouse Air Brake Technologies Corp. | 24455 | 5119654 |
|  Xylem, Inc. | 34377 | 4447009 |
|  |  | 114135618 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 91038 | 4477249 |
|  Southwest Airlines Co. | 78370 | 2542323 |
|  United Airlines Holdings, Inc.\* | 46753 | 3722941 |
|  |  | 10742513 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Automatic Data Processing, Inc. | 57051 | 17594528 |
|  Broadridge Financial Solutions, Inc. | 16566 | 4026035 |
|  Dayforce, Inc.\* | 23560 | 1304989 |
|  Equifax, Inc. | 17554 | 4552981 |
|  Jacobs Solutions, Inc. | 17236 | 2265672 |
|  Leidos Holdings, Inc. | 18963 | 2991603 |
|  Paychex, Inc. | 44468 | 6468315 |
|  Paycom Software, Inc. | 6190 | 1432366 |
|  Verisk Analytics, Inc. | 20100 | 6261150 |
|  |  | 46897639 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Fastenal Co. | 163812 | 6880104 |
|  United Rentals, Inc. | 9035 | 6806969 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  W.W. Grainger, Inc. | 6280 | $| 6532707 |
|  |  |  | 20219780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 634904341 |
|  **Information Technology (29.9%)** | **Information Technology (29.9%)** | **Information Technology (29.9%)** | **Information Technology (29.9%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Arista Networks, Inc.\* | 144846 |  | 14819194 |
|  Cisco Systems, Inc. | 558456 |  | 38745677 |
|  F5, Inc.\* | 7903 |  | 2326011 |
|  Juniper Networks, Inc. | 46122 |  | 1841652 |
|  Motorola Solutions, Inc. | 23333 |  | 9810593 |
|  |  |  | 67543127 |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** |
|  Amphenol Corp., Class A | 169816 |  | 16769330 |
|  CDW Corp. | 18140 |  | 3239623 |
|  Corning, Inc. | 109512 |  | 5759236 |
|  Jabil, Inc. | 15183 |  | 3311412 |
|  Keysight Technologies, Inc.\* | 23945 |  | 3923628 |
|  Ralliant Corp.\* | 15611 |  | 756977 |
|  TE Connectivity plc | 41835 |  | 7056310 |
|  Teledyne Technologies, Inc.\* | 6581 |  | 3371512 |
|  Trimble, Inc.\* | 33539 |  | 2548293 |
|  Zebra Technologies Corp., Class A\* | 7095 |  | 2187814 |
|  |  |  | 48924135 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Accenture plc, Class A | 87704 |  | 26213849 |
|  Akamai Technologies, Inc. (x)\* | 21895 |  | 1746345 |
|  Cognizant Technology Solutions Corp., Class A | 69354 |  | 5411693 |
|  EPAM Systems, Inc.\* | 8272 |  | 1462655 |
|  Gartner, Inc.\* | 10909 |  | 4409636 |
|  GoDaddy, Inc., Class A\* | 19901 |  | 3583374 |
|  International Business Machines Corp. | 130708 |  | 38530104 |
|  VeriSign, Inc. | 11500 |  | 3321200 |
|  |  |  | 84678856 |
|  ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** |
|  Advanced Micro Devices, Inc.\* | 227221 |  | 32242660 |
|  Analog Devices, Inc. | 69563 |  | 16557385 |
|  Applied Materials, Inc. | 113956 |  | 20861925 |
|  Broadcom, Inc. | 661272 |  | 182279627 |
|  Enphase Energy, Inc.\* | 20412 |  | 809336 |
|  First Solar, Inc.\* | 14656 |  | 2426154 |
|  Intel Corp. | 617530 |  | 13832672 |
|  KLA Corp. | 18633 |  | 16690323 |
|  Lam Research Corp. | 179993 |  | 17520519 |
|  Microchip Technology, Inc. | 74673 |  | 5254739 |
|  Micron Technology, Inc. | 156227 |  | 19254978 |
|  Monolithic Power Systems, Inc. | 6633 |  | 4851243 |
|  NVIDIA Corp. | 3429812 |  | 541875998 |
|  NXP Semiconductors NV | 35390 |  | 7732361 |
|  ON Semiconductor Corp.\* | 59394 |  | 3112840 |
|  QUALCOMM, Inc. | 155082 |  | 24698359 |
|  Skyworks Solutions, Inc. | 20294 |  | 1512309 |
|  Teradyne, Inc. | 23457 |  | 2109253 |
|  Texas Instruments, Inc. | 127645 |  | 26501655 |
|  |  |  | 940124336 |
|  ***Software (10.4%)*** | ***Software (10.4%)*** | ***Software (10.4%)*** | ***Software (10.4%)*** |
|  Adobe, Inc.\* | 59940 |  | 23189587 |
|  ANSYS, Inc.\* | 12474 |  | 4381118 |
|  Autodesk, Inc.\* | 29975 |  | 9279361 |
|  Cadence Design Systems, Inc.\* | 38457 |  | 11850525 |
|  Crowdstrike Holdings, Inc., Class A\* | 35037 |  | 17844694 |
|  Fair Isaac Corp.\* | 3495 |  | 6388720 |
|  Fortinet, Inc.\* | 88711 |  | 9378527 |
|  Gen Digital, Inc. | 75167 |  | 2209910 |
|  Intuit, Inc. | 39250 |  | 30914477 |
|  Microsoft Corp. | 1045297 |  | 519941181 |
|  Oracle Corp. | 228741 |  | 50009645 |
|  Palantir Technologies, Inc., Class A\* | 299155 |  | 40780810 |
|  Palo Alto Networks, Inc.\* | 92839 |  | 18998573 |
|  PTC, Inc.\* | 16624 |  | 2864980 |
|  Roper Technologies, Inc. | 14968 |  | 8484461 |
|  Salesforce, Inc. | 135097 |  | 36839601 |
|  ServiceNow, Inc.\* | 29124 |  | 29941802 |
|  Synopsys, Inc.\* | 21626 |  | 11087218 |
|  Tyler Technologies, Inc.\* | 6081 |  | 3605060 |
|  Workday, Inc., Class A\* | 29755 |  | 7141200 |
|  |  |  | 845131450 |
|  ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** |
|  Apple, Inc. | 2100542 |  | 430968202 |
|  Dell Technologies, Inc., Class C | 42133 |  | 5165506 |
|  Hewlett Packard Enterprise Co. | 178502 |  | 3650366 |
|  HP, Inc. | 128637 |  | 3146461 |
|  NetApp, Inc. | 28928 |  | 3082279 |
|  Seagate Technology Holdings plc | 29086 |  | 4197982 |
|  Super Micro Computer, Inc. (x)\* | 70476 |  | 3454029 |
|  Western Digital Corp. (x) | 49970 |  | 3197580 |
|  |  |  | 456862405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 2443264309 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** |
|  Air Products and Chemicals, Inc. | 30991 |  | 8741321 |
|  Albemarle Corp. | 17616 |  | 1103995 |
|  CF Industries Holdings, Inc. | 22571 |  | 2076532 |
|  Corteva, Inc. | 96128 |  | 7164420 |
|  Dow, Inc. | 98564 |  | 2609975 |
|  DuPont de Nemours, Inc. | 58984 |  | 4045713 |
|  Eastman Chemical Co. | 15371 |  | 1147599 |
|  Ecolab, Inc. | 35171 |  | 9476474 |
|  International Flavors & Fragrances, Inc. | 36121 |  | 2656699 |
|  Linde plc | 66202 |  | 31060654 |
|  LyondellBasell Industries NV, Class A(x) | 37756 |  | 2184562 |
|  Mosaic Co. (The) | 43295 |  | 1579402 |
|  PPG Industries, Inc. | 32762 |  | 3726677 |
|  Sherwin-Williams Co. (The) | 32453 |  | 11143062 |
|  |  |  | 88717085 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Martin Marietta Materials, Inc. | 8748 |  | 4802302 |
|  Vulcan Materials Co. | 18078 |  | 4715104 |
|  |  |  | 9517406 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 322013 | $2959299 |
|  Avery Dennison Corp. | 11232 | 1970879 |
|  Ball Corp. | 40391 | 2265531 |
|  International Paper Co. | 73596 | 3446501 |
|  Packaging Corp. of America | 12479 | 2351668 |
|  Smurfit WestRock plc | 70125 | 3025894 |
|  |  | 16019772 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  Freeport-McMoRan, Inc. | 200562 | 8694363 |
|  Newmont Corp. | 158837 | 9253844 |
|  Nucor Corp. | 33547 | 4345678 |
|  Steel Dynamics, Inc. | 20632 | 2641102 |
|  |  | 24934987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 139189250 |
|  **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 22351 | 1623353 |
|  Healthpeak Properties, Inc. (REIT) | 97703 | 1710779 |
|  Ventas, Inc. (REIT) | 62465 | 3944665 |
|  Welltower, Inc. (REIT) | 87372 | 13431698 |
|  |  | 20710495 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 94741 | 1455222 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 129963 | 13661711 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 19917 | 1343800 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 41796 | 5856455 |
|  CoStar Group, Inc.\* | 58079 | 4669552 |
|  |  | 10526007 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 19961 | 4062064 |
|  Camden Property Trust (REIT) | 15159 | 1708268 |
|  Equity Residential (REIT) | 48141 | 3249036 |
|  Essex Property Trust, Inc. (REIT) | 8688 | 2462179 |
|  Invitation Homes, Inc. (REIT) | 77240 | 2533472 |
|  Mid-America Apartment Communities, Inc. (REIT) | 16231 | 2402350 |
|  UDR, Inc. (REIT) | 40047 | 1635119 |
|  |  | 18052488 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Federal Realty Investment Trust (REIT) | 9805 | 931377 |
|  Kimco Realty Corp. (REIT) | 96315 | 2024541 |
|  Realty Income Corp. (REIT) | 127007 | 7316873 |
|  Regency Centers Corp. (REIT) | 24147 | 1719991 |
|  Simon Property Group, Inc. (REIT) | 42535 | 6837927 |
|  |  | 18830709 |
|  ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** |
|  American Tower Corp. (REIT) | 65523 | 14481893 |
|  Crown Castle, Inc. (REIT) | 61857 | 6354570 |
|  Digital Realty Trust, Inc. (REIT) | 44071 | 7682897 |
|  Equinix, Inc. (REIT) | 13648 | 10856574 |
|  Extra Space Storage, Inc. (REIT) | 30102 | 4438239 |
|  Iron Mountain, Inc. (REIT) | 41560 | 4262809 |
|  Public Storage (REIT) | 22493 | 6599896 |
|  SBA Communications Corp. (REIT) | 15196 | 3568629 |
|  VICI Properties, Inc. (REIT), Class A | 148335 | 4835721 |
|  Weyerhaeuser Co. (REIT) | 100156 | 2573008 |
|  |  | 65654236 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 150234668 |
|  **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
|  ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** | ***Electric Utilities (1.4%)*** |
|  Alliant Energy Corp. | 37407 | 2262001 |
|  American Electric Power Co., Inc. | 74209 | 7699926 |
|  Constellation Energy Corp. | 43866 | 14158190 |
|  Duke Energy Corp. | 108810 | 12839580 |
|  Edison International | 55914 | 2885163 |
|  Entergy Corp. | 61175 | 5084866 |
|  Evergy, Inc. | 31895 | 2198522 |
|  Eversource Energy | 49527 | 3150908 |
|  Exelon Corp. | 138839 | 6028389 |
|  FirstEnergy Corp. | 71426 | 2875611 |
|  NextEra Energy, Inc. | 288346 | 20016979 |
|  NRG Energy, Inc. | 28344 | 4551480 |
|  PG&E Corp. | 313986 | 4376965 |
|  Pinnacle West Capital Corp. | 16372 | 1464803 |
|  PPL Corp. | 104515 | 3542013 |
|  Southern Co. (The) | 156057 | 14330714 |
|  Xcel Energy, Inc. | 82196 | 5597548 |
|  |  | 113063658 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. (x) | 22806 | 3514632 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 95557 | 1005260 |
|  Vistra Corp. | 48397 | 9379822 |
|  |  | 10385082 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Ameren Corp. | 37196 | 3572304 |
|  CenterPoint Energy, Inc. | 91341 | 3355868 |
|  CMS Energy Corp. | 41211 | 2855098 |
|  Consolidated Edison, Inc. | 49592 | 4976557 |
|  Dominion Energy, Inc. | 120677 | 6820664 |
|  DTE Energy Co. | 29460 | 3902272 |
|  NiSource, Inc. | 66019 | 2663207 |
|  Public Service Enterprise Group, Inc. | 70680 | 5949842 |
|  Sempra | 91720 | 6949624 |
|  WEC Energy Group, Inc. | 44173 | 4602827 |
|  |  | 45648263 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 27897 | 3880752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 176492387 |
|  **Total Common Stocks (90.3%)**<br> *(Cost $1,885,931,500)* |  | 7383612033 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.2%)** | **Investment Companies (3.2%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 5645145 | $5645145 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 254242674 | 254293523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 259938668 |
|  **Total Short-Term Investments (3.2%)**<br> *(Cost $259,935,613)* |  | 259938668 |
|  **Total Investments in Securities (93.5%)**<br> *(Cost $2,145,867,113)* |  | 7643550701 |
|  **Other Assets Less Liabilities (6.5%)** |  | 530829077 |
|  **Net Assets (100%)** |  | $8174379778 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $16,759,112. This was collateralized by $11,385,104 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $5,645,145 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 20414 | 22740015 |  | (1687503) | 789452 | (422575) | 21419389 | 221857 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 2542 | 9/2025 | USD | 794851625 | 24239289 |
|  |  |  |  |  | 24239289 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $723398836 | $— | $— | $723398836 |
|  Consumer Discretionary | 766488500 |  |  | 766488500 |
|  Consumer Staples | 406638062 |  |  | 406638062 |
|  Energy | 219605457 |  |  | 219605457 |
|  Financials | 1036042024 |  |  | 1036042024 |
|  Health Care | 687354199 |  |  | 687354199 |
|  Industrials | 634904341 |  |  | 634904341 |
|  Information Technology | 2443264309 |  |  | 2443264309 |
|  Materials | 139189250 |  |  | 139189250 |
|  Real Estate | 150234668 |  |  | 150234668 |
|  Utilities | 176492387 |  |  | 176492387 |
|  **Futures** | 24239289 |  |  | 24239289 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 259938668 |  |  | 259938668 |
|  **Total Assets** | $**7667789990** | $**—** | $**—** | $**7667789990** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7667789990** | $**—** | $**—** | $**7667789990** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $24239289 \* |
|  **Total** |  | $24239289 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(255358230) | $(255358230) |
|  Total | $(255358230) | $(255358230) |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $48076318 | $48076318 |
|  **Total** | $48076318 | $48076318 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $764070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250371000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $46861397 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632220123 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5691567390 |
|  Aggregate gross unrealized depreciation | (146551937) |
|  Net unrealized appreciation | $5545015453 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122774537 |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,237,969) | $21419389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $2,141,629,144) | 7622131312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 475000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 61194800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6028371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 3824039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 567883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 85012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 8190252062 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 6528802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5645145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 2664772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 782960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 48781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 201824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15872284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $8174379778 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2517711305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5656668473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $8174379778 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $244,379,393 / 7,807,853 shares outstanding (unlimited amount authorized: $0.01 par value) | $31.30 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,930,000,385 / 249,357,013 shares outstanding (unlimited amount authorized: $0.01 par value) | $31.80 |

---

*(x)* *Includes value of securities on loan of $16,759,112.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($221,857 of dividend income received from affiliates) (net of $11,983 foreign withholding tax) | $53106860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11040820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 64154439 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 16124654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4944458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 293267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 276710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 191114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 132946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 80606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 86293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 22130048 |
|  **NET INVESTMENT INCOME (LOSS)** | 42024391 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($789,452 realized gain (loss) from affiliates) | 428412824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (255358230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 173054594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(422575) of change in unrealized appreciation (depreciation) from affiliates) | (48753320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 48076318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (677002) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 172377592 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $214401983 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/500 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $42024391 | $99823511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 173054594 | 1376637160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (677002) | 391132732 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 214401983 | 1867593403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (40410599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1336934923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1377345522) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 439,066 and 759,026 shares, respectively ] | 12948822 | 24676718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,271,462 shares, respectively ] |  | 40410599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (729812) and (1589598) shares, respectively ] | (21590547) | (52038400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (8641725) | 13048917 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,697,809 and 2,769,451 shares, respectively ] | 216895234 | 92277192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 41,450,186 shares, respectively ] |  | 1336934923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (21163013) and (61766538) shares, respectively ] | (634243091) | (2047190900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (417347857) | (617978785) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (425989582) | (604929868) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (211587599) | (114681987) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 8385967377 | 8500649364 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $8174379778 | $8385967377 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/500 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $30.52 | $29.17 | $24.92 | $33.31 | $28.90 | $27.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.30 | 0.29 | 0.22 | 0.16 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.66 | 6.79 | 5.94 | (6.85) | 7.72 | 4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 7.09 | 6.23 | (6.63) | 7.88 | 4.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.36) | (0.32) | (0.23) | (0.18) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (5.38) | (1.66) | (1.53) | (3.29) | (2.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (5.74) | (1.98) | (1.76) | (3.47) | (2.88) |
|  Net asset value, end of period | $31.30 | $30.52 | $29.17 | $24.92 | $33.31 | $28.90 |
|  Total return (b) | 2.56% | 23.92% | 25.27% | (20.01)% | 27.63% | 17.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $244379 | $247132 | $223348 | $195213 | $238308 | $221395 |
|  Ratio of expenses to average net <br>assets (a)(f) | 0.80% | 0.80% | 0.81% | 0.80% | 0.78% | 0.80% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.82% | 0.92% | 1.05% | 0.77% | 0.48% | 0.95% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 2% | 3% | 3% | 6% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $30.97 | $29.52 | $25.20 | $33.66 | $29.17 | $27.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.39 | 0.36 | 0.29 | 0.24 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.67 | 6.89 | 6.01 | (6.91) | 7.80 | 4.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.83 | 7.28 | 6.37 | (6.62) | 8.04 | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.45) | (0.39) | (0.31) | (0.26) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (5.38) | (1.66) | (1.53) | (3.29) | (2.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (5.83) | (2.05) | (1.84) | (3.55) | (2.95) |
|  Net asset value, end of period | $31.80 | $30.97 | $29.52 | $25.20 | $33.66 | $29.17 |
|  Total return (b) | 2.68% | 24.25% | 25.55% | (19.80)% | 27.92% | 17.32% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $7930000 | $8138835 | $8277301 | $7271965 | $10394162 | $9303913 |
|  Ratio of expenses to average net <br>assets (a)(f) | 0.55% | 0.55% | 0.56% | 0.55% | 0.53% | 0.55% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.07% | 1.17% | 1.30% | 1.01% | 0.73% | 1.20% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 2% | 3% | 3% | 6% |

---

See Notes to Financial Statements.

------

EQ/500 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.1%)** | **Communication Services (1.1%)** | **Communication Services (1.1%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Frontier Communications Parent, Inc.\* | 53588 | $1950603 |
|  Iridium Communications, Inc. | 26186 | 790032 |
|  |  | 2740635 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Warner Music Group Corp., Class A | 34815 | 948360 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  ZoomInfo Technologies, Inc., Class A\* | 62983 | 637388 |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** |
|  EchoStar Corp., Class A (x)\* | 31258 | 865847 |
|  New York Times Co. (The), Class A | 38596 | 2160604 |
|  Nexstar Media Group, Inc., Class A | 6933 | 1199062 |
|  |  | 4225513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 8551896 |
|  **Consumer Discretionary (12.0%)** | **Consumer Discretionary (12.0%)** | **Consumer Discretionary (12.0%)** |
|  ***Automobile Components (0.7%)*** | ***Automobile Components (0.7%)*** | ***Automobile Components (0.7%)*** |
|  Autoliv, Inc. | 17053 | 1908231 |
|  Gentex Corp. | 52753 | 1160038 |
|  Goodyear Tire & Rubber Co. (The)\* | 68874 | 714223 |
|  Lear Corp. | 12741 | 1210140 |
|  Visteon Corp.\* | 6325 | 590123 |
|  |  | 5582755 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Harley-Davidson, Inc. | 26836 | 633330 |
|  Thor Industries, Inc. (x) | 12503 | 1110391 |
|  |  | 1743721 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Macy's, Inc. | 66996 | 781173 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 14556 | 1918190 |
|  |  | 2699363 |
|  ***Diversified Consumer Services (1.4%)*** | ***Diversified Consumer Services (1.4%)*** | ***Diversified Consumer Services (1.4%)*** |
|  Duolingo, Inc., Class A\* | 9359 | 3837377 |
|  Graham Holdings Co., Class B | 828 | 783429 |
|  Grand Canyon Education, Inc.\* | 6751 | 1275939 |
|  H&R Block, Inc. | 32299 | 1772892 |
|  Service Corp. International | 34434 | 2802928 |
|  |  | 10472565 |
|  ***Hotels, Restaurants & Leisure (3.1%)*** | ***Hotels, Restaurants & Leisure (3.1%)*** | ***Hotels, Restaurants & Leisure (3.1%)*** |
|  Aramark | 64395 | 2696219 |
|  Boyd Gaming Corp. | 14899 | 1165549 |
|  Cava Group, Inc. (x)\* | 19446 | 1637936 |
|  Choice Hotels International, Inc. (x) | 5228 | 663329 |
|  Churchill Downs, Inc. | 17384 | 1755784 |
|  Hilton Grand Vacations, Inc. (x)\* | 14072 | 584410 |
|  Hyatt Hotels Corp., Class A (x) | 10452 | 1459622 |
|  Light & Wonder, Inc.\* | 20303 | 1954367 |
|  Marriott Vacations Worldwide Corp. (x) | 7268 | 525549 |
|  Planet Fitness, Inc., Class A\* | 20078 | 2189506 |
|  Texas Roadhouse, Inc., Class A | 15844 | 2969324 |
|  Travel + Leisure Co. | 15992 | 825347 |
|  Vail Resorts, Inc. | 8809 | 1384158 |
|  Wendy's Co. (The) | 41575 | 474786 |
|  Wingstop, Inc. | 6680 | 2249423 |
|  Wyndham Hotels & Resorts, Inc. | 18461 | 1499218 |
|  |  | 24034527 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  KB Home | 15679 | 830517 |
|  Somnigroup International, Inc. | 49751 | 3385556 |
|  Taylor Morrison Home Corp., Class A\* | 24515 | 1505711 |
|  Toll Brothers, Inc. | 23763 | 2712071 |
|  TopBuild Corp.\* | 6810 | 2204669 |
|  Whirlpool Corp. | 13171 | 1335803 |
|  |  | 11974327 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  Brunswick Corp. | 15677 | 865997 |
|  Mattel, Inc.\* | 78543 | 1548868 |
|  Polaris, Inc. (x) | 12141 | 493532 |
|  YETI Holdings, Inc.\* | 19788 | 623718 |
|  |  | 3532115 |
|  ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** |
|  Abercrombie & Fitch Co., Class A\* | 12006 | 994697 |
|  AutoNation, Inc.\* | 6169 | 1225472 |
|  Bath & Body Works, Inc. | 51794 | 1551748 |
|  Burlington Stores, Inc.\* | 15037 | 3498208 |
|  Chewy, Inc., Class A\* | 51960 | 2214535 |
|  Dick's Sporting Goods, Inc. | 13469 | 2664303 |
|  Five Below, Inc.\* | 13097 | 1718064 |
|  Floor & Decor Holdings, Inc., Class A\* | 25650 | 1948374 |
|  GameStop Corp., Class A (x)\* | 97240 | 2371684 |
|  Gap, Inc. (The) | 52652 | 1148340 |
|  Lithia Motors, Inc., Class A | 6271 | 2118469 |
|  Murphy USA, Inc. | 4313 | 1754528 |
|  Penske Automotive Group, Inc. | 4374 | 751497 |
|  RH\* | 3586 | 677790 |
|  Valvoline, Inc.\* | 30854 | 1168441 |
|  |  | 25806150 |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** |
|  Capri Holdings Ltd. (x)\* | 28161 | 498450 |
|  Columbia Sportswear Co. | 6942 | 424017 |
|  Crocs, Inc.\* | 13426 | 1359785 |
|  PVH Corp. | 11489 | 788146 |
|  Skechers USA, Inc., Class A\* | 31151 | 1965628 |
|  Under Armour, Inc., Class A\* | 41484 | 283336 |
|  Under Armour, Inc., Class C\* | 34464 | 223671 |
|  VF Corp. | 78680 | 924490 |
|  |  | 6467523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 92313046 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 1848 | 352617 |
|  Celsius Holdings, Inc. (x)\* | 37538 | 1741388 |
|  Coca-Cola Consolidated, Inc. | 14139 | 1578619 |
|  |  | 3672624 |
|  ***Consumer Staples Distribution & Retail (3.0%)*** | ***Consumer Staples Distribution & Retail (3.0%)*** | ***Consumer Staples Distribution & Retail (3.0%)*** |
|  Albertsons Cos., Inc., Class A | 97603 | 2099440 |
|  BJ's Wholesale Club Holdings, Inc.\* | 31482 | 3394704 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Casey's General Stores, Inc. | 8892 | $| 4537321 |
|  Maplebear, Inc.\* | 38706 |  | 1751059 |
|  Performance Food Group Co.\* | 37244 |  | 3257733 |
|  Sprouts Farmers Market, Inc.\* | 23352 |  | 3844673 |
|  US Foods Holding Corp.\* | 54953 |  | 4231931 |
|  |  |  | 23116861 |
|  ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** |
|  Darling Ingredients, Inc.\* | 38169 |  | 1448132 |
|  Flowers Foods, Inc. (x) | 43182 |  | 690048 |
|  Ingredion, Inc. | 15404 |  | 2089091 |
|  Lancaster Colony Corp. | 4518 |  | 780575 |
|  Pilgrim's Pride Corp. | 10027 |  | 451014 |
|  Post Holdings, Inc.\* | 10857 |  | 1183739 |
|  |  |  | 6642599 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  BellRing Brands, Inc.\* | 30692 |  | 1777988 |
|  Coty, Inc., Class A\* | 85119 |  | 395803 |
|  e.l.f. Beauty, Inc. (x)\* | 13423 |  | 1670358 |
|  |  |  | 3844149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 37276233 |
|  **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  ChampionX Corp. | 44291 |  | 1100188 |
|  NOV, Inc. | 92182 |  | 1145822 |
|  Valaris Ltd.\* | 15241 |  | 641799 |
|  Weatherford International plc | 17337 |  | 872225 |
|  |  |  | 3760034 |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** |
|  Antero Midstream Corp. | 82637 |  | 1565971 |
|  Antero Resources Corp.\* | 71024 |  | 2860847 |
|  Chord Energy Corp. | 13131 |  | 1271737 |
|  Civitas Resources, Inc. | 20126 |  | 553868 |
|  CNX Resources Corp.\* | 36116 |  | 1216387 |
|  DT Midstream, Inc. | 23855 |  | 2621903 |
|  HF Sinclair Corp. | 38651 |  | 1587783 |
|  Matador Resources Co. | 27831 |  | 1328095 |
|  Murphy Oil Corp. | 30611 |  | 688747 |
|  Ovintiv, Inc. | 63180 |  | 2403999 |
|  PBF Energy, Inc., Class A | 22809 |  | 494271 |
|  Permian Resources Corp. | 157481 |  | 2144891 |
|  Range Resources Corp. | 56389 |  | 2293341 |
|  Viper Energy, Inc., Class A | 31060 |  | 1184318 |
|  |  |  | 22216158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 25976192 |
|  **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** |
|  ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** |
|  Associated Banc-Corp. | 39086 |  | 953307 |
|  Bank OZK | 25434 |  | 1196924 |
|  Cadence Bank | 44590 |  | 1425988 |
|  Columbia Banking System, Inc. | 51060 |  | 1193783 |
|  Comerica, Inc. | 31490 |  | 1878378 |
|  Commerce Bancshares, Inc. | 29377 |  | 1826368 |
|  Cullen/Frost Bankers, Inc. | 15393 |  | 1978616 |
|  East West Bancorp, Inc. | 33497 |  | 3382527 |
|  First Financial Bankshares, Inc. | 30395 |  | 1093612 |
|  First Horizon Corp. | 125829 |  | 2667575 |
|  Flagstar Financial, Inc. (x) | 73205 |  | 775973 |
|  FNB Corp. | 86574 |  | 1262249 |
|  Glacier Bancorp, Inc. | 27472 |  | 1183494 |
|  Hancock Whitney Corp. | 20929 |  | 1201325 |
|  Home BancShares, Inc. | 44369 |  | 1262742 |
|  International Bancshares Corp. | 12911 |  | 859356 |
|  Old National Bancorp | 78147 |  | 1667657 |
|  Pinnacle Financial Partners, Inc. | 18805 |  | 2076260 |
|  Prosperity Bancshares, Inc. | 22847 |  | 1604773 |
|  SouthState Corp. | 23687 |  | 2179915 |
|  Synovus Financial Corp. | 34405 |  | 1780459 |
|  Texas Capital Bancshares, Inc.\* | 11170 |  | 886898 |
|  UMB Financial Corp. | 16802 |  | 1766898 |
|  United Bankshares, Inc. | 33837 |  | 1232682 |
|  Valley National Bancorp | 114778 |  | 1024968 |
|  Webster Financial Corp. | 40893 |  | 2232758 |
|  Western Alliance Bancorp | 26468 |  | 2063975 |
|  Wintrust Financial Corp. | 16392 |  | 2032280 |
|  Zions Bancorp NA | 36334 |  | 1887188 |
|  |  |  | 46578928 |
|  ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** |
|  Affiliated Managers Group, Inc. | 6672 |  | 1312849 |
|  Carlyle Group, Inc. (The) | 52126 |  | 2679276 |
|  Evercore, Inc., Class A | 8753 |  | 2363485 |
|  Federated Hermes, Inc., Class B | 19893 |  | 881658 |
|  Hamilton Lane, Inc., Class A | 10617 |  | 1508888 |
|  Houlihan Lokey, Inc., Class A | 13940 |  | 2508503 |
|  Interactive Brokers Group, Inc., Class A | 107624 |  | 5963446 |
|  Janus Henderson Group plc | 32733 |  | 1271350 |
|  Jefferies Financial Group, Inc. | 42777 |  | 2339474 |
|  Morningstar, Inc. | 6057 |  | 1901474 |
|  SEI Investments Co. | 23600 |  | 2120696 |
|  Stifel Financial Corp. | 26182 |  | 2717168 |
|  |  |  | 27568267 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  Ally Financial, Inc. | 69704 |  | 2714971 |
|  FirstCash Holdings, Inc. | 9905 |  | 1338561 |
|  SLM Corp. | 55415 |  | 1817058 |
|  |  |  | 5870590 |
|  ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** | ***Financial Services (1.2%)*** |
|  Essent Group Ltd. | 24124 |  | 1465051 |
|  Euronet Worldwide, Inc.\* | 9850 |  | 998593 |
|  MGIC Investment Corp. | 57803 |  | 1609235 |
|  Shift4 Payments, Inc., Class A (x)\* | 16377 |  | 1623124 |
|  Voya Financial, Inc. | 24571 |  | 1744541 |
|  Western Union Co. (The) | 90511 |  | 762103 |
|  WEX, Inc.\* | 8277 |  | 1215809 |
|  |  |  | 9418456 |
|  ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** |
|  American Financial Group, Inc. | 17392 |  | 2195044 |
|  Brighthouse Financial, Inc.\* | 14361 |  | 772191 |
|  CNO Financial Group, Inc. | 26027 |  | 1004122 |
|  Fidelity National Financial, Inc. | 63140 |  | 3539628 |
|  First American Financial Corp. | 24048 |  | 1476307 |
|  Hanover Insurance Group, Inc. (The) | 8614 |  | 1463260 |
|  Kemper Corp. | 13867 |  | 894976 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kinsale Capital Group, Inc. | 5304 | $| 2566606 |
|  Old Republic International Corp. | 56304 |  | 2164326 |
|  Primerica, Inc. | 8101 |  | 2217001 |
|  Reinsurance Group of America, Inc. | 15903 |  | 3154519 |
|  RenaissanceRe Holdings Ltd. | 11684 |  | 2838043 |
|  RLI Corp. | 19692 |  | 1422156 |
|  Ryan Specialty Holdings, Inc., Class A | 26300 |  | 1788137 |
|  Selective Insurance Group, Inc. | 14221 |  | 1232250 |
|  Unum Group | 39434 |  | 3184690 |
|  |  |  | 31913256 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** |
|  Annaly Capital Management, Inc. (REIT) | 146304 |  | 2753441 |
|  Starwood Property Trust, Inc. (REIT) (x) | 78986 |  | 1585249 |
|  |  |  | 4338690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 125688187 |
|  **Health Care (7.7%)** | **Health Care (7.7%)** | **Health Care (7.7%)** | **Health Care (7.7%)** |
|  ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** |
|  BioMarin Pharmaceutical, Inc.\* | 45681 |  | 2511085 |
|  Cytokinetics, Inc. (x)\* | 29017 |  | 958722 |
|  Exelixis, Inc.\* | 65534 |  | 2888411 |
|  Halozyme Therapeutics, Inc.\* | 29805 |  | 1550456 |
|  Neurocrine Biosciences, Inc.\* | 23634 |  | 2970557 |
|  Roivant Sciences Ltd. (x)\* | 97301 |  | 1096582 |
|  Sarepta Therapeutics, Inc.\* | 23167 |  | 396156 |
|  United Therapeutics Corp.\* | 10759 |  | 3091599 |
|  |  |  | 15463568 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Dentsply Sirona, Inc. | 47202 |  | 749568 |
|  Envista Holdings Corp.\* | 40478 |  | 790940 |
|  Globus Medical, Inc., Class A\* | 27115 |  | 1600327 |
|  Haemonetics Corp.\* | 12028 |  | 897409 |
|  Lantheus Holdings, Inc.\* | 16544 |  | 1354292 |
|  LivaNova plc\* | 12834 |  | 577787 |
|  Masimo Corp.\* | 10875 |  | 1829392 |
|  Penumbra, Inc.\* | 9292 |  | 2384606 |
|  |  |  | 10184321 |
|  ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** |
|  Acadia Healthcare Co., Inc.\* | 22220 |  | 504172 |
|  Amedisys, Inc.\* | 7488 |  | 736744 |
|  Chemed Corp. | 3456 |  | 1682830 |
|  Encompass Health Corp. | 24148 |  | 2961269 |
|  Ensign Group, Inc. (The) | 13432 |  | 2072021 |
|  HealthEquity, Inc.\* | 20912 |  | 2190741 |
|  Hims & Hers Health, Inc. (x)\* | 46776 |  | 2331784 |
|  Option Care Health, Inc.\* | 39425 |  | 1280524 |
|  Tenet Healthcare Corp.\* | 22342 |  | 3932192 |
|  |  |  | 17692277 |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** |
|  Doximity, Inc., Class A\* | 31919 |  | 1957911 |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** |
|  Avantor, Inc.\* | 164883 |  | 2219325 |
|  Bio-Rad Laboratories, Inc., Class A\* | 4430 |  | 1069048 |
|  Bruker Corp. | 27325 |  | 1125790 |
|  Illumina, Inc.\* | 37885 |  | 3614608 |
|  Medpace Holdings, Inc.\* | 5718 |  | 1794651 |
|  Repligen Corp.\* | 12518 |  | 1556989 |
|  Sotera Health Co.\* | 36420 |  | 404990 |
|  |  |  | 11785401 |
|  ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** |
|  Jazz Pharmaceuticals plc\* | 14589 |  | 1548185 |
|  Perrigo Co. plc | 31795 |  | 849562 |
|  |  |  | 2397747 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 59481225 |
|  **Industrials (20.6%)** | **Industrials (20.6%)** | **Industrials (20.6%)** | **Industrials (20.6%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  ATI, Inc.\* | 34475 |  | 2976571 |
|  BWX Technologies, Inc. | 21832 |  | 3145118 |
|  Curtiss-Wright Corp. | 8987 |  | 4390599 |
|  Hexcel Corp. | 18691 |  | 1055855 |
|  Woodward, Inc. | 14188 |  | 3477337 |
|  |  |  | 15045480 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  GXO Logistics, Inc.\* | 27442 |  | 1336425 |
|  ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** |
|  AAON, Inc. | 16339 |  | 1205001 |
|  Advanced Drainage Systems, Inc. | 17269 |  | 1983518 |
|  Carlisle Cos., Inc. | 10320 |  | 3853488 |
|  Fortune Brands Innovations, Inc. | 30073 |  | 1548158 |
|  Owens Corning | 20394 |  | 2804583 |
|  Simpson Manufacturing Co., Inc. | 9990 |  | 1551547 |
|  Trex Co., Inc. (x)\* | 25258 |  | 1373530 |
|  UFP Industries, Inc. | 14400 |  | 1430784 |
|  |  |  | 15750609 |
|  ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** | ***Commercial Services & Supplies (1.6%)*** |
|  Brink's Co. (The) | 10690 |  | 954510 |
|  Clean Harbors, Inc.\* | 12158 |  | 2810687 |
|  MSA Safety, Inc. | 8998 |  | 1507435 |
|  RB Global, Inc. | 44441 |  | 4719190 |
|  Tetra Tech, Inc. | 63296 |  | 2276124 |
|  |  |  | 12267946 |
|  ***Construction & Engineering (3.0%)*** | ***Construction & Engineering (3.0%)*** | ***Construction & Engineering (3.0%)*** | ***Construction & Engineering (3.0%)*** |
|  AECOM | 32244 |  | 3639058 |
|  API Group Corp.\* | 58197 |  | 2970957 |
|  Comfort Systems USA, Inc. | 8453 |  | 4532583 |
|  EMCOR Group, Inc. | 10738 |  | 5743649 |
|  Fluor Corp.\* | 39381 |  | 2019064 |
|  MasTec, Inc.\* | 14732 |  | 2510774 |
|  Valmont Industries, Inc. | 4786 |  | 1562964 |
|  |  |  | 22979049 |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** |
|  Acuity, Inc. | 7429 |  | 2216368 |
|  EnerSys | 9334 |  | 800577 |
|  NEXTracker, Inc., Class A\* | 34265 |  | 1862988 |
|  nVent Electric plc | 39478 |  | 2891764 |
|  Regal Rexnord Corp. | 15938 |  | 2310372 |
|  Sensata Technologies Holding plc | 34823 |  | 1048521 |
|  |  |  | 11130590 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** | ***Ground Transportation (1.3%)*** |
|  Avis Budget Group, Inc.\* | 4118 | $696148 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 38200 | 1689586 |
|  Landstar System, Inc. | 7663 | 1065310 |
|  Ryder System, Inc. | 10123 | 1609557 |
|  Saia, Inc.\* | 6354 | 1740933 |
|  XPO, Inc.\* | 28170 | 3557589 |
|  |  | 10359123 |
|  ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | ***Machinery (4.7%)*** |
|  AGCO Corp. | 14652 | 1511500 |
|  Chart Industries, Inc.\* | 10603 | 1745784 |
|  CNH Industrial NV | 213063 | 2761296 |
|  Crane Co. | 11579 | 2198736 |
|  Donaldson Co., Inc. | 26813 | 1859482 |
|  Esab Corp. | 13763 | 1659130 |
|  Flowserve Corp. | 31023 | 1624054 |
|  Graco, Inc. | 38675 | 3324890 |
|  ITT, Inc. | 18876 | 2960323 |
|  Lincoln Electric Holdings, Inc. | 13494 | 2797576 |
|  Middleby Corp. (The)\* | 12774 | 1839456 |
|  Mueller Industries, Inc. | 26395 | 2097611 |
|  Oshkosh Corp. | 15342 | 1741931 |
|  RBC Bearings, Inc.\* | 7506 | 2888309 |
|  Terex Corp. | 15721 | 734013 |
|  Timken Co. (The) | 15030 | 1090426 |
|  Toro Co. (The) | 23625 | 1669815 |
|  Watts Water Technologies, Inc., Class A | 6430 | 1581073 |
|  |  | 36085405 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Kirby Corp.\* | 13293 | 1507559 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  Alaska Air Group, Inc.\* | 29785 | 1473762 |
|  American Airlines Group, Inc. (x)\* | 164352 | 1844029 |
|  |  | 3317791 |
|  ***Professional Services (2.1%)*** | ***Professional Services (2.1%)*** | ***Professional Services (2.1%)*** |
|  CACI International, Inc., Class A\* | 5272 | 2513162 |
|  Concentrix Corp. (x) | 11219 | 592980 |
|  ExlService Holdings, Inc.\* | 38698 | 1694585 |
|  Exponent, Inc. | 11418 | 853039 |
|  FTI Consulting, Inc.\* | 7947 | 1283441 |
|  Genpact Ltd. | 38514 | 1695001 |
|  Insperity, Inc. | 8550 | 514026 |
|  KBR, Inc. | 31367 | 1503734 |
|  ManpowerGroup, Inc. | 10950 | 442380 |
|  Maximus, Inc. | 13496 | 947419 |
|  Parsons Corp.\* | 11063 | 793992 |
|  Paylocity Holding Corp.\* | 10402 | 1884738 |
|  Science Applications International Corp. | 11796 | 1328348 |
|  |  | 16046845 |
|  ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** |
|  Applied Industrial Technologies, Inc. | 9310 | 2164109 |
|  Core & Main, Inc., Class A\* | 46592 | 2811827 |
|  GATX Corp. | 8648 | 1327987 |
|  MSC Industrial Direct Co., Inc., Class A (x) | 10223 | 869159 |
|  Watsco, Inc. | 8327 | 3677370 |
|  WESCO International, Inc. | 10653 | 1972936 |
|  |  | 12823388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 158650210 |
|  **Information Technology (10.6%)** | **Information Technology (10.6%)** | **Information Technology (10.6%)** |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** |
|  Ciena Corp.\* | 34174 | 2779371 |
|  Lumentum Holdings, Inc. (x)\* | 16831 | 1599955 |
|  |  | 4379326 |
|  ***Electronic Equipment, Instruments & Components (3.0%)*** | ***Electronic Equipment, Instruments & Components (3.0%)*** | ***Electronic Equipment, Instruments & Components (3.0%)*** |
|  Arrow Electronics, Inc.\* | 12472 | 1589307 |
|  Avnet, Inc. | 20737 | 1100720 |
|  Belden, Inc. | 9833 | 1138661 |
|  Cognex Corp. | 39883 | 1265089 |
|  Coherent Corp.\* | 37295 | 3327087 |
|  Crane NXT Co. | 11870 | 639793 |
|  Fabrinet (x)\* | 8571 | 2525702 |
|  Flex Ltd.\* | 92417 | 4613457 |
|  IPG Photonics Corp.\* | 6025 | 413616 |
|  Littelfuse, Inc. | 5870 | 1330905 |
|  Novanta, Inc.\* | 8396 | 1082496 |
|  TD SYNNEX Corp. | 17943 | 2434865 |
|  Vontier Corp. | 36104 | 1332238 |
|  |  | 22793936 |
|  ***IT Services (0.9%)*** | ***IT Services (0.9%)*** | ***IT Services (0.9%)*** |
|  ASGN, Inc.\* | 10229 | 510734 |
|  Kyndryl Holdings, Inc.\* | 56058 | 2352194 |
|  Okta, Inc.\* | 39901 | 3988903 |
|  |  | 6851831 |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** |
|  Allegro MicroSystems, Inc.\* | 31514 | 1077464 |
|  Amkor Technology, Inc. | 26781 | 562133 |
|  Cirrus Logic, Inc.\* | 12521 | 1305377 |
|  Entegris, Inc. | 36311 | 2928482 |
|  Lattice Semiconductor Corp.\* | 32825 | 1608097 |
|  MACOM Technology Solutions Holdings, Inc.\* | 14259 | 2043172 |
|  MKS, Inc. | 16128 | 1602478 |
|  Onto Innovation, Inc.\* | 11630 | 1173816 |
|  Power Integrations, Inc. | 12413 | 693887 |
|  Rambus, Inc.\* | 25522 | 1633918 |
|  Silicon Laboratories, Inc.\* | 7880 | 1161197 |
|  Synaptics, Inc.\* | 9094 | 589473 |
|  Universal Display Corp. | 10561 | 1631252 |
|  |  | 18010746 |
|  ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** |
|  Appfolio, Inc., Class A (x)\* | 5609 | 1291640 |
|  BILL Holdings, Inc.\* | 22787 | 1054127 |
|  Blackbaud, Inc.\* | 9129 | 586173 |
|  Commvault Systems, Inc.\* | 10532 | 1836043 |
|  Docusign, Inc.\* | 48369 | 3767461 |
|  Dolby Laboratories, Inc., Class A | 14224 | 1056274 |
|  Dropbox, Inc., Class A\* | 48031 | 1373687 |
|  Dynatrace, Inc.\* | 71914 | 3970372 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Guidewire Software, Inc.\* | 20115 | $| 4736077 |
|  Manhattan Associates, Inc.\* | 14457 |  | 2854824 |
|  Pegasystems, Inc. | 21590 |  | 1168667 |
|  Qualys, Inc.\* | 8407 |  | 1201108 |
|  |  |  | 24896453 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Pure Storage, Inc., Class A\* | 74412 |  | 4284643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 81216935 |
|  **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  Ashland, Inc. | 10346 |  | 520197 |
|  Avient Corp. | 21623 |  | 698639 |
|  Axalta Coating Systems Ltd.\* | 52339 |  | 1553945 |
|  Cabot Corp. | 12771 |  | 957825 |
|  NewMarket Corp. | 1816 |  | 1254602 |
|  Olin Corp. | 27628 |  | 555047 |
|  RPM International, Inc. | 31179 |  | 3424701 |
|  Scotts Miracle-Gro Co. (The) | 10005 |  | 659930 |
|  Westlake Corp. | 7539 |  | 572436 |
|  |  |  | 10197322 |
|  ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** |
|  Eagle Materials, Inc. | 7997 |  | 1616274 |
|  Knife River Corp.\* | 13494 |  | 1101650 |
|  |  |  | 2717924 |
|  ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** |
|  AptarGroup, Inc. | 15819 |  | 2474566 |
|  Crown Holdings, Inc. | 27687 |  | 2851207 |
|  Graphic Packaging Holding Co. (x) | 73239 |  | 1543146 |
|  Greif, Inc., Class A | 6129 |  | 398324 |
|  Silgan Holdings, Inc. | 19582 |  | 1060953 |
|  Sonoco Products Co. | 23175 |  | 1009503 |
|  |  |  | 9337699 |
|  ***Metals & Mining (1.8%)*** | ***Metals & Mining (1.8%)*** | ***Metals & Mining (1.8%)*** | ***Metals & Mining (1.8%)*** |
|  Alcoa Corp. | 62670 |  | 1849392 |
|  Carpenter Technology Corp. | 11858 |  | 3277314 |
|  Cleveland-Cliffs, Inc.\* | 116216 |  | 883242 |
|  Commercial Metals Co. | 27110 |  | 1325950 |
|  Reliance, Inc. | 12355 |  | 3878234 |
|  Royal Gold, Inc. | 15711 |  | 2794044 |
|  |  |  | 14008176 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Louisiana-Pacific Corp. | 14642 |  | 1259065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 37520186 |
|  **Real Estate (6.2%)** | **Real Estate (6.2%)** | **Real Estate (6.2%)** | **Real Estate (6.2%)** |
|  ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** | ***Diversified REITs (0.4%)*** |
|  WP Carey, Inc. (REIT) | 52462 |  | 3272580 |
|  ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 85826 |  | 1361200 |
|  Omega Healthcare Investors, Inc. (REIT) | 68191 |  | 2499200 |
|  Sabra Health Care REIT, Inc. (REIT) (x) | 57318 |  | 1056944 |
|  |  |  | 4917344 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Hotels & Resorts, Inc. (REIT) | 48851 |  | 499746 |
|  ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** | ***Industrial REITs (0.9%)*** |
|  EastGroup Properties, Inc. (REIT) | 12338 |  | 2061927 |
|  First Industrial Realty Trust, Inc. (REIT) | 31458 |  | 1514073 |
|  Rexford Industrial Realty, Inc. (REIT) | 54411 |  | 1935399 |
|  STAG Industrial, Inc. (REIT) | 43292 |  | 1570634 |
|  |  |  | 7082033 |
|  ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** |
|  COPT Defense Properties (REIT) | 27472 |  | 757678 |
|  Cousins Properties, Inc. (REIT) | 40468 |  | 1215254 |
|  Kilroy Realty Corp. (REIT) | 25514 |  | 875385 |
|  Vornado Realty Trust (REIT) | 40846 |  | 1561951 |
|  |  |  | 4410268 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Jones Lang LaSalle, Inc.\* | 11492 |  | 2939424 |
|  ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** |
|  American Homes 4 Rent (REIT), Class A | 76438 |  | 2757119 |
|  Equity LifeStyle Properties, Inc. (REIT) | 45597 |  | 2811967 |
|  Independence Realty Trust, Inc. (REIT) | 55753 |  | 986270 |
|  |  |  | 6555356 |
|  ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** | ***Retail REITs (0.9%)*** |
|  Agree Realty Corp. (REIT) | 25136 |  | 1836436 |
|  Brixmor Property Group, Inc. (REIT) | 74614 |  | 1942949 |
|  Kite Realty Group Trust (REIT) | 50787 |  | 1150326 |
|  NNN REIT, Inc. (REIT) | 44546 |  | 1923496 |
|  |  |  | 6853207 |
|  ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** |
|  CubeSmart (REIT) | 53664 |  | 2280720 |
|  EPR Properties (REIT) | 18294 |  | 1065808 |
|  Gaming and Leisure Properties, Inc. (REIT) | 66943 |  | 3124899 |
|  Lamar Advertising Co. (REIT), Class A (x) | 21834 |  | 2649774 |
|  National Storage Affiliates Trust (REIT) | 16517 |  | 528379 |
|  PotlatchDeltic Corp. (REIT) | 17548 |  | 673317 |
|  Rayonier, Inc. (REIT) | 33514 |  | 743341 |
|  |  |  | 11066238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 47596196 |
|  **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  ALLETE, Inc. | 13655 |  | 874876 |
|  IDACORP, Inc. | 12869 |  | 1485726 |
|  OGE Energy Corp. | 50609 |  | 2246027 |
|  Portland General Electric Co. | 25027 |  | 1016847 |
|  TXNM Energy, Inc. | 22394 |  | 1261230 |
|  |  |  | 6884706 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  National Fuel Gas Co. | 22507 |  | 1906568 |
|  New Jersey Resources Corp. | 24599 |  | 1102527 |
|  ONE Gas, Inc. | 13588 |  | 976434 |
|  Southwest Gas Holdings, Inc. | 14394 |  | 1070770 |
|  Spire, Inc. | 14359 |  | 1048063 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  UGI Corp. | 52042 | $1895370 |
|  |  | 7999732 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Ormat Technologies, Inc. | 13694 | 1147009 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Black Hills Corp. | 17085 | 958469 |
|  Northwestern Energy Group, Inc. | 15078 | 773501 |
|  |  | 1731970 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  Essential Utilities, Inc. | 60947 | 2263572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 20026989 |
|  **Total Common Stocks (90.3%)**<br> *(Cost $473,458,558)* |  | 694297295 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.7%)** | **Investment Companies (4.7%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 3328838 | 3328838 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 33027398 | 33034004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 36362842 |
|  **Total Short-Term Investments (4.7%)**<br> *(Cost $36,362,633)* | **Total Short-Term Investments (4.7%)**<br> *(Cost $36,362,633)* | 36362842 |
|  **Total Investments in Securities (95.0%)**<br> *(Cost $509,821,191)* |  | 730660137 |
|  **Other Assets Less Liabilities (5.0%)** | **Other Assets Less Liabilities (5.0%)** | 38454514 |
|  **Net Assets (100%)** |  | $769114651 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $28,757,684. This was collateralized by $26,092,822 of various U.S. Government Treasury Securities, ranging from 0.000% - 5.000%, maturing 7/15/25 - 5/15/54 and by cash of $3,328,838 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 241 | 9/2025 | USD | 75324550 | 1686779 |
|  |  |  |  |  | 1686779 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $8551896 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8551896 |
|  Consumer Discretionary | 92313046 |  |  | 92313046 |
|  Consumer Staples | 37276233 |  |  | 37276233 |
|  Energy | 25976192 |  |  | 25976192 |
|  Financials | 125688187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 125688187 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Health Care | $59481225 | $— | $— | $59481225 |
|  Industrials | 158650210 |  |  | 158650210 |
|  Information Technology | 81216935 |  |  | 81216935 |
|  Materials | 37520186 |  |  | 37520186 |
|  Real Estate | 47596196 |  |  | 47596196 |
|  Utilities | 20026989 |  |  | 20026989 |
|  **Futures** | 1686779 |  |  | 1686779 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 36362842 |  |  | 36362842 |
|  **Total Assets** | $**732346916** | $**—** | $**—** | $**732346916** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**732346916** | $**—** | $**—** | $**732346916** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1686779 \* |
|  **Total** |  | $1686779 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(31690226) | $(31690226) |
|  **Total** | $(31690226) | $(31690226) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $6271327 | $6271327 |
|  **Total** | $6271327 | $6271327 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $76726000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 106024000.0 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $39165516.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $104911397.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 26%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 12%)\*** | **Net Realized<br>Gain (Loss)** |
| $10278070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12606810 | $1327672 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $277046903 |
|  Aggregate gross unrealized depreciation | (50073471) |
|  Net unrealized appreciation | $226973432 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $505373484 |

---

See Notes to Financial Statements.

------

EQ/400 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $509,821,191) | $730660137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 36556130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 5271100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 906243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 86756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 773494003 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3328838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 554363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 279070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 74469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 59308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 63312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4379352 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $769114651 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $549313959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 219800692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $769114651 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $293,867,201 / 13,136,528 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.37 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $475,247,450 / 20,888,530 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.75 |

---

*(x)* *Includes value of securities on loan of $28,757,684.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $4,117 foreign withholding tax) | $6364926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 889056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 16846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7270828 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1757134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 486371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 370506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 45179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2750770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (37978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2712792 |
|  **NET INVESTMENT INCOME (LOSS)** | 4558036 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 28697570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (31690226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2992656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (36432362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6271327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (30161035) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (33153691) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(28595655) |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/400 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4558036 | $9811473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2992656) | 78111831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (30161035) | 20222906 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (28595655) | 108146210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (32236449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (53032711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (85269160) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 363,188 and 525,987 shares, respectively ] | 7912541 | 12713930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,318,487 shares, respectively ] |  | 32236449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1180549) and (2511652) shares, respectively ] | (26260276) | (60823677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (18347735) | (15873298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 372,319 and 165,657 shares, respectively ] | 7838551 | 4038109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,135,267 shares, respectively ] |  | 53032711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1829741) and (2913329) shares, respectively ] | (40679849) | (72485961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (32841298) | (15415141) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (51189033) | (31288439) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (79784688) | (8411389) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 848899339 | 857310728 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $769114651 | $848899339 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/400 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $23.16 | $22.62 | $20.34 | $24.94 | $22.98 | $21.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.23 | 0.22 | 0.15 | 0.08 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.90) | 2.77 | 2.91 | (4.03) | 5.25 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.79) | 3.00 | 3.13 | (3.88) | 5.33 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.26) | (0.16) | (0.11) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.20) | (0.59) | (0.56) | (3.26) | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.46) | (0.85) | (0.72) | (3.37) | (1.62) |
|  Net asset value, end of period | $22.37 | $23.16 | $22.62 | $20.34 | $24.94 | $22.98 |
|  Total return (b) | (3.41)% | 12.88% | 15.44% | (15.50)% | 23.63% | 13.47% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $293867 | $323181 | $330710 | $319557 | $427324 | $396119 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.84% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.86% | 0.86% | 0.86% | 0.85% | 0.84% | 0.86% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.01% | 0.97% | 1.04% | 0.70% | 0.32% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.00% | 0.96% | 1.03% | 0.70% | 0.32% | 0.64% |
|  Portfolio turnover rate^ | 5 %(z) | 15% | 18% | 19% | 17% | 22% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $23.53 | $22.94 | $20.61 | $25.27 | $23.23 | $21.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.30 | 0.28 | 0.22 | 0.15 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.92) | 2.81 | 2.95 | (4.10) | 5.32 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.78) | 3.11 | 3.23 | (3.88) | 5.47 | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.32) | (0.31) | (0.22) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.20) | (0.59) | (0.56) | (3.26) | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.52) | (0.90) | (0.78) | (3.43) | (1.67) |
|  Net asset value, end of period | $22.75 | $23.53 | $22.94 | $20.61 | $25.27 | $23.23 |
|  Total return (b) | (3.31)% | 13.17% | 15.74% | (15.32)% | 24.00% | 13.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $475247 | $525718 | $526601 | $521449 | $497765 | $489812 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.59% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.61% | 0.61% | 0.61% | 0.60% | 0.59% | 0.61% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.26% | 1.22% | 1.29% | 0.98% | 0.56% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.25% | 1.21% | 1.28% | 0.98% | 0.56% | 0.88% |
|  Portfolio turnover rate^ | 5 %(z) | 15% | 18% | 19% | 17% | 22% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.4%)** | **Communication Services (2.4%)** | **Communication Services (2.4%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Anterix, Inc.\* | 14858 | $381108 |
|  AST SpaceMobile, Inc., Class A\* | 11301 | 528096 |
|  ATN International, Inc. | 12388 | 201305 |
|  Bandwidth, Inc., Class A\* | 31344 | 498370 |
|  Cogent Communications Holdings, Inc. | 52402 | 2526300 |
|  Globalstar, Inc.\* | 57953 | 1364793 |
|  IDT Corp., Class B | 18983 | 1296918 |
|  Liberty Latin America Ltd., Class A\* | 38177 | 232880 |
|  Liberty Latin America Ltd., Class C\* | 142906 | 888875 |
|  Lumen Technologies, Inc.\* | 1113157 | 4875628 |
|  Shenandoah Telecommunications Co. | 58714 | 802033 |
|  |  | 13596306 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 507075 | 1571932 |
|  Atlanta Braves Holdings, Inc., Class A\* | 9586 | 471727 |
|  Atlanta Braves Holdings, Inc., Class C\* | 52459 | 2453507 |
|  Cinemark Holdings, Inc. | 124412 | 3754754 |
|  CuriosityStream, Inc. | 36863 | 207539 |
|  Eventbrite, Inc., Class A\* | 91649 | 241037 |
|  Gaia, Inc., Class A\* | 16640 | 73050 |
|  Golden Matrix Group, Inc. (x)\* | 21703 | 36895 |
|  IMAX Corp. (x)\* | 51182 | 1431049 |
|  Lionsgate Studios Corp.\* | 223235 | 1296995 |
|  LiveOne, Inc.\* | 6066 | 4579 |
|  Madison Square Garden Entertainment Corp., Class A\* | 46074 | 1841578 |
|  Marcus Corp. (The) | 27413 | 462183 |
|  Playstudios, Inc.\* | 101675 | 133194 |
|  Playtika Holding Corp. | 64785 | 306433 |
|  Reservoir Media, Inc.\* | 22437 | 172092 |
|  Sphere Entertainment Co. (x)\* | 32474 | 1357413 |
|  Starz Entertainment Corp. | 14880 | 239122 |
|  Vivid Seats, Inc., Class A\* | 78427 | 132542 |
|  |  | 16187621 |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** |
|  Angi, Inc., Class A\* | 50302 | 767609 |
|  Arena Group Holdings, Inc. (The)\* | 12758 | 79100 |
|  Bumble, Inc., Class A (x)\* | 85680 | 564631 |
|  Cargurus, Inc., Class A\* | 96293 | 3222927 |
|  Cars.com, Inc.\* | 68322 | 809616 |
|  EverQuote, Inc., Class A\* | 31770 | 768199 |
|  fuboTV, Inc. (x)\* | 386594 | 1492253 |
|  Getty Images Holdings, Inc. (x)\* | 118834 | 197264 |
|  Grindr, Inc.\* | 39149 | 888682 |
|  MediaAlpha, Inc., Class A\* | 38585 | 422506 |
|  Nextdoor Holdings, Inc.\* | 239081 | 396874 |
|  QuinStreet, Inc.\* | 64125 | 1032413 |
|  Rumble, Inc. (x)\* | 91506 | 821724 |
|  Shutterstock, Inc. | 28320 | 536947 |
|  System1, Inc.\* | 265 | 1465 |
|  Teads Holding Co. (x)\* | 44896 | 111342 |
|  Travelzoo\* | 6847 | 87162 |
|  TripAdvisor, Inc. (x)\* | 135201 | 1764373 |
|  TrueCar, Inc.\* | 100496 | 190942 |
|  Vimeo, Inc.\* | 183260 | 740370 |
|  VTEX, Class A\* | 65744 | 433910 |
|  Webtoon Entertainment, Inc. (x)\* | 20948 | 190208 |
|  Yelp, Inc., Class A\* | 72169 | 2473232 |
|  Ziff Davis, Inc.\* | 49078 | 1485591 |
|  ZipRecruiter, Inc., Class A\* | 77581 | 388681 |
|  |  | 19868021 |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** |
|  Advantage Solutions, Inc. (x)\* | 120461 | 159009 |
|  Altice USA, Inc., Class A\* | 300164 | 642351 |
|  AMC Networks, Inc., Class A\* | 38583 | 241915 |
|  Boston Omaha Corp., Class A (x)\* | 26286 | 369055 |
|  Cable One, Inc. (x) | 6035 | 819613 |
|  Cardlytics, Inc.\* | 3330 | 5478 |
|  EchoStar Corp., Class A (x)\* | 157927 | 4374578 |
|  Emerald Holding, Inc. (x) | 19145 | 92853 |
|  Entravision Communications Corp., Class A | 73253 | 169947 |
|  EW Scripps Co. (The), Class A\* | 69908 | 205530 |
|  Gambling.com Group Ltd.\* | 19934 | 237015 |
|  Gannett Co., Inc.\* | 167530 | 599757 |
|  Gray Media, Inc. | 105127 | 476225 |
|  Ibotta, Inc., Class A\* | 15258 | 558443 |
|  iHeartMedia, Inc., Class A\* | 135639 | 238725 |
|  Integral Ad Science Holding Corp.\* | 88955 | 739216 |
|  John Wiley & Sons, Inc., Class A | 47926 | 2138937 |
|  Magnite, Inc. (x)\* | 163118 | 3934406 |
|  National CineMedia, Inc. | 75428 | 365449 |
|  Newsmax, Inc., Class B\* | 8390 | 126941 |
|  Nexxen International Ltd.\* | 40645 | 423115 |
|  PubMatic, Inc., Class A\* | 48771 | 606711 |
|  Scholastic Corp. | 25237 | 529472 |
|  Sinclair, Inc. | 45232 | 625106 |
|  Stagwell, Inc., Class A (x)\* | 133665 | 601493 |
|  TechTarget, Inc.\* | 30489 | 236900 |
|  TEGNA, Inc. | 187716 | 3146120 |
|  Thryv Holdings, Inc.\* | 43344 | 527063 |
|  WideOpenWest, Inc.\* | 60645 | 246219 |
|  |  | 23437642 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Gogo, Inc.\* | 78652 | 1154611 |
|  Spok Holdings, Inc. | 22809 | 403263 |
|  Telephone and Data Systems, Inc. | 114832 | 4085723 |
|  |  | 5643597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 78733187 |
|  **Consumer Discretionary (9.1%)** | **Consumer Discretionary (9.1%)** | **Consumer Discretionary (9.1%)** |
|  ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** |
|  Adient plc\* | 98376 | 1914397 |
|  American Axle & Manufacturing Holdings, Inc.\* | 134679 | 549490 |
|  Cooper-Standard Holdings, Inc.\* | 19275 | 414412 |
|  Dana, Inc. | 154267 | 2645679 |
|  Dorman Products, Inc.\* | 32079 | 3935131 |
|  Fox Factory Holding Corp.\* | 49229 | 1277000 |
|  Garrett Motion, Inc. | 147068 | 1545685 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Gentherm, Inc.\* | 35785 | $| 1012358 |
|  Goodyear Tire & Rubber Co. (The)\* | 304820 |  | 3160983 |
|  Holley, Inc. (x)\* | 54482 |  | 108964 |
|  LCI Industries | 28877 |  | 2633294 |
|  Luminar Technologies, Inc., Class A (x)\* | 45785 |  | 131403 |
|  Modine Manufacturing Co. (x)\* | 61064 |  | 6014804 |
|  Motorcar Parts of America, Inc.\* | 20345 |  | 227864 |
|  Patrick Industries, Inc. | 38043 |  | 3510228 |
|  Phinia, Inc. | 46106 |  | 2051256 |
|  Solid Power, Inc. (x)\* | 178324 |  | 390530 |
|  Standard Motor Products, Inc. | 24982 |  | 767447 |
|  Stoneridge, Inc.\* | 4778 |  | 33637 |
|  Strattec Security Corp.\* | 3516 |  | 218730 |
|  Visteon Corp.\* | 31768 |  | 2963954 |
|  XPEL, Inc. (m)\* | 28074 |  | 1007857 |
|  |  |  | 36515103 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A\* | 98239 |  | 165042 |
|  Livewire Group, Inc. (x)\* | 40802 |  | 187689 |
|  Winnebago Industries, Inc. | 32297 |  | 936613 |
|  |  |  | 1289344 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  1stdibs.com, Inc.\* | 2435 |  | 6696 |
|  Groupon, Inc. (x)\* | 29200 |  | 976740 |
|  Kohl's Corp. (x) | 126674 |  | 1074196 |
|  Savers Value Village, Inc. (x)\* | 26791 |  | 273268 |
|  |  |  | 2330900 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  A-Mark Precious Metals, Inc. | 22386 |  | 496521 |
|  GigaCloud Technology, Inc., Class A (x)\* | 30826 |  | 609738 |
|  Weyco Group, Inc. | 6830 |  | 226483 |
|  |  |  | 1332742 |
|  ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** | ***Diversified Consumer Services (1.2%)*** |
|  Adtalem Global Education, Inc.\* | 43006 |  | 5471653 |
|  American Public Education, Inc.\* | 20343 |  | 619648 |
|  Carriage Services, Inc., Class A | 16557 |  | 757317 |
|  Chegg, Inc.\* | 8809 |  | 10659 |
|  Coursera, Inc.\* | 160162 |  | 1403019 |
|  European Wax Center, Inc., Class A\* | 34493 |  | 194196 |
|  Frontdoor, Inc.\* | 86730 |  | 5111866 |
|  Graham Holdings Co., Class B | 3746 |  | 3544353 |
|  KinderCare Learning Cos., Inc.\* | 36501 |  | 368660 |
|  Laureate Education, Inc.\* | 150392 |  | 3516165 |
|  Lincoln Educational Services Corp.\* | 34349 |  | 791745 |
|  Matthews International Corp., Class A (x) | 35308 |  | 844214 |
|  Mister Car Wash, Inc.\* | 113244 |  | 680596 |
|  Nerdy, Inc. (x)\* | 72459 |  | 118108 |
|  OneSpaWorld Holdings Ltd. | 112107 |  | 2285862 |
|  Perdoceo Education Corp. | 71850 |  | 2348777 |
|  Strategic Education, Inc. | 27979 |  | 2381852 |
|  Stride, Inc.\* | 49795 |  | 7229736 |
|  Udemy, Inc.\* | 112866 |  | 793448 |
|  Universal Technical Institute, Inc.\* | 52634 |  | 1783766 |
|  Zspace, Inc.(x)\* | 2748 |  | 8959 |
|  |  |  | 40264599 |
|  ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** |
|  Accel Entertainment, Inc., Class A\* | 63093 |  | 742605 |
|  Bally's Corp.\* | 7366 |  | 70566 |
|  Biglari Holdings, Inc., Class B\* | 810 |  | 236690 |
|  BJ's Restaurants, Inc.\* | 24986 |  | 1114376 |
|  Bloomin' Brands, Inc. | 97591 |  | 840259 |
|  Brinker International, Inc.\* | 51609 |  | 9306651 |
|  Cheesecake Factory, Inc. (The) (x) | 54303 |  | 3402626 |
|  Cracker Barrel Old Country Store, Inc. (x) | 25757 |  | 1573238 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 31796 |  | 956424 |
|  Denny's Corp.\* | 57432 |  | 235471 |
|  Dine Brands Global, Inc. (x) | 17755 |  | 431979 |
|  El Pollo Loco Holdings, Inc.\* | 30018 |  | 330498 |
|  Everi Holdings, Inc.\* | 98355 |  | 1400575 |
|  First Watch Restaurant Group, Inc.\* | 47538 |  | 762510 |
|  Full House Resorts, Inc.\* | 4861 |  | 17791 |
|  Genius Sports Ltd.\* | 257518 |  | 2678187 |
|  Global Business Travel Group I (x)\* | 112603 |  | 709399 |
|  Golden Entertainment, Inc. | 22975 |  | 676154 |
|  Hilton Grand Vacations, Inc. (x)\* | 71973 |  | 2989039 |
|  Inspired Entertainment, Inc.\* | 28720 |  | 234642 |
|  International Game Technology plc | 131001 |  | 2071126 |
|  Jack in the Box, Inc. (x) | 22640 |  | 395294 |
|  Krispy Kreme, Inc. (x) | 89755 |  | 261187 |
|  Kura Sushi USA, Inc., Class A (x)\* | 7356 |  | 633204 |
|  Life Time Group Holdings, Inc.\* | 158136 |  | 4796265 |
|  Lindblad Expeditions Holdings, Inc.\* | 42740 |  | 498776 |
|  Marriott Vacations Worldwide Corp. | 37181 |  | 2688558 |
|  Monarch Casino & Resort, Inc. | 15210 |  | 1314752 |
|  Nathan's Famous, Inc. | 3018 |  | 333730 |
|  ONE Group Hospitality, Inc. (The) (x)\* | 2151 |  | 8712 |
|  Papa John's International, Inc. | 38123 |  | 1865740 |
|  PlayAGS, Inc.\* | 47664 |  | 595323 |
|  Portillo's, Inc., Class A (x)\* | 66385 |  | 774713 |
|  Potbelly Corp.\* | 30340 |  | 371665 |
|  Pursuit Attractions and Hospitality, Inc.\* | 24407 |  | 703654 |
|  RCI Hospitality Holdings, Inc. | 9441 |  | 359891 |
|  Red Rock Resorts, Inc., Class A | 56696 |  | 2949893 |
|  Rush Street Interactive, Inc.\* | 103188 |  | 1537501 |
|  Sabre Corp.\* | 425078 |  | 1343246 |
|  Serve Robotics, Inc.(x)\* | 41143 |  | 470676 |
|  Shake Shack, Inc., Class A\* | 45297 |  | 6368758 |
|  Six Flags Entertainment Corp. (x)\* | 111757 |  | 3400766 |
|  Super Group SGHC Ltd. | 185548 |  | 2035462 |
|  Sweetgreen, Inc., Class A (x)\* | 120756 |  | 1796849 |
|  Target Hospitality Corp.\* | 40262 |  | 286665 |
|  United Parks & Resorts, Inc.\* | 31890 |  | 1503614 |
|  Xponential Fitness, Inc., Class A\* | 32608 |  | 244234 |
|  |  |  | 68319934 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  Bassett Furniture Industries, Inc. | 6743 |  | 102494 |
|  Beazer Homes USA, Inc.\* | 33855 |  | 757336 |
|  Cavco Industries, Inc.\* | 8899 |  | 3865993 |
|  Century Communities, Inc. | 31383 |  | 1767491 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Champion Homes, Inc.\* | 62925 | $| 3939734 |
|  Cricut, Inc., Class A | 53239 |  | 360428 |
|  Dream Finders Homes, Inc., Class A (x)\* | 34906 |  | 877188 |
|  Ethan Allen Interiors, Inc. | 26348 |  | 733792 |
|  Flexsteel Industries, Inc. | 4414 |  | 159036 |
|  GoPro, Inc., Class A\* | 5028 |  | 3808 |
|  Green Brick Partners, Inc.\* | 36676 |  | 2306187 |
|  Hamilton Beach Brands Holding Co., Class A | 9577 |  | 171332 |
|  Helen of Troy Ltd.\* | 27502 |  | 780507 |
|  Hooker Furnishings Corp. | 1701 |  | 17997 |
|  Hovnanian Enterprises, Inc., Class A\* | 5870 |  | 613708 |
|  Installed Building Products, Inc. | 27310 |  | 4924539 |
|  KB Home | 80735 |  | 4276533 |
|  La-Z-Boy, Inc. | 48581 |  | 1805756 |
|  Legacy Housing Corp.\* | 10136 |  | 229682 |
|  Leggett & Platt, Inc. | 154507 |  | 1378202 |
|  LGI Homes, Inc.\* | 24312 |  | 1252554 |
|  Lovesac Co. (The)\* | 16699 |  | 303922 |
|  M/I Homes, Inc.\* | 31012 |  | 3477065 |
|  Meritage Homes Corp. | 82558 |  | 5528909 |
|  Purple Innovation, Inc., Class A\* | 14062 |  | 10254 |
|  Sonos, Inc.\* | 137312 |  | 1484343 |
|  Taylor Morrison Home Corp., Class A\* | 114894 |  | 7056789 |
|  Traeger, Inc.\* | 41969 |  | 71767 |
|  Tri Pointe Homes, Inc.\* | 104747 |  | 3346667 |
|  United Homes Group, Inc.\* | 689 |  | 1998 |
|  |  |  | 51606011 |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** |
|  Acushnet Holdings Corp. (x) | 32407 |  | 2359878 |
|  American Outdoor Brands, Inc.\* | 10271 |  | 107332 |
|  Clarus Corp. (x) | 35111 |  | 121835 |
|  Escalade, Inc. | 11574 |  | 161804 |
|  Funko, Inc., Class A\* | 37937 |  | 180580 |
|  JAKKS Pacific, Inc. | 10651 |  | 221328 |
|  Johnson Outdoors, Inc., Class A | 5960 |  | 180409 |
|  Latham Group, Inc.\* | 53484 |  | 341228 |
|  Malibu Boats, Inc., Class A\* | 21993 |  | 689261 |
|  Marine Products Corp. | 10495 |  | 89312 |
|  MasterCraft Boat Holdings, Inc.\* | 19325 |  | 359058 |
|  Outdoor Holding Co. (x)\* | 115508 |  | 147850 |
|  Peloton Interactive, Inc., Class A (x)\* | 429680 |  | 2981979 |
|  Polaris, Inc. (x) | 61664 |  | 2506642 |
|  Smith & Wesson Brands, Inc. | 52116 |  | 452367 |
|  Sturm Ruger & Co., Inc. | 18284 |  | 656396 |
|  Topgolf Callaway Brands Corp.\* | 154191 |  | 1241238 |
|  |  |  | 12798497 |
|  ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 29659 |  | 145922 |
|  Abercrombie & Fitch Co., Class A\* | 54962 |  | 4553602 |
|  Academy Sports & Outdoors, Inc. | 77464 |  | 3471162 |
|  Advance Auto Parts, Inc. (x) | 69823 |  | 3246071 |
|  American Eagle Outfitters, Inc. | 190923 |  | 1836679 |
|  America's Car-Mart, Inc. (x)\* | 8812 |  | 493825 |
|  Arhaus, Inc., Class A\* | 58755 |  | 509406 |
|  Arko Corp. (x) | 92329 |  | 390552 |
|  Asbury Automotive Group, Inc.\* | 22900 |  | 5462566 |
|  BARK, Inc.\* | 118757 |  | 104447 |
|  Barnes & Noble Education, Inc.\* | 16981 |  | 199866 |
|  Beyond, Inc.\* | 64055 |  | 440698 |
|  Boot Barn Holdings, Inc.\* | 35844 |  | 5448288 |
|  Buckle, Inc. (The) | 36687 |  | 1663755 |
|  Build-A-Bear Workshop, Inc. | 14466 |  | 745867 |
|  Caleres, Inc. (x) | 37948 |  | 463725 |
|  Camping World Holdings, Inc., Class A | 70150 |  | 1205879 |
|  Citi Trends, Inc.\* | 5818 |  | 194263 |
|  Designer Brands, Inc., Class A (x) | 39870 |  | 94891 |
|  EVgo, Inc., Class A\* | 149085 |  | 544160 |
|  Foot Locker, Inc.\* | 99756 |  | 2444022 |
|  Genesco, Inc.\* | 12590 |  | 247897 |
|  Group 1 Automotive, Inc. | 14718 |  | 6427498 |
|  GrowGeneration Corp.\* | 16158 |  | 15109 |
|  Haverty Furniture Cos., Inc. | 16841 |  | 342714 |
|  J Jill, Inc. (x) | 8620 |  | 126197 |
|  Lands' End, Inc.\* | 14133 |  | 151364 |
|  Leslie's, Inc. (x)\* | 19264 |  | 8089 |
|  MarineMax, Inc.\* | 22399 |  | 563111 |
|  Monro, Inc. | 34527 |  | 514798 |
|  National Vision Holdings, Inc.\* | 90638 |  | 2085580 |
|  ODP Corp. (The)\* | 32432 |  | 587992 |
|  OneWater Marine, Inc., Class A (x)\* | 14394 |  | 192736 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 89559 |  | 253452 |
|  RealReal, Inc. (The)\* | 112180 |  | 537342 |
|  Revolve Group, Inc., Class A\* | 47221 |  | 946781 |
|  Sally Beauty Holdings, Inc.\* | 118755 |  | 1099671 |
|  Shoe Carnival, Inc. | 20847 |  | 390047 |
|  Signet Jewelers Ltd. (x) | 48684 |  | 3872812 |
|  Sleep Number Corp. (x)\* | 25738 |  | 173860 |
|  Sonic Automotive, Inc., Class A | 17186 |  | 1373677 |
|  Stitch Fix, Inc., Class A\* | 125393 |  | 463954 |
|  ThredUp, Inc., Class A\* | 106171 |  | 795221 |
|  Tile Shop Holdings, Inc. (x)\* | 31637 |  | 201211 |
|  Tilly's, Inc., Class A (x)\* | 3621 |  | 4997 |
|  Torrid Holdings, Inc. (x)\* | 27206 |  | 80258 |
|  Upbound Group, Inc. | 61250 |  | 1537375 |
|  Urban Outfitters, Inc.\* | 73759 |  | 5350478 |
|  Victoria's Secret & Co.\* | 80043 |  | 1482396 |
|  Warby Parker, Inc., Class A\* | 114578 |  | 2512696 |
|  Winmark Corp. | 3439 |  | 1298601 |
|  Zumiez, Inc.\* | 18802 |  | 249315 |
|  |  |  | 67546875 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Capri Holdings Ltd. (x)\* | 135237 |  | 2393695 |
|  Carter's, Inc. | 41278 |  | 1243706 |
|  Ermenegildo Zegna NV (x) | 70433 |  | 602202 |
|  Figs, Inc., Class A\* | 104396 |  | 588793 |
|  G-III Apparel Group Ltd.\* | 45480 |  | 1018752 |
|  Hanesbrands, Inc.\* | 411334 |  | 1883910 |
|  Kontoor Brands, Inc. | 64094 |  | 4228281 |
|  Lakeland Industries, Inc. | 9964 |  | 135610 |
|  Movado Group, Inc. | 17050 |  | 260013 |
|  Oxford Industries, Inc. (x) | 16536 |  | 665574 |
|  Rocky Brands, Inc. | 8767 |  | 194540 |
|  Steven Madden Ltd. | 81216 |  | 1947560 |
|  Superior Group of Cos., Inc. | 15438 |  | 159011 |
|  Vera Bradley, Inc. (x)\* | 1551 |  | 3428 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Wolverine World Wide, Inc. | 94093 | $| 1701201 |
|  |  |  | 17026276 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 299030281 |
|  **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  MGP Ingredients, Inc. | 16125 |  | 483266 |
|  National Beverage Corp.\* | 27657 |  | 1195889 |
|  Vita Coco Co., Inc. (The)\* | 46790 |  | 1689119 |
|  Zevia PBC, Class A\* | 35321 |  | 113733 |
|  |  |  | 3482007 |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Andersons, Inc. (The) | 38003 |  | 1396610 |
|  Chefs' Warehouse, Inc. (The)\* | 42539 |  | 2714414 |
|  Grocery Outlet Holding Corp.\* | 109812 |  | 1363865 |
|  Guardian Pharmacy Services, Inc., Class A (x)\* | 14591 |  | 310934 |
|  HF Foods Group, Inc.\* | 48544 |  | 154370 |
|  Ingles Markets, Inc., Class A | 17124 |  | 1085319 |
|  Natural Grocers by Vitamin Cottage, Inc. | 14921 |  | 585649 |
|  PriceSmart, Inc. | 29814 |  | 3131663 |
|  SpartanNash Co. | 39122 |  | 1036342 |
|  Sprouts Farmers Market, Inc.\* | 1660 |  | 273302 |
|  United Natural Foods, Inc.\* | 70001 |  | 1631723 |
|  Village Super Market, Inc., Class A | 10042 |  | 386617 |
|  Weis Markets, Inc. | 19424 |  | 1408046 |
|  |  |  | 15478854 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Alico, Inc. | 6648 |  | 217257 |
|  B&G Foods, Inc. (x) | 89935 |  | 380425 |
|  Beyond Meat, Inc. (x)\* | 84718 |  | 295666 |
|  BRC, Inc., Class A (x)\* | 62798 |  | 82265 |
|  Calavo Growers, Inc. | 19918 |  | 529620 |
|  Cal-Maine Foods, Inc. | 53526 |  | 5332795 |
|  Dole plc | 79485 |  | 1111995 |
|  Forafric Global plc (x)\* | 6009 |  | 46870 |
|  Fresh Del Monte Produce, Inc. | 39354 |  | 1275857 |
|  Hain Celestial Group, Inc. (The)\* | 104552 |  | 158919 |
|  J & J Snack Foods Corp. | 18009 |  | 2042401 |
|  John B Sanfilippo & Son, Inc. | 9122 |  | 576875 |
|  Lancaster Colony Corp. | 23322 |  | 4029342 |
|  Lifeway Foods, Inc.\* | 6509 |  | 160447 |
|  Limoneira Co. | 19119 |  | 299212 |
|  Mama's Creations, Inc. (x)\* | 38542 |  | 319899 |
|  Mission Produce, Inc.\* | 55678 |  | 652546 |
|  Seneca Foods Corp., Class A\* | 5489 |  | 556749 |
|  Simply Good Foods Co. (The)\* | 109104 |  | 3446595 |
|  SunOpta, Inc.\* | 111633 |  | 647471 |
|  Tootsie Roll Industries, Inc. | 17672 |  | 591128 |
|  TreeHouse Foods, Inc.\* | 58451 |  | 1135119 |
|  Utz Brands, Inc. | 83396 |  | 1046620 |
|  Vital Farms, Inc.\* | 40178 |  | 1547657 |
|  Westrock Coffee Co. (x)\* | 43585 |  | 249742 |
|  WK Kellogg Co. (x) | 73002 |  | 1163652 |
|  |  |  | 27897124 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Central Garden & Pet Co.\* | 10842 |  | 381421 |
|  Central Garden & Pet Co., Class A\* | 59513 |  | 1862162 |
|  Energizer Holdings, Inc. | 77586 |  | 1564134 |
|  Oil-Dri Corp. of America | 11748 |  | 693015 |
|  Spectrum Brands Holdings, Inc. | 29624 |  | 1570072 |
|  WD-40 Co. | 15859 |  | 3617279 |
|  |  |  | 9688083 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Beauty Health Co. (The)\* | 129061 |  | 246506 |
|  Edgewell Personal Care Co. | 54685 |  | 1280176 |
|  FitLife Brands, Inc.\* | 2580 |  | 33592 |
|  Herbalife Ltd. (x)\* | 117490 |  | 1012764 |
|  Honest Co., Inc. (The)\* | 108836 |  | 553975 |
|  Interparfums, Inc. | 21433 |  | 2814367 |
|  Lifevantage Corp. | 9088 |  | 118871 |
|  Medifast, Inc.\* | 13678 |  | 192176 |
|  Nature's Sunshine Products, Inc.\* | 17120 |  | 253205 |
|  Nu Skin Enterprises, Inc., Class A | 57083 |  | 456093 |
|  Olaplex Holdings, Inc. (x)\* | 164306 |  | 230028 |
|  USANA Health Sciences, Inc.\* | 12922 |  | 394509 |
|  Waldencast plc, Class A (x)\* | 43957 |  | 107695 |
|  |  |  | 7693957 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc. (x)\* | 24528 |  | 62792 |
|  Turning Point Brands, Inc. | 19952 |  | 1511763 |
|  Universal Corp. | 28471 |  | 1658151 |
|  |  |  | 3232706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 67472731 |
|  **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |
|  ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** | ***Energy Equipment & Services (1.6%)*** |
|  Archrock, Inc. | 193003 |  | 4792264 |
|  Aris Water Solutions, Inc., Class A | 36028 |  | 852062 |
|  Atlas Energy Solutions, Inc. (x) | 90209 |  | 1206094 |
|  Borr Drilling Ltd. (x) | 262960 |  | 481217 |
|  Bristow Group, Inc., Class A\* | 33032 |  | 1089065 |
|  Cactus, Inc., Class A | 79686 |  | 3483872 |
|  ChampionX Corp. | 223274 |  | 5546126 |
|  Core Laboratories, Inc. (x) | 56056 |  | 645765 |
|  DMC Global, Inc.\* | 23670 |  | 190780 |
|  Energy Services of America Corp. | 11933 |  | 118614 |
|  Expro Group Holdings NV\* | 119528 |  | 1026746 |
|  Flowco Holdings, Inc., Class A | 21469 |  | 382363 |
|  Forum Energy Technologies, Inc.\* | 12619 |  | 245692 |
|  Geospace Technologies Corp. (x)\* | 3370 |  | 48056 |
|  Helix Energy Solutions Group, Inc.\* | 167626 |  | 1045986 |
|  Helmerich & Payne, Inc. | 112916 |  | 1711807 |
|  Innovex International, Inc.\* | 44688 |  | 698027 |
|  Kodiak Gas Services, Inc. | 62763 |  | 2150888 |
|  Liberty Energy, Inc., Class A | 184315 |  | 2115936 |
|  Mammoth Energy Services, Inc.\* | 24737 |  | 69264 |
|  Nabors Industries Ltd. (x)\* | 16244 |  | 455157 |
|  National Energy Services Reunited Corp.\* | 61935 |  | 372849 |
|  Natural Gas Services Group, Inc.\* | 12309 |  | 317695 |
|  Noble Corp. plc | 147370 |  | 3912674 |
|  Oceaneering International, Inc.\* | 111140 |  | 2302821 |
|  Oil States International, Inc.\* | 67058 |  | 359431 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Patterson-UTI Energy, Inc. (x) | 415777 | $| 2465558 |
|  ProFrac Holding Corp., Class A (x)\* | 14923 |  | 115802 |
|  ProPetro Holding Corp.\* | 94865 |  | 566344 |
|  Ranger Energy Services, Inc., Class A | 20230 |  | 241546 |
|  RPC, Inc. (x) | 104247 |  | 493088 |
|  SEACOR Marine Holdings, Inc.\* | 23985 |  | 122323 |
|  Seadrill Ltd.\* | 73603 |  | 1932079 |
|  Select Water Solutions, Inc., Class A | 107693 |  | 930468 |
|  Solaris Energy Infrastructure, Inc., Class A (x) | 42481 |  | 1201787 |
|  TETRA Technologies, Inc.\* | 144098 |  | 484169 |
|  Tidewater, Inc.\* | 58870 |  | 2715673 |
|  Transocean Ltd.\* | 864957 |  | 2240239 |
|  Valaris Ltd. (x)\* | 74374 |  | 3131889 |
|  |  |  | 52262216 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |
|  Aemetis, Inc. (x)\* | 1663 |  | 4124 |
|  Ardmore Shipping Corp. | 40848 |  | 392141 |
|  Berry Corp. | 86841 |  | 240550 |
|  BKV Corp.\* | 19514 |  | 470678 |
|  California Resources Corp. | 76410 |  | 3489645 |
|  Calumet, Inc.\* | 72308 |  | 1139213 |
|  Centrus Energy Corp., Class A (x)\* | 17230 |  | 3156191 |
|  Clean Energy Fuels Corp.\* | 209716 |  | 408946 |
|  CNX Resources Corp.\* | 166109 |  | 5594551 |
|  Comstock Resources, Inc.\* | 86725 |  | 2399681 |
|  Core Natural Resources, Inc. | 61675 |  | 4301214 |
|  Crescent Energy Co., Class A | 208355 |  | 1791853 |
|  CVR Energy, Inc. | 36516 |  | 980455 |
|  Delek US Holdings, Inc. | 71174 |  | 1507465 |
|  DHT Holdings, Inc. | 148960 |  | 1610258 |
|  Diversified Energy Co. plc (m) | 63774 |  | 935565 |
|  Dorian LPG Ltd. | 43232 |  | 1053996 |
|  Empire Petroleum Corp. (x)\* | 15080 |  | 79622 |
|  Encore Energy Corp. (x)\* | 216402 |  | 618910 |
|  Energy Fuels, Inc. (x)\* | 241945 |  | 1391184 |
|  Epsilon Energy Ltd. | 18249 |  | 134678 |
|  Evolution Petroleum Corp. (x) | 35253 |  | 165689 |
|  Excelerate Energy, Inc., Class A | 27100 |  | 794572 |
|  FLEX LNG Ltd. (x) | 35912 |  | 789346 |
|  FutureFuel Corp. | 29530 |  | 114576 |
|  Gevo, Inc.\* | 262494 |  | 346492 |
|  Golar LNG Ltd. (x) | 116406 |  | 4794763 |
|  Granite Ridge Resources, Inc. (x) | 61021 |  | 388704 |
|  Green Plains, Inc.\* | 74302 |  | 448041 |
|  Gulfport Energy Corp.\* | 17733 |  | 3567348 |
|  Hallador Energy Co.\* | 36309 |  | 574771 |
|  HighPeak Energy, Inc. (x) | 20789 |  | 203732 |
|  Infinity Natural Resources, Inc., Class A\* | 16711 |  | 305978 |
|  International Seaways, Inc. | 47167 |  | 1720652 |
|  Kinetik Holdings, Inc., Class A | 51411 |  | 2264655 |
|  Kolibri Global Energy, Inc.\* | 38992 |  | 267095 |
|  Kosmos Energy Ltd.\* | 542428 |  | 932976 |
|  Lightbridge Corp.\* | 16797 |  | 224576 |
|  Magnolia Oil & Gas Corp., Class A | 216274 |  | 4861840 |
|  Murphy Oil Corp. | 158698 |  | 3570705 |
|  NACCO Industries, Inc., Class A | 4787 |  | 212112 |
|  Navigator Holdings Ltd. | 36130 |  | 511239 |
|  New Fortress Energy, Inc. (x)\* | 196599 |  | 652709 |
|  NextDecade Corp.\* | 155575 |  | 1386173 |
|  NextNRG, Inc. (x)\* | 12689 |  | 35149 |
|  Nordic American Tankers Ltd. (x) | 234842 |  | 617634 |
|  Northern Oil & Gas, Inc. (x) | 108839 |  | 3085586 |
|  OPAL Fuels, Inc., Class A\* | 20449 |  | 49487 |
|  Par Pacific Holdings, Inc.\* | 62216 |  | 1650590 |
|  PBF Energy, Inc., Class A | 98118 |  | 2126217 |
|  Peabody Energy Corp. | 142236 |  | 1908807 |
|  Prairie Operating Co. (x)\* | 23685 |  | 70937 |
|  PrimeEnergy Resources Corp.\* | 641 |  | 93830 |
|  REX American Resources Corp.\* | 17311 |  | 843219 |
|  Riley Exploration Permian, Inc. | 15139 |  | 397096 |
|  Sable Offshore Corp. (x)\* | 79747 |  | 1752839 |
|  SandRidge Energy, Inc. | 41556 |  | 449636 |
|  Scorpio Tankers, Inc. | 50818 |  | 1988508 |
|  SFL Corp. Ltd. (x) | 142002 |  | 1182877 |
|  Sitio Royalties Corp., Class A | 91526 |  | 1682248 |
|  SM Energy Co. | 133204 |  | 3291471 |
|  Summit Midstream Corp.\* | 10745 |  | 263575 |
|  Talos Energy, Inc.\* | 143282 |  | 1215031 |
|  Teekay Corp. Ltd. | 61746 |  | 509404 |
|  Teekay Tankers Ltd., Class A | 27932 |  | 1165323 |
|  Uranium Energy Corp. (x)\* | 495528 |  | 3369590 |
|  Ur-Energy, Inc.\* | 21703 |  | 22788 |
|  VAALCO Energy, Inc. (x) | 120754 |  | 435922 |
|  Verde Clean Fuels, Inc. (x)\* | 4626 |  | 15913 |
|  Vital Energy, Inc.\* | 35293 |  | 567864 |
|  Vitesse Energy, Inc. (x) | 33798 |  | 746598 |
|  W&T Offshore, Inc. (x) | 110919 |  | 183016 |
|  World Kinect Corp. (x) | 64944 |  | 1841162 |
|  |  |  | 92361981 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 144624197 |
|  **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** |
|  ***Banks (9.6%)*** | ***Banks (9.6%)*** | ***Banks (9.6%)*** | ***Banks (9.6%)*** |
|  1st Source Corp. | 22411 |  | 1391051 |
|  ACNB Corp. | 11670 |  | 499943 |
|  Amalgamated Financial Corp. | 27349 |  | 853289 |
|  Amerant Bancorp, Inc., Class A | 44296 |  | 807516 |
|  Ameris Bancorp | 77124 |  | 4989923 |
|  Ames National Corp. | 11527 |  | 205296 |
|  Arrow Financial Corp. | 19381 |  | 512046 |
|  Associated Banc-Corp. | 195910 |  | 4778245 |
|  Atlantic Union Bankshares Corp. | 166095 |  | 5195452 |
|  Axos Financial, Inc.\* | 61298 |  | 4661100 |
|  Banc of California, Inc. | 161801 |  | 2273304 |
|  BancFirst Corp. | 24486 |  | 3026959 |
|  Bancorp, Inc. (The)\* | 53163 |  | 3028696 |
|  Bank First Corp. | 11146 |  | 1311327 |
|  Bank of Hawaii Corp. | 46632 |  | 3149059 |
|  Bank of Marin Bancorp | 18276 |  | 417424 |
|  Bank of NT Butterfield & Son Ltd. (The) | 51854 |  | 2296095 |
|  Bank7 Corp. | 5328 |  | 222870 |
|  BankFinancial Corp. | 7555 |  | 87411 |
|  BankUnited, Inc. | 86822 |  | 3089995 |
|  Bankwell Financial Group, Inc. | 7468 |  | 269072 |
|  Banner Corp. | 39962 |  | 2563562 |
|  Bar Harbor Bankshares | 17637 |  | 528405 |
|  BayCom Corp. | 12351 |  | 342246 |
|  BCB Bancorp, Inc. | 18122 |  | 152587 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Berkshire Hills Bancorp, Inc. | 48224 | $1207529 |
|  Blue Foundry Bancorp\* | 22764 | 217851 |
|  Blue Ridge Bankshares, Inc.\* | 67345 | 241769 |
|  Bridgewater Bancshares, Inc.\* | 23322 | 371053 |
|  Brookline Bancorp, Inc. | 104813 | 1105777 |
|  Burke & Herbert Financial Services Corp. | 15859 | 947258 |
|  Business First Bancshares, Inc. | 32693 | 805882 |
|  BV Financial, Inc.\* | 8686 | 132288 |
|  Byline Bancorp, Inc. | 35112 | 938544 |
|  C&F Financial Corp. | 3251 | 200684 |
|  Cadence Bank | 203568 | 6510105 |
|  California Bancorp\* | 28206 | 444527 |
|  Camden National Corp. | 20208 | 820041 |
|  Capital Bancorp, Inc. | 13624 | 457494 |
|  Capital City Bank Group, Inc. | 16267 | 640106 |
|  Capitol Federal Financial, Inc. | 147275 | 898377 |
|  Carter Bankshares, Inc.\* | 27896 | 483717 |
|  Cathay General Bancorp | 77161 | 3513140 |
|  CB Financial Services, Inc. | 4569 | 130216 |
|  Central Pacific Financial Corp. | 30267 | 848384 |
|  CF Bankshares, Inc. | 3592 | 86100 |
|  Chain Bridge Bancorp, Inc., Class A\* | 2125 | 54761 |
|  Chemung Financial Corp. | 3855 | 186852 |
|  ChoiceOne Financial Services, Inc. | 16256 | 466547 |
|  Citizens & Northern Corp. | 18456 | 349557 |
|  Citizens Community Bancorp, Inc. | 8082 | 111532 |
|  Citizens Financial Services, Inc. (x) | 5507 | 323371 |
|  City Holding Co. | 16879 | 2066327 |
|  Civista Bancshares, Inc. | 18095 | 419804 |
|  CNB Financial Corp. | 23992 | 548457 |
|  Coastal Financial Corp.\* | 15100 | 1462737 |
|  Colony Bankcorp, Inc. | 19211 | 316405 |
|  Columbia Financial, Inc.\* | 31471 | 456644 |
|  Community Financial System, Inc. | 61724 | 3510244 |
|  Community Trust Bancorp, Inc. | 18812 | 995531 |
|  Community West Bancshares | 19609 | 382572 |
|  ConnectOne Bancorp, Inc. | 56346 | 1304973 |
|  Customers Bancorp, Inc.\* | 34475 | 2025061 |
|  CVB Financial Corp. | 154244 | 3052489 |
|  Dime Community Bancshares, Inc. | 47331 | 1275097 |
|  Eagle Bancorp Montana, Inc. | 7144 | 119090 |
|  Eagle Bancorp, Inc. | 35084 | 683436 |
|  Eagle Financial Services, Inc. | 3963 | 121347 |
|  Eastern Bankshares, Inc. | 232046 | 3543342 |
|  ECB Bancorp, Inc.\* | 6280 | 96963 |
|  Enterprise Bancorp, Inc. | 11728 | 464898 |
|  Enterprise Financial Services Corp. | 43408 | 2391781 |
|  Equity Bancshares, Inc., Class A | 19736 | 805229 |
|  Esquire Financial Holdings, Inc. | 8644 | 818241 |
|  ESSA Bancorp, Inc. | 10401 | 201779 |
|  Farmers & Merchants Bancorp, Inc. | 14808 | 374346 |
|  Farmers National Banc Corp. | 42971 | 592570 |
|  FB Bancorp, Inc.\* | 20253 | 227846 |
|  FB Financial Corp. | 42305 | 1916416 |
|  Fidelity D&D Bancorp, Inc. | 6036 | 277656 |
|  Financial Institutions, Inc. | 24017 | 616757 |
|  Finward Bancorp | 2882 | 79601 |
|  Finwise Bancorp\* | 7914 | 118789 |
|  First Bancorp (Nasdaq Stock Exchange) | 46614 | 2055211 |
|  First Bancorp (New York Stock Exchange) | 186553 | 3885899 |
|  First Bancorp, Inc. (The) | 12867 | 326950 |
|  First Bank | 24516 | 379263 |
|  First Busey Corp. | 100212 | 2293352 |
|  First Business Financial Services, Inc. | 9159 | 463995 |
|  First Capital, Inc. | 3136 | 129485 |
|  First Commonwealth Financial Corp. | 120550 | 1956526 |
|  First Community Bankshares, Inc. | 19255 | 754218 |
|  First Community Corp. | 6892 | 168027 |
|  First Financial Bancorp | 111185 | 2697348 |
|  First Financial Bankshares, Inc. | 156757 | 5640117 |
|  First Financial Corp. | 13322 | 721919 |
|  First Foundation, Inc.\* | 74143 | 378129 |
|  First Internet Bancorp | 10086 | 271313 |
|  First Interstate BancSystem, Inc., Class A | 103581 | 2985204 |
|  First Merchants Corp. | 68915 | 2639444 |
|  First Mid Bancshares, Inc. | 26617 | 997871 |
|  First National Corp. | 7740 | 150698 |
|  First Savings Financial Group, Inc. | 5432 | 136017 |
|  First United Corp. | 6163 | 191115 |
|  First Western Financial, Inc.\* | 9057 | 204326 |
|  Firstsun Capital Bancorp\* | 13926 | 483928 |
|  Five Star Bancorp | 19687 | 561867 |
|  Flagstar Financial, Inc. (x) | 354066 | 3753100 |
|  Flushing Financial Corp. | 38351 | 455610 |
|  Franklin Financial Services Corp. | 4331 | 149961 |
|  FS Bancorp, Inc. | 7746 | 305037 |
|  Fulton Financial Corp. | 202052 | 3645018 |
|  FVCBankcorp, Inc.\* | 18153 | 214205 |
|  GBank Financial Holdings, Inc.\* | 9578 | 339157 |
|  German American Bancorp, Inc. | 41774 | 1608717 |
|  Glacier Bancorp, Inc. | 133935 | 5769920 |
|  Great Southern Bancorp, Inc. | 10175 | 598086 |
|  Greene County Bancorp, Inc. | 7958 | 176827 |
|  Guaranty Bancshares, Inc. | 10227 | 434034 |
|  Hancock Whitney Corp. | 102223 | 5867600 |
|  Hanmi Financial Corp. | 35037 | 864713 |
|  Hanover Bancorp, Inc. | 4436 | 101540 |
|  HarborOne Bancorp, Inc. | 43795 | 511526 |
|  Hawthorn Bancshares, Inc. | 5355 | 156045 |
|  HBT Financial, Inc. | 15126 | 381326 |
|  Heritage Commerce Corp. | 69383 | 688973 |
|  Heritage Financial Corp. | 40128 | 956652 |
|  Hilltop Holdings, Inc. | 54231 | 1645911 |
|  Hingham Institution For Savings (The) (x) | 1862 | 462428 |
|  Home Bancorp, Inc. | 8314 | 430499 |
|  Home BancShares, Inc. | 221823 | 6313083 |
|  HomeStreet, Inc.\* | 22933 | 299734 |
|  HomeTrust Bancshares, Inc. | 18407 | 688606 |
|  Hope Bancorp, Inc. | 141826 | 1521793 |
|  Horizon Bancorp, Inc. | 52379 | 805589 |
|  Independent Bank Corp. | 23534 | 762737 |
|  Independent Bank Corp./MA | 49423 | 3107965 |
|  International Bancshares Corp. | 64107 | 4266962 |
|  Investar Holding Corp. | 11604 | 224189 |
|  John Marshall Bancorp, Inc. | 15758 | 291996 |
|  Kearny Financial Corp. | 63545 | 410501 |
|  Lakeland Financial Corp. | 29754 | 1828383 |
|  Landmark Bancorp, Inc. | 4200 | 111048 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LCNB Corp. | 15169 | $| 220406 |
|  LINKBANCORP, Inc. | 22620 |  | 165352 |
|  Live Oak Bancshares, Inc. | 41586 |  | 1239263 |
|  MainStreet Bancshares, Inc. | 6873 |  | 129900 |
|  Mercantile Bank Corp. | 18365 |  | 852320 |
|  Meridian Corp. | 8984 |  | 115804 |
|  Metrocity Bankshares, Inc. | 22820 |  | 652196 |
|  Metropolitan Bank Holding Corp.\* | 11825 |  | 827750 |
|  Mid Penn Bancorp, Inc. (x) | 24658 |  | 695356 |
|  Middlefield Banc Corp. | 9137 |  | 275115 |
|  Midland States Bancorp, Inc. | 25018 |  | 433312 |
|  MidWestOne Financial Group, Inc. | 24071 |  | 692523 |
|  MVB Financial Corp. | 14562 |  | 328082 |
|  National Bank Holdings Corp., Class A | 44225 |  | 1663302 |
|  National Bankshares, Inc. | 6717 |  | 182702 |
|  NB Bancorp, Inc.\* | 42832 |  | 764980 |
|  NBT Bancorp, Inc. | 59195 |  | 2459552 |
|  Nicolet Bankshares, Inc. | 15949 |  | 1969383 |
|  Northeast Bank | 8742 |  | 777951 |
|  Northeast Community Bancorp, Inc. | 14536 |  | 337889 |
|  Northfield Bancorp, Inc. | 44869 |  | 515096 |
|  Northpointe Bancshares, Inc. | 10989 |  | 150659 |
|  Northrim Bancorp, Inc. | 6604 |  | 615889 |
|  Northwest Bancshares, Inc. | 148347 |  | 1895875 |
|  Norwood Financial Corp. | 8883 |  | 229004 |
|  Oak Valley Bancorp | 7933 |  | 216095 |
|  OceanFirst Financial Corp. | 68664 |  | 1209173 |
|  OFG Bancorp | 52175 |  | 2233090 |
|  Ohio Valley Banc Corp. | 2967 |  | 95626 |
|  Old National Bancorp | 375467 |  | 8012466 |
|  Old Point Financial Corp. | 4547 |  | 178470 |
|  Old Second Bancorp, Inc. | 50725 |  | 899861 |
|  OP Bancorp | 12376 |  | 160764 |
|  Orange County Bancorp, Inc. | 12052 |  | 311424 |
|  Origin Bancorp, Inc. | 35001 |  | 1250936 |
|  Orrstown Financial Services, Inc. | 21609 |  | 687814 |
|  Pacific Premier Bancorp, Inc. | 111555 |  | 2352695 |
|  Park National Corp. | 17403 |  | 2910826 |
|  Parke Bancorp, Inc. | 12397 |  | 252527 |
|  Pathward Financial, Inc. | 28033 |  | 2217971 |
|  Patriot National Bancorp, Inc.\* | 47286 |  | 71875 |
|  PCB Bancorp | 12687 |  | 266173 |
|  Peapack-Gladstone Financial Corp. | 19453 |  | 549547 |
|  Penns Woods Bancorp, Inc. | 7757 |  | 235503 |
|  Peoples Bancorp of North Carolina, Inc. | 5723 |  | 165109 |
|  Peoples Bancorp, Inc. | 41447 |  | 1265791 |
|  Peoples Financial Services Corp. | 10796 |  | 532999 |
|  Pioneer Bancorp, Inc.\* | 14314 |  | 172197 |
|  Plumas Bancorp | 6381 |  | 283699 |
|  Ponce Financial Group, Inc.\* | 23196 |  | 321033 |
|  Preferred Bank | 11651 |  | 1008336 |
|  Primis Financial Corp. | 23879 |  | 259087 |
|  Princeton Bancorp, Inc. | 6869 |  | 209779 |
|  Provident Bancorp, Inc.\* | 17669 |  | 220686 |
|  Provident Financial Services, Inc. | 141134 |  | 2474079 |
|  QCR Holdings, Inc. | 19558 |  | 1327988 |
|  RBB Bancorp | 19636 |  | 337936 |
|  Red River Bancshares, Inc. | 5487 |  | 322087 |
|  Renasant Corp. | 109917 |  | 3949318 |
|  Republic Bancorp, Inc., Class A | 9778 |  | 714870 |
|  Rhinebeck Bancorp, Inc.\* | 2492 |  | 29231 |
|  Richmond Mutual Bancorp, Inc. | 7843 |  | 108233 |
|  Riverview Bancorp, Inc. | 19398 |  | 106689 |
|  S&T Bancorp, Inc. | 44366 |  | 1677922 |
|  SB Financial Group, Inc. | 5913 |  | 112938 |
|  Seacoast Banking Corp. of Florida | 98344 |  | 2716261 |
|  ServisFirst Bancshares, Inc. | 60139 |  | 4661374 |
|  Shore Bancshares, Inc. | 37621 |  | 591402 |
|  Sierra Bancorp | 15461 |  | 459037 |
|  Simmons First National Corp., Class A | 146408 |  | 2775896 |
|  SmartFinancial, Inc. | 18509 |  | 625234 |
|  Sound Financial Bancorp, Inc. | 1890 |  | 86940 |
|  South Plains Financial, Inc. | 14708 |  | 530076 |
|  Southern First Bancshares, Inc.\* | 9067 |  | 344818 |
|  Southern Missouri Bancorp, Inc. | 11047 |  | 605155 |
|  Southern States Bancshares, Inc. | 9988 |  | 363264 |
|  Southside Bancshares, Inc. | 33719 |  | 992350 |
|  SR Bancorp, Inc. | 7944 |  | 107244 |
|  Stellar Bancorp, Inc. | 57192 |  | 1600232 |
|  Sterling Bancorp, Inc. (r)\* | 29695 |  |  |
|  Stock Yards Bancorp, Inc. (x) | 30859 |  | 2437244 |
|  Texas Capital Bancshares, Inc.\* | 53608 |  | 4256475 |
|  Third Coast Bancshares, Inc.\* | 14996 |  | 489919 |
|  Timberland Bancorp, Inc. | 8761 |  | 273343 |
|  Tompkins Financial Corp. | 15819 |  | 992326 |
|  Towne Bank | 83892 |  | 2867429 |
|  TriCo Bancshares | 37246 |  | 1508091 |
|  Triumph Financial, Inc.\* | 26289 |  | 1448787 |
|  TrustCo Bank Corp. | 21414 |  | 715656 |
|  Trustmark Corp. | 69600 |  | 2537616 |
|  UMB Financial Corp. | 85030 |  | 8941755 |
|  Union Bankshares, Inc. | 3230 |  | 85983 |
|  United Bankshares, Inc. | 164989 |  | 6010549 |
|  United Community Banks, Inc. | 139819 |  | 4165208 |
|  United Security Bancshares | 8683 |  | 75108 |
|  Unity Bancorp, Inc. | 8609 |  | 405312 |
|  Univest Financial Corp. | 34642 |  | 1040646 |
|  USCB Financial Holdings, Inc. | 12177 |  | 201408 |
|  Valley National Bancorp | 567515 |  | 5067909 |
|  Veritex Holdings, Inc. | 61140 |  | 1595754 |
|  Virginia National Bankshares Corp. | 5493 |  | 203241 |
|  WaFd, Inc. | 88800 |  | 2600064 |
|  Washington Trust Bancorp, Inc. | 23242 |  | 657284 |
|  WesBanco, Inc. | 110921 |  | 3508431 |
|  West Bancorp, Inc. | 18758 |  | 368220 |
|  Westamerica Bancorp | 29900 |  | 1448356 |
|  Western New England Bancorp, Inc. | 18775 |  | 173293 |
|  WSFS Financial Corp. | 67669 |  | 3721795 |
|  |  |  | 313193445 |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** |
|  Acadian Asset Management, Inc. | 32595 |  | 1148648 |
|  AlTi Global, Inc. (x)\* | 46942 |  | 194809 |
|  Artisan Partners Asset Management, Inc., Class A | 73341 |  | 3251207 |
|  Bakkt Holdings, Inc., Class A\* | 4386 |  | 61185 |
|  BGC Group, Inc., Class A | 418308 |  | 4279291 |
|  Cohen & Steers, Inc. | 32580 |  | 2454903 |
|  Diamond Hill Investment Group, Inc. | 3121 |  | 453512 |
|  DigitalBridge Group, Inc. | 200082 |  | 2070849 |
|  Donnelley Financial Solutions, Inc.\* | 31078 |  | 1915959 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Forge Global Holdings, Inc. (x)\* | 11774 | $| 224177 |
|  GCM Grosvenor, Inc., Class A (x) | 52915 |  | 611697 |
|  Hamilton Lane, Inc., Class A | 1857 |  | 263917 |
|  Marex Group plc | 37333 |  | 1473533 |
|  MarketWise, Inc. (x) | 1834 |  | 36295 |
|  Moelis & Co., Class A | 75540 |  | 4707653 |
|  Open Lending Corp.\* | 118519 |  | 229927 |
|  P10, Inc., Class A | 48074 |  | 491316 |
|  Patria Investments Ltd., Class A | 70871 |  | 996446 |
|  Perella Weinberg Partners, Class A | 71730 |  | 1392997 |
|  Piper Sandler Cos. | 20523 |  | 5704163 |
|  PJT Partners, Inc., Class A | 27131 |  | 4476886 |
|  Siebert Financial Corp.\* | 14997 |  | 66287 |
|  Silvercrest Asset Management Group, Inc., Class A | 12300 |  | 195078 |
|  StepStone Group, Inc., Class A | 73799 |  | 4095844 |
|  StoneX Group, Inc.\* | 52933 |  | 4824314 |
|  Value Line, Inc. | 1070 |  | 41890 |
|  Victory Capital Holdings, Inc., Class A | 51954 |  | 3307911 |
|  Virtus Investment Partners, Inc. | 7749 |  | 1405669 |
|  Westwood Holdings Group, Inc. | 5427 |  | 84661 |
|  WisdomTree, Inc. (x) | 143132 |  | 1647449 |
|  |  |  | 52108473 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  Atlanticus Holdings Corp.\* | 6716 |  | 367701 |
|  Bread Financial Holdings, Inc. | 39420 |  | 2251671 |
|  Consumer Portfolio Services, Inc.\* | 11897 |  | 116948 |
|  Dave, Inc.\* | 10827 |  | 2906075 |
|  Encore Capital Group, Inc.\* | 27278 |  | 1055931 |
|  Enova International, Inc.\* | 28937 |  | 3227054 |
|  FirstCash Holdings, Inc. | 46178 |  | 6240495 |
|  Green Dot Corp., Class A\* | 64626 |  | 696668 |
|  LendingClub Corp.\* | 132884 |  | 1598595 |
|  LendingTree, Inc.\* | 13075 |  | 484690 |
|  Medallion Financial Corp. | 23091 |  | 220057 |
|  Navient Corp. | 86577 |  | 1220736 |
|  Nelnet, Inc., Class A | 16552 |  | 2004778 |
|  NerdWallet, Inc., Class A\* | 48454 |  | 531540 |
|  Oportun Financial Corp.\* | 38461 |  | 275381 |
|  OppFi, Inc. (x) | 28464 |  | 398211 |
|  PRA Group, Inc.\* | 47085 |  | 694504 |
|  PROG Holdings, Inc. | 47488 |  | 1393773 |
|  Regional Management Corp. | 11350 |  | 331534 |
|  Upstart Holdings, Inc. (x)\* | 98146 |  | 6348083 |
|  Vroom, Inc.\* | 849 |  | 24205 |
|  World Acceptance Corp.\* | 4003 |  | 660975 |
|  |  |  | 33049605 |
|  ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** |
|  Acacia Research Corp.\* | 42918 |  | 153646 |
|  Alerus Financial Corp. | 26356 |  | 570344 |
|  AvidXchange Holdings, Inc.\* | 199364 |  | 1951774 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 34136 |  | 1375681 |
|  Better Home & Finance Holding Co.\* | 5163 |  | 63970 |
|  Burford Capital Ltd. | 224961 |  | 3207944 |
|  Cannae Holdings, Inc. | 67100 |  | 1399035 |
|  Cantaloupe, Inc.\* | 62470 |  | 686545 |
|  Cass Information Systems, Inc. | 15765 |  | 684989 |
|  Compass Diversified Holdings | 79753 |  | 500849 |
|  Enact Holdings, Inc. | 34626 |  | 1286356 |
|  Essent Group Ltd. | 116061 |  | 7048384 |
|  Evertec, Inc. | 75277 |  | 2713736 |
|  Federal Agricultural Mortgage Corp., Class C | 10994 |  | 2135914 |
|  Finance of America Cos., Inc., Class A\* | 5221 |  | 121754 |
|  Flywire Corp.\* | 137265 |  | 1606000 |
|  HA Sustainable Infrastructure Capital, Inc. (x) | 142916 |  | 3838724 |
|  International Money Express, Inc.\* | 34814 |  | 351273 |
|  Jackson Financial, Inc., Class A | 84115 |  | 7468571 |
|  loanDepot, Inc., Class A\* | 87734 |  | 111422 |
|  Marqeta, Inc., Class A\* | 450414 |  | 2625914 |
|  Merchants Bancorp | 30078 |  | 994679 |
|  Mr Cooper Group, Inc.\* | 3152 |  | 470310 |
|  NCR Atleos Corp.\* | 85625 |  | 2442881 |
|  NewtekOne, Inc. | 28526 |  | 321773 |
|  NMI Holdings, Inc., Class A\* | 92033 |  | 3882872 |
|  Onity Group, Inc.\* | 7435 |  | 283794 |
|  Pagseguro Digital Ltd., Class A | 207753 |  | 2002739 |
|  Payoneer Global, Inc.\* | 324780 |  | 2224743 |
|  Paysafe Ltd. (x)\* | 37290 |  | 470600 |
|  Paysign, Inc.\* | 42393 |  | 305230 |
|  PennyMac Financial Services, Inc. | 34101 |  | 3397824 |
|  Priority Technology Holdings, Inc.\* | 30430 |  | 236745 |
|  Radian Group, Inc. | 165539 |  | 5962715 |
|  Remitly Global, Inc.\* | 181236 |  | 3401800 |
|  Repay Holdings Corp., Class A\* | 92467 |  | 445691 |
|  Security National Financial Corp., Class A\* | 13997 |  | 137870 |
|  Sezzle, Inc. (x)\* | 17234 |  | 3089194 |
|  StoneCo Ltd., Class A\* | 283107 |  | 4541036 |
|  SWK Holdings Corp. (x) | 4613 |  | 67996 |
|  Triller Group, Inc.\* | 86804 |  | 80771 |
|  Velocity Financial, Inc.\* | 12844 |  | 238128 |
|  Walker & Dunlop, Inc. | 38504 |  | 2713762 |
|  Waterstone Financial, Inc. | 18158 |  | 250762 |
|  |  |  | 77866740 |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** |
|  Ambac Financial Group, Inc.\* | 57631 |  | 409180 |
|  American Coastal Insurance Corp. | 30170 |  | 335490 |
|  AMERISAFE, Inc. | 22175 |  | 969713 |
|  Baldwin Insurance Group, Inc. (The), Class A (x)\* | 82093 |  | 3514401 |
|  Bowhead Specialty Holdings, Inc.\* | 18437 |  | 691941 |
|  Citizens, Inc., Class A\* | 48267 |  | 168452 |
|  CNO Financial Group, Inc. | 117668 |  | 4539632 |
|  Crawford & Co., Class A | 19393 |  | 205178 |
|  Donegal Group, Inc., Class A | 20358 |  | 407669 |
|  eHealth, Inc.\* | 32400 |  | 140940 |
|  Employers Holdings, Inc. | 27666 |  | 1305282 |
|  Enstar Group Ltd.\* | 14018 |  | 4715095 |
|  F&G Annuities & Life, Inc. | 24886 |  | 795854 |
|  Fidelis Insurance Holdings Ltd. | 70742 |  | 1172902 |
|  Genworth Financial, Inc., Class A\* | 484481 |  | 3769262 |
|  GoHealth, Inc., Class A\* | 4864 |  | 26995 |
|  Goosehead Insurance, Inc., Class A | 27865 |  | 2940036 |
|  Greenlight Capital Re Ltd., Class A\* | 31622 |  | 454408 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hamilton Insurance Group Ltd., Class B\* | 53405 | $| 1154616 |
|  HCI Group, Inc. | 10134 |  | 1542395 |
|  Heritage Insurance Holdings, Inc.\* | 26319 |  | 656396 |
|  Hippo Holdings, Inc. (x)\* | 21123 |  | 589965 |
|  Horace Mann Educators Corp. | 45906 |  | 1972581 |
|  Investors Title Co. (x) | 1653 |  | 349279 |
|  James River Group Holdings Ltd. | 45028 |  | 263864 |
|  Kestrel Group Ltd. | 2555 |  | 67759 |
|  Kingstone Cos., Inc.\* | 9876 |  | 152189 |
|  Kingsway Financial Services, Inc. (x)\* | 20508 |  | 277678 |
|  Lemonade, Inc. (x)\* | 64932 |  | 2844671 |
|  MBIA, Inc. (x)\* | 51379 |  | 222985 |
|  Mercury General Corp. | 31616 |  | 2129021 |
|  NI Holdings, Inc.\* | 9304 |  | 118533 |
|  Oscar Health, Inc., Class A (x)\* | 213564 |  | 4578812 |
|  Palomar Holdings, Inc.\* | 30861 |  | 4760309 |
|  ProAssurance Corp.\* | 59244 |  | 1352541 |
|  Root, Inc., Class A (x)\* | 12438 |  | 1591691 |
|  Safety Insurance Group, Inc. | 17457 |  | 1385911 |
|  Selective Insurance Group, Inc. | 71174 |  | 6167227 |
|  Selectquote, Inc.\* | 156584 |  | 372670 |
|  SiriusPoint Ltd.\* | 81181 |  | 1655281 |
|  Skyward Specialty Insurance Group, Inc.\* | 42375 |  | 2448851 |
|  Stewart Information Services Corp. | 32798 |  | 2135150 |
|  Tiptree, Inc., Class A | 28085 |  | 662244 |
|  Trupanion, Inc.\* | 43279 |  | 2395493 |
|  United Fire Group, Inc. | 25523 |  | 732510 |
|  Universal Insurance Holdings, Inc. | 30616 |  | 848982 |
|  |  |  | 69992034 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.8%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 6552 |  | 117543 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 19093 |  | 85537 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 33074 |  | 249709 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 12425 |  | 117043 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 164253 |  | 1589969 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 203356 |  | 2175909 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 65970 |  | 314677 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 96401 |  | 1620501 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 193208 |  | 3719254 |
|  BrightSpire Capital, Inc. (REIT), Class A (x) | 152465 |  | 769948 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 21210 |  | 296091 |
|  Chimera Investment Corp. (REIT) | 93770 |  | 1300590 |
|  Claros Mortgage Trust, Inc. (REIT) | 111273 |  | 317128 |
|  Dynex Capital, Inc. (REIT) (x) | 123986 |  | 1515109 |
|  Ellington Financial, Inc. (REIT) (x) | 107830 |  | 1400712 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 95391 |  | 1019730 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 78663 |  | 616718 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 69357 |  | 608261 |
|  Ladder Capital Corp. (REIT) | 134853 |  | 1449670 |
|  Lument Finance Trust, Inc. (REIT) | 28800 |  | 63648 |
|  MFA Financial, Inc. (REIT) | 122204 |  | 1156050 |
|  New York Mortgage Trust, Inc. (REIT) | 100993 |  | 676653 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 9478 |  | 130702 |
|  Orchid Island Capital, Inc. (REIT) (x) | 124355 |  | 871728 |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 102821 |  | 1322278 |
|  Ready Capital Corp. (REIT) (x) | 190746 |  | 833560 |
|  Redwood Trust, Inc. (REIT) | 155410 |  | 918473 |
|  Rithm Property Trust, Inc. (REIT) | 37917 |  | 102376 |
|  Seven Hills Realty Trust (REIT) | 14004 |  | 169028 |
|  Sunrise Realty Trust, Inc. (REIT) | 10927 |  | 115826 |
|  TPG RE Finance Trust, Inc. (REIT) | 79943 |  | 617160 |
|  Two Harbors Investment Corp. (REIT) | 123683 |  | 1332066 |
|  |  |  | 27593647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 573803944 |
|  **Health Care (14.4%)** | **Health Care (14.4%)** | **Health Care (14.4%)** | **Health Care (14.4%)** |
|  ***Biotechnology (6.5%)*** | ***Biotechnology (6.5%)*** | ***Biotechnology (6.5%)*** | ***Biotechnology (6.5%)*** |
|  4D Molecular Therapeutics, Inc.\* | 44997 |  | 166939 |
|  89bio, Inc.\* | 145178 |  | 1425648 |
|  Abeona Therapeutics, Inc.\* | 50057 |  | 284324 |
|  Absci Corp. (x)\* | 126354 |  | 324730 |
|  ACADIA Pharmaceuticals, Inc.\* | 144917 |  | 3125860 |
|  Acrivon Therapeutics, Inc.\* | 1716 |  | 2042 |
|  Actinium Pharmaceuticals, Inc.\* | 2445 |  | 3423 |
|  Actuate Therapeutics, Inc.\* | 4393 |  | 26841 |
|  Acumen Pharmaceuticals, Inc.\* | 2143 |  | 2486 |
|  ADC Therapeutics SA (x)\* | 83927 |  | 224924 |
|  ADMA Biologics, Inc.\* | 270017 |  | 4917010 |
|  Adverum Biotechnologies, Inc.\* | 2464 |  | 5298 |
|  Agenus, Inc.\* | 1594 |  | 7285 |
|  Agios Pharmaceuticals, Inc.\* | 65794 |  | 2188308 |
|  Akebia Therapeutics, Inc.\* | 291341 |  | 1060481 |
|  Akero Therapeutics, Inc.\* | 81466 |  | 4347026 |
|  Aldeyra Therapeutics, Inc.\* | 59566 |  | 228138 |
|  Alector, Inc.\* | 98133 |  | 137386 |
|  Alkermes plc\* | 189025 |  | 5408005 |
|  Allogene Therapeutics, Inc. (x)\* | 175020 |  | 197773 |
|  Altimmune, Inc. (x)\* | 89923 |  | 348002 |
|  ALX Oncology Holdings, Inc.\* | 6227 |  | 2585 |
|  Amicus Therapeutics, Inc.\* | 325841 |  | 1867069 |
|  AnaptysBio, Inc.\* | 22905 |  | 508491 |
|  Anavex Life Sciences Corp. (x)\* | 97389 |  | 897927 |
|  Anika Therapeutics, Inc.\* | 15878 |  | 167989 |
|  Annexon, Inc.\* | 114466 |  | 274718 |
|  Apogee Therapeutics, Inc.\* | 37302 |  | 1620026 |
|  Applied Therapeutics, Inc. (x)\* | 27991 |  | 8708 |
|  Arbutus Biopharma Corp. (x)\* | 176112 |  | 544186 |
|  Arcellx, Inc.\* | 42788 |  | 2817590 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 29355 |  | 381909 |
|  Arcus Biosciences, Inc.\* | 79773 |  | 649352 |
|  Arcutis Biotherapeutics, Inc.\* | 125138 |  | 1754435 |
|  Ardelyx, Inc.\* | 273858 |  | 1073523 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ArriVent Biopharma, Inc. (x)\* | 27267 | $593603 |
|  Arrowhead Pharmaceuticals, Inc.\* | 140849 | 2225414 |
|  ARS Pharmaceuticals, Inc. (x)\* | 63870 | 1114531 |
|  Artiva Biotherapeutics, Inc. (x)\* | 4180 | 6312 |
|  Astria Therapeutics, Inc.\* | 52216 | 279878 |
|  Atossa Therapeutics, Inc.\* | 2788 | 2314 |
|  aTyr Pharma, Inc.\* | 90856 | 460640 |
|  Aura Biosciences, Inc. (x)\* | 46294 | 289800 |
|  Aurinia Pharmaceuticals, Inc.\* | 139427 | 1180947 |
|  Avidity Biosciences, Inc.\* | 133299 | 3785692 |
|  Avita Medical, Inc. (x)\* | 29822 | 157758 |
|  Beam Therapeutics, Inc. (x)\* | 111346 | 1893995 |
|  Benitec Biopharma, Inc.\* | 12134 | 141968 |
|  Bicara Therapeutics, Inc. (x)\* | 39503 | 366983 |
|  BioCryst Pharmaceuticals, Inc.\* | 244162 | 2187692 |
|  Biohaven Ltd.\* | 105393 | 1487095 |
|  Biomea Fusion, Inc.\* | 2131 | 3836 |
|  Black Diamond Therapeutics, Inc.\* | 1320 | 3274 |
|  Blueprint Medicines Corp.\* | 74533 | 9553640 |
|  Bridgebio Pharma, Inc. (x)\* | 182035 | 7860271 |
|  Bright Minds Biosciences, Inc.\* | 4978 | 129976 |
|  C4 Therapeutics, Inc.\* | 5591 | 7995 |
|  Cabaletta Bio, Inc.\* | 1944 | 2955 |
|  CAMP4 Therapeutics Corp. (x)\* | 1464 | 2123 |
|  Candel Therapeutics, Inc. (x)\* | 45474 | 230098 |
|  Capricor Therapeutics, Inc. (x)\* | 46219 | 458955 |
|  Cardiff Oncology, Inc. (x)\* | 74770 | 235525 |
|  CareDx, Inc.\* | 63542 | 1241611 |
|  Cargo Therapeutics, Inc.\* | 40907 | 168537 |
|  Caribou Biosciences, Inc. (x)\* | 8725 | 10993 |
|  Cartesian Therapeutics, Inc. (x)\* | 11397 | 118415 |
|  Catalyst Pharmaceuticals, Inc.\* | 134993 | 2929348 |
|  Celcuity, Inc. (x)\* | 34510 | 460708 |
|  Celldex Therapeutics, Inc.\* | 76621 | 1559237 |
|  Century Therapeutics, Inc. (x)\* | 7288 | 4072 |
|  CervoMed, Inc.\* | 1237 | 7775 |
|  CG oncology, Inc. (x)\* | 65059 | 1691534 |
|  Cibus, Inc., Class A\* | 4042 | 5578 |
|  Cidara Therapeutics, Inc. (x)\* | 11832 | 576337 |
|  Climb Bio, Inc.\* | 2483 | 3079 |
|  Cogent Biosciences, Inc.\* | 123249 | 884928 |
|  Coherus Oncology, Inc.\* | 134653 | 98472 |
|  Compass Therapeutics, Inc. (x)\* | 107502 | 279505 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 2649 | 18278 |
|  Corvus Pharmaceuticals, Inc.\* | 59857 | 239428 |
|  Crinetics Pharmaceuticals, Inc.\* | 105510 | 3034468 |
|  CRISPR Therapeutics AG (x)\* | 72970 | 3549261 |
|  Cullinan Therapeutics, Inc.\* | 58977 | 444097 |
|  Cytokinetics, Inc.\* | 135982 | 4492845 |
|  Day One Biopharmaceuticals, Inc.\* | 83009 | 539558 |
|  Denali Therapeutics, Inc.\* | 154196 | 2157202 |
|  Design Therapeutics, Inc. (x)\* | 39341 | 132579 |
|  DiaMedica Therapeutics, Inc.\* | 27366 | 106727 |
|  Dianthus Therapeutics, Inc. (x)\* | 23157 | 431415 |
|  Disc Medicine, Inc. (x)\* | 28715 | 1520746 |
|  Dynavax Technologies Corp.\* | 124069 | 1230764 |
|  Dyne Therapeutics, Inc.\* | 109282 | 1040365 |
|  Editas Medicine, Inc.\* | 101390 | 223058 |
|  Eledon Pharmaceuticals, Inc.\* | 63733 | 172716 |
|  Elevation Oncology, Inc.\* | 6138 | 2253 |
|  Emergent BioSolutions, Inc.\* | 56682 | 361631 |
|  Enanta Pharmaceuticals, Inc.\* | 24754 | 187140 |
|  Entrada Therapeutics, Inc.\* | 33821 | 227277 |
|  Erasca, Inc.\* | 210096 | 266822 |
|  Fate Therapeutics, Inc.\* | 122221 | 136888 |
|  Fennec Pharmaceuticals, Inc.\* | 27008 | 224166 |
|  Fibrobiologics, Inc.\* | 7189 | 4473 |
|  Foghorn Therapeutics, Inc.\* | 36498 | 171541 |
|  Galectin Therapeutics, Inc. (x)\* | 3887 | 8202 |
|  Generation Bio Co.\* | 11935 | 3820 |
|  Geron Corp.\* | 708935 | 999598 |
|  Gossamer Bio, Inc.\* | 211999 | 260759 |
|  GRAIL, Inc. (x)\* | 33441 | 1719536 |
|  Greenwich Lifesciences, Inc. (x)\* | 6644 | 60261 |
|  Gyre Therapeutics, Inc. (x)\* | 15190 | 111646 |
|  Heron Therapeutics, Inc. (x)\* | 175959 | 364235 |
|  Humacyte, Inc. (x)\* | 144365 | 301723 |
|  Ideaya Biosciences, Inc.\* | 97850 | 2056807 |
|  IGM Biosciences, Inc. (x)\* | 4137 | 4633 |
|  ImmunityBio, Inc. (x)\* | 267053 | 705020 |
|  Immunome, Inc.\* | 84804 | 788677 |
|  Immunovant, Inc. (x)\* | 79337 | 1269392 |
|  Inhibikase Therapeutics, Inc.\* | 57804 | 112718 |
|  Inhibrx Biosciences, Inc. (x)\* | 11515 | 164319 |
|  Inmune Bio, Inc. (x)\* | 19376 | 44759 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 2470 | 5026 |
|  Intellia Therapeutics, Inc.\* | 121277 | 1137578 |
|  Invivyd, Inc.\* | 20073 | 14352 |
|  Iovance Biotherapeutics, Inc. (x)\* | 301266 | 518178 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 162335 | 116427 |
|  iTeos Therapeutics, Inc.\* | 34704 | 345999 |
|  Jade Biosciences, Inc. (x) | 29349 | 293197 |
|  Janux Therapeutics, Inc.\* | 45753 | 1056894 |
|  Jasper Therapeutics, Inc.\* | 553 | 3069 |
|  KalVista Pharmaceuticals, Inc.\* | 44285 | 500642 |
|  Keros Therapeutics, Inc.\* | 40105 | 535402 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 4604 | 127393 |
|  Kodiak Sciences, Inc.\* | 39649 | 147891 |
|  Korro Bio, Inc. (x)\* | 7329 | 91539 |
|  Krystal Biotech, Inc.\* | 28877 | 3969432 |
|  Kura Oncology, Inc.\* | 91785 | 529599 |
|  Kymera Therapeutics, Inc.\* | 54659 | 2385319 |
|  Kyverna Therapeutics, Inc. (x)\* | 2464 | 7564 |
|  Larimar Therapeutics, Inc.\* | 51019 | 147445 |
|  Lexeo Therapeutics, Inc.\* | 27336 | 109891 |
|  MacroGenics, Inc.\* | 6367 | 7704 |
|  Madrigal Pharmaceuticals, Inc.\* | 19673 | 5953837 |
|  MannKind Corp.\* | 351095 | 1313095 |
|  MeiraGTx Holdings plc (x)\* | 49619 | 323516 |
|  Mersana Therapeutics, Inc.\* | 31944 | 9455 |
|  Metagenomi, Inc.\* | 1637 | 2423 |
|  Metsera, Inc. (x)\* | 20692 | 588687 |
|  MiMedx Group, Inc.\* | 141017 | 861614 |
|  Mineralys Therapeutics, Inc.\* | 45461 | 615087 |
|  Mirum Pharmaceuticals, Inc.\* | 50639 | 2577019 |
|  Monopar Therapeutics, Inc.\* | 4488 | 160581 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 53764 | 242476 |
|  Myriad Genetics, Inc.\* | 106866 | 567458 |
|  Neurogene, Inc. (x)\* | 11896 | 177845 |
|  Nkarta, Inc.\* | 64171 | 106524 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Novavax, Inc. (x)\* | 174852 | $| 1101568 |
|  Nurix Therapeutics, Inc.\* | 87238 |  | 993641 |
|  Nuvalent, Inc., Class A\* | 50013 |  | 3815992 |
|  Nuvectis Pharma, Inc.\* | 13916 |  | 103953 |
|  Ocugen, Inc. (x)\* | 34364 |  | 33347 |
|  Olema Pharmaceuticals, Inc. (x)\* | 68483 |  | 291738 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 83010 |  | 303817 |
|  ORIC Pharmaceuticals, Inc.\* | 52983 |  | 537777 |
|  Oruka Therapeutics, Inc. | 27449 |  | 307703 |
|  Outlook Therapeutics, Inc. (x)\* | 854 |  | 1366 |
|  Ovid therapeutics, Inc.\* | 16225 |  | 5353 |
|  Palvella Therapeutics, Inc.\* | 7529 |  | 169704 |
|  PepGen, Inc.\* | 4264 |  | 4733 |
|  Perspective Therapeutics, Inc.\* | 72033 |  | 247794 |
|  Praxis Precision Medicines, Inc.\* | 21050 |  | 885152 |
|  Precigen, Inc. (x)\* | 180370 |  | 256125 |
|  Prelude Therapeutics, Inc.\* | 3757 |  | 3041 |
|  Prime Medicine, Inc. (x)\* | 69142 |  | 170781 |
|  ProKidney Corp., Class A (x)\* | 10864 |  | 6433 |
|  Protagonist Therapeutics, Inc.\* | 67819 |  | 3748356 |
|  Protalix BioTherapeutics, Inc.\* | 75469 |  | 111694 |
|  Protara Therapeutics, Inc.\* | 35142 |  | 106480 |
|  Prothena Corp. plc\* | 45005 |  | 273180 |
|  PTC Therapeutics, Inc.\* | 90479 |  | 4418994 |
|  Puma Biotechnology, Inc.\* | 48715 |  | 167092 |
|  Pyxis Oncology, Inc.\* | 5250 |  | 5775 |
|  Q32 Bio, Inc.\* | 1790 |  | 2667 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 395056 |  | 1998983 |
|  REGENXBIO, Inc.\* | 55787 |  | 458011 |
|  Relay Therapeutics, Inc.\* | 149820 |  | 518377 |
|  Renovaro, Inc.\* | 29943 |  | 8651 |
|  Replimune Group, Inc.\* | 76134 |  | 707285 |
|  Revolution Medicines, Inc.\* | 9214 |  | 338983 |
|  Rezolute, Inc.\* | 75605 |  | 337198 |
|  Rhythm Pharmaceuticals, Inc.\* | 63268 |  | 3997905 |
|  Rigel Pharmaceuticals, Inc.\* | 20758 |  | 388797 |
|  Rocket Pharmaceuticals, Inc.\* | 92367 |  | 226299 |
|  Sage Therapeutics, Inc.\* | 66031 |  | 602203 |
|  Sana Biotechnology, Inc. (x)\* | 151711 |  | 414171 |
|  Savara, Inc. (x)\* | 145617 |  | 332007 |
|  Scholar Rock Holding Corp.\* | 94608 |  | 3351015 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 91213 |  | 199756 |
|  Shattuck Labs, Inc. (x)\* | 10575 |  | 8373 |
|  Sionna Therapeutics, Inc. (x)\* | 10210 |  | 177144 |
|  Skye Bioscience, Inc.\* | 3054 |  | 12766 |
|  Soleno Therapeutics, Inc.\* | 46794 |  | 3920401 |
|  Solid Biosciences, Inc. (x)\* | 75133 |  | 365898 |
|  SpringWorks Therapeutics, Inc.\* | 84768 |  | 3983248 |
|  Spyre Therapeutics, Inc.\* | 57873 |  | 866359 |
|  Stoke Therapeutics, Inc. (x)\* | 47548 |  | 539670 |
|  Sutro Biopharma, Inc.\* | 9349 |  | 6674 |
|  Syndax Pharmaceuticals, Inc.\* | 99064 |  | 927734 |
|  Tango Therapeutics, Inc. (x)\* | 87459 |  | 447790 |
|  Taysha Gene Therapies, Inc. (x)\* | 195456 |  | 451503 |
|  Tectonic Therapeutic, Inc.\* | 11435 |  | 227213 |
|  Tenaya Therapeutics, Inc.\* | 13854 |  | 8468 |
|  Tevogen Bio Holdings, Inc. (x)\* | 24665 |  | 30831 |
|  TG Therapeutics, Inc.\* | 169141 |  | 6087385 |
|  Tonix Pharmaceuticals Holding Corp.\* | 6549 |  | 235633 |
|  Tourmaline Bio, Inc.\* | 22547 |  | 360527 |
|  Travere Therapeutics, Inc.\* | 102854 |  | 1522239 |
|  TriSalus Life Sciences, Inc.\* | 13760 |  | 74992 |
|  TScan Therapeutics, Inc.\* | 2995 |  | 4343 |
|  TuHURA Biosciences, Inc.\* | 22646 |  | 50501 |
|  Twist Bioscience Corp.\* | 69008 |  | 2538804 |
|  Tyra Biosciences, Inc. (x)\* | 27685 |  | 264945 |
|  Upstream Bio, Inc. (x)\* | 39855 |  | 437608 |
|  UroGen Pharma Ltd. (x)\* | 43075 |  | 590128 |
|  Vanda Pharmaceuticals, Inc.\* | 69184 |  | 326548 |
|  Vaxcyte, Inc.\* | 146473 |  | 4761837 |
|  Vera Therapeutics, Inc., Class A\* | 59892 |  | 1411056 |
|  Veracyte, Inc.\* | 91774 |  | 2480651 |
|  Verastem, Inc. (x)\* | 53400 |  | 221610 |
|  Vericel Corp.\* | 58680 |  | 2496834 |
|  Verve Therapeutics, Inc.\* | 80558 |  | 904666 |
|  Vir Biotechnology, Inc.\* | 103794 |  | 523122 |
|  Viridian Therapeutics, Inc.\* | 81304 |  | 1136630 |
|  Voyager Therapeutics, Inc. (x)\* | 56024 |  | 174235 |
|  Werewolf Therapeutics, Inc.\* | 5898 |  | 6429 |
|  X4 Pharmaceuticals, Inc.\* | 1431 |  | 2719 |
|  XBiotech, Inc. (x)\* | 1579 |  | 4690 |
|  Xencor, Inc.\* | 81762 |  | 642649 |
|  Xenon Pharmaceuticals, Inc.\* | 87756 |  | 2746763 |
|  XOMA Royalty Corp.\* | 10449 |  | 263315 |
|  Y-mAbs Therapeutics, Inc.\* | 44914 |  | 202562 |
|  Zenas Biopharma, Inc. (x)\* | 19554 |  | 189478 |
|  Zentalis Pharmaceuticals, Inc.\* | 11579 |  | 13432 |
|  Zura Bio Ltd., Class A\* | 4153 |  | 4361 |
|  Zymeworks, Inc.\* | 58511 |  | 734313 |
|  |  |  | 212488771 |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** |
|  Accuray, Inc. (x)\* | 108458 |  | 148587 |
|  Alphatec Holdings, Inc.\* | 135261 |  | 1501397 |
|  AngioDynamics, Inc.\* | 45894 |  | 455268 |
|  Anteris Technologies Global Corp. (x)\* | 23321 |  | 88387 |
|  Artivion, Inc.\* | 44750 |  | 1391725 |
|  AtriCure, Inc.\* | 56449 |  | 1849834 |
|  Avanos Medical, Inc.\* | 52146 |  | 638267 |
|  Axogen, Inc.\* | 50700 |  | 550095 |
|  Beta Bionics, Inc.\* | 15184 |  | 221079 |
|  Bioventus, Inc., Class A (x)\* | 53285 |  | 352747 |
|  Butterfly Network, Inc., Class A\* | 221850 |  | 443700 |
|  Ceribell, Inc. (x)\* | 28560 |  | 534929 |
|  Cerus Corp.\* | 217515 |  | 306696 |
|  ClearPoint Neuro, Inc.\* | 28496 |  | 340242 |
|  CONMED Corp. | 36478 |  | 1899774 |
|  CVRx, Inc. (x)\* | 16021 |  | 94203 |
|  Delcath Systems, Inc.\* | 33492 |  | 455491 |
|  Electromed, Inc.\* | 7279 |  | 160065 |
|  Embecta Corp. | 68902 |  | 667660 |
|  Enovis Corp.\* | 66149 |  | 2074433 |
|  Fractyl Health, Inc.\* | 2803 |  | 4541 |
|  Glaukos Corp.\* | 65093 |  | 6723456 |
|  Haemonetics Corp.\* | 58707 |  | 4380129 |
|  ICU Medical, Inc.\* | 28137 |  | 3718305 |
|  Inmode Ltd.\* | 3993 |  | 57659 |
|  Inogen, Inc.\* | 28312 |  | 199033 |
|  Integer Holdings Corp.\* | 40137 |  | 4935647 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Integra LifeSciences Holdings Corp.\* | 78748 | $| 966238 |
|  iRadimed Corp. | 9072 |  | 542415 |
|  iRhythm Technologies, Inc.\* | 37156 |  | 5720538 |
|  Kestra Medical Technologies Ltd.\* | 14441 |  | 239432 |
|  KORU Medical Systems, Inc.\* | 42991 |  | 153908 |
|  Lantheus Holdings, Inc.\* | 78615 |  | 6435424 |
|  LeMaitre Vascular, Inc. | 24214 |  | 2010973 |
|  LENSAR, Inc.\* | 9944 |  | 130962 |
|  LivaNova plc\* | 63654 |  | 2865703 |
|  Lucid Diagnostics, Inc.\* | 74272 |  | 85413 |
|  Merit Medical Systems, Inc.\* | 68015 |  | 6358042 |
|  Myomo, Inc.\* | 36214 |  | 78222 |
|  Neogen Corp.\* | 253998 |  | 1214110 |
|  Neuronetics, Inc.\* | 41673 |  | 145439 |
|  NeuroPace, Inc.\* | 26109 |  | 290854 |
|  Novocure Ltd.\* | 118599 |  | 2111062 |
|  Omnicell, Inc.\* | 54284 |  | 1595950 |
|  OraSure Technologies, Inc.\* | 81864 |  | 245592 |
|  Orthofix Medical, Inc.\* | 44818 |  | 499721 |
|  OrthoPediatrics Corp.\* | 19749 |  | 424209 |
|  Outset Medical, Inc.\* | 15221 |  | 292395 |
|  PROCEPT BioRobotics Corp.\* | 61163 |  | 3522989 |
|  Pro-Dex, Inc.\* | 2354 |  | 102729 |
|  Pulmonx Corp.\* | 42962 |  | 111272 |
|  Pulse Biosciences, Inc. (x)\* | 21334 |  | 321930 |
|  QuidelOrtho Corp. (x)\* | 78366 |  | 2258508 |
|  RxSight, Inc.\* | 42584 |  | 553592 |
|  Sanara Medtech, Inc. (x)\* | 3962 |  | 112481 |
|  SANUWAVE Health, Inc.\* | 5960 |  | 195846 |
|  Semler Scientific, Inc. (x)\* | 9774 |  | 378645 |
|  SI-BONE, Inc.\* | 44688 |  | 841028 |
|  Sight Sciences, Inc. (x)\* | 48221 |  | 199153 |
|  STAAR Surgical Co. (x)\* | 57432 |  | 963709 |
|  Stereotaxis, Inc. (x)\* | 63157 |  | 133893 |
|  Surmodics, Inc.\* | 15885 |  | 471943 |
|  Tactile Systems Technology, Inc.\* | 27251 |  | 276325 |
|  Tandem Diabetes Care, Inc.\* | 77910 |  | 1452242 |
|  TransMedics Group, Inc.\* | 38721 |  | 5189001 |
|  Treace Medical Concepts, Inc.\* | 59163 |  | 347878 |
|  UFP Technologies, Inc. (x)\* | 8757 |  | 2138109 |
|  Utah Medical Products, Inc. | 3437 |  | 195634 |
|  Varex Imaging Corp.\* | 47968 |  | 415883 |
|  Zimvie, Inc.\* | 33913 |  | 317087 |
|  Zynex, Inc. (x)\* | 3131 |  | 8078 |
|  |  |  | 87107906 |
|  ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** |
|  AdaptHealth Corp., Class A\* | 108563 |  | 1023749 |
|  Addus HomeCare Corp.\* | 21069 |  | 2426938 |
|  agilon health, Inc.\* | 366763 |  | 843555 |
|  AirSculpt Technologies, Inc. (x)\* | 14813 |  | 71547 |
|  Alignment Healthcare, Inc.\* | 148499 |  | 2078986 |
|  AMN Healthcare Services, Inc.\* | 44121 |  | 911981 |
|  Ardent Health, Inc.\* | 28763 |  | 392903 |
|  Astrana Health, Inc.\* | 47713 |  | 1187099 |
|  Aveanna Healthcare Holdings, Inc.\* | 55578 |  | 290673 |
|  BrightSpring Health Services, Inc. (x)\* | 98621 |  | 2326469 |
|  Brookdale Senior Living, Inc.\* | 266365 |  | 1853900 |
|  Castle Biosciences, Inc.\* | 33023 |  | 674330 |
|  Clover Health Investments Corp., Class A\* | 468563 |  | 1307291 |
|  Community Health Systems, Inc. (x)\* | 154151 |  | 524113 |
|  Concentra Group Holdings Parent, Inc. | 135804 |  | 2793488 |
|  CorVel Corp.\* | 33725 |  | 3466255 |
|  Cross Country Healthcare, Inc.\* | 37195 |  | 485395 |
|  DocGo, Inc.\* | 104443 |  | 163975 |
|  Enhabit, Inc.\* | 57437 |  | 553693 |
|  Ensign Group, Inc. (The) | 65327 |  | 10077343 |
|  Fulgent Genetics, Inc.\* | 23654 |  | 470242 |
|  GeneDx Holdings Corp., Class A\* | 21889 |  | 2020574 |
|  Guardant Health, Inc.\* | 139264 |  | 7247299 |
|  HealthEquity, Inc.\* | 99462 |  | 10419639 |
|  Hims & Hers Health, Inc. (x)\* | 222083 |  | 11070838 |
|  InfuSystem Holdings, Inc.\* | 1493 |  | 9316 |
|  Innovage Holding Corp.\* | 17679 |  | 65235 |
|  Joint Corp. (The)\* | 16337 |  | 188529 |
|  LifeStance Health Group, Inc.\* | 156275 |  | 807942 |
|  ModivCare, Inc. (x)\* | 2937 |  | 9163 |
|  Nano-X Imaging Ltd. (x)\* | 74549 |  | 385418 |
|  National HealthCare Corp. | 14775 |  | 1581073 |
|  National Research Corp. | 15035 |  | 252588 |
|  NeoGenomics, Inc.\* | 152337 |  | 1113583 |
|  Nutex Health, Inc.\* | 3987 |  | 496342 |
|  Oncology Institute, Inc. (The)\* | 67231 |  | 137824 |
|  OPKO Health, Inc. (x)\* | 417887 |  | 551611 |
|  Option Care Health, Inc.\* | 192065 |  | 6238271 |
|  Owens & Minor, Inc.\* | 90129 |  | 820174 |
|  PACS Group, Inc.\* | 51157 |  | 660948 |
|  Pediatrix Medical Group, Inc.\* | 100360 |  | 1440166 |
|  Pennant Group, Inc. (The)\* | 39796 |  | 1187911 |
|  Performant Healthcare, Inc.\* | 80008 |  | 320032 |
|  Premier, Inc., Class A | 106123 |  | 2327277 |
|  Privia Health Group, Inc.\* | 133800 |  | 3077400 |
|  Progyny, Inc.\* | 79949 |  | 1758878 |
|  Quipt Home Medical Corp.\* | 6323 |  | 11318 |
|  RadNet, Inc.\* | 77546 |  | 4413143 |
|  SBC Medical Group Holdings, Inc.\* | 6537 |  | 30332 |
|  Select Medical Holdings Corp. | 130172 |  | 1976011 |
|  Sonida Senior Living, Inc. (x)\* | 6470 |  | 161426 |
|  Surgery Partners, Inc.\* | 90842 |  | 2019418 |
|  Talkspace, Inc.\* | 147478 |  | 409989 |
|  US Physical Therapy, Inc. | 17415 |  | 1361853 |
|  Viemed Healthcare, Inc.\* | 39687 |  | 274237 |
|  |  |  | 98769683 |
|  ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** |
|  Claritev Corp.\* | 7981 |  | 360182 |
|  Definitive Healthcare Corp., Class A\* | 43349 |  | 169061 |
|  Evolent Health, Inc., Class A\* | 137443 |  | 1547608 |
|  Health Catalyst, Inc.\* | 79397 |  | 299327 |
|  HealthStream, Inc. | 28359 |  | 784693 |
|  LifeMD, Inc.\* | 43866 |  | 597455 |
|  OptimizeRx Corp.\* | 21294 |  | 287469 |
|  Phreesia, Inc.\* | 65237 |  | 1856645 |
|  Schrodinger, Inc. (x)\* | 66157 |  | 1331079 |
|  Simulations Plus, Inc. | 19013 |  | 331777 |
|  Teladoc Health, Inc.\* | 205025 |  | 1785768 |
|  TruBridge, Inc.\* | 11435 |  | 267808 |
|  Waystar Holding Corp.\* | 106435 |  | 4349998 |
|  |  |  | 13968870 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  10X Genomics, Inc., Class A (x)\* | 122152 | $1414520 |
|  Adaptive Biotechnologies Corp.\* | 173984 | 2026914 |
|  Akoya Biosciences, Inc. (x)\* | 4515 | 5869 |
|  Alpha Teknova, Inc.\* | 12121 | 59514 |
|  Azenta, Inc.\* | 41413 | 1274692 |
|  BioLife Solutions, Inc.\* | 44233 | 952779 |
|  Codexis, Inc.\* | 92542 | 225802 |
|  CryoPort, Inc.\* | 56047 | 418111 |
|  Cytek Biosciences, Inc.\* | 141488 | 481059 |
|  Fortrea Holdings, Inc.\* | 105331 | 520335 |
|  Harvard Bioscience, Inc.\* | 11160 | 4953 |
|  Lifecore Biomedical, Inc. (x)\* | 32407 | 263145 |
|  Maravai LifeSciences Holdings, Inc., Class A (x)\* | 142240 | 342798 |
|  MaxCyte, Inc.\* | 125926 | 274519 |
|  Mesa Laboratories, Inc. | 6013 | 566545 |
|  Nautilus Biotechnology, Inc., Class A\* | 9379 | 6799 |
|  Niagen Bioscience, Inc.\* | 60954 | 878347 |
|  OmniAb, Inc. (Earn Out Shares) (r)(x)\* | 14714 |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 107275 | 186659 |
|  Pacific Biosciences of California, Inc. (x)\* | 316453 | 392402 |
|  Personalis, Inc.\* | 45688 | 299713 |
|  Quanterix Corp. (x)\* | 40961 | 272391 |
|  Quantum-Si, Inc. (x)\* | 163026 | 319531 |
|  Standard BioTools, Inc.\* | 342276 | 410731 |
|  |  | 11598128 |
|  ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** |
|  Aardvark Therapeutics, Inc.\* | 4164 | 56297 |
|  Aclaris Therapeutics, Inc.\* | 97881 | 138991 |
|  Alto Neuroscience, Inc.\* | 4683 | 10303 |
|  Alumis, Inc. (x)\* | 54886 | 164658 |
|  Amneal Pharmaceuticals, Inc.\* | 177045 | 1432294 |
|  Amphastar Pharmaceuticals, Inc.\* | 44067 | 1011778 |
|  Amylyx Pharmaceuticals, Inc.\* | 73177 | 469065 |
|  ANI Pharmaceuticals, Inc.\* | 21205 | 1383626 |
|  Aquestive Therapeutics, Inc. (x)\* | 99072 | 327928 |
|  Arvinas, Inc.\* | 74778 | 550366 |
|  Atea Pharmaceuticals, Inc.\* | 90075 | 324270 |
|  Avadel Pharmaceuticals plc (ADR) (x)\* | 104523 | 925029 |
|  Axsome Therapeutics, Inc.\* | 47153 | 4922302 |
|  BioAge Labs, Inc. (x)\* | 26245 | 108392 |
|  Biote Corp., Class A\* | 31330 | 125947 |
|  Cassava Sciences, Inc.\* | 3251 | 5884 |
|  Collegium Pharmaceutical, Inc.\* | 37341 | 1104173 |
|  Corcept Therapeutics, Inc.\* | 2925 | 214695 |
|  CorMedix, Inc.\* | 74953 | 923421 |
|  Edgewise Therapeutics, Inc.\* | 85626 | 1122557 |
|  Enliven Therapeutics, Inc.\* | 37839 | 759050 |
|  Esperion Therapeutics, Inc. (x)\* | 241978 | 238203 |
|  Eton Pharmaceuticals, Inc.\* | 27058 | 385576 |
|  Evolus, Inc.\* | 62675 | 577237 |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 71509 | 672900 |
|  Fulcrum Therapeutics, Inc.\* | 63705 | 438290 |
|  Harmony Biosciences Holdings, Inc.\* | 50890 | 1608124 |
|  Harrow, Inc.\* | 36363 | 1110526 |
|  Indivior plc (x)\* | 126710 | 1867705 |
|  Innoviva, Inc.\* | 72603 | 1458594 |
|  Journey Medical Corp.\* | 11653 | 83669 |
|  LENZ Therapeutics, Inc. (x)\* | 20679 | 606101 |
|  Ligand Pharmaceuticals, Inc.\* | 22176 | 2520968 |
|  Liquidia Corp.\* | 75772 | 944119 |
|  Maze Therapeutics, Inc. (x)\* | 9391 | 115228 |
|  MBX Biosciences, Inc. (x)\* | 18216 | 207845 |
|  MediWound Ltd. (x)\* | 9255 | 179269 |
|  Mind Medicine MindMed, Inc. (x)\* | 89777 | 582653 |
|  Nektar Therapeutics\* | 1028 | 26564 |
|  Neumora Therapeutics, Inc. (x)\* | 23220 | 17027 |
|  Nuvation Bio, Inc. (x)\* | 289254 | 564045 |
|  Ocular Therapeutix, Inc.\* | 164365 | 1525307 |
|  Omeros Corp. (x)\* | 66017 | 198051 |
|  Pacira BioSciences, Inc.\* | 53348 | 1275017 |
|  Phathom Pharmaceuticals, Inc. (x)\* | 48932 | 469258 |
|  Phibro Animal Health Corp., Class A | 23775 | 607213 |
|  Pliant Therapeutics, Inc.\* | 15417 | 17884 |
|  Prestige Consumer Healthcare, Inc.\* | 57669 | 4604870 |
|  Rapport Therapeutics, Inc.\* | 18756 | 213256 |
|  scPharmaceuticals, Inc. (x)\* | 43784 | 166817 |
|  Septerna, Inc. (x)\* | 24642 | 260466 |
|  SIGA Technologies, Inc. | 48917 | 318939 |
|  Supernus Pharmaceuticals, Inc.\* | 62754 | 1978006 |
|  Tarsus Pharmaceuticals, Inc.\* | 45192 | 1830728 |
|  Telomir Pharmaceuticals, Inc.\* | 1767 | 2209 |
|  Terns Pharmaceuticals, Inc.\* | 80669 | 300895 |
|  Theravance Biopharma, Inc.\* | 43122 | 475636 |
|  Third Harmonic Bio, Inc.\* | 30213 | 164057 |
|  Trevi Therapeutics, Inc.\* | 89253 | 488214 |
|  Tvardi Therapeutics, Inc.\* | 3756 | 87627 |
|  Ventyx Biosciences, Inc.\* | 6609 | 14143 |
|  Veru, Inc. (x)\* | 10502 | 6110 |
|  WaVe Life Sciences Ltd.\* | 130169 | 846099 |
|  Xeris Biopharma Holdings, Inc.\* | 174829 | 816451 |
|  Zevra Therapeutics, Inc. (x)\* | 64223 | 565805 |
|  |  | 47518727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 471452085 |
|  **Industrials (15.5%)** | **Industrials (15.5%)** | **Industrials (15.5%)** |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** |
|  AAR Corp.\* | 41617 | 2862833 |
|  AeroVironment, Inc.\* | 32895 | 9373430 |
|  AerSale Corp.\* | 36648 | 220255 |
|  Archer Aviation, Inc., Class A (x)\* | 635238 | 6892332 |
|  Astronics Corp.\* | 35353 | 1183619 |
|  Byrna Technologies, Inc.\* | 20595 | 635974 |
|  Cadre Holdings, Inc. | 33105 | 1054394 |
|  Ducommun, Inc.\* | 16025 | 1324146 |
|  Eve Holding, Inc. (x)\* | 58828 | 403560 |
|  Intuitive Machines, Inc. (x)\* | 127596 | 1386969 |
|  Kratos Defense & Security Solutions, Inc. (x)\* | 191860 | 8911897 |
|  Mercury Systems, Inc.\* | 60544 | 3260900 |
|  Moog, Inc., Class A | 32810 | 5937626 |
|  National Presto Industries, Inc. | 5965 | 584331 |
|  Park Aerospace Corp. | 21407 | 316181 |
|  Redwire Corp.\* | 39224 | 639351 |
|  Satellogic, Inc., Class A (x)\* | 79266 | 286943 |
|  Triumph Group, Inc.\* | 86588 | 2229641 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  V2X, Inc.\* | 19868 | $| 964591 |
|  VirTra, Inc.\* | 2539 |  | 17951 |
|  |  |  | 48486924 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp. (x)\* | 28939 |  | 710163 |
|  Hub Group, Inc., Class A | 69747 |  | 2331642 |
|  Radiant Logistics, Inc.\* | 41187 |  | 250417 |
|  |  |  | 3292222 |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** |
|  American Woodmark Corp.\* | 17515 |  | 934776 |
|  Apogee Enterprises, Inc. | 24780 |  | 1006068 |
|  AZZ, Inc. | 34507 |  | 3260221 |
|  Caesarstone Ltd.\* | 3308 |  | 6517 |
|  CSW Industrials, Inc. | 19003 |  | 5450630 |
|  Gibraltar Industries, Inc.\* | 34886 |  | 2058274 |
|  Griffon Corp. | 45849 |  | 3318092 |
|  Insteel Industries, Inc. | 22266 |  | 828518 |
|  Janus International Group, Inc.\* | 159602 |  | 1299160 |
|  JELD-WEN Holding, Inc.\* | 98180 |  | 384866 |
|  Masterbrand, Inc.\* | 147493 |  | 1612098 |
|  Quanex Building Products Corp. | 54879 |  | 1037213 |
|  Resideo Technologies, Inc.\* | 173376 |  | 3824675 |
|  Tecnoglass, Inc. | 28435 |  | 2199732 |
|  UFP Industries, Inc. | 70288 |  | 6983816 |
|  Zurn Elkay Water Solutions Corp. | 174400 |  | 6377808 |
|  |  |  | 40582464 |
|  ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** |
|  ABM Industries, Inc. | 72343 |  | 3415313 |
|  ACCO Brands Corp. | 109015 |  | 390274 |
|  Acme United Corp. | 2896 |  | 120039 |
|  ACV Auctions, Inc., Class A\* | 195484 |  | 3170750 |
|  BrightView Holdings, Inc.\* | 69506 |  | 1157275 |
|  Brink's Co. (The) | 50502 |  | 4509324 |
|  Casella Waste Systems, Inc., Class A\* | 72973 |  | 8419625 |
|  CECO Environmental Corp. (x)\* | 33674 |  | 953311 |
|  Cimpress plc\* | 17706 |  | 832182 |
|  CompX International, Inc. | 1414 |  | 37570 |
|  CoreCivic, Inc.\* | 125435 |  | 2642915 |
|  Deluxe Corp. | 51519 |  | 819667 |
|  Driven Brands Holdings, Inc. (x)\* | 69667 |  | 1223353 |
|  Ennis, Inc. | 28774 |  | 521960 |
|  Enviri Corp.\* | 88797 |  | 770758 |
|  GEO Group, Inc. (The)\* | 159413 |  | 3817941 |
|  Healthcare Services Group, Inc.\* | 85489 |  | 1284900 |
|  HNI Corp. | 54464 |  | 2678540 |
|  Interface, Inc., Class A | 68196 |  | 1427342 |
|  LanzaTech Global, Inc. (x)\* | 25040 |  | 6791 |
|  Liquidity Services, Inc.\* | 26984 |  | 636553 |
|  MillerKnoll, Inc. | 79265 |  | 1539326 |
|  Mobile Infrastructure Corp., Class A\* | 10687 |  | 48412 |
|  Montrose Environmental Group, Inc.\* | 38382 |  | 840182 |
|  NL Industries, Inc. | 8051 |  | 51526 |
|  OPENLANE, Inc.\* | 124611 |  | 3046739 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 20585 |  | 216554 |
|  Pitney Bowes, Inc. | 191239 |  | 2086418 |
|  Quad/Graphics, Inc. | 34881 |  | 197078 |
|  Quest Resource Holding Corp.\* | 1577 |  | 3186 |
|  Steelcase, Inc., Class A | 100407 |  | 1047245 |
|  UniFirst Corp. | 17529 |  | 3299308 |
|  Vestis Corp. | 133499 |  | 764949 |
|  Virco Mfg. Corp. | 12536 |  | 100037 |
|  VSE Corp. (x) | 23667 |  | 3099904 |
|  |  |  | 55177247 |
|  ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** |
|  Ameresco, Inc., Class A (x)\* | 37592 |  | 571023 |
|  Arcosa, Inc. | 56496 |  | 4898768 |
|  Argan, Inc. | 15454 |  | 3407298 |
|  Bowman Consulting Group Ltd., Class A\* | 15930 |  | 457988 |
|  Centuri Holdings, Inc.\* | 19453 |  | 436525 |
|  Concrete Pumping Holdings, Inc. | 29164 |  | 179359 |
|  Construction Partners, Inc., Class A\* | 54678 |  | 5811178 |
|  Dycom Industries, Inc.\* | 32655 |  | 7980555 |
|  Fluor Corp.\* | 195046 |  | 10000008 |
|  Granite Construction, Inc. (x) | 51268 |  | 4794071 |
|  Great Lakes Dredge & Dock Corp.\* | 76768 |  | 935802 |
|  IES Holdings, Inc.\* | 10523 |  | 3117228 |
|  Limbach Holdings, Inc.\* | 12388 |  | 1735559 |
|  Matrix Service Co.\* | 31963 |  | 431820 |
|  MYR Group, Inc.\* | 18013 |  | 3268459 |
|  NWPX Infrastructure, Inc.\* | 11684 |  | 479161 |
|  Orion Group Holdings, Inc.\* | 44813 |  | 406454 |
|  Primoris Services Corp. | 63147 |  | 4921677 |
|  Southland Holdings, Inc. (x)\* | 7787 |  | 32550 |
|  Sterling Infrastructure, Inc.\* | 34732 |  | 8013714 |
|  Tutor Perini Corp.\* | 51935 |  | 2429519 |
|  |  |  | 64308716 |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** |
|  Allient, Inc. | 17264 |  | 626856 |
|  American Superconductor Corp.\* | 44461 |  | 1631274 |
|  Amprius Technologies, Inc. (x)\* | 107019 |  | 450550 |
|  Array Technologies, Inc.\* | 177306 |  | 1046105 |
|  Atkore, Inc. | 40380 |  | 2848809 |
|  Blink Charging Co. (x)\* | 14447 |  | 13579 |
|  Bloom Energy Corp., Class A (x)\* | 238527 |  | 5705566 |
|  Complete Solaria, Inc.\* | 63707 |  | 117221 |
|  Energy Vault Holdings, Inc.\* | 6531 |  | 4681 |
|  EnerSys | 45891 |  | 3936071 |
|  Enovix Corp. (x)\* | 191469 |  | 1979789 |
|  Eos Energy Enterprises, Inc.\* | 258616 |  | 1324114 |
|  Fluence Energy, Inc., Class A (x)\* | 87998 |  | 590467 |
|  FuelCell Energy, Inc. (x)\* | 374 |  | 2098 |
|  GrafTech International Ltd. (x)\* | 25916 |  | 25206 |
|  Hyliion Holdings Corp. (x)\* | 161829 |  | 213614 |
|  KULR Technology Group, Inc. (x)\* | 37985 |  | 270833 |
|  LSI Industries, Inc. | 31824 |  | 541326 |
|  NANO Nuclear Energy, Inc. (x)\* | 31225 |  | 1076950 |
|  Net Power, Inc. (x)\* | 38666 |  | 95505 |
|  NEXTracker, Inc., Class A\* | 165312 |  | 8988013 |
|  NuScale Power Corp., Class A (x)\* | 142456 |  | 5635559 |
|  Plug Power, Inc. (x)\* | 1061036 |  | 1580944 |
|  Powell Industries, Inc. | 11126 |  | 2341467 |
|  Power Solutions International, Inc.\* | 7567 |  | 489434 |
|  Preformed Line Products Co. | 2797 |  | 446989 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Shoals Technologies Group, Inc., Class A\* | 194796 | $| 827883 |
|  SKYX Platforms Corp.\* | 61479 |  | 64246 |
|  SolarMax Technology, Inc.\* | 2545 |  | 2774 |
|  Stem, Inc. (x)\* | 1357 |  | 8454 |
|  Sunrun, Inc. (x)\* | 244964 |  | 2003805 |
|  T1 Energy, Inc. (x)\* | 132279 |  | 162703 |
|  Thermon Group Holdings, Inc.\* | 39488 |  | 1108823 |
|  TPI Composites, Inc.\* | 5277 |  | 4535 |
|  Vicor Corp.\* | 27147 |  | 1231388 |
|  |  |  | 47397631 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  ArcBest Corp. | 27002 |  | 2079424 |
|  Covenant Logistics Group, Inc., Class A | 18784 |  | 452882 |
|  FTAI Infrastructure, Inc. | 112253 |  | 692601 |
|  Heartland Express, Inc. | 56577 |  | 488825 |
|  Hertz Global Holdings, Inc.\* | 138349 |  | 944924 |
|  Marten Transport Ltd. | 65903 |  | 856080 |
|  PAMT Corp.\* | 6775 |  | 87194 |
|  Proficient Auto Logistics, Inc. (x)\* | 27798 |  | 201814 |
|  RXO, Inc.\* | 189423 |  | 2977730 |
|  Universal Logistics Holdings, Inc. (x) | 7967 |  | 202202 |
|  Werner Enterprises, Inc. | 69679 |  | 1906417 |
|  |  |  | 10890093 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 28638 |  | 893506 |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** |
|  374Water, Inc. (x)\* | 14352 |  | 4654 |
|  3D Systems Corp. (x)\* | 148766 |  | 229100 |
|  AirJoule Technologies Corp.\* | 19147 |  | 88651 |
|  Alamo Group, Inc. | 12063 |  | 2634318 |
|  Albany International Corp., Class A | 35215 |  | 2469628 |
|  Astec Industries, Inc. | 27100 |  | 1129799 |
|  Atmus Filtration Technologies, Inc. | 97552 |  | 3552844 |
|  Blue Bird Corp.\* | 37425 |  | 1615263 |
|  Chart Industries, Inc.\* | 52726 |  | 8681336 |
|  Columbus McKinnon Corp. | 32955 |  | 503223 |
|  Douglas Dynamics, Inc. | 26293 |  | 774855 |
|  Eastern Co. (The) | 6815 |  | 155518 |
|  Energy Recovery, Inc.\* | 62237 |  | 795389 |
|  Enerpac Tool Group Corp., Class A | 63305 |  | 2567651 |
|  Enpro, Inc. | 24612 |  | 4714429 |
|  ESCO Technologies, Inc. | 30291 |  | 5811934 |
|  Federal Signal Corp. | 70012 |  | 7450677 |
|  Franklin Electric Co., Inc. | 46548 |  | 4177218 |
|  Gencor Industries, Inc.\* | 12254 |  | 171556 |
|  Gorman-Rupp Co. (The) | 24096 |  | 884805 |
|  Graham Corp.\* | 11875 |  | 587931 |
|  Greenbrier Cos., Inc. (The) | 35719 |  | 1644860 |
|  Helios Technologies, Inc. | 38708 |  | 1291686 |
|  Hillenbrand, Inc. | 81758 |  | 1640883 |
|  Hillman Solutions Corp.\* | 228793 |  | 1633582 |
|  Hyster-Yale, Inc. | 14087 |  | 560381 |
|  JBT Marel Corp. | 60799 |  | 7311688 |
|  Kadant, Inc. | 13648 |  | 4332558 |
|  Kennametal, Inc. | 90644 |  | 2081186 |
|  L B Foster Co., Class A\* | 12107 |  | 264780 |
|  Lindsay Corp. | 12784 |  | 1844092 |
|  Luxfer Holdings plc | 30251 |  | 368457 |
|  Manitowoc Co., Inc. (The)\* | 40062 |  | 481545 |
|  Mayville Engineering Co., Inc.\* | 16781 |  | 267825 |
|  Microvast Holdings, Inc.\* | 230392 |  | 836323 |
|  Miller Industries, Inc. | 12912 |  | 574068 |
|  Mueller Water Products, Inc., Class A | 182107 |  | 4377852 |
|  Omega Flex, Inc. | 3834 |  | 124145 |
|  Palladyne AI Corp.\* | 29571 |  | 256085 |
|  Park-Ohio Holdings Corp. | 10361 |  | 185047 |
|  Proto Labs, Inc.\* | 27817 |  | 1113793 |
|  REV Group, Inc. | 59782 |  | 2845025 |
|  Richtech Robotics, Inc., Class B (x)\* | 80118 |  | 156230 |
|  Shyft Group, Inc. (The) | 39297 |  | 492784 |
|  SPX Technologies, Inc.\* | 53021 |  | 8890561 |
|  Standex International Corp. | 13740 |  | 2150035 |
|  Tennant Co. | 22069 |  | 1709906 |
|  Terex Corp. | 76336 |  | 3564128 |
|  Titan International, Inc. (x)\* | 57475 |  | 590268 |
|  Trinity Industries, Inc. | 95149 |  | 2569974 |
|  Wabash National Corp. | 47514 |  | 505074 |
|  Watts Water Technologies, Inc., Class A | 31891 |  | 7841678 |
|  Worthington Enterprises, Inc. | 36636 |  | 2331515 |
|  |  |  | 113838793 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 10130 |  | 87827 |
|  Costamare, Inc. | 50653 |  | 461449 |
|  Genco Shipping & Trading Ltd. | 46444 |  | 607023 |
|  Golden Ocean Group Ltd. | 119917 |  | 877793 |
|  Himalaya Shipping Ltd. (x) | 33890 |  | 195545 |
|  Matson, Inc. | 37868 |  | 4216602 |
|  Pangaea Logistics Solutions Ltd. | 38569 |  | 181274 |
|  Safe Bulkers, Inc. | 68864 |  | 248599 |
|  |  |  | 6876112 |
|  ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** | ***Passenger Airlines (0.4%)*** |
|  Allegiant Travel Co.\* | 17051 |  | 936952 |
|  Blade Air Mobility, Inc.\* | 69831 |  | 281419 |
|  Frontier Group Holdings, Inc. (x)\* | 98610 |  | 357954 |
|  JetBlue Airways Corp. (x)\* | 375320 |  | 1587604 |
|  Joby Aviation, Inc. (x)\* | 537422 |  | 5669802 |
|  SkyWest, Inc.\* | 47310 |  | 4871511 |
|  Spirit Aviation Holdings, Inc.\* | 15904 |  | 79361 |
|  Sun Country Airlines Holdings, Inc.\* | 59682 |  | 701263 |
|  Wheels Up Experience, Inc. (x)\* | 10011 |  | 10712 |
|  |  |  | 14496578 |
|  ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** |
|  Acuren Corp. (x)\* | 117065 |  | 1292398 |
|  Alight, Inc., Class A | 501478 |  | 2838366 |
|  Asure Software, Inc.\* | 27318 |  | 266624 |
|  Barrett Business Services, Inc. | 29141 |  | 1214888 |
|  BlackSky Technology, Inc., Class A (x)\* | 32645 |  | 671834 |
|  CBIZ, Inc.\* | 60948 |  | 4370581 |
|  Conduent, Inc.\* | 184551 |  | 487215 |
|  CRA International, Inc. | 7793 |  | 1460174 |
|  CSG Systems International, Inc. | 32935 |  | 2150985 |
|  ExlService Holdings, Inc.\* | 6448 |  | 282358 |
|  Exponent, Inc. | 58845 |  | 4396310 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  First Advantage Corp. (x)\* | 92021 | $| 1528469 |
|  FiscalNote Holdings, Inc. (x)\* | 5957 |  | 3195 |
|  Forrester Research, Inc.\* | 13950 |  | 138105 |
|  Franklin Covey Co.\* | 12569 |  | 286825 |
|  Heidrick & Struggles International, Inc. | 24113 |  | 1103411 |
|  HireQuest, Inc. | 5706 |  | 57117 |
|  Huron Consulting Group, Inc.\* | 19926 |  | 2740622 |
|  IBEX Holdings Ltd.\* | 11748 |  | 341867 |
|  ICF International, Inc. | 21371 |  | 1810337 |
|  Innodata, Inc. (x)\* | 35366 |  | 1811447 |
|  Insperity, Inc. | 41801 |  | 2513076 |
|  Kelly Services, Inc., Class A | 37492 |  | 439031 |
|  Kforce, Inc. | 21241 |  | 873642 |
|  Korn Ferry | 60203 |  | 4414686 |
|  Legalzoom.com, Inc.\* | 129689 |  | 1155529 |
|  Maximus, Inc. | 65987 |  | 4632287 |
|  Mistras Group, Inc.\* | 20197 |  | 161778 |
|  NV5 Global, Inc.\* | 67789 |  | 1565248 |
|  Planet Labs PBC\* | 250735 |  | 1529484 |
|  RCM Technologies, Inc.\* | 4528 |  | 106725 |
|  Resolute Holdings Management, Inc.\* | 4207 |  | 134077 |
|  Resources Connection, Inc. | 39412 |  | 211642 |
|  Skillsoft Corp.\* | 4494 |  | 71769 |
|  Spire Global, Inc. (x)\* | 32018 |  | 381014 |
|  TriNet Group, Inc. | 34939 |  | 2555439 |
|  TrueBlue, Inc.\* | 34069 |  | 220767 |
|  TTEC Holdings, Inc.\* | 22848 |  | 109899 |
|  Upwork, Inc.\* | 145014 |  | 1948988 |
|  Verra Mobility Corp., Class A\* | 186588 |  | 4737469 |
|  Willdan Group, Inc.\* | 16169 |  | 1010724 |
|  WNS Holdings Ltd.\* | 47264 |  | 2988975 |
|  |  |  | 61015377 |
|  ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** |
|  Alta Equipment Group, Inc. (x) | 25128 |  | 158809 |
|  BlueLinx Holdings, Inc.\* | 9108 |  | 677453 |
|  Boise Cascade Co. | 44429 |  | 3857326 |
|  Custom Truck One Source, Inc. (x)\* | 69075 |  | 341230 |
|  Distribution Solutions Group, Inc.\* | 11984 |  | 329200 |
|  DNOW, Inc.\* | 125464 |  | 1860631 |
|  DXP Enterprises, Inc.\* | 15160 |  | 1328774 |
|  EVI Industries, Inc. | 6220 |  | 135783 |
|  FTAI Aviation Ltd. | 12961 |  | 1491033 |
|  GATX Corp. | 41739 |  | 6409441 |
|  Global Industrial Co. | 16380 |  | 442424 |
|  GMS, Inc.\* | 45036 |  | 4897665 |
|  Herc Holdings, Inc. | 38098 |  | 5017126 |
|  Hudson Technologies, Inc.\* | 46297 |  | 375932 |
|  Karat Packaging, Inc. | 7805 |  | 219789 |
|  McGrath RentCorp | 28411 |  | 3294539 |
|  MRC Global, Inc.\* | 100379 |  | 1376196 |
|  NPK International, Inc.\* | 94296 |  | 802459 |
|  Rush Enterprises, Inc., Class A | 73080 |  | 3764351 |
|  Rush Enterprises, Inc., Class B | 10384 |  | 544952 |
|  Titan Machinery, Inc. (x)\* | 24122 |  | 477857 |
|  Transcat, Inc.\* | 10538 |  | 905846 |
|  Willis Lease Finance Corp. | 4164 |  | 594536 |
|  Xometry, Inc., Class A (x)\* | 51044 |  | 1724777 |
|  |  |  | 41028129 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 23908 |  | 233581 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 508517373 |
|  **Information Technology (13.3%)** | **Information Technology (13.3%)** | **Information Technology (13.3%)** | **Information Technology (13.3%)** |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** |
|  ADTRAN Holdings, Inc.\* | 88562 |  | 794401 |
|  Applied Optoelectronics, Inc. (x)\* | 62652 |  | 1609530 |
|  Aviat Networks, Inc. (x)\* | 13391 |  | 322054 |
|  BK Technologies Corp.\* | 3039 |  | 143228 |
|  Calix, Inc.\* | 68663 |  | 3652185 |
|  Clearfield, Inc.\* | 14023 |  | 608738 |
|  CommScope Holding Co., Inc.\* | 249906 |  | 2069222 |
|  Digi International, Inc.\* | 42283 |  | 1473985 |
|  Extreme Networks, Inc.\* | 154052 |  | 2765233 |
|  Harmonic, Inc.\* | 131311 |  | 1243515 |
|  Inseego Corp.\* | 13543 |  | 111594 |
|  NETGEAR, Inc.\* | 32456 |  | 943496 |
|  NetScout Systems, Inc.\* | 81925 |  | 2032559 |
|  Ribbon Communications, Inc.\* | 110603 |  | 443518 |
|  Viasat, Inc.\* | 132406 |  | 1933128 |
|  Viavi Solutions, Inc.\* | 256337 |  | 2581314 |
|  |  |  | 22727700 |
|  ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** |
|  908 Devices, Inc. (x)\* | 30619 |  | 218313 |
|  Advanced Energy Industries, Inc. | 43867 |  | 5812378 |
|  Aeva Technologies, Inc. (x)\* | 35394 |  | 1337539 |
|  Arlo Technologies, Inc.\* | 115811 |  | 1964155 |
|  Badger Meter, Inc. | 34514 |  | 8454204 |
|  Bel Fuse, Inc., Class A | 1692 |  | 152026 |
|  Bel Fuse, Inc., Class B (x) | 12346 |  | 1206081 |
|  Belden, Inc. | 46380 |  | 5370804 |
|  Benchmark Electronics, Inc. | 41551 |  | 1613425 |
|  Climb Global Solutions, Inc. | 4539 |  | 485264 |
|  CTS Corp. | 34808 |  | 1483169 |
|  Daktronics, Inc.\* | 48760 |  | 737251 |
|  ePlus, Inc.\* | 31027 |  | 2237047 |
|  Evolv Technologies Holdings, Inc. (x)\* | 135976 |  | 848490 |
|  Fabrinet (x)\* | 42089 |  | 12402787 |
|  FARO Technologies, Inc.\* | 22490 |  | 987761 |
|  Frequency Electronics, Inc. | 7289 |  | 165533 |
|  Insight Enterprises, Inc.\* | 32395 |  | 4473264 |
|  Itron, Inc.\* | 52887 |  | 6961516 |
|  Kimball Electronics, Inc.\* | 29210 |  | 561708 |
|  Knowles Corp.\* | 101237 |  | 1783796 |
|  Lightwave Logic, Inc.\* | 14083 |  | 17463 |
|  Methode Electronics, Inc. | 38671 |  | 367761 |
|  MicroVision, Inc. (x)\* | 282073 |  | 321563 |
|  Mirion Technologies, Inc., Class A\* | 244822 |  | 5271018 |
|  M-Tron Industries, Inc.\* | 2496 |  | 104832 |
|  Napco Security Technologies, Inc. | 41813 |  | 1241428 |
|  Neonode, Inc. (x)\* | 8936 |  | 227868 |
|  nLight, Inc.\* | 55959 |  | 1101273 |
|  Novanta, Inc.\* | 41768 |  | 5385148 |
|  OSI Systems, Inc.\* | 18691 |  | 4202858 |
|  Ouster, Inc.\* | 59171 |  | 1434897 |
|  PAR Technology Corp. (x)\* | 46715 |  | 3240620 |
|  PC Connection, Inc. | 13247 |  | 871388 |
|  Plexus Corp.\* | 31431 |  | 4252929 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Powerfleet, Inc. (x)\* | 145078 | $| 625286 |
|  Red Cat Holdings, Inc. (x)\* | 87323 |  | 635711 |
|  Richardson Electronics Ltd. | 13267 |  | 128027 |
|  Rogers Corp.\* | 21867 |  | 1497452 |
|  Sanmina Corp.\* | 61023 |  | 5969880 |
|  ScanSource, Inc.\* | 25833 |  | 1080078 |
|  SmartRent, Inc., Class A\* | 7874 |  | 7795 |
|  TTM Technologies, Inc.\* | 117537 |  | 4797860 |
|  Vishay Intertechnology, Inc. | 141941 |  | 2254023 |
|  Vishay Precision Group, Inc. (x)\* | 14257 |  | 400622 |
|  Vuzix Corp.\* | 73036 |  | 213265 |
|  |  |  | 104907556 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Applied Digital Corp. (x)\* | 206676 |  | 2081227 |
|  ASGN, Inc.\* | 50274 |  | 2510181 |
|  Backblaze, Inc., Class A\* | 61757 |  | 339664 |
|  BigBear.ai Holdings, Inc. (x)\* | 337867 |  | 2294117 |
|  BigCommerce Holdings, Inc.\* | 78889 |  | 394445 |
|  Couchbase, Inc.\* | 50139 |  | 1222389 |
|  Crexendo, Inc.\* | 14012 |  | 85053 |
|  CSP, Inc. | 6496 |  | 84058 |
|  DigitalOcean Holdings, Inc.\* | 75689 |  | 2161678 |
|  Fastly, Inc., Class A\* | 160124 |  | 1130475 |
|  Grid Dynamics Holdings, Inc.\* | 77596 |  | 896234 |
|  Hackett Group, Inc. (The) | 29677 |  | 754389 |
|  Information Services Group, Inc. | 38737 |  | 185938 |
|  Rackspace Technology, Inc.\* | 108296 |  | 138619 |
|  TSS, Inc.\* | 21199 |  | 611167 |
|  Tucows, Inc., Class A (x)\* | 8402 |  | 165603 |
|  Unisys Corp.\* | 77716 |  | 352053 |
|  |  |  | 15407290 |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** |
|  ACM Research, Inc., Class A\* | 58774 |  | 1522247 |
|  Aehr Test Systems (x)\* | 32121 |  | 415325 |
|  Aeluma, Inc. (x)\* | 8146 |  | 133350 |
|  Alpha & Omega Semiconductor Ltd.\* | 28824 |  | 739624 |
|  Ambarella, Inc.\* | 47508 |  | 3138616 |
|  Atomera, Inc.\* | 31262 |  | 157560 |
|  Axcelis Technologies, Inc.\* | 37492 |  | 2612817 |
|  CEVA, Inc.\* | 27111 |  | 595900 |
|  Cohu, Inc.\* | 53443 |  | 1028243 |
|  Credo Technology Group Holding Ltd.\* | 170734 |  | 15808261 |
|  Diodes, Inc.\* | 53665 |  | 2838342 |
|  Everspin Technologies, Inc.\* | 4555 |  | 28651 |
|  FormFactor, Inc.\* | 91010 |  | 3131654 |
|  Ichor Holdings Ltd.\* | 40250 |  | 790510 |
|  Impinj, Inc.\* | 30257 |  | 3360645 |
|  indie Semiconductor, Inc., Class A (x)\* | 224548 |  | 799391 |
|  Kopin Corp.\* | 169402 |  | 259185 |
|  Kulicke & Soffa Industries, Inc. | 61373 |  | 2123506 |
|  MaxLinear, Inc., Class A\* | 95142 |  | 1351968 |
|  Navitas Semiconductor Corp., Class A (x)\* | 155685 |  | 1019737 |
|  NVE Corp. | 5546 |  | 408241 |
|  PDF Solutions, Inc.\* | 35989 |  | 769445 |
|  Penguin Solutions, Inc. (x)\* | 62500 |  | 1238125 |
|  Photronics, Inc.\* | 71751 |  | 1351071 |
|  Power Integrations, Inc. | 65892 |  | 3683363 |
|  QuickLogic Corp. (x)\* | 3364 |  | 20722 |
|  Rambus, Inc.\* | 125753 |  | 8050707 |
|  Rigetti Computing, Inc. (x)\* | 329802 |  | 3911452 |
|  Semtech Corp.\* | 101586 |  | 4585592 |
|  Silicon Laboratories, Inc.\* | 37596 |  | 5540147 |
|  SiTime Corp.\* | 24593 |  | 5240276 |
|  SkyWater Technology, Inc.\* | 29425 |  | 289542 |
|  Synaptics, Inc.\* | 45634 |  | 2957996 |
|  Ultra Clean Holdings, Inc.\* | 51457 |  | 1161384 |
|  Veeco Instruments, Inc.\* | 66435 |  | 1349959 |
|  Wolfspeed, Inc. (x)\* | 179229 |  | 71477 |
|  |  |  | 82485031 |
|  ***Software (5.8%)*** | ***Software (5.8%)*** | ***Software (5.8%)*** | ***Software (5.8%)*** |
|  8x8, Inc.\* | 155861 |  | 305488 |
|  A10 Networks, Inc. | 85614 |  | 1656631 |
|  ACI Worldwide, Inc.\* | 123422 |  | 5666304 |
|  Adeia, Inc. | 126665 |  | 1791043 |
|  Agilysys, Inc.\* | 30129 |  | 3453989 |
|  Airship AI Holdings, Inc. (x)\* | 23179 |  | 136524 |
|  Alarm.com Holdings, Inc.\* | 55121 |  | 3118195 |
|  Alkami Technology, Inc.\* | 79564 |  | 2398059 |
|  Amplitude, Inc., Class A\* | 101527 |  | 1258935 |
|  Appian Corp., Class A\* | 46889 |  | 1400106 |
|  Arteris, Inc.\* | 32653 |  | 311183 |
|  Asana, Inc., Class A\* | 108970 |  | 1471095 |
|  AudioEye, Inc. (x)\* | 8655 |  | 100831 |
|  AvePoint, Inc.\* | 155484 |  | 3002396 |
|  Bit Digital, Inc. (x)\* | 212120 |  | 464543 |
|  Bitdeer Technologies Group, Class A\* | 94436 |  | 1084125 |
|  Blackbaud, Inc.\* | 44723 |  | 2871664 |
|  BlackLine, Inc.\* | 61530 |  | 3483829 |
|  Blend Labs, Inc., Class A\* | 247206 |  | 815780 |
|  Box, Inc., Class A\* | 163953 |  | 5602274 |
|  Braze, Inc., Class A\* | 89004 |  | 2501012 |
|  C3.ai, Inc., Class A (x)\* | 141110 |  | 3467073 |
|  Cerence, Inc. (x)\* | 51526 |  | 526080 |
|  Cipher Mining, Inc. (x)\* | 309268 |  | 1478301 |
|  Cleanspark, Inc. (x)\* | 324649 |  | 3580878 |
|  Clear Secure, Inc., Class A | 97602 |  | 2709431 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 287078 |  | 6295621 |
|  Commvault Systems, Inc.\* | 51541 |  | 8985142 |
|  Consensus Cloud Solutions, Inc.\* | 22613 |  | 521456 |
|  Core Scientific, Inc.\* | 321797 |  | 5493075 |
|  CoreCard Corp.\* | 5197 |  | 150557 |
|  CS Disco, Inc.\* | 36151 |  | 157980 |
|  Daily Journal Corp.\* | 1478 |  | 624085 |
|  Digimarc Corp. (x)\* | 17623 |  | 232800 |
|  Digital Turbine, Inc.\* | 119231 |  | 703463 |
|  Domo, Inc., Class B\* | 39443 |  | 551019 |
|  D-Wave Quantum, Inc. (x)\* | 335628 |  | 4913594 |
|  E2open Parent Holdings, Inc.\* | 214922 |  | 694198 |
|  eGain Corp.\* | 18759 |  | 117244 |
|  EverCommerce, Inc. (x)\* | 19944 |  | 209412 |
|  Expensify, Inc., Class A\* | 66695 |  | 172740 |
|  Five9, Inc.\* | 87952 |  | 2328969 |
|  Freshworks, Inc., Class A\* | 238248 |  | 3552278 |
|  Hut 8 Corp. (x)\* | 110091 |  | 2047693 |
|  I3 Verticals, Inc., Class A (x)\* | 26489 |  | 727918 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Intapp, Inc.\* | 64747 | $| 3342240 |
|  InterDigital, Inc. (x) | 30179 |  | 6767037 |
|  Jamf Holding Corp.\* | 80618 |  | 766677 |
|  Kaltura, Inc.\* | 100996 |  | 203002 |
|  Life360, Inc. (x)\* | 18805 |  | 1227026 |
|  LiveRamp Holdings, Inc.\* | 74810 |  | 2471722 |
|  MARA Holdings, Inc. (x)\* | 404482 |  | 6342278 |
|  Mercurity Fintech Holding, Inc.\* | 34238 |  | 131816 |
|  Meridianlink, Inc.\* | 38073 |  | 617925 |
|  Mitek Systems, Inc.\* | 52867 |  | 523383 |
|  N-able, Inc.\* | 83073 |  | 672891 |
|  NCR Voyix Corp.\* | 164084 |  | 1924705 |
|  NextNav, Inc. (x)\* | 102481 |  | 1557711 |
|  Olo, Inc., Class A\* | 134841 |  | 1200085 |
|  ON24, Inc.\* | 40927 |  | 222234 |
|  OneSpan, Inc. | 42090 |  | 702482 |
|  Ooma, Inc.\* | 28867 |  | 372384 |
|  Pagaya Technologies Ltd., Class A (x)\* | 49038 |  | 1045490 |
|  PagerDuty, Inc.\* | 98935 |  | 1511727 |
|  Porch Group, Inc.\* | 94709 |  | 1116619 |
|  Progress Software Corp. | 49709 |  | 3173423 |
|  PROS Holdings, Inc.\* | 51005 |  | 798738 |
|  Q2 Holdings, Inc.\* | 72572 |  | 6792013 |
|  Qualys, Inc.\* | 42547 |  | 6078690 |
|  Rapid7, Inc.\* | 74400 |  | 1720872 |
|  Red Violet, Inc. | 13102 |  | 644618 |
|  Rekor Systems, Inc.\* | 4805 |  | 5574 |
|  ReposiTrak, Inc. (x) | 13518 |  | 265629 |
|  Rezolve AI plc (x)\* | 103835 |  | 319293 |
|  Rimini Street, Inc.\* | 62434 |  | 235376 |
|  Riot Platforms, Inc. (x)\* | 385480 |  | 4355924 |
|  Roadzen, Inc.\* | 9714 |  | 9520 |
|  Sapiens International Corp. NV | 36491 |  | 1067362 |
|  SEMrush Holdings, Inc., Class A\* | 53443 |  | 483659 |
|  Silvaco Group, Inc. (x)\* | 7055 |  | 33300 |
|  SoundHound AI, Inc., Class A (x)\* | 427200 |  | 4583856 |
|  SoundThinking, Inc.\* | 11012 |  | 143762 |
|  Sprinklr, Inc., Class A\* | 129557 |  | 1096052 |
|  Sprout Social, Inc., Class A\* | 60323 |  | 1261354 |
|  SPS Commerce, Inc.\* | 44334 |  | 6033414 |
|  Synchronoss Technologies, Inc.\* | 10645 |  | 72918 |
|  Telos Corp.\* | 66492 |  | 210780 |
|  Tenable Holdings, Inc.\* | 138886 |  | 4691569 |
|  Terawulf, Inc. (x)\* | 311508 |  | 1364405 |
|  Varonis Systems, Inc.\* | 128352 |  | 6513864 |
|  Verint Systems, Inc.\* | 72848 |  | 1432920 |
|  Vertex, Inc., Class A\* | 75718 |  | 2675496 |
|  Viant Technology, Inc., Class A\* | 17881 |  | 236566 |
|  Weave Communications, Inc.\* | 67882 |  | 564778 |
|  WM Technology, Inc.\* | 91551 |  | 82030 |
|  Workiva, Inc., Class A\* | 58656 |  | 4015003 |
|  Xperi, Inc.\* | 51861 |  | 410220 |
|  Yext, Inc.\* | 120255 |  | 1022167 |
|  Zeta Global Holdings Corp., Class A\* | 219323 |  | 3397313 |
|  |  |  | 191646905 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  CompoSecure, Inc., Class A (x)\* | 51444 |  | 724846 |
|  Corsair Gaming, Inc.\* | 55180 |  | 520347 |
|  CPI Card Group, Inc.\* | 7269 |  | 172421 |
|  Diebold Nixdorf, Inc.\* | 29983 |  | 1661058 |
|  Eastman Kodak Co. (x)\* | 74940 |  | 423411 |
|  Immersion Corp. | 36399 |  | 286824 |
|  IonQ, Inc. (x)\* | 276391 |  | 11876521 |
|  Quantum Computing, Inc. (x)\* | 100779 |  | 1931934 |
|  Turtle Beach Corp. (x)\* | 17406 |  | 240725 |
|  Xerox Holdings Corp. (x) | 134901 |  | 710928 |
|  |  |  | 18549015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 435723497 |
|  **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** |
|  AdvanSix, Inc. | 30661 |  | 728199 |
|  American Vanguard Corp.\* | 30429 |  | 119282 |
|  Arq, Inc. (x)\* | 33798 |  | 181495 |
|  ASP Isotopes, Inc. (x)\* | 64971 |  | 478187 |
|  Aspen Aerogels, Inc.\* | 77003 |  | 455858 |
|  Avient Corp. | 107455 |  | 3471871 |
|  Balchem Corp. | 38092 |  | 6064246 |
|  Cabot Corp. | 63218 |  | 4741350 |
|  Chemours Co. (The) | 174856 |  | 2002101 |
|  Core Molding Technologies, Inc.\* | 10261 |  | 170230 |
|  Ecovyst, Inc.\* | 126770 |  | 1043317 |
|  Flotek Industries, Inc.\* | 15209 |  | 224485 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 40163 |  | 451834 |
|  Hawkins, Inc. | 22731 |  | 3230075 |
|  HB Fuller Co. | 63752 |  | 3834683 |
|  Ingevity Corp.\* | 42399 |  | 1826973 |
|  Innospec, Inc. | 29022 |  | 2440460 |
|  Intrepid Potash, Inc.\* | 13175 |  | 470743 |
|  Koppers Holdings, Inc. | 23113 |  | 743083 |
|  Kronos Worldwide, Inc. | 24017 |  | 148905 |
|  LSB Industries, Inc.\* | 61499 |  | 479692 |
|  Mativ Holdings, Inc. | 62998 |  | 429646 |
|  Minerals Technologies, Inc. | 37449 |  | 2062316 |
|  Northern Technologies International Corp. | 1997 |  | 14798 |
|  Orion SA | 65704 |  | 689235 |
|  Perimeter Solutions, Inc.\* | 162242 |  | 2258409 |
|  PureCycle Technologies, Inc. (x)\* | 151336 |  | 2073303 |
|  Quaker Chemical Corp. | 16351 |  | 1830331 |
|  Rayonier Advanced Materials, Inc.\* | 76030 |  | 292715 |
|  Sensient Technologies Corp. | 49053 |  | 4832702 |
|  Solesence, Inc.\* | 18053 |  | 78711 |
|  Stepan Co. | 24867 |  | 1357241 |
|  Trinseo plc | 36398 |  | 113562 |
|  Tronox Holdings plc | 137436 |  | 696800 |
|  Valhi, Inc. (x) | 3234 |  | 52261 |
|  |  |  | 50089099 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 66717 |  | 5446776 |
|  Smith-Midland Corp.\* | 3969 |  | 133200 |
|  Titan America SA | 25854 |  | 322658 |
|  United States Lime & Minerals, Inc. | 12613 |  | 1258777 |
|  |  |  | 7161411 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 164396 |  | 703615 |
|  Greif, Inc., Class A | 29022 |  | 1886140 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Greif, Inc., Class B | 5889 | $| 406400 |
|  Myers Industries, Inc. | 44290 |  | 641762 |
|  O-I Glass, Inc.\* | 180340 |  | 2658211 |
|  Ranpak Holdings Corp., Class A\* | 57844 |  | 206503 |
|  TriMas Corp. | 38967 |  | 1114846 |
|  |  |  | 7617477 |
|  ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 13656 |  | 1536027 |
|  American Battery Technology Co.\* | 88117 |  | 142750 |
|  Ascent Industries Co.\* | 7675 |  | 96782 |
|  Caledonia Mining Corp. plc | 18608 |  | 359507 |
|  Carpenter Technology Corp. | 2138 |  | 590900 |
|  Century Aluminum Co.\* | 61417 |  | 1106734 |
|  Coeur Mining, Inc.\* | 746072 |  | 6610198 |
|  Commercial Metals Co. | 132635 |  | 6487178 |
|  Compass Minerals International, Inc.\* | 40099 |  | 805589 |
|  Constellium SE\* | 165962 |  | 2207295 |
|  Contango ORE, Inc.\* | 10229 |  | 199261 |
|  Critical Metals Corp. (x)\* | 35105 |  | 125676 |
|  Dakota Gold Corp.\* | 99038 |  | 365450 |
|  Ferroglobe plc | 134502 |  | 493622 |
|  Friedman Industries, Inc. | 5690 |  | 94226 |
|  Hecla Mining Co. | 700598 |  | 4196582 |
|  i-80 Gold Corp.\* | 18876 |  | 11295 |
|  Idaho Strategic Resources, Inc.\* | 13156 |  | 172080 |
|  Ivanhoe Electric, Inc. (x)\* | 100309 |  | 909803 |
|  Kaiser Aluminum Corp. | 18601 |  | 1486220 |
|  Lifezone Metals Ltd. (x)\* | 35054 |  | 144422 |
|  MAC Copper Ltd.\* | 82845 |  | 1001596 |
|  Materion Corp. | 23970 |  | 1902499 |
|  Metallus, Inc.\* | 43702 |  | 673448 |
|  NioCorp Developments Ltd.\* | 57575 |  | 134150 |
|  Novagold Resources, Inc.\* | 289128 |  | 1182534 |
|  Olympic Steel, Inc. | 11679 |  | 380619 |
|  Perpetua Resources Corp.\* | 53932 |  | 654734 |
|  Piedmont Lithium, Inc. (x)\* | 25773 |  | 149999 |
|  Radius Recycling, Inc. | 32415 |  | 962401 |
|  Ramaco Resources, Inc., Class A (x) | 41100 |  | 540054 |
|  Ramaco Resources, Inc., Class B | 1221 |  | 9988 |
|  Ryerson Holding Corp. | 31377 |  | 676802 |
|  SSR Mining, Inc.\* | 238478 |  | 3038210 |
|  SunCoke Energy, Inc. | 99697 |  | 856397 |
|  Tredegar Corp.\* | 30697 |  | 270134 |
|  United States Antimony Corp.\* | 105811 |  | 230668 |
|  US Gold Corp.\* | 12167 |  | 148437 |
|  US Goldmining, Inc.\* | 2994 |  | 24551 |
|  Vox Royalty Corp. | 38338 |  | 121148 |
|  Warrior Met Coal, Inc. | 61015 |  | 2796317 |
|  Worthington Steel, Inc. | 38981 |  | 1162803 |
|  |  |  | 45059086 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 18714 |  | 509769 |
|  Magnera Corp.\* | 38359 |  | 463377 |
|  Sylvamo Corp. | 40495 |  | 2028800 |
|  |  |  | 3001946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 112929019 |
|  **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** |
|  ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 85913 |  | 1531829 |
|  Alpine Income Property Trust, Inc. (REIT) | 14322 |  | 210677 |
|  American Assets Trust, Inc. (REIT) | 61290 |  | 1210478 |
|  Armada Hoffler Properties, Inc. (REIT) | 95121 |  | 653481 |
|  Broadstone Net Lease, Inc. (REIT) | 223698 |  | 3590353 |
|  CTO Realty Growth, Inc. (REIT) | 35998 |  | 621325 |
|  Essential Properties Realty Trust, Inc. (REIT) | 231573 |  | 7389494 |
|  Gladstone Commercial Corp. (REIT) | 54314 |  | 778320 |
|  Global Net Lease, Inc. (REIT) | 233757 |  | 1764865 |
|  Modiv Industrial, Inc. (REIT), Class C | 9468 |  | 133309 |
|  NexPoint Diversified Real Estate Trust (REIT) | 40443 |  | 169456 |
|  One Liberty Properties, Inc. (REIT) | 20839 |  | 497219 |
|  |  |  | 18550806 |
|  ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** | ***Health Care REITs (0.9%)*** |
|  American Healthcare REIT, Inc. (REIT) | 186363 |  | 6846977 |
|  CareTrust REIT, Inc. (REIT) | 220183 |  | 6737600 |
|  Community Healthcare Trust, Inc. (REIT) | 31334 |  | 521084 |
|  Diversified Healthcare Trust (REIT) | 253761 |  | 908464 |
|  Global Medical REIT, Inc. (REIT) | 75330 |  | 522037 |
|  LTC Properties, Inc. (REIT) | 53542 |  | 1853089 |
|  National Health Investors, Inc. (REIT) | 54089 |  | 3792721 |
|  Sabra Health Care REIT, Inc. (REIT) | 278367 |  | 5133087 |
|  Sila Realty Trust, Inc. (REIT) | 64600 |  | 1529082 |
|  Strawberry Fields REIT, Inc. (REIT) | 9849 |  | 103808 |
|  Universal Health Realty Income Trust (REIT) | 15174 |  | 606505 |
|  |  |  | 28554454 |
|  ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 265405 |  | 3097276 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 68867 |  | 168724 |
|  Chatham Lodging Trust (REIT) | 56844 |  | 396203 |
|  DiamondRock Hospitality Co. (REIT) | 247404 |  | 1895115 |
|  Pebblebrook Hotel Trust (REIT) | 139025 |  | 1388860 |
|  RLJ Lodging Trust (REIT) | 174727 |  | 1272013 |
|  Ryman Hospitality Properties, Inc. (REIT) | 68788 |  | 6787312 |
|  Service Properties Trust (REIT) | 191709 |  | 458184 |
|  Summit Hotel Properties, Inc. (REIT) | 128345 |  | 653276 |
|  Sunstone Hotel Investors, Inc. (REIT) | 228877 |  | 1986652 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 121022 |  | 1521246 |
|  |  |  | 19624861 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 64477 |  | 293370 |
|  Innovative Industrial Properties, Inc. (REIT) | 32809 |  | 1811713 |
|  LXP Industrial Trust (REIT) | 341663 |  | 2822137 |
|  Plymouth Industrial REIT, Inc. (REIT) | 48821 |  | 784065 |
|  Terreno Realty Corp. (REIT) | 119186 |  | 6682759 |
|  |  |  | 12394044 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** |
|  Brandywine Realty Trust (REIT) | 204021 | $875250 |
|  City Office REIT, Inc. (REIT) | 45185 | 241288 |
|  COPT Defense Properties (REIT) | 133645 | 3685929 |
|  Douglas Emmett, Inc. (REIT) | 147731 | 2221874 |
|  Easterly Government Properties, Inc. (REIT), Class A | 46374 | 1029503 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 162386 | 1313703 |
|  Franklin Street Properties Corp. (REIT) | 98012 | 160740 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 378341 | 1036654 |
|  JBG SMITH Properties (REIT) (x) | 87312 | 1510498 |
|  NET Lease Office Properties (REIT)\* | 18099 | 589122 |
|  Paramount Group, Inc. (REIT)\* | 219302 | 1337742 |
|  Peakstone Realty Trust (REIT) (x) | 42511 | 561570 |
|  Piedmont Realty Trust, Inc. (REIT) | 143733 | 1047814 |
|  Postal Realty Trust, Inc. (REIT), Class A | 25972 | 382568 |
|  SL Green Realty Corp. (REIT) (x) | 84178 | 5210618 |
|  |  | 21204873 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  American Realty Investors, Inc. (x)\* | 1937 | 27350 |
|  Anywhere Real Estate, Inc.\* | 125038 | 452638 |
|  Compass, Inc., Class A\* | 531559 | 3338190 |
|  Cushman & Wakefield plc\* | 188369 | 2085245 |
|  Douglas Elliman, Inc.\* | 82683 | 191825 |
|  eXp World Holdings, Inc. (x) | 92219 | 839193 |
|  Forestar Group, Inc.\* | 21998 | 439960 |
|  FRP Holdings, Inc.\* | 15026 | 404049 |
|  Kennedy-Wilson Holdings, Inc. | 140646 | 956393 |
|  Marcus & Millichap, Inc. | 28288 | 868724 |
|  Maui Land & Pineapple Co., Inc.\* | 8767 | 159472 |
|  Newmark Group, Inc., Class A | 160571 | 1950938 |
|  Offerpad Solutions, Inc. (x)\* | 2550 | 2320 |
|  RE/MAX Holdings, Inc., Class A\* | 20819 | 170299 |
|  Real Brokerage, Inc. (The)\* | 121424 | 547622 |
|  RMR Group, Inc. (The), Class A | 17999 | 294284 |
|  Seaport Entertainment Group, Inc. (x)\* | 7475 | 139409 |
|  St Joe Co. (The) | 44574 | 2126180 |
|  Star Holdings (x)\* | 3159 | 24672 |
|  Stratus Properties, Inc. (x)\* | 6484 | 122418 |
|  Tejon Ranch Co. (x)\* | 24548 | 416334 |
|  Transcontinental Realty Investors, Inc.\* | 1627 | 69326 |
|  |  | 15626841 |
|  ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 158098 | 1367548 |
|  BRT Apartments Corp. (REIT) | 14012 | 219148 |
|  Centerspace (REIT) | 19792 | 1191280 |
|  Clipper Realty, Inc. (REIT) | 13165 | 48316 |
|  Elme Communities (REIT) | 102458 | 1629082 |
|  Independence Realty Trust, Inc. (REIT) | 272009 | 4811839 |
|  NexPoint Residential Trust, Inc. (REIT) | 26045 | 867819 |
|  UMH Properties, Inc. (REIT) | 91430 | 1535110 |
|  Veris Residential, Inc. (REIT) | 93576 | 1393347 |
|  |  | 13063489 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Acadia Realty Trust (REIT) | 155724 | 2891795 |
|  Alexander's, Inc. (REIT) (x) | 2513 | 566229 |
|  CBL & Associates Properties, Inc. (REIT) | 22893 | 581253 |
|  Curbline Properties Corp. (REIT) | 114155 | 2606159 |
|  FrontView REIT, Inc. (REIT) (x) | 20341 | 244092 |
|  Getty Realty Corp. (REIT) (x) | 60950 | 1684658 |
|  InvenTrust Properties Corp. (REIT) | 92904 | 2545570 |
|  Kite Realty Group Trust (REIT) | 258787 | 5861526 |
|  Macerich Co. (The) (REIT) | 297353 | 4811171 |
|  NETSTREIT Corp. (REIT) (x) | 97232 | 1646138 |
|  Phillips Edison & Co., Inc. (REIT) | 147874 | 5180026 |
|  Saul Centers, Inc. (REIT) | 13709 | 468025 |
|  SITE Centers Corp. (REIT) | 58877 | 665899 |
|  Tanger, Inc. (REIT) | 131055 | 4007662 |
|  Urban Edge Properties (REIT) | 148344 | 2768099 |
|  Whitestone REIT (REIT) | 55242 | 689420 |
|  |  | 37217722 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Farmland Partners, Inc. (REIT) (x) | 50965 | 586607 |
|  Four Corners Property Trust, Inc. (REIT) | 117884 | 3172259 |
|  Gladstone Land Corp. (REIT) (x) | 40825 | 415190 |
|  Outfront Media, Inc. (REIT) | 165878 | 2707129 |
|  PotlatchDeltic Corp. (REIT) | 91521 | 3511661 |
|  Safehold, Inc. (REIT) | 65759 | 1023210 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 32790 | 1187982 |
|  Uniti Group, Inc. (REIT)\* | 282992 | 1222525 |
|  |  | 13826563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 180063653 |
|  **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** |
|  ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** |
|  ALLETE, Inc. | 68347 | 4378992 |
|  Genie Energy Ltd., Class B | 24559 | 660146 |
|  Hawaiian Electric Industries, Inc.\* | 202395 | 2151459 |
|  MGE Energy, Inc. | 42973 | 3800532 |
|  Oklo, Inc., Class A (x)\* | 119636 | 6698420 |
|  Otter Tail Corp. | 45249 | 3488245 |
|  Portland General Electric Co. | 128301 | 5212870 |
|  TXNM Energy, Inc. | 108094 | 6087854 |
|  |  | 32478518 |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** |
|  Brookfield Infrastructure Corp., Class A (x) | 140448 | 5842637 |
|  Chesapeake Utilities Corp. | 26606 | 3198573 |
|  New Jersey Resources Corp. | 117730 | 5276658 |
|  Northwest Natural Holding Co. | 47324 | 1879709 |
|  ONE Gas, Inc. | 69924 | 5024739 |
|  RGC Resources, Inc. | 8957 | 200458 |
|  Southwest Gas Holdings, Inc. | 75274 | 5599633 |
|  Spire, Inc. | 67405 | 4919891 |
|  |  | 31942298 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Montauk Renewables, Inc.\* | 80237 | $178126 |
|  Ormat Technologies, Inc. | 71081 | 5953745 |
|  |  | 6131871 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Avista Corp. | 94184 | 3574283 |
|  Black Hills Corp. | 85020 | 4769622 |
|  Northwestern Energy Group, Inc. | 72335 | 3710785 |
|  Unitil Corp. | 18832 | 982089 |
|  |  | 13036779 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American States Water Co. | 44928 | 3444180 |
|  Cadiz, Inc. (x)\* | 62207 | 185999 |
|  California Water Service Group | 69391 | 3155903 |
|  Consolidated Water Co. Ltd. (x) | 17046 | 511721 |
|  Global Water Resources, Inc. | 13097 | 133458 |
|  H2O America | 37382 | 1942743 |
|  Middlesex Water Co. | 20941 | 1134583 |
|  Pure Cycle Corp.\* | 22979 | 246335 |
|  York Water Co. (The) | 16248 | 513437 |
|  |  | 11268359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 94857825 |
|  **Total Common Stocks (90.4%)**<br> *(Cost $2,323,367,654)* |  | 2967207792 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 23102 |  |
|  Chinook Therapeutics, Inc., CVR (r)\* | 68139 |  |
|  Icosavax, Inc., CVR \* | 31364 | 9410 |
|  Sanofi Aatd, Inc., CVR (r)\* | 38335 | 18615 |
|  **Total Rights (0.0%)†**<br> *(Cost $25,908)* |  | 28025 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29 (x)\* <br>*(Cost $—)* | 1855 | 3793 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  ***Investment Companies (7.6%)*** | ***Investment Companies (7.6%)*** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 5000000 | 5000000 |
|  HSBC U.S. Government Money Market Fund, Intermediary Shares 4.23% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 86135618 | 86135618 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 124304793 | 124329654 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 4.23% (7 day yield) (xx) | 10000000 | 10000000 |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares 4.24% (7 day yield) (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 247465272 |
|  **Total Short-Term Investments (7.6%)**<br> *(Cost $247,420,613)* |  | 247465272 |
|  **Total Investments in Securities (98.0%)**<br> *(Cost $2,570,814,175)* |  | 3214704882 |
|  **Other Assets Less Liabilities (2.0%)** |  | 66855052 |
|  **Net Assets (100%)** |  | $3281559934 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $1,943,422 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $281,513,242. This was collateralized by $161,137,022 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.250%, maturing 7/15/25 - 2/15/55 and by cash of $123,135,618 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 2952 | 9/2025 | USD | 323494920 | 6733063 |
|  |  |  |  |  | 6733063 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $78733187 | $— | $— | $78733187 |
|  Consumer Discretionary | 299030281 |  |  | 299030281 |
|  Consumer Staples | 67472731 |  |  | 67472731 |
|  Energy | 144624197 |  |  | 144624197 |
|  Financials | 573803944 |  | — (a) | 573803944 |
|  Health Care | 471452085 |  | — (a) | 471452085 |
|  Industrials | 508517373 |  |  | 508517373 |
|  Information Technology | 435723497 |  |  | 435723497 |
|  Materials | 112929019 |  |  | 112929019 |
|  Real Estate | 180063653 |  |  | 180063653 |
|  Utilities | 94857825 |  |  | 94857825 |
|  **Futures** | 6733063 |  |  | 6733063 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 9410 | 18615 | 28025 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 247465272 |  |  | 247465272 |
|  **Warrants** |  |  |  |  |
|  Health Care |  | 3793 |  | 3793 |
|  **Total Assets** | $**3221406127** | $**13203** | $**18615** | $**3221437945** |
|  **Total Liabilities** | $**—** | $**—** | $**–** | $**—** |
|  **Total** | $**3221406127** | $**13203** | $**18615** | $**3221437945** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $6733063 \* |
|  **Total** |  | $6733063 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(98904294) | $(98904294) |
|  Total | $(98904294) | $(98904294) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $26244189 | $26244189 |
|  Total | $26244189 | $26244189 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $309576000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 12607000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $305471688.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $382502013.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 10%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 25%)\*** | **Net Realized<br>Gain (Loss)** |
| $30708755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94543342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62961352 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1180581573 |
|  Aggregate gross unrealized depreciation | (530932115) |
|  Net unrealized appreciation | $649649458 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2571788487 |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $2,570,814,175) | $3214704882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 158013160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 29941600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4139279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3797938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 2178296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 417925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 199783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 34711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 34727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3413462301 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 123135618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4573354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2525441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1169456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 316935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 75649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 105914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 131902367 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3281559934 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2704091967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 577467967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3281559934 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $375,681,720 / 20,042,838 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.74 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,905,878,214 / 153,044,153 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.99 |

---

*(x)* *Includes value of securities on loan of $281,513,242.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $51,931 foreign withholding tax) | $23982798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3885804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1038718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 28907320 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7067086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1998494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 467062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 115904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 95777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 82028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 54978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9919374 |
|  **NET INVESTMENT INCOME (LOSS)** | 18987946 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 89441314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (98904294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9462980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (165894423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 26244189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (139650234) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (149113214) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(130125268) |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/2000 MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18987946 | $37224798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9462980) | 213567670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (139650234) | 106553743 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (130125268) | 357346211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (32679243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (243788991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (276468234) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 515,368 and 502,472 shares, respectively ] | 9245484 | 10022343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,584,072 shares, respectively ] |  | 32679243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1504441) and (3571222) shares, respectively ] | (27938848) | (71711624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (18693364) | (29010038) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,265,111 and 14,606,607 shares, respectively ] | 258248101 | 286221520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 11,678,213 shares, respectively ] |  | 243788991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15223424) and (20679474) shares, respectively ] | (277847976) | (415021828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (19599875) | 114988683 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (38293239) | 85978645 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (168418507) | 166856622 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3449978441 | 3283121819 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3281559934 | $3449978441 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/2000 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.62 | $19.15 | $16.86 | $22.34 | $23.34 | $20.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.18 | 0.16 | 0.12 | 0.06 (aa) | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.97) | 1.91 | 2.53 | (5.11) | 3.11 | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.88) | 2.09 | 2.69 | (4.99) | 3.17 | 3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.23) | (0.14) | (0.10) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.34) | (0.17) | (0.35) | (4.07) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.62) | (0.40) | (0.49) | (4.17) | (1.21) |
|  Net asset value, end of period | $18.74 | $19.62 | $19.15 | $16.86 | $22.34 | $23.34 |
|  Total return (b) | (4.49)% | 10.65% | 15.99% | (22.40)% | 13.92% | 19.31% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $375682 | $412674 | $431108 | $411368 | $581771 | $593742 |
|  Ratio of expenses to average net assets (a)(f) | 0.84% | 0.84% | 0.84% | 0.83% | 0.82 %(g) | 0.83% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.96% | 0.88% | 0.91% | 0.67% | 0.25 %(bb) | 0.52% |
|  Portfolio turnover rate^ | 10 %(z) | 18% | 11% | 15% | 19% | 32% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.85 | $19.35 | $17.03 | $22.56 | $23.53 | $20.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.23 | 0.21 | 0.17 | 0.13 (aa) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.97) | 1.94 | 2.55 | (5.17) | 3.13 | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.86) | 2.17 | 2.76 | (5.00) | 3.26 | 4.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.33) | (0.27) | (0.18) | (0.16) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.34) | (0.17) | (0.35) | (4.07) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.67) | (0.44) | (0.53) | (4.23) | (1.26) |
|  Net asset value, end of period | $18.99 | $19.85 | $19.35 | $17.03 | $22.56 | $23.53 |
|  Total return (b) | (4.33)% | 10.94% | 16.27% | (22.20)% | 14.20% | 19.59% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $2905878 | $3037304 | $2852014 | $2777777 | $3830106 | $4104427 |
|  Ratio of expenses to average net assets (a)(f) | 0.59% | 0.59% | 0.59% | 0.58% | 0.57 %(g) | 0.58% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.21% | 1.14% | 1.15% | 0.93% | 0.50 (bb) | 0.77% |
|  Portfolio turnover rate^ | 10 %(z) | 18% | 11% | 15% | 19% | 32% |

---

See Notes to Financial Statements.

------

EQ/2000 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.05 and $0.11 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.07% lower.* 

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (6.2%)** | **Australia (6.2%)** | **Australia (6.2%)** |
|  ANZ Group Holdings Ltd. | 268512 | $5153189 |
|  APA Group | 112045 | 602476 |
|  Aristocrat Leisure Ltd. | 51017 | 2188203 |
|  ASX Ltd. | 17898 | 821743 |
|  BHP Group Ltd. | 460766 | 11144553 |
|  BlueScope Steel Ltd. | 37323 | 567677 |
|  Brambles Ltd. | 128034 | 1973500 |
|  CAR Group Ltd. | 33175 | 817033 |
|  Cochlear Ltd. | 5894 | 1165370 |
|  Coles Group Ltd. | 120090 | 1647136 |
|  Commonwealth Bank of Australia | 151906 | 18470739 |
|  Computershare Ltd. | 46404 | 1218272 |
|  Evolution Mining Ltd. | 177287 | 908948 |
|  Fortescue Ltd. | 157194 | 1580826 |
|  Glencore plc | 930749 | 3623253 |
|  Goodman Group (REIT) | 185010 | 4169211 |
|  Insurance Australia Group Ltd. | 209775 | 1246713 |
|  Lottery Corp. Ltd. (The) | 211582 | 742217 |
|  Macquarie Group Ltd. | 32867 | 4947754 |
|  Medibank Pvt Ltd. | 247691 | 823240 |
|  National Australia Bank Ltd. | 277996 | 7201426 |
|  Northern Star Resources Ltd. | 121043 | 1477776 |
|  Origin Energy Ltd. | 151373 | 1074966 |
|  Pro Medicus Ltd. | 5301 | 994602 |
|  Qantas Airways Ltd. | 61812 | 436920 |
|  QBE Insurance Group Ltd. | 139738 | 2151145 |
|  REA Group Ltd. | 4693 | 742801 |
|  Reece Ltd. (x) | 21243 | 200628 |
|  Rio Tinto Ltd. | 32785 | 2311592 |
|  Rio Tinto plc | 102445 | 5969367 |
|  Santos Ltd. | 298205 | 1503379 |
|  Scentre Group (REIT) | 495753 | 1161556 |
|  SGH Ltd. | 17495 | 622580 |
|  Sigma Healthcare Ltd. | 423374 | 833144 |
|  Sonic Healthcare Ltd. | 39977 | 704868 |
|  South32 Ltd. | 421977 | 808177 |
|  Stockland (REIT) | 229177 | 808464 |
|  Suncorp Group Ltd. | 97649 | 1388825 |
|  Telstra Group Ltd. | 364341 | 1160589 |
|  Transurban Group | 280428 | 2580200 |
|  Vicinity Ltd. (REIT) | 394424 | 641188 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 23296 | 644108 |
|  Wesfarmers Ltd. | 102749 | 5731156 |
|  Westpac Banking Corp. | 310736 | 6924739 |
|  WiseTech Global Ltd. | 18424 | 1322071 |
|  Woodside Energy Group Ltd. | 172356 | 2680495 |
|  Woolworths Group Ltd. | 111209 | 2277009 |
|  |  | 118165824 |
|  **Austria (0.2%)** | **Austria (0.2%)** | **Austria (0.2%)** |
|  Erste Group Bank AG | 28318 | 2411725 |
|  Mondi plc | 37419 | 610965 |
|  OMV AG | 12773 | 694822 |
|  Verbund AG | 6520 | 500367 |
|  |  | 4217879 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 12482 | 843227 |
|  Anheuser-Busch InBev SA/NV | 90617 | 6216671 |
|  D'ieteren Group | 2008 | 431435 |
|  Elia Group SA/NV, Class B | 4348 | 500649 |
|  Groupe Bruxelles Lambert NV | 7528 | 641128 |
|  KBC Group NV | 21083 | 2177012 |
|  Lotus Bakeries NV | 37 | 356082 |
|  Sofina SA | 1357 | 447574 |
|  Syensqo SA | 6266 | 483310 |
|  UCB SA | 11280 | 2218311 |
|  |  | 14315399 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Yara International ASA | 13919 | 513708 |
|  **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** |
|  Antofagasta plc | 36512 | 906889 |
|  **China (0.5%)** | **China (0.5%)** | **China (0.5%)** |
|  BOC Hong Kong Holdings Ltd. | 336500 | 1461748 |
|  Prosus NV | 118770 | 6641296 |
|  SITC International Holdings Co. Ltd. | 111000 | 355627 |
|  Wharf Holdings Ltd. (The) | 71095 | 216456 |
|  Wilmar International Ltd. | 170200 | 384172 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 252500 | 440857 |
|  |  | 9500156 |
|  **Denmark (2.1%)** | **Denmark (2.1%)** | **Denmark (2.1%)** |
|  AP Moller – Maersk A/S, Class A (x) | 258 | 476590 |
|  AP Moller – Maersk A/S, Class B (x) | 379 | 704594 |
|  Carlsberg A/S, Class B | 8805 | 1247540 |
|  Coloplast A/S, Class B (x) | 11573 | 1099241 |
|  Danske Bank A/S | 62153 | 2534694 |
|  Demant A/S\* | 7470 | 311596 |
|  DSV A/S | 18552 | 4458045 |
|  Genmab A/S\* | 5820 | 1208336 |
|  Novo Nordisk A/S, Class B | 292347 | 20290624 |
|  Novonesis Novozymes B | 32178 | 2307011 |
|  Orsted A/S (m)\* | 16643 | 714726 |
|  Pandora A/S | 7338 | 1288314 |
|  ROCKWOOL A/S, Class B | 8090 | 378587 |
|  Tryg A/S | 31381 | 810568 |
|  Vestas Wind Systems A/S | 94802 | 1422236 |
|  |  | 39252702 |
|  **Finland (1.0%)** | **Finland (1.0%)** | **Finland (1.0%)** |
|  Elisa OYJ | 13391 | 742637 |
|  Fortum OYJ | 40890 | 765364 |
|  Kesko OYJ, Class B | 24073 | 593791 |
|  Kone OYJ, Class B | 30262 | 1991961 |
|  Metso OYJ | 60055 | 776745 |
|  Neste OYJ | 35712 | 484611 |
|  Nokia OYJ | 493890 | 2563313 |
|  Nordea Bank Abp | 281375 | 4179530 |
|  Orion OYJ, Class B | 9717 | 730836 |
|  Sampo OYJ, Class A | 217955 | 2344037 |
|  Stora Enso OYJ, Class R | 55736 | 605594 |
|  UPM-Kymmene OYJ | 50344 | 1373451 |
|  Wartsila OYJ Abp | 43835 | 1034774 |
|  |  | 18186644 |
|  **France (8.5%)** | **France (8.5%)** | **France (8.5%)** |
|  Accor SA | 18655 | 974137 |
|  Aeroports de Paris SA | 3476 | 435661 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Air Liquide SA | 52504 | $| 10831899 |
|  Airbus SE | 53939 |  | 11262648 |
|  Alstom SA\* | 32211 |  | 751270 |
|  Amundi SA (m) | 5296 |  | 428580 |
|  Arkema SA | 5072 |  | 373709 |
|  AXA SA | 160836 |  | 7894663 |
|  BioMerieux | 3678 |  | 508635 |
|  BNP Paribas SA | 92383 |  | 8305337 |
|  Bollore SE | 65112 |  | 408804 |
|  Bouygues SA | 17167 |  | 776520 |
|  Bureau Veritas SA | 27589 |  | 940505 |
|  Capgemini SE | 14793 |  | 2527556 |
|  Carrefour SA | 52433 |  | 739308 |
|  Cie de Saint-Gobain SA | 40771 |  | 4785331 |
|  Cie Generale des Etablissements Michelin SCA | 60177 |  | 2235729 |
|  Covivio SA (REIT) | 4327 |  | 272944 |
|  Credit Agricole SA | 95232 |  | 1802148 |
|  Danone SA | 58601 |  | 4787855 |
|  Dassault Aviation SA | 1926 |  | 681073 |
|  Dassault Systemes SE | 60006 |  | 2172121 |
|  Edenred SE | 22816 |  | 706573 |
|  Eiffage SA | 5907 |  | 829759 |
|  Engie SA | 165795 |  | 3891317 |
|  EssilorLuxottica SA | 26994 |  | 7405657 |
|  Eurazeo SE | 3382 |  | 241221 |
|  FDJ United (m) | 8409 |  | 329849 |
|  Gecina SA (REIT) | 4388 |  | 482253 |
|  Getlink SE | 25479 |  | 491913 |
|  Hermes International SCA | 2875 |  | 7785808 |
|  Ipsen SA | 3511 |  | 418128 |
|  Kering SA | 6547 |  | 1423334 |
|  Klepierre SA (REIT) | 20548 |  | 809399 |
|  Legrand SA | 23801 |  | 3182130 |
|  L'Oreal SA | 21826 |  | 9335278 |
|  LVMH Moet Hennessy Louis Vuitton SE | 24970 |  | 13077203 |
|  Orange SA | 169024 |  | 2571400 |
|  Pernod Ricard SA | 18738 |  | 1867327 |
|  Publicis Groupe SA | 20776 |  | 2341585 |
|  Renault SA | 18465 |  | 851111 |
|  Rexel SA | 20113 |  | 619312 |
|  Safran SA | 32686 |  | 10622832 |
|  Sartorius Stedim Biotech | 2826 |  | 675098 |
|  Societe Generale SA | 65383 |  | 3739219 |
|  Sodexo SA | 7489 |  | 460491 |
|  Teleperformance SE | 5148 |  | 499196 |
|  Thales SA | 8344 |  | 2453272 |
|  TotalEnergies SE | 185455 |  | 11381595 |
|  Unibail-Rodamco-Westfield (REIT) | 10598 |  | 1012945 |
|  Veolia Environnement SA | 57496 |  | 2048754 |
|  Vinci SA | 44819 |  | 6604597 |
|  |  |  | 162054989 |
|  **Germany (9.3%)** | **Germany (9.3%)** | **Germany (9.3%)** | **Germany (9.3%)** |
|  adidas AG | 15522 |  | 3619345 |
|  Allianz SE (Registered) | 35054 |  | 14208529 |
|  BASF SE | 81017 |  | 3994866 |
|  Bayer AG (Registered) | 89764 |  | 2700007 |
|  Bayerische Motoren Werke AG | 25776 |  | 2291180 |
|  Bayerische Motoren Werke AG (Preference) (q) | 4504 |  | 372976 |
|  Beiersdorf AG | 8709 |  | 1093585 |
|  Brenntag SE | 10331 |  | 683920 |
|  Commerzbank AG | 81923 |  | 2584302 |
|  Continental AG | 10026 |  | 875130 |
|  Covestro AG\* | 16693 |  | 1187677 |
|  CTS Eventim AG & Co. KGaA | 5603 |  | 695646 |
|  Daimler Truck Holding AG | 42333 |  | 2003124 |
|  Deutsche Bank AG (Registered) | 170009 |  | 5040597 |
|  Deutsche Boerse AG | 17011 |  | 5548552 |
|  Deutsche Lufthansa AG (Registered) | 50025 |  | 423095 |
|  Deutsche Post AG | 87771 |  | 4053916 |
|  Deutsche Telekom AG (Registered) | 316847 |  | 11558931 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q)(x) | 10947 |  | 540817 |
|  E.ON SE | 203798 |  | 3750998 |
|  Evonik Industries AG | 24597 |  | 507046 |
|  Fresenius Medical Care AG | 20216 |  | 1158524 |
|  Fresenius SE & Co. KGaA | 37826 |  | 1901699 |
|  GEA Group AG | 13099 |  | 916540 |
|  Hannover Rueck SE | 5631 |  | 1772347 |
|  Heidelberg Materials AG | 12298 |  | 2889318 |
|  Henkel AG & Co. KGaA | 9673 |  | 700750 |
|  Henkel AG & Co. KGaA (Preference) (q) | 15764 |  | 1237823 |
|  Infineon Technologies AG | 119901 |  | 5100788 |
|  Knorr-Bremse AG | 6704 |  | 647947 |
|  LEG Immobilien SE | 6468 |  | 574090 |
|  Mercedes-Benz Group AG | 65555 |  | 3837087 |
|  Merck KGaA | 11712 |  | 1517577 |
|  MTU Aero Engines AG | 4897 |  | 2175848 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 12125 |  | 7864024 |
|  Nemetschek SE | 5200 |  | 753417 |
|  Porsche Automobil Holding SE (Preference) (q) | 13795 |  | 547456 |
|  Rational AG | 466 |  | 390834 |
|  Rheinmetall AG | 4058 |  | 8589878 |
|  RWE AG | 56201 |  | 2345536 |
|  SAP SE | 94788 |  | 28823874 |
|  Sartorius AG (Preference) (q) | 2314 |  | 588768 |
|  Scout24 SE (m) | 7188 |  | 991498 |
|  Siemens AG (Registered) | 68988 |  | 17687200 |
|  Siemens Energy AG\* | 61673 |  | 7123834 |
|  Siemens Healthineers AG (m) | 30567 |  | 1694461 |
|  Symrise AG, Class A | 11583 |  | 1216244 |
|  Talanx AG | 6122 |  | 792534 |
|  Volkswagen AG (Preference) (q) | 18309 |  | 1932842 |
|  Vonovia SE | 66927 |  | 2358004 |
|  Zalando SE (m)\* | 20807 |  | 685043 |
|  |  |  | 176550024 |
|  **Hong Kong (1.7%)** | **Hong Kong (1.7%)** | **Hong Kong (1.7%)** | **Hong Kong (1.7%)** |
|  AIA Group Ltd. | 970812 |  | 8706446 |
|  CK Asset Holdings Ltd. | 184652 |  | 813885 |
|  CK Infrastructure Holdings Ltd. | 53000 |  | 350748 |
|  CLP Holdings Ltd. | 151500 |  | 1275696 |
|  Futu Holdings Ltd. (ADR) | 5253 |  | 649218 |
|  Hang Seng Bank Ltd. | 67800 |  | 1015711 |
|  Henderson Land Development Co. Ltd. | 127025 |  | 444186 |
|  HKT Trust & HKT Ltd. | 362013 |  | 540487 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hong Kong & China Gas Co. Ltd. | 999722 | $| 839262 |
|  Hong Kong Exchanges & Clearing Ltd. | 109358 |  | 5834321 |
|  Hongkong Land Holdings Ltd. | 101800 |  | 587386 |
|  Jardine Matheson Holdings Ltd. | 15400 |  | 701778 |
|  Link REIT (REIT) | 229380 |  | 1224342 |
|  MTR Corp. Ltd. | 134000 |  | 481379 |
|  Power Assets Holdings Ltd. | 117500 |  | 755148 |
|  Prudential plc | 236852 |  | 2966999 |
|  Sino Land Co. Ltd. | 405172 |  | 430982 |
|  Sun Hung Kai Properties Ltd. | 135000 |  | 1548640 |
|  Swire Pacific Ltd., Class A | 33500 |  | 286992 |
|  Techtronic Industries Co. Ltd. | 130000 |  | 1429181 |
|  WH Group Ltd. (m) | 796603 |  | 766164 |
|  Wharf Real Estate Investment Co. Ltd. | 150900 |  | 426752 |
|  |  |  | 32075703 |
|  **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** |
|  AerCap Holdings NV | 16747 |  | 1959399 |
|  AIB Group plc | 192162 |  | 1581105 |
|  Bank of Ireland Group plc | 94192 |  | 1340873 |
|  Kerry Group plc, Class A | 14356 |  | 1585374 |
|  Kingspan Group plc | 14281 |  | 1214570 |
|  |  |  | 7681321 |
|  **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** | **Israel (0.7%)** |
|  Azrieli Group Ltd. | 3713 |  | 341394 |
|  Bank Hapoalim BM | 113223 |  | 2172155 |
|  Bank Leumi Le-Israel BM | 136644 |  | 2540346 |
|  Check Point Software Technologies Ltd.\* | 7782 |  | 1721767 |
|  Elbit Systems Ltd. | 2395 |  | 1065140 |
|  ICL Group Ltd. | 74932 |  | 513666 |
|  Israel Discount Bank Ltd., Class A | 115835 |  | 1154120 |
|  Mizrahi Tefahot Bank Ltd. | 14559 |  | 948758 |
|  Nice Ltd.\* | 5963 |  | 1011743 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 105056 |  | 1760738 |
|  Wix.com Ltd.\* | 4659 |  | 738265 |
|  |  |  | 13968092 |
|  **Italy (2.8%)** | **Italy (2.8%)** | **Italy (2.8%)** | **Italy (2.8%)** |
|  Banca Mediolanum SpA | 14155 |  | 243772 |
|  Banco BPM SpA | 104913 |  | 1224947 |
|  BPER Banca SpA | 88754 |  | 806691 |
|  Coca-Cola HBC AG | 20085 |  | 1048750 |
|  Davide Campari-Milano NV (x) | 60150 |  | 404575 |
|  DiaSorin SpA | 1954 |  | 209134 |
|  Enel SpA | 735890 |  | 6983276 |
|  Eni SpA | 199697 |  | 3236807 |
|  Ferrari NV | 11399 |  | 5587163 |
|  FinecoBank Banca Fineco SpA | 56839 |  | 1261069 |
|  Generali | 76918 |  | 2737194 |
|  Infrastrutture Wireless Italiane SpA (m) | 27783 |  | 339706 |
|  Intesa Sanpaolo SpA | 1373688 |  | 7915111 |
|  Leonardo SpA | 36331 |  | 2044798 |
|  Mediobanca Banca di Credito Finanziario SpA (x) | 42971 |  | 998940 |
|  Moncler SpA | 22026 |  | 1255504 |
|  Nexi SpA (m) | 53438 |  | 319394 |
|  Poste Italiane SpA (m)(x) | 42245 |  | 907668 |
|  Prysmian SpA | 25203 |  | 1782460 |
|  Recordati Industria Chimica e Farmaceutica SpA | 9973 |  | 627327 |
|  Ryanair Holdings plc | 72733 |  | 2057934 |
|  Snam SpA (x) | 187408 |  | 1135134 |
|  Telecom Italia SpA\* | 1055769 |  | 520589 |
|  Terna - Rete Elettrica Nazionale (x) | 127948 |  | 1315151 |
|  UniCredit SpA | 127256 |  | 8530878 |
|  Unipol Assicurazioni SpA | 33905 |  | 671963 |
|  |  |  | 54165935 |
|  **Japan (19.6%)** | **Japan (19.6%)** | **Japan (19.6%)** | **Japan (19.6%)** |
|  Advantest Corp. | 69200 |  | 5120142 |
|  Aeon Co. Ltd. (x) | 67400 |  | 2068734 |
|  AGC, Inc. (x) | 16800 |  | 493133 |
|  Aisin Corp. | 45100 |  | 578450 |
|  Ajinomoto Co., Inc. | 83900 |  | 2277456 |
|  ANA Holdings, Inc. | 16700 |  | 327320 |
|  Asahi Group Holdings Ltd. (x) | 133500 |  | 1786891 |
|  Asahi Kasei Corp. | 113100 |  | 806595 |
|  Asics Corp. | 60500 |  | 1546057 |
|  Astellas Pharma, Inc. | 168800 |  | 1660395 |
|  Bandai Namco Holdings, Inc. | 55200 |  | 1982148 |
|  Bridgestone Corp. (x) | 51600 |  | 2114093 |
|  Canon, Inc. (x) | 84700 |  | 2463861 |
|  Capcom Co. Ltd. | 30000 |  | 1027673 |
|  Central Japan Railway Co. | 70400 |  | 1580034 |
|  Chiba Bank Ltd. (The) (x) | 48400 |  | 448525 |
|  Chubu Electric Power Co., Inc. | 57900 |  | 716086 |
|  Chugai Pharmaceutical Co. Ltd. | 61000 |  | 3187563 |
|  Concordia Financial Group Ltd. | 94800 |  | 616969 |
|  Dai Nippon Printing Co. Ltd. | 32400 |  | 492733 |
|  Daifuku Co. Ltd. | 28200 |  | 728866 |
|  Dai-ichi Life Holdings, Inc. | 324600 |  | 2470481 |
|  Daiichi Sankyo Co. Ltd. | 154800 |  | 3617249 |
|  Daikin Industries Ltd. | 23800 |  | 2813756 |
|  Daito Trust Construction Co. Ltd. | 5900 |  | 642217 |
|  Daiwa House Industry Co. Ltd. | 49700 |  | 1709759 |
|  Daiwa Securities Group, Inc. | 123400 |  | 877909 |
|  Denso Corp. | 175700 |  | 2379798 |
|  Dentsu Group, Inc. (x) | 17181 |  | 381310 |
|  Disco Corp. | 8400 |  | 2486664 |
|  East Japan Railway Co. | 82227 |  | 1774671 |
|  Eisai Co. Ltd. | 23000 |  | 662505 |
|  ENEOS Holdings, Inc. | 248290 |  | 1232958 |
|  FANUC Corp. | 84800 |  | 2320142 |
|  Fast Retailing Co. Ltd. | 17500 |  | 6017847 |
|  Fuji Electric Co. Ltd. | 13400 |  | 619170 |
|  FUJIFILM Holdings Corp. | 101300 |  | 2210233 |
|  Fujikura Ltd. | 22700 |  | 1193443 |
|  Fujitsu Ltd. | 160800 |  | 3924947 |
|  Hankyu Hanshin Holdings, Inc. | 20300 |  | 552592 |
|  Hikari Tsushin, Inc. | 1500 |  | 443318 |
|  Hitachi Ltd. | 415800 |  | 12141516 |
|  Honda Motor Co. Ltd. | 389000 |  | 3766956 |
|  Hoshizaki Corp. (x) | 11000 |  | 380098 |
|  Hoya Corp. | 31400 |  | 3740613 |
|  Hulic Co. Ltd. (x) | 39300 |  | 396398 |
|  Idemitsu Kosan Co. Ltd. | 67385 |  | 409443 |
|  IHI Corp. | 13600 |  | 1477060 |
|  Inpex Corp. (x) | 82800 |  | 1164335 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Isuzu Motors Ltd. | 47000 | $597434 |
|  ITOCHU Corp. | 107600 | 5645815 |
|  Japan Airlines Co. Ltd. | 10938 | 223424 |
|  Japan Exchange Group, Inc. | 86900 | 881341 |
|  Japan Post Bank Co. Ltd. | 165100 | 1782789 |
|  Japan Post Holdings Co. Ltd. | 164300 | 1523715 |
|  Japan Post Insurance Co. Ltd. | 15400 | 348734 |
|  Japan Tobacco, Inc. (x) | 107900 | 3182939 |
|  JFE Holdings, Inc. (x) | 54000 | 628853 |
|  Kajima Corp. | 38700 | 1011271 |
|  Kansai Electric Power Co., Inc. (The) | 83000 | 985014 |
|  Kao Corp. (x) | 42800 | 1919097 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 33100 | 469820 |
|  KDDI Corp. | 281900 | 4854776 |
|  Keyence Corp. | 17640 | 7085154 |
|  Kikkoman Corp. | 60300 | 560268 |
|  Kirin Holdings Co. Ltd. (x) | 71600 | 1004105 |
|  Kobe Bussan Co. Ltd. | 13300 | 413579 |
|  Komatsu Ltd. | 83900 | 2759865 |
|  Konami Group Corp. | 9000 | 1425888 |
|  Kubota Corp. (x) | 85600 | 964155 |
|  Kyocera Corp. | 113300 | 1363880 |
|  Kyowa Kirin Co. Ltd. | 18800 | 321874 |
|  Lasertec Corp. (x) | 7300 | 983945 |
|  LY Corp. | 253200 | 932588 |
|  M3, Inc. | 36500 | 503252 |
|  Makita Corp. | 20500 | 633912 |
|  Marubeni Corp. | 127300 | 2575083 |
|  MatsukiyoCocokara & Co. | 29000 | 597601 |
|  Meiji Holdings Co. Ltd. | 21744 | 481220 |
|  Minebea Mitsumi, Inc. | 30300 | 445331 |
|  Mitsubishi Chemical Group Corp. | 120300 | 633224 |
|  Mitsubishi Corp. | 310400 | 6225028 |
|  Mitsubishi Electric Corp. | 171500 | 3704986 |
|  Mitsubishi Estate Co. Ltd. | 95800 | 1798183 |
|  Mitsubishi HC Capital, Inc. | 73600 | 542015 |
|  Mitsubishi Heavy Industries Ltd. | 290890 | 7292197 |
|  Mitsubishi UFJ Financial Group, Inc. | 1040700 | 14330809 |
|  Mitsui & Co. Ltd. | 222900 | 4561552 |
|  Mitsui Fudosan Co. Ltd. | 236800 | 2293920 |
|  Mitsui OSK Lines Ltd. (x) | 32100 | 1074421 |
|  Mizuho Financial Group, Inc. | 216743 | 6009894 |
|  MonotaRO Co. Ltd. | 25500 | 503785 |
|  MS&AD Insurance Group Holdings, Inc. | 116840 | 2620695 |
|  Murata Manufacturing Co. Ltd. | 149500 | 2236193 |
|  NEC Corp. | 111300 | 3260822 |
|  Nexon Co. Ltd. (x) | 28900 | 584001 |
|  Nidec Corp. | 75000 | 1460887 |
|  Nintendo Co. Ltd. | 100200 | 9657831 |
|  Nippon Building Fund, Inc. (REIT) (x) | 707 | 652479 |
|  Nippon Paint Holdings Co. Ltd. (x) | 93800 | 755585 |
|  Nippon Sanso Holdings Corp. | 14800 | 561456 |
|  Nippon Steel Corp. | 88808 | 1685443 |
|  Nippon Telegraph & Telephone Corp. | 2709100 | 2897131 |
|  Nippon Yusen KK | 41100 | 1480690 |
|  Nissan Motor Co. Ltd.\* | 197400 | 480049 |
|  Nissin Foods Holdings Co. Ltd. | 15800 | 328662 |
|  Nitori Holdings Co. Ltd. | 7000 | 676643 |
|  Nitto Denko Corp. | 63400 | 1228993 |
|  Nomura Holdings, Inc. | 275200 | 1819315 |
|  Nomura Research Institute Ltd. | 34898 | 1401445 |
|  NTT Data Group Corp. | 23880 | 663144 |
|  Obayashi Corp. | 63000 | 956123 |
|  Obic Co. Ltd. | 29300 | 1141643 |
|  Olympus Corp. | 101700 | 1211177 |
|  Omron Corp. | 16500 | 446172 |
|  Ono Pharmaceutical Co. Ltd. | 38800 | 420049 |
|  Oracle Corp. | 3400 | 405743 |
|  Oriental Land Co. Ltd. | 96700 | 2232081 |
|  ORIX Corp. | 105600 | 2390584 |
|  Osaka Gas Co. Ltd. | 34300 | 879622 |
|  Otsuka Corp. | 21300 | 434342 |
|  Otsuka Holdings Co. Ltd. (x) | 40500 | 2011149 |
|  Pan Pacific International Holdings Corp. | 36000 | 1239707 |
|  Panasonic Holdings Corp. | 208900 | 2256477 |
|  Rakuten Group, Inc.\* | 146900 | 812410 |
|  Recruit Holdings Co. Ltd. | 127800 | 7574549 |
|  Renesas Electronics Corp. | 155200 | 1928078 |
|  Resona Holdings, Inc. | 186805 | 1727886 |
|  Ricoh Co. Ltd. | 49800 | 472219 |
|  Sanrio Co. Ltd. | 16400 | 793550 |
|  SBI Holdings, Inc. | 24520 | 856467 |
|  SCREEN Holdings Co. Ltd. | 6800 | 555314 |
|  SCSK Corp. | 13600 | 410630 |
|  Secom Co. Ltd. | 36700 | 1320899 |
|  Sekisui Chemical Co. Ltd. | 34200 | 620328 |
|  Sekisui House Ltd. | 53300 | 1178111 |
|  Seven & i Holdings Co. Ltd. | 200900 | 3240795 |
|  SG Holdings Co. Ltd. (x) | 25300 | 282243 |
|  Shimadzu Corp. | 22800 | 565547 |
|  Shimano, Inc. (x) | 6900 | 1001663 |
|  Shin-Etsu Chemical Co. Ltd. | 163500 | 5418020 |
|  Shionogi & Co. Ltd. | 69000 | 1242915 |
|  Shiseido Co. Ltd. (x) | 33900 | 605824 |
|  SMC Corp. | 5200 | 1879157 |
|  SoftBank Corp. | 2598600 | 4024081 |
|  SoftBank Group Corp. | 86700 | 6330686 |
|  Sompo Holdings, Inc. | 80175 | 2419085 |
|  Sony Group Corp. | 558200 | 14458429 |
|  Subaru Corp. | 54900 | 959001 |
|  Sumitomo Corp. | 101000 | 2615388 |
|  Sumitomo Electric Industries Ltd. | 63900 | 1373359 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 23299 | 575983 |
|  Sumitomo Mitsui Financial Group, Inc. | 334991 | 8453577 |
|  Sumitomo Mitsui Trust Group, Inc. | 58236 | 1552502 |
|  Sumitomo Realty & Development Co. Ltd. | 27200 | 1051508 |
|  Suntory Beverage & Food Ltd. (x) | 13200 | 422569 |
|  Suzuki Motor Corp. | 146500 | 1773199 |
|  Sysmex Corp. | 45000 | 785598 |
|  T&D Holdings, Inc. | 45500 | 1001597 |
|  Taisei Corp. | 13400 | 781640 |
|  Takeda Pharmaceutical Co. Ltd. | 145763 | 4479020 |
|  TDK Corp. | 177600 | 2091044 |
|  Terumo Corp. | 119300 | 2195375 |
|  TIS, Inc. | 17600 | 591291 |
|  Toho Co. Ltd. | 11200 | 661866 |
|  Tokio Marine Holdings, Inc. | 166800 | 7078329 |
|  Tokyo Electron Ltd. | 40600 | 7803951 |
|  Tokyo Gas Co. Ltd. | 30600 | 1018265 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tokyo Metro Co. Ltd. (x) | 28100 | $| 327334 |
|  Tokyu Corp. | 46300 |  | 551079 |
|  TOPPAN Holdings, Inc. | 23700 |  | 645967 |
|  Toray Industries, Inc. | 133900 |  | 918485 |
|  Toyota Industries Corp. | 15200 |  | 1720496 |
|  Toyota Motor Corp. | 860250 |  | 14892561 |
|  Toyota Tsusho Corp. | 56600 |  | 1284854 |
|  Trend Micro, Inc. | 11200 |  | 775962 |
|  Unicharm Corp. (x) | 100600 |  | 726880 |
|  West Japan Railway Co. | 40500 |  | 928655 |
|  Yakult Honsha Co. Ltd. | 24000 |  | 452068 |
|  Yamaha Motor Co. Ltd. (x) | 79300 |  | 594454 |
|  Yokogawa Electric Corp. | 18600 |  | 497920 |
|  Zensho Holdings Co. Ltd. | 8400 |  | 509699 |
|  ZOZO, Inc. (x) | 33400 |  | 361125 |
|  |  |  | 372555668 |
|  **Luxembourg (0.1%)** | **Luxembourg (0.1%)** | **Luxembourg (0.1%)** | **Luxembourg (0.1%)** |
|  ArcelorMittal SA | 40900 |  | 1294547 |
|  CVC Capital Partners plc (m) | 20576 |  | 421248 |
|  Eurofins Scientific SE | 10490 |  | 746838 |
|  |  |  | 2462633 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 211000 |  | 936738 |
|  Sands China Ltd. | 225600 |  | 469596 |
|  |  |  | 1406334 |
|  **Netherlands (3.8%)** | **Netherlands (3.8%)** | **Netherlands (3.8%)** | **Netherlands (3.8%)** |
|  ABN AMRO Bank NV (CVA) (m) | 39885 |  | 1091874 |
|  Adyen NV (m)\* | 2319 |  | 4257028 |
|  Aegon Ltd. | 121036 |  | 876547 |
|  Akzo Nobel NV | 15944 |  | 1115605 |
|  Argenx SE\* | 5488 |  | 3037064 |
|  ASM International NV | 4254 |  | 2722977 |
|  ASML Holding NV | 35749 |  | 28534098 |
|  ASR Nederland NV | 13042 |  | 866156 |
|  BE Semiconductor Industries NV | 7083 |  | 1060032 |
|  Euronext NV (m) | 7261 |  | 1241054 |
|  EXOR NV | 7970 |  | 803635 |
|  Heineken Holding NV | 11272 |  | 839824 |
|  Heineken NV | 26121 |  | 2277539 |
|  IMCD NV | 5703 |  | 766171 |
|  ING Groep NV | 284839 |  | 6249509 |
|  JDE Peet's NV | 16537 |  | 472189 |
|  Koninklijke Ahold Delhaize NV | 82870 |  | 3465394 |
|  Koninklijke KPN NV | 340891 |  | 1660821 |
|  Koninklijke Philips NV | 76282 |  | 1833969 |
|  NN Group NV | 25224 |  | 1676386 |
|  Randstad NV (x) | 9266 |  | 427864 |
|  Universal Music Group NV | 100271 |  | 3245779 |
|  Wolters Kluwer NV | 21629 |  | 3616585 |
|  |  |  | 72138100 |
|  **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** | **New Zealand (0.3%)** |
|  Auckland International Airport Ltd. | 156826 |  | 740370 |
|  Contact Energy Ltd. | 64571 |  | 354233 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 53725 |  | 1180568 |
|  Infratil Ltd. | 86890 |  | 561416 |
|  Meridian Energy Ltd. | 123596 |  | 444494 |
|  Xero Ltd.\* | 13038 |  | 1542857 |
|  |  |  | 4823938 |
|  **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** |
|  Aker BP ASA | 26960 |  | 689554 |
|  DNB Bank ASA | 82630 |  | 2283937 |
|  Equinor ASA | 77044 |  | 1949910 |
|  Gjensidige Forsikring ASA | 18661 |  | 472848 |
|  Kongsberg Gruppen ASA | 40705 |  | 1578422 |
|  Mowi ASA | 40421 |  | 780396 |
|  Norsk Hydro ASA | 137654 |  | 785822 |
|  Orkla ASA | 67226 |  | 730993 |
|  Salmar ASA | 5312 |  | 230201 |
|  Telenor ASA | 57319 |  | 891113 |
|  |  |  | 10393196 |
|  **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** |
|  InPost SA\* | 20677 |  | 343426 |
|  **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
|  EDP SA | 286724 |  | 1243583 |
|  Galp Energia SGPS SA | 36247 |  | 664795 |
|  Jeronimo Martins SGPS SA | 26261 |  | 664465 |
|  |  |  | 2572843 |
|  **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** |
|  CapitaLand Ascendas REIT (REIT) | 333466 |  | 702862 |
|  CapitaLand Integrated Commercial Trust (REIT) | 528395 |  | 901783 |
|  CapitaLand Investment Ltd. | 242800 |  | 506032 |
|  DBS Group Holdings Ltd. | 196010 |  | 6923169 |
|  Genting Singapore Ltd. | 600241 |  | 337532 |
|  Grab Holdings Ltd., Class A\* | 211426 |  | 1063473 |
|  Keppel Ltd. | 129400 |  | 755130 |
|  Oversea-Chinese Banking Corp. Ltd. | 307406 |  | 3943210 |
|  Sea Ltd. (ADR)\* | 34720 |  | 5553117 |
|  Sembcorp Industries Ltd. | 71400 |  | 384656 |
|  Singapore Airlines Ltd. | 145200 |  | 795945 |
|  Singapore Exchange Ltd. | 74700 |  | 874193 |
|  Singapore Technologies Engineering Ltd. | 133900 |  | 820355 |
|  Singapore Telecommunications Ltd. | 681800 |  | 2048349 |
|  STMicroelectronics NV | 60627 |  | 1852163 |
|  United Overseas Bank Ltd. | 114675 |  | 3246795 |
|  |  |  | 30708764 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 103667 |  | 3059418 |
|  **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** |
|  Delivery Hero SE (m)\* | 18045 |  | 488253 |
|  **Spain (2.9%)** | **Spain (2.9%)** | **Spain (2.9%)** | **Spain (2.9%)** |
|  Acciona SA (x) | 2485 |  | 447277 |
|  ACS Actividades de Construccion y Servicios SA (x) | 16717 |  | 1160831 |
|  Aena SME SA (m) | 67820 |  | 1810275 |
|  Amadeus IT Group SA | 40550 |  | 3414304 |
|  Banco Bilbao Vizcaya Argentaria SA | 523154 |  | 8045134 |
|  Banco de Sabadell SA | 478759 |  | 1524368 |
|  Banco Santander SA | 1375446 |  | 11385192 |
|  Bankinter SA (x) | 56024 |  | 731208 |
|  CaixaBank SA | 357821 |  | 3099676 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cellnex Telecom SA (m) | 45341 | $| 1759841 |
|  EDP Renovaveis SA | 29341 |  | 327477 |
|  Endesa SA (x) | 30211 |  | 956936 |
|  Grifols SA\* | 25498 |  | 310866 |
|  Iberdrola SA | 526170 |  | 10096574 |
|  Industria de Diseno Textil SA | 98536 |  | 5127994 |
|  Redeia Corp. SA (x) | 38534 |  | 823849 |
|  Repsol SA (x) | 108200 |  | 1584893 |
|  Telefonica SA (x) | 340588 |  | 1788530 |
|  |  |  | 54395225 |
|  **Sweden (2.7%)** | **Sweden (2.7%)** | **Sweden (2.7%)** | **Sweden (2.7%)** |
|  AddTech AB, Class B | 23540 |  | 801180 |
|  Alfa Laval AB | 25105 |  | 1055583 |
|  Assa Abloy AB, Class B | 90841 |  | 2834430 |
|  Atlas Copco AB, Class A | 242644 |  | 3920149 |
|  Atlas Copco AB, Class B | 138383 |  | 1966577 |
|  Beijer Ref AB, Class B (x) | 33362 |  | 526653 |
|  Boliden AB\* | 24793 |  | 773332 |
|  Epiroc AB, Class A | 61682 |  | 1339142 |
|  Epiroc AB, Class B | 37034 |  | 708511 |
|  EQT AB (x) | 35179 |  | 1174629 |
|  Essity AB, Class B | 56133 |  | 1554487 |
|  Evolution AB (m) | 13353 |  | 1060799 |
|  Fastighets AB Balder, Class B\* | 62734 |  | 465885 |
|  H & M Hennes & Mauritz AB, Class B (x) | 51107 |  | 717915 |
|  Hexagon AB, Class B | 191201 |  | 1923145 |
|  Holmen AB, Class B | 6300 |  | 249845 |
|  Industrivarden AB, Class C (x) | 11697 |  | 422461 |
|  Industrivarden AB, Class A | 11793 |  | 427798 |
|  Indutrade AB | 26407 |  | 720681 |
|  Investment AB Latour, Class B | 12494 |  | 329092 |
|  Investor AB, Class B | 158223 |  | 4678507 |
|  L E Lundbergforetagen AB, Class B | 6766 |  | 337267 |
|  Lifco AB, Class B | 21913 |  | 886628 |
|  Nibe Industrier AB, Class B | 130867 |  | 557999 |
|  Saab AB, Class B | 29582 |  | 1649681 |
|  Sagax AB, Class B | 18372 |  | 419448 |
|  Sandvik AB | 96785 |  | 2218887 |
|  Securitas AB, Class B | 45540 |  | 681110 |
|  Skandinaviska Enskilda Banken AB, Class A | 140834 |  | 2457662 |
|  Skanska AB, Class B | 32292 |  | 751588 |
|  SKF AB, Class B | 33123 |  | 760076 |
|  Svenska Cellulosa AB SCA, Class B | 58991 |  | 766935 |
|  Svenska Handelsbanken AB, Class A | 133680 |  | 1786705 |
|  Swedbank AB, Class A | 78816 |  | 2086842 |
|  Swedish Orphan Biovitrum AB\* | 19030 |  | 579696 |
|  Tele2 AB, Class B | 49864 |  | 728651 |
|  Telefonaktiebolaget LM Ericsson, Class B | 245866 |  | 2103436 |
|  Telia Co. AB | 207274 |  | 744231 |
|  Trelleborg AB, Class B | 16961 |  | 631226 |
|  Volvo AB, Class B | 144193 |  | 4044945 |
|  |  |  | 51843814 |
|  **Switzerland (4.4%)** | **Switzerland (4.4%)** | **Switzerland (4.4%)** | **Switzerland (4.4%)** |
|  ABB Ltd. (Registered) | 143547 |  | 8559088 |
|  Avolta AG | 7138 |  | 387015 |
|  Baloise Holding AG (Registered) | 3835 |  | 904798 |
|  Banque Cantonale Vaudoise (Registered) | 2868 |  | 330555 |
|  Barry Callebaut AG (Registered) (x) | 376 |  | 409432 |
|  BKW AG | 2066 |  | 451242 |
|  Chocoladefabriken Lindt & Spruengli AG | 85 |  | 1430147 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 10 |  | 1666142 |
|  Cie Financiere Richemont SA (Registered) | 48798 |  | 9191330 |
|  DSM-Firmenich AG | 16457 |  | 1749737 |
|  EMS-Chemie Holding AG (Registered) (x) | 667 |  | 503539 |
|  Galderma Group AG (x) | 10911 |  | 1581404 |
|  Geberit AG (Registered) | 3031 |  | 2383697 |
|  Givaudan SA (Registered) | 838 |  | 4056661 |
|  Helvetia Holding AG (Registered) | 3214 |  | 753829 |
|  Julius Baer Group Ltd. | 19134 |  | 1293525 |
|  Kuehne + Nagel International AG (Registered) (x) | 4149 |  | 897569 |
|  Logitech International SA (Registered) | 13407 |  | 1207128 |
|  Lonza Group AG (Registered) | 6556 |  | 4668397 |
|  Partners Group Holding AG | 2050 |  | 2674082 |
|  Sandoz Group AG | 37519 |  | 2053154 |
|  Schindler Holding AG | 3825 |  | 1422112 |
|  Schindler Holding AG (Registered) | 2157 |  | 781571 |
|  SGS SA (Registered) | 14607 |  | 1481963 |
|  SIG Group AG | 29724 |  | 549189 |
|  Sika AG (Registered) | 13839 |  | 3756910 |
|  Sonova Holding AG (Registered) | 4447 |  | 1324936 |
|  Straumann Holding AG (Registered) | 10185 |  | 1329204 |
|  Swatch Group AG (The) (x) | 2647 |  | 430686 |
|  Swiss Life Holding AG (Registered) | 2580 |  | 2609752 |
|  Swiss Prime Site AG (Registered) | 7146 |  | 1069941 |
|  Swisscom AG (Registered) | 2291 |  | 1624157 |
|  Temenos AG (Registered) | 5371 |  | 384151 |
|  UBS Group AG (Registered) | 298553 |  | 10102903 |
|  VAT Group AG (m) | 2370 |  | 999734 |
|  Zurich Insurance Group AG | 13286 |  | 9286553 |
|  |  |  | 84306233 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc (r)\* | 12466 |  |  |
|  **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** | **United Kingdom (10.2%)** |
|  3i Group plc | 87714 |  | 4960506 |
|  Admiral Group plc | 22922 |  | 1028869 |
|  Ashtead Group plc | 39656 |  | 2541515 |
|  Associated British Foods plc | 30856 |  | 871655 |
|  AstraZeneca plc | 140756 |  | 19552723 |
|  Auto Trader Group plc (m) | 77013 |  | 871489 |
|  Aviva plc | 247265 |  | 2101616 |
|  BAE Systems plc | 273446 |  | 7080896 |
|  Barclays plc | 1296549 |  | 6002955 |
|  Barratt Redrow plc | 123770 |  | 774542 |
|  British American Tobacco plc | 179819 |  | 8547673 |
|  BT Group plc | 545844 |  | 1451677 |
|  Bunzl plc | 28927 |  | 921194 |
|  Centrica plc | 446481 |  | 990079 |
|  CK Hutchison Holdings Ltd. | 236652 |  | 1456097 |
|  Coca-Cola Europacific Partners plc | 20581 |  | 1908270 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Compass Group plc | 153502 | $5198081 |
|  Croda International plc | 10907 | 437766 |
|  DCC plc | 9033 | 586232 |
|  Diageo plc | 201262 | 5050075 |
|  Entain plc | 58288 | 720881 |
|  Halma plc | 34932 | 1534381 |
|  Hikma Pharmaceuticals plc | 14071 | 383973 |
|  HSBC Holdings plc | 1604252 | 19417911 |
|  Imperial Brands plc | 72360 | 2857579 |
|  Informa plc | 117997 | 1305143 |
|  InterContinental Hotels Group plc | 13708 | 1562504 |
|  International Consolidated Airlines Group SA (x) | 101475 | 476456 |
|  Intertek Group plc | 14591 | 949343 |
|  J Sainsbury plc | 156102 | 620964 |
|  JD Sports Fashion plc | 193843 | 236118 |
|  Kingfisher plc | 174695 | 697324 |
|  Land Securities Group plc (REIT) | 65818 | 570077 |
|  Legal & General Group plc | 535615 | 1871850 |
|  Lloyds Banking Group plc | 5459788 | 5748188 |
|  London Stock Exchange Group plc | 43264 | 6315736 |
|  M&G plc | 223370 | 787985 |
|  Marks & Spencer Group plc | 184559 | 897819 |
|  Melrose Industries plc | 120390 | 877165 |
|  National Grid plc | 444530 | 6477104 |
|  NatWest Group plc | 717489 | 5036581 |
|  Next plc | 10772 | 1839402 |
|  Pearson plc | 55917 | 822424 |
|  Phoenix Group Holdings plc | 60488 | 546745 |
|  Reckitt Benckiser Group plc | 61395 | 4175769 |
|  RELX plc | 167687 | 9062012 |
|  Rentokil Initial plc | 235635 | 1138848 |
|  Rolls-Royce Holdings plc | 769564 | 10221165 |
|  Sage Group plc (The) | 89802 | 1541450 |
|  Schroders plc | 57151 | 283512 |
|  Segro plc (REIT) | 120551 | 1124564 |
|  Severn Trent plc | 24674 | 925972 |
|  Smith & Nephew plc | 77891 | 1189987 |
|  Smiths Group plc | 30442 | 938518 |
|  Spirax Group plc | 7107 | 580935 |
|  SSE plc | 100423 | 2523954 |
|  Standard Chartered plc | 186162 | 3084311 |
|  Tesco plc | 610765 | 3364365 |
|  Unilever plc | 227075 | 13792482 |
|  United Utilities Group plc | 62365 | 977185 |
|  Vodafone Group plc | 1806818 | 1929044 |
|  Whitbread plc | 15621 | 605312 |
|  Wise plc, Class A\* | 62529 | 892636 |
|  WPP plc | 93173 | 655584 |
|  |  | 193895168 |
|  **United States (9.1%)** | **United States (9.1%)** | **United States (9.1%)** |
|  Alcon AG | 46104 | 4079023 |
|  Amrize Ltd.\* | 47082 | 2348611 |
|  BP plc | 1453941 | 7298466 |
|  CSL Ltd. | 43902 | 6919559 |
|  CyberArk Software Ltd.\* | 4364 | 1775624 |
|  Experian plc | 83347 | 4292523 |
|  Ferrovial SE | 45708 | 2436877 |
|  GSK plc | 373648 | 7129142 |
|  Haleon plc | 819197 | 4210019 |
|  Holcim AG | 47082 | 3495028 |
|  James Hardie Industries plc (CHDI)\* | 51578 | 1415551 |
|  Monday.com Ltd.\* | 3781 | 1189049 |
|  Nestle SA (Registered) | 237827 | 23628335 |
|  Novartis AG (Registered) | 172577 | 20917172 |
|  QIAGEN NV\* | 19471 | 937733 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 63774 | 20769049 |
|  Roche Holding AG (OTC US Exchange) | 3038 | 1052933 |
|  Sanofi SA | 100778 | 9759268 |
|  Schneider Electric SE | 49640 | 13203302 |
|  Shell plc | 543370 | 19045454 |
|  Spotify Technology SA\* | 13936 | 10693650 |
|  Stellantis NV | 185396 | 1858257 |
|  Swiss Re AG | 27379 | 4732535 |
|  Tenaris SA | 39285 | 739255 |
|  |  | 173926415 |
|  **Total Common Stocks (89.8%)** <br> *(Cost $1,007,032,813)* |  | 1710874693 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.8%)** | **Investment Companies (0.8%)** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 2000000 | 2000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 3000000 | 3000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 10357433 | 10357433 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 15357433 |
|  **Total Short-Term Investments (0.8%)**<br> *(Cost $15,357,433)* |  | 15357433 |
|  **Total Investments in Securities (90.6%)**<br> *(Cost $1,022,390,246)* |  | 1726232126 |
|  **Other Assets Less Liabilities (9.4%)** |  | 178313095 |
|  **Net Assets (100%)** |  | $1904545221 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $21,719,501 or 1.1% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $41,572,973. This was collateralized by $28,682,859 of various U.S. Government Treasury Securities, ranging from* 

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $15,357,433 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.*

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1185 | 9/2025 | USD | 74358035 | (30944) |
|  FTSE 100 Index | 382 | 9/2025 | GBP | 46087945 | (595233) |
|  SPI 200 Index | 132 | 9/2025 | AUD | 18541468 | 9870 |
|  TOPIX Index | 237 | 9/2025 | JPY | 46995139 | 1092982 |
|  |  |  |  |  | 476675 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 24584785 | USD | 16076311 | HSBC Bank plc | 9/19/2025 | 131191 |
|  GBP | 21980193 | USD | 29898799 | HSBC Bank plc | 9/19/2025 | 287953 |
|  JPY | 1861932127 | USD | 12991929 | HSBC Bank plc | 9/19/2025 | 55326 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 474470 |
|  JPY | 3452157488 | USD | 24272918 | HSBC Bank plc | 9/19/2025 | (82359) |
|  USD | 64492079 | EUR | 55329844 | HSBC Bank plc | 9/19/2025 | (1032295) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1114654) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (640184) |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 1,364,218, CHF 2,057, DKK 2,032, EUR 139,524,662, GBP 14,628,521, HKD 21,542, ILS 2,074, JPY 7,982,490, NOK 1,970, NZD 2,041, SEK 1,720 and SGD 15,649.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $118165824 | $— | $118165824 |
|  Austria |  | 4217879 |  | 4217879 |
|  Belgium |  | 14315399 |  | 14315399 |
|  Brazil |  | 513708 |  | 513708 |
|  Chile |  | 906889 |  | 906889 |
|  China |  | 9500156 |  | 9500156 |
|  Denmark |  | 39252702 |  | 39252702 |
|  Finland |  | 18186644 |  | 18186644 |
|  France |  | 162054989 |  | 162054989 |
|  Germany |  | 176550024 |  | 176550024 |
|  Hong Kong | 1350996 | 30724707 |  | 32075703 |
|  Ireland | 1959399 | 5721922 |  | 7681321 |
|  Israel | 4220770 | 9747322 |  | 13968092 |
|  Italy |  | 54165935 |  | 54165935 |
|  Japan |  | 372555668 |  | 372555668 |
|  Luxembourg |  | 2462633 |  | 2462633 |
|  Macau |  | 1406334 |  | 1406334 |
|  Netherlands |  | 72138100 |  | 72138100 |
|  New Zealand |  | 4823938 |  | 4823938 |
|  Norway |  | 10393196 |  | 10393196 |
|  Poland |  | 343426 |  | 343426 |
|  Portugal |  | 2572843 |  | 2572843 |
|  Singapore | 6616590 | 24092174 |  | 30708764 |
|  South Africa |  | 3059418 |  | 3059418 |
|  South Korea |  | 488253 |  | 488253 |
|  Spain |  | 54395225 |  | 54395225 |
|  Sweden |  | 51843814 |  | 51843814 |
|  Switzerland |  | 84306233 |  | 84306233 |
|  United Arab Emirates |  |  | — (a) | — (a) |
|  United Kingdom | 1908270 | 191986898 |  | 193895168 |
|  United States | 13658323 | 160268092 |  | 173926415 |
|  **Forward Currency Contracts** |  | 474470 |  | 474470 |
|  **Futures** | 1102852 |  |  | 1102852 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 15357433 |  |  | 15357433 |
|  **Total Assets** | $**46174633** | $**1681634815** | $**—** | $**1727809448** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1114654) | $— | $(1114654) |
|  **Futures** | (626177) |  |  | (626177) |
|  **Total Liabilities** | $**(626177)** | $**(1114654)** | $**—** | $**(1740831)** |
|  **Total** | $**45548456** | $**1680520161** | $**—** | $**1726068617** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $474470 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1102852 |
|  **Total** |  | $1577322 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (1114654) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (626177) |
|  **Total** |  | $(1740831) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(15756629) | $(15756629) |
|  Equity contracts | (42267326) |  | (42267326) |
|  Total | $(42267326) | $(15756629) | $(58023955) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(316189) | $(316189) |
|  Equity contracts | 2040935 |  | 2040935 |
|  Total | $2040935 | $(316189) | $1724746 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165081000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $193824000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 221995000 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $474470 | $(474470) | $— | $— |
|  **Total** | $474470 | $(474470) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $1114654 | $(474470) | $— | $640184 |
|  **Total** | $1114654 | $(474470) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $640184 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $35164520.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $196747818.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 17%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 10%)\*** |  |
| $5999300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20449142 | $(33205) |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $770312247 |
|  Aggregate gross unrealized depreciation | (101180587) |
|  Net unrealized appreciation | $669131660 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1056936957 |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,022,390,246) | $1726232126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8097214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $153,966,648) | 163548976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 12333870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 12686730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 619755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 474470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 22694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 41726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1924073709 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 15357433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1685298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1114654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 699682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 372278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 186529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 17633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19528488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1904545221 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1245151343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 659393878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1904545221 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $87,106,913 / 5,471,092 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.92 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,817,438,308 / 113,146,249 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.06 |

---

*(x)* *Includes value of securities on loan of $41,572,973.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $3,748,113 foreign withholding tax) | $33326147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 705079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 126243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 34157469 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4099886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1135709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 111278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 105602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 69009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 67693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 74169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5693225 |
|  **NET INVESTMENT INCOME (LOSS)** | 28464244 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 39840979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (42267326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (15756629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 561294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17621682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 236632225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2040935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (316189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 17153829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 255510800 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 237889118 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $266353362 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $28464244 | $41072667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17621682) | 37950543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 255510800 | (19324558) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 266353362 | 59698652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (3530431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (75942326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (79472757) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 240,369 and 423,180 shares, respectively ] | 3550491 | 6172374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 246,350 shares, respectively ] |  | 3530431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (787288) and (958083) shares, respectively ] | (11668072) | (14106296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (8117581) | (4403491) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,910,403 and 1,944,935 shares, respectively ] | 71321864 | 29270534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 5,260,840 shares, respectively ] |  | 75942326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11940778) and (19099890) shares, respectively ] | (179220340) | (280278036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (107898476) | (175065176) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (116016057) | (179468667) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 150337305 | (199242772) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1754207916 | 1953450688 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1904545221 | $1754207916 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.80 | $14.02 | $12.27 | $14.70 | $14.30 | $13.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.28 | 0.26 | 0.25 | 0.27 (cc) | 0.17 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.91 | 0.12 | 1.80 | (2.45) | 1.22 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.12 | 0.40 | 2.06 | (2.20) | 1.49 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.39) | (0.31) | (0.14) | (0.48) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.23) |  | (0.09) | (0.61) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.62) | (0.31) | (0.23) | (1.09) | (0.27) |
|  Net asset value, end of period | $15.92 | $13.80 | $14.02 | $12.27 | $14.70 | $14.30 |
|  Total return (b) | 15.36% | 2.66% | 16.86% | (14.94)% | 10.59% | 6.63% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $87107 | $83051 | $88412 | $86300 | $108731 | $111399 |
|  Ratio of expenses to average net assets (a)(f) | 0.86% | 0.87% | 0.87% | 0.91 %(g) | 0.91 %(g) | 0.89 %(g) |
|  Ratio of net investment income (loss) to average net<br>assets (a)(f) | 2.85% | 1.92% | 1.98% | 1.96% | 1.74 %(dd) | 1.33 %(bb) |
|  Portfolio turnover rate^ | 2 %(z) | 2% | 2% | 8% | 3% | 18% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.91 | $14.12 | $12.35 | $14.80 | $14.38 | $13.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.23 | 0.32 | 0.30 | 0.28 | 0.31 (cc) | 0.20 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.92 | 0.12 | 1.81 | (2.47) | 1.23 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.15 | 0.44 | 2.11 | (2.19) | 1.54 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.42) | (0.34) | (0.17) | (0.51) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.23) |  | (0.09) | (0.61) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.65) | (0.34) | (0.26) | (1.12) | (0.30) |
|  Net asset value, end of period | $16.06 | $13.91 | $14.12 | $12.35 | $14.80 | $14.38 |
|  Total return (b) | 15.46% | 2.97% | 17.19% | (14.77)% | 10.92% | 6.90% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1817438 | $1671156 | $1865039 | $1897124 | $2287419 | $2327622 |
|  Ratio of expenses to average net assets (a)(f) | 0.61% | 0.62% | 0.62% | 0.66 %(g) | 0.66 %(g) | 0.64 %(g) |
|  Ratio of net investment income (loss) to average net<br>assets (a)(f) | 3.14% | 2.17% | 2.25% | 2.20% | 1.98 %(dd) | 1.59 %(bb) |
|  Portfolio turnover rate^ | 2 %(z) | 2% | 2% | 8% | 3% | 18% |

---

See Notes to Financial Statements.

------

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Interest Expense of 0.08%, 0.06% and 0.03% for the years ended December 31, 2022, 2021 and 2020, respectively for each class.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.15 and $0.18 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.14% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.22 and $0.25 for Class IB and Class K respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.33% lower.* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (5.1%)** | **Communication Services (5.1%)** | **Communication Services (5.1%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. | 48335 | $1398815 |
|  BT Group plc | 56474 | 150193 |
|  Cellnex Telecom SA (m) | 4675 | 181453 |
|  Deutsche Telekom AG (Registered) | 32995 | 1203694 |
|  Elisa OYJ | 1345 | 74591 |
|  HKT Trust & HKT Ltd. | 35818 | 53476 |
|  Infrastrutture Wireless Italiane SpA (m) | 2643 | 32316 |
|  Koninklijke KPN NV | 36762 | 179105 |
|  Nippon Telegraph & Telephone Corp. | 282466 | 302071 |
|  Orange SA | 17603 | 267798 |
|  Singapore Telecommunications Ltd. | 70209 | 210931 |
|  Swisscom AG (Registered) | 245 | 173688 |
|  Telecom Italia SpA\* | 101441 | 50020 |
|  Telefonica SA (x) | 34839 | 182950 |
|  Telenor ASA | 5821 | 90497 |
|  Telia Co. AB | 22302 | 80077 |
|  Telstra Group Ltd. | 38055 | 121222 |
|  Verizon Communications, Inc. | 28346 | 1226531 |
|  |  | 5979428 |
|  ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** |
|  Bollore SE | 6690 | 42003 |
|  Capcom Co. Ltd. | 3268 | 111948 |
|  CTS Eventim AG & Co. KGaA | 590 | 73252 |
|  Electronic Arts, Inc. | 1597 | 255041 |
|  Konami Group Corp. | 915 | 144965 |
|  Live Nation Entertainment, Inc. (x)\* | 1056 | 159752 |
|  Netflix, Inc.\* | 2880 | 3856694 |
|  Nexon Co. Ltd. (x) | 3062 | 61876 |
|  Nintendo Co. Ltd. | 10463 | 1008482 |
|  Sea Ltd. (ADR)\* | 3617 | 578503 |
|  Spotify Technology SA\* | 1451 | 1113410 |
|  Take-Two Interactive Software, Inc.\* | 1105 | 268349 |
|  TKO Group Holdings, Inc., Class A | 448 | 81514 |
|  Toho Co. Ltd. | 1080 | 63823 |
|  Universal Music Group NV | 10401 | 336681 |
|  Walt Disney Co. (The) | 12173 | 1509574 |
|  Warner Bros Discovery, Inc.\* | 15031 | 172255 |
|  |  | 9838122 |
|  ***Interactive Media & Services (2.7%)*** | ***Interactive Media & Services (2.7%)*** | ***Interactive Media & Services (2.7%)*** |
|  Alphabet, Inc., Class A | 39276 | 6921609 |
|  Alphabet, Inc., Class C | 31832 | 5646679 |
|  Auto Trader Group plc (m) | 8311 | 94048 |
|  CAR Group Ltd. | 3570 | 87922 |
|  LY Corp. | 27062 | 99675 |
|  Match Group, Inc. | 1691 | 52235 |
|  Meta Platforms, Inc., Class A | 14745 | 10883137 |
|  REA Group Ltd. | 500 | 79139 |
|  Scout24 SE (m) | 709 | 97798 |
|  |  | 23962242 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Charter Communications, Inc., Class A\* | 650 | 265726 |
|  Comcast Corp., Class A | 25396 | 906383 |
|  Dentsu Group, Inc. (x) | 1893 | 42013 |
|  Fox Corp., Class A | 1467 | 82211 |
|  Fox Corp., Class B | 888 | 45847 |
|  Informa plc | 12687 | 140329 |
|  Interpublic Group of Cos., Inc. (The) | 2508 | 61396 |
|  News Corp., Class A | 2546 | 75667 |
|  News Corp., Class B | 752 | 25801 |
|  Omnicom Group, Inc. | 1323 | 95177 |
|  Paramount Global, Class B | 4006 | 51677 |
|  Publicis Groupe SA | 2164 | 243896 |
|  WPP plc | 10198 | 71755 |
|  |  | 2107878 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  KDDI Corp. | 28966 | 498842 |
|  SoftBank Corp. | 270620 | 419071 |
|  SoftBank Group Corp. | 9073 | 662495 |
|  Tele2 AB, Class B | 5175 | 75621 |
|  T-Mobile US, Inc. | 3229 | 769341 |
|  Vodafone Group plc | 188550 | 201305 |
|  |  | 2626675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 44514345 |
|  **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aisin Corp. | 4937 | 63322 |
|  Aptiv plc\* | 1545 | 105400 |
|  Bridgestone Corp. (x) | 5401 | 221283 |
|  Cie Generale des Etablissements Michelin SCA | 6338 | 235473 |
|  Continental AG | 1040 | 90777 |
|  Denso Corp. | 17924 | 242775 |
|  Sumitomo Electric Industries Ltd. | 6721 | 144450 |
|  |  | 1103480 |
|  ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** |
|  Bayerische Motoren Werke AG | 2741 | 243642 |
|  Bayerische Motoren Werke AG (Preference) (q) | 529 | 43806 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q) | 1076 | 53158 |
|  Ferrari NV | 1192 | 584253 |
|  Ford Motor Co. | 26210 | 284379 |
|  General Motors Co. | 6700 | 329707 |
|  Honda Motor Co. Ltd. | 39977 | 387125 |
|  Isuzu Motors Ltd. | 5101 | 64841 |
|  Mercedes-Benz Group AG | 6828 | 399659 |
|  Nissan Motor Co. Ltd.\* | 21113 | 51344 |
|  Porsche Automobil Holding SE (Preference) (q) | 1448 | 57464 |
|  Renault SA | 1817 | 83751 |
|  Stellantis NV | 19060 | 191042 |
|  Subaru Corp. | 5593 | 97699 |
|  Suzuki Motor Corp. | 14815 | 179317 |
|  Tesla, Inc.\* | 18843 | 5985667 |
|  Toyota Motor Corp. | 89590 | 1550973 |
|  Volkswagen AG (Preference) (q) | 1949 | 205752 |
|  Yamaha Motor Co. Ltd. (x) | 8706 | 65262 |
|  |  | 10858841 |
|  ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** |
|  Amazon.com, Inc.\* | 63510 | 13933459 |
|  eBay, Inc. | 3225 | 240133 |
|  Next plc | 1103 | 188346 |
|  Pan Pacific International Holdings Corp. | 3600 | 123971 |
|  Prosus NV | 12372 | 691809 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Rakuten Group, Inc.\* | 14289 | $| 79023 |
|  Wesfarmers Ltd. | 10729 |  | 598444 |
|  |  |  | 15855185 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  D'ieteren Group | 203 |  | 43616 |
|  Genuine Parts Co. | 936 |  | 113546 |
|  LKQ Corp. | 1750 |  | 64768 |
|  Pool Corp. | 256 |  | 74619 |
|  |  |  | 296549 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Pearson plc | 5645 |  | 83026 |
|  ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** |
|  Accor SA | 1802 |  | 94098 |
|  Airbnb, Inc., Class A\* | 2915 |  | 385771 |
|  Amadeus IT Group SA | 4259 |  | 358607 |
|  Aristocrat Leisure Ltd. | 5322 |  | 228269 |
|  Booking Holdings, Inc. | 223 |  | 1291000 |
|  Caesars Entertainment, Inc.\* | 1431 |  | 40626 |
|  Carnival Corp.\* | 7055 |  | 198387 |
|  Chipotle Mexican Grill, Inc.\* | 9126 |  | 512425 |
|  Compass Group plc | 16049 |  | 543472 |
|  Darden Restaurants, Inc. | 789 |  | 171978 |
|  Delivery Hero SE (m)\* | 1805 |  | 48839 |
|  Domino's Pizza, Inc. | 233 |  | 104990 |
|  DoorDash, Inc., Class A\* | 2284 |  | 563029 |
|  Entain plc | 5743 |  | 71027 |
|  Evolution AB (m) | 1402 |  | 111379 |
|  Expedia Group, Inc. | 830 |  | 140004 |
|  FDJ United (m) | 1051 |  | 41226 |
|  Galaxy Entertainment Group Ltd. | 20292 |  | 90087 |
|  Genting Singapore Ltd. | 56791 |  | 31935 |
|  Hilton Worldwide Holdings, Inc. | 1620 |  | 431471 |
|  InterContinental Hotels Group plc | 1402 |  | 159807 |
|  Las Vegas Sands Corp. | 2314 |  | 100682 |
|  Lottery Corp. Ltd. (The) | 21039 |  | 73803 |
|  Marriott International, Inc., Class A | 1541 |  | 421017 |
|  McDonald's Corp. | 4825 |  | 1409720 |
|  MGM Resorts International\* | 1506 |  | 51791 |
|  Norwegian Cruise Line Holdings Ltd.\* | 2961 |  | 60049 |
|  Oriental Land Co. Ltd. | 10238 |  | 236319 |
|  Royal Caribbean Cruises Ltd. | 1667 |  | 522004 |
|  Sands China Ltd. | 23149 |  | 48186 |
|  Sodexo SA | 836 |  | 51405 |
|  Starbucks Corp. | 7648 |  | 700786 |
|  Whitbread plc | 1669 |  | 64674 |
|  Wynn Resorts Ltd. | 603 |  | 56483 |
|  Yum! Brands, Inc. | 1879 |  | 278430 |
|  Zensho Holdings Co. Ltd. | 881 |  | 53458 |
|  |  |  | 9747234 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  Barratt Redrow plc | 12981 |  | 81234 |
|  DR Horton, Inc. | 1910 |  | 246237 |
|  Garmin Ltd. | 1034 |  | 215816 |
|  Lennar Corp., Class A | 1572 |  | 173879 |
|  Mohawk Industries, Inc.\* | 353 |  | 37009 |
|  NVR, Inc.\* | 20 |  | 147713 |
|  Panasonic Holdings Corp. | 22036 |  | 238026 |
|  PulteGroup, Inc. | 1363 |  | 143742 |
|  Sekisui House Ltd. | 5634 |  | 124531 |
|  Sony Group Corp. | 58165 |  | 1506583 |
|  |  |  | 2914770 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Bandai Namco Holdings, Inc. | 5659 |  | 203206 |
|  Hasbro, Inc. | 883 |  | 65183 |
|  Shimano, Inc. (x) | 696 |  | 101038 |
|  |  |  | 369427 |
|  ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** |
|  AutoZone, Inc.\* | 113 |  | 419482 |
|  Avolta AG | 831 |  | 45056 |
|  Best Buy Co., Inc. | 1310 |  | 87940 |
|  CarMax, Inc.\* | 1036 |  | 69630 |
|  Fast Retailing Co. Ltd. | 1795 |  | 617259 |
|  H & M Hennes & Mauritz AB, Class B (x) | 5354 |  | 75209 |
|  Home Depot, Inc. (The) | 6689 |  | 2452455 |
|  Industria de Diseno Textil SA | 10313 |  | 536707 |
|  JD Sports Fashion plc | 24491 |  | 29832 |
|  Kingfisher plc | 16856 |  | 67283 |
|  Lowe's Cos., Inc. | 3802 |  | 843550 |
|  Nitori Holdings Co. Ltd. | 730 |  | 70564 |
|  O'Reilly Automotive, Inc.\* | 5805 |  | 523205 |
|  Ross Stores, Inc. | 2222 |  | 283483 |
|  Sanrio Co. Ltd. | 1700 |  | 82258 |
|  TJX Cos., Inc. (The) | 7569 |  | 934696 |
|  Tractor Supply Co. | 3597 |  | 189814 |
|  Ulta Beauty, Inc.\* | 312 |  | 145960 |
|  Williams-Sonoma, Inc. | 829 |  | 135434 |
|  Zalando SE (m)\* | 2122 |  | 69864 |
|  ZOZO, Inc. | 3834 |  | 41454 |
|  |  |  | 7721135 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  adidas AG | 1617 |  | 377044 |
|  Asics Corp. | 6252 |  | 159768 |
|  Cie Financiere Richemont SA (Registered) | 5082 |  | 957219 |
|  Deckers Outdoor Corp.\* | 1022 |  | 105338 |
|  Hermes International SCA | 299 |  | 809724 |
|  Kering SA | 704 |  | 153051 |
|  Lululemon Athletica, Inc.\* | 754 |  | 179135 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2600 |  | 1361663 |
|  Moncler SpA | 2208 |  | 125858 |
|  NIKE, Inc., Class B | 7954 |  | 565052 |
|  Pandora A/S | 775 |  | 136065 |
|  Ralph Lauren Corp. | 269 |  | 73781 |
|  Swatch Group AG (The) (x) | 274 |  | 44582 |
|  Tapestry, Inc. | 1394 |  | 122407 |
|  |  |  | 5170687 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 54120334 |
|  **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** | **Consumer Staples (3.8%)** |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** |
|  Anheuser-Busch InBev SA/NV | 9346 |  | 641171 |
|  Asahi Group Holdings Ltd. (x) | 13661 |  | 182852 |
|  Brown-Forman Corp., Class B | 1226 |  | 32992 |
|  Carlsberg A/S, Class B | 903 |  | 127942 |
|  Coca-Cola Co. (The) | 26070 |  | 1844453 |
|  Coca-Cola Europacific Partners plc | 2178 |  | 201944 |
|  Coca-Cola HBC AG | 2107 |  | 110018 |
|  Constellation Brands, Inc., Class A | 1046 |  | 170163 |
|  Davide Campari-Milano NV (x) | 5820 |  | 39146 |
|  Diageo plc | 21040 |  | 527937 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Heineken Holding NV | 1225 | $| 91269 |
|  Heineken NV | 2723 |  | 237423 |
|  Keurig Dr Pepper, Inc. | 8039 |  | 265769 |
|  Kirin Holdings Co. Ltd. (x) | 7382 |  | 103524 |
|  Molson Coors Beverage Co., Class B | 1159 |  | 55736 |
|  Monster Beverage Corp.\* | 4715 |  | 295348 |
|  PepsiCo, Inc. | 9235 |  | 1219389 |
|  Pernod Ricard SA | 1908 |  | 190141 |
|  Suntory Beverage & Food Ltd. (x) | 1335 |  | 42737 |
|  |  |  | 6379954 |
|  ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** |
|  Aeon Co. Ltd. (x) | 6156 |  | 188949 |
|  Carrefour SA | 5127 |  | 72291 |
|  Coles Group Ltd. | 12679 |  | 173903 |
|  Costco Wholesale Corp. | 2989 |  | 2958931 |
|  Dollar General Corp. | 1481 |  | 169397 |
|  Dollar Tree, Inc.\* | 1361 |  | 134793 |
|  J Sainsbury plc | 16617 |  | 66101 |
|  Jeronimo Martins SGPS SA | 2677 |  | 67734 |
|  Kesko OYJ, Class B | 2582 |  | 63688 |
|  Kobe Bussan Co. Ltd. | 1386 |  | 43099 |
|  Koninklijke Ahold Delhaize NV | 8631 |  | 360925 |
|  Kroger Co. (The) | 4483 |  | 321566 |
|  Marks & Spencer Group plc | 19561 |  | 95158 |
|  MatsukiyoCocokara & Co. | 3184 |  | 65612 |
|  Seven & i Holdings Co. Ltd. | 20886 |  | 336920 |
|  Sysco Corp. | 3294 |  | 249488 |
|  Target Corp. | 3085 |  | 304335 |
|  Tesco plc | 63609 |  | 350387 |
|  Walgreens Boots Alliance, Inc. | 4829 |  | 55437 |
|  Walmart, Inc. | 29290 |  | 2863976 |
|  Woolworths Group Ltd. | 11549 |  | 236466 |
|  |  |  | 9179156 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Ajinomoto Co., Inc. | 8550 |  | 232089 |
|  Archer-Daniels-Midland Co. | 3222 |  | 170057 |
|  Associated British Foods plc | 3112 |  | 87911 |
|  Barry Callebaut AG (Registered) (x) | 34 |  | 37023 |
|  Bunge Global SA | 899 |  | 72172 |
|  Campbell's Co. (The) | 1325 |  | 40611 |
|  Chocoladefabriken Lindt & Spruengli AG | 9 |  | 151427 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 |  | 166614 |
|  Conagra Brands, Inc. | 3214 |  | 65791 |
|  Danone SA | 6104 |  | 498713 |
|  General Mills, Inc. | 3712 |  | 192319 |
|  Hershey Co. (The) | 995 |  | 165120 |
|  Hormel Foods Corp. | 1959 |  | 59260 |
|  J M Smucker Co. (The) | 717 |  | 70410 |
|  JDE Peet's NV | 1615 |  | 46114 |
|  Kellanova | 1810 |  | 143949 |
|  Kerry Group plc, Class A | 1560 |  | 172275 |
|  Kikkoman Corp. | 6405 |  | 59511 |
|  Kraft Heinz Co. (The) | 5874 |  | 151667 |
|  Lamb Weston Holdings, Inc. | 960 |  | 49776 |
|  Lotus Bakeries NV | 4 |  | 38496 |
|  McCormick & Co., Inc. (Non-Voting) | 1700 |  | 128894 |
|  Meiji Holdings Co. Ltd. | 2273 |  | 50304 |
|  Mondelez International, Inc., Class A | 8710 |  | 587402 |
|  Mowi ASA | 4399 |  | 84930 |
|  Nestle SA (Registered) | 24767 |  | 2460625 |
|  Nissin Foods Holdings Co. Ltd. | 1876 |  | 39023 |
|  Orkla ASA | 6626 |  | 72049 |
|  Salmar ASA | 632 |  | 27388 |
|  Tyson Foods, Inc., Class A | 1927 |  | 107796 |
|  WH Group Ltd. (m) | 79058 |  | 76037 |
|  Wilmar International Ltd. | 18116 |  | 40891 |
|  Yakult Honsha Co. Ltd. | 2456 |  | 46262 |
|  |  |  | 6392906 |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** |
|  Church & Dwight Co., Inc. | 1656 |  | 159158 |
|  Clorox Co. (The) | 829 |  | 99538 |
|  Colgate-Palmolive Co. | 5464 |  | 496678 |
|  Essity AB, Class B | 5694 |  | 157684 |
|  Henkel AG & Co. KGaA | 982 |  | 71140 |
|  Henkel AG & Co. KGaA (Preference) (q) | 1600 |  | 125635 |
|  Kimberly-Clark Corp. | 2233 |  | 287878 |
|  Procter & Gamble Co. (The) | 15789 |  | 2515504 |
|  Reckitt Benckiser Group plc | 6447 |  | 438491 |
|  Unicharm Corp. | 10528 |  | 76070 |
|  |  |  | 4427776 |
|  ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** |
|  Beiersdorf AG | 938 |  | 117784 |
|  Estee Lauder Cos., Inc. (The), Class A | 1577 |  | 127422 |
|  Kao Corp. (x) | 4444 |  | 199263 |
|  Kenvue, Inc. | 12910 |  | 270207 |
|  L'Oreal SA | 2273 |  | 972193 |
|  Shiseido Co. Ltd. (x) | 3743 |  | 66891 |
|  Unilever plc | 23647 |  | 1436313 |
|  |  |  | 3190073 |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** |
|  Altria Group, Inc. | 11412 |  | 669086 |
|  British American Tobacco plc | 18727 |  | 890185 |
|  Imperial Brands plc | 7395 |  | 292037 |
|  Japan Tobacco, Inc. (x) | 11330 |  | 334223 |
|  Philip Morris International, Inc. | 10469 |  | 1906719 |
|  |  |  | 4092250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 33662115 |
|  **Energy (1.9%)** | **Energy (1.9%)** | **Energy (1.9%)** | **Energy (1.9%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 6667 |  | 255613 |
|  Halliburton Co. | 5845 |  | 119121 |
|  Schlumberger NV | 9433 |  | 318835 |
|  Tenaris SA | 3847 |  | 72392 |
|  |  |  | 765961 |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** |
|  Aker BP ASA | 2987 |  | 76398 |
|  APA Corp. (x) | 2491 |  | 45560 |
|  BP plc | 151457 |  | 760281 |
|  Chevron Corp. | 11253 |  | 1611317 |
|  ConocoPhillips | 8591 |  | 770956 |
|  Coterra Energy, Inc. | 4959 |  | 125859 |
|  Devon Energy Corp. | 4423 |  | 140696 |
|  Diamondback Energy, Inc. | 1258 |  | 172849 |
|  ENEOS Holdings, Inc. | 25842 |  | 128326 |
|  Eni SpA | 20824 |  | 337528 |
|  EOG Resources, Inc. | 3787 |  | 452963 |
|  EQT Corp. | 4018 |  | 234330 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Equinor ASA | 7920 | $| 200448 |
|  Expand Energy Corp. | 1416 |  | 165587 |
|  Exxon Mobil Corp. | 29310 |  | 3159618 |
|  Galp Energia SGPS SA | 3944 |  | 72336 |
|  Hess Corp. | 1861 |  | 257823 |
|  Idemitsu Kosan Co. Ltd. | 7737 |  | 47011 |
|  Inpex Corp. (x) | 8301 |  | 116729 |
|  Kinder Morgan, Inc. | 13016 |  | 382670 |
|  Marathon Petroleum Corp. | 2128 |  | 353482 |
|  Neste OYJ | 3999 |  | 54266 |
|  Occidental Petroleum Corp. | 4549 |  | 191104 |
|  OMV AG | 1392 |  | 75722 |
|  ONEOK, Inc. | 4178 |  | 341050 |
|  Phillips 66 | 2781 |  | 331773 |
|  Repsol SA (x) | 10941 |  | 160262 |
|  Santos Ltd. | 30701 |  | 154777 |
|  Shell plc | 56584 |  | 1983304 |
|  Targa Resources Corp. | 1468 |  | 255549 |
|  Texas Pacific Land Corp. | 127 |  | 134162 |
|  TotalEnergies SE | 19313 |  | 1185262 |
|  Valero Energy Corp. | 2132 |  | 286583 |
|  Williams Cos., Inc. (The) | 8208 |  | 515545 |
|  Woodside Energy Group Ltd. | 17950 |  | 279160 |
|  |  |  | 15561286 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 16327247 |
|  **Financials (10.5%)** | **Financials (10.5%)** | **Financials (10.5%)** | **Financials (10.5%)** |
|  ***Banks (4.2%)*** | ***Banks (4.2%)*** | ***Banks (4.2%)*** | ***Banks (4.2%)*** |
|  ABN AMRO Bank NV (CVA) (m) | 4331 |  | 118564 |
|  AIB Group plc | 19810 |  | 162996 |
|  ANZ Group Holdings Ltd. | 28093 |  | 539151 |
|  Banco Bilbao Vizcaya Argentaria SA | 54485 |  | 837878 |
|  Banco BPM SpA (x) | 10742 |  | 125422 |
|  Banco de Sabadell SA | 50930 |  | 162161 |
|  Banco Santander SA | 143238 |  | 1185646 |
|  Bank Hapoalim BM | 11862 |  | 227569 |
|  Bank Leumi Le-Israel BM | 14177 |  | 263564 |
|  Bank of America Corp. | 44586 |  | 2109809 |
|  Bank of Ireland Group plc | 9312 |  | 132561 |
|  Bankinter SA | 6373 |  | 83178 |
|  Banque Cantonale Vaudoise (Registered) | 285 |  | 32848 |
|  Barclays plc | 135225 |  | 626085 |
|  BNP Paribas SA | 9621 |  | 864939 |
|  BOC Hong Kong Holdings Ltd. | 35204 |  | 152925 |
|  BPER Banca SpA | 9407 |  | 85501 |
|  CaixaBank SA (x) | 37306 |  | 323169 |
|  Chiba Bank Ltd. (The) (x) | 5355 |  | 49625 |
|  Citigroup, Inc. | 12639 |  | 1075832 |
|  Citizens Financial Group, Inc. | 2943 |  | 131699 |
|  Commerzbank AG | 8399 |  | 264951 |
|  Commonwealth Bank of Australia | 15819 |  | 1923483 |
|  Concordia Financial Group Ltd. | 9709 |  | 63187 |
|  Credit Agricole SA | 10011 |  | 189446 |
|  Danske Bank A/S | 6520 |  | 265896 |
|  DBS Group Holdings Ltd. | 20148 |  | 711637 |
|  DNB Bank ASA | 8466 |  | 234005 |
|  Erste Group Bank AG | 2911 |  | 247918 |
|  Fifth Third Bancorp | 4510 |  | 185496 |
|  FinecoBank Banca Fineco SpA | 5781 |  | 128261 |
|  Hang Seng Bank Ltd. | 7084 |  | 106125 |
|  HSBC Holdings plc | 167062 |  | 2022123 |
|  Huntington Bancshares, Inc. | 9789 |  | 164064 |
|  ING Groep NV | 29760 |  | 652949 |
|  Intesa Sanpaolo SpA | 143063 |  | 824321 |
|  Israel Discount Bank Ltd., Class A | 11622 |  | 115796 |
|  Japan Post Bank Co. Ltd. | 17079 |  | 184423 |
|  JPMorgan Chase & Co. | 18827 |  | 5458136 |
|  KBC Group NV | 2171 |  | 224175 |
|  KeyCorp | 6707 |  | 116836 |
|  Lloyds Banking Group plc | 568688 |  | 598728 |
|  M&T Bank Corp. | 1117 |  | 216687 |
|  Mediobanca Banca di Credito Finanziario SpA (x) | 4726 |  | 109865 |
|  Mitsubishi UFJ Financial Group, Inc. | 108336 |  | 1491825 |
|  Mizrahi Tefahot Bank Ltd. | 1470 |  | 95795 |
|  Mizuho Financial Group, Inc. | 22571 |  | 625853 |
|  National Australia Bank Ltd. | 28960 |  | 750203 |
|  NatWest Group plc | 76375 |  | 536132 |
|  Nordea Bank Abp | 29704 |  | 441222 |
|  Oversea-Chinese Banking Corp. Ltd. | 31841 |  | 408436 |
|  PNC Financial Services Group, Inc. (The) | 2666 |  | 496996 |
|  Regions Financial Corp. | 6121 |  | 143966 |
|  Resona Holdings, Inc. | 19606 |  | 181349 |
|  Skandinaviska Enskilda Banken AB, Class A | 15001 |  | 261779 |
|  Societe Generale SA | 6810 |  | 389460 |
|  Standard Chartered plc | 19084 |  | 316181 |
|  Sumitomo Mitsui Financial Group, Inc. | 34897 |  | 880634 |
|  Sumitomo Mitsui Trust Group, Inc. | 6068 |  | 161766 |
|  Svenska Handelsbanken AB, Class A | 13788 |  | 184284 |
|  Swedbank AB, Class A | 8026 |  | 212508 |
|  Truist Financial Corp. | 8861 |  | 380934 |
|  UniCredit SpA | 13178 |  | 883415 |
|  United Overseas Bank Ltd. | 11517 |  | 326081 |
|  US Bancorp | 10504 |  | 475306 |
|  Wells Fargo & Co. | 22145 |  | 1774257 |
|  Westpac Banking Corp. | 32367 |  | 721297 |
|  |  |  | 36439309 |
|  ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** |
|  3i Group plc | 9203 |  | 520459 |
|  Ameriprise Financial, Inc. | 648 |  | 345857 |
|  Amundi SA (m) | 583 |  | 47179 |
|  ASX Ltd. | 1837 |  | 84341 |
|  Bank of New York Mellon Corp. (The) | 4832 |  | 440244 |
|  Blackrock, Inc. | 980 |  | 1028265 |
|  Blackstone, Inc. | 4928 |  | 737130 |
|  Cboe Global Markets, Inc. | 705 |  | 164413 |
|  Charles Schwab Corp. (The) | 11475 |  | 1046979 |
|  CME Group, Inc. | 2426 |  | 668654 |
|  Coinbase Global, Inc., Class A\* | 1413 |  | 495242 |
|  CVC Capital Partners plc (m) | 2010 |  | 41150 |
|  Daiwa Securities Group, Inc. | 12650 |  | 89996 |
|  Deutsche Bank AG (Registered) | 17499 |  | 518828 |
|  Deutsche Boerse AG | 1780 |  | 580590 |
|  EQT AB (x) | 3520 |  | 117533 |
|  Euronext NV (m) | 739 |  | 126310 |
|  FactSet Research Systems, Inc. | 256 |  | 114504 |
|  Franklin Resources, Inc. (x) | 2087 |  | 49775 |
|  Futu Holdings Ltd. (ADR) | 616 |  | 76131 |
|  Goldman Sachs Group, Inc. (The) | 2101 |  | 1486983 |
|  Hong Kong Exchanges & Clearing Ltd. | 11370 |  | 606597 |
|  Intercontinental Exchange, Inc. | 3869 |  | 709845 |
|  Invesco Ltd. | 3017 |  | 47578 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Japan Exchange Group, Inc. | 9352 | $| 94848 |
|  Julius Baer Group Ltd. | 1947 |  | 131624 |
|  KKR & Co., Inc. | 4545 |  | 604621 |
|  London Stock Exchange Group plc | 4507 |  | 657938 |
|  Macquarie Group Ltd. | 3423 |  | 515294 |
|  MarketAxess Holdings, Inc. | 254 |  | 56728 |
|  Moody's Corp. | 1042 |  | 522657 |
|  Morgan Stanley | 8332 |  | 1173646 |
|  MSCI, Inc. | 523 |  | 301635 |
|  Nasdaq, Inc. | 2786 |  | 249124 |
|  Nomura Holdings, Inc. | 28373 |  | 187571 |
|  Northern Trust Corp. | 1320 |  | 167363 |
|  Partners Group Holding AG | 215 |  | 280453 |
|  Raymond James Financial, Inc. | 1242 |  | 190486 |
|  S&P Global, Inc. | 2121 |  | 1118382 |
|  SBI Holdings, Inc. | 2566 |  | 89629 |
|  Schroders plc | 6852 |  | 33991 |
|  Singapore Exchange Ltd. | 8150 |  | 95377 |
|  State Street Corp. | 1942 |  | 206512 |
| T. Rowe Price Group, Inc. | 1499 |  | 144654 |
|  UBS Group AG (Registered) | 31091 |  | 1052106 |
|  |  |  | 18019222 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 3737 |  | 1192028 |
|  Capital One Financial Corp. | 4289 |  | 912528 |
|  Synchrony Financial | 2618 |  | 174726 |
|  |  |  | 2279282 |
|  ***Financial Services (2.0%)*** | ***Financial Services (2.0%)*** | ***Financial Services (2.0%)*** | ***Financial Services (2.0%)*** |
|  Adyen NV (m)\* | 238 |  | 436901 |
|  Apollo Global Management, Inc. | 3010 |  | 427029 |
|  Banca Mediolanum SpA | 2114 |  | 36407 |
|  Berkshire Hathaway, Inc., Class B\* | 12342 |  | 5995373 |
|  Corpay, Inc.\* | 469 |  | 155624 |
|  Edenred SE | 2283 |  | 70701 |
|  Eurazeo SE | 380 |  | 27103 |
|  EXOR NV | 836 |  | 84296 |
|  Fidelity National Information Services, Inc. | 3567 |  | 290389 |
|  Fiserv, Inc.\* | 3831 |  | 660503 |
|  Global Payments, Inc. | 1667 |  | 133427 |
|  Groupe Bruxelles Lambert NV | 785 |  | 66855 |
|  Industrivarden AB, Class A | 1127 |  | 40883 |
|  Industrivarden AB, Class C (x) | 1463 |  | 52839 |
|  Infratil Ltd. | 8694 |  | 56174 |
|  Investor AB, Class B | 16365 |  | 483898 |
|  Jack Henry & Associates, Inc. | 491 |  | 88463 |
|  L E Lundbergforetagen AB, Class B | 718 |  | 35790 |
|  M&G plc | 21592 |  | 76170 |
|  Mastercard, Inc., Class A | 5484 |  | 3081679 |
|  Mitsubishi HC Capital, Inc. | 8281 |  | 60984 |
|  Nexi SpA (m) | 4652 |  | 27805 |
|  ORIX Corp. | 11013 |  | 249313 |
|  PayPal Holdings, Inc.\* | 6661 |  | 495046 |
|  Sofina SA | 146 |  | 48155 |
|  Visa, Inc., Class A | 11604 |  | 4120000 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 2260 |  | 62486 |
|  Wise plc, Class A\* | 6298 |  | 89907 |
|  |  |  | 17454200 |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** |
|  Admiral Group plc | 2461 |  | 110464 |
|  Aegon Ltd. | 12499 |  | 90518 |
|  Aflac, Inc. | 3333 |  | 351498 |
|  Ageas SA/NV | 1410 |  | 95253 |
|  AIA Group Ltd. | 101157 |  | 907197 |
|  Allianz SE (Registered) | 3650 |  | 1479464 |
|  Allstate Corp. (The) | 1784 |  | 359137 |
|  American International Group, Inc. | 3995 |  | 341932 |
|  Aon plc, Class A | 1456 |  | 519443 |
|  Arch Capital Group Ltd. | 2524 |  | 229810 |
|  Arthur J Gallagher & Co. | 1713 |  | 548366 |
|  ASR Nederland NV | 1398 |  | 92845 |
|  Assurant, Inc. | 345 |  | 68134 |
|  Aviva plc | 25317 |  | 215181 |
|  AXA SA | 16754 |  | 822373 |
|  Baloise Holding AG (Registered) | 390 |  | 92013 |
|  Brown & Brown, Inc. | 1598 |  | 177170 |
|  Chubb Ltd. | 2509 |  | 726907 |
|  Cincinnati Financial Corp. | 1047 |  | 155919 |
|  Dai-ichi Life Holdings, Inc. | 33272 |  | 253228 |
|  Erie Indemnity Co., Class A | 168 |  | 58261 |
|  Everest Group Ltd. | 289 |  | 98217 |
|  Generali | 8160 |  | 290381 |
|  Gjensidige Forsikring ASA | 1891 |  | 47916 |
|  Globe Life, Inc. | 565 |  | 70224 |
|  Hannover Rueck SE | 570 |  | 179406 |
|  Hartford Insurance Group, Inc. (The) | 1937 |  | 245747 |
|  Helvetia Holding AG (Registered) | 351 |  | 82325 |
|  Insurance Australia Group Ltd. | 22359 |  | 132882 |
|  Japan Post Holdings Co. Ltd. | 16881 |  | 156554 |
|  Japan Post Insurance Co. Ltd. | 1810 |  | 40988 |
|  Legal & General Group plc | 55510 |  | 193995 |
|  Loews Corp. | 1190 |  | 109075 |
|  Marsh & McLennan Cos., Inc. | 3307 |  | 723042 |
|  Medibank Pvt Ltd. | 26033 |  | 86525 |
|  MetLife, Inc. | 3898 |  | 313477 |
|  MS&AD Insurance Group Holdings, Inc. | 12118 |  | 271804 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1265 |  | 820453 |
|  NN Group NV | 2543 |  | 169008 |
|  Phoenix Group Holdings plc | 6638 |  | 60000 |
|  Poste Italiane SpA (m)(x) | 4321 |  | 92840 |
|  Principal Financial Group, Inc. | 1417 |  | 112552 |
|  Progressive Corp. (The) | 3945 |  | 1052763 |
|  Prudential Financial, Inc. | 2384 |  | 256137 |
|  Prudential plc | 24667 |  | 308999 |
|  QBE Insurance Group Ltd. | 14275 |  | 219751 |
|  Sampo OYJ, Class A | 22889 |  | 246164 |
|  Sompo Holdings, Inc. | 8419 |  | 254023 |
|  Suncorp Group Ltd. | 10237 |  | 145597 |
|  Swiss Life Holding AG (Registered) | 272 |  | 275137 |
|  Swiss Re AG | 2852 |  | 492976 |
|  T&D Holdings, Inc. | 4602 |  | 101304 |
|  Talanx AG | 610 |  | 78969 |
|  Tokio Marine Holdings, Inc. | 17415 |  | 739023 |
|  Travelers Cos., Inc. (The) | 1527 |  | 408534 |
|  Tryg A/S | 3205 |  | 82785 |
|  Unipol Assicurazioni SpA | 3391 |  | 67206 |
|  W.R. Berkley Corp. | 2022 |  | 148556 |
|  Willis Towers Watson plc | 672 |  | 205968 |
|  Zurich Insurance Group AG | 1384 |  | 967378 |
|  |  |  | 18043794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 92235807 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Health Care (6.1%)** | **Health Care (6.1%)** | **Health Care (6.1%)** |
|  ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** |
|  AbbVie, Inc. | 11887 | $2206465 |
|  Amgen, Inc. | 3617 | 1009903 |
|  Argenx SE\* | 577 | 319312 |
|  Biogen, Inc.\* | 986 | 123832 |
|  CSL Ltd. | 4579 | 721713 |
|  Genmab A/S\* | 606 | 125816 |
|  Gilead Sciences, Inc. | 8392 | 930421 |
|  Grifols SA\* | 2820 | 34381 |
|  Incyte Corp.\* | 1082 | 73684 |
|  Moderna, Inc.\* | 2280 | 62905 |
|  Regeneron Pharmaceuticals, Inc. | 708 | 371700 |
|  Swedish Orphan Biovitrum AB\* | 1851 | 56386 |
|  Vertex Pharmaceuticals, Inc.\* | 1729 | 769751 |
|  |  | 6806269 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Abbott Laboratories | 11679 | 1588461 |
|  Alcon AG | 4724 | 417953 |
|  Align Technology, Inc.\* | 473 | 89553 |
|  Baxter International, Inc. | 3438 | 104103 |
|  Becton Dickinson & Co. | 1933 | 332959 |
|  BioMerieux | 392 | 54210 |
|  Boston Scientific Corp.\* | 9924 | 1065937 |
|  Cochlear Ltd. | 618 | 122192 |
|  Coloplast A/S, Class B | 1192 | 113220 |
|  Cooper Cos., Inc. (The)\* | 1344 | 95639 |
|  Demant A/S\* | 808 | 33704 |
|  Dexcom, Inc.\* | 2631 | 229660 |
|  DiaSorin SpA | 212 | 22690 |
|  Edwards Lifesciences Corp.\* | 3971 | 310572 |
|  EssilorLuxottica SA | 2811 | 771183 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 5542 | 121781 |
|  GE HealthCare Technologies, Inc. | 3079 | 228061 |
|  Hologic, Inc.\* | 1511 | 98457 |
|  Hoya Corp. | 3297 | 392764 |
|  IDEXX Laboratories, Inc.\* | 551 | 295523 |
|  Insulet Corp.\* | 472 | 148293 |
|  Intuitive Surgical, Inc.\* | 2402 | 1305271 |
|  Koninklijke Philips NV | 7866 | 189114 |
|  Medtronic plc | 8634 | 752626 |
|  Olympus Corp. | 10814 | 128787 |
|  ResMed, Inc. | 989 | 255162 |
|  Siemens Healthineers AG (m) | 3199 | 177334 |
|  Smith & Nephew plc | 7866 | 120174 |
|  Solventum Corp.\* | 931 | 70607 |
|  Sonova Holding AG (Registered) | 479 | 142713 |
|  STERIS plc | 662 | 159026 |
|  Straumann Holding AG (Registered) (x) | 1055 | 137684 |
|  Stryker Corp. | 2312 | 914697 |
|  Sysmex Corp. | 4727 | 82523 |
|  Terumo Corp. | 12620 | 232235 |
|  Zimmer Biomet Holdings, Inc. | 1340 | 122221 |
|  |  | 11427089 |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  Cardinal Health, Inc. | 1627 | 273336 |
|  Cencora, Inc. | 1162 | 348426 |
|  Centene Corp.\* | 3339 | 181241 |
|  Cigna Group (The) | 1844 | 609590 |
|  CVS Health Corp. | 8489 | 585571 |
|  DaVita, Inc.\* | 296 | 42165 |
|  Elevance Health, Inc. | 1562 | 607555 |
|  Fresenius Medical Care AG | 2080 | 119199 |
|  Fresenius SE & Co. KGaA | 3993 | 200748 |
|  HCA Healthcare, Inc. | 1204 | 461252 |
|  Henry Schein, Inc.\* | 840 | 61362 |
|  Humana, Inc. | 812 | 198518 |
|  Labcorp Holdings, Inc. | 562 | 147531 |
|  McKesson Corp. | 844 | 618466 |
|  Molina Healthcare, Inc.\* | 374 | 111415 |
|  Quest Diagnostics, Inc. | 747 | 134184 |
|  Sigma Healthcare Ltd. | 43648 | 85893 |
|  Sonic Healthcare Ltd. | 4314 | 76064 |
|  UnitedHealth Group, Inc. | 6197 | 1933278 |
|  Universal Health Services, Inc., Class B | 395 | 71554 |
|  |  | 6867348 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  M3, Inc. | 4209 | 58032 |
|  Pro Medicus Ltd. | 543 | 101881 |
|  |  | 159913 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Agilent Technologies, Inc. | 1921 | 226697 |
|  Bio-Techne Corp. | 1064 | 54743 |
|  Charles River Laboratories International, Inc.\* | 344 | 52195 |
|  Danaher Corp. | 4309 | 851200 |
|  Eurofins Scientific SE | 1119 | 79668 |
|  IQVIA Holdings, Inc.\* | 1126 | 177446 |
|  Lonza Group AG (Registered) | 683 | 486351 |
|  Mettler-Toledo International, Inc.\* | 141 | 165635 |
|  QIAGEN NV\* | 2043 | 98392 |
|  Revvity, Inc. | 819 | 79214 |
|  Sartorius AG (Preference) (q) | 248 | 63100 |
|  Sartorius Stedim Biotech | 276 | 65933 |
|  Thermo Fisher Scientific, Inc. | 2576 | 1044465 |
|  Waters Corp.\* | 400 | 139616 |
|  West Pharmaceutical Services, Inc. | 488 | 106774 |
|  |  | 3691429 |
|  ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** |
|  Astellas Pharma, Inc. | 17082 | 168027 |
|  AstraZeneca plc | 14658 | 2036175 |
|  Bayer AG (Registered) | 9287 | 279343 |
|  Bristol-Myers Squibb Co. | 13664 | 632507 |
|  Chugai Pharmaceutical Co. Ltd. | 6317 | 330096 |
|  Daiichi Sankyo Co. Ltd. | 16247 | 379648 |
|  Eisai Co. Ltd. | 2530 | 72876 |
|  Eli Lilly & Co. | 5305 | 4135407 |
|  Galderma Group AG | 1012 | 146676 |
|  GSK plc | 38923 | 742644 |
|  Haleon plc | 85326 | 438508 |
|  Hikma Pharmaceuticals plc | 1573 | 42924 |
|  Ipsen SA | 357 | 42515 |
|  Johnson & Johnson | 16211 | 2476230 |
|  Kyowa Kirin Co. Ltd. | 2269 | 38847 |
|  Merck & Co., Inc. | 17033 | 1348332 |
|  Merck KGaA | 1222 | 158340 |
|  Novartis AG (Registered) | 17972 | 2178294 |
|  Novo Nordisk A/S, Class B | 30444 | 2112995 |
|  Ono Pharmaceutical Co. Ltd. | 3562 | 38562 |
|  Orion OYJ, Class B | 1025 | 77092 |
|  Otsuka Holdings Co. Ltd. | 4211 | 209110 |
|  Pfizer, Inc. | 38158 | 924950 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Recordati Industria Chimica e Farmaceutica SpA | 1087 | $| 68375 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 6641 |  | 2162751 |
|  Roche Holding AG (OTC US Exchange) | 303 |  | 105016 |
|  Sandoz Group AG | 3951 |  | 216211 |
|  Sanofi SA | 10495 |  | 1016328 |
|  Shionogi & Co. Ltd. | 7115 |  | 128164 |
|  Takeda Pharmaceutical Co. Ltd. | 15013 |  | 461321 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 10842 |  | 181712 |
|  UCB SA | 1195 |  | 235007 |
|  Viatris, Inc. | 8037 |  | 71770 |
|  Zoetis, Inc. | 3015 |  | 470189 |
|  |  |  | 24126942 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 53078990 |
|  **Industrials (7.4%)** | **Industrials (7.4%)** | **Industrials (7.4%)** | **Industrials (7.4%)** |
|  ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** |
|  Airbus SE | 5617 |  | 1172849 |
|  Axon Enterprise, Inc.\* | 488 |  | 404035 |
|  BAE Systems plc | 28485 |  | 737620 |
|  Boeing Co. (The)\* | 5051 |  | 1058336 |
|  Dassault Aviation SA | 185 |  | 65420 |
|  Elbit Systems Ltd. | 254 |  | 112963 |
|  GE Aerospace | 7227 |  | 1860157 |
|  General Dynamics Corp. | 1709 |  | 498447 |
|  Howmet Aerospace, Inc. | 2727 |  | 507576 |
|  Huntington Ingalls Industries, Inc. | 263 |  | 63504 |
|  Kongsberg Gruppen ASA | 4150 |  | 160925 |
|  L3Harris Technologies, Inc. | 1268 |  | 318065 |
|  Leonardo SpA | 3826 |  | 215337 |
|  Lockheed Martin Corp. | 1411 |  | 653491 |
|  Melrose Industries plc | 12055 |  | 87833 |
|  MTU Aero Engines AG | 509 |  | 226160 |
|  Northrop Grumman Corp. | 916 |  | 457982 |
|  Rheinmetall AG | 423 |  | 895396 |
|  Rolls-Royce Holdings plc | 80143 |  | 1064440 |
|  RTX Corp. | 8970 |  | 1309799 |
|  Saab AB, Class B | 3028 |  | 168861 |
|  Safran SA | 3404 |  | 1106288 |
|  Singapore Technologies Engineering Ltd. | 15034 |  | 92108 |
|  Textron, Inc. | 1229 |  | 98676 |
|  Thales SA | 876 |  | 257558 |
|  TransDigm Group, Inc. | 378 |  | 574802 |
|  |  |  | 14168628 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  CH Robinson Worldwide, Inc. | 799 |  | 76664 |
|  Deutsche Post AG | 9076 |  | 419197 |
|  DSV A/S | 1932 |  | 464260 |
|  Expeditors International of Washington, Inc. | 943 |  | 107738 |
|  FedEx Corp. | 1492 |  | 339146 |
|  InPost SA\* | 2127 |  | 35328 |
|  SG Holdings Co. Ltd. (x) | 2991 |  | 33367 |
|  United Parcel Service, Inc., Class B | 4925 |  | 497129 |
|  |  |  | 1972829 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 795 |  | 52128 |
|  AGC, Inc. (x) | 1870 |  | 54890 |
|  Allegion plc | 585 |  | 84310 |
|  Assa Abloy AB, Class B | 9475 |  | 295640 |
|  Builders FirstSource, Inc.\* | 775 |  | 90435 |
|  Carrier Global Corp. | 5438 |  | 398007 |
|  Cie de Saint-Gobain SA | 4247 |  | 498474 |
|  Daikin Industries Ltd. | 2503 |  | 295917 |
|  Geberit AG (Registered) | 316 |  | 248515 |
|  Johnson Controls International plc | 4425 |  | 467369 |
|  Kingspan Group plc | 1463 |  | 124425 |
|  Lennox International, Inc. | 216 |  | 123820 |
|  Masco Corp. | 1427 |  | 91842 |
|  Nibe Industrier AB, Class B | 14326 |  | 61084 |
|  ROCKWOOL A/S, Class B | 893 |  | 41790 |
|  Trane Technologies plc | 1510 |  | 660489 |
|  |  |  | 3589135 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Brambles Ltd. | 12976 |  | 200011 |
|  Cintas Corp. | 2310 |  | 514830 |
|  Copart, Inc.\* | 5904 |  | 289709 |
|  Dai Nippon Printing Co. Ltd. | 3758 |  | 57151 |
|  Rentokil Initial plc | 23864 |  | 115337 |
|  Republic Services, Inc. | 1367 |  | 337116 |
|  Rollins, Inc. | 1891 |  | 106690 |
|  Secom Co. Ltd. | 3926 |  | 141304 |
|  Securitas AB, Class B | 4649 |  | 69532 |
|  TOPPAN Holdings, Inc. | 2263 |  | 61680 |
|  Veralto Corp. | 1665 |  | 168082 |
|  Waste Management, Inc. | 2459 |  | 562668 |
|  |  |  | 2624110 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  ACS Actividades de Construccion y Servicios SA (x) | 1669 |  | 115896 |
|  Bouygues SA | 1791 |  | 81013 |
|  Eiffage SA | 648 |  | 91025 |
|  Ferrovial SE | 4828 |  | 257400 |
|  Kajima Corp. | 3951 |  | 103244 |
|  Obayashi Corp. | 6158 |  | 93457 |
|  Quanta Services, Inc. | 994 |  | 375811 |
|  Skanska AB, Class B | 3217 |  | 74875 |
|  Taisei Corp. | 1458 |  | 85047 |
|  Vinci SA | 4681 |  | 689799 |
|  |  |  | 1967567 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  ABB Ltd. (Registered) | 14951 |  | 891464 |
|  AMETEK, Inc. | 1557 |  | 281755 |
|  Eaton Corp. plc | 2661 |  | 949950 |
|  Emerson Electric Co. | 3797 |  | 506254 |
|  Fuji Electric Co. Ltd. | 1256 |  | 58036 |
|  Fujikura Ltd. | 2400 |  | 126179 |
|  GE Vernova, Inc. | 1858 |  | 983161 |
|  Generac Holdings, Inc.\* | 401 |  | 57427 |
|  Hubbell, Inc., Class B | 361 |  | 147436 |
|  Legrand SA | 2530 |  | 338254 |
|  Mitsubishi Electric Corp. | 18001 |  | 388883 |
|  Nidec Corp. | 7904 |  | 153958 |
|  Prysmian SpA | 2656 |  | 187843 |
|  Rockwell Automation, Inc. | 761 |  | 252781 |
|  Schneider Electric SE | 5169 |  | 1374856 |
|  Siemens Energy AG\* | 6424 |  | 742035 |
|  Vestas Wind Systems A/S | 9546 |  | 143211 |
|  |  |  | 7583483 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** |
|  Central Japan Railway Co. | 7336 | $164647 |
|  CSX Corp. | 12985 | 423701 |
|  East Japan Railway Co. | 8566 | 184876 |
|  Grab Holdings Ltd., Class A\* | 22429 | 112818 |
|  Hankyu Hanshin Holdings, Inc. | 2123 | 57791 |
|  JB Hunt Transport Services, Inc. | 535 | 76826 |
|  MTR Corp. Ltd. | 14557 | 52294 |
|  Norfolk Southern Corp. | 1525 | 390354 |
|  Old Dominion Freight Line, Inc. | 1265 | 205309 |
|  Tokyo Metro Co. Ltd. (x) | 2700 | 31452 |
|  Tokyu Corp. | 4702 | 55965 |
|  Uber Technologies, Inc.\* | 14066 | 1312358 |
|  Union Pacific Corp. | 4069 | 936196 |
|  West Japan Railway Co. | 4239 | 97199 |
|  |  | 4101786 |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** |
|  3M Co. | 3656 | 556589 |
|  CK Hutchison Holdings Ltd. | 25419 | 156401 |
|  DCC plc | 936 | 60745 |
|  Hikari Tsushin, Inc. | 186 | 54971 |
|  Hitachi Ltd. | 43325 | 1265106 |
|  Honeywell International, Inc. | 4378 | 1019549 |
|  Investment AB Latour, Class B | 1400 | 36876 |
|  Jardine Matheson Holdings Ltd. | 1478 | 71033 |
|  Keppel Ltd. | 14265 | 83245 |
|  Lifco AB, Class B | 2204 | 89177 |
|  Sekisui Chemical Co. Ltd. | 3533 | 64083 |
|  Siemens AG (Registered) | 7184 | 1841840 |
|  Smiths Group plc | 3173 | 97823 |
|  Swire Pacific Ltd., Class A | 3581 | 30678 |
|  |  | 5428116 |
|  ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | ***Machinery (1.3%)*** |
|  Alfa Laval AB | 2735 | 114998 |
|  Alstom SA\* | 3272 | 76314 |
|  Atlas Copco AB, Class A | 25395 | 410281 |
|  Atlas Copco AB, Class B | 14756 | 209699 |
|  Caterpillar, Inc. | 3218 | 1249260 |
|  Cummins, Inc. | 926 | 303265 |
|  Daifuku Co. Ltd. (x) | 3054 | 78935 |
|  Daimler Truck Holding AG | 4491 | 212506 |
|  Deere & Co. | 1705 | 866975 |
|  Dover Corp. | 924 | 169305 |
|  Epiroc AB, Class A | 6230 | 135256 |
|  Epiroc AB, Class B | 3686 | 70518 |
|  FANUC Corp. | 8979 | 245667 |
|  Fortive Corp. | 2297 | 119743 |
|  GEA Group AG | 1385 | 96909 |
|  Hoshizaki Corp. (x) | 1049 | 36248 |
|  IDEX Corp. | 510 | 89541 |
|  IHI Corp. | 1400 | 152050 |
|  Illinois Tool Works, Inc. | 1798 | 444556 |
|  Indutrade AB | 2583 | 70493 |
|  Ingersoll Rand, Inc. | 2713 | 225667 |
|  Knorr-Bremse AG | 686 | 66302 |
|  Komatsu Ltd. | 8526 | 280460 |
|  Kone OYJ, Class B | 3213 | 211492 |
|  Kubota Corp. (x) | 9209 | 103726 |
|  Makita Corp. | 2283 | 70596 |
|  Metso OYJ | 5877 | 76012 |
|  Minebea Mitsumi, Inc. | 3400 | 49971 |
|  Mitsubishi Heavy Industries Ltd. | 30291 | 759352 |
|  Nordson Corp. | 365 | 78245 |
|  Otis Worldwide Corp. | 2670 | 264383 |
|  PACCAR, Inc. | 3531 | 335657 |
|  Parker-Hannifin Corp. | 867 | 605573 |
|  Pentair plc | 1113 | 114261 |
|  Rational AG | 48 | 40258 |
|  Sandvik AB | 10080 | 231093 |
|  Schindler Holding AG | 385 | 143141 |
|  Schindler Holding AG (Registered) | 222 | 80440 |
|  SKF AB, Class B | 3225 | 74004 |
|  SMC Corp. | 522 | 188638 |
|  Snap-on, Inc. | 353 | 109847 |
|  Spirax Group plc | 696 | 56892 |
|  Stanley Black & Decker, Inc. | 1038 | 70325 |
|  Techtronic Industries Co. Ltd. | 14032 | 154264 |
|  Toyota Industries Corp. | 1536 | 173861 |
|  Trelleborg AB, Class B | 1913 | 71195 |
|  VAT Group AG (m) | 255 | 107566 |
|  Volvo AB, Class B | 15018 | 421289 |
|  Wartsila OYJ Abp | 4754 | 112223 |
|  Westinghouse Air Brake Technologies Corp. | 1150 | 240753 |
|  Xylem, Inc. | 1636 | 211633 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 24000 | 41903 |
|  |  | 10923541 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  AP Moller - Maersk A/S, Class A | 28 | 51723 |
|  AP Moller - Maersk A/S, Class B | 40 | 74363 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 3277 | 46514 |
|  Kuehne + Nagel International AG (Registered) (x) | 457 | 98864 |
|  Mitsui OSK Lines Ltd. (x) | 3247 | 108681 |
|  Nippon Yusen KK (x) | 4182 | 150663 |
|  SITC International Holdings Co. Ltd. | 12260 | 39279 |
|  |  | 570087 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  ANA Holdings, Inc. | 1543 | 30243 |
|  Delta Air Lines, Inc. | 4320 | 212458 |
|  Deutsche Lufthansa AG (Registered) | 5664 | 47904 |
|  International Consolidated Airlines Group SA (x) | 11749 | 55165 |
|  Japan Airlines Co. Ltd. | 1412 | 28842 |
|  Qantas Airways Ltd. | 7009 | 49543 |
|  Ryanair Holdings plc | 8038 | 227430 |
|  Singapore Airlines Ltd. | 14560 | 79814 |
|  Southwest Airlines Co. | 3991 | 129468 |
|  United Airlines Holdings, Inc.\* | 2214 | 176301 |
|  |  | 1037168 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Automatic Data Processing, Inc. | 2740 | 845016 |
|  Broadridge Financial Solutions, Inc. | 788 | 191508 |
|  Bureau Veritas SA | 3003 | 102372 |
|  Computershare Ltd. | 4973 | 130559 |
|  Dayforce, Inc.\* | 1071 | 59323 |
|  Equifax, Inc. | 835 | 216574 |
|  Experian plc | 8681 | 447087 |
|  Intertek Group plc | 1547 | 100653 |
|  Jacobs Solutions, Inc. | 825 | 108446 |
|  Leidos Holdings, Inc. | 883 | 139302 |
|  Paychex, Inc. | 2158 | 313903 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Paycom Software, Inc. | 317 | $| 73354 |
|  Randstad NV (x) | 1026 |  | 47376 |
|  Recruit Holdings Co. Ltd. | 13325 |  | 789756 |
|  RELX plc | 17463 |  | 943722 |
|  SGS SA (Registered) | 1523 |  | 154517 |
|  Teleperformance SE | 509 |  | 49357 |
|  Verisk Analytics, Inc. | 951 |  | 296237 |
|  Wolters Kluwer NV | 2255 |  | 377059 |
|  |  |  | 5386121 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  AddTech AB, Class B | 2457 |  | 83624 |
|  AerCap Holdings NV | 1740 |  | 203580 |
|  Ashtead Group plc | 4084 |  | 261740 |
|  Beijer Ref AB, Class B (x) | 3639 |  | 57445 |
|  Brenntag SE | 1160 |  | 76793 |
|  Bunzl plc | 3097 |  | 98625 |
|  Fastenal Co. | 7722 |  | 324324 |
|  IMCD NV | 559 |  | 75099 |
|  ITOCHU Corp. | 11227 |  | 589085 |
|  Marubeni Corp. | 13378 |  | 270616 |
|  Mitsubishi Corp. | 32351 |  | 648795 |
|  Mitsui & Co. Ltd. | 23336 |  | 477561 |
|  MonotaRO Co. Ltd. | 2407 |  | 47553 |
|  Reece Ltd. | 2137 |  | 20183 |
|  Rexel SA | 2114 |  | 65093 |
|  SGH Ltd. | 1924 |  | 68468 |
|  Sumitomo Corp. | 10269 |  | 265915 |
|  Toyota Tsusho Corp. | 6005 |  | 136317 |
|  United Rentals, Inc. | 440 |  | 331496 |
|  W.W. Grainger, Inc. | 298 |  | 309992 |
|  |  |  | 4412304 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Aena SME SA (m) | 7090 |  | 189249 |
|  Aeroports de Paris SA | 327 |  | 40984 |
|  Auckland International Airport Ltd. | 15957 |  | 75332 |
|  Getlink SE | 2763 |  | 53344 |
|  Transurban Group | 29385 |  | 270370 |
|  |  |  | 629279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 64394154 |
|  **Information Technology (15.1%)** | **Information Technology (15.1%)** | **Information Technology (15.1%)** | **Information Technology (15.1%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 6956 |  | 711668 |
|  Cisco Systems, Inc. | 26818 |  | 1860633 |
|  F5, Inc.\* | 388 |  | 114196 |
|  Juniper Networks, Inc. | 2229 |  | 89004 |
|  Motorola Solutions, Inc. | 1125 |  | 473018 |
|  Nokia OYJ | 50345 |  | 261293 |
|  Telefonaktiebolaget LM Ericsson, Class B | 26261 |  | 224668 |
|  |  |  | 3734480 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A | 8155 |  | 805306 |
|  CDW Corp. | 897 |  | 160195 |
|  Corning, Inc. | 5191 |  | 272995 |
|  Halma plc | 3589 |  | 157646 |
|  Hexagon AB, Class B | 19626 |  | 197403 |
|  Jabil, Inc. | 738 |  | 160958 |
|  Keyence Corp. | 1873 |  | 752295 |
|  Keysight Technologies, Inc.\* | 1164 |  | 190733 |
|  Kyocera Corp. | 12094 |  | 145585 |
|  Murata Manufacturing Co. Ltd. | 15796 |  | 236274 |
|  Omron Corp. | 1620 |  | 43806 |
|  Ralliant Corp.\* | 766 |  | 37127 |
|  Shimadzu Corp. | 2190 |  | 54322 |
|  TDK Corp. | 18405 |  | 216699 |
|  TE Connectivity plc | 2009 |  | 338858 |
|  Teledyne Technologies, Inc.\* | 314 |  | 160865 |
|  Trimble, Inc.\* | 1655 |  | 125747 |
|  Yokogawa Electric Corp. | 2119 |  | 56725 |
|  Zebra Technologies Corp., Class A\* | 346 |  | 106693 |
|  |  |  | 4220232 |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Accenture plc, Class A | 4212 |  | 1258925 |
|  Akamai Technologies, Inc.\* | 1012 |  | 80717 |
|  Capgemini SE | 1539 |  | 262956 |
|  Cognizant Technology Solutions Corp., Class A | 3330 |  | 259840 |
|  EPAM Systems, Inc.\* | 382 |  | 67545 |
|  Fujitsu Ltd. | 16634 |  | 406017 |
|  Gartner, Inc.\* | 517 |  | 208982 |
|  GoDaddy, Inc., Class A\* | 951 |  | 171237 |
|  International Business Machines Corp. | 6226 |  | 1835300 |
|  NEC Corp. | 11585 |  | 339413 |
|  Nomura Research Institute Ltd. | 3539 |  | 142120 |
|  NTT Data Group Corp. | 2648 |  | 73535 |
|  Obic Co. Ltd. | 3025 |  | 117866 |
|  Otsuka Corp. | 2116 |  | 43149 |
|  SCSK Corp. | 1514 |  | 45713 |
|  TIS, Inc. | 2049 |  | 68838 |
|  VeriSign, Inc. | 548 |  | 158262 |
|  Wix.com Ltd.\* | 500 |  | 79230 |
|  |  |  | 5619645 |
|  ***Semiconductors & Semiconductor Equipment (5.9%)*** | ***Semiconductors & Semiconductor Equipment (5.9%)*** | ***Semiconductors & Semiconductor Equipment (5.9%)*** | ***Semiconductors & Semiconductor Equipment (5.9%)*** |
|  Advanced Micro Devices, Inc.\* | 10911 |  | 1548271 |
|  Advantest Corp. | 7278 |  | 538503 |
|  Analog Devices, Inc. | 3340 |  | 794987 |
|  Applied Materials, Inc. | 5472 |  | 1001759 |
|  ASM International NV | 443 |  | 283563 |
|  ASML Holding NV | 3723 |  | 2971620 |
|  BE Semiconductor Industries NV | 767 |  | 114788 |
|  Broadcom, Inc. | 31562 |  | 8700065 |
|  Disco Corp. | 839 |  | 248370 |
|  Enphase Energy, Inc.\* | 892 |  | 35368 |
|  First Solar, Inc.\* | 721 |  | 119354 |
|  Infineon Technologies AG | 12347 |  | 525262 |
|  Intel Corp. | 29156 |  | 653094 |
|  KLA Corp. | 895 |  | 801687 |
|  Lam Research Corp. | 8643 |  | 841310 |
|  Lasertec Corp. | 734 |  | 98934 |
|  Microchip Technology, Inc. | 3621 |  | 254810 |
|  Micron Technology, Inc. | 7502 |  | 924622 |
|  Monolithic Power Systems, Inc. | 322 |  | 235504 |
|  NVIDIA Corp. | 164902 |  | 26052867 |
|  NXP Semiconductors NV | 1711 |  | 373836 |
|  ON Semiconductor Corp.\* | 2838 |  | 148740 |
|  QUALCOMM, Inc. | 7447 |  | 1186009 |
|  Renesas Electronics Corp. | 15930 |  | 197901 |
|  SCREEN Holdings Co. Ltd. | 754 |  | 61575 |
|  Skyworks Solutions, Inc. | 1082 |  | 80631 |
|  STMicroelectronics NV | 6400 |  | 195521 |
|  Teradyne, Inc. | 1097 |  | 98642 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Texas Instruments, Inc. | 6130 | $| 1272711 |
|  Tokyo Electron Ltd. | 4196 |  | 806536 |
|  |  |  | 51166840 |
|  ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** | ***Software (5.1%)*** |
|  Adobe, Inc.\* | 2931 |  | 1133945 |
|  ANSYS, Inc.\* | 589 |  | 206869 |
|  Autodesk, Inc.\* | 1448 |  | 448257 |
|  Cadence Design Systems, Inc.\* | 1847 |  | 569153 |
|  Check Point Software Technologies Ltd.\* | 820 |  | 181425 |
|  Crowdstrike Holdings, Inc., Class A\* | 1659 |  | 844945 |
|  CyberArk Software Ltd.\* | 444 |  | 180655 |
|  Dassault Systemes SE | 6336 |  | 229353 |
|  Fair Isaac Corp.\* | 164 |  | 299785 |
|  Fortinet, Inc.\* | 4283 |  | 452799 |
|  Gen Digital, Inc. | 3652 |  | 107369 |
|  Intuit, Inc. | 1885 |  | 1484683 |
|  Microsoft Corp. | 50056 |  | 24898355 |
|  Monday.com Ltd.\* | 384 |  | 120760 |
|  Nemetschek SE | 546 |  | 79109 |
|  Nice Ltd.\* | 598 |  | 101463 |
|  Oracle Corp. | 380 |  | 45348 |
|  Oracle Corp. (Moscow Stock Exchange) | 10923 |  | 2388095 |
|  Palantir Technologies, Inc., Class A\* | 13802 |  | 1881489 |
|  Palo Alto Networks, Inc.\* | 4458 |  | 912285 |
|  PTC, Inc.\* | 810 |  | 139595 |
|  Roper Technologies, Inc. | 722 |  | 409258 |
|  Sage Group plc (The) | 9340 |  | 160321 |
|  Salesforce, Inc. | 6444 |  | 1757214 |
|  SAP SE | 9870 |  | 3001347 |
|  ServiceNow, Inc.\* | 1387 |  | 1425947 |
|  Synopsys, Inc.\* | 1041 |  | 533700 |
|  Temenos AG (Registered) | 533 |  | 38122 |
|  Trend Micro, Inc. | 1236 |  | 85633 |
|  Tyler Technologies, Inc.\* | 288 |  | 170738 |
|  WiseTech Global Ltd. | 1898 |  | 136197 |
|  Workday, Inc., Class A\* | 1441 |  | 345840 |
|  Xero Ltd.\* | 1375 |  | 162711 |
|  |  |  | 44932765 |
|  ***Technology Hardware, Storage & Peripherals (2.6%)*** | ***Technology Hardware, Storage & Peripherals (2.6%)*** | ***Technology Hardware, Storage & Peripherals (2.6%)*** | ***Technology Hardware, Storage & Peripherals (2.6%)*** |
|  Apple, Inc. | 101150 |  | 20752945 |
|  Canon, Inc. (x) | 8811 |  | 256305 |
|  Dell Technologies, Inc., Class C | 2101 |  | 257583 |
|  FUJIFILM Holdings Corp. | 10597 |  | 231213 |
|  Hewlett Packard Enterprise Co. | 8915 |  | 182312 |
|  HP, Inc. | 6315 |  | 154465 |
|  Logitech International SA (Registered) | 1438 |  | 129473 |
|  NetApp, Inc. | 1369 |  | 145867 |
|  Ricoh Co. Ltd. | 5111 |  | 48464 |
|  Seagate Technology Holdings plc | 1426 |  | 205815 |
|  Super Micro Computer, Inc. (x)\* | 3391 |  | 166193 |
|  Western Digital Corp. (x) | 2342 |  | 149865 |
|  |  |  | 22680500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 132354462 |
|  **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |
|  ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** | ***Chemicals (1.0%)*** |
|  Air Liquide SA | 5468 |  | 1128082 |
|  Air Products and Chemicals, Inc. | 1498 |  | 422526 |
|  Akzo Nobel NV | 1614 |  | 112932 |
|  Albemarle Corp. | 792 |  | 49635 |
|  Arkema SA | 539 |  | 39714 |
|  Asahi Kasei Corp. | 11645 |  | 83049 |
|  BASF SE | 8438 |  | 416069 |
|  CF Industries Holdings, Inc. | 1172 |  | 107824 |
|  Corteva, Inc. | 4616 |  | 344030 |
|  Covestro AG\* | 1697 |  | 120738 |
|  Croda International plc | 1254 |  | 50331 |
|  Dow, Inc. | 4739 |  | 125489 |
|  DSM-Firmenich AG | 1758 |  | 186914 |
|  DuPont de Nemours, Inc. | 2815 |  | 193081 |
|  Eastman Chemical Co. | 775 |  | 57861 |
|  Ecolab, Inc. | 1697 |  | 457240 |
|  EMS-Chemie Holding AG (Registered) | 66 |  | 49825 |
|  Evonik Industries AG | 2573 |  | 53040 |
|  Givaudan SA (Registered) | 87 |  | 421157 |
|  ICL Group Ltd. | 7319 |  | 50172 |
|  International Flavors & Fragrances, Inc. | 1730 |  | 127242 |
|  Linde plc | 3206 |  | 1504191 |
|  LyondellBasell Industries NV, Class A (x) | 1745 |  | 100966 |
|  Mitsubishi Chemical Group Corp. | 12862 |  | 67702 |
|  Mosaic Co. (The) | 2139 |  | 78031 |
|  Nippon Paint Holdings Co. Ltd. (x) | 8970 |  | 72256 |
|  Nippon Sanso Holdings Corp. | 1632 |  | 61912 |
|  Nitto Denko Corp. | 6640 |  | 128715 |
|  Novonesis Novozymes B | 3331 |  | 238817 |
|  PPG Industries, Inc. | 1562 |  | 177677 |
|  Sherwin-Williams Co. (The) | 1560 |  | 535642 |
|  Shin-Etsu Chemical Co. Ltd. | 17009 |  | 563640 |
|  Sika AG (Registered) | 1441 |  | 391192 |
|  Syensqo SA | 691 |  | 53298 |
|  Symrise AG, Class A | 1255 |  | 131778 |
|  Toray Industries, Inc. | 13156 |  | 90243 |
|  Yara International ASA | 1565 |  | 57759 |
|  |  |  | 8850770 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Amrize Ltd.\* | 4928 |  | 245825 |
|  Heidelberg Materials AG | 1265 |  | 297202 |
|  Holcim AG | 4928 |  | 365819 |
|  James Hardie Industries plc (CHDI)\* | 4063 |  | 111508 |
|  Martin Marietta Materials, Inc. | 412 |  | 226172 |
|  Vulcan Materials Co. | 889 |  | 231869 |
|  |  |  | 1478395 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 9732 |  | 89437 |
|  Avery Dennison Corp. | 541 |  | 94929 |
|  Ball Corp. | 2009 |  | 112685 |
|  International Paper Co. | 3550 |  | 166247 |
|  Packaging Corp. of America | 600 |  | 113070 |
|  SIG Group AG | 2891 |  | 53415 |
|  Smurfit WestRock plc | 3329 |  | 143646 |
|  |  |  | 773429 |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** |
|  Anglo American plc | 10562 |  | 311705 |
|  Antofagasta plc | 3728 |  | 92596 |
|  ArcelorMittal SA | 4434 |  | 140343 |
|  BHP Group Ltd. | 47984 |  | 1160590 |
|  BlueScope Steel Ltd. | 4146 |  | 63060 |
|  Boliden AB\* | 2687 |  | 83812 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Evolution Mining Ltd. | 18928 | $| 97044 |
|  Fortescue Ltd. | 16008 |  | 160985 |
|  Freeport-McMoRan, Inc. | 9676 |  | 419455 |
|  Glencore plc | 96945 |  | 377391 |
|  JFE Holdings, Inc. (x) | 5481 |  | 63829 |
|  Newmont Corp. | 7666 |  | 446621 |
|  Nippon Steel Corp. | 9192 |  | 174450 |
|  Norsk Hydro ASA | 13293 |  | 75885 |
|  Northern Star Resources Ltd. | 12838 |  | 156735 |
|  Nucor Corp. | 1581 |  | 204803 |
|  Rio Tinto Ltd. | 3509 |  | 247411 |
|  Rio Tinto plc | 10671 |  | 621788 |
|  South32 Ltd. | 42658 |  | 81699 |
|  Steel Dynamics, Inc. | 953 |  | 121994 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 2341 |  | 57873 |
|  |  |  | 5160069 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Holmen AB, Class B (x) | 721 |  | 28594 |
|  Mondi plc | 4173 |  | 68135 |
|  Stora Enso OYJ, Class R | 5506 |  | 59825 |
|  Svenska Cellulosa AB SCA, Class B | 5743 |  | 74664 |
|  UPM-Kymmene OYJ | 5045 |  | 137634 |
|  |  |  | 368852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 16631515 |
|  **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Covivio SA (REIT) | 528 |  | 33306 |
|  Land Securities Group plc (REIT) | 6690 |  | 57945 |
|  Stockland (REIT) | 22685 |  | 80025 |
|  |  |  | 171276 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1037 |  | 75317 |
|  Healthpeak Properties, Inc. (REIT) | 4710 |  | 82472 |
|  Ventas, Inc. (REIT) | 2943 |  | 185850 |
|  Welltower, Inc. (REIT) | 4102 |  | 630601 |
|  |  |  | 974240 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 4707 |  | 72300 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  CapitaLand Ascendas REIT (REIT) | 35319 |  | 74444 |
|  Goodman Group (REIT) | 19204 |  | 432763 |
|  Prologis, Inc. (REIT) | 6241 |  | 656054 |
|  Segro plc (REIT) | 12154 |  | 113379 |
|  |  |  | 1276640 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 980 |  | 66120 |
|  Gecina SA (REIT) | 435 |  | 47808 |
|  Nippon Building Fund, Inc. (REIT) (x) | 72 |  | 66448 |
|  |  |  | 180376 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Azrieli Group Ltd. | 401 |  | 36870 |
|  CapitaLand Investment Ltd. | 21867 |  | 45574 |
|  CBRE Group, Inc., Class A\* | 1990 |  | 278839 |
|  CK Asset Holdings Ltd. | 18396 |  | 81084 |
|  CoStar Group, Inc.\* | 2838 |  | 228175 |
|  Daito Trust Construction Co. Ltd. | 568 |  | 61827 |
|  Daiwa House Industry Co. Ltd. | 5305 |  | 182500 |
|  Fastighets AB Balder, Class B\* | 6787 |  | 50403 |
|  Henderson Land Development Co. Ltd. | 14204 |  | 49669 |
|  Hongkong Land Holdings Ltd. | 10454 |  | 60320 |
|  Hulic Co. Ltd. (x) | 4327 |  | 43644 |
|  LEG Immobilien SE | 730 |  | 64794 |
|  Mitsubishi Estate Co. Ltd. | 10052 |  | 188678 |
|  Mitsui Fudosan Co. Ltd. | 25019 |  | 242363 |
|  Sagax AB, Class B | 2078 |  | 47442 |
|  Sino Land Co. Ltd. | 34859 |  | 37080 |
|  Sumitomo Realty & Development Co. Ltd. | 2958 |  | 114351 |
|  Sun Hung Kai Properties Ltd. | 13696 |  | 157112 |
|  Swiss Prime Site AG (Registered) | 758 |  | 113492 |
|  Vonovia SE | 7303 |  | 257303 |
|  Wharf Holdings Ltd. (The) | 9900 |  | 30142 |
|  Wharf Real Estate Investment Co. Ltd. | 15963 |  | 45144 |
|  |  |  | 2416806 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 957 |  | 194750 |
|  Camden Property Trust (REIT) | 718 |  | 80911 |
|  Equity Residential (REIT) | 2301 |  | 155295 |
|  Essex Property Trust, Inc. (REIT) | 433 |  | 122712 |
|  Invitation Homes, Inc. (REIT) | 3836 |  | 125821 |
|  Mid-America Apartment Communities, Inc. (REIT) | 787 |  | 116484 |
|  UDR, Inc. (REIT) | 2027 |  | 82762 |
|  |  |  | 878735 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  CapitaLand Integrated Commercial Trust (REIT) | 55167 |  | 94150 |
|  Federal Realty Investment Trust (REIT) | 519 |  | 49300 |
|  Kimco Realty Corp. (REIT) | 4575 |  | 96166 |
|  Klepierre SA (REIT) | 2034 |  | 80121 |
|  Link REIT (REIT) | 24560 |  | 131092 |
|  Realty Income Corp. (REIT) | 5893 |  | 339496 |
|  Regency Centers Corp. (REIT) | 1099 |  | 78282 |
|  Scentre Group (REIT) | 49236 |  | 115361 |
|  Simon Property Group, Inc. (REIT) | 2065 |  | 331969 |
|  Unibail-Rodamco-Westfield (REIT) | 1149 |  | 109820 |
|  Vicinity Ltd. (REIT) | 36664 |  | 59602 |
|  |  |  | 1485359 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT) | 3146 |  | 695329 |
|  Crown Castle, Inc. (REIT) | 2926 |  | 300588 |
|  Digital Realty Trust, Inc. (REIT) | 2131 |  | 371497 |
|  Equinix, Inc. (REIT) | 655 |  | 521033 |
|  Extra Space Storage, Inc. (REIT) | 1427 |  | 210397 |
|  Iron Mountain, Inc. (REIT) | 1978 |  | 202883 |
|  Public Storage (REIT) | 1061 |  | 311319 |
|  SBA Communications Corp. (REIT) | 724 |  | 170024 |
|  VICI Properties, Inc. (REIT), Class A | 7098 |  | 231395 |
|  Weyerhaeuser Co. (REIT) | 4886 |  | 125521 |
|  |  |  | 3139986 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 10595718 |
|  **Utilities (1.7%)** | **Utilities (1.7%)** | **Utilities (1.7%)** | **Utilities (1.7%)** |
|  ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** |
|  Acciona SA | 233 |  | 41938 |
|  Alliant Energy Corp. | 1728 |  | 104492 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  American Electric Power Co., Inc. | 3590 | $| 372498 |
|  BKW AG | 200 |  | 43683 |
|  Chubu Electric Power Co., Inc. | 6115 |  | 75628 |
|  CK Infrastructure Holdings Ltd. | 5785 |  | 38284 |
|  CLP Holdings Ltd. | 15457 |  | 130155 |
|  Constellation Energy Corp. | 2106 |  | 679733 |
|  Contact Energy Ltd. | 7589 |  | 41633 |
|  Duke Energy Corp. | 5225 |  | 616550 |
|  Edison International | 2607 |  | 134521 |
|  EDP SA | 29663 |  | 128655 |
|  Elia Group SA/NV, Class B | 464 |  | 53427 |
|  Endesa SA (x) | 3002 |  | 95089 |
|  Enel SpA | 76910 |  | 729842 |
|  Entergy Corp. | 2887 |  | 239967 |
|  Evergy, Inc. | 1549 |  | 106773 |
|  Eversource Energy | 2470 |  | 157141 |
|  Exelon Corp. | 6769 |  | 293910 |
|  FirstEnergy Corp. | 3454 |  | 139058 |
|  Fortum OYJ | 4241 |  | 79381 |
|  Iberdrola SA | 54795 |  | 1051451 |
|  Kansai Electric Power Co., Inc. (The) | 8913 |  | 105776 |
|  NextEra Energy, Inc. | 13847 |  | 961259 |
|  NRG Energy, Inc. | 1364 |  | 219031 |
|  Origin Energy Ltd. | 16285 |  | 115647 |
|  PG&E Corp. | 14770 |  | 205894 |
|  Pinnacle West Capital Corp. | 766 |  | 68534 |
|  Power Assets Holdings Ltd. | 13127 |  | 84364 |
|  PPL Corp. | 4971 |  | 168467 |
|  Redeia Corp. SA | 3836 |  | 82013 |
|  Southern Co. (The) | 7378 |  | 677522 |
|  SSE plc | 10458 |  | 262843 |
|  Terna - Rete Elettrica Nazionale (x) | 13300 |  | 136708 |
|  Verbund AG | 644 |  | 49423 |
|  Xcel Energy, Inc. | 3867 |  | 263343 |
|  |  |  | 8754633 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  APA Group | 12331 |  | 66305 |
|  Atmos Energy Corp. | 1069 |  | 164744 |
|  Hong Kong & China Gas Co. Ltd. | 106086 |  | 89059 |
|  Osaka Gas Co. Ltd. | 3475 |  | 89116 |
|  Snam SpA (x) | 19061 |  | 115453 |
|  Tokyo Gas Co. Ltd. | 3129 |  | 104122 |
|  |  |  | 628799 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 4788 |  | 50370 |
|  EDP Renovaveis SA | 2982 |  | 33282 |
|  Meridian Energy Ltd. | 12362 |  | 44458 |
|  Orsted A/S (m)\* | 1590 |  | 68282 |
|  RWE AG | 5977 |  | 249448 |
|  Vistra Corp. | 2291 |  | 444019 |
|  |  |  | 889859 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 1817 |  | 174505 |
|  CenterPoint Energy, Inc. | 4388 |  | 161215 |
|  Centrica plc | 47512 |  | 105358 |
|  CMS Energy Corp. | 2012 |  | 139391 |
|  Consolidated Edison, Inc. | 2333 |  | 234116 |
|  Dominion Energy, Inc. | 5656 |  | 319677 |
|  DTE Energy Co. | 1395 |  | 184782 |
|  E.ON SE | 21227 |  | 390693 |
|  Engie SA | 17269 |  | 405315 |
|  National Grid plc | 47678 |  | 694701 |
|  NiSource, Inc. | 3164 |  | 127636 |
|  Public Service Enterprise Group, Inc. | 3355 |  | 282424 |
|  Sembcorp Industries Ltd. | 8500 |  | 45792 |
|  Sempra | 4265 |  | 323159 |
|  Veolia Environnement SA | 5951 |  | 212052 |
|  WEC Energy Group, Inc. | 2139 |  | 222884 |
|  |  |  | 4023700 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 1312 |  | 182513 |
|  Severn Trent plc | 2624 |  | 98474 |
|  United Utilities Group plc | 6446 |  | 101001 |
|  |  |  | 381988 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 14678979 |
|  **Total Common Stocks (60.9%)**<br> *(Cost $377,460,275)* |  |  | 532593666 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (4.5%)** | **Equity (4.5%)** | **Equity (4.5%)** | **Equity (4.5%)** |
|  SPDR S&P MidCap 400 ETF Trust (x) | 70048 |  | 39680791 |
|  **Total Exchange Traded Funds (4.5%)**<br> *(Cost $30,974,480)*  | **Total Exchange Traded Funds (4.5%)**<br> *(Cost $30,974,480)*  |  | 39680791 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (16.0%)** | **U.S. Treasury Obligations (16.0%)** | **U.S. Treasury Obligations (16.0%)** | **U.S. Treasury Obligations (16.0%)** |
|  U.S. Treasury Bonds<br>6.125%, 11/15/27 | $1896100 |  | 1999502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 1649300 |  | 1727422 |
|  U.S. Treasury Notes<br>4.625%, 6/30/26 | 4013200 |  | 4037048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 | 5643000 |  | 5490834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 6709700 |  | 6462719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 3908200 |  | 3810459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 990600 |  | 955424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 1962300 |  | 1914177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 497800 |  | 482457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 2289900 |  | 2232917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 5527100 |  | 5360193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 3255500 |  | 3147497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 994200 |  | 998280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 2037000 |  | 1987938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 1835600 |  | 1832173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 1531500 |  | 1522930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 881000 |  | 861149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 846000 |  | 844015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 517500 |  | 521867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 137000 |  | 133611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 1527100 |  | 1557164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 845400 |  | 868736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 2155600 |  | 2233061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 2244400 |  | 2202250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 1598200 |  | 1631405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 1383100 |  | 1383987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 2162700 |  | 2181920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 5503000 |  | 5298349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 7281500 |  | 7409507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 5290200 |  | 5455486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 2513800 |  | 2390902 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | $5037900 | $5174868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 8765200 | 8927685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 2297000 | 2114618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 2715000 | 2687269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 2344000 | 2157846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 2437400 | 2205120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 1850800 | 1591686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 1789100 | 1525240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 1781400 | 1848132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 1929000 | 1653522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 3221300 | 3303834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 2020300 | 2010118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 1207500 | 1064527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 1243400 | 1063546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 1598700 | 1367873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 2614500 | 2296757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 860100 | 802530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 945400 | 872150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 887100 | 893078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 666500 | 642587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 1044200 | 995498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 1267700 | 1248645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 1711200 | 1758086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 3947000 | 3907358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 4317100 | 4385856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 2807800 | 2742431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 1489600 | 1537572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 355500 | 356111 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 140069922 |
|  **Total Long-Term Debt<br>Securities (16.0%)**<br> *(Cost $141,160,179)* |  | 140069922 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (19.9%)** | **Investment Companies (19.9%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) | 7000000 | 7000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 12901742 | 12901742 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>4.47% (7 day yield) | 148415262 | 148444945 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio<br>4.23% (7 day yield) (xx) | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 174346687 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (0.2%)** |  |  |
|  U.S. Treasury Bills<br>2.78%, 7/3/25 (p) | $1396700 | 1396377 |
|  **Total Short-Term<br>Investments (20.1%)**<br> *(Cost $175,763,455)* |  | 175743064 |
|  **Total Investments in<br>Securities (101.5%)**<br> *(Cost $725,358,389)* |  | 888087443 |
|  **Other Assets Less<br>Liabilities (-1.5%)** |  | (12980336) |
|  **Net Assets (100%)** |  | $875107107 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $2,239,298 or 0.3% of net assets.* 

*(p)* *Yield to maturity.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $33,453,753. This was collateralized by $8,373,277 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $25,901,742 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 335 | 9/2025 | EUR | 21021048 | (58030) |
|  FTSE 100 Index | 2 | 9/2025 | GBP | 241298 | (3162) |
|  MSCI EAFE E-Mini Index | 7 | 9/2025 | USD | 938595 | 12368 |
|  Russell 2000 E-Mini Index | 371 | 9/2025 | USD | 40656035 | 902598 |
|  S&P 500 E-Mini Index | 230 | 9/2025 | USD | 71918125 | 2547777 |
|  S&P 500 Micro E-Mini Index | 30 | 9/2025 | USD | 938062 | 29823 |
|  SPI 200 Index | 27 | 9/2025 | AUD | 3792573 | (1762) |
|  TOPIX Index | 44 | 9/2025 | JPY | 8724836 | 204026 |
|  |  |  |  |  | 3633638 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  U.S. Treasury 2 Year Note | (5) | 9/2025 | USD | (1040117) | (4147) |
|  U.S. Treasury 5 Year Note | (2) | 9/2025 | USD | (218000) | (3112) |
|  U.S. Treasury 10 Year Note | (8) | 9/2025 | USD | (897000) | (12691) |
|  |  |  |  |  | (19950) |
|  |  |  |  |  | 3613688 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CHF | 2916831 | USD | 3592373 | Goldman Sachs International | 7/9/2025 | 86977 |
|  EUR | 864930 | USD | 989527 | Deutsche Bank AG | 7/9/2025 | 29786 |
|  EUR | 5700958 | USD | 6532095 | Goldman Sachs International | 7/9/2025 | 186438 |
|  EUR | 22796616 | USD | 26000475 | Morgan Stanley | 7/9/2025 | 865155 |
|  EUR | 10793097 | USD | 12488639 | UBS AG | 7/9/2025 | 230940 |
|  GBP | 11730000 | USD | 15679256 | Citibank NA | 7/16/2025 | 422993 |
|  GBP | 225218 | USD | 300990 | JPMorgan Chase Bank | 7/16/2025 | 8176 |
|  GBP | 6111566 | USD | 8278743 | Morgan Stanley | 7/16/2025 | 110853 |
|  AUD | 13328745 | USD | 8715426 | Morgan Stanley | 8/21/2025 | 66119 |
|  AUD | 11575009 | USD | 7554244 | UBS AG | 8/21/2025 | 71865 |
|  NZD | 5118652 | USD | 3103475 | Goldman Sachs International | 8/21/2025 | 21998 |
|  JPY | 756091879 | USD | 5185175 | Morgan Stanley | 8/27/2025 | 99586 |
|  NOK | 145704451 | USD | 14381565 | UBS AG | 9/4/2025 | 79851 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 2280737 |
|  USD | 15087316 | CHF | 12309666 | Bank of America | 7/9/2025 | (440350) |
|  USD | 3566990 | CHF | 2915576 | Deutsche Bank AG | 7/9/2025 | (110778) |
|  USD | 17191497 | EUR | 15425215 | JPMorgan Chase Bank | 7/9/2025 | (986995) |
|  USD | 7117948 | GBP | 5260276 | Barclays Bank plc | 7/16/2025 | (103048) |
|  USD | 299690 | GBP | 225218 | JPMorgan Chase Bank | 7/16/2025 | (9476) |
|  USD | 15534994 | GBP | 11447486 | Morgan Stanley | 7/16/2025 | (179437) |
|  USD | 9180595 | AUD | 14091121 | JPMorgan Chase Bank | 8/21/2025 | (103237) |
|  USD | 3621232 | NZD | 5974718 | JPMorgan Chase Bank | 8/21/2025 | (26958) |
|  USD | 5391523 | SEK | 50986552 | Morgan Stanley | 9/4/2025 | (20912) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1981191) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 299546 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $36503324 | $8011021 | $— | $44514345 |
|  Consumer Discretionary | 36733262 | 17387072 |  | 54120334 |
|  Consumer Staples | 19681131 | 13980984 |  | 33662115 |
|  Energy | 10623045 | 5704202 |  | 16327247 |
|  Financials | 49885110 | 42350697 |  | 92235807 |
|  Health Care | 33240015 | 19838975 |  | 53078990 |
|  Industrials | 30791588 | 33602566 |  | 64394154 |
|  Information Technology | 117760507 | 14593955 |  | 132354462 |
|  Materials | 6652363 | 9979152 |  | 16631515 |
|  Real Estate | 7189662 | 3406056 |  | 10595718 |
|  Utilities | 8420128 | 6258851 |  | 14678979 |
|  **Exchange Traded Fund** | 39680791 |  |  | 39680791 |
|  **Forward Currency Contracts** |  | 2280737 |  | 2280737 |
|  **Futures** | 3696592 |  |  | 3696592 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 174346687 |  |  | 174346687 |
|  U.S. Treasury Obligations |  | 1396377 |  | 1396377 |
|  **U.S. Treasury Obligations** |  | 140069922 |  | 140069922 |
|  **Total Assets** | $**575204205** | $**318860567** | $**—** | $**894064772** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1981191) | $— | $(1981191) |
|  **Futures** | (82904) |  |  | (82904) |
|  **Total Liabilities** | $**(82904)** | $**(1981191)** | $**—** | $**(2064095)** |
|  **Total** | $**575121301** | $**316879376** | $**—** | $**892000677** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $2280737 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 3696592 |
|  **Total** |  | $5977329 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(19950) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (1981191) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (62954) |
|  **Total** |  | $(2064095) |

---

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

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(519573) | $— | $(519573) |
|  Foreign exchange contracts |  | (330509) | (330509) |
|  Equity contracts | (6335870) |  | (6335870) |
|  **Total** | $(6855443) | $(330509) | $(7185952) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(162416) | $— | $(162416) |
|  Foreign exchange contracts |  | 887543 | 887543 |
|  Equity contracts | 6869732 |  | 6869732 |
|  **Total** | $6707316 | $887543 | $7594859 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $129132000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 13896000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $112945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 96478000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $422993 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $422993 |
|  Deutsche Bank AG | 29786 | (29786) |  |  |
|  Goldman Sachs International | 295413 |  |  | 295413 |
|  JPMorgan Chase Bank | 8176 | (8176) |  |  |
|  Morgan Stanley | 1141713 | (200349) |  | 941364 |
|  UBS AG | 382656 |  |  | 382656 |
|  **Total** | $2280737 | $(238311) | $— | $2042426 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $440350 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $440350 |
|  Barclays Bank plc | 103048 |  |  | 103048 |
|  Deutsche Bank AG | 110778 | (29786) |  | 80992 |
|  JPMorgan Chase Bank | 1126666 | (8176) |  | 1118490 |
|  Morgan Stanley | 200349 | (200349) |  |  |
|  **Total** | $1981191 | $(238311) | $— | $1742880 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $14905022.0 |
|  Long-term U.S. government debt securities | 15707678.0 |
|  | $30612700.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4966859.0 |
|  Long-term U.S. government debt securities | 13562375.0 |
|  | $18529234.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $196749455 |
|  Aggregate gross unrealized depreciation | (27031901) |
|  Net unrealized appreciation | $169717554 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $722283123 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $725,358,389) | $888087443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 299999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $300,907) | 305890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 6975960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 4102925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2329626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 2280737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1546241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 173071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 906118797 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 25901742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2205664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1981191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 500896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 175019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 102940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 84124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 60114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 31011690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $875107107 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $712155289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 162951818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $875107107 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $875,107,107 / 62,247,152 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.06 |

---

*(x)* *Includes value of securities on loan of $33,453,753.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $374,335 foreign withholding tax) | $8335064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2600027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 35525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10970616 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2955539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 989202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 493250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 46994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4583547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (143385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4440162 |
|  **NET INVESTMENT INCOME (LOSS)** | 6530454 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (613679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6855443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (330509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (850742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8650373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 48999327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6707316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 887543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 203421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 56797607 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 48147234 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $54677688 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6530454 | $8956333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8650373) | 16667483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 56797607 | 56180574 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 54677688 | 81804390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (23781629) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,932,897 and 12,844,552 shares, respectively ] | 92294591 | 167115882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,758,815 shares, respectively ] |  | 23781629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1785567) and (3082907) shares, respectively ] | (23697608) | (40308764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 68596983 | 150588747 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 68596983 | 150588747 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 123274671 | 208611508 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 751832436 | 543220928 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $875107107 | $751832436 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.17 | $11.92 | $10.30 | $12.40 | $11.06 | $10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.18 | 0.16 | 0.08 | 0.01 (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.78 | 1.51 | 1.57 | (2.11) | 1.91 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 1.69 | 1.73 | (2.03) | 1.92 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.11) | (0.02) | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.22) |  | (0.05) | (0.56) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.44) | (0.11) | (0.07) | (0.58) | (0.14) |
|  Net asset value, end of period | $14.06 | $13.17 | $11.92 | $10.30 | $12.40 | $11.06 |
|  Total return (b) | 6.76% | 14.06% | 16.81% | (16.42)% | 17.37% | 2.70 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $875107 | $751832 | $543221 | $384186 | $418591 | $283047 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.12 %(j) | 1.12 %(j) | 1.12 %(j) | 1.16 %(k) | 1.10 %(o) | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Waivers (a)(f) | 1.16% | 1.17% | 1.17% | 1.19% | 1.15% | 1.18 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.65% | 1.36% | 1.45% | 0.77% | 0.06 %(x) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Waivers (a)(f) | 1.61% | 1.31% | 1.39% | 0.74% | 0.01 %(x) | (0.04) |
|  Portfolio turnover rate^ | 3 %(z) | 8% | 6% | 31% | 7% | 22 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (5.4%)** |  |  |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. | 57974 | $1677767 |
|  BT Group plc | 64560 | 171698 |
|  Cellnex Telecom SA(m) | 5345 | 207458 |
|  Deutsche Telekom AG (Registered) | 37734 | 1376578 |
|  Elisa OYJ | 1537 | 85239 |
|  HKT Trust & HKT Ltd. | 41391 | 61797 |
|  Infrastrutture Wireless Italiane SpA(m) | 3020 | 36926 |
|  Koninklijke KPN NV | 42033 | 204785 |
|  Nippon Telegraph & Telephone Corp. | 322966 | 345382 |
|  Orange SA | 20127 | 306197 |
|  Singapore Telecommunications Ltd. | 80303 | 241256 |
|  Swisscom AG (Registered) | 280 | 198500 |
|  Telecom Italia SpA\* | 115939 | 57168 |
|  Telefonica SA | 39836 | 209191 |
|  Telenor ASA | 6654 | 103447 |
|  Telia Co. AB | 25494 | 91538 |
|  Telstra Group Ltd. | 43505 | 138583 |
|  Verizon Communications, Inc. | 34000 | 1471180 |
|  |  | 6984690 |
|  ***Entertainment (1.2%)*** |  |  |
|  Bollore SE | 7646 | 48005 |
|  Capcom Co. Ltd. | 3792 | 129898 |
|  CTS Eventim AG & Co. KGaA | 674 | 83681 |
|  Electronic Arts, Inc. | 1915 | 305826 |
|  Konami Group Corp. | 1070 | 169522 |
|  Live Nation Entertainment, Inc.(x)\* | 1266 | 191521 |
|  Netflix, Inc.\* | 3455 | 4626694 |
|  Nexon Co. Ltd.(x) | 3591 | 72566 |
|  Nintendo Co. Ltd. | 11964 | 1153157 |
|  Sea Ltd. (ADR)\* | 4136 | 661512 |
|  Spotify Technology SA\* | 1660 | 1273784 |
|  Take-Two Interactive Software, Inc.\* | 1326 | 322019 |
|  TKO Group Holdings, Inc., Class A | 538 | 97889 |
|  Toho Co. Ltd.(x) | 1192 | 70441 |
|  Universal Music Group NV | 11893 | 384977 |
|  Walt Disney Co. (The) | 14601 | 1810670 |
|  Warner Bros Discovery, Inc.\* | 18030 | 206624 |
|  |  | 11608786 |
|  ***Interactive Media & Services (3.0%)*** | ***Interactive Media & Services (3.0%)*** |  |
|  Alphabet, Inc., Class A | 47110 | 8302195 |
|  Alphabet, Inc., Class C | 38181 | 6772928 |
|  Auto Trader Group plc(m) | 9501 | 107514 |
|  CAR Group Ltd. | 4081 | 100507 |
|  LY Corp. | 30887 | 113763 |
|  Match Group, Inc. | 2028 | 62645 |
|  Meta Platforms, Inc., Class A | 17687 | 13054598 |
|  REA Group Ltd. | 571 | 90377 |
|  Scout24 SE(m) | 810 | 111730 |
|  |  | 28716257 |
|  ***Media (0.2%)*** |  |  |
|  Charter Communications, Inc., Class A\* | 780 | 318872 |
|  Comcast Corp., Class A | 30461 | 1087153 |
|  Dentsu Group, Inc.(x) | 2124 | 47139 |
|  Fox Corp., Class A | 1759 | 98574 |
|  Fox Corp., Class B | 1065 | 54986 |
|  Informa plc | 14503 | 160415 |
|  Interpublic Group of Cos., Inc. (The) | 3009 | 73660 |
|  News Corp., Class A | 3053 | 90735 |
|  News Corp., Class B | 902 | 30948 |
|  Omnicom Group, Inc. | 1587 | 114169 |
|  Paramount Global, Class B | 4805 | 61985 |
|  Publicis Groupe SA | 2474 | 278835 |
|  WPP plc | 11657 | 82021 |
|  |  | 2499492 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  KDDI Corp. | 33203 | 571810 |
|  SoftBank Corp. | 309486 | 479257 |
|  SoftBank Group Corp. | 10283 | 750847 |
|  Tele2 AB, Class B | 5915 | 86434 |
|  T-Mobile US, Inc. | 3873 | 922781 |
|  Vodafone Group plc | 215591 | 230175 |
|  |  | 3041304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 52850529 |
|  **Consumer Discretionary (6.6%)** |  |  |
|  ***Automobile Components (0.1%)*** |  |  |
|  Aisin Corp. | 5704 | 73159 |
|  Aptiv plc\* | 1853 | 126412 |
|  Bridgestone Corp.(x) | 6185 | 253404 |
|  Cie Generale des Etablissements Michelin SCA | 7247 | 269245 |
|  Continental AG | 1189 | 103783 |
|  Denso Corp. | 20465 | 277192 |
|  Sumitomo Electric Industries Ltd. | 7715 | 165813 |
|  |  | 1269008 |
|  ***Automobiles (1.3%)*** |  |  |
|  Bayerische Motoren Werke AG | 3133 | 278486 |
|  Bayerische Motoren Werke AG (Preference)(q) | 605 | 50100 |
|  Dr Ing hc F Porsche AG (Preference)(m)(q) | 1230 | 60766 |
|  Ferrari NV | 1363 | 668068 |
|  Ford Motor Co. | 31438 | 341102 |
|  General Motors Co. | 8036 | 395452 |
|  Honda Motor Co. Ltd. | 45631 | 441876 |
|  Isuzu Motors Ltd. | 5801 | 73739 |
|  Mercedes-Benz Group AG | 7806 | 456903 |
|  Nissan Motor Co. Ltd.\* | 24049 | 58484 |
|  Porsche Automobil Holding SE (Preference)(q) | 1655 | 65679 |
|  Renault SA | 2077 | 95735 |
|  Stellantis NV | 21794 | 218445 |
|  Subaru Corp. | 6350 | 110923 |
|  Suzuki Motor Corp. | 16950 | 205158 |
|  Tesla, Inc.\* | 22601 | 7179434 |
|  Toyota Motor Corp. | 102402 | 1772773 |
|  Volkswagen AG (Preference)(q) | 2229 | 235311 |
|  Yamaha Motor Co. Ltd.(x) | 9944 | 74543 |
|  |  | 12782977 |
|  ***Broadline Retail (2.0%)*** | ***Broadline Retail (2.0%)*** |  |
|  Amazon.com, Inc.\* | 76177 | 16712472 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  eBay, Inc. | 3869 | $| 288086 |
|  Next plc | 1262 |  | 215496 |
|  Pan Pacific International Holdings Corp. | 4161 |  | 143290 |
|  Prosus NV | 14145 |  | 790950 |
|  Rakuten Group, Inc.\* | 16266 |  | 89957 |
|  Wesfarmers Ltd. | 12267 |  | 684231 |
|  |  |  | 18924482 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |  |  |
|  D'ieteren Group | 232 |  | 49847 |
|  Genuine Parts Co. | 1123 |  | 136231 |
|  LKQ Corp. | 2100 |  | 77721 |
|  Pool Corp. | 307 |  | 89484 |
|  |  |  | 353283 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Pearson plc | 6453 |  | 94910 |
|  ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** |
|  Accor SA | 2060 |  | 107570 |
|  Airbnb, Inc., Class A\* | 3496 |  | 462661 |
|  Amadeus IT Group SA | 4870 |  | 410053 |
|  Aristocrat Leisure Ltd. | 6085 |  | 260996 |
|  Booking Holdings, Inc. | 267 |  | 1545727 |
|  Caesars Entertainment, Inc.\* | 1716 |  | 48717 |
|  Carnival Corp.\* | 8462 |  | 237951 |
|  Chipotle Mexican Grill, Inc.\* | 10946 |  | 614618 |
|  Compass Group plc | 18349 |  | 621357 |
|  Darden Restaurants, Inc. | 946 |  | 206200 |
|  Delivery Hero SE(m)\* | 2063 |  | 55820 |
|  Domino's Pizza, Inc. | 279 |  | 125717 |
|  DoorDash, Inc., Class A\* | 2740 |  | 675437 |
|  Entain plc | 6565 |  | 81193 |
|  Evolution AB(m) | 1602 |  | 127267 |
|  Expedia Group, Inc. | 996 |  | 168005 |
|  FDJ United(m) | 1201 |  | 47110 |
|  Galaxy Entertainment Group Ltd. | 23312 |  | 103494 |
|  Genting Singapore Ltd. | 65446 |  | 36802 |
|  Hilton Worldwide Holdings, Inc. | 1943 |  | 517499 |
|  InterContinental Hotels Group plc | 1603 |  | 182718 |
|  Las Vegas Sands Corp. | 2775 |  | 120740 |
|  Lottery Corp. Ltd. (The) | 24050 |  | 84366 |
|  Marriott International, Inc., Class A | 1848 |  | 504892 |
|  McDonald's Corp. | 5788 |  | 1691080 |
|  MGM Resorts International\* | 1807 |  | 62143 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3551 |  | 72014 |
|  Oriental Land Co. Ltd. | 11713 |  | 270366 |
|  Royal Caribbean Cruises Ltd. | 2000 |  | 626280 |
|  Sands China Ltd. | 26276 |  | 54695 |
|  Sodexo SA | 956 |  | 58784 |
|  Starbucks Corp. | 9174 |  | 840614 |
|  Whitbread plc | 1907 |  | 73896 |
|  Wynn Resorts Ltd. | 723 |  | 67723 |
|  Yum! Brands, Inc. | 2254 |  | 333998 |
|  Zensho Holdings Co. Ltd. | 1027 |  | 62317 |
|  |  |  | 11560820 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  Barratt Redrow plc | 14839 |  | 92861 |
|  DR Horton, Inc. | 2291 |  | 295356 |
|  Garmin Ltd. | 1241 |  | 259022 |
|  Lennar Corp., Class A | 1886 |  | 208610 |
|  Mohawk Industries, Inc.\* | 423 |  | 44347 |
|  NVR, Inc.\* | 24 |  | 177256 |
|  Panasonic Holdings Corp. | 25250 |  | 272743 |
|  PulteGroup, Inc. | 1635 |  | 172427 |
|  Sekisui House Ltd. | 6459 |  | 142766 |
|  Sony Group Corp. | 66442 |  | 1720973 |
|  |  |  | 3386361 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Bandai Namco Holdings, Inc. | 6430 |  | 230892 |
|  Hasbro, Inc. | 1059 |  | 78175 |
|  Shimano, Inc.(x) | 807 |  | 117151 |
|  |  |  | 426218 |
|  ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** |
|  AutoZone, Inc.\* | 136 |  | 504863 |
|  Avolta AG | 950 |  | 51508 |
|  Best Buy Co., Inc. | 1571 |  | 105461 |
|  CarMax, Inc.\* | 1242 |  | 83475 |
|  Fast Retailing Co. Ltd. | 2034 |  | 699446 |
|  H & M Hennes & Mauritz AB, Class B | 6121 |  | 85983 |
|  Home Depot, Inc. (The) | 8023 |  | 2941553 |
|  Industria de Diseno Textil SA | 11792 |  | 613677 |
|  JD Sports Fashion plc | 27989 |  | 34093 |
|  Kingfisher plc | 19267 |  | 76907 |
|  Lowe's Cos., Inc. | 4560 |  | 1011727 |
|  Nitori Holdings Co. Ltd. | 853 |  | 82454 |
|  O'Reilly Automotive, Inc.\* | 6960 |  | 627305 |
|  Ross Stores, Inc. | 2665 |  | 340001 |
|  Sanrio Co. Ltd. | 1900 |  | 91936 |
|  TJX Cos., Inc. (The) | 9079 |  | 1121166 |
|  Tractor Supply Co. | 4314 |  | 227650 |
|  Ulta Beauty, Inc.\* | 375 |  | 175432 |
|  Williams-Sonoma, Inc. | 994 |  | 162390 |
|  Zalando SE(m)\* | 2426 |  | 79873 |
|  ZOZO, Inc.(x) | 4423 |  | 47822 |
|  |  |  | 9164722 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  adidas AG | 1849 |  | 431141 |
|  Asics Corp. | 7180 |  | 183482 |
|  Cie Financiere Richemont SA (Registered) | 5812 |  | 1094717 |
|  Deckers Outdoor Corp.\* | 1226 |  | 126364 |
|  Hermes International SCA | 342 |  | 926173 |
|  Kering SA | 804 |  | 174792 |
|  Lululemon Athletica, Inc.\* | 905 |  | 215010 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2974 |  | 1557533 |
|  Moncler SpA | 2524 |  | 143870 |
|  NIKE, Inc., Class B | 9540 |  | 677722 |
|  Pandora A/S | 886 |  | 155553 |
|  Ralph Lauren Corp. | 322 |  | 88318 |
|  Swatch Group AG (The)(x) | 313 |  | 50927 |
|  Tapestry, Inc. | 1672 |  | 146818 |
|  |  |  | 5972420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 63935201 |
|  **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** |
|  Anheuser-Busch InBev SA/NV | 10686 |  | 733100 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Asahi Group Holdings Ltd.(x) | 15599 | $| 208792 |
|  Brown-Forman Corp., Class B | 1471 |  | 39585 |
|  Carlsberg A/S, Class B | 1032 |  | 146219 |
|  Coca-Cola Co. (The) | 31271 |  | 2212423 |
|  Coca-Cola Europacific Partners plc | 2490 |  | 230873 |
|  Coca-Cola HBC AG | 2409 |  | 125787 |
|  Constellation Brands, Inc., Class A | 1255 |  | 204164 |
|  Davide Campari-Milano NV(x) | 6651 |  | 44735 |
|  Diageo plc | 24055 |  | 603589 |
|  Heineken Holding NV | 1401 |  | 104382 |
|  Heineken NV | 3113 |  | 271428 |
|  Keurig Dr Pepper, Inc. | 9643 |  | 318798 |
|  Kirin Holdings Co. Ltd.(x) | 8379 |  | 117506 |
|  Molson Coors Beverage Co., Class B | 1391 |  | 66893 |
|  Monster Beverage Corp.\* | 5655 |  | 354229 |
|  PepsiCo, Inc. | 11077 |  | 1462607 |
|  Pernod Ricard SA | 2181 |  | 217347 |
|  Suntory Beverage & Food Ltd.(x) | 1481 |  | 47411 |
|  |  |  | 7509868 |
|  ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** |
|  Aeon Co. Ltd.(x) | 7069 |  | 216971 |
|  Carrefour SA | 5861 |  | 82640 |
|  Coles Group Ltd. | 14497 |  | 198839 |
|  Costco Wholesale Corp. | 3585 |  | 3548935 |
|  Dollar General Corp. | 1776 |  | 203139 |
|  Dollar Tree, Inc.\* | 1633 |  | 161732 |
|  J Sainsbury plc | 18994 |  | 75557 |
|  Jeronimo Martins SGPS SA | 3060 |  | 77425 |
|  Kesko OYJ, Class B | 2951 |  | 72790 |
|  Kobe Bussan Co. Ltd. | 1603 |  | 49847 |
|  Koninklijke Ahold Delhaize NV | 9869 |  | 412694 |
|  Kroger Co. (The) | 5377 |  | 385692 |
|  Marks & Spencer Group plc | 22361 |  | 108779 |
|  MatsukiyoCocokara & Co. | 3544 |  | 73031 |
|  Seven & i Holdings Co. Ltd. | 23894 |  | 385443 |
|  Sysco Corp. | 3951 |  | 299249 |
|  Target Corp. | 3701 |  | 365104 |
|  Tesco plc | 72730 |  | 400629 |
|  Walgreens Boots Alliance, Inc. | 5793 |  | 66504 |
|  Walmart, Inc. | 35132 |  | 3435207 |
|  Woolworths Group Ltd. | 13204 |  | 270353 |
|  |  |  | 10890560 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Ajinomoto Co., Inc. | 9751 |  | 264690 |
|  Archer-Daniels-Midland Co. | 3865 |  | 203995 |
|  Associated British Foods plc | 3557 |  | 100482 |
|  Barry Callebaut AG (Registered)(x) | 39 |  | 42468 |
|  Bunge Global SA | 1078 |  | 86542 |
|  Campbell's Co. (The) | 1589 |  | 48703 |
|  Chocoladefabriken Lindt & Spruengli AG | 10 |  | 168253 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 |  | 166614 |
|  Conagra Brands, Inc. | 3855 |  | 78912 |
|  Danone SA | 6979 |  | 570202 |
|  General Mills, Inc. | 4452 |  | 230658 |
|  Hershey Co. (The) | 1193 |  | 197978 |
|  Hormel Foods Corp. | 2350 |  | 71087 |
|  J M Smucker Co. (The) | 859 |  | 84354 |
|  JDE Peet's NV | 1846 |  | 52710 |
|  Kellanova | 2171 |  | 172660 |
|  Kerry Group plc, Class A | 1784 |  | 197012 |
|  Kikkoman Corp. | 7332 |  | 68124 |
|  Kraft Heinz Co. (The) | 7045 |  | 181902 |
|  Lamb Weston Holdings, Inc. | 1152 |  | 59731 |
|  Lotus Bakeries NV | 4 |  | 38495 |
|  McCormick & Co., Inc. (Non-Voting) | 2039 |  | 154597 |
|  Meiji Holdings Co. Ltd. | 2556 |  | 56567 |
|  Mondelez International, Inc., Class A | 10447 |  | 704546 |
|  Mowi ASA | 5029 |  | 97093 |
|  Nestle SA (Registered) | 28324 |  | 2814016 |
|  Nissin Foods Holdings Co. Ltd. | 2096 |  | 43600 |
|  Orkla ASA | 7575 |  | 82368 |
|  Salmar ASA | 723 |  | 31332 |
|  Tyson Foods, Inc., Class A | 2311 |  | 129277 |
|  WH Group Ltd.(m) | 89880 |  | 86446 |
|  Wilmar International Ltd. | 20473 |  | 46211 |
|  Yakult Honsha Co. Ltd. | 2734 |  | 51498 |
|  |  |  | 7383123 |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** |
|  Church & Dwight Co., Inc. | 1987 |  | 190970 |
|  Clorox Co. (The) | 995 |  | 119470 |
|  Colgate-Palmolive Co. | 6554 |  | 595759 |
|  Essity AB, Class B | 6511 |  | 180309 |
|  Henkel AG & Co. KGaA | 1123 |  | 81354 |
|  Henkel AG & Co. KGaA (Preference)(q) | 1829 |  | 143617 |
|  Kimberly-Clark Corp. | 2679 |  | 345377 |
|  Procter & Gamble Co. (The) | 18938 |  | 3017202 |
|  Reckitt Benckiser Group plc | 7371 |  | 501337 |
|  Unicharm Corp. | 12109 |  | 87493 |
|  |  |  | 5262888 |
|  ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** |
|  Beiersdorf AG | 1072 |  | 134610 |
|  Estee Lauder Cos., Inc. (The), Class A | 1891 |  | 152793 |
|  Kao Corp.(x) | 5065 |  | 227108 |
|  Kenvue, Inc. | 15485 |  | 324101 |
|  L'Oreal SA | 2599 |  | 1111628 |
|  Shiseido Co. Ltd.(x) | 4363 |  | 77971 |
|  Unilever plc | 27042 |  | 1642525 |
|  |  |  | 3670736 |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** |
|  Altria Group, Inc. | 13688 |  | 802527 |
|  British American Tobacco plc | 21416 |  | 1018007 |
|  Imperial Brands plc | 8455 |  | 333898 |
|  Japan Tobacco, Inc.(x) | 12989 |  | 383162 |
|  Philip Morris International, Inc. | 12558 |  | 2287188 |
|  |  |  | 4824782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 39541957 |
|  **Energy (2.0%)** | **Energy (2.0%)** | **Energy (2.0%)** | **Energy (2.0%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 7997 |  | 306605 |
|  Halliburton Co. | 7011 |  | 142884 |
|  Schlumberger NV | 11314 |  | 382413 |
|  Tenaris SA | 4397 |  | 82742 |
|  |  |  | 914644 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Oil, Gas & Consumable Fuels (1.9%)*** | ***Oil, Gas & Consumable Fuels (1.9%)*** | ***Oil, Gas & Consumable Fuels (1.9%)*** |
|  Aker BP ASA | 3415 | $87345 |
|  APA Corp.(x) | 2988 | 54650 |
|  BP plc | 173133 | 869090 |
|  Chevron Corp. | 13498 | 1932779 |
|  ConocoPhillips | 10304 | 924681 |
|  Coterra Energy, Inc. | 5948 | 150960 |
|  Devon Energy Corp. | 5305 | 168752 |
|  Diamondback Energy, Inc. | 1509 | 207337 |
|  ENEOS Holdings, Inc. | 29490 | 146441 |
|  Eni SpA | 23810 | 385927 |
|  EOG Resources, Inc. | 4543 | 543388 |
|  EQT Corp. | 4819 | 281044 |
|  Equinor ASA | 9056 | 229199 |
|  Expand Energy Corp. | 1698 | 198564 |
|  Exxon Mobil Corp. | 35157 | 3789925 |
|  Galp Energia SGPS SA | 4508 | 82680 |
|  Hess Corp. | 2232 | 309221 |
|  Idemitsu Kosan Co. Ltd. | 8847 | 53756 |
|  Inpex Corp.(x) | 9493 | 133491 |
|  Kinder Morgan, Inc. | 15613 | 459022 |
|  Marathon Petroleum Corp. | 2552 | 423913 |
|  Neste OYJ | 4571 | 62028 |
|  Occidental Petroleum Corp. | 5457 | 229249 |
|  OMV AG | 1591 | 86547 |
|  ONEOK, Inc. | 5011 | 409048 |
|  Phillips 66 | 3335 | 397865 |
|  Repsol SA(x) | 12508 | 183215 |
|  Santos Ltd. | 35097 | 176939 |
|  Shell plc | 64713 | 2268231 |
|  Targa Resources Corp. | 1761 | 306555 |
|  Texas Pacific Land Corp. | 152 | 160571 |
|  TotalEnergies SE | 22086 | 1355444 |
|  Valero Energy Corp. | 2557 | 343712 |
|  Williams Cos., Inc. (The) | 9845 | 618364 |
|  Woodside Energy Group Ltd. | 20523 | 319175 |
|  |  | 18349108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 19263752 |
|  **Financials (11.1%)** | **Financials (11.1%)** | **Financials (11.1%)** |
|  ***Banks (4.4%)*** | ***Banks (4.4%)*** | ***Banks (4.4%)*** |
|  ABN AMRO Bank NV (CVA)(m) | 4951 | 135536 |
|  AIB Group plc | 22646 | 186331 |
|  ANZ Group Holdings Ltd. | 32120 | 616436 |
|  Banco Bilbao Vizcaya Argentaria SA | 62307 | 958166 |
|  Banco BPM SpA(x) | 12280 | 143379 |
|  Banco de Sabadell SA | 58233 | 185414 |
|  Banco Santander SA | 163804 | 1355880 |
|  Bank Hapoalim BM | 13563 | 260203 |
|  Bank Leumi Le-Israel BM | 16210 | 301360 |
|  Bank of America Corp. | 53479 | 2530626 |
|  Bank of Ireland Group plc | 10646 | 151551 |
|  Bankinter SA(x) | 7285 | 95081 |
|  Banque Cantonale Vaudoise (Registered) | 325 | 37458 |
|  Barclays plc | 154611 | 715841 |
|  BNP Paribas SA | 11003 | 989182 |
|  BOC Hong Kong Holdings Ltd. | 39938 | 173490 |
|  BPER Banca SpA | 10753 | 97735 |
|  CaixaBank SA | 42656 | 369514 |
|  Chiba Bank Ltd. (The)(x) | 6084 | 56381 |
|  Citigroup, Inc. | 15160 | 1290419 |
|  Citizens Financial Group, Inc. | 3530 | 157967 |
|  Commerzbank AG | 9604 | 302963 |
|  Commonwealth Bank of Australia | 18091 | 2199743 |
|  Concordia Financial Group Ltd. | 11099 | 72233 |
|  Credit Agricole SA | 11447 | 216620 |
|  Danske Bank A/S | 7455 | 304026 |
|  DBS Group Holdings Ltd. | 23234 | 820636 |
|  DNB Bank ASA | 9680 | 267560 |
|  Erste Group Bank AG | 3328 | 283432 |
|  Fifth Third Bancorp | 5410 | 222513 |
|  FinecoBank Banca Fineco SpA | 6609 | 146632 |
|  Hang Seng Bank Ltd. | 8124 | 121706 |
|  HSBC Holdings plc | 191061 | 2312608 |
|  Huntington Bancshares, Inc. | 11741 | 196779 |
|  ING Groep NV | 34026 | 746547 |
|  Intesa Sanpaolo SpA | 163601 | 942660 |
|  Israel Discount Bank Ltd., Class A | 13286 | 132375 |
|  Japan Post Bank Co. Ltd. | 19477 | 210317 |
|  JPMorgan Chase & Co. | 22583 | 6547037 |
|  KBC Group NV | 2482 | 256289 |
|  KeyCorp | 8045 | 140144 |
|  Lloyds Banking Group plc | 650174 | 684518 |
|  M&T Bank Corp. | 1340 | 259947 |
|  Mediobanca Banca di Credito Finanziario SpA(x) | 5403 | 125603 |
|  Mitsubishi UFJ Financial Group, Inc. | 123982 | 1707276 |
|  Mizrahi Tefahot Bank Ltd. | 1680 | 109480 |
|  Mizuho Financial Group, Inc. | 25809 | 715637 |
|  National Australia Bank Ltd. | 33107 | 857630 |
|  NatWest Group plc | 87322 | 612977 |
|  Nordea Bank Abp | 33961 | 504455 |
|  Oversea-Chinese Banking Corp. Ltd. | 37088 | 475741 |
|  PNC Financial Services Group, Inc. (The) | 3198 | 596171 |
|  Regions Financial Corp. | 7341 | 172660 |
|  Resona Holdings, Inc. | 22485 | 207979 |
|  Skandinaviska Enskilda Banken AB, Class A | 17152 | 299316 |
|  Societe Generale SA | 7786 | 445277 |
|  Standard Chartered plc | 21821 | 361528 |
|  Sumitomo Mitsui Financial Group, Inc. | 39934 | 1007744 |
|  Sumitomo Mitsui Trust Group, Inc. | 6919 | 184452 |
|  Svenska Handelsbanken AB, Class A | 15765 | 210708 |
|  Swedbank AB, Class A | 9177 | 242983 |
|  Truist Financial Corp. | 10628 | 456898 |
|  UniCredit SpA | 15019 | 1006831 |
|  United Overseas Bank Ltd. | 13475 | 381518 |
|  US Bancorp | 12599 | 570105 |
|  Wells Fargo & Co. | 26563 | 2128228 |
|  Westpac Banking Corp. | 37008 | 824722 |
|  |  | 42401154 |
|  ***Capital Markets (2.2%)*** | ***Capital Markets (2.2%)*** | ***Capital Markets (2.2%)*** |
|  3i Group plc | 10522 | 595053 |
|  Ameriprise Financial, Inc. | 777 | 414708 |
|  Amundi SA(m) | 666 | 53896 |
|  ASX Ltd. | 2100 | 96416 |
|  Bank of New York Mellon Corp. (The) | 5796 | 528074 |
|  Blackrock, Inc. | 1176 | 1233918 |
|  Blackstone, Inc. | 5911 | 884167 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cboe Global Markets, Inc. | 845 | $| 197062 |
|  Charles Schwab Corp. (The) | 13763 |  | 1255736 |
|  CME Group, Inc. | 2910 |  | 802054 |
|  Coinbase Global, Inc., Class A\* | 1695 |  | 594080 |
|  CVC Capital Partners plc(m) | 2297 |  | 47026 |
|  Daiwa Securities Group, Inc. | 14416 |  | 102560 |
|  Deutsche Bank AG (Registered) | 20007 |  | 593188 |
|  Deutsche Boerse AG | 2035 |  | 663765 |
|  EQT AB(x) | 4024 |  | 134362 |
|  Euronext NV(m) | 845 |  | 144428 |
|  FactSet Research Systems, Inc. | 307 |  | 137315 |
|  Franklin Resources, Inc.(x) | 2504 |  | 59720 |
|  Futu Holdings Ltd. (ADR) | 697 |  | 86142 |
|  Goldman Sachs Group, Inc. (The) | 2520 |  | 1783530 |
|  Hong Kong Exchanges & Clearing Ltd. | 13036 |  | 695479 |
|  Intercontinental Exchange, Inc. | 4640 |  | 851301 |
|  Invesco Ltd. | 3618 |  | 57056 |
|  Japan Exchange Group, Inc. | 10676 |  | 108276 |
|  Julius Baer Group Ltd. | 2226 |  | 150485 |
|  KKR & Co., Inc. | 5452 |  | 725280 |
|  London Stock Exchange Group plc | 5152 |  | 752096 |
|  Macquarie Group Ltd. | 3914 |  | 589208 |
|  MarketAxess Holdings, Inc. | 305 |  | 68119 |
|  Moody's Corp. | 1250 |  | 626987 |
|  Morgan Stanley | 9994 |  | 1407755 |
|  MSCI, Inc. | 627 |  | 361616 |
|  Nasdaq, Inc. | 3342 |  | 298842 |
|  Nomura Holdings, Inc. | 32530 |  | 215052 |
|  Northern Trust Corp. | 1583 |  | 200709 |
|  Partners Group Holding AG | 245 |  | 319585 |
|  Raymond James Financial, Inc. | 1489 |  | 228368 |
|  S&P Global, Inc. | 2544 |  | 1341426 |
|  SBI Holdings, Inc. | 2903 |  | 101400 |
|  Schroders plc | 7831 |  | 38848 |
|  Singapore Exchange Ltd. | 9136 |  | 106916 |
|  State Street Corp. | 2330 |  | 247772 |
| T. Rowe Price Group, Inc. | 1798 |  | 173507 |
|  UBS Group AG (Registered) | 35555 |  | 1203166 |
|  |  |  | 21276449 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  American Express Co. | 4482 |  | 1429668 |
|  Capital One Financial Corp. | 5144 |  | 1094437 |
|  Synchrony Financial | 3140 |  | 209564 |
|  |  |  | 2733669 |
|  ***Financial Services (2.1%)*** | ***Financial Services (2.1%)*** | ***Financial Services (2.1%)*** | ***Financial Services (2.1%)*** |
|  Adyen NV(m)\* | 272 |  | 499315 |
|  Apollo Global Management, Inc. | 3610 |  | 512151 |
|  Banca Mediolanum SpA | 2416 |  | 41607 |
|  Berkshire Hathaway, Inc., Class B\* | 14804 |  | 7191339 |
|  Corpay, Inc.\* | 563 |  | 186815 |
|  Edenred SE | 2610 |  | 80827 |
|  Eurazeo SE | 434 |  | 30955 |
|  EXOR NV | 955 |  | 96295 |
|  Fidelity National Information Services, Inc. | 4278 |  | 348272 |
|  Fiserv, Inc.\* | 4595 |  | 792224 |
|  Global Payments, Inc. | 2000 |  | 160080 |
|  Groupe Bruxelles Lambert NV | 897 |  | 76394 |
|  Industrivarden AB, Class A | 1288 |  | 46723 |
|  Industrivarden AB, Class C(x) | 1673 |  | 60424 |
|  Infratil Ltd. | 9937 |  | 64205 |
|  Investor AB, Class B | 18710 |  | 553237 |
|  Jack Henry & Associates, Inc. | 589 |  | 106120 |
|  L E Lundbergforetagen AB, Class B | 821 |  | 40925 |
|  M&G plc | 24681 |  | 87067 |
|  Mastercard, Inc., Class A | 6577 |  | 3695879 |
|  Mitsubishi HC Capital, Inc. | 9480 |  | 69814 |
|  Nexi SpA(m) | 5316 |  | 31773 |
|  ORIX Corp. | 12601 |  | 285263 |
|  PayPal Holdings, Inc.\* | 7990 |  | 593817 |
|  Sofina SA | 167 |  | 55081 |
|  Visa, Inc., Class A | 13919 |  | 4941941 |
|  Washington H Soul Pattinson & Co. Ltd.(x) | 2583 |  | 71417 |
|  Wise plc, Class A\* | 7200 |  | 102784 |
|  |  |  | 20822744 |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** |
|  Admiral Group plc | 2814 |  | 126308 |
|  Aegon Ltd. | 14288 |  | 103474 |
|  Aflac, Inc. | 3998 |  | 421629 |
|  Ageas SA/NV | 1612 |  | 108899 |
|  AIA Group Ltd. | 115624 |  | 1036940 |
|  Allianz SE (Registered) | 4175 |  | 1692264 |
|  Allstate Corp. (The) | 2140 |  | 430803 |
|  American International Group, Inc. | 4792 |  | 410147 |
|  Aon plc, Class A | 1747 |  | 623260 |
|  Arch Capital Group Ltd. | 3028 |  | 275699 |
|  Arthur J Gallagher & Co. | 2054 |  | 657526 |
|  ASR Nederland NV | 1599 |  | 106194 |
|  Assurant, Inc. | 414 |  | 81761 |
|  Aviva plc | 28946 |  | 246025 |
|  AXA SA | 19152 |  | 940079 |
|  Baloise Holding AG (Registered) | 445 |  | 104990 |
|  Brown & Brown, Inc. | 1917 |  | 212538 |
|  Chubb Ltd. | 3010 |  | 872057 |
|  Cincinnati Financial Corp. | 1256 |  | 187043 |
|  Dai-ichi Life Holdings, Inc. | 37985 |  | 289098 |
|  Erie Indemnity Co., Class A | 201 |  | 69705 |
|  Everest Group Ltd. | 347 |  | 117928 |
|  Generali | 9330 |  | 332016 |
|  Gjensidige Forsikring ASA | 2161 |  | 54757 |
|  Globe Life, Inc. | 678 |  | 84269 |
|  Hannover Rueck SE | 652 |  | 205216 |
|  Hartford Insurance Group, Inc. (The) | 2323 |  | 294719 |
|  Helvetia Holding AG (Registered) | 401 |  | 94053 |
|  Insurance Australia Group Ltd. | 25560 |  | 151905 |
|  Japan Post Holdings Co. Ltd. | 19302 |  | 179006 |
|  Japan Post Insurance Co. Ltd. | 2041 |  | 46219 |
|  Legal & General Group plc | 63470 |  | 221813 |
|  Loews Corp. | 1427 |  | 130799 |
|  Marsh & McLennan Cos., Inc. | 3967 |  | 867345 |
|  Medibank Pvt Ltd. | 29759 |  | 98909 |
|  MetLife, Inc. | 4676 |  | 376044 |
|  MS&AD Insurance Group Holdings, Inc. | 13911 |  | 312021 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1446 |  | 937846 |
|  NN Group NV | 2907 |  | 193199 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Phoenix Group Holdings plc | 7588 | $| 68587 |
|  Poste Italiane SpA(m) | 4940 |  | 106140 |
|  Principal Financial Group, Inc. | 1699 |  | 134952 |
|  Progressive Corp. (The) | 4731 |  | 1262515 |
|  Prudential Financial, Inc. | 2859 |  | 307171 |
|  Prudential plc | 28203 |  | 353293 |
|  QBE Insurance Group Ltd. | 16322 |  | 251263 |
|  Sampo OYJ, Class A | 26170 |  | 281450 |
|  Sompo Holdings, Inc. | 9600 |  | 289657 |
|  Suncorp Group Ltd. | 11703 |  | 166447 |
|  Swiss Life Holding AG (Registered) | 311 |  | 314586 |
|  Swiss Re AG | 3260 |  | 563500 |
|  T&D Holdings, Inc. | 5317 |  | 117044 |
|  Talanx AG | 698 |  | 90361 |
|  Tokio Marine Holdings, Inc. | 19872 |  | 843289 |
|  Travelers Cos., Inc. (The) | 1831 |  | 489866 |
|  Tryg A/S | 3663 |  | 94615 |
|  Unipol Assicurazioni SpA | 3876 |  | 76818 |
|  W.R. Berkley Corp. | 2425 |  | 178165 |
|  Willis Towers Watson plc | 806 |  | 247039 |
|  Zurich Insurance Group AG | 1582 |  | 1105775 |
|  |  |  | 21037036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 108271052 |
|  **Health Care (6.4%)** | **Health Care (6.4%)** | **Health Care (6.4%)** | **Health Care (6.4%)** |
|  ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** |
|  AbbVie, Inc. | 14258 |  | 2646570 |
|  Amgen, Inc. | 4339 |  | 1211492 |
|  Argenx SE\* | 660 |  | 365245 |
|  Biogen, Inc.\* | 1182 |  | 148447 |
|  CSL Ltd. | 5234 |  | 824950 |
|  Genmab A/S\* | 693 |  | 143879 |
|  Gilead Sciences, Inc. | 10065 |  | 1115907 |
|  Grifols SA\* | 3223 |  | 39294 |
|  Incyte Corp.\* | 1297 |  | 88326 |
|  Moderna, Inc.\* | 2735 |  | 75459 |
|  Regeneron Pharmaceuticals, Inc. | 850 |  | 446250 |
|  Swedish Orphan Biovitrum AB\* | 2116 |  | 64458 |
|  Vertex Pharmaceuticals, Inc.\* | 2074 |  | 923345 |
|  |  |  | 8093622 |
|  ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** |
|  Abbott Laboratories | 14008 |  | 1905228 |
|  Alcon AG | 5402 |  | 477939 |
|  Align Technology, Inc.\* | 567 |  | 107350 |
|  Baxter International, Inc. | 4124 |  | 124875 |
|  Becton Dickinson & Co. | 2319 |  | 399448 |
|  BioMerieux | 448 |  | 61955 |
|  Boston Scientific Corp.\* | 11903 |  | 1278501 |
|  Cochlear Ltd. | 707 |  | 139789 |
|  Coloplast A/S, Class B | 1363 |  | 129462 |
|  Cooper Cos., Inc. (The)\* | 1612 |  | 114710 |
|  Demant A/S\* | 924 |  | 38543 |
|  Dexcom, Inc.\* | 3155 |  | 275400 |
|  DiaSorin SpA | 242 |  | 25901 |
|  Edwards Lifesciences Corp.\* | 4763 |  | 372514 |
|  EssilorLuxottica SA | 3215 |  | 882018 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 6335 |  | 139207 |
|  GE HealthCare Technologies, Inc. | 3693 |  | 273540 |
|  Hologic, Inc.\* | 1812 |  | 118070 |
|  Hoya Corp. | 3712 |  | 442202 |
|  IDEXX Laboratories, Inc.\* | 661 |  | 354521 |
|  Insulet Corp.\* | 567 |  | 178140 |
|  Intuitive Surgical, Inc.\* | 2881 |  | 1565564 |
|  Koninklijke Philips NV | 8994 |  | 216233 |
|  Medtronic plc | 10356 |  | 902733 |
|  Olympus Corp. | 12323 |  | 146758 |
|  ResMed, Inc. | 1186 |  | 305988 |
|  Siemens Healthineers AG(m) | 3658 |  | 202779 |
|  Smith & Nephew plc | 8993 |  | 137391 |
|  Solventum Corp.\* | 1116 |  | 84637 |
|  Sonova Holding AG (Registered) | 548 |  | 163271 |
|  STERIS plc | 794 |  | 190735 |
|  Straumann Holding AG (Registered) | 1206 |  | 157390 |
|  Stryker Corp. | 2774 |  | 1097478 |
|  Sysmex Corp. | 5466 |  | 95424 |
|  Terumo Corp. | 14401 |  | 265009 |
|  Zimmer Biomet Holdings, Inc. | 1608 |  | 146666 |
|  |  |  | 13517369 |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  Cardinal Health, Inc. | 1951 |  | 327768 |
|  Cencora, Inc. | 1394 |  | 417991 |
|  Centene Corp.\* | 4005 |  | 217391 |
|  Cigna Group (The) | 2211 |  | 730912 |
|  CVS Health Corp. | 10183 |  | 702423 |
|  DaVita, Inc.\* | 355 |  | 50570 |
|  Elevance Health, Inc. | 1873 |  | 728522 |
|  Fresenius Medical Care AG | 2378 |  | 136277 |
|  Fresenius SE & Co. KGaA | 4566 |  | 229555 |
|  HCA Healthcare, Inc. | 1444 |  | 553196 |
|  Henry Schein, Inc.\* | 1007 |  | 73561 |
|  Humana, Inc. | 974 |  | 238124 |
|  Labcorp Holdings, Inc. | 674 |  | 176932 |
|  McKesson Corp. | 1012 |  | 741573 |
|  Molina Healthcare, Inc.\* | 448 |  | 133459 |
|  NMC Health plc(r)\* | 907 |  |  |
|  Quest Diagnostics, Inc. | 896 |  | 160949 |
|  Sigma Healthcare Ltd. | 49897 |  | 98191 |
|  Sonic Healthcare Ltd. | 4931 |  | 86943 |
|  UnitedHealth Group, Inc. | 7433 |  | 2318873 |
|  Universal Health Services, Inc., Class B | 474 |  | 85865 |
|  |  |  | 8209075 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  M3, Inc. | 4804 |  | 66236 |
|  Pro Medicus Ltd. | 621 |  | 116515 |
|  |  |  | 182751 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  Agilent Technologies, Inc. | 2304 |  | 271895 |
|  Bio-Techne Corp. | 1277 |  | 65702 |
|  Charles River Laboratories International, Inc.\* | 413 |  | 62664 |
|  Danaher Corp. | 5169 |  | 1021084 |
|  Eurofins Scientific SE | 1279 |  | 91059 |
|  IQVIA Holdings, Inc.\* | 1351 |  | 212904 |
|  Lonza Group AG (Registered) | 781 |  | 556134 |
|  Mettler-Toledo International, Inc.\* | 169 |  | 198528 |
|  QIAGEN NV\* | 2335 |  | 112455 |
|  Revvity, Inc. | 983 |  | 95076 |
|  Sartorius AG (Preference)(q) | 283 |  | 72006 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sartorius Stedim Biotech | 316 | $| 75489 |
|  Thermo Fisher Scientific, Inc. | 3089 |  | 1252466 |
|  Waters Corp.\* | 480 |  | 167539 |
|  West Pharmaceutical Services, Inc. | 585 |  | 127998 |
|  |  |  | 4382999 |
|  ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** |
|  Astellas Pharma, Inc. | 19586 |  | 192657 |
|  AstraZeneca plc | 16764 |  | 2328724 |
|  Bayer AG (Registered) | 10619 |  | 319408 |
|  Bristol-Myers Squibb Co. | 16390 |  | 758693 |
|  Chugai Pharmaceutical Co. Ltd. | 7257 |  | 379215 |
|  Daiichi Sankyo Co. Ltd. | 18575 |  | 434047 |
|  Eisai Co. Ltd. | 2797 |  | 80566 |
|  Eli Lilly & Co. | 6364 |  | 4960929 |
|  Galderma Group AG | 1157 |  | 167692 |
|  GSK plc | 44493 |  | 848919 |
|  Haleon plc | 97552 |  | 501339 |
|  Hikma Pharmaceuticals plc | 1798 |  | 49064 |
|  Ipsen SA | 407 |  | 48470 |
|  Johnson & Johnson | 19445 |  | 2970224 |
|  Kyowa Kirin Co. Ltd.(x) | 2520 |  | 43145 |
|  Merck & Co., Inc. | 20431 |  | 1617318 |
|  Merck KGaA | 1397 |  | 181016 |
|  Novartis AG (Registered) | 20553 |  | 2491124 |
|  Novo Nordisk A/S, Class B | 34819 |  | 2416646 |
|  Ono Pharmaceutical Co. Ltd. | 4086 |  | 44235 |
|  Orion OYJ, Class B | 1171 |  | 88073 |
|  Otsuka Holdings Co. Ltd.(x) | 4806 |  | 238656 |
|  Pfizer, Inc. | 45769 |  | 1109441 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1243 |  | 78188 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 7595 |  | 2473436 |
|  Roche Holding AG (OTC US Exchange) | 346 |  | 119919 |
|  Sandoz Group AG | 4518 |  | 247239 |
|  Sanofi SA | 12002 |  | 1162265 |
|  Shionogi & Co. Ltd. | 8159 |  | 146970 |
|  Takeda Pharmaceutical Co. Ltd. | 17155 |  | 527141 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 12397 |  | 207774 |
|  UCB SA | 1367 |  | 268833 |
|  Viatris, Inc. | 9640 |  | 86085 |
|  Zoetis, Inc. | 3617 |  | 564071 |
|  |  |  | 28151522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 62537338 |
|  **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** |
|  Airbus SE | 6424 |  | 1341353 |
|  Axon Enterprise, Inc.\* | 585 |  | 484345 |
|  BAE Systems plc | 32562 |  | 843194 |
|  Boeing Co. (The)\* | 6058 |  | 1269333 |
|  Dassault Aviation SA | 212 |  | 74968 |
|  Elbit Systems Ltd. | 290 |  | 128973 |
|  GE Aerospace | 8668 |  | 2231057 |
|  General Dynamics Corp. | 2049 |  | 597611 |
|  Howmet Aerospace, Inc. | 3271 |  | 608831 |
|  Huntington Ingalls Industries, Inc. | 316 |  | 76301 |
|  Kongsberg Gruppen ASA | 4730 |  | 183416 |
|  L3Harris Technologies, Inc. | 1521 |  | 381528 |
|  Leonardo SpA | 4374 |  | 246179 |
|  Lockheed Martin Corp. | 1692 |  | 783633 |
|  Melrose Industries plc | 13780 |  | 100402 |
|  MTU Aero Engines AG | 582 |  | 258596 |
|  Northrop Grumman Corp. | 1099 |  | 549478 |
|  Rheinmetall AG | 483 |  | 1022403 |
|  Rolls-Royce Holdings plc | 91649 |  | 1217260 |
|  RTX Corp. | 10759 |  | 1571029 |
|  Saab AB, Class B | 3461 |  | 193007 |
|  Safran SA | 3893 |  | 1265211 |
|  Singapore Technologies Engineering Ltd. | 16639 |  | 101941 |
|  Textron, Inc. | 1475 |  | 118428 |
|  Thales SA | 1002 |  | 294604 |
|  TransDigm Group, Inc. | 453 |  | 688850 |
|  |  |  | 16631931 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 959 |  | 92016 |
|  Deutsche Post AG | 10378 |  | 479333 |
|  DSV A/S | 2209 |  | 530822 |
|  Expeditors International of Washington, Inc. | 1131 |  | 129217 |
|  FedEx Corp. | 1790 |  | 406885 |
|  InPost SA\* | 2431 |  | 40377 |
|  SG Holdings Co. Ltd.(x) | 3412 |  | 38064 |
|  United Parcel Service, Inc., Class B | 5907 |  | 596252 |
|  |  |  | 2312966 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 954 |  | 62554 |
|  AGC, Inc.(x) | 2085 |  | 61201 |
|  Allegion plc | 702 |  | 101172 |
|  Assa Abloy AB, Class B | 10834 |  | 338044 |
|  Builders FirstSource, Inc.\* | 929 |  | 108405 |
|  Carrier Global Corp. | 6522 |  | 477345 |
|  Cie de Saint-Gobain SA | 4855 |  | 569836 |
|  Daikin Industries Ltd. | 2811 |  | 332331 |
|  Geberit AG (Registered) | 361 |  | 283904 |
|  Johnson Controls International plc | 5308 |  | 560631 |
|  Kingspan Group plc | 1672 |  | 142200 |
|  Lennox International, Inc. | 259 |  | 148469 |
|  Masco Corp. | 1712 |  | 110184 |
|  Nibe Industrier AB, Class B | 16375 |  | 69821 |
|  ROCKWOOL A/S, Class B | 1020 |  | 47733 |
|  Trane Technologies plc | 1811 |  | 792150 |
|  |  |  | 4205980 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Brambles Ltd. | 14838 |  | 228711 |
|  Cintas Corp. | 2770 |  | 617350 |
|  Copart, Inc.\* | 7082 |  | 347514 |
|  Dai Nippon Printing Co. Ltd. | 4236 |  | 64420 |
|  Rentokil Initial plc | 27282 |  | 131857 |
|  Republic Services, Inc. | 1639 |  | 404194 |
|  Rollins, Inc. | 2268 |  | 127960 |
|  Secom Co. Ltd. | 4575 |  | 164662 |
|  Securitas AB, Class B | 5314 |  | 79478 |
|  TOPPAN Holdings, Inc. | 2547 |  | 69421 |
|  Veralto Corp. | 1997 |  | 201597 |
|  Waste Management, Inc. | 2950 |  | 675019 |
|  |  |  | 3112183 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  ACS Actividades de Construccion y Servicios SA(x) | 1908 | $132492 |
|  Bouygues SA | 2047 | 92593 |
|  Eiffage SA | 741 | 104089 |
|  Ferrovial SE | 5520 | 294293 |
|  Kajima Corp. | 4525 | 118243 |
|  Obayashi Corp. | 7020 | 106539 |
|  Quanta Services, Inc. | 1192 | 450671 |
|  Skanska AB, Class B | 3677 | 85581 |
|  Taisei Corp. | 1656 | 96597 |
|  Vinci SA | 5352 | 788679 |
|  |  | 2269777 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  ABB Ltd. (Registered) | 17098 | 1019480 |
|  AMETEK, Inc. | 1868 | 338033 |
|  Eaton Corp. plc | 3192 | 1139512 |
|  Emerson Electric Co. | 4554 | 607185 |
|  Fuji Electric Co. Ltd. | 1432 | 66168 |
|  Fujikura Ltd. | 2680 | 140900 |
|  GE Vernova, Inc. | 2228 | 1178946 |
|  Generac Holdings, Inc.\* | 481 | 68884 |
|  Hubbell, Inc., Class B | 433 | 176842 |
|  Legrand SA | 2893 | 386786 |
|  Mitsubishi Electric Corp. | 20569 | 444361 |
|  Nidec Corp. | 8996 | 175229 |
|  Prysmian SpA | 3037 | 214789 |
|  Rockwell Automation, Inc. | 913 | 303271 |
|  Schneider Electric SE | 5912 | 1572480 |
|  Siemens Energy AG\* | 7345 | 848419 |
|  Vestas Wind Systems A/S | 10913 | 163719 |
|  |  | 8845004 |
|  ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** |
|  Central Japan Railway Co. | 8333 | 187023 |
|  CSX Corp. | 15575 | 508212 |
|  East Japan Railway Co. | 9772 | 210905 |
|  Grab Holdings Ltd., Class A\* | 25642 | 128979 |
|  Hankyu Hanshin Holdings, Inc. | 2426 | 66039 |
|  JB Hunt Transport Services, Inc. | 642 | 92191 |
|  MTR Corp. Ltd. | 16585 | 59580 |
|  Norfolk Southern Corp. | 1829 | 468169 |
|  Old Dominion Freight Line, Inc. | 1517 | 246209 |
|  Tokyo Metro Co. Ltd.(x) | 3096 | 36065 |
|  Tokyu Corp. | 5360 | 63797 |
|  Uber Technologies, Inc.\* | 16872 | 1574158 |
|  Union Pacific Corp. | 4880 | 1122790 |
|  West Japan Railway Co. | 4868 | 111622 |
|  |  | 4875739 |
|  ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** |
|  3M Co. | 4385 | 667572 |
|  CK Hutchison Holdings Ltd. | 29073 | 178883 |
|  DCC plc | 1069 | 69377 |
|  Hikari Tsushin, Inc. | 188 | 55563 |
|  Hitachi Ltd. | 49514 | 1445827 |
|  Honeywell International, Inc. | 5252 | 1223086 |
|  Investment AB Latour, Class B | 1600 | 42144 |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 1609 | 73322 |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 100 | 4806 |
|  Keppel Ltd. | 15522 | 90581 |
|  Lifco AB, Class B | 2519 | 101922 |
|  Sekisui Chemical Co. Ltd. | 4126 | 74839 |
|  Siemens AG (Registered) | 8216 | 2106425 |
|  Smiths Group plc | 3627 | 111819 |
|  Swire Pacific Ltd., Class A | 3792 | 32486 |
|  |  | 6278652 |
|  ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | ***Machinery (1.3%)*** |
|  Alfa Laval AB | 3127 | 131480 |
|  Alstom SA\* | 3740 | 87230 |
|  Atlas Copco AB, Class A | 29035 | 469088 |
|  Atlas Copco AB, Class B | 16871 | 239756 |
|  Caterpillar, Inc. | 3860 | 1498491 |
|  Cummins, Inc. | 1110 | 363525 |
|  Daifuku Co. Ltd.(x) | 3440 | 88911 |
|  Daimler Truck Holding AG | 5135 | 242979 |
|  Deere & Co. | 2046 | 1040371 |
|  Dover Corp. | 1108 | 203019 |
|  Epiroc AB, Class A | 7122 | 154621 |
|  Epiroc AB, Class B | 4214 | 80620 |
|  FANUC Corp. | 10178 | 278472 |
|  Fortive Corp. | 2756 | 143670 |
|  GEA Group AG | 1583 | 110763 |
|  Hoshizaki Corp.(x) | 1158 | 40014 |
|  IDEX Corp. | 612 | 107449 |
|  IHI Corp. | 1600 | 173772 |
|  Illinois Tool Works, Inc. | 2157 | 533318 |
|  Indutrade AB | 2952 | 80564 |
|  Ingersoll Rand, Inc. | 3254 | 270668 |
|  Knorr-Bremse AG | 784 | 75774 |
|  Komatsu Ltd. | 9728 | 320000 |
|  Kone OYJ, Class B | 3674 | 241837 |
|  Kubota Corp.(x) | 10525 | 118548 |
|  Makita Corp. | 2536 | 78420 |
|  Metso OYJ | 6718 | 86890 |
|  Minebea Mitsumi, Inc. | 3968 | 58319 |
|  Mitsubishi Heavy Industries Ltd. | 34657 | 868802 |
|  Nordson Corp. | 438 | 93894 |
|  Otis Worldwide Corp. | 3202 | 317062 |
|  PACCAR, Inc. | 4235 | 402579 |
|  Parker-Hannifin Corp. | 1040 | 726409 |
|  Pentair plc | 1334 | 136948 |
|  Rational AG | 55 | 46128 |
|  Sandvik AB | 11525 | 264221 |
|  Schindler Holding AG | 440 | 163589 |
|  Schindler Holding AG (Registered) | 254 | 92035 |
|  SKF AB, Class B | 3686 | 84583 |
|  SMC Corp. | 610 | 220440 |
|  Snap-on, Inc. | 423 | 131629 |
|  Spirax Group plc | 795 | 64984 |
|  Stanley Black & Decker, Inc. | 1245 | 84349 |
|  Techtronic Industries Co. Ltd. | 15646 | 172007 |
|  Toyota Industries Corp. | 1736 | 196499 |
|  Trelleborg AB, Class B | 2187 | 81392 |
|  VAT Group AG(m) | 292 | 123174 |
|  Volvo AB, Class B | 17171 | 481686 |
|  Wartsila OYJ Abp | 5435 | 128299 |
|  Westinghouse Air Brake Technologies Corp. | 1380 | 288903 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Xylem, Inc. | 1962 | $| 253804 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 27530 |  | 48067 |
|  |  |  | 12790052 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  AP Moller - Maersk A/S, Class A | 32 |  | 59112 |
|  AP Moller - Maersk A/S, Class B | 46 |  | 85518 |
|  Kawasaki Kisen Kaisha Ltd.(x) | 3757 |  | 53327 |
|  Kuehne + Nagel International AG (Registered)(x) | 522 |  | 112926 |
|  Mitsui OSK Lines Ltd.(x) | 3770 |  | 126186 |
|  Nippon Yusen KK(x) | 4767 |  | 171738 |
|  SITC International Holdings Co. Ltd. | 14319 |  | 45876 |
|  |  |  | 654683 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  ANA Holdings, Inc. | 1703 |  | 33379 |
|  Delta Air Lines, Inc. | 5182 |  | 254851 |
|  Deutsche Lufthansa AG (Registered) | 6474 |  | 54755 |
|  International Consolidated Airlines Group SA(x) | 13429 |  | 63053 |
|  Japan Airlines Co. Ltd. | 1537 |  | 31395 |
|  Qantas Airways Ltd. | 8011 |  | 56626 |
|  Ryanair Holdings plc | 9190 |  | 260025 |
|  Singapore Airlines Ltd. | 15867 |  | 86979 |
|  Southwest Airlines Co. | 4787 |  | 155290 |
|  United Airlines Holdings, Inc.\* | 2656 |  | 211497 |
|  |  |  | 1207850 |
|  ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** |
|  Automatic Data Processing, Inc. | 3286 |  | 1013402 |
|  Broadridge Financial Solutions, Inc. | 945 |  | 229663 |
|  Bureau Veritas SA | 3433 |  | 117031 |
|  Computershare Ltd. | 5686 |  | 149278 |
|  Dayforce, Inc.\* | 1284 |  | 71121 |
|  Equifax, Inc. | 1001 |  | 259629 |
|  Experian plc | 9925 |  | 511156 |
|  Intertek Group plc | 1768 |  | 115032 |
|  Jacobs Solutions, Inc. | 990 |  | 130136 |
|  Leidos Holdings, Inc. | 1059 |  | 167068 |
|  Paychex, Inc. | 2588 |  | 376451 |
|  Paycom Software, Inc. | 380 |  | 87932 |
|  Randstad NV(x) | 1173 |  | 54164 |
|  Recruit Holdings Co. Ltd. | 15245 |  | 903553 |
|  RELX plc | 19970 |  | 1079203 |
|  SGS SA (Registered) | 1741 |  | 176634 |
|  Teleperformance SE | 582 |  | 56436 |
|  Verisk Analytics, Inc. | 1140 |  | 355110 |
|  Wolters Kluwer NV | 2578 |  | 431067 |
|  |  |  | 6284066 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  AddTech AB, Class B | 2809 |  | 95604 |
|  AerCap Holdings NV | 1990 |  | 232830 |
|  Ashtead Group plc | 4669 |  | 299232 |
|  Beijer Ref AB, Class B(x) | 4159 |  | 65654 |
|  Brenntag SE | 1326 |  | 87782 |
|  Bunzl plc | 3540 |  | 112733 |
|  Fastenal Co. | 9262 |  | 389004 |
|  IMCD NV | 639 |  | 85847 |
|  ITOCHU Corp. | 12868 |  | 675189 |
|  Marubeni Corp. | 15244 |  | 308363 |
|  Mitsubishi Corp. | 36938 |  | 740786 |
|  Mitsui & Co. Ltd. | 26698 |  | 546363 |
|  MonotaRO Co. Ltd. | 2671 |  | 52769 |
|  Reece Ltd.(x) | 2443 |  | 23073 |
|  Rexel SA | 2417 |  | 74423 |
|  SGH Ltd. | 2199 |  | 78254 |
|  Sumitomo Corp. | 11816 |  | 305975 |
|  Toyota Tsusho Corp. | 6892 |  | 156452 |
|  United Rentals, Inc. | 527 |  | 397042 |
|  W.W. Grainger, Inc. | 358 |  | 372406 |
|  |  |  | 5099781 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Aena SME SA(m) | 8110 |  | 216475 |
|  Aeroports de Paris SA | 374 |  | 46875 |
|  Auckland International Airport Ltd. | 18240 |  | 86111 |
|  Getlink SE | 3158 |  | 60970 |
|  Transurban Group | 33599 |  | 309142 |
|  |  |  | 719573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 75288237 |
|  **Information Technology (16.3%)** | **Information Technology (16.3%)** | **Information Technology (16.3%)** | **Information Technology (16.3%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  Arista Networks, Inc.\* | 8343 |  | 853572 |
|  Cisco Systems, Inc. | 32167 |  | 2231747 |
|  F5, Inc.\* | 466 |  | 137153 |
|  Juniper Networks, Inc. | 2674 |  | 106773 |
|  Motorola Solutions, Inc. | 1350 |  | 567621 |
|  Nokia OYJ | 57564 |  | 298760 |
|  Telefonaktiebolaget LM Ericsson, Class B | 30025 |  | 256870 |
|  |  |  | 4452496 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A | 9781 |  | 965874 |
|  CDW Corp. | 1076 |  | 192163 |
|  Corning, Inc. | 6226 |  | 327425 |
|  Halma plc | 4103 |  | 180223 |
|  Hexagon AB, Class B | 22440 |  | 225707 |
|  Jabil, Inc. | 885 |  | 193019 |
|  Keyence Corp. | 2073 |  | 832626 |
|  Keysight Technologies, Inc.\* | 1396 |  | 228749 |
|  Kyocera Corp. | 13883 |  | 167121 |
|  Murata Manufacturing Co. Ltd. | 18082 |  | 270467 |
|  Omron Corp. | 1868 |  | 50512 |
|  Ralliant Corp.\* | 919 |  | 44546 |
|  Shimadzu Corp. | 2524 |  | 62607 |
|  TDK Corp. | 21016 |  | 247440 |
|  TE Connectivity plc | 2410 |  | 406495 |
|  Teledyne Technologies, Inc.\* | 376 |  | 192629 |
|  Trimble, Inc.\* | 1985 |  | 150820 |
|  Yokogawa Electric Corp. | 2433 |  | 65131 |
|  Zebra Technologies Corp., Class A\* | 415 |  | 127969 |
|  |  |  | 4931523 |
|  ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** |
|  Accenture plc, Class A | 5052 |  | 1509992 |
|  Akamai Technologies, Inc.\* | 1213 |  | 96749 |
|  Capgemini SE | 1759 |  | 300546 |
|  Cognizant Technology Solutions Corp., Class A | 3995 |  | 311730 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  EPAM Systems, Inc.\* | 458 | $| 80984 |
|  Fujitsu Ltd. | 19062 |  | 465282 |
|  Gartner, Inc.\* | 620 |  | 250616 |
|  GoDaddy, Inc., Class A\* | 1140 |  | 205268 |
|  International Business Machines Corp. | 7468 |  | 2201417 |
|  NEC Corp. | 13285 |  | 389218 |
|  Nomura Research Institute Ltd. | 4126 |  | 165693 |
|  NTT Data Group Corp. | 3026 |  | 84032 |
|  Obic Co. Ltd. | 3449 |  | 134387 |
|  Otsuka Corp. | 2429 |  | 49531 |
|  SCSK Corp. | 1667 |  | 50332 |
|  TIS, Inc. | 2265 |  | 76095 |
|  VeriSign, Inc. | 657 |  | 189742 |
|  Wix.com Ltd.\* | 571 |  | 90481 |
|  |  |  | 6652095 |
|  ***Semiconductors & Semiconductor Equipment (6.3%)*** | ***Semiconductors & Semiconductor Equipment (6.3%)*** | ***Semiconductors & Semiconductor Equipment (6.3%)*** | ***Semiconductors & Semiconductor Equipment (6.3%)*** |
|  Advanced Micro Devices, Inc.\* | 13088 |  | 1857187 |
|  Advantest Corp. | 8265 |  | 611531 |
|  Analog Devices, Inc. | 4007 |  | 953746 |
|  Applied Materials, Inc. | 6564 |  | 1201671 |
|  ASM International NV | 507 |  | 324530 |
|  ASML Holding NV | 4258 |  | 3398646 |
|  BE Semiconductor Industries NV | 877 |  | 131250 |
|  Broadcom, Inc. | 37857 |  | 10435282 |
|  Disco Corp. | 981 |  | 290407 |
|  Enphase Energy, Inc.\* | 1070 |  | 42425 |
|  First Solar, Inc.\* | 865 |  | 143192 |
|  Infineon Technologies AG | 14116 |  | 600518 |
|  Intel Corp. | 34971 |  | 783350 |
|  KLA Corp. | 1073 |  | 961129 |
|  Lam Research Corp. | 10367 |  | 1009124 |
|  Lasertec Corp. | 854 |  | 115108 |
|  Microchip Technology, Inc. | 4344 |  | 305687 |
|  Micron Technology, Inc. | 8999 |  | 1109127 |
|  Monolithic Power Systems, Inc. | 386 |  | 282313 |
|  NVIDIA Corp. | 197791 |  | 31249000 |
|  NXP Semiconductors NV | 2053 |  | 448560 |
|  ON Semiconductor Corp.\* | 3404 |  | 178404 |
|  QUALCOMM, Inc. | 8933 |  | 1422670 |
|  Renesas Electronics Corp. | 18242 |  | 226624 |
|  SCREEN Holdings Co. Ltd. | 866 |  | 70721 |
|  Skyworks Solutions, Inc. | 1298 |  | 96727 |
|  STMicroelectronics NV | 7318 |  | 223566 |
|  Teradyne, Inc. | 1315 |  | 118245 |
|  Texas Instruments, Inc. | 7352 |  | 1526422 |
|  Tokyo Electron Ltd. | 4875 |  | 937051 |
|  |  |  | 61054213 |
|  ***Software (5.5%)*** | ***Software (5.5%)*** | ***Software (5.5%)*** | ***Software (5.5%)*** |
|  Adobe, Inc.\* | 3516 |  | 1360270 |
|  ANSYS, Inc.\* | 706 |  | 247961 |
|  Autodesk, Inc.\* | 1736 |  | 537414 |
|  Cadence Design Systems, Inc.\* | 2215 |  | 682552 |
|  Check Point Software Technologies Ltd.\* | 937 |  | 207311 |
|  Crowdstrike Holdings, Inc., Class A\* | 1989 |  | 1013018 |
|  CyberArk Software Ltd.\* | 508 |  | 206695 |
|  Dassault Systemes SE | 7244 |  | 262221 |
|  Fair Isaac Corp.\* | 197 |  | 360108 |
|  Fortinet, Inc.\* | 5138 |  | 543189 |
|  Gen Digital, Inc. | 4380 |  | 128772 |
|  Intuit, Inc. | 2261 |  | 1780831 |
|  Microsoft Corp. | 60040 |  | 29864496 |
|  Monday.com Ltd.\* | 439 |  | 138057 |
|  Nemetschek SE | 624 |  | 90410 |
|  Nice Ltd.\* | 683 |  | 115885 |
|  Oracle Corp. | 410 |  | 48928 |
|  Oracle Corp. (Moscow Stock Exchange) | 13102 |  | 2864490 |
|  Palantir Technologies, Inc., Class A\* | 16555 |  | 2256778 |
|  Palo Alto Networks, Inc.\* | 5347 |  | 1094210 |
|  PTC, Inc.\* | 972 |  | 167515 |
|  Roper Technologies, Inc. | 866 |  | 490883 |
|  Sage Group plc (The) | 10678 |  | 183288 |
|  Salesforce, Inc. | 7729 |  | 2107621 |
|  SAP SE | 11288 |  | 3432543 |
|  ServiceNow, Inc.\* | 1664 |  | 1710725 |
|  Synopsys, Inc.\* | 1248 |  | 639825 |
|  Temenos AG (Registered) | 609 |  | 43558 |
|  Trend Micro, Inc. | 1351 |  | 93600 |
|  Tyler Technologies, Inc.\* | 346 |  | 205123 |
|  WiseTech Global Ltd. | 2169 |  | 155643 |
|  Workday, Inc., Class A\* | 1728 |  | 414720 |
|  Xero Ltd.\* | 1572 |  | 186023 |
|  |  |  | 53634663 |
|  ***Technology Hardware, Storage & Peripherals (2.8%)*** | ***Technology Hardware, Storage & Peripherals (2.8%)*** | ***Technology Hardware, Storage & Peripherals (2.8%)*** | ***Technology Hardware, Storage & Peripherals (2.8%)*** |
|  Apple, Inc. | 121324 |  | 24892045 |
|  Canon, Inc.(x) | 10050 |  | 292347 |
|  Dell Technologies, Inc., Class C | 2520 |  | 308952 |
|  FUJIFILM Holdings Corp. | 12131 |  | 264683 |
|  Hewlett Packard Enterprise Co. | 10693 |  | 218672 |
|  HP, Inc. | 7574 |  | 185260 |
|  Logitech International SA (Registered) | 1644 |  | 148021 |
|  NetApp, Inc. | 1642 |  | 174955 |
|  Ricoh Co. Ltd. | 5830 |  | 55282 |
|  Seagate Technology Holdings plc | 1710 |  | 246804 |
|  Super Micro Computer, Inc.(x)\* | 4067 |  | 199324 |
|  Western Digital Corp. | 2809 |  | 179748 |
|  |  |  | 27166093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 157891083 |
|  **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |
|  ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** |
|  Air Liquide SA | 6253 |  | 1290032 |
|  Air Products and Chemicals, Inc. | 1797 |  | 506862 |
|  Akzo Nobel NV | 1846 |  | 129165 |
|  Albemarle Corp.(x) | 950 |  | 59537 |
|  Arkema SA | 616 |  | 45387 |
|  Asahi Kasei Corp. | 13270 |  | 94638 |
|  BASF SE | 9648 |  | 475733 |
|  CF Industries Holdings, Inc. | 1405 |  | 129260 |
|  Corteva, Inc. | 5537 |  | 412673 |
|  Covestro AG\* | 1940 |  | 138027 |
|  Croda International plc | 1433 |  | 57515 |
|  Dow, Inc. | 5684 |  | 150512 |
|  DSM-Firmenich AG | 2010 |  | 213707 |
|  DuPont de Nemours, Inc. | 3376 |  | 231560 |
|  Eastman Chemical Co. | 930 |  | 69434 |
|  Ecolab, Inc. | 2035 |  | 548310 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  EMS-Chemie Holding AG (Registered)(x) | 76 | $| 57375 |
|  Evonik Industries AG | 2941 |  | 60626 |
|  Givaudan SA (Registered) | 100 |  | 484088 |
|  ICL Group Ltd. | 8366 |  | 57350 |
|  International Flavors & Fragrances, Inc. | 2075 |  | 152616 |
|  Linde plc | 3846 |  | 1804466 |
|  LyondellBasell Industries NV, Class A(x) | 2093 |  | 121101 |
|  Mitsubishi Chemical Group Corp. | 14648 |  | 77103 |
|  Mosaic Co. (The) | 2565 |  | 93571 |
|  Nippon Paint Holdings Co. Ltd.(x) | 10205 |  | 82204 |
|  Nippon Sanso Holdings Corp. | 1846 |  | 70030 |
|  Nitto Denko Corp. | 7632 |  | 147944 |
|  Novonesis Novozymes B | 3809 |  | 273087 |
|  PPG Industries, Inc. | 1874 |  | 213168 |
|  Sherwin-Williams Co. (The) | 1871 |  | 642427 |
|  Shin-Etsu Chemical Co. Ltd. | 19439 |  | 644165 |
|  Sika AG (Registered) | 1648 |  | 447387 |
|  Syensqo SA | 789 |  | 60857 |
|  Symrise AG, Class A | 1435 |  | 150679 |
|  Toray Industries, Inc. | 14979 |  | 102748 |
|  Yara International ASA | 1789 |  | 66027 |
|  |  |  | 10361371 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Amrize Ltd.\* | 5634 |  | 281043 |
|  Heidelberg Materials AG | 1446 |  | 339726 |
|  Holcim AG | 5634 |  | 418228 |
|  James Hardie Industries plc (CHDI)(x)\* | 4645 |  | 127482 |
|  Martin Marietta Materials, Inc. | 494 |  | 271186 |
|  Vulcan Materials Co. | 1067 |  | 278295 |
|  |  |  | 1715960 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 11673 |  | 107275 |
|  Avery Dennison Corp. | 649 |  | 113880 |
|  Ball Corp. | 2410 |  | 135177 |
|  International Paper Co. | 4258 |  | 199402 |
|  Packaging Corp. of America | 720 |  | 135684 |
|  SIG Group AG | 3304 |  | 61045 |
|  Smurfit WestRock plc | 3993 |  | 172298 |
|  |  |  | 924761 |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** |
|  Anglo American plc | 12041 |  | 355354 |
|  Antofagasta plc | 4261 |  | 105835 |
|  ArcelorMittal SA | 5069 |  | 160442 |
|  BHP Group Ltd. | 54874 |  | 1327238 |
|  BlueScope Steel Ltd. | 4739 |  | 72079 |
|  Boliden AB\* | 3071 |  | 95789 |
|  Evolution Mining Ltd. | 21638 |  | 110938 |
|  Fortescue Ltd. | 18303 |  | 184065 |
|  Freeport-McMoRan, Inc. | 11606 |  | 503120 |
|  Glencore plc | 110838 |  | 431474 |
|  JFE Holdings, Inc.(x) | 6233 |  | 72586 |
|  Newmont Corp. | 9195 |  | 535701 |
|  Nippon Steel Corp. | 10408 |  | 197528 |
|  Norsk Hydro ASA | 15196 |  | 86749 |
|  Northern Star Resources Ltd. | 14679 |  | 179211 |
|  Nucor Corp. | 1896 |  | 245608 |
|  Rio Tinto Ltd. | 4012 |  | 282877 |
|  Rio Tinto plc | 12201 |  | 710940 |
|  South32 Ltd. | 48764 |  | 93394 |
|  Steel Dynamics, Inc. | 1144 |  | 146443 |
|  Sumitomo Metal Mining Co. Ltd.(x) | 2634 |  | 65116 |
|  |  |  | 5962487 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Holmen AB, Class B | 823 |  | 32638 |
|  Mondi plc | 4770 |  | 77883 |
|  Stora Enso OYJ, Class R | 6293 |  | 68376 |
|  Svenska Cellulosa AB SCA, Class B | 6564 |  | 85338 |
|  UPM-Kymmene OYJ | 5768 |  | 157359 |
|  |  |  | 421594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 19386173 |
|  **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Covivio SA (REIT) | 603 |  | 38037 |
|  Land Securities Group plc (REIT) | 7647 |  | 66234 |
|  Stockland (REIT) | 25932 |  | 91480 |
|  |  |  | 195751 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1244 |  | 90352 |
|  Healthpeak Properties, Inc. (REIT) | 5650 |  | 98931 |
|  Ventas, Inc. (REIT) | 3531 |  | 222983 |
|  Welltower, Inc. (REIT) | 4921 |  | 756505 |
|  |  |  | 1168771 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 5646 |  | 86723 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  CapitaLand Ascendas REIT (REIT) | 40862 |  | 86127 |
|  Goodman Group (REIT) | 21956 |  | 494780 |
|  Prologis, Inc. (REIT) | 7486 |  | 786928 |
|  Segro plc (REIT) | 13894 |  | 129610 |
|  |  |  | 1497445 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 1175 |  | 79277 |
|  Gecina SA (REIT) | 497 |  | 54622 |
|  Nippon Building Fund, Inc. (REIT)(x) | 83 |  | 76599 |
|  |  |  | 210498 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Azrieli Group Ltd. | 459 |  | 42203 |
|  CapitaLand Investment Ltd. | 25042 |  | 52191 |
|  CBRE Group, Inc., Class A\* | 2387 |  | 334466 |
|  CK Asset Holdings Ltd. | 21014 |  | 92623 |
|  CoStar Group, Inc.\* | 3404 |  | 273682 |
|  Daito Trust Construction Co. Ltd. | 624 |  | 67923 |
|  Daiwa House Industry Co. Ltd. | 6074 |  | 208955 |
|  Fastighets AB Balder, Class B\* | 7758 |  | 57614 |
|  Henderson Land Development Co. Ltd. | 15479 |  | 54128 |
|  Hongkong Land Holdings Ltd. | 11958 |  | 68998 |
|  Hulic Co. Ltd. | 5010 |  | 50533 |
|  LEG Immobilien SE | 834 |  | 74025 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mitsubishi Estate Co. Ltd. | 11531 | $| 216439 |
|  Mitsui Fudosan Co. Ltd. | 28568 |  | 276743 |
|  Sagax AB, Class B | 2375 |  | 54223 |
|  Sino Land Co. Ltd. | 39234 |  | 41733 |
|  Sumitomo Realty & Development Co. Ltd. | 3298 |  | 127495 |
|  Sun Hung Kai Properties Ltd. | 15441 |  | 177130 |
|  Swiss Prime Site AG (Registered) | 867 |  | 129812 |
|  Vonovia SE | 8349 |  | 294156 |
|  Wharf Holdings Ltd. (The) | 11399 |  | 34705 |
|  Wharf Real Estate Investment Co. Ltd. | 17797 |  | 50331 |
|  |  |  | 2780108 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 1147 |  | 233414 |
|  Camden Property Trust (REIT) | 862 |  | 97139 |
|  Equity Residential (REIT) | 2760 |  | 186272 |
|  Essex Property Trust, Inc. (REIT) | 519 |  | 147085 |
|  Invitation Homes, Inc. (REIT) | 4601 |  | 150913 |
|  Mid-America Apartment Communities, Inc. (REIT) | 944 |  | 139721 |
|  UDR, Inc. (REIT) | 2432 |  | 99299 |
|  |  |  | 1053843 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  CapitaLand Integrated Commercial Trust (REIT) | 63504 |  | 108379 |
|  Federal Realty Investment Trust (REIT) | 623 |  | 59179 |
|  Kimco Realty Corp. (REIT) | 5488 |  | 115358 |
|  Klepierre SA (REIT) | 2325 |  | 91583 |
|  Link REIT (REIT) | 28106 |  | 150019 |
|  Realty Income Corp. (REIT) | 7069 |  | 407245 |
|  Regency Centers Corp. (REIT) | 1318 |  | 93881 |
|  Scentre Group (REIT) | 56287 |  | 131881 |
|  Simon Property Group, Inc. (REIT) | 2477 |  | 398202 |
|  Unibail-Rodamco-Westfield (REIT) | 1314 |  | 125591 |
|  Vicinity Ltd. (REIT) | 41907 |  | 68125 |
|  |  |  | 1749443 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT) | 3774 |  | 834130 |
|  Crown Castle, Inc. (REIT) | 3510 |  | 360582 |
|  Digital Realty Trust, Inc. (REIT) | 2556 |  | 445588 |
|  Equinix, Inc. (REIT) | 786 |  | 625240 |
|  Extra Space Storage, Inc. (REIT) | 1712 |  | 252417 |
|  Iron Mountain, Inc. (REIT) | 2372 |  | 243296 |
|  Public Storage (REIT) | 1273 |  | 373524 |
|  SBA Communications Corp. (REIT) | 868 |  | 203841 |
|  VICI Properties, Inc. (REIT), Class A | 8514 |  | 277556 |
|  Weyerhaeuser Co. (REIT) | 5860 |  | 150543 |
|  |  |  | 3766717 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 12509299 |
|  **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** |
|  ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** |
|  Acciona SA | 267 |  | 48058 |
|  Alliant Energy Corp. | 2072 |  | 125294 |
|  American Electric Power Co., Inc. | 4306 |  | 446791 |
|  BKW AG | 228 |  | 49798 |
|  Chubu Electric Power Co., Inc. | 6966 |  | 86153 |
|  CK Infrastructure Holdings Ltd. | 6713 |  | 44426 |
|  CLP Holdings Ltd. | 17501 |  | 147366 |
|  Constellation Energy Corp. | 2527 |  | 815615 |
|  Contact Energy Ltd. | 8674 |  | 47585 |
|  Duke Energy Corp. | 6267 |  | 739506 |
|  Edison International | 3127 |  | 161353 |
|  EDP SA | 33911 |  | 147079 |
|  Elia Group SA/NV, Class B | 530 |  | 61027 |
|  Endesa SA(x) | 3432 |  | 108709 |
|  Enel SpA | 87923 |  | 834351 |
|  Entergy Corp. | 3463 |  | 287845 |
|  Evergy, Inc. | 1857 |  | 128003 |
|  Eversource Energy | 2962 |  | 188442 |
|  Exelon Corp. | 8119 |  | 352527 |
|  FirstEnergy Corp. | 4143 |  | 166797 |
|  Fortum OYJ | 4848 |  | 90743 |
|  Iberdrola SA | 62663 |  | 1202428 |
|  Kansai Electric Power Co., Inc. (The) | 10200 |  | 121050 |
|  NextEra Energy, Inc. | 16608 |  | 1152927 |
|  NRG Energy, Inc. | 1636 |  | 262709 |
|  Origin Energy Ltd. | 18617 |  | 132207 |
|  PG&E Corp. | 17716 |  | 246961 |
|  Pinnacle West Capital Corp. | 918 |  | 82133 |
|  Power Assets Holdings Ltd. | 14763 |  | 94879 |
|  PPL Corp. | 5963 |  | 202086 |
|  Redeia Corp. SA | 4385 |  | 93750 |
|  Southern Co. (The) | 8849 |  | 812604 |
|  SSE plc | 11958 |  | 300543 |
|  Terna - Rete Elettrica Nazionale(x) | 15205 |  | 156289 |
|  Verbund AG | 736 |  | 56483 |
|  Xcel Energy, Inc. | 4638 |  | 315848 |
|  |  |  | 10310365 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  APA Group | 14095 |  | 75790 |
|  Atmos Energy Corp. | 1282 |  | 197569 |
|  Hong Kong & China Gas Co. Ltd. | 121321 |  | 101848 |
|  Osaka Gas Co. Ltd. | 3976 |  | 101964 |
|  Snam SpA(x) | 21792 |  | 131995 |
|  Tokyo Gas Co. Ltd. | 3530 |  | 117467 |
|  |  |  | 726633 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 5743 |  | 60416 |
|  EDP Renovaveis SA | 3408 |  | 38037 |
|  Meridian Energy Ltd. | 14129 |  | 50813 |
|  Orsted A/S(m)\* | 1817 |  | 78030 |
|  RWE AG | 6834 |  | 285216 |
|  Vistra Corp. | 2748 |  | 532590 |
|  |  |  | 1045102 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 2180 |  | 209367 |
|  CenterPoint Energy, Inc. | 5264 |  | 193399 |
|  Centrica plc | 54315 |  | 120444 |
|  CMS Energy Corp. | 2413 |  | 167173 |
|  Consolidated Edison, Inc. | 2798 |  | 280779 |
|  Dominion Energy, Inc. | 6784 |  | 383432 |
|  DTE Energy Co. | 1674 |  | 221738 |
|  E.ON SE | 24269 |  | 446682 |
|  Engie SA | 19744 |  | 463405 |
|  National Grid plc | 54513 |  | 794292 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  NiSource, Inc. | 3795 | $| 153090 |
|  Public Service Enterprise Group, Inc. | 4024 |  | 338740 |
|  Sembcorp Industries Ltd. | 9525 |  | 51315 |
|  Sempra | 5116 |  | 387639 |
|  Veolia Environnement SA | 6804 |  | 242447 |
|  WEC Energy Group, Inc. | 2566 |  | 267377 |
|  |  |  | 4721319 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 1574 |  | 218959 |
|  Severn Trent plc | 3000 |  | 112585 |
|  United Utilities Group plc | 7369 |  | 115463 |
|  |  |  | 447007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 17250426 |
|  **Total Common Stocks (64.8%)**<br> *(Cost $296,411,337)* |  |  | 628725047 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (3.9%)** | **Equity (3.9%)** | **Equity (3.9%)** | **Equity (3.9%)** |
|  SPDR S&P MidCap 400 ETF Trust(x) | 67778 |  | 38394882 |
|  **Total Exchange Traded Funds (3.9%)**<br> *(Cost $23,462,977)* | **Total Exchange Traded Funds (3.9%)**<br> *(Cost $23,462,977)* |  | 38394882 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |  |
|  **U.S. Government Agency Securities (1.9%)** | **U.S. Government Agency Securities (1.9%)** | **U.S. Government Agency Securities (1.9%)** | **U.S. Government Agency Securities (1.9%)** |
|  FHLB | FHLB | FHLB | FHLB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | $745000 |  | 734839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/8/28 | 1290000 |  | 1328962 |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 | 1000000 |  | 1140389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 | 2282000 |  | 2584848 |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 1297000 |  | 1265347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 | 5000000 |  | 4674234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 | 1600000 |  | 1841006 |
|  Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 5000000 |  | 5016291 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  | 18585916 |
|  **U.S. Treasury Obligations (25.9%)** | **U.S. Treasury Obligations (25.9%)** | **U.S. Treasury Obligations (25.9%)** | **U.S. Treasury Obligations (25.9%)** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | 4431200 |  | 4672852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 7983800 |  | 8361967 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 4785700 |  | 4609541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 9961400 |  | 9712272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 4064300 |  | 3911881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 3846200 |  | 3709622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 4750400 |  | 4633901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 2319900 |  | 2248398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 10030500 |  | 9780898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 7648500 |  | 7578697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 5434100 |  | 5270001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 2266200 |  | 2286542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27# | 12465600 |  | 12052046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 4047600 |  | 4064210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 4072800 |  | 4102729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 4241900 |  | 4218164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 2970400 |  | 2963430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 6503900 |  | 6558782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 8076800 |  | 8235808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 2842100 |  | 2920551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 588400 |  | 577350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 2428400 |  | 2478853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 4964900 |  | 4968083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 4838800 |  | 4881802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 1585100 |  | 1526152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 1811900 |  | 1843753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 5376600 |  | 5448749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 4178200 |  | 4308743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 4216300 |  | 4010168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 4628800 |  | 4754646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 3041400 |  | 3097780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 6028100 |  | 5549469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 3657000 |  | 3619648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 5128200 |  | 4720933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 4655300 |  | 4211657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 5588700 |  | 4806275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 3253500 |  | 2773667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 2346000 |  | 2433882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 4056200 |  | 3476940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 5245800 |  | 5380205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 3412000 |  | 3394804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 3247100 |  | 2862629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 15571900 |  | 13319470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 2185600 |  | 1870034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 2338400 |  | 2054211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 4249400 |  | 3964971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 2982400 |  | 2751322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 3018500 |  | 3038841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 3262300 |  | 3145255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 4686500 |  | 4467919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 4592500 |  | 4523470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 3472000 |  | 3567132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 3123500 |  | 3092129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 3554200 |  | 3610806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 2389500 |  | 2333870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 5141500 |  | 5307080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 910300 |  | 911865 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 250976855 |
|  **Total Long-Term Debt Securities (27.8%)**<br> *(Cost $273,694,359)* | **Total Long-Term Debt Securities (27.8%)**<br> *(Cost $273,694,359)* |  | 269562771 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Companies (1.5%)** | **Investment Companies (1.5%)** |  |  |
|  Allspring Government Money<br>Market Fund, Select Shares 4.26%<br>(7 day yield) (xx) | 3000000 |  | 3000000 |
|  Dreyfus Treasury Obligations Cash<br>Management Fund 4.19%<br>(7 day yield) (xx) | 5000000 |  | 5000000 |
|  Invesco Government & Agency Portfolio,<br>Institutional Shares 4.26%<br>(7 day yield) (xx) | 3789468 |  | 3789468 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  JPMorgan Prime Money Market Fund,<br>IM Shares 4.47%<br>(7 day yield) |  | 3074983 | $3075599 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 14865067 |
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (1.1%)** |  |  |  |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 7/3/25(p) | $| 10468100 | 10465674 |
|  **Total Short-Term Investments (2.6%)**<br> *(Cost $25,330,664)* | **Total Short-Term Investments (2.6%)**<br> *(Cost $25,330,664)* | **Total Short-Term Investments (2.6%)**<br> *(Cost $25,330,664)* | 25330741 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $618,899,337)* | **Total Investments in Securities (99.1%)**<br> *(Cost $618,899,337)* | **Total Investments in Securities (99.1%)**<br> *(Cost $618,899,337)* | 962013441 |
|  **Other Assets Less Liabilities (0.9%)** |  |  | 8494077 |
|  **Net Assets (100%)** |  |  | $970507518 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $10,175,827.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $2,559,482 or 0.3% of net assets.* 

*(p)* *Yield to maturity.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $32,826,444. This was collateralized by $21,944,557 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $11,789,468 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

---

| | | |
|:---|:---|:---|
| *Glossary:* | *Glossary:* | *Glossary:* |
| *ADR* | *—* | *American Depositary Receipt* |
| *AUD* | *—* | *Australian Dollar* |
| *CHDI* | *—* | *Clearing House Electronic Subregister System (CHESS) Depository Interest* |
| *CHF* | *—* | *Swiss Franc* |
| *CVA* | *—* | *Dutch Certification* |
| *EUR* | *—* | *European Currency Unit* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GBP* | *—* | *British Pound* |
| *JPY* | *—* | *Japanese Yen* |
| *NOK* | *—* | *Norwegian Krone* |
| *NZD* | *—* | *New Zealand Dollar* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *SEK* | *—* | *Swedish Krona* |
| *USD* | *—* | *United States Dollar* |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 80 | 9/2025 | EUR | 5019952 | (13867) |
|  MSCI EAFE E-Mini Index | 9 | 9/2025 | USD | 1206765 | 15263 |
|  Russell 2000 E-Mini Index | 370 | 9/2025 | USD | 40546450 | 900203 |
|  SPI 200 Index | 3 | 9/2025 | AUD | 421397 | (197) |
|  TOPIX Index | 11 | 9/2025 | JPY | 2181209 | 45945 |
|  |  |  |  |  | 947347 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  FTSE 100 Index | (33) | 9/2025 | GBP | (3981419) | 52144 |
|  S&P 500 E-Mini Index | (24) | 9/2025 | USD | (7504500) | (182209) |
|  U.S. Treasury 2 Year Note | (58) | 9/2025 | USD | (12065360) | (48072) |
|  U.S. Treasury 5 Year Note | (10) | 9/2025 | USD | (1090000) | (15559) |
|  U.S. Treasury 10 Year Note | (94) | 9/2025 | USD | (10539750) | (149076) |
|  |  |  |  |  | (342772) |
|  |  |  |  |  | 604575 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CHF | 2887705 | USD | 3556502 | Goldman Sachs Bank USA | 7/9/2025 | 86109 |
|  CHF | 2390522 | USD | 2903927 | JPMorgan Chase Bank | 7/9/2025 | 111527 |
|  EUR | 4066389 | USD | 4659224 | Goldman Sachs Bank USA | 7/9/2025 | 132983 |
|  EUR | 6693223 | USD | 7569568 | JPMorgan Chase Bank | 7/9/2025 | 318342 |
|  EUR | 9080828 | USD | 10357057 | Morgan Stanley | 7/9/2025 | 344627 |
|  EUR | 10623887 | USD | 12292847 | UBS AG | 7/9/2025 | 227319 |
|  GBP | 12060405 | USD | 16120902 | Citibank NA | 7/16/2025 | 434908 |
|  GBP | 5778417 | USD | 7827459 | Morgan Stanley | 7/16/2025 | 104810 |
|  AUD | 8812194 | USD | 5762135 | Morgan Stanley | 8/21/2025 | 43714 |
|  AUD | 12461863 | USD | 8133036 | UBS AG | 8/21/2025 | 77371 |
|  NZD | 4843402 | USD | 2936589 | Goldman Sachs Bank USA | 8/21/2025 | 20815 |
|  NOK | 137767172 | USD | 13598126 | UBS AG | 9/4/2025 | 75501 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1978026 |
|  USD | 20468506 | CHF | 16700152 | Bank of America | 7/9/2025 | (597409) |
|  USD | 3544429 | CHF | 2898964 | Deutsche Bank AG | 7/9/2025 | (112384) |
|  USD | 16166138 | EUR | 14505203 | JPMorgan Chase Bank | 7/9/2025 | (928128) |
|  USD | 7331797 | GBP | 5418314 | Barclays Bank plc | 7/16/2025 | (106144) |
|  USD | 4385931 | GBP | 3302365 | Citibank NA | 7/16/2025 | (147359) |
|  USD | 15270513 | GBP | 11252594 | Morgan Stanley | 7/16/2025 | (176382) |
|  USD | 9091225 | AUD | 13953948 | JPMorgan Chase Bank | 8/21/2025 | (102232) |
|  USD | 3523558 | NZD | 5813564 | JPMorgan Chase Bank | 8/21/2025 | (26231) |
|  USD | 713745 | JPY | 103864122 | JPMorgan Chase Bank | 8/27/2025 | (12221) |
|  USD | 6177273 | SEK | 58417237 | Morgan Stanley | 9/4/2025 | (23960) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2232450) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (254424) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $43691715 | $9158814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $52850529 |
|  Consumer Discretionary | 44058858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19876343 |  | 63935201 |
|  Consumer Staples | 23595463 | 15946494 |  | 39541957 |
|  Energy | 12741502 | 6522250 |  | 19263752 |
|  Financials | 59830025 | 48441027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108271052 |
|  Health Care | 39860394 | 22676944 | — (a) | 62537338 |
|  Industrials | 36986890 | 38301347 |  | 75288237 |
|  Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141216119 | 16674964 |  | 157891083 |
|  Materials | 7979566 | 11406607 |  | 19386173 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Real Estate | $8624272 | $3885027 | $— | $12509299 |
|  Utilities | 10099709 | 7150717 |  | 17250426 |
|  **Exchange Traded Fund** | 38394882 |  |  | 38394882 |
|  **Forward Currency Contracts** |  | 1978026 |  | 1978026 |
|  **Futures** | 1013555 |  |  | 1013555 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 14865067 |  |  | 14865067 |
|  U.S. Treasury Obligations |  | 10465674 |  | 10465674 |
|  **U.S. Government Agency Securities** |  | 18585916 |  | 18585916 |
|  **U.S. Treasury Obligations** |  | 250976855 |  | 250976855 |
|  **Total Assets** | $**482958017** | $**482047005** | $**—** | $**965005022** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(2232450) | $— | $(2232450) |
|  **Futures** | (408980) |  |  | (408980) |
|  **Total Liabilities** | $**(408980)** | $**(2232450)** | $**—** | $**(2641430)** |
|  **Total** | $**482549037** | $**479814555** | $**—** | $**962363592** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $1978026 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1013555 |
|  **Total** |  | $2991581 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(212707) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (2232450) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (196273) |
|  **Total** |  | $(2641430) |

---

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

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(418481) | $— | $(418481) |
|  Foreign exchange contracts |  | (2397315) | (2397315) |
|  Equity contracts | (8181078) |  | (8181078) |
|  **Total** | $(8599559) | $(2397315) | $(10996874) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(359681) | $— | $(359681) |
|  Foreign exchange contracts |  | (66009) | (66009) |
|  Equity contracts | 1990788 |  | 1990788 |
|  **Total** | $1631107 | $(66009) | $1565098 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $51376000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 42106000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $103306000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 116295000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $434908 | $(147359) | $— | $287549 |
|  Goldman Sachs Bank USA | 239907 |  |  | 239907 |
|  JPMorgan Chase Bank | 429869 | (429869) |  |  |
|  Morgan Stanley | 493151 | (200342) |  | 292809 |
|  UBS AG | 380191 |  |  | 380191 |
|  **Total** | $1978026 | $(777570) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1200456 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $597409 | $— | $— | $597409 |
|  Barclays Bank plc | 106144 |  |  | 106144 |
|  Citibank NA | 147359 | (147359) |  |  |
|  Deutsche Bank AG | 112384 |  |  | 112384 |
|  JPMorgan Chase Bank | 1068812 | (429869) |  | 638943 |
|  Morgan Stanley | 200342 | (200342) |  |  |
|  **Total** | $2232450 | $(777570) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1454880 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $16288013.0 |
|  Long-term U.S. government debt securities | 30894967.0 |
|  | $47182980.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $62445973.0 |
|  Long-term U.S. government debt securities | 26901055.0 |
|  | $89347028.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $373272962 |
|  Aggregate gross unrealized depreciation | (29808707) |
|  Net unrealized appreciation | $343464255 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $618899337 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $618,899,337) | $962013441.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 18712999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $797,573) | 814991.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3137862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2282506.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1978026.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 216673.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10256.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 11756.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 989178510.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 11789468.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3347704.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2232450.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 575022.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 370680.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 195475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 93636.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 7058.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59499.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18670992.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $970507518.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $714822940.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 255684578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $970507518.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $970,507,518 / 69,530,060 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.96 |

---

*(x)* *Includes value of securities on loan of $32,826,444.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $473,729 foreign withholding tax) | $7033880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 4865298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 40416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11939594 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3421224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1155451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 575935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 53891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5319945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (50653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5269292 |
|  **NET INVESTMENT INCOME (LOSS)** | 6670302 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 16797837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8599559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2397315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1095885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4705078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 45811099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1631107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (66009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 147706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 47523903 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 52228981 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $58899283 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6670302 | $10774816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4705078 | 19309464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 47523903 | 76323051 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 58899283 | 106407331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (19775154) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,159,811 and 6,280,636 shares, respectively ] | 41884059 | 80782909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,474,463 shares, respectively ] |  | 19775154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4799622) and (9086898) shares, respectively ] | (63383110) | (116995066) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (21499051) | (16437003) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 37400232 | 70195174 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 933107286 | 862912112 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $970507518 | $933107286 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.11 | $11.90 | $10.44 | $13.59 | $12.07 | $11.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.15 | 0.11 | 0.08 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.76 | 1.34 | 1.45 | (2.23) | 1.74 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | 1.49 | 1.56 | (2.15) | 1.79 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.21) | (0.10) |  | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.07) |  | (1.00) | (0.20) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.28) | (0.10) | (1.00) | (0.27) | (0.19) |
|  Net asset value, end of period | $13.96 | $13.11 | $11.90 | $10.44 | $13.59 | $12.07 |
|  Total return (b) | 6.48% | 12.49% | 15.00% | (15.59)% | 14.94% | 3.73% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $970508 | $933107 | $862912 | $766732 | $927861 | $803733 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.14 %(j) | 1.14 %(j) | 1.14 %(j) | 1.15 %(k) | 1.14 %(k) | 1.17 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.15% | 1.16% | 1.16% | 1.16% | 1.14% | 1.17% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.44% | 1.18% | 1.01% | 0.70% | 0.41% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.43% | 1.16% | 0.99% | 0.69% | 0.41% | 0.56% |
|  Portfolio turnover rate^ | 5 %(z) | 14% | 14% | 14% | 31% | 17% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (4.5%)** | **Communication Services (4.5%)** | **Communication Services (4.5%)** |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** |
|  AT&T, Inc. | 74598 | $2158866 |
|  BT Group plc | 86911 | 231141 |
|  Cellnex Telecom SA(m) | 7192 | 279146 |
|  Deutsche Telekom AG (Registered) | 50790 | 1852876 |
|  Elisa OYJ | 2069 | 114742 |
|  HKT Trust & HKT Ltd. | 55377 | 82678 |
|  Infrastrutture Wireless Italiane SpA (m) | 4067 | 49728 |
|  Koninklijke KPN NV | 56558 | 275551 |
|  Nippon Telegraph & Telephone Corp. | 434546 | 464707 |
|  Orange SA | 27082 | 412005 |
|  Singapore Telecommunications Ltd. | 108129 | 324855 |
|  Swisscom AG (Registered) | 377 | 267266 |
|  Telecom Italia SpA\* | 156098 | 76970 |
|  Telefonica SA (x) | 53601 | 281475 |
|  Telenor ASA | 8958 | 139266 |
|  Telia Co. AB | 34322 | 123235 |
|  Telstra Group Ltd. | 58567 | 186562 |
|  Verizon Communications, Inc. | 43749 | 1893019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214088 |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Bollore SE | 10295 | 64637 |
|  Capcom Co. Ltd. | 5071 | 173711 |
|  CTS Eventim AG & Co. KGaA | 908 | 112734 |
|  Electronic Arts, Inc. | 2465 | 393660 |
|  Konami Group Corp. | 1441 | 228301 |
|  Live Nation Entertainment, Inc. (x)\* | 1630 | 246586 |
|  Netflix, Inc.\* | 4445 | 5952433 |
|  Nexon Co. Ltd. (x) | 4834 | 97684 |
|  Nintendo Co. Ltd. | 16038 | 1545831 |
|  Sea Ltd. (ADR)\* | 5565 | 890066 |
|  Spotify Technology SA\* | 2234 | 1714238 |
|  Take-Two Interactive Software, Inc.\* | 1706 | 414302 |
|  TKO Group Holdings, Inc., Class A | 692 | 125909 |
|  Toho Co. Ltd. (x) | 1605 | 94848 |
|  Universal Music Group NV | 16001 | 517953 |
|  Walt Disney Co. (The) | 18787 | 2329776 |
|  Warner Bros Discovery, Inc.\* | 23200 | 265872 |
|  |  | 15168541 |
|  ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** |
|  Alphabet, Inc., Class A | 60619 | 10682886 |
|  Alphabet, Inc., Class C | 49129 | 8714993 |
|  Auto Trader Group plc (m) | 12791 | 144745 |
|  CAR Group Ltd. | 5495 | 135331 |
|  LY Corp. | 41644 | 153384 |
|  Match Group, Inc. | 2609 | 80592 |
|  Meta Platforms, Inc., Class A | 22758 | 16797452 |
|  REA Group Ltd. | 769 | 121716 |
|  Scout24 SE (m) | 1091 | 150490 |
|  |  | 36981589 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 1003 | 410036 |
|  Comcast Corp., Class A | 39196 | 1398905 |
|  Dentsu Group, Inc. (x) | 2860 | 63474 |
|  Fox Corp., Class A | 2264 | 126874 |
|  Fox Corp., Class B | 1371 | 70785 |
|  Informa plc | 19525 | 215962 |
|  Interpublic Group of Cos., Inc. (The) | 3871 | 94762 |
|  News Corp., Class A | 3929 | 116770 |
|  News Corp., Class B | 1161 | 39834 |
|  Omnicom Group, Inc. | 2042 | 146902 |
|  Paramount Global, Class B | 6183 | 79761 |
|  Publicis Groupe SA | 3329 | 375199 |
|  WPP plc | 15694 | 110426 |
|  |  | 3249690 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  KDDI Corp. | 44628 | 768567 |
|  SoftBank Corp. | 416398 | 644816 |
|  SoftBank Group Corp. | 13909 | 1015611 |
|  Tele2 AB, Class B | 7964 | 116376 |
|  T-Mobile US, Inc. | 4983 | 1187250 |
|  Vodafone Group plc | 290092 | 309716 |
|  |  | 4042336 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 68656244 |
|  **Consumer Discretionary (5.5%)** |  |  |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aisin Corp. | 7645 | 98054 |
|  Aptiv plc\* | 2384 | 162637 |
|  Bridgestone Corp. (x) | 8292 | 339730 |
|  Cie Generale des Etablissements Michelin SCA | 9751 | 362274 |
|  Continental AG | 1600 | 139658 |
|  Denso Corp. | 27548 | 373129 |
|  Sumitomo Electric Industries Ltd. | 10352 | 222488 |
|  |  | 1697970 |
|  ***Automobiles (1.1%)*** |  |  |
|  Bayerische Motoren Werke AG | 4216 | 374752 |
|  Bayerische Motoren Werke AG (Preference) (q) | 814 | 67407 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q) | 1657 | 81861 |
|  Ferrari NV | 1833 | 898436 |
|  Ford Motor Co. | 40453 | 438915 |
|  General Motors Co. | 10340 | 508831 |
|  Honda Motor Co. Ltd. | 61394 | 594521 |
|  Isuzu Motors Ltd. | 7780 | 98894 |
|  Mercedes-Benz Group AG | 10504 | 614824 |
|  Nissan Motor Co. Ltd.\* | 32373 | 78727 |
|  Porsche Automobil Holding SE (Preference) (q) | 2228 | 88418 |
|  Renault SA | 2796 | 128876 |
|  Stellantis NV | 29325 | 293930 |
|  Subaru Corp. | 8514 | 148724 |
|  Suzuki Motor Corp. | 22850 | 276571 |
|  Tesla, Inc.\* | 29082 | 9238188 |
|  Toyota Motor Corp. | 137877 | 2386913 |
|  Volkswagen AG (Preference) (q) | 2999 | 316598 |
|  Yamaha Motor Co. Ltd. (x) | 13453 | 100847 |
|  |  | 16736233 |
|  ***Broadline Retail (1.6%)*** | ***Broadline Retail (1.6%)*** | ***Broadline Retail (1.6%)*** |
|  Amazon.com, Inc.\* | 98021 | 21504827 |
|  eBay, Inc. | 4978 | 370662 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Next plc | 1697 | $| 289776 |
|  Pan Pacific International Holdings Corp. | 5567 |  | 191707 |
|  Prosus NV | 19033 |  | 1064274 |
|  Rakuten Group, Inc.\* | 21930 |  | 121281 |
|  Wesfarmers Ltd. | 16505 |  | 920619 |
|  |  |  | 24463146 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  D'ieteren Group | 312 |  | 67036 |
|  Genuine Parts Co. | 1445 |  | 175293 |
|  LKQ Corp. | 2702 |  | 100001 |
|  Pool Corp. | 395 |  | 115134 |
|  |  |  | 457464 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Pearson plc | 8688 |  | 127783 |
|  ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** |
|  Accor SA | 2774 |  | 144854 |
|  Airbnb, Inc., Class A\* | 4499 |  | 595398 |
|  Amadeus IT Group SA | 6552 |  | 551678 |
|  Aristocrat Leisure Ltd. | 8188 |  | 351197 |
|  Booking Holdings, Inc. | 344 |  | 1991499 |
|  Caesars Entertainment, Inc.\* | 2208 |  | 62685 |
|  Carnival Corp.\* | 10889 |  | 306199 |
|  Chipotle Mexican Grill, Inc.\* | 14085 |  | 790873 |
|  Compass Group plc | 24689 |  | 836050 |
|  Darden Restaurants, Inc. | 1217 |  | 265269 |
|  Delivery Hero SE (m)\* | 2778 |  | 75166 |
|  Domino's Pizza, Inc. | 359 |  | 161765 |
|  DoorDash, Inc., Class A\* | 3526 |  | 869194 |
|  Entain plc | 8838 |  | 109305 |
|  Evolution AB (m) | 2157 |  | 171358 |
|  Expedia Group, Inc. | 1282 |  | 216248 |
|  FDJ United (m) | 1617 |  | 63428 |
|  Galaxy Entertainment Group Ltd. | 31385 |  | 139334 |
|  Genting Singapore Ltd. | 87763 |  | 49352 |
|  Hilton Worldwide Holdings, Inc. | 2500 |  | 665850 |
|  InterContinental Hotels Group plc | 2156 |  | 245751 |
|  Las Vegas Sands Corp. | 3571 |  | 155374 |
|  Lottery Corp. Ltd. (The) | 32380 |  | 113587 |
|  Marriott International, Inc., Class A | 2378 |  | 649693 |
|  McDonald's Corp. | 7447 |  | 2175790 |
|  MGM Resorts International\* | 2325 |  | 79957 |
|  Norwegian Cruise Line Holdings Ltd.\* | 4570 |  | 92680 |
|  Oriental Land Co. Ltd. | 15699 |  | 362373 |
|  Royal Caribbean Cruises Ltd. | 2573 |  | 805709 |
|  Sands China Ltd. | 35237 |  | 73347 |
|  Sodexo SA | 1287 |  | 79136 |
|  Starbucks Corp. | 11805 |  | 1081692 |
|  Whitbread plc | 2568 |  | 99510 |
|  Wynn Resorts Ltd. | 931 |  | 87207 |
|  Yum! Brands, Inc. | 2900 |  | 429722 |
|  Zensho Holdings Co. Ltd. | 1383 |  | 83918 |
|  |  |  | 15032148 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  Barratt Redrow plc | 19978 |  | 125021 |
|  DR Horton, Inc. | 2947 |  | 379927 |
|  Garmin Ltd. | 1596 |  | 333117 |
|  Lennar Corp., Class A | 2427 |  | 268450 |
|  Mohawk Industries, Inc.\* | 544 |  | 57033 |
|  NVR, Inc.\* | 31 |  | 228955 |
|  Panasonic Holdings Corp. | 33955 |  | 366772 |
|  PulteGroup, Inc. | 2104 |  | 221888 |
|  Sekisui House Ltd. | 8661 |  | 191438 |
|  Sony Group Corp. | 89438 |  | 2316612 |
|  |  |  | 4489213 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Bandai Namco Holdings, Inc. | 8622 |  | 309603 |
|  Hasbro, Inc. | 1363 |  | 100617 |
|  Shimano, Inc. (x) | 1086 |  | 157653 |
|  |  |  | 567873 |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** |
|  AutoZone, Inc.\* | 174 |  | 645928 |
|  Avolta AG | 1279 |  | 69346 |
|  Best Buy Co., Inc. | 2022 |  | 135737 |
|  CarMax, Inc.\* | 1598 |  | 107401 |
|  Fast Retailing Co. Ltd. | 2739 |  | 941879 |
|  H & M Hennes & Mauritz AB, Class B | 8241 |  | 115764 |
|  Home Depot, Inc. (The) | 10323 |  | 3784825 |
|  Industria de Diseno Textil SA | 15865 |  | 825643 |
|  JD Sports Fashion plc | 37685 |  | 45904 |
|  Kingfisher plc | 25941 |  | 103548 |
|  Lowe's Cos., Inc. | 5868 |  | 1301933 |
|  Nitori Holdings Co. Ltd. | 1149 |  | 111066 |
|  O'Reilly Automotive, Inc.\* | 8955 |  | 807114 |
|  Ross Stores, Inc. | 3429 |  | 437472 |
|  Sanrio Co. Ltd. | 2600 |  | 125807 |
|  TJX Cos., Inc. (The) | 11683 |  | 1442734 |
|  Tractor Supply Co. | 5552 |  | 292979 |
|  Ulta Beauty, Inc.\* | 482 |  | 225489 |
|  Williams-Sonoma, Inc. | 1279 |  | 208950 |
|  Zalando SE (m)\* | 3266 |  | 107529 |
|  ZOZO, Inc. (x) | 5920 |  | 64008 |
|  |  |  | 11901056 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  adidas AG | 2487 |  | 579907 |
|  Asics Corp. | 9662 |  | 246909 |
|  Cie Financiere Richemont SA (Registered) | 7822 |  | 1473310 |
|  Deckers Outdoor Corp.\* | 1577 |  | 162541 |
|  Hermes International SCA | 461 |  | 1248437 |
|  Kering SA | 1083 |  | 235447 |
|  Lululemon Athletica, Inc.\* | 1164 |  | 276543 |
|  LVMH Moet Hennessy Louis Vuitton SE | 4003 |  | 2096438 |
|  Moncler SpA | 3398 |  | 193689 |
|  NIKE, Inc., Class B | 12276 |  | 872087 |
|  Pandora A/S | 1193 |  | 209452 |
|  Ralph Lauren Corp. | 414 |  | 113552 |
|  Swatch Group AG (The) (x) | 421 |  | 68500 |
|  Tapestry, Inc. | 2151 |  | 188879 |
|  |  |  | 7965691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 83438577 |
|  **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** |
|  Anheuser-Busch InBev SA/NV | 14378 |  | 986386 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Asahi Group Holdings Ltd. (x) | 21032 | $| 281512 |
|  Brown-Forman Corp., Class B | 1893 |  | 50941 |
|  Carlsberg A/S, Class B | 1390 |  | 196943 |
|  Coca-Cola Co. (The) | 40237 |  | 2846768 |
|  Coca-Cola Europacific Partners plc | 3351 |  | 310705 |
|  Coca-Cola HBC AG | 3243 |  | 169335 |
|  Constellation Brands, Inc., Class A | 1615 |  | 262728 |
|  Davide Campari-Milano NV (x) | 8955 |  | 60232 |
|  Diageo plc | 32366 |  | 812129 |
|  Heineken Holding NV | 1886 |  | 140517 |
|  Heineken NV | 4189 |  | 365247 |
|  Keurig Dr Pepper, Inc. | 12408 |  | 410208 |
|  Kirin Holdings Co. Ltd. (x) | 11347 |  | 159128 |
|  Molson Coors Beverage Co., Class B | 1789 |  | 86033 |
|  Monster Beverage Corp.\* | 7277 |  | 455831 |
|  PepsiCo, Inc. | 14253 |  | 1881966 |
|  Pernod Ricard SA | 2935 |  | 292486 |
|  Suntory Beverage & Food Ltd. (x) | 1995 |  | 63866 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832961 |
|  ***Consumer Staples Distribution & Retail (0.9%)*** | ***Consumer Staples Distribution & Retail (0.9%)*** | ***Consumer Staples Distribution & Retail (0.9%)*** | ***Consumer Staples Distribution & Retail (0.9%)*** |
|  Aeon Co. Ltd. (x) | 9482 |  | 291035 |
|  Carrefour SA | 7890 |  | 111249 |
|  Coles Group Ltd. | 19507 |  | 267555 |
|  Costco Wholesale Corp. | 4613 |  | 4566593 |
|  Dollar General Corp. | 2286 |  | 261473 |
|  Dollar Tree, Inc.\* | 2101 |  | 208083 |
|  J Sainsbury plc | 25573 |  | 101728 |
|  Jeronimo Martins SGPS SA | 4120 |  | 104246 |
|  Kesko OYJ, Class B | 3973 |  | 97999 |
|  Kobe Bussan Co. Ltd. | 2159 |  | 67137 |
|  Koninklijke Ahold Delhaize NV | 13278 |  | 555249 |
|  Kroger Co. (The) | 6918 |  | 496228 |
|  Marks & Spencer Group plc | 30105 |  | 146451 |
|  MatsukiyoCocokara & Co. | 4871 |  | 100376 |
|  Seven & i Holdings Co. Ltd. | 32165 |  | 518866 |
|  Sysco Corp. | 5084 |  | 385062 |
|  Target Corp. | 4762 |  | 469771 |
|  Tesco plc | 97857 |  | 539040 |
|  Walgreens Boots Alliance, Inc. | 7454 |  | 85572 |
|  Walmart, Inc. | 45206 |  | 4420243 |
|  Woolworths Group Ltd. | 17767 |  | 363780 |
|  |  |  | 14157736 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Ajinomoto Co., Inc. | 13128 |  | 356358 |
|  Archer-Daniels-Midland Co. | 4973 |  | 262475 |
|  Associated British Foods plc | 4789 |  | 135285 |
|  Barry Callebaut AG (Registered) (x) | 52 |  | 56624 |
|  Bunge Global SA | 1387 |  | 111348 |
|  Campbell's Co. (The) | 2045 |  | 62679 |
|  Chocoladefabriken Lindt & Spruengli AG | 14 |  | 235554 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 2 |  | 333228 |
|  Conagra Brands, Inc. | 4960 |  | 101531 |
|  Danone SA | 9390 |  | 767188 |
|  General Mills, Inc. | 5729 |  | 296819 |
|  Hershey Co. (The) | 1535 |  | 254733 |
|  Hormel Foods Corp. | 3024 |  | 91476 |
|  J M Smucker Co. (The) | 1106 |  | 108609 |
|  JDE Peet's NV | 2485 |  | 70955 |
|  Kellanova | 2794 |  | 222207 |
|  Kerry Group plc, Class A | 2400 |  | 265039 |
|  Kikkoman Corp. | 9836 |  | 91390 |
|  Kraft Heinz Co. (The) | 9066 |  | 234084 |
|  Lamb Weston Holdings, Inc. | 1482 |  | 76842 |
|  Lotus Bakeries NV | 6 |  | 57743 |
|  McCormick & Co., Inc. (Non-Voting) | 2624 |  | 198952 |
|  Meiji Holdings Co. Ltd. | 3441 |  | 76153 |
|  Mondelez International, Inc., Class A | 13443 |  | 906596 |
|  Mowi ASA | 6771 |  | 130726 |
|  Nestle SA (Registered) | 38125 |  | 3787754 |
|  Nissin Foods Holdings Co. Ltd. | 2821 |  | 58681 |
|  Orkla ASA | 10198 |  | 110890 |
|  Salmar ASA | 973 |  | 42166 |
|  Tyson Foods, Inc., Class A | 2974 |  | 166366 |
|  WH Group Ltd. (m) | 121158 |  | 116528 |
|  Wilmar International Ltd. | 27563 |  | 62215 |
|  Yakult Honsha Co. Ltd. | 3781 |  | 71219 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920413 |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** |
|  Church & Dwight Co., Inc. | 2556 |  | 245657 |
|  Clorox Co. (The) | 1280 |  | 153690 |
|  Colgate-Palmolive Co. | 8434 |  | 766651 |
|  Essity AB, Class B | 8761 |  | 242618 |
|  Henkel AG & Co. KGaA | 1512 |  | 109535 |
|  Henkel AG & Co. KGaA (Preference) (q) | 2462 |  | 193321 |
|  Kimberly-Clark Corp. | 3447 |  | 444387 |
|  Procter & Gamble Co. (The) | 24369 |  | 3882469 |
|  Reckitt Benckiser Group plc | 9917 |  | 674503 |
|  Unicharm Corp. | 16234 |  | 117298 |
|  |  |  | 6830129 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Beiersdorf AG | 1443 |  | 181197 |
|  Estee Lauder Cos., Inc. (The), Class A | 2434 |  | 196667 |
|  Kao Corp. (x) | 6784 |  | 304186 |
|  Kenvue, Inc. | 19925 |  | 417030 |
|  L'Oreal SA | 3499 |  | 1496570 |
|  Shiseido Co. Ltd. (x) | 5839 |  | 104348 |
|  Unilever plc | 36399 |  | 2210867 |
|  |  |  | 4910865 |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** |
|  Altria Group, Inc. | 17613 |  | 1032650 |
|  British American Tobacco plc | 28823 |  | 1370097 |
|  Imperial Brands plc | 11377 |  | 449291 |
|  Japan Tobacco, Inc. (x) | 17417 |  | 513783 |
|  Philip Morris International, Inc. | 16159 |  | 2943039 |
|  |  |  | 6308860 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 51960964 |
|  **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 10290 |  | 394519 |
|  Halliburton Co. | 9021 |  | 183848 |
|  Schlumberger NV | 14558 |  | 492060 |
|  Tenaris SA (x) | 5920 |  | 111401 |
|  |  |  | 1181828 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** |
|  Aker BP ASA | 4597 | $117577 |
|  APA Corp. (x) | 3845 | 70325 |
|  BP plc | 233020 | 1169709 |
|  Chevron Corp. | 17369 | 2487067 |
|  ConocoPhillips | 13259 | 1189863 |
|  Coterra Energy, Inc. | 7653 | 194233 |
|  Devon Energy Corp. | 6827 | 217167 |
|  Diamondback Energy, Inc. | 1942 | 266831 |
|  ENEOS Holdings, Inc. | 39664 | 196964 |
|  Eni SpA | 32036 | 519258 |
|  EOG Resources, Inc. | 5845 | 699121 |
|  EQT Corp. | 6201 | 361642 |
|  Equinor ASA | 12185 | 308391 |
|  Expand Energy Corp. | 2185 | 255514 |
|  Exxon Mobil Corp. | 45238 | 4876656 |
|  Galp Energia SGPS SA | 6070 | 111328 |
|  Hess Corp. | 2872 | 397887 |
|  Idemitsu Kosan Co. Ltd. | 11888 | 72234 |
|  Inpex Corp. (x) | 12846 | 180641 |
|  Kinder Morgan, Inc. | 20089 | 590617 |
|  Marathon Petroleum Corp. | 3284 | 545505 |
|  Neste OYJ | 6154 | 83510 |
|  Occidental Petroleum Corp. | 7021 | 294952 |
|  OMV AG | 2142 | 116520 |
|  ONEOK, Inc. | 6448 | 526350 |
|  Phillips 66 | 4292 | 512036 |
|  Repsol SA (x) | 16838 | 246640 |
|  Santos Ltd. | 47248 | 238197 |
|  Shell plc | 87104 | 3053049 |
|  Targa Resources Corp. | 2266 | 394465 |
|  Texas Pacific Land Corp. | 196 | 207052 |
|  TotalEnergies SE | 29728 | 1824443 |
|  Valero Energy Corp. | 3290 | 442242 |
|  Williams Cos., Inc. (The) | 12668 | 795677 |
|  Woodside Energy Group Ltd. | 27616 | 429486 |
|  |  | 23993149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 25174977 |
|  **Financials (9.3%)** | **Financials (9.3%)** | **Financials (9.3%)** |
|  ***Banks (3.7%)*** | ***Banks (3.7%)*** | ***Banks (3.7%)*** |
|  ABN AMRO Bank NV (CVA) (m) | 6666 | 182485 |
|  AIB Group plc | 30486 | 250838 |
|  ANZ Group Holdings Ltd. | 43217 | 829406 |
|  Banco Bilbao Vizcaya Argentaria SA | 83857 | 1289564 |
|  Banco BPM SpA | 16532 | 193025 |
|  Banco de Sabadell SA | 78355 | 249482 |
|  Banco Santander SA | 220478 | 1824997 |
|  Bank Hapoalim BM | 18250 | 350122 |
|  Bank Leumi Le-Israel BM | 21811 | 405488 |
|  Bank of America Corp. | 68812 | 3256184 |
|  Bank of Ireland Group plc | 14331 | 204009 |
|  Bankinter SA (x) | 9807 | 127998 |
|  Banque Cantonale Vaudoise (Registered) | 438 | 50482 |
|  Barclays plc | 208034 | 963187 |
|  BNP Paribas SA | 14808 | 1331256 |
|  BOC Hong Kong Holdings Ltd. | 53595 | 232815 |
|  BPER Banca SpA | 14477 | 131582 |
|  CaixaBank SA | 57392 | 497167 |
|  Chiba Bank Ltd. (The) (x) | 8190 | 75897 |
|  Citigroup, Inc. | 19507 | 1660436 |
|  Citizens Financial Group, Inc. | 4543 | 203299 |
|  Commerzbank AG | 12922 | 407631 |
|  Commonwealth Bank of Australia | 24351 | 2960916 |
|  Concordia Financial Group Ltd. | 14977 | 97472 |
|  Credit Agricole SA | 15402 | 291464 |
|  Danske Bank A/S | 10032 | 409120 |
|  DBS Group Holdings Ltd. | 30587 | 1080348 |
|  DNB Bank ASA | 13025 | 360018 |
|  Erste Group Bank AG | 4478 | 381372 |
|  Fifth Third Bancorp | 6961 | 286306 |
|  FinecoBank Banca Fineco SpA | 8897 | 197395 |
|  Hang Seng Bank Ltd. | 11002 | 164821 |
|  HSBC Holdings plc | 257169 | 3112781 |
|  Huntington Bancshares, Inc. | 15108 | 253210 |
|  ING Groep NV | 45783 | 1004502 |
|  Intesa Sanpaolo SpA | 220191 | 1268728 |
|  Israel Discount Bank Ltd., Class A | 17887 | 178217 |
|  Japan Post Bank Co. Ltd. | 26252 | 283475 |
|  JPMorgan Chase & Co. | 29058 | 8424205 |
|  KBC Group NV | 3340 | 344885 |
|  KeyCorp | 10352 | 180332 |
|  Lloyds Banking Group plc | 874834 | 921045 |
|  M&T Bank Corp. | 1724 | 334439 |
|  Mediobanca Banca di Credito Finanziario SpA (x) | 7273 | 169074 |
|  Mitsubishi UFJ Financial Group, Inc. | 166792 | 2296785 |
|  Mizrahi Tefahot Bank Ltd. | 2262 | 147406 |
|  Mizuho Financial Group, Inc. | 34711 | 962474 |
|  National Australia Bank Ltd. | 44548 | 1154006 |
|  NatWest Group plc | 117491 | 824755 |
|  Nordea Bank Abp | 45695 | 678751 |
|  Oversea-Chinese Banking Corp. Ltd. | 49585 | 636045 |
|  PNC Financial Services Group, Inc. (The) | 4115 | 767118 |
|  Regions Financial Corp. | 9447 | 222193 |
|  Resona Holdings, Inc. | 30203 | 279368 |
|  Skandinaviska Enskilda Banken AB, Class A | 23080 | 402764 |
|  Societe Generale SA | 10476 | 599117 |
|  Standard Chartered plc | 29359 | 486417 |
|  Sumitomo Mitsui Financial Group, Inc. | 53694 | 1354981 |
|  Sumitomo Mitsui Trust Group, Inc. | 9315 | 248327 |
|  Svenska Handelsbanken AB, Class A | 21213 | 283523 |
|  Swedbank AB, Class A | 12348 | 326943 |
|  Truist Financial Corp. | 13676 | 587931 |
|  UniCredit SpA | 20226 | 1355893 |
|  United Overseas Bank Ltd. | 18142 | 513655 |
|  US Bancorp | 16212 | 733593 |
|  Wells Fargo & Co. | 34179 | 2738422 |
|  Westpac Banking Corp. | 49795 | 1109680 |
|  |  | 56131622 |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** |
|  3i Group plc | 14158 | 800680 |
|  Ameriprise Financial, Inc. | 1000 | 533730 |
|  Amundi SA (m) | 896 | 72509 |
|  ASX Ltd. | 2827 | 129795 |
|  Bank of New York Mellon Corp. (The) | 7458 | 679498 |
|  Blackrock, Inc. | 1513 | 1587515 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Blackstone, Inc. | 7606 | $| 1137706 |
|  Cboe Global Markets, Inc. | 1088 |  | 253733 |
|  Charles Schwab Corp. (The) | 17710 |  | 1615860 |
|  CME Group, Inc. | 3745 |  | 1032197 |
|  Coinbase Global, Inc., Class A\* | 2181 |  | 764419 |
|  CVC Capital Partners plc (m) | 3092 |  | 63302 |
|  Daiwa Securities Group, Inc. | 19440 |  | 138303 |
|  Deutsche Bank AG (Registered) | 26920 |  | 798151 |
|  Deutsche Boerse AG | 2739 |  | 893392 |
|  EQT AB (x) | 5417 |  | 180874 |
|  Euronext NV (m) | 1137 |  | 194337 |
|  FactSet Research Systems, Inc. | 395 |  | 176676 |
|  Franklin Resources, Inc. (x) | 3221 |  | 76821 |
|  Futu Holdings Ltd. (ADR) | 904 |  | 111725 |
|  Goldman Sachs Group, Inc. (The) | 3243 |  | 2295233 |
|  Hong Kong Exchanges & Clearing Ltd. | 17481 |  | 932623 |
|  Intercontinental Exchange, Inc. | 5971 |  | 1095499 |
|  Invesco Ltd. | 4656 |  | 73425 |
|  Japan Exchange Group, Inc. | 14438 |  | 146430 |
|  Julius Baer Group Ltd. | 2997 |  | 202608 |
|  KKR & Co., Inc. | 7015 |  | 933205 |
|  London Stock Exchange Group plc | 6933 |  | 1012089 |
|  Macquarie Group Ltd. | 5266 |  | 792737 |
|  MarketAxess Holdings, Inc. | 392 |  | 87549 |
|  Moody's Corp. | 1609 |  | 807058 |
|  Morgan Stanley | 12859 |  | 1811319 |
|  MSCI, Inc. | 807 |  | 465429 |
|  Nasdaq, Inc. | 4301 |  | 384595 |
|  Nomura Holdings, Inc. | 43721 |  | 289034 |
|  Northern Trust Corp. | 2037 |  | 258271 |
|  Partners Group Holding AG | 330 |  | 430462 |
|  Raymond James Financial, Inc. | 1917 |  | 294010 |
|  S&P Global, Inc. | 3274 |  | 1726348 |
|  SBI Holdings, Inc. | 4009 |  | 140032 |
|  Schroders plc | 10543 |  | 52301 |
|  Singapore Exchange Ltd. | 12300 |  | 143943 |
|  State Street Corp. | 2998 |  | 318807 |
| T. Rowe Price Group, Inc. | 2314 |  | 223301 |
|  UBS Group AG (Registered) | 47856 |  | 1619426 |
|  |  |  | 27776957 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 5768 |  | 1839877 |
|  Capital One Financial Corp. | 6620 |  | 1408471 |
|  Synchrony Financial | 4040 |  | 269630 |
|  |  |  | 3517978 |
|  ***Financial Services (1.8%)*** | ***Financial Services (1.8%)*** | ***Financial Services (1.8%)*** | ***Financial Services (1.8%)*** |
|  Adyen NV (m)\* | 366 |  | 671872 |
|  Apollo Global Management, Inc. | 4645 |  | 658986 |
|  Banca Mediolanum SpA | 3253 |  | 56022 |
|  Berkshire Hathaway, Inc., Class B\* | 19049 |  | 9253433 |
|  Corpay, Inc.\* | 724 |  | 240238 |
|  Edenred SE | 3514 |  | 108823 |
|  Eurazeo SE | 585 |  | 41725 |
|  EXOR NV | 1286 |  | 129671 |
|  Fidelity National Information Services, Inc. | 5505 |  | 448162 |
|  Fiserv, Inc.\* | 5912 |  | 1019288 |
|  Global Payments, Inc. | 2573 |  | 205943 |
|  Groupe Bruxelles Lambert NV | 1208 |  | 102880 |
|  Industrivarden AB, Class A | 1734 |  | 62902 |
|  Industrivarden AB, Class C (x) | 2252 |  | 81336 |
|  Infratil Ltd. | 13379 |  | 86445 |
|  Investor AB, Class B | 25174 |  | 744372 |
|  Jack Henry & Associates, Inc. | 758 |  | 136569 |
|  L E Lundbergforetagen AB, Class B | 1106 |  | 55131 |
|  M&G plc | 33230 |  | 117226 |
|  Mastercard, Inc., Class A | 8464 |  | 4756260 |
|  Mitsubishi HC Capital, Inc. | 12828 |  | 94469 |
|  Nexi SpA (m) | 7158 |  | 42783 |
|  ORIX Corp. | 16960 |  | 383942 |
|  PayPal Holdings, Inc.\* | 10281 |  | 764084 |
|  Sofina SA | 224 |  | 73881 |
|  Visa, Inc., Class A | 17910 |  | 6358945 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 3477 |  | 96135 |
|  Wise plc, Class A\* | 9693 |  | 138373 |
|  |  |  | 26929896 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Admiral Group plc | 3788 |  | 170027 |
|  Aegon Ltd. | 19236 |  | 139308 |
|  Aflac, Inc. | 5144 |  | 542486 |
|  Ageas SA/NV | 2171 |  | 146663 |
|  AIA Group Ltd. | 155655 |  | 1395947 |
|  Allianz SE (Registered) | 5619 |  | 2277564 |
|  Allstate Corp. (The) | 2754 |  | 554408 |
|  American International Group, Inc. | 6166 |  | 527748 |
|  Aon plc, Class A | 2248 |  | 801996 |
|  Arch Capital Group Ltd. | 3896 |  | 354731 |
|  Arthur J Gallagher & Co. | 2643 |  | 846077 |
|  ASR Nederland NV | 2152 |  | 142920 |
|  Assurant, Inc. | 533 |  | 105262 |
|  Aviva plc | 38949 |  | 331045 |
|  AXA SA | 25776 |  | 1265220 |
|  Baloise Holding AG (Registered) | 600 |  | 141559 |
|  Brown & Brown, Inc. | 2466 |  | 273405 |
|  Chubb Ltd. | 3873 |  | 1122086 |
|  Cincinnati Financial Corp. | 1616 |  | 240655 |
|  Dai-ichi Life Holdings, Inc. | 51146 |  | 389264 |
|  Erie Indemnity Co., Class A | 259 |  | 89819 |
|  Everest Group Ltd. | 447 |  | 151913 |
|  Generali | 12554 |  | 446745 |
|  Gjensidige Forsikring ASA | 2909 |  | 73711 |
|  Globe Life, Inc. | 872 |  | 108381 |
|  Hannover Rueck SE | 877 |  | 276034 |
|  Hartford Insurance Group, Inc. (The) | 2989 |  | 379214 |
|  Helvetia Holding AG (Registered) | 540 |  | 126654 |
|  Insurance Australia Group Ltd. | 34409 |  | 204496 |
|  Japan Post Holdings Co. Ltd. | 25902 |  | 240215 |
|  Japan Post Insurance Co. Ltd. | 2749 |  | 62251 |
|  Legal & General Group plc | 85403 |  | 298464 |
|  Loews Corp. | 1836 |  | 168288 |
|  Marsh & McLennan Cos., Inc. | 5104 |  | 1115939 |
|  Medibank Pvt Ltd. | 40065 |  | 133162 |
|  MetLife, Inc. | 6016 |  | 483807 |
|  MS&AD Insurance Group Holdings, Inc. | 18759 |  | 420760 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1946 |  | 1262135 |
|  NN Group NV | 3913 |  | 260058 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Phoenix Group Holdings plc | 10215 | $| 92332 |
|  Poste Italiane SpA (m)(x) | 6651 |  | 142902 |
|  Principal Financial Group, Inc. | 2187 |  | 173713 |
|  Progressive Corp. (The) | 6088 |  | 1624644 |
|  Prudential Financial, Inc. | 3679 |  | 395272 |
|  Prudential plc | 37949 |  | 475380 |
|  QBE Insurance Group Ltd. | 21962 |  | 338086 |
|  Sampo OYJ, Class A | 35215 |  | 378726 |
|  Sompo Holdings, Inc. | 12990 |  | 391942 |
|  Suncorp Group Ltd. | 15755 |  | 224077 |
|  Swiss Life Holding AG (Registered) | 418 |  | 422820 |
|  Swiss Re AG | 4387 |  | 758305 |
|  T&D Holdings, Inc. | 7124 |  | 156822 |
|  Talanx AG | 939 |  | 121560 |
|  Tokio Marine Holdings, Inc. | 26742 |  | 1134824 |
|  Travelers Cos., Inc. (The) | 2356 |  | 630324 |
|  Tryg A/S | 4932 |  | 127393 |
|  Unipol Assicurazioni SpA | 5219 |  | 103435 |
|  W.R. Berkley Corp. | 3120 |  | 229226 |
|  Willis Towers Watson plc | 1037 |  | 317840 |
|  Zurich Insurance Group AG | 2130 |  | 1488812 |
|  |  |  | 27798852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 142155305 |
|  **Health Care (5.4%)** | **Health Care (5.4%)** | **Health Care (5.4%)** | **Health Care (5.4%)** |
|  ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** |
|  AbbVie, Inc. | 18346 |  | 3405385 |
|  Amgen, Inc. | 5583 |  | 1558830 |
|  Argenx SE\* | 888 |  | 491420 |
|  Biogen, Inc.\* | 1521 |  | 191022 |
|  CSL Ltd. | 7044 |  | 1110231 |
|  Genmab A/S\* | 933 |  | 193708 |
|  Gilead Sciences, Inc. | 12952 |  | 1435988 |
|  Grifols SA\* | 4339 |  | 52900 |
|  Incyte Corp.\* | 1669 |  | 113659 |
|  Moderna, Inc.\* | 3519 |  | 97089 |
|  Regeneron Pharmaceuticals, Inc. | 1093 |  | 573825 |
|  Swedish Orphan Biovitrum AB\* | 2848 |  | 86756 |
|  Vertex Pharmaceuticals, Inc.\* | 2669 |  | 1188239 |
|  |  |  | 10499052 |
|  ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** |
|  Abbott Laboratories | 18025 |  | 2451580 |
|  Alcon AG | 7268 |  | 643032 |
|  Align Technology, Inc.\* | 729 |  | 138022 |
|  Baxter International, Inc. | 5306 |  | 160666 |
|  Becton Dickinson & Co. | 2984 |  | 513994 |
|  BioMerieux | 603 |  | 83390 |
|  Boston Scientific Corp.\* | 15317 |  | 1645199 |
|  Cochlear Ltd. | 951 |  | 188033 |
|  Coloplast A/S, Class B | 1835 |  | 174294 |
|  Cooper Cos., Inc. (The)\* | 2074 |  | 147586 |
|  Demant A/S\* | 1244 |  | 51891 |
|  Dexcom, Inc.\* | 4060 |  | 354397 |
|  DiaSorin SpA | 326 |  | 34891 |
|  Edwards Lifesciences Corp.\* | 6129 |  | 479349 |
|  EssilorLuxottica SA | 4327 |  | 1187089 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 8529 |  | 187419 |
|  GE HealthCare Technologies, Inc. | 4752 |  | 351981 |
|  Hologic, Inc.\* | 2332 |  | 151953 |
|  Hoya Corp. | 4997 |  | 595282 |
|  IDEXX Laboratories, Inc.\* | 851 |  | 456425 |
|  Insulet Corp.\* | 729 |  | 229037 |
|  Intuitive Surgical, Inc.\* | 3706 |  | 2013877 |
|  Koninklijke Philips NV | 12102 |  | 290956 |
|  Medtronic plc | 13326 |  | 1161627 |
|  Olympus Corp. | 16552 |  | 197123 |
|  ResMed, Inc. | 1526 |  | 393708 |
|  Siemens Healthineers AG (m) | 4921 |  | 272792 |
|  Smith & Nephew plc | 12106 |  | 184951 |
|  Solventum Corp.\* | 1436 |  | 108906 |
|  Sonova Holding AG (Registered) | 737 |  | 219581 |
|  STERIS plc | 1021 |  | 245265 |
|  Straumann Holding AG (Registered) | 1624 |  | 211942 |
|  Stryker Corp. | 3569 |  | 1412003 |
|  Sysmex Corp. | 7325 |  | 127878 |
|  Terumo Corp. | 19418 |  | 357333 |
|  Zimmer Biomet Holdings, Inc. | 2069 |  | 188713 |
|  |  |  | 17612165 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Cardinal Health, Inc. | 2510 |  | 421680 |
|  Cencora, Inc. | 1794 |  | 537931 |
|  Centene Corp.\* | 5154 |  | 279759 |
|  Cigna Group (The) | 2845 |  | 940500 |
|  CVS Health Corp. | 13103 |  | 903845 |
|  DaVita, Inc.\* | 457 |  | 65100 |
|  Elevance Health, Inc. | 2410 |  | 937394 |
|  Fresenius Medical Care AG | 3201 |  | 183441 |
|  Fresenius SE & Co. KGaA | 6144 |  | 308889 |
|  HCA Healthcare, Inc. | 1858 |  | 711800 |
|  Henry Schein, Inc.\* | 1296 |  | 94673 |
|  Humana, Inc. | 1254 |  | 306578 |
|  Labcorp Holdings, Inc. | 867 |  | 227596 |
|  McKesson Corp. | 1302 |  | 954080 |
|  Molina Healthcare, Inc.\* | 577 |  | 171888 |
|  NMC Health plc (r)\* | 3800 |  |  |
|  Quest Diagnostics, Inc. | 1154 |  | 207293 |
|  Sigma Healthcare Ltd. | 67176 |  | 132193 |
|  Sonic Healthcare Ltd. | 6639 |  | 117058 |
|  UnitedHealth Group, Inc. | 9564 |  | 2983681 |
|  Universal Health Services, Inc., Class B | 610 |  | 110501 |
|  |  |  | 10595880 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  M3, Inc. | 6433 |  | 88696 |
|  Pro Medicus Ltd. | 836 |  | 156855 |
|  |  |  | 245551 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Agilent Technologies, Inc. | 2965 |  | 349900 |
|  Bio-Techne Corp. | 1643 |  | 84532 |
|  Charles River Laboratories International, Inc.\* | 531 |  | 80569 |
|  Danaher Corp. | 6651 |  | 1313839 |
|  Eurofins Scientific SE | 1723 |  | 122669 |
|  IQVIA Holdings, Inc.\* | 1739 |  | 274049 |
|  Lonza Group AG (Registered) | 1051 |  | 748396 |
|  Mettler-Toledo International, Inc.\* | 217 |  | 254914 |
|  QIAGEN NV\* | 3144 |  | 151417 |
|  Revvity, Inc. | 1265 |  | 122351 |
|  Sartorius AG (Preference) (q) | 381 |  | 96941 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sartorius Stedim Biotech | 425 | $| 101527 |
|  Thermo Fisher Scientific, Inc. | 3975 |  | 1611703 |
|  Waters Corp.\* | 617 |  | 215358 |
|  West Pharmaceutical Services, Inc. | 753 |  | 164756 |
|  |  |  | 5692921 |
|  ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** |
|  Astellas Pharma, Inc. | 26365 |  | 259338 |
|  AstraZeneca plc | 22564 |  | 3134414 |
|  Bayer AG (Registered) | 14288 |  | 429768 |
|  Bristol-Myers Squibb Co. | 21089 |  | 976210 |
|  Chugai Pharmaceutical Co. Ltd. | 9736 |  | 508756 |
|  Daiichi Sankyo Co. Ltd. | 24942 |  | 582826 |
|  Eisai Co. Ltd. | 3866 |  | 111358 |
|  Eli Lilly & Co. | 8188 |  | 6382792 |
|  Galderma Group AG | 1557 |  | 225666 |
|  GSK plc | 59884 |  | 1142577 |
|  Haleon plc | 131259 |  | 674566 |
|  Hikma Pharmaceuticals plc | 2421 |  | 66065 |
|  Ipsen SA | 549 |  | 65381 |
|  Johnson & Johnson | 25021 |  | 3821958 |
|  Kyowa Kirin Co. Ltd. (x) | 3393 |  | 58091 |
|  Merck & Co., Inc. | 26289 |  | 2081037 |
|  Merck KGaA | 1880 |  | 243600 |
|  Novartis AG (Registered) | 27665 |  | 3353133 |
|  Novo Nordisk A/S, Class B | 46865 |  | 3252710 |
|  Ono Pharmaceutical Co. Ltd. | 5466 |  | 59175 |
|  Orion OYJ, Class B | 1577 |  | 118610 |
|  Otsuka Holdings Co. Ltd. (x) | 6436 |  | 319599 |
|  Pfizer, Inc. | 58893 |  | 1427566 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1673 |  | 105236 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 10223 |  | 3329288 |
|  Roche Holding AG (OTC US Exchange) | 466 |  | 161510 |
|  Sandoz Group AG | 6079 |  | 332661 |
|  Sanofi SA | 16154 |  | 1564342 |
|  Shionogi & Co. Ltd. | 11049 |  | 199029 |
|  Takeda Pharmaceutical Co. Ltd. | 23127 |  | 710649 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 16681 |  | 279574 |
|  UCB SA | 1839 |  | 361655 |
|  Viatris, Inc. | 12404 |  | 110768 |
|  Zoetis, Inc. | 4654 |  | 725791 |
|  |  |  | 37175699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 81821268 |
|  **Industrials (6.5%)** | **Industrials (6.5%)** | **Industrials (6.5%)** | **Industrials (6.5%)** |
|  ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** |
|  Airbus SE | 8646 |  | 1805314 |
|  Axon Enterprise, Inc.\* | 753 |  | 623439 |
|  BAE Systems plc | 43825 |  | 1134850 |
|  Boeing Co. (The)\* | 7795 |  | 1633286 |
|  Dassault Aviation SA | 285 |  | 100782 |
|  Elbit Systems Ltd. | 390 |  | 173447 |
|  GE Aerospace | 11154 |  | 2870928 |
|  General Dynamics Corp. | 2637 |  | 769107 |
|  Howmet Aerospace, Inc. | 4209 |  | 783421 |
|  Huntington Ingalls Industries, Inc. | 407 |  | 98274 |
|  Kongsberg Gruppen ASA | 6375 |  | 247204 |
|  L3Harris Technologies, Inc. | 1957 |  | 490894 |
|  Leonardo SpA | 5886 |  | 331279 |
|  Lockheed Martin Corp. | 2177 |  | 1008256 |
|  Melrose Industries plc | 18552 |  | 135170 |
|  MTU Aero Engines AG | 783 |  | 347905 |
|  Northrop Grumman Corp. | 1414 |  | 706972 |
|  Rheinmetall AG | 650 |  | 1375905 |
|  Rolls-Royce Holdings plc | 123358 |  | 1638412 |
|  RTX Corp. | 13844 |  | 2021501 |
|  Saab AB, Class B | 4660 |  | 259871 |
|  Safran SA | 5239 |  | 1702656 |
|  Singapore Technologies Engineering Ltd. | 22401 |  | 137242 |
|  Textron, Inc. | 1897 |  | 152310 |
|  Thales SA | 1348 |  | 396334 |
|  TransDigm Group, Inc. | 583 |  | 886533 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21831292 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  CH Robinson Worldwide, Inc. | 1234 |  | 118402 |
|  Deutsche Post AG | 13963 |  | 644915 |
|  DSV A/S | 2973 |  | 714412 |
|  Expeditors International of Washington, Inc. | 1455 |  | 166234 |
|  FedEx Corp. | 2303 |  | 523495 |
|  InPost SA\* | 3273 |  | 54361 |
|  SG Holdings Co. Ltd. (x) | 4694 |  | 52366 |
|  United Parcel Service, Inc., Class B | 7601 |  | 767245 |
|  |  |  | 3041430 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 1227 |  | 80455 |
|  AGC, Inc. (x) | 2807 |  | 82394 |
|  Allegion plc | 903 |  | 130140 |
|  Assa Abloy AB, Class B | 14577 |  | 454833 |
|  Builders FirstSource, Inc.\* | 1196 |  | 139561 |
|  Carrier Global Corp. | 8392 |  | 614211 |
|  Cie de Saint-Gobain SA | 6533 |  | 766784 |
|  Daikin Industries Ltd. | 3885 |  | 459304 |
|  Geberit AG (Registered) | 486 |  | 382209 |
|  Johnson Controls International plc | 6830 |  | 721385 |
|  Kingspan Group plc | 2251 |  | 191443 |
|  Lennox International, Inc. | 333 |  | 190889 |
|  Masco Corp. | 2203 |  | 141785 |
|  Nibe Industrier AB, Class B | 22047 |  | 94006 |
|  ROCKWOOL A/S, Class B | 1374 |  | 64299 |
|  Trane Technologies plc | 2331 |  | 1019603 |
|  |  |  | 5533301 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Brambles Ltd. | 19965 |  | 307738 |
|  Cintas Corp. | 3565 |  | 794532 |
|  Copart, Inc.\* | 9112 |  | 447126 |
|  Dai Nippon Printing Co. Ltd. | 5769 |  | 87734 |
|  Rentokil Initial plc | 36727 |  | 177505 |
|  Republic Services, Inc. | 2109 |  | 520100 |
|  Rollins, Inc. | 2919 |  | 164690 |
|  Secom Co. Ltd. | 6125 |  | 220450 |
|  Securitas AB, Class B | 7155 |  | 107012 |
|  TOPPAN Holdings, Inc. | 3429 |  | 93461 |
|  Veralto Corp. | 2570 |  | 259441 |
|  Waste Management, Inc. | 3796 |  | 868601 |
|  |  |  | 4048390 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  ACS Actividades de Construccion y Servicios SA (x) | 2569 | $178392 |
|  Bouygues SA | 2757 | 124708 |
|  Eiffage SA | 998 | 140190 |
|  Ferrovial SE | 7428 | 396016 |
|  Kajima Corp. | 6188 | 161699 |
|  Obayashi Corp. | 9417 | 142918 |
|  Quanta Services, Inc. | 1534 | 579975 |
|  Skanska AB, Class B | 4951 | 115233 |
|  Taisei Corp. | 2265 | 132120 |
|  Vinci SA | 7201 | 1061150 |
|  |  | 3032401 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  ABB Ltd. (Registered) | 23011 | 1372047 |
|  AMETEK, Inc. | 2404 | 435028 |
|  Eaton Corp. plc | 4107 | 1466158 |
|  Emerson Electric Co. | 5860 | 781314 |
|  Fuji Electric Co. Ltd. | 1927 | 89040 |
|  Fujikura Ltd. | 3708 | 194946 |
|  GE Vernova, Inc. | 2867 | 1517073 |
|  Generac Holdings, Inc.\* | 620 | 88790 |
|  Hubbell, Inc., Class B | 558 | 227893 |
|  Legrand SA | 3892 | 520350 |
|  Mitsubishi Electric Corp. | 27688 | 598155 |
|  Nidec Corp. | 12177 | 237190 |
|  Prysmian SpA | 4087 | 289049 |
|  Rockwell Automation, Inc. | 1175 | 390300 |
|  Schneider Electric SE | 7957 | 2116412 |
|  Siemens Energy AG\* | 9883 | 1141583 |
|  Vestas Wind Systems A/S | 14691 | 220397 |
|  |  | 11685725 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Central Japan Railway Co. | 11283 | 253232 |
|  CSX Corp. | 20041 | 653938 |
|  East Japan Railway Co. | 13221 | 285343 |
|  Grab Holdings Ltd., Class A\* | 34519 | 173631 |
|  Hankyu Hanshin Holdings, Inc. | 3267 | 88932 |
|  JB Hunt Transport Services, Inc. | 826 | 118614 |
|  MTR Corp. Ltd. | 22828 | 82007 |
|  Norfolk Southern Corp. | 2353 | 602297 |
|  Old Dominion Freight Line, Inc. | 1952 | 316810 |
|  Tokyo Metro Co. Ltd. (x) | 4268 | 49717 |
|  Tokyu Corp. | 7320 | 87125 |
|  Uber Technologies, Inc.\* | 21710 | 2025543 |
|  Union Pacific Corp. | 6280 | 1444902 |
|  West Japan Railway Co. | 6520 | 149502 |
|  |  | 6331593 |
|  ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** |
|  3M Co. | 5642 | 858938 |
|  CK Hutchison Holdings Ltd. | 38967 | 239760 |
|  DCC plc | 1440 | 93454 |
|  Hikari Tsushin, Inc. | 254 | 75069 |
|  Hitachi Ltd. | 66626 | 1945504 |
|  Honeywell International, Inc. | 6758 | 1573803 |
|  Investment AB Latour, Class B | 2154 | 56736 |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 2201 | 100300 |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 100 | 4806 |
|  Keppel Ltd. | 20897 | 121947 |
|  Lifco AB, Class B | 3391 | 137204 |
|  Sekisui Chemical Co. Ltd. | 5521 | 100141 |
|  Siemens AG (Registered) | 11059 | 2835316 |
|  Smiths Group plc | 4883 | 150542 |
|  Swire Pacific Ltd., Class A | 5279 | 45225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338745 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  Alfa Laval AB | 4209 | 176975 |
|  Alstom SA\* | 5035 | 117433 |
|  Atlas Copco AB, Class A | 39067 | 631165 |
|  Atlas Copco AB, Class B | 22702 | 322621 |
|  Caterpillar, Inc. | 4967 | 1928239 |
|  Cummins, Inc. | 1429 | 467997 |
|  Daifuku Co. Ltd. (x) | 4732 | 122305 |
|  Daimler Truck Holding AG | 6910 | 326969 |
|  Deere & Co. | 2632 | 1338346 |
|  Dover Corp. | 1426 | 261286 |
|  Epiroc AB, Class A | 9588 | 208160 |
|  Epiroc AB, Class B | 5673 | 108532 |
|  FANUC Corp. | 13768 | 376695 |
|  Fortive Corp. | 3546 | 184853 |
|  GEA Group AG | 2131 | 149107 |
|  Hoshizaki Corp. (x) | 1559 | 53870 |
|  IDEX Corp. | 787 | 138174 |
|  IHI Corp. | 2100 | 228075 |
|  Illinois Tool Works, Inc. | 2776 | 686366 |
|  Indutrade AB | 3975 | 108483 |
|  Ingersoll Rand, Inc. | 4187 | 348275 |
|  Knorr-Bremse AG | 1055 | 101967 |
|  Komatsu Ltd. | 13162 | 432960 |
|  Kone OYJ, Class B | 4943 | 325367 |
|  Kubota Corp. (x) | 14236 | 160347 |
|  Makita Corp. | 3415 | 105600 |
|  Metso OYJ | 9045 | 116987 |
|  Minebea Mitsumi, Inc. | 5308 | 78014 |
|  Mitsubishi Heavy Industries Ltd. | 46585 | 1167820 |
|  Nordson Corp. | 564 | 120905 |
|  Otis Worldwide Corp. | 4121 | 408061 |
|  PACCAR, Inc. | 5450 | 518077 |
|  Parker-Hannifin Corp. | 1338 | 934553 |
|  Pentair plc | 1717 | 176267 |
|  Rational AG | 74 | 62064 |
|  Sandvik AB | 15508 | 355535 |
|  Schindler Holding AG | 592 | 220102 |
|  Schindler Holding AG (Registered) | 342 | 123921 |
|  SKF AB, Class B | 4963 | 113886 |
|  SMC Corp. | 821 | 296690 |
|  Snap-on, Inc. | 544 | 169282 |
|  Spirax Group plc | 1071 | 87545 |
|  Stanley Black & Decker, Inc. | 1602 | 108535 |
|  Techtronic Industries Co. Ltd. | 21217 | 233253 |
|  Toyota Industries Corp. | 2337 | 264526 |
|  Trelleborg AB, Class B | 2944 | 109565 |
|  VAT Group AG (m) | 393 | 165779 |
|  Volvo AB, Class B | 23103 | 648092 |
|  Wartsila OYJ Abp | 7317 | 172726 |
|  Westinghouse Air Brake Technologies Corp. | 1776 | 371806 |
|  Xylem, Inc. | 2525 | 326634 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 38063 | 66457 |
|  |  | 16827249 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  AP Moller - Maersk A/S, Class A | 43 | $79432 |
|  AP Moller - Maersk A/S, Class B (x) | 62 | 115263 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 5128 | 72787 |
|  Kuehne + Nagel International AG (Registered) (x) | 703 | 152083 |
|  Mitsui OSK Lines Ltd. (x) | 5041 | 168728 |
|  Nippon Yusen KK (x) | 6383 | 229957 |
|  SITC International Holdings Co. Ltd. | 19277 | 61760 |
|  |  | 880010 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  ANA Holdings, Inc. | 2293 | 44943 |
|  Delta Air Lines, Inc. | 6668 | 327932 |
|  Deutsche Lufthansa AG (Registered) | 8716 | 73717 |
|  International Consolidated Airlines Group SA (x) | 18080 | 84891 |
|  Japan Airlines Co. Ltd. | 2069 | 42262 |
|  Qantas Airways Ltd. | 10786 | 76241 |
|  Ryanair Holdings plc | 12366 | 349888 |
|  Singapore Airlines Ltd. | 21362 | 117101 |
|  Southwest Airlines Co. | 6159 | 199798 |
|  United Airlines Holdings, Inc.\* | 3418 | 272175 |
|  |  | 1588948 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Automatic Data Processing, Inc. | 4228 | 1303915 |
|  Broadridge Financial Solutions, Inc. | 1216 | 295524 |
|  Bureau Veritas SA | 4622 | 157563 |
|  Computershare Ltd. | 7654 | 200945 |
|  Dayforce, Inc.\* | 1652 | 91504 |
|  Equifax, Inc. | 1289 | 334328 |
|  Experian plc | 13354 | 687755 |
|  Intertek Group plc | 2380 | 154851 |
|  Jacobs Solutions, Inc. | 1274 | 167467 |
|  Leidos Holdings, Inc. | 1363 | 215027 |
|  Paychex, Inc. | 3330 | 484382 |
|  Paycom Software, Inc. | 489 | 113155 |
|  Randstad NV (x) | 1579 | 72911 |
|  Recruit Holdings Co. Ltd. | 20521 | 1216255 |
|  RELX plc | 26879 | 1452574 |
|  SGS SA (Registered) | 2343 | 237711 |
|  Teleperformance SE | 784 | 76024 |
|  Verisk Analytics, Inc. | 1468 | 457282 |
|  Wolters Kluwer NV | 3469 | 580052 |
|  |  | 8299225 |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** |
|  AddTech AB, Class B | 3781 | 128686 |
|  AerCap Holdings NV | 2677 | 313209 |
|  Ashtead Group plc | 6283 | 402671 |
|  Beijer Ref AB, Class B (x) | 5599 | 88386 |
|  Brenntag SE | 1785 | 118168 |
|  Bunzl plc | 4766 | 151775 |
|  Fastenal Co. | 11918 | 500556 |
|  IMCD NV | 860 | 115537 |
|  ITOCHU Corp. | 17255 | 905377 |
|  Marubeni Corp. | 20554 | 415776 |
|  Mitsubishi Corp. | 49756 | 997849 |
|  Mitsui & Co. Ltd. | 35913 | 734944 |
|  MonotaRO Co. Ltd. | 3696 | 73019 |
|  Reece Ltd. (x) | 3289 | 31063 |
|  Rexel SA | 3254 | 100196 |
|  SGH Ltd. | 2960 | 105335 |
|  Sumitomo Corp. | 15839 | 410150 |
|  Toyota Tsusho Corp. | 9244 | 209844 |
|  United Rentals, Inc. | 679 | 511559 |
|  W.W. Grainger, Inc. | 461 | 479551 |
|  |  | 6793651 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Aena SME SA (m) | 10910 | 291214 |
|  Aeroports de Paris SA | 504 | 63168 |
|  Auckland International Airport Ltd. | 24558 | 115938 |
|  Getlink SE | 4251 | 82072 |
|  Transurban Group | 45208 | 415956 |
|  |  | 968348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 99200308 |
|  **Information Technology (13.4%)** | **Information Technology (13.4%)** | **Information Technology (13.4%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 10735 | 1098298 |
|  Cisco Systems, Inc. | 41390 | 2871638 |
|  F5, Inc.\* | 599 | 176298 |
|  Juniper Networks, Inc. | 3441 | 137399 |
|  Motorola Solutions, Inc. | 1737 | 730339 |
|  Nokia OYJ | 77455 | 401995 |
|  Telefonaktiebolaget LM Ericsson, Class B | 40402 | 345648 |
|  |  | 5761615 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  Amphenol Corp., Class A | 12586 | 1242868 |
|  CDW Corp. | 1385 | 247347 |
|  Corning, Inc. | 8012 | 421351 |
|  Halma plc | 5523 | 242597 |
|  Hexagon AB, Class B | 30195 | 303709 |
|  Jabil, Inc. | 1138 | 248198 |
|  Keyence Corp. | 2791 | 1121013 |
|  Keysight Technologies, Inc.\* | 1797 | 294456 |
|  Kyocera Corp. | 18721 | 225359 |
|  Murata Manufacturing Co. Ltd. | 24240 | 362577 |
|  Omron Corp. | 2515 | 68007 |
|  Ralliant Corp.\* | 1182 | 57315 |
|  Shimadzu Corp. | 3398 | 84286 |
|  TDK Corp. | 28290 | 333084 |
|  TE Connectivity plc | 3101 | 523046 |
|  Teledyne Technologies, Inc.\* | 484 | 247958 |
|  Trimble, Inc.\* | 2554 | 194053 |
|  Yokogawa Electric Corp. | 3276 | 87698 |
|  Zebra Technologies Corp., Class A\* | 534 | 164664 |
|  |  | 6469586 |
|  ***IT Services (0.6%)*** | ***IT Services (0.6%)*** | ***IT Services (0.6%)*** |
|  Accenture plc, Class A | 6500 | 1942785 |
|  Akamai Technologies, Inc.\* | 1561 | 124505 |
|  Capgemini SE | 2367 | 404430 |
|  Cognizant Technology Solutions Corp., Class A | 5140 | 401074 |
|  EPAM Systems, Inc.\* | 589 | 104147 |
|  Fujitsu Ltd. | 25559 | 623866 |
|  Gartner, Inc.\* | 798 | 322568 |
|  GoDaddy, Inc., Class A\* | 1467 | 264148 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  International Business Machines Corp. | 9609 | $| 2832541 |
|  NEC Corp. | 17817 |  | 521995 |
|  Nomura Research Institute Ltd. | 5520 |  | 221674 |
|  NTT Data Group Corp. | 4055 |  | 112607 |
|  Obic Co. Ltd. | 4744 |  | 184845 |
|  Otsuka Corp. | 3271 |  | 66701 |
|  SCSK Corp. | 2244 |  | 67754 |
|  TIS, Inc. | 3050 |  | 102468 |
|  VeriSign, Inc. | 845 |  | 244036 |
|  Wix.com Ltd.\* | 769 |  | 121856 |
|  |  |  | 8664000 |
|  ***Semiconductors & Semiconductor Equipment (5.2%)*** | ***Semiconductors & Semiconductor Equipment (5.2%)*** | ***Semiconductors & Semiconductor Equipment (5.2%)*** | ***Semiconductors & Semiconductor Equipment (5.2%)*** |
|  Advanced Micro Devices, Inc.\* | 16841 |  | 2389738 |
|  Advantest Corp. | 11192 |  | 828102 |
|  Analog Devices, Inc. | 5156 |  | 1227231 |
|  Applied Materials, Inc. | 8446 |  | 1546209 |
|  ASM International NV | 682 |  | 436547 |
|  ASML Holding NV | 5731 |  | 4574363 |
|  BE Semiconductor Industries NV | 1181 |  | 176747 |
|  Broadcom, Inc. | 48713 |  | 13427738 |
|  Disco Corp. | 1321 |  | 391058 |
|  Enphase Energy, Inc.\* | 1377 |  | 54598 |
|  First Solar, Inc.\* | 1113 |  | 184246 |
|  Infineon Technologies AG | 18994 |  | 808036 |
|  Intel Corp. | 44999 |  | 1007978 |
|  KLA Corp. | 1381 |  | 1237017 |
|  Lam Research Corp. | 13340 |  | 1298516 |
|  Lasertec Corp. | 1149 |  | 154870 |
|  Microchip Technology, Inc. | 5589 |  | 393298 |
|  Micron Technology, Inc. | 11579 |  | 1427112 |
|  Monolithic Power Systems, Inc. | 497 |  | 363496 |
|  NVIDIA Corp. | 254508 |  | 40209719 |
|  NXP Semiconductors NV | 2641 |  | 577032 |
|  ON Semiconductor Corp.\* | 4380 |  | 229556 |
|  QUALCOMM, Inc. | 11494 |  | 1830534 |
|  Renesas Electronics Corp. | 24455 |  | 303809 |
|  SCREEN Holdings Co. Ltd. | 1166 |  | 95220 |
|  Skyworks Solutions, Inc. | 1670 |  | 124448 |
|  STMicroelectronics NV | 9847 |  | 300827 |
|  Teradyne, Inc. | 1692 |  | 152145 |
|  Texas Instruments, Inc. | 9460 |  | 1964085 |
|  Tokyo Electron Ltd. | 6528 |  | 1254783 |
|  |  |  | 78969058 |
|  ***Software (4.5%)*** | ***Software (4.5%)*** | ***Software (4.5%)*** | ***Software (4.5%)*** |
|  Adobe, Inc.\* | 4524 |  | 1750245 |
|  ANSYS, Inc.\* | 909 |  | 319259 |
|  Autodesk, Inc.\* | 2234 |  | 691579 |
|  Cadence Design Systems, Inc.\* | 2850 |  | 878227 |
|  Check Point Software Technologies Ltd.\* | 1261 |  | 278996 |
|  Crowdstrike Holdings, Inc., Class A\* | 2560 |  | 1303834 |
|  CyberArk Software Ltd.\* | 683 |  | 277899 |
|  Dassault Systemes SE | 9748 |  | 352862 |
|  Fair Isaac Corp.\* | 254 |  | 464302 |
|  Fortinet, Inc.\* | 6611 |  | 698915 |
|  Gen Digital, Inc. | 5636 |  | 165698 |
|  Intuit, Inc. | 2909 |  | 2291216 |
|  Microsoft Corp. | 77257 |  | 38428404 |
|  Monday.com Ltd.\* | 591 |  | 185858 |
|  Nemetschek SE | 840 |  | 121706 |
|  Nice Ltd.\* | 920 |  | 156097 |
|  Oracle Corp. | 552 |  | 65873 |
|  Oracle Corp. (Moscow Stock Exchange) | 16859 |  | 3685883 |
|  Palantir Technologies, Inc., Class A\* | 21302 |  | 2903889 |
|  Palo Alto Networks, Inc.\* | 6881 |  | 1408128 |
|  PTC, Inc.\* | 1250 |  | 215425 |
|  Roper Technologies, Inc. | 1114 |  | 631460 |
|  Sage Group plc (The) | 14374 |  | 246729 |
|  Salesforce, Inc. | 9945 |  | 2711902 |
|  SAP SE | 15194 |  | 4620310 |
|  ServiceNow, Inc.\* | 2141 |  | 2201119 |
|  Synopsys, Inc.\* | 1606 |  | 823364 |
|  Temenos AG (Registered) | 820 |  | 58649 |
|  Trend Micro, Inc. | 1819 |  | 126024 |
|  Tyler Technologies, Inc.\* | 445 |  | 263814 |
|  WiseTech Global Ltd. | 2920 |  | 209534 |
|  Workday, Inc., Class A\* | 2224 |  | 533760 |
|  Xero Ltd.\* | 2116 |  | 250398 |
|  |  |  | 69321358 |
|  ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** |
|  Apple, Inc. | 156115 |  | 32030115 |
|  Canon, Inc. | 13595 |  | 395469 |
|  Dell Technologies, Inc., Class C | 3242 |  | 397469 |
|  FUJIFILM Holdings Corp. | 16262 |  | 354815 |
|  Hewlett Packard Enterprise Co. | 13760 |  | 281392 |
|  HP, Inc. | 9746 |  | 238387 |
|  Logitech International SA (Registered) | 2213 |  | 199252 |
|  NetApp, Inc. | 2113 |  | 225140 |
|  Ricoh Co. Ltd. | 7880 |  | 74721 |
|  Seagate Technology Holdings plc | 2200 |  | 317526 |
|  Super Micro Computer, Inc. (x)\* | 5233 |  | 256469 |
|  Western Digital Corp. | 3615 |  | 231324 |
|  |  |  | 35002079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 204187696 |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  Air Liquide SA | 8416 |  | 1736273 |
|  Air Products and Chemicals, Inc. | 2312 |  | 652123 |
|  Akzo Nobel NV | 2485 |  | 173876 |
|  Albemarle Corp. (x) | 1222 |  | 76583 |
|  Arkema SA | 830 |  | 61155 |
|  Asahi Kasei Corp. | 17900 |  | 127657 |
|  BASF SE | 12981 |  | 640080 |
|  CF Industries Holdings, Inc. | 1808 |  | 166336 |
|  Corteva, Inc. | 7125 |  | 531026 |
|  Covestro AG\* | 2612 |  | 185839 |
|  Croda International plc | 1930 |  | 77463 |
|  Dow, Inc. | 7314 |  | 193675 |
|  DSM-Firmenich AG | 2705 |  | 287600 |
|  DuPont de Nemours, Inc. | 4344 |  | 297955 |
|  Eastman Chemical Co. | 1197 |  | 89368 |
|  Ecolab, Inc. | 2619 |  | 705663 |
|  EMS-Chemie Holding AG (Registered) (x) | 102 |  | 77003 |
|  Evonik Industries AG | 3960 |  | 81632 |
|  Givaudan SA (Registered) | 134 |  | 648679 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ICL Group Ltd. | 11263 | $| 77209 |
|  International Flavors & Fragrances, Inc. | 2671 |  | 196452 |
|  Linde plc | 4948 |  | 2321503 |
|  LyondellBasell Industries NV, Class A (x) | 2694 |  | 155875 |
|  Mitsubishi Chemical Group Corp. | 19751 |  | 103963 |
|  Mosaic Co. (The) | 3301 |  | 120420 |
|  Nippon Paint Holdings Co. Ltd. (x) | 13805 |  | 111203 |
|  Nippon Sanso Holdings Corp. | 2485 |  | 94271 |
|  Nitto Denko Corp. | 10240 |  | 198500 |
|  Novonesis Novozymes B | 5125 |  | 367438 |
|  PPG Industries, Inc. | 2411 |  | 274251 |
|  Sherwin-Williams Co. (The) | 2408 |  | 826811 |
|  Shin-Etsu Chemical Co. Ltd. | 26232 |  | 869269 |
|  Sika AG (Registered) | 2217 |  | 601855 |
|  Syensqo SA | 1063 |  | 81992 |
|  Symrise AG, Class A | 1932 |  | 202865 |
|  Toray Industries, Inc. | 20197 |  | 138541 |
|  Yara International ASA | 2409 |  | 88909 |
|  |  |  | 13641313 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Amrize Ltd.\* | 7581 |  | 378166 |
|  Heidelberg Materials AG | 1946 |  | 457197 |
|  Holcim AG | 7581 |  | 562759 |
|  James Hardie Industries plc (CHDI) (x)\* | 6254 |  | 171640 |
|  Martin Marietta Materials, Inc. | 635 |  | 348590 |
|  Vulcan Materials Co. | 1372 |  | 357845 |
|  |  |  | 2276197 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 15020 |  | 138034 |
|  Avery Dennison Corp. | 835 |  | 146517 |
|  Ball Corp. | 3101 |  | 173935 |
|  International Paper Co. | 5479 |  | 256582 |
|  Packaging Corp. of America | 927 |  | 174693 |
|  SIG Group AG | 4449 |  | 82201 |
|  Smurfit WestRock plc | 5138 |  | 221705 |
|  |  |  | 1193667 |
|  ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** |
|  Anglo American plc | 16216 |  | 478566 |
|  Antofagasta plc | 5737 |  | 142496 |
|  ArcelorMittal SA | 6824 |  | 215990 |
|  BHP Group Ltd. | 73859 |  | 1786428 |
|  BlueScope Steel Ltd. | 6381 |  | 97054 |
|  Boliden AB\* | 4135 |  | 128977 |
|  Evolution Mining Ltd. | 29131 |  | 149354 |
|  Fortescue Ltd. | 24628 |  | 247672 |
|  Freeport-McMoRan, Inc. | 14934 |  | 647389 |
|  Glencore plc | 149131 |  | 580542 |
|  JFE Holdings, Inc. (x) | 8357 |  | 97321 |
|  Newmont Corp. | 11831 |  | 689274 |
|  Nippon Steel Corp. | 14078 |  | 267179 |
|  Norsk Hydro ASA | 20459 |  | 116794 |
|  Northern Star Resources Ltd. | 19752 |  | 241146 |
|  Nucor Corp. | 2440 |  | 316078 |
|  Rio Tinto Ltd. | 5399 |  | 380671 |
|  Rio Tinto plc | 16417 |  | 956602 |
|  South32 Ltd. | 65652 |  | 125738 |
|  Steel Dynamics, Inc. | 1471 |  | 188303 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 3546 |  | 87662 |
|  |  |  | 7941236 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Holmen AB, Class B | 1109 |  | 43981 |
|  Mondi plc | 6421 |  | 104840 |
|  Stora Enso OYJ, Class R | 8472 |  | 92052 |
|  Svenska Cellulosa AB SCA, Class B | 8838 |  | 114902 |
|  UPM-Kymmene OYJ | 7765 |  | 211839 |
|  |  |  | 567614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 25620027 |
|  **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** | **Real Estate (1.1%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Covivio SA (REIT) | 812 |  | 51220 |
|  Land Securities Group plc (REIT) | 10295 |  | 89169 |
|  Stockland (REIT) | 34912 |  | 123159 |
|  |  |  | 263548 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1601 |  | 116280 |
|  Healthpeak Properties, Inc. (REIT) | 7270 |  | 127298 |
|  Ventas, Inc. (REIT) | 4543 |  | 286890 |
|  Welltower, Inc. (REIT) | 6331 |  | 973265 |
|  |  |  | 1503733 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 7265 |  | 111590 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  CapitaLand Ascendas REIT (REIT) | 54665 |  | 115220 |
|  Goodman Group (REIT) | 29542 |  | 665730 |
|  Prologis, Inc. (REIT) | 9632 |  | 1012516 |
|  Segro plc (REIT) | 18704 |  | 174481 |
|  |  |  | 1967947 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 1512 |  | 102015 |
|  Gecina SA (REIT) | 670 |  | 73635 |
|  Nippon Building Fund, Inc. (REIT) (x) | 111 |  | 102440 |
|  |  |  | 278090 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Azrieli Group Ltd. | 617 |  | 56730 |
|  CapitaLand Investment Ltd. | 33918 |  | 70690 |
|  CBRE Group, Inc., Class A\* | 3072 |  | 430449 |
|  CK Asset Holdings Ltd. | 28118 |  | 123935 |
|  CoStar Group, Inc.\* | 4380 |  | 352152 |
|  Daito Trust Construction Co. Ltd. | 840 |  | 91434 |
|  Daiwa House Industry Co. Ltd. | 8142 |  | 280098 |
|  Fastighets AB Balder, Class B\* | 10445 |  | 77568 |
|  Henderson Land Development Co. Ltd. | 20839 |  | 72871 |
|  Hongkong Land Holdings Ltd. | 16030 |  | 92493 |
|  Hulic Co. Ltd. (x) | 6710 |  | 67680 |
|  LEG Immobilien SE | 1123 |  | 99676 |
|  Mitsubishi Estate Co. Ltd. | 15455 |  | 290093 |
|  Mitsui Fudosan Co. Ltd. | 38423 |  | 372210 |
|  Sagax AB, Class B | 3197 |  | 72990 |
|  Sino Land Co. Ltd. | 52205 |  | 55531 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sumitomo Realty & Development Co. Ltd. | 4540 | $| 175509 |
|  Sun Hung Kai Properties Ltd. | 21288 |  | 244203 |
|  Swiss Prime Site AG (Registered) | 1167 |  | 174730 |
|  Vonovia SE | 11235 |  | 395837 |
|  Wharf Holdings Ltd. (The) | 15346 |  | 46723 |
|  Wharf Real Estate Investment Co. Ltd. | 23960 |  | 67760 |
|  |  |  | 3711362 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 1476 |  | 300366 |
|  Camden Property Trust (REIT) | 1109 |  | 124974 |
|  Equity Residential (REIT) | 3551 |  | 239657 |
|  Essex Property Trust, Inc. (REIT) | 668 |  | 189311 |
|  Invitation Homes, Inc. (REIT) | 5921 |  | 194209 |
|  Mid-America Apartment Communities, Inc. (REIT) | 1215 |  | 179832 |
|  UDR, Inc. (REIT) | 3129 |  | 127757 |
|  |  |  | 1356106 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  CapitaLand Integrated Commercial Trust (REIT) | 85580 |  | 146055 |
|  Federal Realty Investment Trust (REIT) | 801 |  | 76087 |
|  Kimco Realty Corp. (REIT) | 7062 |  | 148443 |
|  Klepierre SA (REIT) | 3130 |  | 123293 |
|  Link REIT (REIT) | 37801 |  | 201767 |
|  Realty Income Corp. (REIT) | 9095 |  | 523963 |
|  Regency Centers Corp. (REIT) | 1696 |  | 120806 |
|  Scentre Group (REIT) | 75774 |  | 177539 |
|  Simon Property Group, Inc. (REIT) | 3187 |  | 512342 |
|  Unibail-Rodamco-Westfield (REIT) | 1769 |  | 169079 |
|  Vicinity Ltd. (REIT) | 56421 |  | 91720 |
|  |  |  | 2291094 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 4856 |  | 1073273 |
|  Crown Castle, Inc. (REIT) | 4516 |  | 463929 |
|  Digital Realty Trust, Inc. (REIT) | 3289 |  | 573371 |
|  Equinix, Inc. (REIT) | 1012 |  | 805016 |
|  Extra Space Storage, Inc. (REIT) | 2203 |  | 324810 |
|  Iron Mountain, Inc. (REIT) | 3053 |  | 313146 |
|  Public Storage (REIT) | 1638 |  | 480622 |
|  SBA Communications Corp. (REIT) | 1117 |  | 262316 |
|  VICI Properties, Inc. (REIT), Class A | 10955 |  | 357133 |
|  Weyerhaeuser Co. (REIT) | 7540 |  | 193703 |
|  |  |  | 4847319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 16330789 |
|  **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Acciona SA | 359 |  | 64617 |
|  Alliant Energy Corp. | 2667 |  | 161273 |
|  American Electric Power Co., Inc. | 5541 |  | 574934 |
|  BKW AG | 307 |  | 67053 |
|  Chubu Electric Power Co., Inc. | 9344 |  | 115563 |
|  CK Infrastructure Holdings Ltd. | 9037 |  | 59806 |
|  CLP Holdings Ltd. | 23562 |  | 198402 |
|  Constellation Energy Corp. | 3251 |  | 1049293 |
|  Contact Energy Ltd. | 11678 |  | 64065 |
|  Duke Energy Corp. | 8064 |  | 951552 |
|  Edison International | 4023 |  | 207587 |
|  EDP SA | 45651 |  | 197998 |
|  Elia Group SA/NV, Class B | 714 |  | 82213 |
|  Endesa SA (x) | 4621 |  | 146370 |
|  Enel SpA | 118309 |  | 1122701 |
|  Entergy Corp. | 4456 |  | 370383 |
|  Evergy, Inc. | 2390 |  | 164743 |
|  Eversource Energy | 3812 |  | 242519 |
|  Exelon Corp. | 10447 |  | 453609 |
|  FirstEnergy Corp. | 5330 |  | 214586 |
|  Fortum OYJ | 6527 |  | 122170 |
|  Iberdrola SA | 84342 |  | 1618422 |
|  Kansai Electric Power Co., Inc. (The) | 13797 |  | 163738 |
|  NextEra Energy, Inc. | 21371 |  | 1483575 |
|  NRG Energy, Inc. | 2105 |  | 338021 |
|  Origin Energy Ltd. | 25062 |  | 177976 |
|  PG&E Corp. | 22796 |  | 317776 |
|  Pinnacle West Capital Corp. | 1182 |  | 105754 |
|  Power Assets Holdings Ltd. | 20375 |  | 130946 |
|  PPL Corp. | 7673 |  | 260038 |
|  Redeia Corp. SA (x) | 5904 |  | 126226 |
|  Southern Co. (The) | 11387 |  | 1045668 |
|  SSE plc | 16090 |  | 404393 |
|  Terna - Rete Elettrica Nazionale (x) | 20469 |  | 210397 |
|  Verbund AG | 991 |  | 76053 |
|  Xcel Energy, Inc. | 5968 |  | 406421 |
|  |  |  | 13496841 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  APA Group | 18977 |  | 102041 |
|  Atmos Energy Corp. | 1650 |  | 254281 |
|  Hong Kong & China Gas Co. Ltd. | 162641 |  | 136536 |
|  Osaka Gas Co. Ltd. | 5318 |  | 136380 |
|  Snam SpA (x) | 29336 |  | 177689 |
|  Tokyo Gas Co. Ltd. | 4821 |  | 160427 |
|  |  |  | 967354 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 7389 |  | 77732 |
|  EDP Renovaveis SA | 4588 |  | 51207 |
|  Meridian Energy Ltd. | 19023 |  | 68413 |
|  Orsted A/S (m)\* | 2446 |  | 105043 |
|  RWE AG | 9196 |  | 383793 |
|  Vistra Corp. | 3536 |  | 685312 |
|  |  |  | 1371500 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Ameren Corp. | 2805 |  | 269392 |
|  CenterPoint Energy, Inc. | 6773 |  | 248840 |
|  Centrica plc | 73123 |  | 162151 |
|  CMS Energy Corp. | 3105 |  | 215114 |
|  Consolidated Edison, Inc. | 3601 |  | 361360 |
|  Dominion Energy, Inc. | 8730 |  | 493420 |
|  DTE Energy Co. | 2154 |  | 285319 |
|  E.ON SE | 32653 |  | 600994 |
|  Engie SA | 26564 |  | 623474 |
|  National Grid plc | 73349 |  | 1068745 |
|  NiSource, Inc. | 4884 |  | 197021 |
|  Public Service Enterprise Group, Inc. | 5178 |  | 435884 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sembcorp Industries Ltd. | 12824 | $| 69087 |
|  Sempra | 6582 |  | 498718 |
|  Veolia Environnement SA | 9156 |  | 326256 |
|  WEC Energy Group, Inc. | 3301 |  | 343964 |
|  |  |  | 6199739 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 2025 |  | 281698 |
|  Severn Trent plc | 4039 |  | 151577 |
|  United Utilities Group plc | 9920 |  | 155434 |
|  |  |  | 588709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 22624143 |
|  **Total Common Stocks (54.0%)**<br> *(Cost $319,794,511)* |  |  | 821170298 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (4.1%)** | **Equity (4.1%)** | **Equity (4.1%)** | **Equity (4.1%)** |
|  SPDR S&P MidCap 400 ETF Trust (x) | 109787 |  | 62192140 |
|  **Total Exchange Traded Funds (4.1%)**<br> *(Cost $55,273,908)* | **Total Exchange Traded Funds (4.1%)**<br> *(Cost $55,273,908)* |  | 62192140 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** | **U.S. Government Agency Securities (2.5%)** |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | $5940000 |  | 5858981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/8/28 | 3125000 |  | 3219385 |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 | 2759000 |  | 3146333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 | 5522000 |  | 6254834 |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 8398000 |  | 8193046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 | 10000000 |  | 11506291 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 38178870 |
|  **U.S. Treasury Obligations (36.4%)** | **U.S. Treasury Obligations (36.4%)** | **U.S. Treasury Obligations (36.4%)** | **U.S. Treasury Obligations (36.4%)** |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | 18708100 |  | 19728333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 8782400 |  | 9198394 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26# | 36573500 |  | 35658822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 8201200 |  | 7893639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 6580200 |  | 6346538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 12890700 |  | 12574568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 6847700 |  | 6636647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 26341100 |  | 25685620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 24314100 |  | 23579863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 24429600 |  | 23619133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 9807700 |  | 9847948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 5963500 |  | 5819866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 9855300 |  | 9927721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 18603400 |  | 18499301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 8942200 |  | 8740715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 7186600 |  | 7169737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 4387500 |  | 4424523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 1412600 |  | 1377656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 7191400 |  | 7332977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 6018300 |  | 6184425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 1409600 |  | 1460254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 3406400 |  | 3342427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 6858800 |  | 7001301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 9966000 |  | 9972389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 10533900 |  | 10627514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 7103500 |  | 6839329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 9177000 |  | 9338330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 8120500 |  | 8229470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 9507600 |  | 9804655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 9798200 |  | 9319173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 8577000 |  | 8810187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 5912400 |  | 6022001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 14741600 |  | 13571117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 5904300 |  | 5843995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 9426900 |  | 8678243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 9471600 |  | 8568972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 8669500 |  | 7455760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 15094900 |  | 12868672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 6341800 |  | 6579366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 8067900 |  | 6915735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 4812800 |  | 4936111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 6164200 |  | 6133133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 13136200 |  | 11580816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 7053800 |  | 6033488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 9648000 |  | 8254982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 11983700 |  | 10527307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 11419200 |  | 10654868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 10241500 |  | 9447983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 9730200 |  | 9795769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 9499900 |  | 9159061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 7338500 |  | 6996229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 9333000 |  | 9192716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 2487200 |  | 2555349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 7649700 |  | 7572869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 8995400 |  | 9138664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 11358100 |  | 11093670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 6018400 |  | 6212220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 1973500 |  | 1976892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 552757443 |
|  **Total Long-Term Debt Securities (38.9%)**<br> *(Cost $603,553,667)* | **Total Long-Term Debt Securities (38.9%)**<br> *(Cost $603,553,667)* |  | 590936313 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.9%)** | **Investment Companies (2.9%)** |  |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 5000000 |  | 5000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 |  | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 33320648 |  | 33320648 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 4.23% (7 day yield) (xx) | 5000000 |  | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 44320648 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (1.0%**) | **U.S. Treasury Obligations (1.0%**) |  |
|  U.S. Treasury Bills 2.78%, 7/3/25 (p) | $15563300 | $15559694 |
|  **Total Short-Term Investments (3.9%)**<br> *(Cost $59,880,344)* | **Total Short-Term Investments (3.9%)**<br> *(Cost $59,880,344)* | 59880342 |
|  **Total Investments in Securities (100.9%)**<br> *(Cost $1,038,502,430)* | **Total Investments in Securities (100.9%)**<br> *(Cost $1,038,502,430)* | 1534179093 |
|  **Other Assets Less Liabilities (-0.9%)** | **Other Assets Less Liabilities (-0.9%)** | (14221856) |
|  **Net Assets (100%)** |  | $1519957237 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $14,624,861.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $3,444,997 or 0.2% of net assets.* 

*(p)* *Yield to maturity.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $58,547,362. This was collateralized by $16,933,481 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $44,320,648 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS) Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*EUR* *— European Currency Unit* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 110 | 9/2025 | USD | 6902434 | (19067) |
|  MSCI EAFE E-Mini Index | 13 | 9/2025 | USD | 1743105 | 21773 |
|  Russell 2000 E-Mini Index | 582 | 9/2025 | USD | 63778470 | 1415994 |
|  SPI 200 Index | 5 | 9/2025 | AUD | 702328 | (328) |
|  TOPIX Index | 15 | 9/2025 | JPY | 2974376 | 63669 |
|  |  |  |  |  | 1482041 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  FTSE 100 Index | (44) | 9/2025 | GBP | (5308559) | 69525 |
|  S&P 500 E-Mini Index | (8) | 9/2025 | USD | (2501500) | (60736) |
|  U.S. Treasury 2 Year Note | (130) | 9/2025 | USD | (27043047) | (107779) |
|  U.S. Treasury 5 Year Note | (27) | 9/2025 | USD | (2943000) | (42010) |
|  U.S. Treasury 10 Year Note | (211) | 9/2025 | USD | (23658375) | (334637) |
|  |  |  |  |  | (475637) |
|  |  |  |  |  | 1006404 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CHF | 3879575 | USD | 4778090 | Goldman Sachs Bank USA | 7/9/2025 | 115686 |
|  CHF | 3556261 | USD | 4320028 | JPMorgan Chase Bank | 7/9/2025 | 165913 |
|  EUR | 5725930 | USD | 6560708 | Goldman Sachs Bank USA | 7/9/2025 | 187255 |
|  EUR | 10325088 | USD | 11676954 | JPMorgan Chase Bank | 7/9/2025 | 491080 |
|  EUR | 10855058 | USD | 12380639 | Morgan Stanley | 7/9/2025 | 411960 |
|  EUR | 14140856 | USD | 16362314 | UBS AG | 7/9/2025 | 302572 |
|  GBP | 15390156 | USD | 20571714 | Citibank NA | 7/16/2025 | 554981 |
|  GBP | 7741620 | USD | 10486819 | Morgan Stanley | 7/16/2025 | 140419 |
|  AUD | 11966894 | USD | 7824937 | Morgan Stanley | 8/21/2025 | 59364 |
|  AUD | 16841869 | USD | 10991576 | UBS AG | 8/21/2025 | 104565 |
|  NZD | 6619858 | USD | 4013666 | Goldman Sachs Bank USA | 8/21/2025 | 28450 |
|  NOK | 189494486 | USD | 18703802 | UBS AG | 9/4/2025 | 103849 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 2666094 |
|  USD | 27638587 | CHF | 22550185 | Bank of America | 7/9/2025 | (806680) |
|  USD | 5107652 | CHF | 4176781 | Deutsche Bank AG | 7/9/2025 | (161026) |
|  USD | 21639433 | EUR | 19416163 | JPMorgan Chase Bank | 7/9/2025 | (1242360) |
|  USD | 9843217 | GBP | 7274293 | Barclays Bank plc | 7/16/2025 | (142502) |
|  USD | 4697647 | GBP | 3532456 | Citibank NA | 7/16/2025 | (151499) |
|  USD | 20538811 | GBP | 15134718 | Morgan Stanley | 7/16/2025 | (237233) |
|  USD | 12235458 | AUD | 18779972 | JPMorgan Chase Bank | 8/21/2025 | (137589) |
|  USD | 4804044 | NZD | 7926254 | JPMorgan Chase Bank | 8/21/2025 | (35764) |
|  USD | 1106376 | JPY | 161329598 | Morgan Stanley | 8/27/2025 | (21249) |
|  USD | 8317797 | SEK | 78659743 | Morgan Stanley | 9/4/2025 | (32263) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2968165) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (302071) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $56332529 | $12323715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $68656244 |
|  Consumer Discretionary | 56691443 | 26747134 |  | 83438577 |
|  Consumer Staples | 30375162 | 21585802 |  | 51960964 |
|  Energy | 16395629 | 8779348 |  | 25174977 |
|  Financials | 76988717 | 65166588 |  | 142155305 |
|  Health Care | 51300291 | 30520977 | — (a) | 81821268 |
|  Industrials | 47623143 | 51577165 |  | 99200308 |
|  Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181748582 | 22439114 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204187696 |
|  Materials | 10266986 | 15353041 |  | 25620027 |
|  Real Estate | 11097521 | 5233268 |  | 16330789 |
|  Utilities | 12995787 | 9628356 |  | 22624143 |
|  **Exchange Traded Fund** | 62192140 |  |  | 62192140 |
|  **Forward Currency Contracts** |  | 2666094 |  | 2666094 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Futures** | $1570961 | $— | $— | $1570961 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 44320648 |  |  | 44320648 |
|  U.S. Treasury Obligations |  | 15559694 |  | 15559694 |
|  **U.S. Government Agency Securities** |  | 38178870 |  | 38178870 |
|  **U.S. Treasury Obligations** |  | 552757443 |  | 552757443 |
|  **Total Assets** | $**659899539** | $**878516609** | $**—** | $**1538416148** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(2968165) | $— | $(2968165) |
|  **Futures** | (564557) |  |  | (564557) |
|  **Total Liabilities** | $**(564557)** | $**(2968165)** | $**—** | $**(3532722)** |
|  **Total** | $**659334982** | $**875548444** | $**—** | $**1534883426** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $2666094 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 1570961 |
|  **Total** |  | $4237055 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(484426) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (2968165) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (80131) |
|  **Total** |  | $(3532722) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(817375) | $— | $(817375) |
|  Foreign exchange contracts |  | (3202972) | (3202972) |
|  Equity contracts | (16268903) |  | (16268903) |
|  **Total** | $(17086278) | $(3202972) | $(20289250) |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(787757) | $— | $(787757) |
|  Foreign exchange contracts |  | (368292) | (368292) |
|  Equity contracts | 4995707 |  | 4995707 |
|  **Total** | $4207950 | $(368292) | $3839658 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

#### Average Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $90192000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 70732000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $143251000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 164605000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $554981 | $(151499) | $— | $403482 |
|  Goldman Sachs Bank USA | 331391 |  |  | 331391 |
|  JPMorgan Chase Bank | 656993 | (656993) |  |  |
|  Morgan Stanley | 611743 | (290745) |  | 320998 |
|  UBS AG | 510986 |  |  | 510986 |
|  **Total** | $2666094 | $(1099237) | $— | $1566857 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $806681 | $— | $— | $806681 |
|  Barclays Bank plc | 142502 |  |  | 142502 |
|  Citibank NA | 151499 | (151499) |  |  |
|  Deutsche Bank AG | 161026 |  |  | 161026 |
|  JPMorgan Chase Bank | 1415712 | (656993) |  | 758719 |
|  Morgan Stanley | 290745 | (290745) |  |  |
|  **Total** | $2968165 | $(1099237) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1868928 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $20585810.0 |
|  Long-term U.S. government debt securities | 49479592.0 |
|  | $70065402.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $118370600.0 |
|  Long-term U.S. government debt securities | 105539569.0 |
|  | $223910169.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $545487956 |
|  Aggregate gross unrealized depreciation | (52306431) |
|  Net unrealized appreciation | $493181525 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1041701901 |

---

See Notes to Financial Statements.

------

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,038,502,430) | $1534179093.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 33680424.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $675,922) | 688637.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 7052767.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 2666094.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 364120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 8179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 23591.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1578679039.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 44320648.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 8561103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2968165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1474758.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 891554.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 307422.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 146771.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 51381.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 58721802.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1519957237.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1206612807.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 313344430.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1519957237.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,519,957,237 / 113,585,152 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.38 |

---

*(x)* *Includes value of securities on loan of $58,547,362.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $9825005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $653,605 foreign withholding tax) | 9382443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 60885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19268333 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5435676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1876357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 934886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 70988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 57042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 56475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 25329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8476874 |
|  **NET INVESTMENT INCOME (LOSS)** | 10791459 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 32621773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (17086278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3202972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1370973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10961550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 60165512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4207950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (368292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 307348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 64312518 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 75274068 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $86065527 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10791459 | $20141421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10961550 | 123009871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 64312518 | 25831230 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 86065527 | 168982522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (122195544) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,228,794 and 9,712,388 shares, respectively ] | 41525314 | 126168307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,394,527 shares, respectively ] |  | 122195544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (16640240) and (24079841) shares, respectively ] | (210693275) | (313451522) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (169167961) | (65087671) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (83102434) | (18300693) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1603059671 | 1621360364 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1519957237 | $1603059671 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.62 | $12.29 | $11.02 | $13.41 | $12.50 | $13.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.16 | 0.12 | 0.09 | 0.08 (aa) | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.67 | 1.18 | 1.30 | (2.06) | 1.42 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.76 | 1.34 | 1.42 | (1.97) | 1.50 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.12) | (0.07) | (0.19) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.79) | (0.03) | (0.35) | (0.39) | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.01) | (0.15) | (0.42) | (0.59) | (1.43) |
|  Net asset value, end of period | $13.38 | $12.62 | $12.29 | $11.02 | $13.41 | $12.50 |
|  Total return (b) | 6.02% | 10.75% | 12.96% | (14.63)% | 12.04% | 4.43% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1519957 | $1603060 | $1621360 | $1584799 | $2365665 | $2355365 |
|  Ratio of expenses to average net assets (a)(f) | 1.13 %(j) | 1.13 %(j) | 1.13 %(k) | 1.12 %(o) | 1.10 %(jj) | 1.11 %(o) |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.44% | 1.22% | 1.01% | 0.73% | 0.62 %(bb) | 0.76% |
|  Portfolio turnover rate^ | 5 %(z) | 19% | 12% | 24% | 19% | 11% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.14% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.13% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.11% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.07.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratio for class IB would have been 0.11% lower.* 

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (5.1%)** | **Asset-Backed Securities (5.1%)** | **Asset-Backed Securities (5.1%)** |
|  ACM Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.060%, 2/20/29§ | $959123 | $961774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>5.380%, 6/20/29§ | 687385 | 687936 |
|  Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X1 A<br>6.270%, 5/15/29§ | 93429 | 93476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X2 A<br>5.220%, 12/17/29§ | 725929 | 725873 |
|  Amur Equipment Finance Receivables XI LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A2<br>5.300%, 6/21/28§ | 191372 | 191734 |
|  Brex Commercial Charge Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1<br>6.050%, 7/15/27§ | 1478000 | 1485837 |
|  Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N1 C<br>1.300%, 1/10/28 | 388620 | 376968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N2 B<br>0.750%, 3/10/28 | 84130 | 81045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3 C<br>1.020%, 6/12/28 | 155727 | 148904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3 A2<br>4.610%, 11/10/27 | 905519 | 905346 |
|  CPS Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A<br>5.880%, 2/15/28§ | 417522 | 418635 |
|  Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A2<br>5.560%, 4/22/30§ | 1161970 | 1168978 |
|  Equify ABS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.430%, 4/18/33§ | 980449 | 980867 |
|  First Investors Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br>1.470%, 11/15/27§ | 2457129 | 2421789 |
|  Flagship Credit Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>4.880%, 11/15/28§ | 599844 | 600815 |
|  Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 C<br>1.910%, 10/17/33§ | 1168000 | 1137573 |
|  GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2<br>5.350%, 8/16/27§ | 793537 | 794295 |
|  GLS Auto Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br>5.580%, 6/17/30§ | 1603551 | 1616966 |
|  Go Mortgage LLC,<br>1.433%, 8/15/26 (l) | 712675 | 703681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 8/15/26 (l) | 876000 | 867695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 8/15/26 (l) | 98000 | 96207 |
|  Goldentree Loan Management US CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A ARR<br>5.369%, 4/20/34 (l)§ | 2550000 | 2547529 |
|  Hardee's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A23<br>5.710%, 6/20/48§ | 1315434 | 1301798 |
|  HFX Funding Issuer LLC,<br>3.622%, 3/15/35 (l) | 27030 | 26893 |
|  LAD Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>5.210%, 6/15/27§ | 118314 | 118393 |
|  Lendbuzz Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A1<br>4.576%, 2/15/26§ | 272304 | 272311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>5.100%, 10/15/30§ | 2061000 | 2067513 |
|  Lobel Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>5.060%, 11/15/27§ | 1741223 | 1742350 |
|  Marlette Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.950%, 7/17/34§ | 125043 | 125232 |
|  Mission Lane Credit Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A1<br>6.200%, 8/15/29§ | 1026000 | 1032048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A<br>5.880%, 1/15/30§ | 2373000 | 2391942 |
|  Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA AFX<br>1.320%, 4/20/62§ | 1175663 | 1098825 |
|  NMEF Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2<br>5.150%, 12/15/31§ | 1729790 | 1731523 |
|  Oportun Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>5.260%, 8/15/29§ | 721766 | 721987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>4.960%, 8/16/32§ | 1081282 | 1079199 |
|  Oportun Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>5.860%, 2/9/32§ | 266321 | 266575 |
|  Pagaya AI Debt Grantor Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A<br>6.278%, 10/15/31§ | 501696 | 504690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 B<br>5.306%, 3/15/32§ | 1804076 | 1806388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>4.991%, 7/15/32 (l)§ | 262535 | 262757 |
|  Pagaya AI Debt Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>6.319%, 8/15/31§ | 425481 | 429520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>6.258%, 10/15/31§ | 526350 | 529471 |
|  Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.870%, 12/15/27§ | 1746000 | 1746719 |
|  Prosper Marketplace Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>6.120%, 8/15/29§ | 277057 | 277438 |
|  Research-Driven Pagaya Motor Asset Trust VII, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A A<br>5.380%, 11/25/30§ | 185011 | 185067 |
|  Research-Driven Pagaya Motor Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>7.090%, 6/25/32§ | 534559 | 539074 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Santander Bank Auto Credit-Linked Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C B<br>6.451%, 12/15/32§ | $| 54852 | $| 54890 |
|  Santander Drive Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A2<br>5.410%, 7/15/27 |  | 525837 |  | 526220 |
|  Tesla Auto Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.300%, 6/21/27§ |  | 759000 |  | 760654 |
|  Tricolor Auto Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.360%, 12/15/27§ |  | 246330 |  | 246961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A<br>4.940%, 2/15/29§ |  | 1730799 |  | 1732158 |
|  Wheels Fleet Lease Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1<br>5.490%, 2/18/39§ |  | 1942521 |  | 1961503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 44554022 |
|  **Collateralized Mortgage Obligations (3.7%)** | **Collateralized Mortgage Obligations (3.7%)** | **Collateralized Mortgage Obligations (3.7%)** | **Collateralized Mortgage Obligations (3.7%)** | **Collateralized Mortgage Obligations (3.7%)** |
|  Chase Mortgage Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CL1 M3<br>6.534%, 4/25/47 (l)§ |  | 247246 |  | 250624 |
|  Connecticut Avenue Securities, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1A1<br>5.256%, 1/25/45 (l)§ |  | 2206859 |  | 2203416 |
|  Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05 2M1<br>6.205%, 4/25/42 (l)§ |  | 199231 |  | 200011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02 1M1<br>6.605%, 1/25/43 (l)§ |  | 781259 |  | 797335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05 1M1<br>6.206%, 6/25/43 (l)§ |  | 1235119 |  | 1247022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02 1M1<br>5.405%, 2/25/44 (l)§ |  | 519689 |  | 519523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03 2M1<br>5.456%, 3/25/44 (l)§ |  | 1018277 |  | 1018274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04 1M1<br>5.405%, 5/25/44 (l)§ |  | 877389 |  | 877117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2M1<br>5.305%, 7/25/44 (l)§ |  | 390715 |  | 390351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06 1M1<br>5.355%, 9/25/44 (l)§ |  | 673672 |  | 673673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02 1A1<br>5.306%, 2/25/45 (l)§ |  | 570732 |  | 571087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03 2M1<br>5.905%, 3/25/45 (l)§ |  | 1720789 |  | 1728945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04 1A1<br>5.305%, 5/25/45 (l)§ |  | 640202 |  | 640416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04 1M1<br>5.505%, 5/25/45 (l)§ |  | 1047144 |  | 1049078 |
|  FHLMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3305 FT<br>4.818%, 7/15/34 (l) |  | 30984 |  | 30729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3349 FE<br>4.908%, 7/15/37 (l) |  | 624492 |  | 619796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3807 FM<br>4.918%, 2/15/41 (l) |  | 20963 |  | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3927 FH<br>4.868%, 9/15/41 (l) |  | 24113 |  | 23873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4087 FB<br>4.888%, 7/15/42 (l) |  | 592901 |  | 585967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4286 VF<br>4.868%, 12/15/43 (l) |  | 482388 |  | 476080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4350 KF<br>4.814%, 1/15/39 (l) |  | 181384 |  | 176701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4457 BA<br>3.000%, 7/15/39 |  | 1972703 |  | 1885668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4459 CA<br>5.000%, 12/15/34 |  | 155108 |  | 157265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4483 A<br>3.000%, 12/15/29 |  | 42224 |  | 41633 |
|  FHLMC STACR REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2 M2<br>6.355%, 12/25/33 (l)§ |  | 1003237 |  | 1027064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7 M1A<br>6.805%, 3/25/52 (l)§ |  | 1106843 |  | 1121391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1 M1A<br>6.406%, 3/25/43 (l)§ |  | 868496 |  | 881254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2 M1A<br>6.406%, 4/25/43 (l)§ |  | 575853 |  | 584854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2 M1A<br>6.305%, 6/25/43 (l)§ |  | 691067 |  | 694881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3 A1<br>5.355%, 10/25/44 (l)§ |  | 1546720 |  | 1546715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1 M1<br>5.555%, 3/25/44 (l)§ |  | 1185378 |  | 1188000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2 M1<br>5.505%, 8/25/44 (l)§ |  | 1701300 |  | 1701828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA1 A1<br>5.255%, 1/25/45 (l)§ |  | 1310932 |  | 1308887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2 A1<br>5.405%, 5/25/45 (l)§ |  | 620299 |  | 620529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2 M1<br>5.505%, 5/25/45 (l)§ |  | 649837 |  | 651294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 A1<br>5.255%, 2/25/45 (l)§ |  | 1631559 |  | 1629014 |
|  FNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-42 CF<br>4.870%, 6/25/36 (l) |  | 28055 |  | 27876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109 GF<br>5.100%, 12/25/37 (l) |  | 47862 |  | 47790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-39 FT<br>5.370%, 10/25/35 (l) |  | 1011452 |  | 1018672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-53 FT<br>5.000%, 6/25/41 (l) |  | 99542 |  | 99062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 KF<br>4.970%, 9/25/41 (l) |  | 104850 |  | 104189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 NF<br>4.970%, 9/25/41 (l) |  | 41197 |  | 41014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65 FA<br>4.870%, 6/25/42 (l) |  | 21664 |  | 21393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-121 FA<br>4.820%, 12/25/43 (l) |  | 325093 |  | 321989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-49 AF<br>4.784%, 8/25/44 (l) |  | 965155 |  | 943085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02 1M2<br>10.420%, 9/25/28 (l) |  | 85068 |  | 86800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 31852971 |
|  **Commercial Mortgage-Backed Securities (1.4%)** | **Commercial Mortgage-Backed Securities (1.4%)** | **Commercial Mortgage-Backed Securities (1.4%)** | **Commercial Mortgage-Backed Securities (1.4%)** | **Commercial Mortgage-Backed Securities (1.4%)** |
|  BBCMS Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BID A<br>6.566%, 10/15/37 (l)§ |  | 3190000 |  | 3190000 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  BFLD Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FPM A<br>6.026%, 6/15/38 (l)§ | 4795000 | $| 4795000 |
|  CLNY Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IKPR D<br>6.701%, 11/15/38 (l)§ | 1232000 |  | 1176558 |
|  GS Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5 AS<br>5.209%, 8/10/44 (l)§ | 1772191 |  | 1705950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5 D<br>5.295%, 8/10/44 (l)§ | 49051 |  | 37154 |
|  UBS-Barclays Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5 B<br>3.649%, 3/10/46 (l)§ | 1033347 |  | 956120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  | 11860782 |
|  **Corporate Bonds (8.3%)** | **Corporate Bonds (8.3%)** | **Corporate Bonds (8.3%)** | **Corporate Bonds (8.3%)** |
|  **Consumer Discretionary (0.8%)** | **Consumer Discretionary (0.8%)** |  |  |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** |
|  BMW US Capital LLC<br>4.600%, 8/13/27§ | 1419000 |  | 1425223 |
|  Hyundai Capital America<br>5.950%, 9/21/26§ | 1420000 |  | 1440573 |
|  Mercedes-Benz Finance North America LLC<br>4.750%, 8/1/27§ | 1403000 |  | 1412148 |
|  |  |  | 4277944 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  McDonald's Corp.<br>5.000%, 5/17/29 | 880000 |  | 903138 |
|  Starbucks Corp.<br>4.850%, 2/8/27 | 1415000 |  | 1426522 |
|  |  |  | 2329660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 6607604 |
|  **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** |  |  |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Keurig Dr Pepper, Inc.<br>5.050%, 3/15/29 | 1409000 |  | 1439689 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Campbell's Co. (The)<br>5.300%, 3/20/26 | 1401000 |  | 1409547 |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** |
|  Altria Group, Inc.<br>4.875%, 2/4/28 | 1403000 |  | 1420119 |
|  Philip Morris International, Inc.<br>4.875%, 2/13/26 | 1517000 |  | 1519991 |
|  |  |  | 2940110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 5789346 |
|  **Energy (0.3%)** | **Energy (0.3%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |
|  Continental Resources, Inc.<br>4.375%, 1/15/28 | 1426000 |  | 1404101 |
|  Kinder Morgan, Inc.<br>5.150%, 6/1/30 | 1355000 |  | 1381554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 2785655 |
|  **Financials (4.5%)** | **Financials (4.5%)** |  |  |
|  ***Banks (2.7%)*** | ***Banks (2.7%)*** | ***Banks (2.7%)*** | ***Banks (2.7%)*** |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.862%, 9/14/26 (k) | 1600000 |  | 1603467 |
|  Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.552%, 3/14/28 (k) | 400000 |  | 406465 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28 (k) | 600000 |  | 595908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.365%, 7/15/28 (k) | 400000 |  | 407160 |
|  Bank of Ireland Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26 (k)§ | 424000 |  | 425319 |
|  Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series f2f |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br>4.567%, 9/10/27 (k) | 1466000 |  | 1470657 |
|  Barclays plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%), 7.325%, 11/2/26 (k) | 986000 |  | 994377 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.674%, 3/12/28 (k) | 372000 |  | 378562 |
|  CaixaBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.634%, 7/3/29 (k)§ | 1297000 |  | 1299241 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.643%, 5/7/28 (k) | 1299000 |  | 1300653 |
|  HSBC Holdings plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.755%, 6/9/28 (k) | 1051000 |  | 1054171 |
|  ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>4.858%, 3/25/29 (k) | 1374000 |  | 1385469 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br>5.040%, 1/23/28 (k) | 1396000 |  | 1408189 |
|  Lloyds Banking Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.087%, 11/26/28 (k) | 568000 |  | 574852 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.871%, 3/6/29 (k) | 810000 |  | 836738 |
|  Morgan Stanley Bank NA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>5.504%, 5/26/28 (k) | 467000 |  | 476646 |
|  NatWest Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.472%, 11/10/26 (k) | 520000 |  | 525069 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.847%, 3/2/27 (k) | 691000 |  | 696752 |
|  Santander Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>5.473%, 3/20/29 (k) | 1375000 |  | 1396202 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%),<br>6.833%, 11/21/26 (k) | 1509000 | 1521339 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.519%, 1/19/28 (k)§ | 1392000 | 1411190 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.187%, 7/6/27 (k)§ | 502000 | 509766 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>4.450%, 9/10/27§ | 270000 | 270717 |
|  Toronto-Dominion Bank (The)<br>4.568%, 12/17/26 | 1429000 | 1434063 |
|  Wells Fargo Bank NA<br>4.811%, 1/15/26 | 1396000 | 1397328 |
|  |  | 23780300 |
|  ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.19%),<br>6.119%, 7/14/26 (k) | 589000 | 589342 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%),<br>7.146%, 7/13/27 (k) | 542000 | 555672 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.373%, 1/10/29 (k) | 231000 | 234792 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>4.937%, 4/23/28 (k) | 724000 | 729574 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>5.652%, 4/13/28 (k) | 942000 | 962802 |
|  Nomura Holdings, Inc.<br>5.709%, 1/9/26 | 912000 | 916187 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%),<br>6.373%, 7/15/26 (k)§ | 910000 | 910000 |
|  |  | 4898369 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.96%), 5.737%, 5/15/29 (k) | 812000 | 825139 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.75%), 5.645%, 4/23/27 (k) | 661000 | 667161 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%),<br>5.389%, 7/28/27 (k) | 749000 | 756225 |
|  General Motors Financial Co., Inc.<br>5.400%, 5/8/27 | 497000 | 504191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/27 | 783000 | 787733 |
|  Harley-Davidson Financial Services, Inc.<br>3.050%, 2/14/27§ | 608000 | 588116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/10/28§ | 538000 | 555015 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.550%, 6/5/30 | 1303000 | 1313681 |
|  Synchrony Financial<br>3.950%, 12/1/27 | 895000 | 879224 |
|  |  | 6876485 |
|  ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.972%, 2/16/28 (k)§ | 1611000 | 1572841 |
|  ***Insurance (0.2%)*** | ***Insurance (0.2%)*** | ***Insurance (0.2%)*** |
|  Athene Global Funding<br>5.620%, 5/8/26§ | 1410000 | 1422283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 38550278 |
|  **Health Care (0.3%)** | **Health Care (0.3%)** |  |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |
|  Cencora, Inc.<br>4.625%, 12/15/27 | 1436000 | 1446789 |
|  Elevance Health, Inc.<br>5.150%, 6/15/29 | 316000 | 324824 |
|  |  | 1771613 |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** |
|  Bristol-Myers Squibb Co.<br>4.950%, 2/20/26 | 713000 | 716648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 2488261 |
|  **Industrials (0.9%)** | **Industrials (0.9%)** |  |
|  ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** |
|  Boeing Co. (The)<br>3.250%, 2/1/28 (x) | 1743000 | 1690332 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** |
|  Republic Services, Inc.<br>4.750%, 7/15/30 | 1375000 | 1399195 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  Honeywell International, Inc.<br>4.650%, 7/30/27 | 1403000 | 1416442 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  AS Mileage Plan IP Ltd.<br>5.021%, 10/20/29§ | 877000 | 866153 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Aircastle Ltd.<br>5.950%, 2/15/29§ | 297000 | 306799 |
|  Aviation Capital Group LLC<br>1.950%, 1/30/26§ | 1884000 | 1854858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | 623000 | 602699 |
|  |  | 2764356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 8136478 |
|  **Information Technology (0.4%)** | **Information Technology (0.4%)** |  |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  International Business Machines Corp.<br>4.650%, 2/10/28 | 1403000 | 1418766 |
|  ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** |
|  Broadcom, Inc.<br>5.050%, 7/12/27 | 530000 | 537350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/28 | 212000 | 211188 |
|  |  | 748538 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Dell International LLC<br>4.350%, 2/1/30 | 1407000 | 1393594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 3560898 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Materials (0.2%)** | **Materials (0.2%)** |  |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Glencore Funding LLC<br>5.338%, 4/4/27§ | $502000 | $508499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.907%, 4/1/28§ | 686000 | 692640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 291000 | 296340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1497479 |
|  **Real Estate (0.0%)†** | **Real Estate (0.0%)†** |  |
|  ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** |
|  American Tower Corp. (REIT)<br>5.200%, 2/15/29 | 296000 | 302781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 302781 |
|  **Utilities (0.2%)** | **Utilities (0.2%)** |  |
|  ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** |
|  Pacific Gas and Electric Co.<br>5.550%, 5/15/29 | 217000 | 219971 |
|  Vistra Operations Co. LLC<br>5.050%, 12/30/26§ | 200000 | 200977 |
|  Xcel Energy, Inc.<br>4.750%, 3/21/28 | 1374000 | 1387356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1808304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 71527084 |
|  **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** |
|  FHLMC UMBS<br>3.500%, 10/1/49 | 595274 | 545837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 | 3081972 | 2822092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 3367929 |
|  **Municipal Bonds (0.0%)†** | **Municipal Bonds (0.0%)†** | **Municipal Bonds (0.0%)†** |
|  Arizona Salt River Project, Agricultural Improvement & Power District, Revenue Bonds,<br>Series 2010A<br>4.839%, 1/1/41 | 18000 | 16845 |
|  Bay Area Toll Authority<br>6.263%, 4/1/49 | 7000 | 7361 |
|  Central Puget Sound Regional Transit Authority<br>5.491%, 11/1/39 | 6000 | 6113 |
|  City of Chicago, International Airport, Revenue Bonds,<br>Series 2010B<br>6.395%, 1/1/40 | 6000 | 6615 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds,<br>Series 2010EE<br>6.011%, 6/15/42 | 6000 | 6177 |
|  City of New York, General Obligation Bonds,<br>Series 2009-A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2<br>5.206%, 10/1/31 | 6000 | 6070 |
|  City of New York, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds,<br>Series 2010GG<br>5.724%, 6/15/42 | 8000 | 7993 |
|  Commonwealth of Massachusetts, General Obligation Bonds,<br>Series 2009E<br>5.456%, 12/1/39 | 7000 | 7105 |
|  County of Los Angeles Community College District, General Obligation Bonds,<br>Series 2008-E<br>6.750%, 8/1/49 | 6000 | 6706 |
|  County of Nashville & Davidson Convention Center Authority, Revenue Bonds,<br>Series 2010B<br>6.731%, 7/1/43 | 6000 | 6424 |
|  Georgia Municipal Electric Authority, Revenue Bonds,<br>Series 2010A<br>6.637%, 4/1/57 | 36000 | 38870 |
|  Los Angeles Community College District<br>6.600%, 8/1/42 | 31000 | 33633 |
|  Massachusetts Clean Water Trust (The)<br>5.192%, 8/1/40 | 30000 | 30226 |
|  Metropolitan Transportation Authority, Revenue Bonds,<br>Series 2010A<br>6.668%, 11/15/39 | 8000 | 8651 |
|  Metropolitan Transportation Authority, Revenue Bonds,<br>Series 2010B-1<br>6.548%, 11/15/31 | 6000 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.648%, 11/15/39 | 6000 | 6440 |
|  Metropolitan Washington Airports Authority, Revenue Bonds,<br>Series 2009D<br>7.462%, 10/1/46 | 9000 | 10409 |
|  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Revenue Bonds,<br>Series 2010B<br>6.561%, 12/15/40 | 31000 | 33770 |
|  North Texas Tollway Authority<br>6.718%, 1/1/49 | 8000 | 8806 |
|  Ohio State University (The)<br>4.910%, 6/1/40 | 6000 | 5840 |
|  Pennsylvania Turnpike Commission, Revenue Bonds,<br>Series 2010B<br>5.511%, 12/1/45 | 9000 | 8925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, 12/1/49 | 7000 | 6910 |
|  San Diego County Water Authority<br>6.138%, 5/1/49 | 6000 | 6153 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds,<br>Series 2010-S1<br>6.918%, 4/1/40 | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 | 6000 | 6801 |
|  State of California, Various Purposes, General Obligation Bonds,<br>Series 2009<br>7.350%, 11/1/39 | 6000 | 6974 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  State of Georgia, General Obligation Bonds,<br>Series 2009H<br>4.503%, 11/1/25 | $1000 | $1001 |
|  State of New York Dormitory Authority, Personal Income Tax, Revenue Bonds,<br>Series 2010D<br>5.500%, 3/15/30 | 4613 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/15/40 | 6000 | 6103 |
|  State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds,<br>Series 2009E<br>5.770%, 3/15/39 | 8000 | 8255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 317347 |
|  **U.S. Government Agency Securities (33.6%)** | **U.S. Government Agency Securities (33.6%)** | **U.S. Government Agency Securities (33.6%)** |
|  FFCB<br>4.000%, 1/13/26 | 50000000 | 49927415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/22/26 | 20000000 | 19984326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/5/26 | 12279000 | 12313985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/23/26 | 30892000 | 30999467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/14/26 | 10000000 | 10059380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/28/28 | 25000000 | 25276838 |
|  FHLB<br>1.875%, 9/11/26 | 20000000 | 19548356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/27 | 2400000 | 2412425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/9/27 | 10695000 | 10879549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/10/27 | 41475000 | 41717973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 40000000 | 40454796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 | 12000 | 13061 |
|  FHLMC<br>0.375%, 7/21/25 | 12900000 | 12871521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/23/25 | 3000000 | 2973216 |
|  FNMA<br>0.750%, 10/8/27 | 5000000 | 4674234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 | 5000000 | 5443759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 289550301 |
|  **U.S. Treasury Obligations (18.1%)** | **U.S. Treasury Obligations (18.1%)** | **U.S. Treasury Obligations (18.1%)** |
|  U.S. Treasury Notes<br>5.000%, 10/31/25 | 38808900 | 38886328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/30/25 | 14762900 | 14792764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/25 | 3310600 | 3310208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/26 | 22480500 | 22476995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/28/26 | 18816900 | 18867600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/31/26 | 15214800 | 15255690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/30/26 | 4662500 | 4690206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/26 | 17358500 | 17430255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 2727000 | 2747039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 4286400 | 4404719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 7281100 | 7542744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 | 5943400 | 5966659 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 156371207 |
|  **Total Long-Term Debt Securities (70.6%)**<br> *(Cost $607,545,239)* | **Total Long-Term Debt Securities (70.6%)**<br> *(Cost $607,545,239)* | 609401643 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.0%)†** | **Investment Companies (0.0%)†** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 60150 | 60150 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (28.4%)** | **U.S. Treasury Obligations (28.4%)** |  |
|  U.S. Treasury Bills<br>2.78%, 7/3/25 (p) | $4791700 | 4790590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 7/10/25 (p) | 24164800 | 24139466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 7/17/25 (p) | 21916500 | 21876198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/24/25 (p) | 35602100 | 35507423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 8/14/25 (p) | 11271600 | 11212379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 8/21/25 (p) | 17586100 | 17479097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 9/11/25 (p) | 74384800 | 73753660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 10/21/25 (p) | 28463900 | 28091991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/18/25 (p) | 28648700 | 28091511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 244942315 |
|  **Total Short-Term Investments (28.4%)**<br> *(Cost $245,003,128)* | **Total Short-Term Investments (28.4%)**<br> *(Cost $245,003,128)* | 245002465 |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $852,548,367)* | **Total Investments in Securities (99.0%)**<br> *(Cost $852,548,367)* | 854404108 |
|  **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | 8594900 |
|  **Net Assets (100%)** |  | $862999008 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $96,375,825 or 11.2% of net assets.*  |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $58,996. This was collateralized by cash of $60,150 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CLO* *— Collateralized Loan Obligation* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*STACR* *— Structured Agency Credit Risk* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  U.S. Treasury 2 Year Note | 521 | 9/2025 | USD | 108380211 | 326315 |
|  |  |  |  |  | 326315 |
|  **Short Contracts** |  |  |  |  |  |
|  U.S. Treasury 5 Year Note | (234) | 9/2025 | USD | (25506000) | (364087) |
|  U.S. Treasury 10 Year Note | (39) | 9/2025 | USD | (4372875) | (78359) |
|  U.S. Treasury Ultra Bond | (4) | 9/2025 | USD | (476500) | (12928) |
|  |  |  |  |  | (455374) |
|  |  |  |  |  | (129059) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $44554022 | $— | $44554022 |
|  **Collateralized Mortgage Obligations** |  | 31852971 |  | 31852971 |
|  **Commercial Mortgage-Backed Securities** |  | 11860782 |  | 11860782 |
|  **Corporate Bonds** |  |  |  |  |
|  Consumer Discretionary |  | 6607604 |  | 6607604 |
|  Consumer Staples |  | 5789346 |  | 5789346 |
|  Energy |  | 2785655 |  | 2785655 |
|  Financials |  | 38550278 |  | 38550278 |
|  Health Care |  | 2488261 |  | 2488261 |
|  Industrials |  | 8136478 |  | 8136478 |
|  Information Technology |  | 3560898 |  | 3560898 |
|  Materials |  | 1497479 |  | 1497479 |
|  Real Estate |  | 302781 |  | 302781 |
|  Utilities |  | 1808304 |  | 1808304 |
|  **Futures** | 326315 |  |  | 326315 |
|  **Mortgage-Backed Securities** |  | 3367929 |  | 3367929 |
|  **Municipal Bonds** |  | 317347 |  | 317347 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 60150 |  |  | 60150 |
|  U.S. Treasury Obligations |  | 244942315 |  | 244942315 |
|  **U.S. Government Agency Securities** |  | 289550301 |  | 289550301 |
|  **U.S. Treasury Obligations** |  | 156371207 |  | 156371207 |
|  **Total Assets** | $**386465** | $**854343958** | $**—** | $**854730423** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(455374) | $— | $— | $(455374) |
|  **Total Liabilities** | $**(455374)** | $**—** | $**—** | $**(455374)** |
|  **Total** | $**(68909)** | $**854343958** | $**—** | $**854275049** |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
| Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $326,315\* |
|  **Total** |  | $326315 |
|  | **Liability Derivatives** |  |
| Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(455374)\* |
|  **Total** |  | $(455374) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $257612 | $257612 |
|  **Total** | $257612 | $257612 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $(331576) | $(331576) |
|  **Total** | $(331576) | $(331576) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $75753000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 34866000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $78168793.0 |
|  Long-term U.S. government debt securities | 5880736.0 |
|  | $84049529.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $182895120.0 |
|  Long-term U.S. government debt securities | 50394979.0 |
|  | $233290099.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4491655 |
|  Aggregate gross unrealized depreciation | (3142964) |
|  Net unrealized appreciation | $1348691 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $852926358 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

---

| | |
|:---|:---|
| STATEMENT OF ASSETS AND LIABILITIES | STATEMENT OF ASSETS AND LIABILITIES |
| June 30, 2025 (Unaudited) |  |
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $852,548,367) | $854404108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4262186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 626904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6028785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 43164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 865378487 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1297000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 522334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 283968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 75713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 63629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 60150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 20143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2379479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $862999008 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $857797360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5201648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $862999008 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $366,996,195 / 36,640,383 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.02 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $496,002,813 / 49,149,062 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.09 |

---

*(x)* *Includes value of securities on loan of $58,996.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

---

| | |
|:---|:---|
| STATEMENT OF OPERATIONS | STATEMENT OF OPERATIONS |
| For the Six Months Ended June 30, 2025 (Unaudited) | For the Six Months Ended June 30, 2025 (Unaudited) |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $19252989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 20257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19275410 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2000113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 469773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 406226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 36330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 21401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3017406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (218497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2798909 |
|  **NET INVESTMENT INCOME (LOSS)** | 16476501 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 626606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 257612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 884218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3622239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (331576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3290663 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 4174881 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $20651382 |

---

See Notes to Financial Statements.

------

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16476501 | $33887922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 884218 | 611793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3290663 | 7151812 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 20651382 | 41651527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (13928789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (21205119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (35133908) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,342,413 and 6,658,447 shares, respectively ] | 23204533 | 66170812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,425,263 shares, respectively ] |  | 13928789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5348132) and (10623114) shares, respectively ] | (52989545) | (105338472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (29785012) | (25238871) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,687,161 and 9,865,779 shares, respectively ] | 16902334 | 98390402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,156,486 shares, respectively ] |  | 21205119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9184084) and (6831045) shares, respectively ] | (91639044) | (68273663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (74736710) | 51321858 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (104521722) | 26082987 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (83870340) | 32600606 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 946869348 | 914268742 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $862999008 | $946869348 |

---

See Notes to Financial Statements.

------

#### EQ ADVISORS TRUST
EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.80 | $9.73 | $9.57 | $9.80 | $9.88 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.34 | 0.23 | 0.04 | 0.02 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.05 | 0.09 | 0.19 | (0.22) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.22 | 0.43 | 0.42 | (0.18) | (0.04) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.36) | (0.26) | (0.05) | (0.04) | (0.09) |
|  Net asset value, end of period | $10.02 | $9.80 | $9.73 | $9.57 | $9.80 | $9.88 |
|  Total return (b) | 2.24% | 4.44% | 4.35% | (1.83)% | (0.42)% | 0.94 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $366996 | $388412 | $410524 | $462874 | $472296 | $512688 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.77% | 0.77% | 0.77% | 0.77% | 0.79% | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.82% | 0.82% | 0.82% | 0.81% | 0.80% | 0.81 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.53% | 3.47% | 2.33% | 0.47% | 0.19% | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.48% | 3.42% | 2.28% | 0.43% | 0.18% | 0.86 |
|  Portfolio turnover rate^ | 13 %(z) | 41% | 51% | 50% | 77% | 65 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.86 | $9.79 | $9.63 | $9.86 | $9.93 | $9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.37 | 0.25 | 0.07 | 0.04 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.04 | 0.09 | 0.19 | (0.23) | (0.05) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | 0.46 | 0.44 | (0.16) | (0.01) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.39) | (0.28) | (0.07) | (0.06) | (0.12) |
|  Net asset value, end of period | $10.09 | $9.86 | $9.79 | $9.63 | $9.86 | $9.93 |
|  Total return (b) | 2.33% | 4.67% | 4.58% | (1.57)% | (0.09)% | 1.18 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $496003 | $558457 | $503744 | $549239 | $711060 | $1074104 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.52% | 0.52% | 0.52% | 0.52% | 0.54% | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.57% | 0.57% | 0.57% | 0.56% | 0.55% | 0.56 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.78% | 3.72% | 2.58% | 0.68% | 0.45% | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.73% | 3.67% | 2.53% | 0.64% | 0.44% | 1.11 |
|  Portfolio turnover rate^ | 13 %(z) | 41% | 51% | 50% | 77% | 65 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.6%)** | **Communication Services (2.6%)** | **Communication Services (2.6%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  Anterix, Inc.\* | 4730 | $121325 |
|  ATN International, Inc. | 6450 | 104813 |
|  Bandwidth, Inc., Class A\* | 7400 | 117660 |
|  Cogent Communications Holdings, Inc. | 15982 | 770492 |
|  Globalstar, Inc.\* | 16206 | 381651 |
|  IDT Corp., Class B | 5200 | 355264 |
|  Liberty Latin America Ltd., Class A\* | 15260 | 93086 |
|  Liberty Latin America Ltd., Class C\* | 48523 | 301813 |
|  Lumen Technologies, Inc.\* | 353130 | 1546709 |
|  Shenandoah Telecommunications Co. | 24728 | 337784 |
|  |  | 4130597 |
|  ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 145060 | 449686 |
|  Atlanta Braves Holdings, Inc., Class A\* | 4420 | 217508 |
|  Atlanta Braves Holdings, Inc., Class C\* | 19160 | 896114 |
|  Cinemark Holdings, Inc. | 40640 | 1226515 |
|  CuriosityStream, Inc. | 8200 | 46166 |
|  Eventbrite, Inc., Class A\* | 48100 | 126503 |
|  Gaia, Inc., Class A\* | 600 | 2634 |
|  Golden Matrix Group, Inc. (x)\* | 5780 | 9826 |
|  IMAX Corp. (x)\* | 16240 | 454070 |
|  Lionsgate Studios Corp.\* | 72050 | 418611 |
|  Madison Square Garden Entertainment Corp., Class A\* | 14221 | 568413 |
|  Marcus Corp. (The) | 3270 | 55132 |
|  Playstudios, Inc.\* | 15440 | 20226 |
|  Reservoir Media, Inc.\* | 4160 | 31907 |
|  Sphere Entertainment Co. (x)\* | 10111 | 422640 |
|  Starz Entertainment Corp. | 4803 | 77184 |
|  TKO Group Holdings, Inc., Class A | 63930 | 11632064 |
|  Vivid Seats, Inc., Class A\* | 47750 | 80698 |
|  |  | 16735897 |
|  ***Interactive Media & Services (1.0%)*** | ***Interactive Media & Services (1.0%)*** | ***Interactive Media & Services (1.0%)*** |
|  Angi, Inc., Class A\* | 15800 | 241108 |
|  Arena Group Holdings, Inc. (The)\* | 2500 | 15500 |
|  Bumble, Inc., Class A\* | 31400 | 206926 |
|  Cargurus, Inc., Class A\* | 30564 | 1022977 |
|  Cars.com, Inc.\* | 24620 | 291747 |
|  EverQuote, Inc., Class A\* | 9000 | 217620 |
|  fuboTV, Inc.\* | 116682 | 450393 |
|  Getty Images Holdings, Inc.\* | 31390 | 52107 |
|  Grindr, Inc.\* | 12980 | 294646 |
|  MediaAlpha, Inc., Class A\* | 18760 | 205422 |
|  Nextdoor Holdings, Inc.\* | 55050 | 91383 |
|  QuinStreet, Inc.\* | 19950 | 321195 |
|  Reddit, Inc., Class A\* | 81114 | 12213335 |
|  Rumble, Inc. (x)\* | 28700 | 257726 |
|  Shutterstock, Inc. | 6900 | 130824 |
|  Teads Holding Co. (x)\* | 9700 | 24056 |
|  Travelzoo\* | 1000 | 12730 |
|  TripAdvisor, Inc.\* | 42400 | 553320 |
|  TrueCar, Inc.\* | 43110 | 81909 |
|  Vimeo, Inc.\* | 52100 | 210484 |
|  VTEX, Class A\* | 7500 | 49500 |
|  Webtoon Entertainment, Inc. (x)\* | 6500 | 59020 |
|  Yelp, Inc., Class A\* | 22710 | 778272 |
|  Ziff Davis, Inc.\* | 15500 | 469185 |
|  ZipRecruiter, Inc., Class A\* | 29100 | 145791 |
|  |  | 18397176 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Advantage Solutions, Inc. (x)\* | 44160 | 58291 |
|  Altice USA, Inc., Class A\* | 95200 | 203728 |
|  AMC Networks, Inc., Class A\* | 26110 | 163710 |
|  Boston Omaha Corp., Class A\* | 7510 | 105440 |
|  Cable One, Inc. | 2160 | 293350 |
|  EchoStar Corp., Class A\* | 49366 | 1367438 |
|  Emerald Holding, Inc. (x) | 5870 | 28469 |
|  Entravision Communications Corp., Class A | 8210 | 19047 |
|  EW Scripps Co. (The), Class A\* | 38625 | 113557 |
|  Gambling.com Group Ltd.\* | 7940 | 94407 |
|  Gannett Co., Inc.\* | 23070 | 82591 |
|  Gray Media, Inc. | 34230 | 155062 |
|  Ibotta, Inc., Class A\* | 5670 | 207522 |
|  iHeartMedia, Inc., Class A (x)\* | 53250 | 93720 |
|  Integral Ad Science Holding Corp.\* | 25000 | 207750 |
|  John Wiley & Sons, Inc., Class A | 14310 | 638655 |
|  Magnite, Inc.\* | 48238 | 1163501 |
|  National CineMedia, Inc. | 6500 | 31492 |
|  Newsmax, Inc., Class B\* | 14500 | 219385 |
|  Nexxen International Ltd.\* | 3300 | 34353 |
|  PubMatic, Inc., Class A\* | 15200 | 189088 |
|  Scholastic Corp. | 10170 | 213367 |
|  Sinclair, Inc. | 14720 | 203430 |
|  Stagwell, Inc., Class A (x)\* | 41500 | 186750 |
|  TechTarget, Inc.\* | 17500 | 135975 |
|  TEGNA, Inc. | 60030 | 1006103 |
|  Thryv Holdings, Inc.\* | 8380 | 101901 |
|  WideOpenWest, Inc.\* | 16450 | 66787 |
|  |  | 7384869 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 25100 | 368468 |
|  Spok Holdings, Inc. | 7540 | 133307 |
|  Telephone and Data Systems, Inc. | 34000 | 1209720 |
|  |  | 1711495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 48360034 |
|  **Consumer Discretionary (13.1%)** | **Consumer Discretionary (13.1%)** | **Consumer Discretionary (13.1%)** |
|  ***Automobile Components (0.6%)*** | ***Automobile Components (0.6%)*** | ***Automobile Components (0.6%)*** |
|  Adient plc\* | 30670 | 596838 |
|  American Axle & Manufacturing Holdings, Inc.\* | 47100 | 192168 |
|  Cooper-Standard Holdings, Inc.\* | 6310 | 135665 |
|  Dana, Inc. | 47000 | 806050 |
|  Dorman Products, Inc.\* | 10060 | 1234060 |
|  Fox Factory Holding Corp.\* | 16800 | 435792 |
|  Garrett Motion, Inc. | 46250 | 486088 |
|  Gentherm, Inc.\* | 10230 | 289407 |
|  Goodyear Tire & Rubber Co. (The)\* | 103516 | 1073461 |
|  Holley, Inc. (x)\* | 22960 | 45920 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LCI Industries | 8050 | $| 734079 |
|  Luminar Technologies, Inc., Class A (x)\* | 32353 |  | 92853 |
|  Modine Manufacturing Co.\* | 19300 |  | 1901050 |
|  Motorcar Parts of America, Inc.\* | 2060 |  | 23072 |
|  Patrick Industries, Inc. | 11925 |  | 1100320 |
|  Phinia, Inc. | 13400 |  | 596166 |
|  Solid Power, Inc. (x)\* | 64590 |  | 141452 |
|  Standard Motor Products, Inc. | 9700 |  | 297984 |
|  Visteon Corp.\* | 10100 |  | 942330 |
|  XPEL, Inc. (m)\* | 7900 |  | 283610 |
|  |  |  | 11408365 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Livewire Group, Inc. (x)\* | 2300 |  | 10580 |
|  Winnebago Industries, Inc. | 11380 |  | 330020 |
|  |  |  | 340600 |
|  ***Broadline Retail (0.8%)*** | ***Broadline Retail (0.8%)*** | ***Broadline Retail (0.8%)*** | ***Broadline Retail (0.8%)*** |
|  Groupon, Inc. (x)\* | 7650 |  | 255892 |
|  Kohl's Corp. | 39700 |  | 336656 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 110356 |  | 14542714 |
|  Savers Value Village, Inc.\* | 15360 |  | 156672 |
|  |  |  | 15291934 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  A-Mark Precious Metals, Inc. | 5340 |  | 118441 |
|  GigaCloud Technology, Inc., Class A (x)\* | 15270 |  | 302041 |
|  Weyco Group, Inc. | 420 |  | 13927 |
|  |  |  | 434409 |
|  ***Diversified Consumer Services (1.6%)*** | ***Diversified Consumer Services (1.6%)*** | ***Diversified Consumer Services (1.6%)*** | ***Diversified Consumer Services (1.6%)*** |
|  Adtalem Global Education, Inc.\* | 13593 |  | 1729437 |
|  American Public Education, Inc.\* | 4060 |  | 123668 |
|  Carriage Services, Inc., Class A | 7040 |  | 322010 |
|  Coursera, Inc.\* | 49050 |  | 429678 |
|  Duolingo, Inc., Class A\* | 39850 |  | 16339297 |
|  European Wax Center, Inc., Class A\* | 30920 |  | 174080 |
|  Frontdoor, Inc.\* | 26610 |  | 1568393 |
|  Graham Holdings Co., Class B | 1090 |  | 1031325 |
|  KinderCare Learning Cos., Inc.\* | 20850 |  | 210585 |
|  Laureate Education, Inc.\* | 48800 |  | 1140944 |
|  Lincoln Educational Services Corp.\* | 9370 |  | 215979 |
|  Matthews International Corp., Class A | 11064 |  | 264540 |
|  Mister Car Wash, Inc.\* | 35770 |  | 214978 |
|  Nerdy, Inc. (x)\* | 45180 |  | 73643 |
|  OneSpaWorld Holdings Ltd. | 34580 |  | 705086 |
|  Perdoceo Education Corp. | 23770 |  | 777041 |
|  Strategic Education, Inc. | 8431 |  | 717731 |
|  Stride, Inc.\* | 15020 |  | 2180754 |
|  Udemy, Inc.\* | 26300 |  | 184889 |
|  Universal Technical Institute, Inc.\* | 14400 |  | 488016 |
|  Zspace, Inc. (x)\* | 1200 |  | 3912 |
|  |  |  | 28895986 |
|  ***Hotels, Restaurants & Leisure (4.1%)*** | ***Hotels, Restaurants & Leisure (4.1%)*** | ***Hotels, Restaurants & Leisure (4.1%)*** | ***Hotels, Restaurants & Leisure (4.1%)*** |
|  Accel Entertainment, Inc., Class A\* | 19860 |  | 233752 |
|  Bally's Corp.\* | 1000 |  | 9580 |
|  Biglari Holdings, Inc., Class B\* | 670 |  | 195781 |
|  BJ's Restaurants, Inc.\* | 6700 |  | 298820 |
|  Bloomin' Brands, Inc. | 30970 |  | 266652 |
|  Brinker International, Inc.\* | 16140 |  | 2910526 |
|  Cava Group, Inc.\* | 159595 |  | 13442687 |
|  Cheesecake Factory, Inc. (The) (x) | 16830 |  | 1054568 |
|  Cracker Barrel Old Country Store, Inc. (x) | 8485 |  | 518264 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 13460 |  | 404877 |
|  Denny's Corp. (x)\* | 25242 |  | 103492 |
|  Dine Brands Global, Inc. (x) | 6920 |  | 168364 |
|  DraftKings, Inc., Class A\* | 295405 |  | 12669920 |
|  El Pollo Loco Holdings, Inc.\* | 5010 |  | 55160 |
|  Everi Holdings, Inc.\* | 26600 |  | 378784 |
|  First Watch Restaurant Group, Inc.\* | 13820 |  | 221673 |
|  Genius Sports Ltd.\* | 80700 |  | 839280 |
|  Global Business Travel Group I (x)\* | 47940 |  | 302022 |
|  Golden Entertainment, Inc. | 6400 |  | 188352 |
|  Hilton Grand Vacations, Inc.\* | 23760 |  | 986753 |
|  Inspired Entertainment, Inc.\* | 1610 |  | 13154 |
|  International Game Technology plc | 43468 |  | 687229 |
|  Jack in the Box, Inc. (x) | 7550 |  | 131823 |
|  Krispy Kreme, Inc. (x) | 32583 |  | 94817 |
|  Kura Sushi USA, Inc., Class A (x)\* | 3790 |  | 326243 |
|  Life Time Group Holdings, Inc.\* | 49440 |  | 1499515 |
|  Lindblad Expeditions Holdings, Inc.\* | 13360 |  | 155911 |
|  Marriott Vacations Worldwide Corp. | 11700 |  | 846027 |
|  Monarch Casino & Resort, Inc. | 4900 |  | 423556 |
|  Nathan's Famous, Inc. | 500 |  | 55290 |
|  Papa John's International, Inc. (x) | 13066 |  | 639450 |
|  PlayAGS, Inc.\* | 14330 |  | 178982 |
|  Portillo's, Inc., Class A (x)\* | 20630 |  | 240752 |
|  Potbelly Corp.\* | 5570 |  | 68232 |
|  Pursuit Attractions and Hospitality, Inc.\* | 6280 |  | 181052 |
|  RCI Hospitality Holdings, Inc. | 2720 |  | 103686 |
|  Red Rock Resorts, Inc., Class A | 18260 |  | 950068 |
|  Rush Street Interactive, Inc.\* | 27410 |  | 408409 |
|  Sabre Corp.\* | 118700 |  | 375092 |
|  Shake Shack, Inc., Class A\* | 14070 |  | 1978242 |
|  Six Flags Entertainment Corp. (x)\* | 34835 |  | 1060029 |
|  Super Group SGHC Ltd. | 56770 |  | 622767 |
|  Sweetgreen, Inc., Class A (x)\* | 36291 |  | 540010 |
|  Target Hospitality Corp.\* | 14580 |  | 103810 |
|  United Parks & Resorts, Inc. (x)\* | 10110 |  | 476686 |
|  Viking Holdings Ltd.\* | 247668 |  | 13198228 |
|  Wingstop, Inc. | 50269 |  | 16927583 |
|  Xponential Fitness, Inc., Class A\* | 11200 |  | 83888 |
|  |  |  | 77619838 |
|  ***Household Durables (1.9%)*** | ***Household Durables (1.9%)*** | ***Household Durables (1.9%)*** | ***Household Durables (1.9%)*** |
|  Bassett Furniture Industries, Inc. | 300 |  | 4560 |
|  Beazer Homes USA, Inc.\* | 11200 |  | 250544 |
|  Cavco Industries, Inc.\* | 2990 |  | 1298946 |
|  Century Communities, Inc. | 10350 |  | 582912 |
|  Champion Homes, Inc.\* | 160349 |  | 10039451 |
|  Cricut, Inc., Class A | 20330 |  | 137634 |
|  Dream Finders Homes, Inc., Class A (x)\* | 9020 |  | 226673 |
|  Ethan Allen Interiors, Inc. | 8510 |  | 237003 |
|  Flexsteel Industries, Inc. | 630 |  | 22699 |
|  Green Brick Partners, Inc.\* | 12010 |  | 755189 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hamilton Beach Brands Holding Co., Class A | 740 | $| 13239 |
|  Helen of Troy Ltd.\* | 9033 |  | 256356 |
|  Hovnanian Enterprises, Inc., Class A\* | 320 |  | 33456 |
|  Installed Building Products, Inc. | 8830 |  | 1592226 |
|  KB Home | 24009 |  | 1271757 |
|  La-Z-Boy, Inc. | 16360 |  | 608101 |
|  Legacy Housing Corp.\* | 5160 |  | 116925 |
|  Leggett & Platt, Inc. | 48600 |  | 433512 |
|  LGI Homes, Inc.\* | 7040 |  | 362701 |
|  M/I Homes, Inc.\* | 10040 |  | 1125685 |
|  Meritage Homes Corp. | 26540 |  | 1777384 |
|  SharkNinja, Inc.\* | 115513 |  | 11434632 |
|  Sonos, Inc.\* | 38758 |  | 418974 |
|  Taylor Morrison Home Corp., Class A\* | 36800 |  | 2260256 |
|  Traeger, Inc.\* | 15350 |  | 26248 |
|  Tri Pointe Homes, Inc.\* | 33530 |  | 1071283 |
|  |  |  | 36358346 |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** |
|  Acushnet Holdings Corp. (x) | 10290 |  | 749318 |
|  Clarus Corp. (x) | 5410 |  | 18773 |
|  Escalade, Inc. | 340 |  | 4753 |
|  Funko, Inc., Class A\* | 8080 |  | 38461 |
|  JAKKS Pacific, Inc. | 4210 |  | 87484 |
|  Johnson Outdoors, Inc., Class A | 2450 |  | 74161 |
|  Latham Group, Inc.\* | 15860 |  | 101187 |
|  Malibu Boats, Inc., Class A\* | 9700 |  | 303998 |
|  Marine Products Corp. | 2250 |  | 19147 |
|  MasterCraft Boat Holdings, Inc.\* | 5840 |  | 108507 |
|  Outdoor Holding Co.\* | 18420 |  | 23578 |
|  Peloton Interactive, Inc., Class A (x)\* | 129190 |  | 896579 |
|  Polaris, Inc. (x) | 19400 |  | 788610 |
|  Smith & Wesson Brands, Inc. | 11000 |  | 95480 |
|  Sturm Ruger & Co., Inc. | 8300 |  | 297970 |
|  Topgolf Callaway Brands Corp.\* | 54400 |  | 437920 |
|  |  |  | 4045926 |
|  ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 14810 |  | 72865 |
|  Abercrombie & Fitch Co., Class A\* | 18720 |  | 1550952 |
|  Academy Sports & Outdoors, Inc. | 23430 |  | 1049898 |
|  Advance Auto Parts, Inc. (x) | 21900 |  | 1018131 |
|  American Eagle Outfitters, Inc. | 69100 |  | 664742 |
|  America's Car-Mart, Inc.\* | 2940 |  | 164758 |
|  Arhaus, Inc., Class A\* | 18470 |  | 160135 |
|  Arko Corp. | 27380 |  | 115817 |
|  Asbury Automotive Group, Inc.\* | 6910 |  | 1648311 |
|  BARK, Inc.\* | 19330 |  | 17001 |
|  Barnes & Noble Education, Inc.\* | 3200 |  | 37664 |
|  Beyond, Inc.\* | 16500 |  | 113520 |
|  Boot Barn Holdings, Inc.\* | 10850 |  | 1649200 |
|  Buckle, Inc. (The) | 11600 |  | 526060 |
|  Build-A-Bear Workshop, Inc. | 3570 |  | 184069 |
|  Burlington Stores, Inc.\* | 23308 |  | 5422373 |
|  Caleres, Inc. (x) | 15400 |  | 188188 |
|  Camping World Holdings, Inc., Class A | 16900 |  | 290511 |
|  Citi Trends, Inc.\* | 1580 |  | 52756 |
|  Designer Brands, Inc., Class A (x) | 26970 |  | 64189 |
|  Foot Locker, Inc.\* | 30200 |  | 739900 |
|  Genesco, Inc.\* | 4200 |  | 82698 |
|  Group 1 Automotive, Inc. | 4717 |  | 2059961 |
|  Haverty Furniture Cos., Inc. | 6800 |  | 138380 |
|  J Jill, Inc. | 4190 |  | 61342 |
|  Lands' End, Inc.\* | 10810 |  | 115775 |
|  MarineMax, Inc.\* | 6500 |  | 163410 |
|  Monro, Inc. | 14850 |  | 221413 |
|  Murphy USA, Inc. | 26900 |  | 10942920 |
|  National Vision Holdings, Inc.\* | 25561 |  | 588159 |
|  ODP Corp. (The)\* | 13020 |  | 236053 |
|  OneWater Marine, Inc., Class A\* | 2850 |  | 38161 |
|  Petco Health & Wellness Co., Inc., Class A\* | 74160 |  | 209873 |
|  RealReal, Inc. (The) (x)\* | 36380 |  | 174260 |
|  Revolve Group, Inc., Class A\* | 14400 |  | 288720 |
|  RH\* | 29702 |  | 5613975 |
|  Sally Beauty Holdings, Inc.\* | 39980 |  | 370215 |
|  Shoe Carnival, Inc. | 2490 |  | 46588 |
|  Signet Jewelers Ltd. (x) | 14850 |  | 1181318 |
|  Sleep Number Corp.\* | 9570 |  | 64645 |
|  Sonic Automotive, Inc., Class A | 6020 |  | 481179 |
|  ThredUp, Inc., Class A\* | 28270 |  | 211742 |
|  Tile Shop Holdings, Inc.\* | 3350 |  | 21306 |
|  Torrid Holdings, Inc.\* | 17190 |  | 50710 |
|  Upbound Group, Inc. | 20530 |  | 515303 |
|  Urban Outfitters, Inc.\* | 22980 |  | 1666969 |
|  Victoria's Secret & Co.\* | 29980 |  | 555230 |
|  Warby Parker, Inc., Class A\* | 35800 |  | 785094 |
|  Winmark Corp. | 1100 |  | 415371 |
|  Zumiez, Inc.\* | 9480 |  | 125705 |
|  |  |  | 43157515 |
|  ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** | ***Textiles, Apparel & Luxury Goods (1.6%)*** |
|  Birkenstock Holding plc\* | 244597 |  | 12029280 |
|  Capri Holdings Ltd.\* | 42400 |  | 750480 |
|  Carter's, Inc. | 13000 |  | 391690 |
|  Ermenegildo Zegna NV (x) | 22500 |  | 192375 |
|  Figs, Inc., Class A\* | 46400 |  | 261696 |
|  G-III Apparel Group Ltd.\* | 11540 |  | 258496 |
|  Hanesbrands, Inc.\* | 134980 |  | 618208 |
|  Kontoor Brands, Inc. | 20040 |  | 1322039 |
|  Movado Group, Inc. | 7660 |  | 116815 |
|  On Holding AG, Class A\* | 225991 |  | 11762832 |
|  Oxford Industries, Inc. (x) | 5580 |  | 224595 |
|  Rocky Brands, Inc. | 740 |  | 16421 |
|  Steven Madden Ltd. | 28043 |  | 672471 |
|  Superior Group of Cos., Inc. | 1130 |  | 11639 |
|  Wolverine World Wide, Inc. | 29400 |  | 531552 |
|  |  |  | 29160589 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 246713508 |
|  **Consumer Staples (2.5%)** | **Consumer Staples (2.5%)** | **Consumer Staples (2.5%)** | **Consumer Staples (2.5%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Celsius Holdings, Inc.\* | 381200 |  | 17683868 |
|  MGP Ingredients, Inc. | 5400 |  | 161838 |
|  National Beverage Corp.\* | 8430 |  | 364513 |
|  Vita Coco Co., Inc. (The)\* | 15000 |  | 541500 |
|  Zevia PBC, Class A\* | 6850 |  | 22057 |
|  |  |  | 18773776 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Andersons, Inc. (The) | 13600 | $499800 |
|  Chefs' Warehouse, Inc. (The)\* | 14200 | 906102 |
|  Grocery Outlet Holding Corp.\* | 34500 | 428490 |
|  Guardian Pharmacy Services, Inc., Class A\* | 4100 | 87371 |
|  HF Foods Group, Inc.\* | 9920 | 31546 |
|  Ingles Markets, Inc., Class A | 6200 | 392956 |
|  Natural Grocers by Vitamin Cottage, Inc. | 2310 | 90667 |
|  PriceSmart, Inc. | 9000 | 945360 |
|  SpartanNash Co. | 13800 | 365562 |
|  United Natural Foods, Inc.\* | 21300 | 496503 |
|  Village Super Market, Inc., Class A | 2000 | 77000 |
|  Weis Markets, Inc. | 5800 | 420442 |
|  |  | 4741799 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Alico, Inc. | 1960 | 64053 |
|  B&G Foods, Inc. (x) | 27870 | 117890 |
|  Beyond Meat, Inc. (x)\* | 53510 | 186750 |
|  BRC, Inc., Class A (x)\* | 39800 | 52138 |
|  Calavo Growers, Inc. | 6440 | 171240 |
|  Cal-Maine Foods, Inc. | 15870 | 1581128 |
|  Dole plc | 27430 | 383746 |
|  Forafric Global plc (x)\* | 1020 | 7956 |
|  Fresh Del Monte Produce, Inc. | 12400 | 402008 |
|  Hain Celestial Group, Inc. (The)\* | 70300 | 106856 |
|  J & J Snack Foods Corp. | 5610 | 636230 |
|  John B Sanfilippo & Son, Inc. | 3000 | 189720 |
|  Lancaster Colony Corp. | 7080 | 1223212 |
|  Lifeway Foods, Inc.\* | 3170 | 78141 |
|  Limoneira Co. | 3470 | 54305 |
|  Mama's Creations, Inc.\* | 11200 | 92960 |
|  Mission Produce, Inc.\* | 18670 | 218812 |
|  Seneca Foods Corp., Class A\* | 1140 | 115630 |
|  Simply Good Foods Co. (The)\* | 33823 | 1068469 |
|  SunOpta, Inc.\* | 35600 | 206480 |
|  Tootsie Roll Industries, Inc. | 6400 | 214080 |
|  TreeHouse Foods, Inc.\* | 15950 | 309749 |
|  Utz Brands, Inc. | 23600 | 296180 |
|  Vital Farms, Inc.\* | 12270 | 472640 |
|  Westrock Coffee Co. (x)\* | 14420 | 82627 |
|  WK Kellogg Co. (x) | 25060 | 399456 |
|  |  | 8732456 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Central Garden & Pet Co.\* | 4480 | 157606 |
|  Central Garden & Pet Co., Class A\* | 18707 | 585342 |
|  Energizer Holdings, Inc. | 24100 | 485856 |
|  Oil-Dri Corp. of America | 3520 | 207645 |
|  Spectrum Brands Holdings, Inc. | 9300 | 492900 |
|  WD-40 Co. | 4910 | 1119922 |
|  |  | 3049271 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  Beauty Health Co. (The)\* | 82610 | 157785 |
|  BellRing Brands, Inc.\* | 127041 | 7359485 |
|  Edgewell Personal Care Co. | 17480 | 409207 |
|  FitLife Brands, Inc.\* | 200 | 2604 |
|  Herbalife Ltd. (x)\* | 36100 | 311182 |
|  Honest Co., Inc. (The)\* | 29990 | 152649 |
|  Interparfums, Inc. | 6640 | 871898 |
|  Lifevantage Corp. | 1000 | 13080 |
|  Medifast, Inc.\* | 9820 | 137971 |
|  Nature's Sunshine Products, Inc.\* | 4650 | 68774 |
|  Nu Skin Enterprises, Inc., Class A | 19900 | 159001 |
|  Olaplex Holdings, Inc. (x)\* | 35690 | 49966 |
|  USANA Health Sciences, Inc.\* | 3770 | 115098 |
|  Waldencast plc, Class A (x)\* | 4700 | 11515 |
|  |  | 9820215 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc.\* | 5660 | 14490 |
|  Turning Point Brands, Inc. | 6310 | 478109 |
|  Universal Corp. | 8980 | 522995 |
|  |  | 1015594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 46133111 |
|  **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
|  ***Energy Equipment & Services (1.3%)*** | ***Energy Equipment & Services (1.3%)*** | ***Energy Equipment & Services (1.3%)*** |
|  Archrock, Inc. | 58980 | 1464473 |
|  Aris Water Solutions, Inc., Class A | 7830 | 185179 |
|  Atlas Energy Solutions, Inc. (x) | 25950 | 346952 |
|  Borr Drilling Ltd. | 80000 | 146400 |
|  Bristow Group, Inc., Class A\* | 7973 | 262870 |
|  Cactus, Inc., Class A | 24400 | 1066768 |
|  ChampionX Corp. | 69280 | 1720915 |
|  Core Laboratories, Inc. (x) | 17980 | 207130 |
|  DMC Global, Inc.\* | 13020 | 104941 |
|  Energy Services of America Corp. | 2000 | 19880 |
|  Expro Group Holdings NV\* | 36183 | 310812 |
|  Flowco Holdings, Inc., Class A | 7900 | 140699 |
|  Forum Energy Technologies, Inc.\* | 2550 | 49649 |
|  Helix Energy Solutions Group, Inc.\* | 55600 | 346944 |
|  Helmerich & Payne, Inc. | 36280 | 550005 |
|  Innovex International, Inc.\* | 9570 | 149483 |
|  Kodiak Gas Services, Inc. | 19620 | 672377 |
|  Liberty Energy, Inc., Class A | 56890 | 653097 |
|  Mammoth Energy Services, Inc.\* | 4760 | 13328 |
|  Nabors Industries Ltd. (x)\* | 9300 | 260586 |
|  National Energy Services Reunited Corp.\* | 6100 | 36722 |
|  Natural Gas Services Group, Inc.\* | 2560 | 66074 |
|  Noble Corp. plc | 45821 | 1216548 |
|  Oceaneering International, Inc.\* | 37440 | 775757 |
|  Oil States International, Inc.\* | 36610 | 196230 |
|  Patterson-UTI Energy, Inc. | 130827 | 775804 |
|  ProFrac Holding Corp., Class A (x)\* | 39130 | 303649 |
|  ProPetro Holding Corp.\* | 33200 | 198204 |
|  Ranger Energy Services, Inc., Class A | 6800 | 81192 |
|  RPC, Inc. | 32795 | 155120 |
|  SEACOR Marine Holdings, Inc.\* | 6280 | 32028 |
|  Seadrill Ltd.\* | 23180 | 608475 |
|  Select Water Solutions, Inc., Class A | 34860 | 301190 |
|  Solaris Energy Infrastructure, Inc., Class A | 10810 | 305815 |
|  TechnipFMC plc | 223351 | 7692208 |
|  TETRA Technologies, Inc.\* | 51890 | 174350 |
|  Tidewater, Inc.\* | 17460 | 805430 |
|  Transocean Ltd. (x)\* | 278620 | 721626 |
|  Valaris Ltd.\* | 22170 | 933579 |
|  |  | 24052489 |

---

See Notes to Financial Statements.

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |
|  Ardmore Shipping Corp. | 15370 | $147552 |
|  Berry Corp. | 18660 | 51688 |
|  BKV Corp.\* | 5200 | 125424 |
|  California Resources Corp. | 23720 | 1083292 |
|  Calumet, Inc.\* | 25100 | 395451 |
|  Centrus Energy Corp., Class A (x)\* | 5390 | 987340 |
|  Clean Energy Fuels Corp.\* | 30290 | 59065 |
|  CNX Resources Corp.\* | 52990 | 1784703 |
|  Comstock Resources, Inc.\* | 27000 | 747090 |
|  Core Natural Resources, Inc. | 19351 | 1349539 |
|  Crescent Energy Co., Class A | 58598 | 503943 |
|  CVR Energy, Inc. | 10800 | 289980 |
|  Delek US Holdings, Inc. | 25680 | 543902 |
|  DHT Holdings, Inc. | 51900 | 561039 |
|  Diversified Energy Co. plc (m) | 17950 | 263326 |
|  Dorian LPG Ltd. | 14715 | 358752 |
|  Empire Petroleum Corp. (x)\* | 1752 | 9251 |
|  Encore Energy Corp. (x)\* | 54640 | 156270 |
|  Energy Fuels, Inc. (x)\* | 75800 | 435850 |
|  Epsilon Energy Ltd. | 2600 | 19188 |
|  Evolution Petroleum Corp. (x) | 7090 | 33323 |
|  Excelerate Energy, Inc., Class A | 8340 | 244529 |
|  FLEX LNG Ltd. (x) | 10400 | 228592 |
|  FutureFuel Corp. | 22010 | 85399 |
|  Golar LNG Ltd. | 37320 | 1537211 |
|  Granite Ridge Resources, Inc. (x) | 18360 | 116953 |
|  Green Plains, Inc.\* | 22100 | 133263 |
|  Gulfport Energy Corp.\* | 5550 | 1116493 |
|  Hallador Energy Co.\* | 11570 | 183153 |
|  HighPeak Energy, Inc. (x) | 16490 | 161602 |
|  International Seaways, Inc. | 14415 | 525859 |
|  Kinetik Holdings, Inc., Class A | 16110 | 709646 |
|  Kosmos Energy Ltd.\* | 170060 | 292503 |
|  Magnolia Oil & Gas Corp., Class A | 67840 | 1525043 |
|  Murphy Oil Corp. | 51720 | 1163700 |
|  NACCO Industries, Inc., Class A | 670 | 29688 |
|  New Fortress Energy, Inc. (x)\* | 79800 | 264936 |
|  NextDecade Corp.\* | 43400 | 386694 |
|  NextNRG, Inc. (x)\* | 900 | 2493 |
|  Nordic American Tankers Ltd. | 46190 | 121480 |
|  Northern Oil & Gas, Inc. (x) | 32100 | 910035 |
|  OPAL Fuels, Inc., Class A\* | 1900 | 4598 |
|  Par Pacific Holdings, Inc.\* | 21190 | 562171 |
|  PBF Energy, Inc., Class A | 33524 | 726465 |
|  Peabody Energy Corp. | 48900 | 656238 |
|  Prairie Operating Co.\* | 9500 | 28453 |
|  PrimeEnergy Resources Corp.\* | 1350 | 197613 |
|  REX American Resources Corp.\* | 6800 | 331228 |
|  Riley Exploration Permian, Inc. | 4070 | 106756 |
|  Sable Offshore Corp. (x)\* | 24880 | 546862 |
|  SandRidge Energy, Inc. | 11790 | 127568 |
|  Scorpio Tankers, Inc. | 17790 | 696123 |
|  SFL Corp. Ltd. | 47800 | 398174 |
|  Sitio Royalties Corp., Class A | 30957 | 568990 |
|  SM Energy Co. | 41250 | 1019288 |
|  Talos Energy, Inc.\* | 46750 | 396440 |
|  Teekay Corp. Ltd. | 17320 | 142890 |
|  Teekay Tankers Ltd., Class A | 9170 | 382572 |
|  Uranium Energy Corp.\* | 155040 | 1054272 |
|  VAALCO Energy, Inc. (x) | 30910 | 111585 |
|  Verde Clean Fuels, Inc.\* | 270 | 929 |
|  Vital Energy, Inc.\* | 10930 | 175864 |
|  Vitesse Energy, Inc. (x) | 10750 | 237467 |
|  W&T Offshore, Inc. (x) | 119930 | 197884 |
|  World Kinect Corp. (x) | 22260 | 631071 |
|  |  | 28946741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 52999230 |
|  **Financials (14.7%)** | **Financials (14.7%)** | **Financials (14.7%)** |
|  ***Banks (5.2%)*** | ***Banks (5.2%)*** | ***Banks (5.2%)*** |
|  1st Source Corp. | 6535 | 405627 |
|  ACNB Corp. | 1850 | 79254 |
|  Amalgamated Financial Corp. | 10010 | 312312 |
|  Amerant Bancorp, Inc., Class A | 20800 | 379184 |
|  Ameris Bancorp | 24920 | 1612324 |
|  Ames National Corp. | 1280 | 22797 |
|  Arrow Financial Corp. | 4365 | 115323 |
|  Associated Banc-Corp. | 58680 | 1431205 |
|  Atlantic Union Bankshares Corp. | 49606 | 1551676 |
|  Axos Financial, Inc.\* | 18880 | 1435635 |
|  Banc of California, Inc. | 51210 | 719501 |
|  BancFirst Corp. | 7610 | 940748 |
|  Bancorp, Inc. (The)\* | 18080 | 1030018 |
|  Bank First Corp. | 3580 | 421187 |
|  Bank of Hawaii Corp. | 15040 | 1015651 |
|  Bank of Marin Bancorp | 5260 | 120138 |
|  Bank of NT Butterfield & Son Ltd. (The) | 18080 | 800582 |
|  Bank7 Corp. | 1720 | 71948 |
|  BankFinancial Corp. | 260 | 3008 |
|  BankUnited, Inc. | 29700 | 1057023 |
|  Bankwell Financial Group, Inc. | 1230 | 44317 |
|  Banner Corp. | 13700 | 878855 |
|  Bar Harbor Bankshares | 2290 | 68608 |
|  BayCom Corp. | 2560 | 70938 |
|  BCB Bancorp, Inc. | 4110 | 34606 |
|  Berkshire Hills Bancorp, Inc. | 20950 | 524588 |
|  Blue Foundry Bancorp\* | 3920 | 37514 |
|  Blue Ridge Bankshares, Inc.\* | 2520 | 9047 |
|  Bridgewater Bancshares, Inc.\* | 6750 | 107393 |
|  Brookline Bancorp, Inc. | 35832 | 378028 |
|  Burke & Herbert Financial Services Corp. | 4444 | 265440 |
|  Business First Bancshares, Inc. | 8360 | 206074 |
|  BV Financial, Inc.\* | 460 | 7006 |
|  Byline Bancorp, Inc. | 16360 | 437303 |
|  C&F Financial Corp. | 120 | 7408 |
|  Cadence Bank | 67753 | 2166741 |
|  California Bancorp\* | 4590 | 72338 |
|  Camden National Corp. | 5055 | 205132 |
|  Capital Bancorp, Inc. | 2700 | 90666 |
|  Capital City Bank Group, Inc. | 5250 | 206588 |
|  Capitol Federal Financial, Inc. | 60600 | 369660 |
|  Carter Bankshares, Inc.\* | 6680 | 115831 |
|  Cathay General Bancorp | 25091 | 1142393 |
|  CB Financial Services, Inc. | 160 | 4560 |
|  Central Pacific Financial Corp. | 8730 | 244702 |
|  CF Bankshares, Inc. | 110 | 2637 |
|  Chain Bridge Bancorp, Inc., Class A\* | 180 | 4639 |
|  Chemung Financial Corp. | 830 | 40230 |
|  ChoiceOne Financial Services, Inc. | 3130 | 89831 |

---

See Notes to Financial Statements.

500

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Citizens & Northern Corp. | 5970 | $113072 |
|  Citizens Community Bancorp, Inc. | 270 | 3726 |
|  Citizens Financial Services, Inc. | 680 | 39930 |
|  City Holding Co. | 5540 | 678207 |
|  Civista Bancshares, Inc. | 5330 | 123656 |
|  CNB Financial Corp. | 4080 | 93269 |
|  Coastal Financial Corp.\* | 4290 | 415572 |
|  Colony Bankcorp, Inc. | 4550 | 74938 |
|  Columbia Financial, Inc.\* | 13410 | 194579 |
|  Community Financial System, Inc. | 19366 | 1101344 |
|  Community Trust Bancorp, Inc. | 6100 | 322812 |
|  Community West Bancshares | 3550 | 69261 |
|  ConnectOne Bancorp, Inc. | 18338 | 424708 |
|  Customers Bancorp, Inc.\* | 10800 | 634392 |
|  CVB Financial Corp. | 51335 | 1015920 |
|  Dime Community Bancshares, Inc. | 15719 | 423470 |
|  Eagle Bancorp Montana, Inc. | 470 | 7835 |
|  Eagle Bancorp, Inc. | 12230 | 238240 |
|  Eagle Financial Services, Inc. | 270 | 8267 |
|  Eastern Bankshares, Inc. | 78334 | 1196160 |
|  ECB Bancorp, Inc.\* | 200 | 3088 |
|  Enterprise Bancorp, Inc. | 2550 | 101082 |
|  Enterprise Financial Services Corp. | 12634 | 696133 |
|  Equity Bancshares, Inc., Class A | 9000 | 367200 |
|  Esquire Financial Holdings, Inc. | 2550 | 241383 |
|  ESSA Bancorp, Inc. | 1300 | 25220 |
|  Farmers & Merchants Bancorp, Inc. | 2490 | 62947 |
|  Farmers National Banc Corp. | 13030 | 179684 |
|  FB Bancorp, Inc.\* | 870 | 9787 |
|  FB Financial Corp. | 12814 | 580474 |
|  Fidelity D&D Bancorp, Inc. | 630 | 28980 |
|  Financial Institutions, Inc. | 7240 | 185923 |
|  Finward Bancorp | 80 | 2210 |
|  Finwise Bancorp\* | 210 | 3152 |
|  First Bancorp (Nasdaq Stock Exchange) | 17188 | 757819 |
|  First Bancorp (New York Stock Exchange) | 63740 | 1327704 |
|  First Bancorp, Inc. (The) | 4340 | 110279 |
|  First Bank | 3890 | 60178 |
|  First Busey Corp. | 29935 | 685062 |
|  First Business Financial Services, Inc. | 1800 | 91188 |
|  First Capital, Inc. | 70 | 2890 |
|  First Commonwealth Financial Corp. | 36600 | 594018 |
|  First Community Bankshares, Inc. | 9440 | 369765 |
|  First Community Corp. | 290 | 7070 |
|  First Financial Bancorp | 35765 | 867659 |
|  First Financial Bankshares, Inc. | 48240 | 1735675 |
|  First Financial Corp. | 3690 | 199961 |
|  First Financial Northwest, Inc. (r)\* | 970 | 1028 |
|  First Foundation, Inc.\* | 37760 | 192576 |
|  First Internet Bancorp | 1930 | 51917 |
|  First Interstate BancSystem, Inc., Class A | 30784 | 887195 |
|  First Merchants Corp. | 20730 | 793959 |
|  First Mid Bancshares, Inc. | 7700 | 288673 |
|  First National Corp. | 260 | 5062 |
|  First Savings Financial Group, Inc. | 200 | 5008 |
|  First United Corp. | 210 | 6512 |
|  First Western Financial, Inc.\* | 1700 | 38352 |
|  Firstsun Capital Bancorp\* | 840 | 29190 |
|  Five Star Bancorp | 6550 | 186937 |
|  Flagstar Financial, Inc. | 110693 | 1173346 |
|  Flushing Financial Corp. | 16910 | 200891 |
|  Franklin Financial Services Corp. | 170 | 5886 |
|  FS Bancorp, Inc. | 1170 | 46075 |
|  Fulton Financial Corp. | 68260 | 1231410 |
|  FVCBankcorp, Inc.\* | 2065 | 24367 |
|  GBank Financial Holdings, Inc.\* | 1250 | 44263 |
|  German American Bancorp, Inc. | 13210 | 508717 |
|  Glacier Bancorp, Inc. | 42400 | 1826592 |
|  Great Southern Bancorp, Inc. | 2340 | 137545 |
|  Greene County Bancorp, Inc. | 3200 | 71104 |
|  Guaranty Bancshares, Inc. | 2960 | 125622 |
|  Hancock Whitney Corp. | 31972 | 1835193 |
|  Hanmi Financial Corp. | 13010 | 321087 |
|  Hanover Bancorp, Inc. | 130 | 2976 |
|  HarborOne Bancorp, Inc. | 17090 | 199611 |
|  Hawthorn Bancshares, Inc. | 190 | 5537 |
|  HBT Financial, Inc. | 3880 | 97815 |
|  Heritage Commerce Corp. | 34910 | 346656 |
|  Heritage Financial Corp. | 15266 | 363941 |
|  Hilltop Holdings, Inc. | 17399 | 528060 |
|  Hingham Institution For Savings (The) (x) | 1520 | 377492 |
|  Home Bancorp, Inc. | 2600 | 134628 |
|  Home BancShares, Inc. | 71075 | 2022795 |
|  HomeStreet, Inc.\* | 15560 | 203369 |
|  HomeTrust Bancshares, Inc. | 8350 | 312373 |
|  Hope Bancorp, Inc. | 44585 | 478397 |
|  Horizon Bancorp, Inc. | 17900 | 275302 |
|  Independent Bank Corp. | 6600 | 213906 |
|  Independent Bank Corp./MA | 15885 | 998928 |
|  International Bancshares Corp. | 20600 | 1371136 |
|  Investar Holding Corp. | 1400 | 27048 |
|  John Marshall Bancorp, Inc. | 1710 | 31686 |
|  Kearny Financial Corp. | 32165 | 207786 |
|  Lakeland Financial Corp. | 10455 | 642460 |
|  Landmark Bancorp, Inc. | 170 | 4495 |
|  LCNB Corp. | 2130 | 30949 |
|  LINKBANCORP, Inc. | 2000 | 14620 |
|  Live Oak Bancshares, Inc. | 12400 | 369520 |
|  MainStreet Bancshares, Inc. | 260 | 4914 |
|  Mercantile Bank Corp. | 5840 | 271034 |
|  Meridian Corp. | 420 | 5414 |
|  Metrocity Bankshares, Inc. | 6660 | 190343 |
|  Metropolitan Bank Holding Corp.\* | 3540 | 247800 |
|  Mid Penn Bancorp, Inc. | 6350 | 179070 |
|  Middlefield Banc Corp. | 940 | 28303 |
|  Midland States Bancorp, Inc. | 10170 | 176144 |
|  MidWestOne Financial Group, Inc. | 6750 | 194198 |
|  MVB Financial Corp. | 2520 | 56776 |
|  National Bank Holdings Corp., Class A | 14100 | 530301 |
|  National Bankshares, Inc. | 1120 | 30464 |
|  NB Bancorp, Inc.\* | 14870 | 265578 |
|  NBT Bancorp, Inc. | 18655 | 775115 |
|  Nicolet Bankshares, Inc. | 4800 | 592704 |
|  Northeast Bank | 2440 | 217136 |
|  Northeast Community Bancorp, Inc. | 3880 | 90191 |
|  Northfield Bancorp, Inc. | 16890 | 193897 |
|  Northpointe Bancshares, Inc. | 900 | 12339 |

---

See Notes to Financial Statements.

501

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Northrim Bancorp, Inc. | 1900 | $| 177194 |
|  Northwest Bancshares, Inc. | 55750 |  | 712485 |
|  Norwood Financial Corp. | 1540 |  | 39701 |
|  Oak Valley Bancorp | 1110 |  | 30236 |
|  OceanFirst Financial Corp. | 24343 |  | 428680 |
|  OFG Bancorp | 17560 |  | 751568 |
|  Ohio Valley Banc Corp. | 100 |  | 3223 |
|  Old National Bancorp | 116786 |  | 2492213 |
|  Old Point Financial Corp. | 240 |  | 9420 |
|  Old Second Bancorp, Inc. | 25450 |  | 451483 |
|  OP Bancorp | 670 |  | 8703 |
|  Orange County Bancorp, Inc. | 2240 |  | 57882 |
|  Origin Bancorp, Inc. | 10870 |  | 388494 |
|  Orrstown Financial Services, Inc. | 6950 |  | 221219 |
|  Pacific Premier Bancorp, Inc. | 38550 |  | 813020 |
|  Park National Corp. | 5220 |  | 873097 |
|  Parke Bancorp, Inc. | 1760 |  | 35851 |
|  Pathward Financial, Inc. | 8340 |  | 659861 |
|  Patriot National Bancorp, Inc.\* | 12780 |  | 19426 |
|  PCB Bancorp | 2110 |  | 44268 |
|  Peapack-Gladstone Financial Corp. | 6090 |  | 172043 |
|  Penns Woods Bancorp, Inc. | 270 |  | 8197 |
|  Peoples Bancorp of North Carolina, Inc. | 450 |  | 12983 |
|  Peoples Bancorp, Inc. | 13004 |  | 397142 |
|  Peoples Financial Services Corp. | 1320 |  | 65168 |
|  Pioneer Bancorp, Inc.\* | 1540 |  | 18526 |
|  Plumas Bancorp | 850 |  | 37791 |
|  Ponce Financial Group, Inc.\* | 4030 |  | 55775 |
|  Preferred Bank | 4900 |  | 424071 |
|  Primis Financial Corp. | 7690 |  | 83437 |
|  Princeton Bancorp, Inc. | 920 |  | 28097 |
|  Provident Bancorp, Inc.\* | 4760 |  | 59452 |
|  Provident Financial Services, Inc. | 48105 |  | 843281 |
|  QCR Holdings, Inc. | 5800 |  | 393820 |
|  RBB Bancorp | 4520 |  | 77789 |
|  Red River Bancshares, Inc. | 1200 |  | 70440 |
|  Renasant Corp. | 37300 |  | 1340189 |
|  Republic Bancorp, Inc., Class A | 3180 |  | 232490 |
|  Rhinebeck Bancorp, Inc.\* | 240 |  | 2815 |
|  Richmond Mutual Bancorp, Inc. | 580 |  | 8004 |
|  Riverview Bancorp, Inc. | 1310 |  | 7205 |
|  S&T Bancorp, Inc. | 14209 |  | 537384 |
|  SB Financial Group, Inc. | 260 |  | 4966 |
|  Seacoast Banking Corp. of Florida | 31385 |  | 866854 |
|  ServisFirst Bancshares, Inc. | 19300 |  | 1495943 |
|  Shore Bancshares, Inc. | 7105 |  | 111691 |
|  Sierra Bancorp | 4610 |  | 136871 |
|  Simmons First National Corp., Class A | 49819 |  | 944568 |
|  SmartFinancial, Inc. | 5360 |  | 181061 |
|  Sound Financial Bancorp, Inc. | 60 |  | 2760 |
|  South Plains Financial, Inc. | 3620 |  | 130465 |
|  Southern First Bancshares, Inc.\* | 1690 |  | 64271 |
|  Southern Missouri Bancorp, Inc. | 3250 |  | 178035 |
|  Southside Bancshares, Inc. | 14736 |  | 433680 |
|  SR Bancorp, Inc. | 710 |  | 9585 |
|  Stellar Bancorp, Inc. | 17384 |  | 486404 |
|  Sterling Bancorp, Inc. (r)\* | 1320 |  |  |
|  Stock Yards Bancorp, Inc. | 9010 |  | 711610 |
|  Texas Capital Bancshares, Inc.\* | 17070 |  | 1355358 |
|  Third Coast Bancshares, Inc.\* | 3800 |  | 124146 |
|  Timberland Bancorp, Inc. | 1260 |  | 39312 |
|  Tompkins Financial Corp. | 4561 |  | 286112 |
|  Towne Bank | 28909 |  | 988110 |
|  TriCo Bancshares | 10782 |  | 436563 |
|  Triumph Financial, Inc.\* | 9000 |  | 495990 |
|  TrustCo Bank Corp. | 6930 |  | 231601 |
|  Trustmark Corp. | 23320 |  | 850247 |
|  UMB Financial Corp. | 26480 |  | 2784637 |
|  Union Bankshares, Inc. | 100 |  | 2662 |
|  United Bankshares, Inc. | 51582 |  | 1879132 |
|  United Community Banks, Inc. | 45700 |  | 1361403 |
|  United Security Bancshares | 270 |  | 2335 |
|  Unity Bancorp, Inc. | 2260 |  | 106401 |
|  Univest Financial Corp. | 11100 |  | 333444 |
|  USCB Financial Holdings, Inc. | 2670 |  | 44162 |
|  Valley National Bancorp | 188239 |  | 1680974 |
|  Veritex Holdings, Inc. | 17824 |  | 465206 |
|  Virginia National Bankshares Corp. | 890 |  | 32930 |
|  WaFd, Inc. | 29008 |  | 849354 |
|  Washington Trust Bancorp, Inc. | 11160 |  | 315605 |
|  WesBanco, Inc. | 33598 |  | 1062705 |
|  West Bancorp, Inc. | 6010 |  | 117976 |
|  Westamerica Bancorp | 9650 |  | 467446 |
|  Western New England Bancorp, Inc. | 840 |  | 7753 |
|  WSFS Financial Corp. | 22811 |  | 1254605 |
|  |  |  | 97624873 |
|  ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** |
|  Acadian Asset Management, Inc. | 12108 |  | 426686 |
|  AlTi Global, Inc. (x)\* | 9060 |  | 37599 |
|  Artisan Partners Asset Management, Inc., Class A | 22740 |  | 1008064 |
|  Bakkt Holdings, Inc., Class A\* | 3800 |  | 53010 |
|  BGC Group, Inc., Class A | 133260 |  | 1363250 |
|  Cohen & Steers, Inc. | 9166 |  | 690658 |
|  Diamond Hill Investment Group, Inc. | 1360 |  | 197622 |
|  DigitalBridge Group, Inc. | 60275 |  | 623846 |
|  Donnelley Financial Solutions, Inc.\* | 9220 |  | 568413 |
|  Forge Global Holdings, Inc. (x)\* | 4706 |  | 89602 |
|  GCM Grosvenor, Inc., Class A | 10360 |  | 119762 |
|  Jefferies Financial Group, Inc. | 181535 |  | 9928149 |
|  Marex Group plc | 11600 |  | 457852 |
|  MarketWise, Inc. | 785 |  | 15535 |
|  Moelis & Co., Class A | 26090 |  | 1625929 |
|  Open Lending Corp.\* | 46160 |  | 89550 |
|  P10, Inc., Class A (x) | 19850 |  | 202867 |
|  Patria Investments Ltd., Class A | 20850 |  | 293151 |
|  Perella Weinberg Partners, Class A | 18370 |  | 356745 |
|  Piper Sandler Cos. | 6460 |  | 1795492 |
|  PJT Partners, Inc., Class A | 97278 |  | 16051843 |
|  Siebert Financial Corp.\* | 1700 |  | 7514 |
|  Silvercrest Asset Management Group, Inc., Class A | 2600 |  | 41236 |
|  StepStone Group, Inc., Class A | 23330 |  | 1294815 |
|  Stifel Financial Corp. | 103330 |  | 10723587 |
|  StoneX Group, Inc.\* | 15803 |  | 1440286 |
|  TPG, Inc., Class A | 206666 |  | 10839632 |
|  Value Line, Inc. | 510 |  | 19967 |
|  Victory Capital Holdings, Inc., Class A | 16110 |  | 1025724 |

---

See Notes to Financial Statements.

502

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Virtus Investment Partners, Inc. | 2585 | $| 468919 |
|  Westwood Holdings Group, Inc. | 400 |  | 6240 |
|  WisdomTree, Inc. (x) | 53000 |  | 610030 |
|  |  |  | 62473575 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  Atlanticus Holdings Corp.\* | 2900 |  | 158775 |
|  Bread Financial Holdings, Inc. | 18200 |  | 1039584 |
|  Consumer Portfolio Services, Inc.\* | 2850 |  | 28015 |
|  Dave, Inc.\* | 3400 |  | 912594 |
|  Encore Capital Group, Inc.\* | 7180 |  | 277938 |
|  Enova International, Inc.\* | 8820 |  | 983606 |
|  FirstCash Holdings, Inc. | 14954 |  | 2020884 |
|  Green Dot Corp., Class A\* | 17660 |  | 190375 |
|  LendingClub Corp.\* | 38200 |  | 459546 |
|  LendingTree, Inc.\* | 3600 |  | 133452 |
|  Medallion Financial Corp. | 1870 |  | 17821 |
|  Navient Corp. | 35497 |  | 500508 |
|  Nelnet, Inc., Class A | 5530 |  | 669794 |
|  NerdWallet, Inc., Class A\* | 9600 |  | 105312 |
|  OppFi, Inc. (x) | 11320 |  | 158367 |
|  PRA Group, Inc.\* | 17960 |  | 264910 |
|  PROG Holdings, Inc. | 17760 |  | 521256 |
|  Regional Management Corp. | 2230 |  | 65138 |
|  Upstart Holdings, Inc. (x)\* | 30640 |  | 1981795 |
|  World Acceptance Corp.\* | 820 |  | 135398 |
|  |  |  | 10625068 |
|  ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** |
|  Acacia Research Corp.\* | 15010 |  | 53736 |
|  Alerus Financial Corp. | 3160 |  | 68382 |
|  AvidXchange Holdings, Inc.\* | 66390 |  | 649958 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 10240 |  | 412672 |
|  Better Home & Finance Holding Co.\* | 1000 |  | 12390 |
|  Burford Capital Ltd. | 76550 |  | 1091603 |
|  Cannae Holdings, Inc. | 17720 |  | 369462 |
|  Cantaloupe, Inc.\* | 15310 |  | 168257 |
|  Cass Information Systems, Inc. | 4653 |  | 202173 |
|  Chime Financial, Inc., Class A\* | 233775 |  | 8067575 |
|  Compass Diversified Holdings | 22320 |  | 140170 |
|  Enact Holdings, Inc. | 9390 |  | 348839 |
|  Essent Group Ltd. | 39040 |  | 2370899 |
|  Evertec, Inc. | 22336 |  | 805213 |
|  Federal Agricultural Mortgage Corp., Class C | 3020 |  | 586726 |
|  Finance of America Cos., Inc., Class A\* | 700 |  | 16324 |
|  Flywire Corp.\* | 46137 |  | 539803 |
|  HA Sustainable Infrastructure Capital, Inc. (x) | 42950 |  | 1153637 |
|  International Money Express, Inc.\* | 11320 |  | 114219 |
|  Jackson Financial, Inc., Class A | 26460 |  | 2349383 |
|  loanDepot, Inc., Class A\* | 7800 |  | 9906 |
|  Marqeta, Inc., Class A\* | 140060 |  | 816550 |
|  Merchants Bancorp | 9410 |  | 311189 |
|  NCR Atleos Corp.\* | 27560 |  | 786287 |
|  NewtekOne, Inc. | 12300 |  | 138744 |
|  NMI Holdings, Inc., Class A\* | 26520 |  | 1118879 |
|  Onity Group, Inc.\* | 1790 |  | 68324 |
|  Pagseguro Digital Ltd., Class A | 76150 |  | 734086 |
|  Payoneer Global, Inc.\* | 98700 |  | 676095 |
|  Paysafe Ltd.\* | 13804 |  | 174206 |
|  Paysign, Inc.\* | 16730 |  | 120456 |
|  PennyMac Financial Services, Inc. | 10610 |  | 1057180 |
|  Priority Technology Holdings, Inc.\* | 13010 |  | 101218 |
|  Radian Group, Inc. | 53106 |  | 1912878 |
|  Remitly Global, Inc.\* | 54186 |  | 1017071 |
|  Repay Holdings Corp., Class A\* | 31500 |  | 151830 |
|  Security National Financial Corp., Class A\* | 500 |  | 4925 |
|  Sezzle, Inc.\* | 4980 |  | 892665 |
|  Shift4 Payments, Inc., Class A (x)\* | 137011 |  | 13579160 |
|  StoneCo Ltd., Class A\* | 97940 |  | 1570958 |
|  SWK Holdings Corp. | 1010 |  | 14887 |
|  Triller Group, Inc.\* | 4700 |  | 4373 |
|  Velocity Financial, Inc.\* | 4810 |  | 89177 |
|  Walker & Dunlop, Inc. | 11370 |  | 801358 |
|  Waterstone Financial, Inc. | 4770 |  | 65874 |
|  |  |  | 45739697 |
|  ***Insurance (2.7%)*** | ***Insurance (2.7%)*** | ***Insurance (2.7%)*** | ***Insurance (2.7%)*** |
|  Ambac Financial Group, Inc.\* | 19430 |  | 137953 |
|  American Coastal Insurance Corp. | 11560 |  | 128547 |
|  AMERISAFE, Inc. | 8790 |  | 384387 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 24350 |  | 1042423 |
|  Bowhead Specialty Holdings, Inc.\* | 5700 |  | 213921 |
|  Citizens, Inc., Class A\* | 1800 |  | 6282 |
|  CNO Financial Group, Inc. | 36610 |  | 1412414 |
|  Crawford & Co., Class A | 9150 |  | 96807 |
|  Donegal Group, Inc., Class A | 6660 |  | 133366 |
|  eHealth, Inc.\* | 2400 |  | 10440 |
|  Employers Holdings, Inc. | 8781 |  | 414288 |
|  Enstar Group Ltd.\* | 4250 |  | 1429530 |
|  F&G Annuities & Life, Inc. | 6980 |  | 223220 |
|  Fidelis Insurance Holdings Ltd. | 22060 |  | 365755 |
|  Genworth Financial, Inc., Class A\* | 160038 |  | 1245096 |
|  GoHealth, Inc., Class A\* | 2710 |  | 15040 |
|  Goosehead Insurance, Inc., Class A | 8260 |  | 871513 |
|  Greenlight Capital Re Ltd., Class A\* | 8176 |  | 117489 |
|  Hamilton Insurance Group Ltd., Class B\* | 14860 |  | 321273 |
|  HCI Group, Inc. | 2800 |  | 426160 |
|  Heritage Insurance Holdings, Inc.\* | 8190 |  | 204259 |
|  Hippo Holdings, Inc.\* | 5675 |  | 158503 |
|  Horace Mann Educators Corp. | 13360 |  | 574079 |
|  Investors Title Co. | 1130 |  | 238769 |
|  James River Group Holdings Ltd. | 28410 |  | 166483 |
|  Kestrel Group Ltd. | 829 |  | 21985 |
|  Kingstone Cos., Inc.\* | 2300 |  | 35443 |
|  Kingsway Financial Services, Inc.\* | 4480 |  | 60659 |
|  Kinsale Capital Group, Inc. | 32907 |  | 15923697 |
|  Lemonade, Inc. (x)\* | 19000 |  | 832390 |
|  MBIA, Inc.\* | 25900 |  | 112406 |
|  Mercury General Corp. | 9700 |  | 653198 |
|  NI Holdings, Inc.\* | 4820 |  | 61407 |
|  Oscar Health, Inc., Class A (x)\* | 74280 |  | 1592563 |
|  Palomar Holdings, Inc.\* | 9480 |  | 1462290 |
|  ProAssurance Corp.\* | 18100 |  | 413223 |
|  Root, Inc., Class A\* | 3880 |  | 496524 |
|  Ryan Specialty Holdings, Inc., Class A | 192496 |  | 13087803 |

---

See Notes to Financial Statements.

503

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Safety Insurance Group, Inc. | 5424 | $| 430611 |
|  Selective Insurance Group, Inc. | 21440 |  | 1857776 |
|  Selectquote, Inc.\* | 21449 |  | 51049 |
|  SiriusPoint Ltd.\* | 36000 |  | 734040 |
|  Skyward Specialty Insurance Group, Inc.\* | 14190 |  | 820040 |
|  Stewart Information Services Corp. | 9490 |  | 617799 |
|  Tiptree, Inc., Class A | 8570 |  | 202081 |
|  Trupanion, Inc.\* | 13560 |  | 750546 |
|  United Fire Group, Inc. | 7190 |  | 206353 |
|  Universal Insurance Holdings, Inc. | 8450 |  | 234318 |
|  |  |  | 50996198 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 400 |  | 7176 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 12840 |  | 57523 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 10320 |  | 77916 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 6460 |  | 60853 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 52888 |  | 511956 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 62990 |  | 673993 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 38980 |  | 185935 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 35587 |  | 598217 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 56900 |  | 1095325 |
|  BrightSpire Capital, Inc. (REIT), Class A | 47630 |  | 240531 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 8550 |  | 119358 |
|  Chimera Investment Corp. (REIT) | 31866 |  | 441981 |
|  Claros Mortgage Trust, Inc. (REIT) | 59700 |  | 170145 |
|  Dynex Capital, Inc. (REIT) (x) | 38410 |  | 469370 |
|  Ellington Financial, Inc. (REIT) (x) | 27810 |  | 361252 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 30600 |  | 327114 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 23989 |  | 188074 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 18800 |  | 164876 |
|  Ladder Capital Corp. (REIT) | 37467 |  | 402770 |
|  Lument Finance Trust, Inc. (REIT) | 1400 |  | 3094 |
|  MFA Financial, Inc. (REIT) | 38105 |  | 360473 |
|  New York Mortgage Trust, Inc. (REIT) | 25860 |  | 173262 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 3760 |  | 51850 |
|  Orchid Island Capital, Inc. (REIT) (x) | 54210 |  | 380012 |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 28873 |  | 371307 |
|  Ready Capital Corp. (REIT) (x) | 66972 |  | 292668 |
|  Redwood Trust, Inc. (REIT) | 57300 |  | 338643 |
|  Rithm Property Trust, Inc. (REIT) | 1900 |  | 5130 |
|  Seven Hills Realty Trust (REIT) | 2180 |  | 26313 |
|  Sunrise Realty Trust, Inc. (REIT) | 5546 |  | 58788 |
|  TPG RE Finance Trust, Inc. (REIT) | 21380 |  | 165054 |
|  Two Harbors Investment Corp. (REIT) | 31505 |  | 339309 |
|  |  |  | 8720268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 276179679 |
|  **Health Care (17.7%)** | **Health Care (17.7%)** | **Health Care (17.7%)** | **Health Care (17.7%)** |
|  ***Biotechnology (9.3%)*** | ***Biotechnology (9.3%)*** | ***Biotechnology (9.3%)*** | ***Biotechnology (9.3%)*** |
|  4D Molecular Therapeutics, Inc.\* | 28400 |  | 105364 |
|  89bio, Inc.\* | 40150 |  | 394273 |
|  Abeona Therapeutics, Inc.\* | 8960 |  | 50893 |
|  Absci Corp. (x)\* | 55020 |  | 141401 |
|  ACADIA Pharmaceuticals, Inc.\* | 45320 |  | 977552 |
|  Actuate Therapeutics, Inc.\* | 940 |  | 5743 |
|  ADC Therapeutics SA (x)\* | 16530 |  | 44300 |
|  ADMA Biologics, Inc.\* | 80740 |  | 1470275 |
|  Agios Pharmaceuticals, Inc.\* | 20370 |  | 677506 |
|  Akebia Therapeutics, Inc.\* | 78660 |  | 286322 |
|  Akero Therapeutics, Inc.\* | 136802 |  | 7299755 |
|  Aldeyra Therapeutics, Inc.\* | 35440 |  | 135735 |
|  Alector, Inc.\* | 36880 |  | 51632 |
|  Alkermes plc\* | 57620 |  | 1648508 |
|  Allogene Therapeutics, Inc. (x)\* | 106637 |  | 120500 |
|  Altimmune, Inc. (x)\* | 23570 |  | 91216 |
|  Amicus Therapeutics, Inc.\* | 105789 |  | 606171 |
|  AnaptysBio, Inc.\* | 7730 |  | 171606 |
|  Anavex Life Sciences Corp. (x)\* | 38020 |  | 350544 |
|  Anika Therapeutics, Inc.\* | 7250 |  | 76705 |
|  Annexon, Inc.\* | 49280 |  | 118272 |
|  Apogee Therapeutics, Inc.\* | 120315 |  | 5225280 |
|  Arbutus Biopharma Corp. (x)\* | 30630 |  | 94647 |
|  Arcellx, Inc.\* | 13330 |  | 877781 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 10200 |  | 132702 |
|  Arcus Biosciences, Inc.\* | 20000 |  | 162800 |
|  Arcutis Biotherapeutics, Inc.\* | 40580 |  | 568932 |
|  Ardelyx, Inc.\* | 81640 |  | 320029 |
|  ArriVent Biopharma, Inc.\* | 10580 |  | 230327 |
|  Arrowhead Pharmaceuticals, Inc.\* | 45610 |  | 720638 |
|  ARS Pharmaceuticals, Inc. (x)\* | 313382 |  | 5468516 |
|  Ascendis Pharma A/S (ADR)\* | 27149 |  | 4685917 |
|  Astria Therapeutics, Inc. (x)\* | 22800 |  | 122208 |
|  aTyr Pharma, Inc.\* | 27600 |  | 139932 |
|  Aura Biosciences, Inc. (x)\* | 15780 |  | 98783 |
|  Aurinia Pharmaceuticals, Inc.\* | 48800 |  | 413336 |
|  Avidity Biosciences, Inc.\* | 41670 |  | 1183428 |
|  Avita Medical, Inc. (x)\* | 8730 |  | 46182 |
|  Beam Therapeutics, Inc.\* | 32820 |  | 558268 |
|  Benitec Biopharma, Inc.\* | 1040 |  | 12168 |
|  Bicara Therapeutics, Inc. (x)\* | 20250 |  | 188123 |
|  BioCryst Pharmaceuticals, Inc.\* | 77400 |  | 693504 |
|  Biohaven Ltd.\* | 28680 |  | 404675 |
|  Blueprint Medicines Corp.\* | 49049 |  | 6287101 |
|  Bridgebio Pharma, Inc.\* | 225531 |  | 9738429 |
|  Bright Minds Biosciences, Inc.\* | 190 |  | 4961 |
|  Candel Therapeutics, Inc. (x)\* | 25630 |  | 129688 |
|  Capricor Therapeutics, Inc. (x)\* | 27700 |  | 275061 |
|  Cardiff Oncology, Inc. (x)\* | 18550 |  | 58433 |
|  CareDx, Inc.\* | 16490 |  | 322215 |
|  Cargo Therapeutics, Inc.\* | 24320 |  | 100198 |
|  Cartesian Therapeutics, Inc. (x)\* | 4437 |  | 46100 |

---

See Notes to Financial Statements.

504

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Catalyst Pharmaceuticals, Inc.\* | 42700 | $926590 |
|  Celcuity, Inc.\* | 8260 | 110271 |
|  Celldex Therapeutics, Inc.\* | 22630 | 460520 |
|  CG oncology, Inc.\* | 176727 | 4594902 |
|  Cidara Therapeutics, Inc.\* | 6120 | 298105 |
|  Cogent Biosciences, Inc.\* | 34760 | 249577 |
|  Coherus Oncology, Inc.\* | 79950 | 58467 |
|  Compass Therapeutics, Inc. (x)\* | 67450 | 175370 |
|  Corvus Pharmaceuticals, Inc.\* | 8560 | 34240 |
|  Crinetics Pharmaceuticals, Inc.\* | 32630 | 938439 |
|  CRISPR Therapeutics AG (x)\* | 30140 | 1466010 |
|  Cullinan Therapeutics, Inc.\* | 19420 | 146233 |
|  Cytokinetics, Inc.\* | 130864 | 4323747 |
|  Day One Biopharmaceuticals, Inc.\* | 23590 | 153335 |
|  Denali Therapeutics, Inc.\* | 271125 | 3793039 |
|  Design Therapeutics, Inc.\* | 13910 | 46877 |
|  DiaMedica Therapeutics, Inc.\* | 1340 | 5226 |
|  Dianthus Therapeutics, Inc. (x)\* | 9130 | 170092 |
|  Disc Medicine, Inc.\* | 8190 | 433742 |
|  Dynavax Technologies Corp.\* | 47500 | 471200 |
|  Dyne Therapeutics, Inc.\* | 30830 | 293502 |
|  Editas Medicine, Inc.\* | 79080 | 173976 |
|  Eledon Pharmaceuticals, Inc.\* | 2330 | 6314 |
|  Emergent BioSolutions, Inc.\* | 9540 | 60865 |
|  Enanta Pharmaceuticals, Inc.\* | 11810 | 89284 |
|  Entrada Therapeutics, Inc.\* | 7110 | 47779 |
|  Erasca, Inc.\* | 77210 | 98057 |
|  Fate Therapeutics, Inc.\* | 78160 | 87539 |
|  Fennec Pharmaceuticals, Inc.\* | 4970 | 41251 |
|  Foghorn Therapeutics, Inc.\* | 7520 | 35344 |
|  Geron Corp.\* | 219980 | 310172 |
|  Gossamer Bio, Inc.\* | 13210 | 16248 |
|  GRAIL, Inc.\* | 11110 | 571276 |
|  Greenwich Lifesciences, Inc. (x)\* | 740 | 6712 |
|  Gyre Therapeutics, Inc. (x)\* | 7540 | 55419 |
|  Halozyme Therapeutics, Inc.\* | 130810 | 6804736 |
|  Heron Therapeutics, Inc. (x)\* | 77480 | 160384 |
|  Humacyte, Inc. (x)\* | 48130 | 100592 |
|  Ideaya Biosciences, Inc.\* | 28550 | 600121 |
|  ImmunityBio, Inc. (x)\* | 83760 | 221126 |
|  Immunome, Inc.\* | 19640 | 182652 |
|  Immunovant, Inc.\* | 20090 | 321440 |
|  Inhibikase Therapeutics, Inc.\* | 1440 | 2808 |
|  Inhibrx Biosciences, Inc.\* | 7100 | 101317 |
|  Inmune Bio, Inc. (x)\* | 9660 | 22315 |
|  Insmed, Inc.\* | 133661 | 13451643 |
|  Intellia Therapeutics, Inc.\* | 36800 | 345184 |
|  Iovance Biotherapeutics, Inc. (x)\* | 95920 | 164982 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 77280 | 55425 |
|  iTeos Therapeutics, Inc.\* | 16330 | 162810 |
|  Jade Biosciences, Inc. (x) | 5893 | 58871 |
|  Janux Therapeutics, Inc.\* | 10710 | 247401 |
|  KalVista Pharmaceuticals, Inc.\* | 13410 | 151600 |
|  Keros Therapeutics, Inc.\* | 11260 | 150321 |
|  Kodiak Sciences, Inc.\* | 28440 | 106081 |
|  Korro Bio, Inc. (x)\* | 2940 | 36721 |
|  Krystal Biotech, Inc.\* | 9480 | 1303121 |
|  Kura Oncology, Inc.\* | 26400 | 152328 |
|  Kymera Therapeutics, Inc.\* | 16900 | 737516 |
|  Larimar Therapeutics, Inc.\* | 28980 | 83752 |
|  Legend Biotech Corp. (ADR)\* | 127425 | 4522313 |
|  Lexeo Therapeutics, Inc.\* | 10500 | 42210 |
|  Madrigal Pharmaceuticals, Inc.\* | 6700 | 2027688 |
|  MannKind Corp.\* | 96800 | 362032 |
|  MeiraGTx Holdings plc\* | 17720 | 115534 |
|  Merus NV\* | 89255 | 4694813 |
|  Metsera, Inc. (x)\* | 106908 | 3041533 |
|  MiMedx Group, Inc.\* | 49500 | 302445 |
|  Mineralys Therapeutics, Inc.\* | 9480 | 128264 |
|  Mirum Pharmaceuticals, Inc.\* | 14990 | 762841 |
|  Monopar Therapeutics, Inc. (x)\* | 280 | 10018 |
|  Monte Rosa Therapeutics, Inc.\* | 24740 | 111577 |
|  MoonLake Immunotherapeutics, Class A\* | 91647 | 4325738 |
|  Myriad Genetics, Inc.\* | 29370 | 155955 |
|  Natera, Inc.\* | 65028 | 10985830 |
|  Neurocrine Biosciences, Inc.\* | 78144 | 9821919 |
|  Neurogene, Inc.\* | 2930 | 43804 |
|  Newamsterdam Pharma Co. NV (x)\* | 188952 | 3421921 |
|  Nkarta, Inc.\* | 33350 | 55361 |
|  Novavax, Inc. (x)\* | 53960 | 339948 |
|  Nurix Therapeutics, Inc.\* | 23120 | 263337 |
|  Nuvalent, Inc., Class A\* | 15650 | 1194095 |
|  Nuvectis Pharma, Inc.\* | 980 | 7321 |
|  Olema Pharmaceuticals, Inc. (x)\* | 25230 | 107480 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 28100 | 102846 |
|  ORIC Pharmaceuticals, Inc.\* | 23780 | 241367 |
|  Oruka Therapeutics, Inc. | 1630 | 18272 |
|  Palvella Therapeutics, Inc.\* | 880 | 19835 |
|  PDL BioPharma, Inc. (r)\* | 73900 |  |
|  Perspective Therapeutics, Inc. (x)\* | 34730 | 119471 |
|  Praxis Precision Medicines, Inc.\* | 6590 | 277110 |
|  Precigen, Inc. (x)\* | 80190 | 113870 |
|  Prime Medicine, Inc.\* | 55030 | 135924 |
|  Protagonist Therapeutics, Inc.\* | 20800 | 1149616 |
|  Protalix BioTherapeutics, Inc.\* | 5860 | 8673 |
|  Protara Therapeutics, Inc.\* | 2510 | 7605 |
|  Prothena Corp. plc\* | 36340 | 220584 |
|  PTC Therapeutics, Inc.\* | 26570 | 1297679 |
|  Puma Biotechnology, Inc.\* | 6900 | 23667 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 123655 | 625694 |
|  REGENXBIO, Inc.\* | 18700 | 153527 |
|  Relay Therapeutics, Inc.\* | 37500 | 129750 |
|  Replimune Group, Inc.\* | 18280 | 169821 |
|  Rezolute, Inc.\* | 8070 | 35992 |
|  Rhythm Pharmaceuticals, Inc.\* | 19690 | 1244211 |
|  Rigel Pharmaceuticals, Inc.\* | 7629 | 142891 |
|  Rocket Pharmaceuticals, Inc.\* | 74790 | 183235 |
|  Sage Therapeutics, Inc.\* | 19000 | 173280 |
|  Sana Biotechnology, Inc. (x)\* | 59540 | 162544 |
|  Savara, Inc. (x)\* | 49430 | 112700 |
|  Scholar Rock Holding Corp.\* | 28140 | 996719 |
|  SELLAS Life Sciences Group, Inc.\* | 24980 | 54706 |
|  Sionna Therapeutics, Inc. (x)\* | 1310 | 22729 |
|  Soleno Therapeutics, Inc.\* | 14630 | 1225701 |
|  Solid Biosciences, Inc.\* | 29750 | 144883 |
|  Spyre Therapeutics, Inc. (x)\* | 13230 | 198053 |
|  Stoke Therapeutics, Inc.\* | 14010 | 159014 |
|  Syndax Pharmaceuticals, Inc.\* | 31390 | 293967 |

---

See Notes to Financial Statements.

505

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tango Therapeutics, Inc. (x)\* | 29230 | $| 149658 |
|  Taysha Gene Therapies, Inc.\* | 60470 |  | 139686 |
|  Tectonic Therapeutic, Inc.\* | 1720 |  | 34176 |
|  Tevogen Bio Holdings, Inc.\* | 10910 |  | 13638 |
|  TG Therapeutics, Inc.\* | 52890 |  | 1903511 |
|  Tonix Pharmaceuticals Holding Corp. (x)\* | 5360 |  | 192853 |
|  Tourmaline Bio, Inc.\* | 8590 |  | 137354 |
|  Travere Therapeutics, Inc.\* | 30180 |  | 446664 |
|  TriSalus Life Sciences, Inc.\* | 580 |  | 3161 |
|  TuHURA Biosciences, Inc.\* | 2570 |  | 5731 |
|  Twist Bioscience Corp.\* | 20373 |  | 749523 |
|  Tyra Biosciences, Inc. (x)\* | 12060 |  | 115414 |
|  Ultragenyx Pharmaceutical, Inc.\* | 121668 |  | 4423848 |
|  Upstream Bio, Inc. (x)\* | 10140 |  | 111337 |
|  UroGen Pharma Ltd.\* | 13930 |  | 190841 |
|  Vanda Pharmaceuticals, Inc.\* | 35543 |  | 167763 |
|  Vaxcyte, Inc.\* | 45180 |  | 1468802 |
|  Vera Therapeutics, Inc., Class A\* | 18740 |  | 441514 |
|  Veracyte, Inc.\* | 28100 |  | 759543 |
|  Verastem, Inc. (x)\* | 40190 |  | 166789 |
|  Vericel Corp.\* | 16440 |  | 699522 |
|  Verve Therapeutics, Inc.\* | 24320 |  | 273114 |
|  Vir Biotechnology, Inc.\* | 33400 |  | 168336 |
|  Viridian Therapeutics, Inc.\* | 23900 |  | 334122 |
|  Voyager Therapeutics, Inc.\* | 28520 |  | 88697 |
|  Xencor, Inc.\* | 24440 |  | 192098 |
|  Xenon Pharmaceuticals, Inc.\* | 134410 |  | 4207033 |
|  XOMA Royalty Corp.\* | 2000 |  | 50400 |
|  Y-mAbs Therapeutics, Inc.\* | 22460 |  | 101295 |
|  Zenas Biopharma, Inc. (x)\* | 7410 |  | 71803 |
|  Zymeworks, Inc.\* | 20200 |  | 253510 |
|  |  |  | 175481251 |
|  ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** |
|  Accuray, Inc. (x)\* | 27820 |  | 38113 |
|  Alphatec Holdings, Inc.\* | 34340 |  | 381174 |
|  AngioDynamics, Inc.\* | 21340 |  | 211693 |
|  Anteris Technologies Global Corp.\* | 2300 |  | 8717 |
|  Artivion, Inc.\* | 16300 |  | 506930 |
|  AtriCure, Inc.\* | 304722 |  | 9985740 |
|  Avanos Medical, Inc.\* | 17200 |  | 210528 |
|  Axogen, Inc.\* | 16580 |  | 179893 |
|  Beta Bionics, Inc. (x)\* | 10900 |  | 158704 |
|  Bioventus, Inc., Class A\* | 6920 |  | 45810 |
|  Butterfly Network, Inc., Class A\* | 31100 |  | 62200 |
|  Ceribell, Inc.\* | 7200 |  | 134856 |
|  Cerus Corp.\* | 81590 |  | 115042 |
|  ClearPoint Neuro, Inc.\* | 3200 |  | 38208 |
|  CONMED Corp. | 10111 |  | 526581 |
|  CVRx, Inc.\* | 11480 |  | 67502 |
|  Delcath Systems, Inc.\* | 5300 |  | 72080 |
|  Electromed, Inc.\* | 600 |  | 13194 |
|  Embecta Corp. | 20900 |  | 202521 |
|  Enovis Corp.\* | 20800 |  | 652288 |
|  Glaukos Corp.\* | 115162 |  | 11895083 |
|  Haemonetics Corp.\* | 18070 |  | 1348203 |
|  ICU Medical, Inc.\* | 8190 |  | 1082308 |
|  Inogen, Inc.\* | 20320 |  | 142850 |
|  Integer Holdings Corp.\* | 12370 |  | 1521139 |
|  Integra LifeSciences Holdings Corp.\* | 26180 |  | 321229 |
|  iRadimed Corp. | 3650 |  | 218233 |
|  iRhythm Technologies, Inc.\* | 11606 |  | 1786860 |
|  Kestra Medical Technologies Ltd.\* | 2800 |  | 46424 |
|  KORU Medical Systems, Inc.\* | 1800 |  | 6444 |
|  Lantheus Holdings, Inc.\* | 25240 |  | 2066146 |
|  LeMaitre Vascular, Inc. | 7200 |  | 597960 |
|  LENSAR, Inc.\* | 1100 |  | 14487 |
|  LivaNova plc\* | 20032 |  | 901841 |
|  Lucid Diagnostics, Inc.\* | 11100 |  | 12765 |
|  Masimo Corp.\* | 71539 |  | 12034290 |
|  Merit Medical Systems, Inc.\* | 21345 |  | 1995331 |
|  Myomo, Inc.\* | 6000 |  | 12960 |
|  Neogen Corp.\* | 84112 |  | 402055 |
|  Neuronetics, Inc.\* | 6000 |  | 20940 |
|  NeuroPace, Inc.\* | 4170 |  | 46454 |
|  Novocure Ltd.\* | 40680 |  | 724104 |
|  Omnicell, Inc.\* | 18100 |  | 532140 |
|  OraSure Technologies, Inc.\* | 56720 |  | 170160 |
|  Orthofix Medical, Inc.\* | 22485 |  | 250708 |
|  OrthoPediatrics Corp.\* | 7160 |  | 153797 |
|  Outset Medical, Inc.\* | 4000 |  | 76840 |
|  PROCEPT BioRobotics Corp.\* | 185201 |  | 10667578 |
|  Pro-Dex, Inc.\* | 500 |  | 21820 |
|  Pulmonx Corp.\* | 26110 |  | 67625 |
|  Pulse Biosciences, Inc. (x)\* | 9090 |  | 137168 |
|  QuidelOrtho Corp.\* | 24700 |  | 711854 |
|  RxSight, Inc.\* | 13000 |  | 169000 |
|  Sanara Medtech, Inc. (x)\* | 930 |  | 26403 |
|  SANUWAVE Health, Inc.\* | 1100 |  | 36146 |
|  Semler Scientific, Inc.\* | 5930 |  | 229728 |
|  SI-BONE, Inc.\* | 14950 |  | 281359 |
|  Sight Sciences, Inc.\* | 9100 |  | 37583 |
|  STAAR Surgical Co. (x)\* | 19100 |  | 320498 |
|  Stereotaxis, Inc. (x)\* | 5390 |  | 11427 |
|  Surmodics, Inc.\* | 4240 |  | 125970 |
|  Tactile Systems Technology, Inc.\* | 14080 |  | 142771 |
|  Tandem Diabetes Care, Inc.\* | 24740 |  | 461154 |
|  TransMedics Group, Inc.\* | 11900 |  | 1594719 |
|  Treace Medical Concepts, Inc.\* | 25310 |  | 148823 |
|  UFP Technologies, Inc. (x)\* | 2700 |  | 659232 |
|  Utah Medical Products, Inc. | 2050 |  | 116686 |
|  Varex Imaging Corp.\* | 12160 |  | 105427 |
|  Zimvie, Inc.\* | 8070 |  | 75454 |
|  |  |  | 68141950 |
|  ***Health Care Providers & Services (2.5%)*** | ***Health Care Providers & Services (2.5%)*** | ***Health Care Providers & Services (2.5%)*** | ***Health Care Providers & Services (2.5%)*** |
|  AdaptHealth Corp., Class A\* | 32575 |  | 307182 |
|  Addus HomeCare Corp.\* | 6900 |  | 794811 |
|  agilon health, Inc.\* | 117850 |  | 271055 |
|  AirSculpt Technologies, Inc. (x)\* | 15690 |  | 75783 |
|  Alignment Healthcare, Inc.\* | 46490 |  | 650860 |
|  AMN Healthcare Services, Inc.\* | 16300 |  | 336921 |
|  Ardent Health, Inc.\* | 7100 |  | 96986 |
|  Astrana Health, Inc.\* | 14500 |  | 360760 |
|  Aveanna Healthcare Holdings, Inc.\* | 20510 |  | 107267 |
|  BrightSpring Health Services, Inc.\* | 446992 |  | 10544541 |
|  Brookdale Senior Living, Inc.\* | 83580 |  | 581717 |
|  Castle Biosciences, Inc.\* | 9250 |  | 188885 |
|  Clover Health Investments Corp., Class A\* | 147000 |  | 410130 |
|  Community Health Systems, Inc.\* | 59400 |  | 201960 |

---

See Notes to Financial Statements.

506

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Concentra Group Holdings Parent, Inc. | 39959 | $| 821957 |
|  CorVel Corp.\* | 10600 |  | 1089468 |
|  Cross Country Healthcare, Inc.\* | 10380 |  | 135459 |
|  DocGo, Inc. (x)\* | 59520 |  | 93446 |
|  Encompass Health Corp. | 61600 |  | 7554008 |
|  Enhabit, Inc.\* | 18670 |  | 179979 |
|  Ensign Group, Inc. (The) | 20460 |  | 3156160 |
|  Fulgent Genetics, Inc.\* | 7810 |  | 155263 |
|  GeneDx Holdings Corp., Class A\* | 6860 |  | 633247 |
|  Guardant Health, Inc.\* | 42620 |  | 2217945 |
|  HealthEquity, Inc.\* | 30290 |  | 3173180 |
|  Hims & Hers Health, Inc.\* | 69370 |  | 3458094 |
|  Innovage Holding Corp.\* | 5900 |  | 21771 |
|  Joint Corp. (The)\* | 10680 |  | 123247 |
|  LifeStance Health Group, Inc.\* | 52350 |  | 270649 |
|  Nano-X Imaging Ltd. (x)\* | 41400 |  | 214038 |
|  National HealthCare Corp. | 4020 |  | 430180 |
|  National Research Corp. | 6680 |  | 112224 |
|  NeoGenomics, Inc.\* | 43800 |  | 320178 |
|  Oncology Institute, Inc. (The)\* | 19000 |  | 38950 |
|  OPKO Health, Inc.\* | 116780 |  | 154150 |
|  Option Care Health, Inc.\* | 60020 |  | 1949450 |
|  Owens & Minor, Inc.\* | 32050 |  | 291655 |
|  PACS Group, Inc.\* | 14820 |  | 191474 |
|  Pediatrix Medical Group, Inc.\* | 30200 |  | 433370 |
|  Pennant Group, Inc. (The)\* | 12610 |  | 376409 |
|  Performant Healthcare, Inc.\* | 6470 |  | 25880 |
|  Premier, Inc., Class A | 33300 |  | 730269 |
|  Privia Health Group, Inc.\* | 41867 |  | 962941 |
|  Progyny, Inc.\* | 29100 |  | 640200 |
|  RadNet, Inc.\* | 25260 |  | 1437547 |
|  SBC Medical Group Holdings, Inc.\* | 1000 |  | 4640 |
|  Select Medical Holdings Corp. | 39319 |  | 596862 |
|  Sonida Senior Living, Inc.\* | 900 |  | 22455 |
|  Surgery Partners, Inc.\* | 29100 |  | 646893 |
|  Talkspace, Inc.\* | 28740 |  | 79897 |
|  US Physical Therapy, Inc. | 6200 |  | 484840 |
|  Viemed Healthcare, Inc.\* | 6900 |  | 47679 |
|  |  |  | 48204912 |
|  ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** | ***Health Care Technology (0.8%)*** |
|  Claritev Corp.\* | 1200 |  | 54156 |
|  Definitive Healthcare Corp., Class A\* | 43170 |  | 168363 |
|  Evolent Health, Inc., Class A\* | 42230 |  | 475510 |
|  Health Catalyst, Inc.\* | 30120 |  | 113552 |
|  HealthStream, Inc. | 7430 |  | 205588 |
|  LifeMD, Inc.\* | 16030 |  | 218329 |
|  OptimizeRx Corp.\* | 11000 |  | 148500 |
|  Phreesia, Inc.\* | 18900 |  | 537894 |
|  Schrodinger, Inc.\* | 17800 |  | 358136 |
|  Simulations Plus, Inc. | 6300 |  | 109935 |
|  Teladoc Health, Inc.\* | 64030 |  | 557701 |
|  TruBridge, Inc.\* | 1300 |  | 30446 |
|  Waystar Holding Corp.\* | 284572 |  | 11630458 |
|  |  |  | 14608568 |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** |
|  10X Genomics, Inc., Class A\* | 38500 |  | 445830 |
|  Adaptive Biotechnologies Corp.\* | 54430 |  | 634109 |
|  Alpha Teknova, Inc.\* | 2500 |  | 12275 |
|  Azenta, Inc.\* | 14900 |  | 458622 |
|  BioLife Solutions, Inc.\* | 12300 |  | 264942 |
|  Codexis, Inc.\* | 40840 |  | 99650 |
|  CryoPort, Inc.\* | 25170 |  | 187768 |
|  Cytek Biosciences, Inc.\* | 37342 |  | 126963 |
|  Lifecore Biomedical, Inc.\* | 2190 |  | 17783 |
|  Maravai LifeSciences Holdings, Inc., Class A (x)\* | 79090 |  | 190607 |
|  MaxCyte, Inc.\* | 29330 |  | 63939 |
|  Mesa Laboratories, Inc. | 2300 |  | 216706 |
|  Niagen Bioscience, Inc.\* | 17850 |  | 257218 |
|  OmniAb, Inc. (Earn Out Shares) (r)(x)\* | 4966 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 56484 |  | 98282 |
|  Pacific Biosciences of California, Inc. (x)\* | 130370 |  | 161659 |
|  Personalis, Inc.\* | 10400 |  | 68224 |
|  Quanterix Corp.\* | 13980 |  | 92967 |
|  Quantum-Si, Inc. (x)\* | 101760 |  | 199450 |
|  Repligen Corp.\* | 72015 |  | 8957226 |
|  Standard BioTools, Inc.\* | 115250 |  | 138300 |
|  |  |  | 12692520 |
|  ***Pharmaceuticals (0.8%)*** | ***Pharmaceuticals (0.8%)*** | ***Pharmaceuticals (0.8%)*** | ***Pharmaceuticals (0.8%)*** |
|  Aardvark Therapeutics, Inc.\* | 500 |  | 6760 |
|  Aclaris Therapeutics, Inc.\* | 7600 |  | 10792 |
|  Alumis, Inc. (x)\* | 31082 |  | 93246 |
|  Amneal Pharmaceuticals, Inc.\* | 60790 |  | 491791 |
|  Amphastar Pharmaceuticals, Inc.\* | 16400 |  | 376544 |
|  Amylyx Pharmaceuticals, Inc.\* | 11500 |  | 73715 |
|  ANI Pharmaceuticals, Inc.\* | 6100 |  | 398025 |
|  Aquestive Therapeutics, Inc. (x)\* | 30160 |  | 99830 |
|  Arvinas, Inc.\* | 24540 |  | 180614 |
|  Atea Pharmaceuticals, Inc.\* | 45730 |  | 164628 |
|  Avadel Pharmaceuticals plc (ADR) (x)\* | 35310 |  | 312493 |
|  Axsome Therapeutics, Inc.\* | 13920 |  | 1453109 |
|  BioAge Labs, Inc.\* | 4000 |  | 16520 |
|  Biote Corp., Class A\* | 5300 |  | 21306 |
|  Collegium Pharmaceutical, Inc.\* | 10700 |  | 316399 |
|  CorMedix, Inc. (x)\* | 20440 |  | 251821 |
|  Edgewise Therapeutics, Inc.\* | 27730 |  | 363540 |
|  Enliven Therapeutics, Inc.\* | 13450 |  | 269807 |
|  Esperion Therapeutics, Inc. (x)\* | 117030 |  | 115204 |
|  Eton Pharmaceuticals, Inc.\* | 4800 |  | 68400 |
|  Evolus, Inc.\* | 25280 |  | 232829 |
|  EyePoint Pharmaceuticals, Inc.\* | 19120 |  | 179919 |
|  Fulcrum Therapeutics, Inc.\* | 28210 |  | 194085 |
|  Harmony Biosciences Holdings, Inc.\* | 15940 |  | 503704 |
|  Harrow, Inc.\* | 11060 |  | 337772 |
|  Indivior plc (x)\* | 44200 |  | 651508 |
|  Innoviva, Inc.\* | 20000 |  | 401800 |
|  Journey Medical Corp.\* | 1100 |  | 7898 |
|  LENZ Therapeutics, Inc. (x)\* | 5588 |  | 163784 |
|  Ligand Pharmaceuticals, Inc.\* | 6550 |  | 744604 |
|  Liquidia Corp.\* | 22020 |  | 274369 |
|  Maze Therapeutics, Inc. (x)\* | 4800 |  | 58896 |
|  MBX Biosciences, Inc.\* | 2700 |  | 30807 |
|  MediWound Ltd. (x)\* | 1250 |  | 24213 |
|  Mind Medicine MindMed, Inc. (x)\* | 27500 |  | 178475 |
|  Nuvation Bio, Inc. (x)\* | 67409 |  | 131448 |

---

See Notes to Financial Statements.

507

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ocular Therapeutix, Inc.\* | 59440 | $| 551603 |
|  Omeros Corp. (x)\* | 28600 |  | 85800 |
|  Pacira BioSciences, Inc.\* | 16500 |  | 394350 |
|  Phathom Pharmaceuticals, Inc.\* | 19610 |  | 188060 |
|  Phibro Animal Health Corp., Class A | 5300 |  | 135362 |
|  Prestige Consumer Healthcare, Inc.\* | 18560 |  | 1482016 |
|  Rapport Therapeutics, Inc.\* | 5100 |  | 57987 |
|  scPharmaceuticals, Inc. (x)\* | 9470 |  | 36081 |
|  Septerna, Inc. (x)\* | 8300 |  | 87731 |
|  SIGA Technologies, Inc. | 29780 |  | 194166 |
|  Supernus Pharmaceuticals, Inc.\* | 17900 |  | 564208 |
|  Tarsus Pharmaceuticals, Inc.\* | 13810 |  | 559443 |
|  Terns Pharmaceuticals, Inc.\* | 40270 |  | 150207 |
|  Theravance Biopharma, Inc.\* | 18300 |  | 201849 |
|  Third Harmonic Bio, Inc.\* | 5570 |  | 30245 |
|  Trevi Therapeutics, Inc.\* | 53500 |  | 292645 |
|  Tvardi Therapeutics, Inc.\* | 800 |  | 18664 |
|  WaVe Life Sciences Ltd.\* | 33450 |  | 217425 |
|  Xeris Biopharma Holdings, Inc.\* | 54450 |  | 254281 |
|  Zevra Therapeutics, Inc.\* | 19760 |  | 174086 |
|  |  |  | 14876864 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 334006065 |
|  **Industrials (19.5%)** | **Industrials (19.5%)** | **Industrials (19.5%)** | **Industrials (19.5%)** |
|  ***Aerospace & Defense (4.5%)*** | ***Aerospace & Defense (4.5%)*** | ***Aerospace & Defense (4.5%)*** | ***Aerospace & Defense (4.5%)*** |
|  AAR Corp.\* | 13000 |  | 894270 |
|  AeroVironment, Inc.\* | 10000 |  | 2849500 |
|  AerSale Corp.\* | 13700 |  | 82337 |
|  Archer Aviation, Inc., Class A\* | 198580 |  | 2154593 |
|  Astronics Corp.\* | 10400 |  | 348192 |
|  BWX Technologies, Inc. | 111598 |  | 16076808 |
|  Byrna Technologies, Inc.\* | 6150 |  | 189912 |
|  Cadre Holdings, Inc. | 12930 |  | 411820 |
|  Curtiss-Wright Corp. | 26624 |  | 13007155 |
|  Ducommun, Inc.\* | 4930 |  | 407366 |
|  Eve Holding, Inc. (x)\* | 10240 |  | 70246 |
|  Intuitive Machines, Inc.\* | 39850 |  | 433170 |
|  Kratos Defense & Security Solutions, Inc. (x)\* | 53970 |  | 2506907 |
|  Loar Holdings, Inc.\* | 147430 |  | 12704043 |
|  Mercury Systems, Inc.\* | 20940 |  | 1127828 |
|  Moog, Inc., Class A | 88707 |  | 16053306 |
|  National Presto Industries, Inc. | 760 |  | 74450 |
|  Park Aerospace Corp. | 3000 |  | 44310 |
|  Redwire Corp.\* | 21050 |  | 343115 |
|  Satellogic, Inc., Class A (x)\* | 13460 |  | 48725 |
|  StandardAero, Inc.\* | 412465 |  | 13054517 |
|  Triumph Group, Inc.\* | 24000 |  | 618000 |
|  V2X, Inc.\* | 5970 |  | 289844 |
|  |  |  | 83790414 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp. (x)\* | 12200 |  | 299388 |
|  Hub Group, Inc., Class A | 21760 |  | 727437 |
|  Radiant Logistics, Inc.\* | 5990 |  | 36419 |
|  |  |  | 1063244 |
|  ***Building Products (2.7%)*** | ***Building Products (2.7%)*** | ***Building Products (2.7%)*** | ***Building Products (2.7%)*** |
|  American Woodmark Corp.\* | 5100 |  | 272187 |
|  Apogee Enterprises, Inc. | 8230 |  | 334138 |
|  Armstrong World Industries, Inc. | 85567 |  | 13899503 |
|  AZEK Co., Inc. (The), Class A\* | 203033 |  | 11034844 |
|  AZZ, Inc. | 10610 |  | 1002433 |
|  CSW Industrials, Inc. | 6220 |  | 1784083 |
|  Gibraltar Industries, Inc.\* | 10370 |  | 611830 |
|  Griffon Corp. | 13880 |  | 1004496 |
|  Insteel Industries, Inc. | 6800 |  | 253028 |
|  Janus International Group, Inc.\* | 54200 |  | 441188 |
|  JELD-WEN Holding, Inc.\* | 31717 |  | 124331 |
|  Lennox International, Inc. | 24225 |  | 13886739 |
|  Masterbrand, Inc.\* | 49750 |  | 543767 |
|  Quanex Building Products Corp. | 16780 |  | 317142 |
|  Resideo Technologies, Inc.\* | 53370 |  | 1177342 |
|  Tecnoglass, Inc. | 8580 |  | 663749 |
|  UFP Industries, Inc. | 22004 |  | 2186317 |
|  Zurn Elkay Water Solutions Corp. | 54770 |  | 2002939 |
|  |  |  | 51540056 |
|  ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** |
|  ABM Industries, Inc. | 23150 |  | 1092911 |
|  ACCO Brands Corp. | 17360 |  | 62149 |
|  Acme United Corp. | 150 |  | 6217 |
|  ACV Auctions, Inc., Class A\* | 56530 |  | 916917 |
|  BrightView Holdings, Inc.\* | 21830 |  | 363469 |
|  Brink's Co. (The) | 15326 |  | 1368459 |
|  Casella Waste Systems, Inc., Class A\* | 22687 |  | 2617626 |
|  CECO Environmental Corp. (x)\* | 11060 |  | 313109 |
|  Cimpress plc\* | 6700 |  | 314900 |
|  CompX International, Inc. | 490 |  | 13019 |
|  CoreCivic, Inc.\* | 40740 |  | 858392 |
|  Deluxe Corp. | 16600 |  | 264106 |
|  Driven Brands Holdings, Inc.\* | 22890 |  | 401948 |
|  Ennis, Inc. | 9120 |  | 165437 |
|  Enviri Corp.\* | 28440 |  | 246859 |
|  GEO Group, Inc. (The)\* | 53880 |  | 1290426 |
|  Healthcare Services Group, Inc.\* | 34350 |  | 516280 |
|  HNI Corp. | 17200 |  | 845896 |
|  Interface, Inc., Class A | 18510 |  | 387414 |
|  Liquidity Services, Inc.\* | 7790 |  | 183766 |
|  MillerKnoll, Inc. | 29440 |  | 571725 |
|  Mobile Infrastructure Corp., Class A\* | 290 |  | 1314 |
|  Montrose Environmental Group, Inc.\* | 12150 |  | 265963 |
|  NL Industries, Inc. | 1470 |  | 9408 |
|  OPENLANE, Inc.\* | 35644 |  | 871496 |
|  Perma-Fix Environmental Services, Inc.\* | 3160 |  | 33243 |
|  Pitney Bowes, Inc. | 64600 |  | 704786 |
|  Quad/Graphics, Inc. | 7240 |  | 40906 |
|  Steelcase, Inc., Class A | 31120 |  | 324582 |
|  UniFirst Corp. | 5700 |  | 1072854 |
|  Vestis Corp. | 42020 |  | 240775 |
|  Virco Mfg. Corp. | 3960 |  | 31601 |
|  VSE Corp. | 7400 |  | 969252 |
|  |  |  | 17367205 |
|  ***Construction & Engineering (3.2%)*** | ***Construction & Engineering (3.2%)*** | ***Construction & Engineering (3.2%)*** | ***Construction & Engineering (3.2%)*** |
|  Ameresco, Inc., Class A\* | 8160 |  | 123950 |
|  Arcosa, Inc. | 17630 |  | 1528697 |
|  Argan, Inc. | 4720 |  | 1040666 |

---

See Notes to Financial Statements.

508

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Bowman Consulting Group Ltd., Class A\* | 5770 | $| 165888 |
|  Centuri Holdings, Inc.\* | 14440 |  | 324034 |
|  Comfort Systems USA, Inc. | 44671 |  | 23953037 |
|  Concrete Pumping Holdings, Inc. | 9960 |  | 61254 |
|  Construction Partners, Inc., Class A\* | 16580 |  | 1762122 |
|  Dycom Industries, Inc.\* | 10220 |  | 2497666 |
|  Fluor Corp.\* | 61350 |  | 3145414 |
|  Granite Construction, Inc. (x) | 181282 |  | 16951680 |
|  Great Lakes Dredge & Dock Corp.\* | 38830 |  | 473338 |
|  IES Holdings, Inc.\* | 3050 |  | 903501 |
|  Limbach Holdings, Inc.\* | 3650 |  | 511365 |
|  Matrix Service Co.\* | 6150 |  | 83086 |
|  MYR Group, Inc.\* | 5290 |  | 959871 |
|  NWPX Infrastructure, Inc.\* | 1730 |  | 70947 |
|  Orion Group Holdings, Inc.\* | 7520 |  | 68206 |
|  Primoris Services Corp. | 20420 |  | 1591535 |
|  Southland Holdings, Inc.\* | 1800 |  | 7524 |
|  Sterling Infrastructure, Inc.\* | 10870 |  | 2508035 |
|  Tutor Perini Corp.\* | 15460 |  | 723219 |
|  |  |  | 59455035 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  Allient, Inc. | 2960 |  | 107478 |
|  American Superconductor Corp.\* | 13040 |  | 478438 |
|  Amprius Technologies, Inc. (x)\* | 65440 |  | 275502 |
|  Array Technologies, Inc.\* | 58600 |  | 345740 |
|  Atkore, Inc. | 14010 |  | 988405 |
|  Bloom Energy Corp., Class A (x)\* | 75990 |  | 1817681 |
|  Complete Solaria, Inc.\* | 14100 |  | 25944 |
|  EnerSys | 13470 |  | 1155322 |
|  Enovix Corp. (x)\* | 64820 |  | 670239 |
|  Eos Energy Enterprises, Inc.\* | 81000 |  | 414720 |
|  Fluence Energy, Inc., Class A (x)\* | 6800 |  | 45628 |
|  Hyliion Holdings Corp. (x)\* | 46210 |  | 60997 |
|  KULR Technology Group, Inc. (x)\* | 28900 |  | 206057 |
|  LSI Industries, Inc. | 9190 |  | 156322 |
|  NANO Nuclear Energy, Inc.\* | 8800 |  | 303512 |
|  Net Power, Inc.\* | 34120 |  | 84276 |
|  NEXTracker, Inc., Class A\* | 54140 |  | 2943592 |
|  NuScale Power Corp., Class A (x)\* | 46150 |  | 1825694 |
|  Plug Power, Inc. (x)\* | 289440 |  | 431266 |
|  Powell Industries, Inc. | 3450 |  | 726052 |
|  Preformed Line Products Co. | 610 |  | 97484 |
|  Shoals Technologies Group, Inc., Class A\* | 60200 |  | 255850 |
|  SKYX Platforms Corp.\* | 5100 |  | 5329 |
|  Sunrun, Inc.\* | 83510 |  | 683112 |
|  T1 Energy, Inc. (x)\* | 40160 |  | 49397 |
|  Thermon Group Holdings, Inc.\* | 12820 |  | 359986 |
|  Vicor Corp.\* | 7600 |  | 344736 |
|  |  |  | 14858759 |
|  ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** |
|  ArcBest Corp. | 9485 |  | 730440 |
|  Covenant Logistics Group, Inc., Class A | 4340 |  | 104637 |
|  FTAI Infrastructure, Inc. | 36040 |  | 222367 |
|  Heartland Express, Inc. | 8320 |  | 71885 |
|  Hertz Global Holdings, Inc.\* | 44000 |  | 300520 |
|  Marten Transport Ltd. | 26949 |  | 350067 |
|  PAMT Corp.\* | 1400 |  | 18018 |
|  Proficient Auto Logistics, Inc. (x)\* | 4200 |  | 30492 |
|  RXO, Inc.\* | 57890 |  | 910031 |
|  Universal Logistics Holdings, Inc. (x) | 2630 |  | 66749 |
|  Werner Enterprises, Inc. | 22747 |  | 622358 |
|  |  |  | 3427564 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 9680 |  | 302016 |
|  ***Machinery (3.3%)*** | ***Machinery (3.3%)*** | ***Machinery (3.3%)*** | ***Machinery (3.3%)*** |
|  3D Systems Corp. (x)\* | 89310 |  | 137538 |
|  Alamo Group, Inc. | 3760 |  | 821109 |
|  Albany International Corp., Class A | 11350 |  | 795976 |
|  Astec Industries, Inc. | 11400 |  | 475266 |
|  Atmus Filtration Technologies, Inc. | 30639 |  | 1115872 |
|  Blue Bird Corp.\* | 12280 |  | 530005 |
|  Chart Industries, Inc.\* | 16440 |  | 2706846 |
|  Columbus McKinnon Corp. | 9300 |  | 142011 |
|  Crane Co. | 70487 |  | 13384777 |
|  Douglas Dynamics, Inc. | 5760 |  | 169747 |
|  Eastern Co. (The) | 440 |  | 10041 |
|  Energy Recovery, Inc.\* | 18990 |  | 242692 |
|  Enerpac Tool Group Corp., Class A | 19740 |  | 800654 |
|  Enpro, Inc. | 7810 |  | 1496006 |
|  ESCO Technologies, Inc. | 9584 |  | 1838882 |
|  Federal Signal Corp. | 21870 |  | 2327405 |
|  Franklin Electric Co., Inc. | 15780 |  | 1416097 |
|  Gencor Industries, Inc.\* | 1420 |  | 19880 |
|  Gorman-Rupp Co. (The) | 8100 |  | 297432 |
|  Graham Corp.\* | 2590 |  | 128231 |
|  Greenbrier Cos., Inc. (The) | 11947 |  | 550159 |
|  Helios Technologies, Inc. | 12000 |  | 400440 |
|  Hillenbrand, Inc. | 27341 |  | 548734 |
|  Hillman Solutions Corp.\* | 68330 |  | 487876 |
|  Hyster-Yale, Inc. | 4150 |  | 165087 |
|  ITT, Inc. | 86528 |  | 13570186 |
|  JBT Marel Corp. | 19036 |  | 2289269 |
|  Kadant, Inc. | 4316 |  | 1370114 |
|  Kennametal, Inc. | 28200 |  | 647472 |
|  L B Foster Co., Class A\* | 1230 |  | 26900 |
|  Lindsay Corp. | 3510 |  | 506318 |
|  Luxfer Holdings plc | 8030 |  | 97805 |
|  Manitowoc Co., Inc. (The)\* | 7340 |  | 88227 |
|  Mayville Engineering Co., Inc.\* | 3720 |  | 59371 |
|  Microvast Holdings, Inc.\* | 72500 |  | 263175 |
|  Miller Industries, Inc. | 4050 |  | 180063 |
|  Mueller Water Products, Inc., Class A | 57820 |  | 1389993 |
|  Omega Flex, Inc. | 1810 |  | 58608 |
|  Park-Ohio Holdings Corp. | 1650 |  | 29469 |
|  Proto Labs, Inc.\* | 11470 |  | 459259 |
|  REV Group, Inc. | 19620 |  | 933716 |
|  Shyft Group, Inc. (The) | 9550 |  | 119757 |
|  SPX Technologies, Inc.\* | 16640 |  | 2790195 |
|  Standex International Corp. | 4520 |  | 707290 |
|  Tennant Co. | 6900 |  | 534612 |
|  Terex Corp. | 24780 |  | 1156978 |
|  Titan International, Inc.\* | 17870 |  | 183525 |
|  Trinity Industries, Inc. | 29140 |  | 787071 |
|  Wabash National Corp. | 19000 |  | 201970 |
|  Watts Water Technologies, Inc., Class A | 10012 |  | 2461851 |

---

See Notes to Financial Statements.

509

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Worthington Enterprises, Inc. | 11699 | $| 744524 |
|  |  |  | 62666481 |
|  ***Marine Transportation (0.8%)*** | ***Marine Transportation (0.8%)*** | ***Marine Transportation (0.8%)*** | ***Marine Transportation (0.8%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 2372 |  | 20565 |
|  Costamare, Inc. | 11860 |  | 108045 |
|  Genco Shipping & Trading Ltd. | 15680 |  | 204938 |
|  Golden Ocean Group Ltd. (x) | 44700 |  | 327204 |
|  Himalaya Shipping Ltd. (x) | 5190 |  | 29946 |
|  Kirby Corp.\* | 109786 |  | 12450830 |
|  Matson, Inc. | 12180 |  | 1356243 |
|  Pangaea Logistics Solutions Ltd. | 14280 |  | 67116 |
|  Safe Bulkers, Inc. | 25610 |  | 92452 |
|  |  |  | 14657339 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Allegiant Travel Co.\* | 6490 |  | 356626 |
|  Blade Air Mobility, Inc.\* | 24410 |  | 98372 |
|  Frontier Group Holdings, Inc. (x)\* | 45400 |  | 164802 |
|  JetBlue Airways Corp.\* | 113480 |  | 480020 |
|  Joby Aviation, Inc. (x)\* | 168120 |  | 1773666 |
|  SkyWest, Inc.\* | 14500 |  | 1493065 |
|  Sun Country Airlines Holdings, Inc.\* | 14550 |  | 170963 |
|  |  |  | 4537514 |
|  ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** |
|  Acuren Corp. (x)\* | 37700 |  | 416208 |
|  Alight, Inc., Class A | 154280 |  | 873225 |
|  Asure Software, Inc.\* | 6900 |  | 67344 |
|  Barrett Business Services, Inc. | 9840 |  | 410229 |
|  BlackSky Technology, Inc., Class A (x)\* | 2279 |  | 46902 |
|  CBIZ, Inc.\* | 18366 |  | 1317026 |
|  Conduent, Inc.\* | 70940 |  | 187281 |
|  CRA International, Inc. | 2700 |  | 505899 |
|  CSG Systems International, Inc. | 9352 |  | 610779 |
|  Exponent, Inc. | 18870 |  | 1409778 |
|  First Advantage Corp.\* | 28800 |  | 478368 |
|  Forrester Research, Inc.\* | 6820 |  | 67518 |
|  Franklin Covey Co.\* | 4730 |  | 107939 |
|  FTI Consulting, Inc.\* | 48556 |  | 7841794 |
|  Heidrick & Struggles International, Inc. | 6500 |  | 297440 |
|  HireQuest, Inc. | 670 |  | 6707 |
|  Huron Consulting Group, Inc.\* | 5989 |  | 823727 |
|  IBEX Holdings Ltd.\* | 5100 |  | 148410 |
|  ICF International, Inc. | 6780 |  | 574334 |
|  Innodata, Inc.\* | 9990 |  | 511688 |
|  Insperity, Inc. | 13130 |  | 789376 |
|  Kelly Services, Inc., Class A | 5900 |  | 69089 |
|  Kforce, Inc. | 6990 |  | 287499 |
|  Korn Ferry | 18450 |  | 1352938 |
|  Legalzoom.com, Inc.\* | 48720 |  | 434095 |
|  Maximus, Inc. | 20483 |  | 1437906 |
|  Mistras Group, Inc.\* | 6250 |  | 50062 |
|  NV5 Global, Inc.\* | 20000 |  | 461800 |
|  Planet Labs PBC\* | 78670 |  | 479887 |
|  RCM Technologies, Inc.\* | 400 |  | 9428 |
|  Resolute Holdings Management, Inc. (x)\* | 1074 |  | 34228 |
|  Resources Connection, Inc. | 13210 |  | 70938 |
|  Skillsoft Corp.\* | 600 |  | 9582 |
|  Spire Global, Inc. (x)\* | 16720 |  | 198968 |
|  TriNet Group, Inc. | 11930 |  | 872560 |
|  TrueBlue, Inc.\* | 16270 |  | 105430 |
|  TTEC Holdings, Inc.\* | 22010 |  | 105868 |
|  Upwork, Inc.\* | 46700 |  | 627648 |
|  Verra Mobility Corp., Class A\* | 56210 |  | 1427172 |
|  Willdan Group, Inc.\* | 4570 |  | 285671 |
|  WNS Holdings Ltd.\* | 14750 |  | 932790 |
|  |  |  | 26745531 |
|  ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** |
|  Alta Equipment Group, Inc. (x) | 12860 |  | 81275 |
|  Applied Industrial Technologies, Inc. | 62772 |  | 14591351 |
|  BlueLinx Holdings, Inc.\* | 2730 |  | 203057 |
|  Boise Cascade Co. | 13550 |  | 1176411 |
|  Custom Truck One Source, Inc. (x)\* | 34270 |  | 169294 |
|  Distribution Solutions Group, Inc.\* | 3876 |  | 106474 |
|  DNOW, Inc.\* | 37300 |  | 553159 |
|  DXP Enterprises, Inc.\* | 4790 |  | 419844 |
|  EVI Industries, Inc. | 970 |  | 21175 |
|  GATX Corp. | 13010 |  | 1997816 |
|  Global Industrial Co. | 6010 |  | 162330 |
|  GMS, Inc.\* | 13490 |  | 1467037 |
|  Herc Holdings, Inc. | 11580 |  | 1524970 |
|  Hudson Technologies, Inc.\* | 21490 |  | 174499 |
|  Karat Packaging, Inc. | 3240 |  | 91238 |
|  McGrath RentCorp | 8790 |  | 1019288 |
|  MRC Global, Inc.\* | 30200 |  | 414042 |
|  NPK International, Inc.\* | 27260 |  | 231983 |
|  Rush Enterprises, Inc., Class A | 22955 |  | 1182412 |
|  Rush Enterprises, Inc., Class B | 2690 |  | 141171 |
|  Titan Machinery, Inc.\* | 9560 |  | 189384 |
|  Transcat, Inc.\* | 4350 |  | 373926 |
|  Willis Lease Finance Corp. | 640 |  | 91379 |
|  Xometry, Inc., Class A (x)\* | 15430 |  | 521380 |
|  |  |  | 26904895 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 5070 |  | 49534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 367365587 |
|  **Information Technology (18.6%)** | **Information Technology (18.6%)** | **Information Technology (18.6%)** | **Information Technology (18.6%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  ADTRAN Holdings, Inc.\* | 35830 |  | 321395 |
|  Applied Optoelectronics, Inc. (x)\* | 19570 |  | 502753 |
|  Aviat Networks, Inc.\* | 5850 |  | 140692 |
|  BK Technologies Corp.\* | 610 |  | 28749 |
|  Calix, Inc.\* | 20020 |  | 1064864 |
|  Clearfield, Inc.\* | 6180 |  | 268274 |
|  CommScope Holding Co., Inc.\* | 79970 |  | 662152 |
|  Digi International, Inc.\* | 12400 |  | 432264 |
|  Extreme Networks, Inc.\* | 43410 |  | 779209 |
|  Harmonic, Inc.\* | 34400 |  | 325768 |
|  Inseego Corp.\* | 1270 |  | 10465 |
|  NETGEAR, Inc.\* | 11170 |  | 324712 |
|  NetScout Systems, Inc.\* | 24180 |  | 599906 |
|  Ribbon Communications, Inc.\* | 31060 |  | 124551 |
|  Viasat, Inc.\* | 46350 |  | 676710 |
|  Viavi Solutions, Inc.\* | 81870 |  | 824431 |
|  |  |  | 7086895 |

---

See Notes to Financial Statements.

510

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electronic Equipment, Instruments & Components (3.3%)*** | ***Electronic Equipment, Instruments & Components (3.3%)*** | ***Electronic Equipment, Instruments & Components (3.3%)*** |
|  908 Devices, Inc. (x)\* | 19400 | $138322 |
|  Advanced Energy Industries, Inc. | 13920 | 1844400 |
|  Aeva Technologies, Inc.\* | 8353 | 315660 |
|  Arlo Technologies, Inc.\* | 33330 | 565277 |
|  Badger Meter, Inc. | 10790 | 2643011 |
|  Bel Fuse, Inc., Class A | 400 | 35940 |
|  Bel Fuse, Inc., Class B (x) | 3900 | 380991 |
|  Belden, Inc. | 14738 | 1706660 |
|  Benchmark Electronics, Inc. | 13189 | 512129 |
|  Celestica, Inc.\* | 96653 | 15088500 |
|  Climb Global Solutions, Inc. | 1320 | 141121 |
|  Coherent Corp.\* | 156740 | 13982775 |
|  CTS Corp. | 11962 | 509701 |
|  Daktronics, Inc.\* | 10320 | 156038 |
|  ePlus, Inc.\* | 9900 | 713790 |
|  Evolv Technologies Holdings, Inc.\* | 47470 | 296213 |
|  Fabrinet\* | 12910 | 3804319 |
|  FARO Technologies, Inc.\* | 5845 | 256712 |
|  Frequency Electronics, Inc. | 2300 | 52233 |
|  Insight Enterprises, Inc.\* | 10095 | 1393968 |
|  Itron, Inc.\* | 16370 | 2154783 |
|  Kimball Electronics, Inc.\* | 7460 | 143456 |
|  Knowles Corp.\* | 33000 | 581460 |
|  Methode Electronics, Inc. | 12840 | 122108 |
|  MicroVision, Inc. (x)\* | 80940 | 92272 |
|  Mirion Technologies, Inc., Class A\* | 76840 | 1654365 |
|  M-Tron Industries, Inc.\* | 700 | 29400 |
|  Napco Security Technologies, Inc. | 12370 | 367265 |
|  nLight, Inc.\* | 13200 | 259776 |
|  Novanta, Inc.\* | 13180 | 1699297 |
|  OSI Systems, Inc.\* | 6000 | 1349160 |
|  Ouster, Inc.\* | 20050 | 486213 |
|  PAR Technology Corp. (x)\* | 14580 | 1011415 |
|  PC Connection, Inc. | 4260 | 280223 |
|  Plexus Corp.\* | 9995 | 1352423 |
|  Powerfleet, Inc. (x)\* | 45310 | 195286 |
|  Red Cat Holdings, Inc. (x)\* | 27300 | 198744 |
|  Richardson Electronics Ltd. | 2290 | 22099 |
|  Rogers Corp.\* | 7200 | 493056 |
|  Sanmina Corp.\* | 20080 | 1964426 |
|  ScanSource, Inc.\* | 9400 | 393014 |
|  TTM Technologies, Inc.\* | 36680 | 1497278 |
|  Vishay Intertechnology, Inc. | 49470 | 785584 |
|  Vishay Precision Group, Inc. (x)\* | 2210 | 62101 |
|  Vuzix Corp.\* | 18900 | 55188 |
|  |  | 61788152 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  Applied Digital Corp. (x)\* | 69590 | 700771 |
|  ASGN, Inc.\* | 14003 | 699170 |
|  Backblaze, Inc., Class A\* | 14490 | 79695 |
|  BigBear.ai Holdings, Inc. (x)\* | 105400 | 715666 |
|  BigCommerce Holdings, Inc.\* | 39900 | 199500 |
|  Couchbase, Inc.\* | 14200 | 346196 |
|  Crexendo, Inc.\* | 1700 | 10319 |
|  CSP, Inc. | 400 | 5176 |
|  DigitalOcean Holdings, Inc.\* | 23020 | 657451 |
|  Fastly, Inc., Class A\* | 40600 | 286636 |
|  Grid Dynamics Holdings, Inc.\* | 18570 | 214483 |
|  Hackett Group, Inc. (The) | 14040 | 356897 |
|  Information Services Group, Inc. | 8700 | 41760 |
|  Rackspace Technology, Inc.\* | 104120 | 133274 |
|  Tucows, Inc., Class A\* | 3160 | 62284 |
|  Unisys Corp.\* | 41880 | 189716 |
|  |  | 4698994 |
|  ***Semiconductors & Semiconductor Equipment (3.9%)*** | ***Semiconductors & Semiconductor Equipment (3.9%)*** | ***Semiconductors & Semiconductor Equipment (3.9%)*** |
|  ACM Research, Inc., Class A\* | 17240 | 446516 |
|  Aehr Test Systems (x)\* | 860 | 11120 |
|  Aeluma, Inc.\* | 4900 | 80213 |
|  Alpha & Omega Semiconductor Ltd.\* | 11900 | 305354 |
|  Ambarella, Inc.\* | 13900 | 918304 |
|  Atomera, Inc.\* | 3700 | 18648 |
|  Axcelis Technologies, Inc.\* | 12500 | 871125 |
|  CEVA, Inc.\* | 7570 | 166389 |
|  Cohu, Inc.\* | 17387 | 334526 |
|  Credo Technology Group Holding Ltd.\* | 266719 | 24695512 |
|  Diodes, Inc.\* | 17300 | 914997 |
|  FormFactor, Inc.\* | 29140 | 1002707 |
|  Ichor Holdings Ltd.\* | 15240 | 299314 |
|  Impinj, Inc.\* | 9500 | 1055165 |
|  indie Semiconductor, Inc., Class A (x)\* | 51720 | 184123 |
|  Kulicke & Soffa Industries, Inc. | 18980 | 656708 |
|  MACOM Technology Solutions Holdings, Inc.\* | 106397 | 15245626 |
|  MaxLinear, Inc., Class A\* | 27656 | 392992 |
|  Navitas Semiconductor Corp., Class A (x)\* | 40730 | 266782 |
|  NVE Corp. | 840 | 61832 |
|  PDF Solutions, Inc.\* | 11600 | 248008 |
|  Penguin Solutions, Inc. (x)\* | 18530 | 367079 |
|  Photronics, Inc.\* | 22740 | 428194 |
|  Power Integrations, Inc. | 21160 | 1182844 |
|  Rambus, Inc.\* | 39268 | 2513937 |
|  Rigetti Computing, Inc. (x)\* | 103110 | 1222885 |
|  Semtech Corp.\* | 298294 | 13464991 |
|  Silicon Laboratories, Inc.\* | 11754 | 1732069 |
|  SiTime Corp.\* | 7120 | 1517130 |
|  SkyWater Technology, Inc. (x)\* | 14010 | 137858 |
|  Synaptics, Inc.\* | 14902 | 965948 |
|  Ultra Clean Holdings, Inc.\* | 18200 | 410774 |
|  Veeco Instruments, Inc.\* | 21239 | 431576 |
|  Wolfspeed, Inc. (x)\* | 253500 | 101096 |
|  |  | 72652342 |
|  ***Software (10.5%)*** | ***Software (10.5%)*** | ***Software (10.5%)*** |
|  8x8, Inc.\* | 67470 | 132241 |
|  A10 Networks, Inc. | 23000 | 445050 |
|  ACI Worldwide, Inc.\* | 36731 | 1686320 |
|  Adeia, Inc. | 39331 | 556140 |
|  Agilysys, Inc.\* | 9430 | 1081055 |
|  Airship AI Holdings, Inc. (x)\* | 35750 | 210567 |
|  Alarm.com Holdings, Inc.\* | 17719 | 1002364 |
|  Alkami Technology, Inc.\* | 24860 | 749280 |
|  Amplitude, Inc., Class A\* | 27670 | 343108 |
|  Appian Corp., Class A\* | 16800 | 501648 |
|  Arteris, Inc.\* | 10300 | 98159 |
|  Asana, Inc., Class A\* | 29600 | 399600 |
|  AudioEye, Inc.\* | 4610 | 53707 |
|  AvePoint, Inc.\* | 48410 | 934797 |

---

See Notes to Financial Statements.

511

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Bit Digital, Inc.\* | 77500 | $| 169725 |
|  Bitdeer Technologies Group, Class A (x)\* | 32700 |  | 375396 |
|  Blackbaud, Inc.\* | 13910 |  | 893161 |
|  BlackLine, Inc. (x)\* | 20900 |  | 1183358 |
|  Blend Labs, Inc., Class A\* | 88200 |  | 291060 |
|  Box, Inc., Class A\* | 48910 |  | 1671255 |
|  Braze, Inc., Class A\* | 24749 |  | 695447 |
|  C3.ai, Inc., Class A\* | 40400 |  | 992628 |
|  Cerence, Inc. (x)\* | 22660 |  | 231359 |
|  Cipher Mining, Inc. (x)\* | 96570 |  | 461605 |
|  Cleanspark, Inc. (x)\* | 99060 |  | 1092632 |
|  Clear Secure, Inc., Class A | 31970 |  | 887487 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 566277 |  | 12418455 |
|  Commvault Systems, Inc.\* | 16100 |  | 2806713 |
|  Consensus Cloud Solutions, Inc.\* | 7070 |  | 163034 |
|  Core Scientific, Inc.\* | 100530 |  | 1716047 |
|  CoreCard Corp.\* | 700 |  | 20279 |
|  CS Disco, Inc.\* | 19090 |  | 83423 |
|  CyberArk Software Ltd.\* | 34657 |  | 14101240 |
|  Daily Journal Corp.\* | 510 |  | 215348 |
|  Digimarc Corp.\* | 9350 |  | 123514 |
|  Digital Turbine, Inc.\* | 33800 |  | 199420 |
|  Domo, Inc., Class B\* | 9230 |  | 128943 |
|  D-Wave Quantum, Inc.\* | 104904 |  | 1535795 |
|  E2open Parent Holdings, Inc.\* | 73640 |  | 237857 |
|  eGain Corp.\* | 4310 |  | 26937 |
|  EverCommerce, Inc.\* | 18300 |  | 192150 |
|  Expensify, Inc., Class A\* | 5100 |  | 13209 |
|  Five9, Inc.\* | 27800 |  | 736144 |
|  Freshworks, Inc., Class A\* | 77880 |  | 1161191 |
|  Gitlab, Inc., Class A\* | 195124 |  | 8802044 |
|  Guidewire Software, Inc.\* | 85541 |  | 20140628 |
|  HubSpot, Inc.\* | 20741 |  | 11545063 |
|  Hut 8 Corp. (x)\* | 30640 |  | 569904 |
|  I3 Verticals, Inc., Class A (x)\* | 5600 |  | 153888 |
|  Intapp, Inc.\* | 19475 |  | 1005299 |
|  InterDigital, Inc. (x) | 9140 |  | 2049462 |
|  Jamf Holding Corp.\* | 26790 |  | 254773 |
|  Kaltura, Inc.\* | 13450 |  | 27035 |
|  Klaviyo, Inc., Class A\* | 395840 |  | 13292307 |
|  Life360, Inc.\* | 4500 |  | 293625 |
|  LiveRamp Holdings, Inc.\* | 24757 |  | 817971 |
|  MARA Holdings, Inc. (x)\* | 122356 |  | 1918542 |
|  Mercurity Fintech Holding, Inc.\* | 3200 |  | 12320 |
|  Meridianlink, Inc.\* | 15500 |  | 251565 |
|  Mitek Systems, Inc.\* | 15000 |  | 148500 |
|  Monday.com Ltd.\* | 45642 |  | 14353496 |
|  N-able, Inc.\* | 24800 |  | 200880 |
|  NCR Voyix Corp. (x)\* | 55580 |  | 651953 |
|  NextNav, Inc. (x)\* | 28660 |  | 435632 |
|  Nutanix, Inc., Class A\* | 197293 |  | 15081077 |
|  Olo, Inc., Class A\* | 38590 |  | 343451 |
|  ON24, Inc.\* | 18710 |  | 101595 |
|  OneSpan, Inc. | 9480 |  | 158221 |
|  Ooma, Inc.\* | 5810 |  | 74949 |
|  Pagaya Technologies Ltd., Class A\* | 17000 |  | 362440 |
|  PagerDuty, Inc.\* | 32300 |  | 493544 |
|  Porch Group, Inc.\* | 28310 |  | 333775 |
|  Procore Technologies, Inc.\* | 195209 |  | 13356200 |
|  Progress Software Corp. | 15950 |  | 1018248 |
|  PROS Holdings, Inc.\* | 19550 |  | 306153 |
|  Q2 Holdings, Inc.\* | 22630 |  | 2117942 |
|  Qualys, Inc.\* | 13860 |  | 1980178 |
|  Rapid7, Inc.\* | 23800 |  | 550494 |
|  Red Violet, Inc. | 4010 |  | 197292 |
|  ReposiTrak, Inc. (x) | 2470 |  | 48535 |
|  Rezolve AI plc (x)\* | 63900 |  | 196493 |
|  Rimini Street, Inc.\* | 26990 |  | 101752 |
|  Riot Platforms, Inc. (x)\* | 120390 |  | 1360407 |
|  SailPoint, Inc. (x)\* | 430922 |  | 9850877 |
|  Samsara, Inc., Class A\* | 193057 |  | 7679807 |
|  Sapiens International Corp. NV | 11450 |  | 334913 |
|  SEMrush Holdings, Inc., Class A\* | 19510 |  | 176565 |
|  Silvaco Group, Inc.\* | 1900 |  | 8968 |
|  SoundHound AI, Inc., Class A (x)\* | 133420 |  | 1431597 |
|  SoundThinking, Inc.\* | 2980 |  | 38904 |
|  Sprinklr, Inc., Class A\* | 47520 |  | 402019 |
|  Sprout Social, Inc., Class A\* | 17700 |  | 370107 |
|  SPS Commerce, Inc.\* | 13680 |  | 1861711 |
|  Synchronoss Technologies, Inc.\* | 700 |  | 4795 |
|  Telos Corp.\* | 14210 |  | 45046 |
|  Tenable Holdings, Inc.\* | 45050 |  | 1521789 |
|  Terawulf, Inc. (x)\* | 83000 |  | 363540 |
|  Varonis Systems, Inc.\* | 38420 |  | 1949815 |
|  Verint Systems, Inc.\* | 23121 |  | 454790 |
|  Vertex, Inc., Class A (x)\* | 23730 |  | 838500 |
|  Viant Technology, Inc., Class A\* | 9970 |  | 131903 |
|  Weave Communications, Inc.\* | 14380 |  | 119642 |
|  WM Technology, Inc.\* | 22350 |  | 20026 |
|  Workiva, Inc., Class A\* | 17530 |  | 1199929 |
|  Xperi, Inc.\* | 14012 |  | 110835 |
|  Yext, Inc.\* | 56900 |  | 483650 |
|  Zeta Global Holdings Corp., Class A\* | 67090 |  | 1039224 |
|  |  |  | 198565433 |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** |
|  CompoSecure, Inc., Class A (x)\* | 15430 |  | 217409 |
|  Corsair Gaming, Inc.\* | 24600 |  | 231978 |
|  CPI Card Group, Inc.\* | 940 |  | 22297 |
|  Diebold Nixdorf, Inc.\* | 9100 |  | 504140 |
|  Eastman Kodak Co.\* | 13370 |  | 75540 |
|  Immersion Corp. | 18490 |  | 145701 |
|  IonQ, Inc. (x)\* | 86420 |  | 3713467 |
|  Quantum Computing, Inc.\* | 41990 |  | 804948 |
|  Turtle Beach Corp. (x)\* | 10820 |  | 149641 |
|  Xerox Holdings Corp. (x) | 41600 |  | 219232 |
|  |  |  | 6084353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 350876169 |
|  **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** |
|  AdvanSix, Inc. | 8300 |  | 197125 |
|  American Vanguard Corp.\* | 9870 |  | 38690 |
|  Arq, Inc. (x)\* | 4170 |  | 22393 |
|  ASP Isotopes, Inc. (x)\* | 31420 |  | 231251 |
|  Aspen Aerogels, Inc.\* | 35840 |  | 212173 |
|  Avient Corp. | 31984 |  | 1033403 |
|  Balchem Corp. | 12083 |  | 1923614 |
|  Cabot Corp. | 20210 |  | 1515750 |

---

See Notes to Financial Statements.

512

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Chemours Co. (The) | 54870 | $| 628262 |
|  Core Molding Technologies, Inc.\* | 1270 |  | 21069 |
|  Ecovyst, Inc.\* | 44450 |  | 365824 |
|  Flotek Industries, Inc.\* | 5920 |  | 87379 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 10530 |  | 118463 |
|  Hawkins, Inc. | 7200 |  | 1023120 |
|  HB Fuller Co. | 20920 |  | 1258338 |
|  Ingevity Corp.\* | 11151 |  | 480497 |
|  Innospec, Inc. | 9192 |  | 772955 |
|  Intrepid Potash, Inc.\* | 3670 |  | 131129 |
|  Koppers Holdings, Inc. | 7660 |  | 246269 |
|  Kronos Worldwide, Inc. | 14070 |  | 87234 |
|  LSB Industries, Inc.\* | 18330 |  | 142974 |
|  Mativ Holdings, Inc. | 23118 |  | 157665 |
|  Minerals Technologies, Inc. | 12120 |  | 667448 |
|  Orion SA | 20100 |  | 210849 |
|  Perimeter Solutions, Inc.\* | 44400 |  | 618048 |
|  PureCycle Technologies, Inc. (x)\* | 42310 |  | 579647 |
|  Quaker Chemical Corp. | 5500 |  | 615670 |
|  Rayonier Advanced Materials, Inc.\* | 28090 |  | 108147 |
|  Sensient Technologies Corp. | 14910 |  | 1468933 |
|  Solesence, Inc.\* | 2120 |  | 9243 |
|  Stepan Co. | 8200 |  | 447556 |
|  Trinseo plc | 2920 |  | 9110 |
|  Tronox Holdings plc | 33520 |  | 169946 |
|  Valhi, Inc. | 2300 |  | 37168 |
|  |  |  | 15637342 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Knife River Corp.\* | 21080 |  | 1720971 |
|  Smith-Midland Corp.\* | 680 |  | 22821 |
|  Titan America SA | 2100 |  | 26208 |
|  United States Lime & Minerals, Inc. | 3750 |  | 374250 |
|  |  |  | 2144250 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Ardagh Metal Packaging SA | 42850 |  | 183398 |
|  Greif, Inc., Class A | 8570 |  | 556965 |
|  Greif, Inc., Class B | 1920 |  | 132499 |
|  Myers Industries, Inc. | 14760 |  | 213872 |
|  O-I Glass, Inc.\* | 56700 |  | 835758 |
|  Ranpak Holdings Corp., Class A\* | 34230 |  | 122201 |
|  TriMas Corp. | 13530 |  | 387093 |
|  |  |  | 2431786 |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 4250 |  | 478040 |
|  American Battery Technology Co.\* | 8500 |  | 13770 |
|  Ascent Industries Co.\* | 900 |  | 11349 |
|  Caledonia Mining Corp. plc | 2820 |  | 54483 |
|  Century Aluminum Co.\* | 24620 |  | 443653 |
|  Coeur Mining, Inc.\* | 225171 |  | 1995015 |
|  Commercial Metals Co. | 41585 |  | 2033922 |
|  Compass Minerals International, Inc.\* | 15167 |  | 304705 |
|  Constellium SE\* | 49200 |  | 654360 |
|  Contango ORE, Inc.\* | 2260 |  | 44025 |
|  Critical Metals Corp.\* | 60680 |  | 217234 |
|  Dakota Gold Corp.\* | 10480 |  | 38671 |
|  Ferroglobe plc | 10700 |  | 39269 |
|  Friedman Industries, Inc. | 300 |  | 4968 |
|  Hecla Mining Co. | 219421 |  | 1314332 |
|  Idaho Strategic Resources, Inc.\* | 3000 |  | 39240 |
|  Ivanhoe Electric, Inc. (x)\* | 43070 |  | 390645 |
|  Kaiser Aluminum Corp. | 5690 |  | 454631 |
|  Lifezone Metals Ltd.\* | 2140 |  | 8817 |
|  MAC Copper Ltd.\* | 20580 |  | 248812 |
|  Materion Corp. | 7700 |  | 611149 |
|  Metallus, Inc.\* | 17200 |  | 265052 |
|  NioCorp Developments Ltd.\* | 7700 |  | 17941 |
|  Novagold Resources, Inc.\* | 82400 |  | 337016 |
|  Olympic Steel, Inc. | 5170 |  | 168490 |
|  Perpetua Resources Corp.\* | 15070 |  | 182950 |
|  Piedmont Lithium, Inc.\* | 14710 |  | 85612 |
|  Radius Recycling, Inc. | 11210 |  | 332825 |
|  Ramaco Resources, Inc., Class A | 16330 |  | 214576 |
|  Ryerson Holding Corp. | 9830 |  | 212033 |
|  SSR Mining, Inc.\* | 77530 |  | 987732 |
|  SunCoke Energy, Inc. | 32100 |  | 275739 |
|  Tredegar Corp.\* | 3710 |  | 32648 |
|  United States Antimony Corp.\* | 37900 |  | 82622 |
|  US Gold Corp.\* | 4200 |  | 51240 |
|  US Goldmining, Inc.\* | 300 |  | 2460 |
|  Vox Royalty Corp. | 3300 |  | 10428 |
|  Warrior Met Coal, Inc. | 18800 |  | 861604 |
|  Worthington Steel, Inc. | 11699 |  | 348981 |
|  |  |  | 13871039 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 6040 |  | 164530 |
|  Magnera Corp.\* | 8000 |  | 96640 |
|  Sylvamo Corp. | 12900 |  | 646290 |
|  |  |  | 907460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 34991877 |
|  **Real Estate (3.0%)** | **Real Estate (3.0%)** | **Real Estate (3.0%)** | **Real Estate (3.0%)** |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 27154 |  | 484156 |
|  Alpine Income Property Trust, Inc. (REIT) | 3530 |  | 51926 |
|  American Assets Trust, Inc. (REIT) | 19996 |  | 394921 |
|  Armada Hoffler Properties, Inc. (REIT) | 23300 |  | 160071 |
|  Broadstone Net Lease, Inc. (REIT) | 73000 |  | 1171650 |
|  CTO Realty Growth, Inc. (REIT) | 10480 |  | 180885 |
|  Essential Properties Realty Trust, Inc. (REIT) | 72350 |  | 2308688 |
|  Gladstone Commercial Corp. (REIT) | 20570 |  | 294768 |
|  Global Net Lease, Inc. (REIT) | 72432 |  | 546862 |
|  Modiv Industrial, Inc. (REIT), Class C | 500 |  | 7040 |
|  NexPoint Diversified Real Estate Trust (REIT) | 7485 |  | 31362 |
|  One Liberty Properties, Inc. (REIT) | 2200 |  | 52492 |
|  |  |  | 5684821 |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  American Healthcare REIT, Inc. (REIT) | 60526 |  | 2223725 |
|  CareTrust REIT, Inc. (REIT) | 67400 |  | 2062440 |
|  Community Healthcare Trust, Inc. (REIT) | 9750 |  | 162143 |
|  Diversified Healthcare Trust (REIT) | 85850 |  | 307343 |

---

See Notes to Financial Statements.

513

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Global Medical REIT, Inc. (REIT) | 29700 | $| 205821 |
|  LTC Properties, Inc. (REIT) | 14809 |  | 512539 |
|  National Health Investors, Inc. (REIT) | 16850 |  | 1181522 |
|  Sabra Health Care REIT, Inc. (REIT) | 84943 |  | 1566349 |
|  Sila Realty Trust, Inc. (REIT) | 20300 |  | 480501 |
|  Strawberry Fields REIT, Inc. (REIT) | 1550 |  | 16337 |
|  Universal Health Realty Income Trust (REIT) | 6530 |  | 261004 |
|  |  |  | 8979724 |
|  ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 84100 |  | 981447 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 6140 |  | 15043 |
|  Chatham Lodging Trust (REIT) | 20340 |  | 141770 |
|  DiamondRock Hospitality Co. (REIT) | 74678 |  | 572033 |
|  Pebblebrook Hotel Trust (REIT) | 37408 |  | 373706 |
|  RLJ Lodging Trust (REIT) | 58587 |  | 426513 |
|  Ryman Hospitality Properties, Inc. (REIT) | 21596 |  | 2130877 |
|  Service Properties Trust (REIT) | 62330 |  | 148969 |
|  Summit Hotel Properties, Inc. (REIT) | 22100 |  | 112489 |
|  Sunstone Hotel Investors, Inc. (REIT) | 72914 |  | 632894 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 42701 |  | 536752 |
|  |  |  | 6072493 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Industrial Logistics Properties Trust (REIT) | 11880 |  | 54054 |
|  Innovative Industrial Properties, Inc. (REIT) | 10310 |  | 569318 |
|  LXP Industrial Trust (REIT) | 105545 |  | 871802 |
|  Plymouth Industrial REIT, Inc. (REIT) | 16450 |  | 264187 |
|  Terreno Realty Corp. (REIT) | 37270 |  | 2089729 |
|  |  |  | 3849090 |
|  ***Office REITs (0.4%)*** | ***Office REITs (0.4%)*** | ***Office REITs (0.4%)*** | ***Office REITs (0.4%)*** |
|  Brandywine Realty Trust (REIT) | 68000 |  | 291720 |
|  City Office REIT, Inc. (REIT) | 11440 |  | 61090 |
|  COPT Defense Properties (REIT) | 39120 |  | 1078929 |
|  Douglas Emmett, Inc. (REIT) | 54200 |  | 815168 |
|  Easterly Government Properties, Inc. (REIT), Class A | 14640 |  | 325008 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 57300 |  | 463557 |
|  Franklin Street Properties Corp. (REIT) | 25550 |  | 41902 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 114700 |  | 314278 |
|  JBG SMITH Properties (REIT) (x) | 31680 |  | 548064 |
|  NET Lease Office Properties (REIT)\* | 3500 |  | 113925 |
|  Paramount Group, Inc. (REIT)\* | 74800 |  | 456280 |
|  Peakstone Realty Trust (REIT) | 20610 |  | 272258 |
|  Piedmont Realty Trust, Inc. (REIT) | 42500 |  | 309825 |
|  Postal Realty Trust, Inc. (REIT), Class A | 7160 |  | 105467 |
|  SL Green Realty Corp. (REIT) | 25260 |  | 1563594 |
|  |  |  | 6761065 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  American Realty Investors, Inc.\* | 200 |  | 2824 |
|  Anywhere Real Estate, Inc.\* | 46240 |  | 167389 |
|  Compass, Inc., Class A\* | 166080 |  | 1042982 |
|  Cushman & Wakefield plc\* | 87480 |  | 968404 |
|  Douglas Elliman, Inc.\* | 5400 |  | 12528 |
|  eXp World Holdings, Inc. (x) | 30940 |  | 281554 |
|  Forestar Group, Inc.\* | 8880 |  | 177600 |
|  FRP Holdings, Inc.\* | 2980 |  | 80132 |
|  Kennedy-Wilson Holdings, Inc. | 44526 |  | 302777 |
|  Logistic Properties of The Americas\* | 300 |  | 2049 |
|  Marcus & Millichap, Inc. | 10000 |  | 307100 |
|  Maui Land & Pineapple Co., Inc.\* | 1020 |  | 18554 |
|  Newmark Group, Inc., Class A | 51130 |  | 621229 |
|  RE/MAX Holdings, Inc., Class A\* | 11330 |  | 92679 |
|  Real Brokerage, Inc. (The)\* | 36050 |  | 162586 |
|  RMR Group, Inc. (The), Class A | 8330 |  | 136196 |
|  Seaport Entertainment Group, Inc. (x)\* | 900 |  | 16785 |
|  St Joe Co. (The) | 12830 |  | 611991 |
|  Stratus Properties, Inc.\* | 340 |  | 6419 |
|  Tejon Ranch Co. (x)\* | 5840 |  | 99046 |
|  Transcontinental Realty Investors, Inc.\* | 150 |  | 6392 |
|  |  |  | 5117216 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 50500 |  | 436825 |
|  BRT Apartments Corp. (REIT) | 1780 |  | 27839 |
|  Centerspace (REIT) | 5632 |  | 338990 |
|  Clipper Realty, Inc. (REIT) | 4700 |  | 17249 |
|  Elme Communities (REIT) | 32300 |  | 513570 |
|  Independence Realty Trust, Inc. (REIT) | 84588 |  | 1496362 |
|  NexPoint Residential Trust, Inc. (REIT) | 8700 |  | 289884 |
|  UMH Properties, Inc. (REIT) | 28440 |  | 477508 |
|  Veris Residential, Inc. (REIT) | 30070 |  | 447742 |
|  |  |  | 4045969 |
|  ***Retail REITs (0.6%)*** | ***Retail REITs (0.6%)*** | ***Retail REITs (0.6%)*** | ***Retail REITs (0.6%)*** |
|  Acadia Realty Trust (REIT) | 48086 |  | 892957 |
|  Alexander's, Inc. (REIT) (x) | 210 |  | 47317 |
|  CBL & Associates Properties, Inc. (REIT) | 9700 |  | 246283 |
|  Curbline Properties Corp. (REIT) | 38150 |  | 870964 |
|  FrontView REIT, Inc. (REIT) | 5400 |  | 64800 |
|  Getty Realty Corp. (REIT) (x) | 16254 |  | 449261 |
|  InvenTrust Properties Corp. (REIT) | 28140 |  | 771036 |
|  Kite Realty Group Trust (REIT) | 82040 |  | 1858206 |
|  Macerich Co. (The) (REIT) | 89600 |  | 1449728 |
|  NETSTREIT Corp. (REIT) (x) | 29380 |  | 497403 |
|  Phillips Edison & Co., Inc. (REIT) | 46008 |  | 1611660 |
|  Saul Centers, Inc. (REIT) | 3440 |  | 117442 |
|  SITE Centers Corp. (REIT) | 19075 |  | 215738 |
|  Tanger, Inc. (REIT) | 40670 |  | 1243689 |
|  Urban Edge Properties (REIT) | 48300 |  | 901278 |
|  Whitestone REIT (REIT) | 18120 |  | 226138 |
|  |  |  | 11463900 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  Farmland Partners, Inc. (REIT) (x) | 17340 |  | 199583 |
|  Four Corners Property Trust, Inc. (REIT) | 35030 |  | 942657 |

---

See Notes to Financial Statements.

514

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Gladstone Land Corp. (REIT) (x) | 16390 | $| 166686 |
|  Outfront Media, Inc. (REIT) | 48520 |  | 791847 |
|  PotlatchDeltic Corp. (REIT) | 28573 |  | 1096346 |
|  Safehold, Inc. (REIT) | 18269 |  | 284266 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 10300 |  | 373169 |
|  Uniti Group, Inc. (REIT)\* | 85300 |  | 368496 |
|  |  |  | 4223050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 56197328 |
|  **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** |
|  ALLETE, Inc. | 20940 |  | 1341626 |
|  Genie Energy Ltd., Class B | 7980 |  | 214503 |
|  Hawaiian Electric Industries, Inc.\* | 61650 |  | 655340 |
|  MGE Energy, Inc. | 13110 |  | 1159448 |
|  NRG Energy, Inc. | 88990 |  | 14290014 |
|  Oklo, Inc., Class A (x)\* | 37400 |  | 2094026 |
|  Otter Tail Corp. | 15380 |  | 1185644 |
|  Portland General Electric Co. | 42600 |  | 1730838 |
|  TXNM Energy, Inc. | 32700 |  | 1841664 |
|  |  |  | 24513103 |
|  ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** |
|  Brookfield Infrastructure Corp., Class A | 47429 |  | 1973046 |
|  Chesapeake Utilities Corp. | 8340 |  | 1002635 |
|  New Jersey Resources Corp. | 36210 |  | 1622932 |
|  Northwest Natural Holding Co. | 14500 |  | 575940 |
|  ONE Gas, Inc. | 21780 |  | 1565111 |
|  RGC Resources, Inc. | 1730 |  | 38717 |
|  Southwest Gas Holdings, Inc. | 23550 |  | 1751885 |
|  Spire, Inc. | 20670 |  | 1508703 |
|  |  |  | 10038969 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Montauk Renewables, Inc.\* | 37360 |  | 82939 |
|  Ormat Technologies, Inc. | 22220 |  | 1861147 |
|  |  |  | 1944086 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Avista Corp. | 27470 |  | 1042487 |
|  Black Hills Corp. | 26500 |  | 1486650 |
|  Northwestern Energy Group, Inc. | 22101 |  | 1133781 |
|  Unitil Corp. | 5800 |  | 302470 |
|  |  |  | 3965388 |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** |
|  American States Water Co. | 13500 |  | 1034910 |
|  Cadiz, Inc.\* | 21960 |  | 65660 |
|  California Water Service Group | 20430 |  | 929156 |
|  Consolidated Water Co. Ltd. (x) | 11820 |  | 354837 |
|  Global Water Resources, Inc. | 3220 |  | 32812 |
|  H2O America | 11900 |  | 618443 |
|  Middlesex Water Co. | 6000 |  | 325080 |
|  Pure Cycle Corp.\* | 3950 |  | 42344 |
|  York Water Co. (The) | 4360 |  | 137776 |
|  |  |  | 3541018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 44002564 |
|  **Total Common Stocks (98.7%)**<br> *(Cost $1,459,825,203)* |  |  | 1857825152 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 1252 | $— |
|  Cartesian Therapeutics, Inc. (x)\* | 5920 | 799 |
|  Chinook Therapeutics, Inc., CVR\* | 19340 |  |
|  Sanofi Aatd, Inc., CVR (r)\* | 10800 | 5245 |
|  |  | 6044 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Paragon 28, Inc., CVR (r)\* | 18460 | 1246 |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** |
|  Rain Oncology, Inc., CVR (r)(x)\* | 21290 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 8088 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Resolute Forest Products, Inc., CVR\* | 26500 | 39750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 39750 |
|  **Total Rights (0.0%)†**<br> *(Cost $36,310)* |  | 47838 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.3%)** | **Investment Companies (3.3%)** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 5000000 | 5000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 36695065 | 36695065 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 61695065 |
|  **Total Short-Term Investments (3.3%)**<br> *(Cost $61,695,065)* | **Total Short-Term Investments (3.3%)**<br> *(Cost $61,695,065)* | 61695065 |
|  **Total Investments in Securities (102.0%)**<br> *(Cost $1,521,556,578)* | **Total Investments in Securities (102.0%)**<br> *(Cost $1,521,556,578)* | 1919568055 |
|  **Other Assets Less Liabilities (-2.0%)** | **Other Assets Less Liabilities (-2.0%)** | (37084846) |
|  **Net Assets (100%)** |  | $1882483209 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $546,936 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

See Notes to Financial Statements.

515

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EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $99,107,917. This was collateralized by $39,560,891 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $61,695,065 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Russell 2000 E-Mini Index | 83 | 9/2025 | USD | 9095555 | 192387 |
|  |  |  |  |  | 192387 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $48360034 | $— | $— | $48360034 |
|  Consumer Discretionary | 246713508 |  |  | 246713508 |
|  Consumer Staples | 46133111 |  |  | 46133111 |
|  Energy | 52999230 |  |  | 52999230 |
|  Financials | 276178651 |  | 1028 | 276179679 |
|  Health Care | 334006065 |  | — (a) | 334006065 |
|  Industrials | 367365587 |  |  | 367365587 |
|  Information Technology | 350876169 |  |  | 350876169 |
|  Materials | 34991877 |  |  | 34991877 |
|  Real Estate | 56197328 |  |  | 56197328 |
|  Utilities | 44002564 |  |  | 44002564 |
|  **Futures** | 192387 |  |  | 192387 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 799 | 7289 | 8088 |
|  Materials |  | 39750 |  | 39750 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 61695065 |  |  | 61695065 |
|  **Total Assets** | $**1919711576** | $**40549** | $**8317** | $**1919760442** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1919711576** | $**40549** | $**8317** | $**1919760442** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

516

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EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $192387 \* |
|  **Total** |  | $192387 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(112040) | $(112040) |
|  Total | $(112040) | $(112040) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $354463 | $354463 |
|  Total | $354463 | $354463 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;473255426 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;531575338 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $578515705 |
|  Aggregate gross unrealized depreciation | (192988844) |
|  Net unrealized appreciation | $385526861 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1534233581 |

---

See Notes to Financial Statements.

517

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EQ/AB SMALL CAP GROWTH PORTFOLIO

---

| | |
|:---|:---|
| STATEMENT OF ASSETS AND LIABILITIES | STATEMENT OF ASSETS AND LIABILITIES |
| June 30, 2025 (Unaudited) |  |
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,521,556,578) | $1919568055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 20631500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 845356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4862420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1018854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 827664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 386344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 101801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 19163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1948261157 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 61695065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1327748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1326328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 779024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 275718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 180051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 90568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 103446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 65777948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1882483209 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1363576559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 518906650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1882483209 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,374,734,414 / 93,478,671 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.71 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $507,748,795 / 29,292,218 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.33 |

---

*(x)* *Includes value of securities on loan of $99,107,917.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

---

| | |
|:---|:---|
| STATEMENT OF OPERATIONS |  |
| For the Six Months Ended June 30, 2025 (Unaudited) | For the Six Months Ended June 30, 2025 (Unaudited) |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $15,233 foreign withholding tax) | $7834708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 549834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 335148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8719690 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4680550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1671730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1129463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 90971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 67382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 31020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7754625 |
|  **NET INVESTMENT INCOME (LOSS)** | 965065 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 102674865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (112040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 102562825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (131426747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 354463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (131072284) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (28509459) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(27544394) |

---

See Notes to Financial Statements.

518

------

EQ/AB SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $965065 | $1007021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 102562825 | 203288730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (131072284) | 51897170 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (27544394) | 256192921 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (142125332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (43850565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (185975897) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 522,172 shares, respectively ] |  | 8972985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (30941309) shares, respectively ] |  | (533660871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (2424286) shares, respectively ] |  | (41320512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (566008398) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,509,252 and 4,603,574 shares, respectively ] | 34900536 | 72164952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 35,722,484 shares, respectively ] |  | 533660871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,004,645 shares, respectively ] |  | 142125332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6500293) and (10104675) shares, respectively ] | (92156763) | (158135390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (57256227) | 589815765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,380,248 and 792,157 shares, respectively ] | 35079258 | 13865479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,361,525 shares, respectively ] |  | 43850565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2016592) and (4857846) shares, respectively ] | (33538936) | (88820598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1540322 | (31104554) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (55715905) | (7297187) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (83260299) | 62919837 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1965743508 | 1902823671 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1882483209 | $1965743508 |

---

See Notes to Financial Statements.

519

------

#### EQ ADVISORS TRUST
EQ/AB SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended June 30,<br>2025 (Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months<br>Ended June 30,<br>2025 (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.95 | $14.45 | $12.33 | $18.07 | $19.52 | $16.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) |  |  | 0.02 | 0.01 | (0.05)(aa) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.24) | 2.09 | 2.16 | (5.13) | 2.48 | 5.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.24) | 2.09 | 2.18 | (5.12) | 2.43 | 5.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.04) | (0.02) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.54) | (0.02) | (0.60) | (3.88) | (2.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.59) | (0.06) | (0.62) | (3.88) | (2.84) |
|  Net asset value, end of period | $14.71 | $14.95 | $14.45 | $12.33 | $18.07 | $19.52 |
|  Total return (b) | (1.61) | 13.93 | 17.70% | (28.42)% | 12.90% | 36.05% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1374734 | $1456766 | $841466 | $745413 | $1009287 | $976317 |
|  Ratio of expenses to average net assets (a)(f) | 0.92 | 0.92 | 0.93% | 0.91% | 0.90% | 0.92% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.04 | (0.01) | 0.16% | 0.09% | (0.25)%(bb) | (0.19)% |
|  Portfolio turnover rate^ | 26 | 51 | 38% | 42% | 44% | 56% |
|  | **Six Months<br>Ended June 30,<br>2025 (Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months<br>Ended June 30,<br>2025 (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.59 | $16.76 | $14.29 | $20.82 | $21.89 | $18.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | 0.04 | 0.06 | 0.06 | — (aa) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.28) | 2.42 | 2.50 | (5.93) | 2.81 | 6.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.26) | 2.46 | 2.56 | (5.87) | 2.81 | 6.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.09) | (0.07) | (0.06) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.54) | (0.02) | (0.60) | (3.88) | (2.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.63) | (0.09) | (0.66) | (3.88) | (2.88) |
|  Net asset value, end of period | $17.33 | $17.59 | $16.76 | $14.29 | $20.82 | $21.89 |
|  Total return (b) | (1.48) | 14.20 | 17.97% | (28.28)% | 13.25% | 36.39% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $507749 | $508978 | $513536 | $513527 | $647127 | $711849 |
|  Ratio of expenses to average net assets (a)(f) | 0.67 | 0.67 | 0.68% | 0.66% | 0.65% | 0.67% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.29 | 0.23 | 0.41% | 0.35% | (0.01)%(bb) | 0.05% |
|  Portfolio turnover rate^ | 26 | 51 | 38% | 42% | 44% | 56% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.06) and $(0.01) for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.05% lower.* 

See Notes to Financial Statements.

520

------

EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (3.6%)** | **Consumer Discretionary (3.6%)** | **Consumer Discretionary (3.6%)** |
|  ***Automobile Components (2.1%)*** | ***Automobile Components (2.1%)*** | ***Automobile Components (2.1%)*** |
|  Aptiv plc\* | 5319 | $362862 |
|  ***Textiles, Apparel & Luxury Goods (1.5%)*** | ***Textiles, Apparel & Luxury Goods (1.5%)*** | ***Textiles, Apparel & Luxury Goods (1.5%)*** |
|  On Holding AG, Class A\* | 4996 | 260042 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 622904 |
|  **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |
|  ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** |
|  Primo Brands Corp. | 8735 | 258731 |
|  ***Household Products (2.5%)*** | ***Household Products (2.5%)*** | ***Household Products (2.5%)*** |
|  Procter & Gamble Co. (The) | 2733 | 435421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 694152 |
|  **Financials (15.8%)** | **Financials (15.8%)** | **Financials (15.8%)** |
|  ***Capital Markets (7.2%)*** | ***Capital Markets (7.2%)*** | ***Capital Markets (7.2%)*** |
|  Intercontinental Exchange, Inc. | 3087 | 566372 |
|  Jefferies Financial Group, Inc. | 5740 | 313921 |
|  LPL Financial Holdings, Inc. | 989 | 370845 |
|  |  | 1251138 |
|  ***Financial Services (5.1%)*** | ***Financial Services (5.1%)*** | ***Financial Services (5.1%)*** |
|  Fiserv, Inc.\* | 1605 | 276718 |
|  Visa, Inc., Class A | 1730 | 614237 |
|  |  | 890955 |
|  ***Insurance (3.5%)*** | ***Insurance (3.5%)*** | ***Insurance (3.5%)*** |
|  Aflac, Inc. | 2427 | 255951 |
|  Reinsurance Group of America, Inc. | 1747 | 346535 |
|  |  | 602486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 2744579 |
|  **Health Care (16.4%)** | **Health Care (16.4%)** | **Health Care (16.4%)** |
|  ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** |
|  AbbVie, Inc. | 1985 | 368456 |
|  ***Health Care Equipment & Supplies (8.8%)*** | ***Health Care Equipment & Supplies (8.8%)*** | ***Health Care Equipment & Supplies (8.8%)*** |
|  Alcon AG | 4453 | 393111 |
|  Becton Dickinson & Co. | 1123 | 193437 |
|  GE HealthCare Technologies, Inc. | 5696 | 421903 |
|  Hologic, Inc.\* | 3448 | 224671 |
|  Stryker Corp. | 721 | 285249 |
|  |  | 1518371 |
|  ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** |
|  UnitedHealth Group, Inc. | 556 | 173455 |
|  ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** |
|  Danaher Corp. | 1099 | 217097 |
|  ***Pharmaceuticals (3.2%)*** | ***Pharmaceuticals (3.2%)*** | ***Pharmaceuticals (3.2%)*** |
|  Eli Lilly & Co. | 340 | 265040 |
|  Johnson & Johnson | 1947 | 297404 |
|  |  | 562444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 2839823 |
|  **Industrials (13.5%)** | **Industrials (13.5%)** | **Industrials (13.5%)** |
|  ***Commercial Services & Supplies (5.0%)*** | ***Commercial Services & Supplies (5.0%)*** | ***Commercial Services & Supplies (5.0%)*** |
|  Tetra Tech, Inc. | 9803 | 352516 |
|  Veralto Corp. | 5057 | 510504 |
|  |  | 863020 |
|  ***Construction & Engineering (2.8%)*** | ***Construction & Engineering (2.8%)*** | ***Construction & Engineering (2.8%)*** |
|  AECOM | 4397 | 496246 |
|  ***Electrical Equipment (5.7%)*** | ***Electrical Equipment (5.7%)*** | ***Electrical Equipment (5.7%)*** |
|  Emerson Electric Co. | 2946 | 392790 |
|  Rockwell Automation, Inc. | 1783 | 592259 |
|  |  | 985049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 2344315 |
|  **Information Technology (40.8%)** | **Information Technology (40.8%)** | **Information Technology (40.8%)** |
|  ***Electronic Equipment, Instruments & Components (8.4%)*** | ***Electronic Equipment, Instruments & Components (8.4%)*** | ***Electronic Equipment, Instruments & Components (8.4%)*** |
|  Flex Ltd.\* | 12794 | 638676 |
|  TE Connectivity plc | 2674 | 451024 |
|  Zebra Technologies Corp., Class A\* | 1205 | 371574 |
|  |  | 1461274 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Accenture plc, Class A | 547 | 163493 |
|  ***Semiconductors & Semiconductor Equipment (15.6%)*** | ***Semiconductors & Semiconductor Equipment (15.6%)*** | ***Semiconductors & Semiconductor Equipment (15.6%)*** |
|  Broadcom, Inc. | 2776 | 765204 |
|  Monolithic Power Systems, Inc. | 461 | 337166 |
|  NVIDIA Corp. | 5573 | 880478 |
|  NXP Semiconductors NV | 1363 | 297802 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 1830 | 414477 |
|  |  | 2695127 |
|  ***Software (13.7%)*** | ***Software (13.7%)*** | ***Software (13.7%)*** |
|  Cadence Design Systems, Inc.\* | 685 | 211083 |
|  Microsoft Corp. | 1733 | 862012 |
|  Palo Alto Networks, Inc.\* | 2213 | 452868 |
|  Salesforce, Inc. | 1808 | 493023 |
|  ServiceNow, Inc.\* | 350 | 359828 |
|  |  | 2378814 |
|  ***Technology Hardware, Storage & Peripherals (2.1%)*** | ***Technology Hardware, Storage & Peripherals (2.1%)*** | ***Technology Hardware, Storage & Peripherals (2.1%)*** |
|  Apple, Inc. | 1806 | 370537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 7069245 |
|  **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
|  ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** |
|  NextEra Energy, Inc. | 6625 | 459908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 459908 |
|  **Total Common Stocks (96.7%)** *(Cost $14,586,395)* |  | 16774926 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.7%**) | **Investment Companies (1.7%**) |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 298593 | 298653 |
|  **Total Short-Term Investments (1.7%)**<br> *(Cost $298,681)* | **Total Short-Term Investments (1.7%)**<br> *(Cost $298,681)* | 298653 |
|  **Total Investments in Securities (98.4%)**<br> *(Cost $14,885,076)* | **Total Investments in Securities (98.4%)**<br> *(Cost $14,885,076)* | 17073579 |
|  **Other Assets Less Liabilities (1.6%)** | **Other Assets Less Liabilities (1.6%)** | 271057 |
|  **Net Assets (100%)** |  | $17344636 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

521

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EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br> **Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br> **Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br> **Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $622904 | $— | $— | $622904 |
|  Consumer Staples | 694152 |  |  | 694152 |
|  Financials | 2744579 |  |  | 2744579 |
|  Health Care | 2839823 |  |  | 2839823 |
|  Industrials | 2344315 |  |  | 2344315 |
|  Information Technology | 7069245 |  |  | 7069245 |
|  Utilities | 459908 |  |  | 459908 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 298653 |  |  | 298653 |
|  **Total Assets** | $**17073579** | $**—** | $**—** | $**17073579** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**17073579** | $**—** | $**—** | $**17073579** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $6259271.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $5757283.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $3078336 |
|  Aggregate gross unrealized depreciation | (892188) |
|  Net unrealized appreciation | $2186148 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $14887431 |

---

See Notes to Financial Statements.

522

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EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $14,885,076) | $17073579.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 300001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 8562.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5525.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 183.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 17387855.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 2095.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 1257.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1210.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38362.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 43219.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $17344636.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $14871666.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2472970.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $17344636.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,800,639 / 504,974 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.49 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $11,543,997 / 1,003,396 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.5 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,295 foreign withholding tax) | $89969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 97355 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 52656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 27205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 9372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 7344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 110241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (42837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 67404 |
|  **NET INVESTMENT INCOME (LOSS)** | 29951 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 668117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (423517) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 244600 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $274551 |

---

See Notes to Financial Statements.

523

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#### EQ ADVISORS TRUST
EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $29951 | $50334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 668117 | 265770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (423517) | 1245896 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 274551 | 1562000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (7096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (43506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (50602) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (488) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 129,983 and 194,841 shares, respectively ] | 1413831 | 2180521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 616 shares, respectively ] |  | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (75149) and (133586) shares, respectively ] | (826462) | (1540745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 587369 | 646940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 3,779 shares, respectively ] |  | 43926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | 43926 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 587369 | 690866 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 861920 | 2201776 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 16482716 | 14280940 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $17344636 | $16482716 |

---

See Notes to Financial Statements.

524

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#### EQ ADVISORS TRUST
EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **February 15, 2022\*<br>to December 31,<br>2022** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **February 15, 2022\*<br>to December 31,<br>2022** |
|  Net asset value, beginning of period | $11.34 | $10.29 | $8.56 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.01 | 0.03 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 1.06 | 1.73 | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.15 | 1.07 | 1.76 | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.02) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.02) | (0.03) | (0.02) |
|  Net asset value, end of period | $11.49 | $11.34 | $10.29 | $8.56 |
|  Total return (b) | 1.32% | 10.36 | 20.56% | (14.20)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $5801 | $5103 | $3995 | $495 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.00% | 1.00 | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.53% | 1.63 | 2.09% | 3.36% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.20% | 0.13 | 0.30% | 0.09 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.32)% | (0.50) | (0.79)% | (2.27)%(l) |
|  Portfolio turnover rate^ | 36 %(z) | 38 | 20% | 22 %(z) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **February 15, 2022\*<br>to December 31,<br>2022** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **February 15, 2022\*<br>to December 31,<br>2022** |
|  Net asset value, beginning of period | $11.34 | $10.29 | $8.56 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | 0.04 | 0.05 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 1.05 | 1.73 | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.16 | 1.09 | 1.78 | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.04) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.04) | (0.05) | (0.04) |
|  Net asset value, end of period | $11.50 | $11.34 | $10.29 | $8.56 |
|  Total return (b) | 1.41% | 10.62 | 20.84% | (14.02)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $11544 | $11379 | $10286 | $8515 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.75% | 0.75 | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.28% | 1.39 | 1.70% | 2.76% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.45% | 0.39 | 0.55% | 0.29 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.08)% | (0.25) | (0.41)% | (1.72)%(l) |
|  Portfolio turnover rate^ | 36 %(z) | 38 | 20% | 22 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*#* *Per share amount is less than $0.005.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

525

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.5%)** | **Communication Services (1.5%)** | **Communication Services (1.5%)** |
|  ***Media (1.5%)*** | ***Media (1.5%)*** | ***Media (1.5%)*** |
|  Interpublic Group of Cos., Inc. (The) | 185686 | $4545593 |
|  Omnicom Group, Inc. | 59621 | 4289135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 8834728 |
|  **Consumer Discretionary (3.2%)** | **Consumer Discretionary (3.2%)** | **Consumer Discretionary (3.2%)** |
|  ***Automobile Components (1.6%)*** | ***Automobile Components (1.6%)*** | ***Automobile Components (1.6%)*** |
|  BorgWarner, Inc. | 110453 | 3697967 |
|  Cie Generale des Etablissements Michelin SCA | 87728 | 3259318 |
|  Gentex Corp. | 124875 | 2746001 |
|  |  | 9703286 |
|  ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** |
|  Sodexo SA | 52141 | 3206098 |
|  ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** |
|  Mohawk Industries, Inc.\* | 42830 | 4490297 |
|  PulteGroup, Inc. | 19922 | 2100974 |
|  |  | 6591271 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 19500655 |
|  **Consumer Staples (10.4%)** | **Consumer Staples (10.4%)** | **Consumer Staples (10.4%)** |
|  ***Beverages (1.6%)*** | ***Beverages (1.6%)*** | ***Beverages (1.6%)*** |
|  Heineken NV | 48438 | 4223399 |
|  Pernod Ricard SA | 52711 | 5252892 |
|  |  | 9476291 |
|  ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** |
|  Koninklijke Ahold Delhaize NV | 107423 | 4492132 |
|  ***Food Products (2.2%)*** | ***Food Products (2.2%)*** | ***Food Products (2.2%)*** |
|  Conagra Brands, Inc. | 278484 | 5700567 |
|  General Mills, Inc. | 89783 | 4651657 |
|  Mondelez International, Inc., Class A | 44806 | 3021717 |
|  |  | 13373941 |
|  ***Household Products (3.1%)*** | ***Household Products (3.1%)*** | ***Household Products (3.1%)*** |
|  Henkel AG & Co. KGaA (Preference) (q) | 57427 | 4509291 |
|  Kimberly-Clark Corp. | 64395 | 8301804 |
|  Reckitt Benckiser Group plc | 86395 | 5876139 |
|  |  | 18687234 |
|  ***Personal Care Products (2.7%)*** | ***Personal Care Products (2.7%)*** | ***Personal Care Products (2.7%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 78951 | 6379241 |
|  Kenvue, Inc. | 481849 | 10085100 |
|  |  | 16464341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 62493939 |
|  **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** |
|  ***Energy Equipment & Services (1.4%)*** | ***Energy Equipment & Services (1.4%)*** | ***Energy Equipment & Services (1.4%)*** |
|  Baker Hughes Co. | 222879 | 8545181 |
|  ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** |
|  Coterra Energy, Inc. | 200536 | 5089604 |
|  Diamondback Energy, Inc. | 26159 | 3594246 |
|  Occidental Petroleum Corp. | 90916 | 3819381 |
|  |  | 12503231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 21048412 |
|  **Financials (16.7%)** | **Financials (16.7%)** | **Financials (16.7%)** |
|  ***Banks (8.5%)*** | ***Banks (8.5%)*** | ***Banks (8.5%)*** |
|  Commerce Bancshares, Inc. | 151744 | 9433925 |
|  First Hawaiian, Inc. | 61975 | 1546896 |
|  PNC Financial Services Group, Inc. (The) | 44155 | 8231375 |
|  Prosperity Bancshares, Inc. | 74039 | 5200499 |
|  Truist Financial Corp. | 274981 | 11821433 |
|  US Bancorp | 261643 | 11839346 |
|  Westamerica Bancorp | 68651 | 3325454 |
|  |  | 51398928 |
|  ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** |
|  Bank of New York Mellon Corp. (The) | 44437 | 4048655 |
|  Northern Trust Corp. | 83421 | 10576949 |
|  Raymond James Financial, Inc. | 21041 | 3227058 |
| T. Rowe Price Group, Inc. | 49863 | 4811780 |
|  |  | 22664442 |
|  ***Insurance (4.4%)*** | ***Insurance (4.4%)*** | ***Insurance (4.4%)*** |
|  Allstate Corp. (The) | 17167 | 3455889 |
|  Hanover Insurance Group, Inc. (The) | 20201 | 3431544 |
|  Reinsurance Group of America, Inc. | 42730 | 8475923 |
|  Willis Towers Watson plc | 35905 | 11004882 |
|  |  | 26368238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 100431608 |
|  **Health Care (15.4%)** | **Health Care (15.4%)** | **Health Care (15.4%)** |
|  ***Health Care Equipment & Supplies (7.6%)*** | ***Health Care Equipment & Supplies (7.6%)*** | ***Health Care Equipment & Supplies (7.6%)*** |
|  Becton Dickinson & Co. | 49045 | 8448001 |
|  Envista Holdings Corp. (x)\* | 209016 | 4084173 |
|  GE HealthCare Technologies, Inc. | 85550 | 6336688 |
|  Hologic, Inc.\* | 75369 | 4911044 |
|  Medtronic plc | 68352 | 5958244 |
|  Zimmer Biomet Holdings, Inc. | 176436 | 16092728 |
|  |  | 45830878 |
|  ***Health Care Providers & Services (6.3%)*** | ***Health Care Providers & Services (6.3%)*** | ***Health Care Providers & Services (6.3%)*** |
|  Cencora, Inc. | 7803 | 2339729 |
|  Centene Corp.\* | 88106 | 4782394 |
|  Henry Schein, Inc.\* | 167720 | 12251946 |
|  Labcorp Holdings, Inc. | 39675 | 10415084 |
|  Quest Diagnostics, Inc. | 26803 | 4814623 |
|  Universal Health Services, Inc., Class B | 19313 | 3498550 |
|  |  | 38102326 |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** |
|  ICON plc\* | 19666 | 2860420 |
|  IQVIA Holdings, Inc.\* | 31595 | 4979056 |
|  QIAGEN NV (x)\* | 22598 | 1086060 |
|  |  | 8925536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 92858740 |
|  **Industrials (17.4%)** | **Industrials (17.4%)** | **Industrials (17.4%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  Hexcel Corp. | 66814 | 3774323 |
|  L3Harris Technologies, Inc. | 33997 | 8527807 |
|  |  | 12302130 |

---

See Notes to Financial Statements.

526

------

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  A.O. Smith Corp. | 54450 | $3570287 |
|  ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** |
|  ABM Industries, Inc. | 82844 | 3911065 |
|  Republic Services, Inc. | 3624 | 893715 |
|  |  | 4804780 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  Vinci SA | 20058 | 2955778 |
|  ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** |
|  Emerson Electric Co. | 26828 | 3576977 |
|  Legrand SA | 22259 | 2975969 |
|  |  | 6552946 |
|  ***Ground Transportation (3.1%)*** | ***Ground Transportation (3.1%)*** | ***Ground Transportation (3.1%)*** |
|  CSX Corp. | 286783 | 9357729 |
|  Norfolk Southern Corp. | 36399 | 9317052 |
|  |  | 18674781 |
|  ***Machinery (4.8%)*** | ***Machinery (4.8%)*** | ***Machinery (4.8%)*** |
|  Cummins, Inc. | 20035 | 6561462 |
|  Dover Corp. | 8716 | 1597033 |
|  Fortive Corp. | 25132 | 1310131 |
|  Gates Industrial Corp. plc\* | 62524 | 1439928 |
|  Oshkosh Corp. | 83825 | 9517490 |
|  Timken Co. (The) | 65291 | 4736862 |
|  Toro Co. (The) | 48295 | 3413491 |
|  |  | 28576397 |
|  ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** | ***Passenger Airlines (1.0%)*** |
|  Southwest Airlines Co. | 180814 | 5865606 |
|  ***Trading Companies & Distributors (3.5%)*** | ***Trading Companies & Distributors (3.5%)*** | ***Trading Companies & Distributors (3.5%)*** |
|  Ashtead Group plc | 46956 | 3009364 |
|  Bunzl plc | 266280 | 8479815 |
|  MSC Industrial Direct Co., Inc., Class A | 113658 | 9663203 |
|  |  | 21152382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 104455087 |
|  **Information Technology (6.0%)** | **Information Technology (6.0%)** | **Information Technology (6.0%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  F5, Inc.\* | 10180 | 2996178 |
|  ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** | ***Electronic Equipment, Instruments & Components (0.9%)*** |
|  Ralliant Corp.\* | 8377 | 406217 |
|  TE Connectivity plc | 28022 | 4726470 |
|  |  | 5132687 |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** |
|  Amdocs Ltd. | 71014 | 6479318 |
|  Cognizant Technology Solutions Corp., Class A | 65375 | 5101211 |
|  |  | 11580529 |
|  ***Semiconductors & Semiconductor Equipment (1.7%)*** | ***Semiconductors & Semiconductor Equipment (1.7%)*** | ***Semiconductors & Semiconductor Equipment (1.7%)*** |
|  Analog Devices, Inc. | 5363 | 1276501 |
|  NXP Semiconductors NV | 15422 | 3369553 |
|  Teradyne, Inc. | 65327 | 5874204 |
|  |  | 10520258 |
|  ***Technology Hardware, Storage & Peripherals (1.0%)*** | ***Technology Hardware, Storage & Peripherals (1.0%)*** | ***Technology Hardware, Storage & Peripherals (1.0%)*** |
|  HP, Inc. | 250868 | 6136231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 36365883 |
|  **Materials (5.4%)** | **Materials (5.4%)** | **Materials (5.4%)** |
|  ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** |
|  Akzo Nobel NV | 44691 | 3127039 |
|  PPG Industries, Inc. | 36673 | 4171554 |
|  |  | 7298593 |
|  ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** |
|  Eagle Materials, Inc. | 22148 | 4476332 |
|  ***Containers & Packaging (2.5%)*** | ***Containers & Packaging (2.5%)*** | ***Containers & Packaging (2.5%)*** |
|  Graphic Packaging Holding Co. (x) | 384814 | 8108031 |
|  Packaging Corp. of America | 36904 | 6954559 |
|  |  | 15062590 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  Reliance, Inc. | 18519 | 5813114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 32650629 |
|  **Real Estate (9.1%)** | **Real Estate (9.1%)** | **Real Estate (9.1%)** |
|  ***Health Care REITs (1.6%)*** | ***Health Care REITs (1.6%)*** | ***Health Care REITs (1.6%)*** |
|  Healthpeak Properties, Inc. (REIT) | 284298 | 4978058 |
|  Ventas, Inc. (REIT) | 73229 | 4624412 |
|  |  | 9602470 |
|  ***Residential REITs (1.7%)*** | ***Residential REITs (1.7%)*** | ***Residential REITs (1.7%)*** |
|  Equity Residential (REIT) | 120842 | 8155627 |
|  Essex Property Trust, Inc. (REIT) | 7501 | 2125783 |
|  |  | 10281410 |
|  ***Retail REITs (2.2%)*** | ***Retail REITs (2.2%)*** | ***Retail REITs (2.2%)*** |
|  Agree Realty Corp. (REIT) | 29203 | 2133571 |
|  Realty Income Corp. (REIT) | 164187 | 9458813 |
|  Regency Centers Corp. (REIT) | 23174 | 1650684 |
|  |  | 13243068 |
|  ***Specialized REITs (3.6%)*** | ***Specialized REITs (3.6%)*** | ***Specialized REITs (3.6%)*** |
|  American Tower Corp. (REIT) | 26753 | 5912948 |
|  Public Storage (REIT) | 23059 | 6765972 |
|  VICI Properties, Inc. (REIT), Class A | 266414 | 8685096 |
|  |  | 21364016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 54490964 |
|  **Utilities (8.0%)** | **Utilities (8.0%)** | **Utilities (8.0%)** |
|  ***Electric Utilities (4.7%)*** | ***Electric Utilities (4.7%)*** | ***Electric Utilities (4.7%)*** |
|  Duke Energy Corp. | 12845 | 1515710 |
|  Evergy, Inc. | 123852 | 8537118 |
|  Eversource Energy | 131915 | 8392432 |
|  PPL Corp. | 44875 | 1520814 |
|  Xcel Energy, Inc. | 122020 | 8309562 |
|  |  | 28275636 |
|  ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** |
|  ONE Gas, Inc. | 77343 | 5557868 |
|  Spire, Inc. | 85698 | 6255097 |
|  |  | 11812965 |

---

See Notes to Financial Statements.

527

------

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** |
|  Northwestern Energy Group, Inc. | 153279 | $7863213 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 47951814 |
|  **Total Common Stocks (96.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $569,508,086)* |  | 581082459 |
|  MASTER LIMITED PARTNERSHIP: |  |  |
|  **Energy (2.1%)** | **Energy (2.1%)** | **Energy (2.1%)** |
|  ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** | ***Oil, Gas & Consumable Fuels (2.1%)*** |
|  Enterprise Products Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (*Cost $10,337,149*) | 408122 | 12655863 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 6701507 | 6701507 |
|  **Total Short-Term Investments (1.1%)** | **Total Short-Term Investments (1.1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $6,701,507)* |  | 6701507 |
|  **Total Investments in Securities (99.8%)** | **Total Investments in Securities (99.8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $586,546,742)* |  | 600439829 |
|  **Other Assets Less Liabilities (0.2%)** |  | 1293913 |
|  **Net Assets (100%)** |  | $601733742 |

---

*\** *Non-income producing.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $7,806,451. This was collateralized by $1,275,131 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $6,701,507 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  USD | 7141431 | EUR | 6155822 | Goldman Sachs & Co. LLC | 9/26/2025 | (151916) |
|  USD | 7144071 | EUR | 6155822 | JPMorgan Chase Bank | 9/26/2025 | (149275) |
|  USD | 7135299 | EUR | 6155822 | Morgan Stanley | 9/26/2025 | (158047) |
|  USD | 7140877 | EUR | 6155822 | UBS AG | 9/26/2025 | (152470) |
|  USD | 5081365 | GBP | 3786430 | Bank of America | 9/26/2025 | (119032) |
|  USD | 4637671 | GBP | 3462271 | Citibank NA | 9/26/2025 | (117516) |
|  USD | 4638664 | GBP | 3462271 | Goldman Sachs & Co. LLC | 9/26/2025 | (116523) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (964779) |

---

See Notes to Financial Statements.

528

------

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in**<br> **Active Markets for**<br> **Identical**<br> **Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $8834728 | $— | $— | $8834728 |
|  Consumer Discretionary | 13035239 | 6465416 |  | 19500655 |
|  Consumer Staples | 38140086 | 24353853 |  | 62493939 |
|  Energy | 21048412 |  |  | 21048412 |
|  Financials | 100431608 |  |  | 100431608 |
|  Health Care | 92858740 |  |  | 92858740 |
|  Industrials | 87034161 | 17420926 |  | 104455087 |
|  Information Technology | 36365883 |  |  | 36365883 |
|  Materials | 29523590 | 3127039 |  | 32650629 |
|  Real Estate | 54490964 |  |  | 54490964 |
|  Utilities | 47951814 |  |  | 47951814 |
|  **Master Limited Partnerships** |  |  |  |  |
|  Energy | 12655863 |  |  | 12655863 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6701507 |  |  | 6701507 |
|  **Total Assets** | $**549072595** | $**51367234** | $**—** | $**600439829** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(964779) | $— | $(964779) |
|  **Total Liabilities** | $**—** | $**(964779)** | $**—** | $**(964779)** |
|  **Total** | $**549072595** | $**50402455** | $**—** | $**599475050** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(964779) |
|  **Total** |  | $(964779) |

---

See Notes to Financial Statements.

529

------

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(3367855) | $(3367855) |
|  **Total** | $(3367855) | $(3367855) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(1526007) | $(1526007) |
|  **Total** | $(1526007) | $(1526007) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $3267000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 46075000.0 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $119032 | $— | $— | $119032 |
|  Citibank NA | 117516 |  |  | 117516 |
|  Goldman Sachs & Co. LLC | 268438 |  |  | 268438 |
|  JPMorgan Chase Bank | 149275 |  |  | 149275 |
|  Morgan Stanley | 158048 |  |  | 158048 |
|  UBS AG | 152470 |  |  | 152470 |
|  **Total** | $964779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $964779 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $245245869.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $258568268.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $59443080 |
|  Aggregate gross unrealized depreciation | (46344489) |
|  Net unrealized appreciation | $13098591 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $586376459 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $10,655 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

530

------

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $586,546,742) | $600439829.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6603769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $292) | 295.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2333905.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1552404.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 259093.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 458.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6869.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 611196622.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6701507.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1113765.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 964779.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 303993.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 165122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 107212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 44146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 62356.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9462880.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $601733742.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $552528972.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 49204770.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $601733742.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $527,186,242 / 23,726,474 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.22 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $74,547,500 / 3,351,982 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.24 |

---

*(x)* *Includes value of securities on loan of $7,806,451.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $126,160 foreign withholding tax) | $8684212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 170713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8856870 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2680984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 649603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 270501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 30795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 25680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3718053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (837120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2880933 |
|  **NET INVESTMENT INCOME (LOSS)** | 5975937 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 23196401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3367855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19824634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (9587022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1526007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 9771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11103258) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8721376 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14697313 |

---

See Notes to Financial Statements.

531

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#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5975937 | $11135924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19824634 | 44651410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11103258) | (6367932) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 14697313 | 49419402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (39241974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (5917311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (45159285) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 730,245 and 1,497,651 shares, respectively ] | 15930844 | 33747744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,756,086 shares, respectively ] |  | 39241974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1454258) and (3110224) shares, respectively ] | (31768869) | (70474924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (15838025) | 2514794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 189,324 and 44,000 shares, respectively ] | 3813272 | 992773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 264,917 shares, respectively ] |  | 5917311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (409809) and (348746) shares, respectively ] | (8939673) | (7932782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (5126401) | (1022698) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (20964426) | 1492096 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (6267113) | 5752213 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 608000855 | 602248642 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $601733742 | $608000855 |

---

See Notes to Financial Statements.

532

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#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $21.70 | $21.57 | $21.50 | $25.00 | $23.11 | $23.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.40 | 0.39 | 0.41 | 0.34 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.31 | 1.45 | 0.87 | (0.76) | 4.88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | 1.85 | 1.26 | (0.35) | 5.22 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.42) | (0.33) | (0.70) | (0.30) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.30) | (0.86) | (2.45) | (3.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.72) | (1.19) | (3.15) | (3.33) | (0.30) |
|  Net asset value, end of period | $22.22 | $21.70 | $21.57 | $21.50 | $25.00 | $23.11 |
|  Total return (b) | 2.40% | 8.37% | 5.98% | (1.47) | 23.02% | 1.32 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $527186 | $530512 | $524357 | $510935 | $525686 | $439396 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00 %(j) | 1.00 %(j) | 1.00 %(j) | 1.00 | 1.00 %(j) | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.28% | 1.29% | 1.29% | 1.28 | 1.28% | 1.30 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.97% | 1.79% | 1.82% | 1.71 | 1.28% | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.69% | 1.50% | 1.52% | 1.43 | 1.00% | 1.14 |
|  Portfolio turnover rate^ | 41 %(z) | 58% | 49% | 75 | 51% | 101 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **June 8, 2020\*<br>to December 31,<br>2020** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **June 8, 2020\*<br>to December 31,<br>2020** |
|  Net asset value, beginning of period | $21.69 | $21.56 | $21.49 | $24.99 | $23.09 | $20.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.46 | 0.44 | 0.48 | 0.39 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.31 | 1.45 | 0.87 | (0.77) | 4.91 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 | 1.91 | 1.31 | (0.29) | 5.30 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.48) | (0.38) | (0.76) | (0.37) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.30) | (0.86) | (2.45) | (3.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.78) | (1.24) | (3.21) | (3.40) | (0.35) |
|  Net asset value, end of period | $22.24 | $21.69 | $21.56 | $21.49 | $24.99 | $23.09 |
|  Total return (b) | 2.54% | 8.62% | 6.23% | (1.24) | 23.35% | 13.33% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $74548 | $77489 | $77891 | $80988 | $79617 | $101002 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.75 %(j) | 0.75 %(j) | 0.75 %(j) | 0.75 | 0.75 %(j) | 0.75 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.03% | 1.04% | 1.04% | 1.03 | 1.03% | 1.06% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.22% | 2.04% | 2.06% | 1.98 | 1.48% | 1.57 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.94% | 1.75% | 1.77% | 1.70 | 1.20% | 1.25 %(l) |
|  Portfolio turnover rate^ | 41 %(z) | 58% | 49% | 75 | 51% | 101% |

---

See Notes to Financial Statements.

533

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EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.37 and $0.44 for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IB and 0.75% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.17% lower.* 

See Notes to Financial Statements.

534

------

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (61.7%)** | **Equity (61.7%)** | **Equity (61.7%)** |
|  iShares Core MSCI EAFE ETF | 457800 | $38217144 |
|  iShares Core S&P 500 ETF | 30800 | 19123720 |
|  iShares Core S&P Mid-Cap ETF | 80200 | 4974004 |
|  iShares Russell 2000 ETF (x) | 25000 | 5394750 |
|  SPDR Portfolio S&P 500 ETF | 263600 | 19161084 |
|  Vanguard S&P 500 ETF | 33700 | 19142611 |
|  **Total Equity** |  | 106013313 |
|  **Fixed Income (37.9%)** | **Fixed Income (37.9%)** | **Fixed Income (37.9%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 785000 | 65092200 |
|  **Total Exchange Traded Funds (99.6%)**<br> *(Cost $148,093,741)* | **Total Exchange Traded Funds (99.6%)**<br> *(Cost $148,093,741)* | 171105513 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1288508 | $1288508 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 701019 | 701160 |
|  **Total Investment Companies** | **Total Investment Companies** | 1989668 |
|  **Total Short-Term Investments (1.2%)**<br> *(Cost $1,989,697)* | **Total Short-Term Investments (1.2%)**<br> *(Cost $1,989,697)* | 1989668 |
|  **Total Investments in Securities (100.8%)**<br> *(Cost $150,083,438)* | **Total Investments in Securities (100.8%)**<br> *(Cost $150,083,438)* | 173095181 |
|  **Other Assets Less Liabilities (-0.8%)** | **Other Assets Less Liabilities (-0.8%)** | (1379230) |
|  **Net Assets (100%)** |  | $171715951 |

---

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $5,861,012. This was collateralized by $4,697,344 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $1,288,508 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $171105513 | $— | $— | $171105513 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1989668 |  |  | 1989668 |
|  **Total Assets** | $**173095181** | $**—** | $**—** | $**173095181** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**173095181** | $**—** | $**—** | $**173095181** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $133116097.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $126070507.0 |

---

See Notes to Financial Statements.

535

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EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $22248319 |
|  Aggregate gross unrealized depreciation | (948635) |
|  Net unrealized appreciation | $21299684 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $151795497 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $2,172 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

536

------

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $150,083,438) | $173095181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 299999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 62148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4292.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1910.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 173463530.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1288508.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 149265.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 129070.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 92786.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 34463.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 16677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 36810.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1747579.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $171715951.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $150104089.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 21611862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $171715951.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $171,715,951 / 13,478,199 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.74 |

---

*(x)* *Includes value of securities on loan of $5,861,012.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2348391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 51644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2406275 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 644141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 201294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 100498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 5907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 996116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (106717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 889399 |
|  **NET INVESTMENT INCOME (LOSS)** | 1516876 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (1255549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 7176024 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 5920475 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7437351 |

---

See Notes to Financial Statements.

537

------

#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1516876 | $2414611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1255549) | 3715201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7176024 | 7638620 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 7437351 | 13768432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (6086732) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 764,069 and 2,904,096 shares, respectively ] | 9340413 | 35202921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 487,772 shares, respectively ] |  | 6086732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (370949) and (854142) shares, respectively ] | (4552800) | (10489243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4787613 | 30800410 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 4787613 | 30800410 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 12224964 | 38482110 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 159490987 | 121008877 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $171715951 | $159490987 |

---

See Notes to Financial Statements.

538

------

#### EQ ADVISORS TRUST
EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.19 | $11.47 | $10.07 | $12.60 | $11.69 | $11.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.21 | 0.20 | 0.14 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.44 | 1.00 | 1.37 | (2.32) | 0.98 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 | 1.21 | 1.57 | (2.18) | 1.10 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.17) | (0.15) | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.30) |  | (0.20) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.49) | (0.17) | (0.35) | (0.19) | (0.10) |
|  Net asset value, end of period | $12.74 | $12.19 | $11.47 | $10.07 | $12.60 | $11.69 |
|  Total return (b) | 4.51% | 10.43% | 15.62% | (17.28)% | 9.36% | 3.71% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $171716 | $159491 | $121009 | $82790 | $81197 | $53403 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10 %(j) | 1.10 %(j) | 1.10 %(j) | 1.13 %(k) | 1.14 %(o) | 1.13 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.24% | 1.25% | 1.27% | 1.28% | 1.29% | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 1.88% | 1.67% | 1.83% | 1.25% | 0.96% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 1.75% | 1.53% | 1.66% | 1.11% | 0.81% | 0.70% |
|  Portfolio turnover rate^ | 77 %(z) | 94% | 71% | 248% | 87% | 134% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

539

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (10.0%)** | **Communication Services (10.0%)** | **Communication Services (10.0%)** |
|  ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** |
|  Netflix, Inc.\* | 9168 | $12277144 |
|  ***Interactive Media & Services (7.4%)*** | ***Interactive Media & Services (7.4%)*** | ***Interactive Media & Services (7.4%)*** |
|  Alphabet, Inc., Class C | 115924 | 20563758 |
|  Meta Platforms, Inc., Class A | 37730 | 27848136 |
|  Pinterest, Inc., Class A\* | 85713 | 3073668 |
|  |  | 51485562 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  Charter Communications, Inc., Class A\* | 15779 | 6450613 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 70213319 |
|  **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** |
|  ***Broadline Retail (2.8%)*** | ***Broadline Retail (2.8%)*** | ***Broadline Retail (2.8%)*** |
|  Amazon.com, Inc.\* | 87603 | 19219222 |
|  ***Hotels, Restaurants & Leisure (6.5%)*** | ***Hotels, Restaurants & Leisure (6.5%)*** | ***Hotels, Restaurants & Leisure (6.5%)*** |
|  Aramark | 181556 | 7601750 |
|  Booking Holdings, Inc. | 840 | 4862962 |
|  Chipotle Mexican Grill, Inc.\* | 90609 | 5087695 |
|  Marriott International, Inc., Class A | 25822 | 7054829 |
|  Royal Caribbean Cruises Ltd. | 51961 | 16271067 |
|  Yum! Brands, Inc. | 33117 | 4907277 |
|  |  | 45785580 |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** |
|  Burlington Stores, Inc.\* | 21091 | 4906610 |
|  Tractor Supply Co. | 93320 | 4924497 |
|  |  | 9831107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 74835909 |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |
|  ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** |
|  Mondelez International, Inc., Class A | 107000 | 7216080 |
|  ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** |
|  Church & Dwight Co., Inc. | 58485 | 5620993 |
|  ***Tobacco (3.1%)*** | ***Tobacco (3.1%)*** | ***Tobacco (3.1%)*** |
|  Philip Morris International, Inc. | 117985 | 21488608 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 34325681 |
|  **Energy (0.5%)** | **Energy (0.5%)** | **Energy (0.5%)** |
|  ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** |
|  ConocoPhillips | 37778 | 3390198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3390198 |
|  **Financials (14.6%)** | **Financials (14.6%)** | **Financials (14.6%)** |
|  ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** |
|  JPMorgan Chase & Co. | 55018 | 15950268 |
|  Truist Financial Corp. | 171000 | 7351290 |
|  |  | 23301558 |
|  ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** |
|  KKR & Co., Inc. | 76814 | 10218566 |
|  S&P Global, Inc. | 6617 | 3489078 |
|  |  | 13707644 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  Capital One Financial Corp. | 27031 | $5751116 |
|  ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** |
|  Mastercard, Inc., Class A | 26585 | 14939175 |
|  Toast, Inc., Class A\* | 212457 | 9409721 |
|  Visa, Inc., Class A | 34403 | 12214785 |
|  |  | 36563681 |
|  ***Insurance (3.3%)*** | ***Insurance (3.3%)*** | ***Insurance (3.3%)*** |
|  Arch Capital Group Ltd. | 45468 | 4139861 |
|  Marsh & McLennan Cos., Inc. | 41557 | 9086022 |
|  Progressive Corp. (The) | 35425 | 9453516 |
|  |  | 22679399 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 102003398 |
|  **Health Care (6.7%)** | **Health Care (6.7%)** | **Health Care (6.7%)** |
|  ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** |
|  Amgen, Inc. | 25921 | 7237402 |
|  Regeneron Pharmaceuticals, Inc. | 8314 | 4364850 |
|  |  | 11602252 |
|  ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** |
|  Abbott Laboratories | 47876 | 6511615 |
|  ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** |
|  Elevance Health, Inc. | 7380 | 2870525 |
|  UnitedHealth Group, Inc. | 15946 | 4974674 |
|  |  | 7845199 |
|  ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** |
|  Danaher Corp. | 22091 | 4363856 |
|  Mettler-Toledo International, Inc.\* | 3879 | 4556739 |
|  |  | 8920595 |
|  ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** |
|  Bristol-Myers Squibb Co. | 107364 | 4969879 |
|  Royalty Pharma plc, Class A | 184460 | 6646094 |
|  |  | 11615973 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 46495634 |
|  **Industrials (12.0%)** | **Industrials (12.0%)** | **Industrials (12.0%)** |
|  ***Aerospace & Defense (5.5%)*** | ***Aerospace & Defense (5.5%)*** | ***Aerospace & Defense (5.5%)*** |
|  ATI, Inc.\* | 130491 | 11266593 |
|  GE Aerospace | 58819 | 15139422 |
|  TransDigm Group, Inc. | 7772 | 11818414 |
|  |  | 38224429 |
|  ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** |
|  FedEx Corp. | 28989 | 6589490 |
|  ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** |
|  Carrier Global Corp. | 103911 | 7605246 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  Waste Connections, Inc. | 18500 | 3454320 |
|  ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** |
|  GE Vernova, Inc. | 14463 | 7653096 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  Saia, Inc.\* | 8695 | 2382343 |

---

See Notes to Financial Statements.

540

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** |
|  Ingersoll Rand, Inc. | 68954 | $5735594 |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** |
|  Dayforce, Inc.\* | 96795 | 5361475 |
|  ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** |
|  FTAI Aviation Ltd. | 61993 | 7131675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 84137668 |
|  **Information Technology (26.8%)** | **Information Technology (26.8%)** | **Information Technology (26.8%)** |
|  ***IT Services (0.8%)*** | ***IT Services (0.8%)*** | ***IT Services (0.8%)*** |
|  Accenture plc, Class A | 19456 | 5815204 |
|  ***Semiconductors & Semiconductor Equipment (14.5%)*** | ***Semiconductors & Semiconductor Equipment (14.5%)*** | ***Semiconductors & Semiconductor Equipment (14.5%)*** |
|  Broadcom, Inc. | 164920 | 45460198 |
|  KLA Corp. | 13744 | 12311051 |
|  Micron Technology, Inc. | 139243 | 17161700 |
|  NVIDIA Corp. | 167280 | 26428567 |
|  |  | 101361516 |
|  ***Software (9.7%)*** | ***Software (9.7%)*** | ***Software (9.7%)*** |
|  Atlassian Corp., Class A\* | 42970 | 8726777 |
|  Microsoft Corp. | 67832 | 33740315 |
|  Salesforce, Inc. | 53277 | 14528105 |
|  ServiceNow, Inc.\* | 10744 | 11045692 |
|  |  | 68040889 |
|  ***Technology Hardware, Storage & Peripherals (1.8%)*** | ***Technology Hardware, Storage & Peripherals (1.8%)*** | ***Technology Hardware, Storage & Peripherals (1.8%)*** |
|  Apple, Inc. | 59377 | 12182379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 187399988 |
|  **Materials (2.5%)** | **Materials (2.5%)** | **Materials (2.5%)** |
|  ***Chemicals (2.5%)*** | ***Chemicals (2.5%)*** | ***Chemicals (2.5%)*** |
|  Air Products and Chemicals, Inc. | 18683 | 5269727 |
|  Corteva, Inc. | 69558 | 5184158 |
|  Linde plc | 15211 | 7136697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 17590582 |
|  **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** |
|  ***Health Care REITs (1.2%)*** | ***Health Care REITs (1.2%)*** | ***Health Care REITs (1.2%)*** |
|  Welltower, Inc. (REIT) | 55510 | 8533552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 8533552 |
|  **Utilities (7.0%)** | **Utilities (7.0%)** | **Utilities (7.0%)** |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** |
|  Constellation Energy Corp. | 60491 | 19524075 |
|  ***Gas Utilities (2.1%)*** | ***Gas Utilities (2.1%)*** | ***Gas Utilities (2.1%)*** |
|  Atmos Energy Corp. | 94500 | 14563395 |
|  ***Multi-Utilities (2.1%)*** | ***Multi-Utilities (2.1%)*** | ***Multi-Utilities (2.1%)*** |
|  NiSource, Inc. | 370000 | 14925800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 49013270 |
|  **Total Common Stocks (96.9%)**<br> *(Cost $331,589,606)* |  | 677939199 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.5%)** | **Investment Companies (1.5%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 10902342 | 10904522 |
|  **Total Short-Term Investments (1.5%)** | **Total Short-Term Investments (1.5%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $10,904,407)* |  | 10904522 |
|  **Total Investments in Securities (98.4%)** | **Total Investments in Securities (98.4%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $342,494,013)* |  | 688843721 |
|  **Other Assets Less Liabilities (1.6%)** | **Other Assets Less Liabilities (1.6%)** | 10860863 |
|  **Net Assets (100%)** |  | $699704584 |

---

*\** *Non-income producing.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

541

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $70213319 | $— | $— | $70213319 |
|  Consumer Discretionary | 74835909 |  |  | 74835909 |
|  Consumer Staples | 34325681 |  |  | 34325681 |
|  Energy | 3390198 |  |  | 3390198 |
|  Financials | 102003398 |  |  | 102003398 |
|  Health Care | 46495634 |  |  | 46495634 |
|  Industrials | 84137668 |  |  | 84137668 |
|  Information Technology | 187399988 |  |  | 187399988 |
|  Materials | 17590582 |  |  | 17590582 |
|  Real Estate | 8533552 |  |  | 8533552 |
|  Utilities | 49013270 |  |  | 49013270 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 10904522 |  |  | 10904522 |
|  **Total Assets** | $**688843721** | $**—** | $**—** | $**688843721** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**688843721** | $**—** | $**—** | $**688843721** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $22487010.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $66251972.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $351105587 |
|  Aggregate gross unrealized depreciation | (10252106) |
|  Net unrealized appreciation | $340853481 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $347990240 |

---

See Notes to Financial Statements.

542

------

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $342,494,013) | $688843721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11312000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 399188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 62336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 700624159 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 325081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 310344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 139299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 49766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 919575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $699704584 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $328285074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 371419510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $699704584 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $699,704,584 / 18,682,946 shares outstanding (unlimited amount authorized: $0.01 par value) | $37.45 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,726 foreign withholding tax) | $3612192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 199308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3812328 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2104442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 809400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 293518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 27218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 18170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3306611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (74284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (154989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3077338 |
|  **NET INVESTMENT INCOME (LOSS)** | 734990 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 26441387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 38694003 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 65135390 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $65870380 |

---

See Notes to Financial Statements.

543

------

#### EQ ADVISORS TRUST
EQ/CAPITAL GROUP RESEARCH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $734990 | $1994325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26441387 | 58307503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 38694003 | 101542526 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 65870380 | 161844354 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (84355270) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 17,757 shares, respectively ] |  | 574791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2695513) shares, respectively ] |  | (92743259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (178453) shares, respectively ] |  | (5732244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (97900712) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 319,267 and 438,928 shares, respectively ] | 10871758 | 14977448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,690,338 shares, respectively ] |  | 92743259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,394,757 shares, respectively ] |  | 84355270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1222000) and (2166935) shares, respectively ] | (41597502) | (74311882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (30725744) | 117764095 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (30725744) | 19863383 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 35144636 | 97352467 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 664559948 | 567207481 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $699704584 | $664559948 |

---

See Notes to Financial Statements.

544

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#### EQ ADVISORS TRUST
EQ/CAPITAL GROUP RESEARCH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $33.93 | $29.73 | $25.47 | $35.80 | $30.55 | $26.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 | 0.11 | 0.09 | 0.05 | (0.04) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.48 | 8.83 | 5.68 | (6.79) | 7.04 | 6.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.52 | 8.94 | 5.77 | (6.74) | 7.00 | 6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.57) | (0.10) | (0.05) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.17) | (1.41) | (3.54) | (1.75) | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.74) | (1.51) | (3.59) | (1.75) | (1.72) |
|  Net asset value, end of period | $37.45 | $33.93 | $29.73 | $25.47 | $35.80 | $30.55 |
|  Total return (b) | 10.37% | 29.87 | 22.98 | (18.97)% | 23.06% | 23.26 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (000's) | $699705 | $664560 | $482458 | $428260 | $562690 | $493082 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.95 %(i) | 0.96 | 0.97 | 0.97% | 0.97% | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.02% | 1.02 | 1.03 | 1.02% | 1.02% | 1.03 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.23% | 0.32 | 0.33 | 0.17% | (0.11)% | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.16% | 0.26 | 0.27 | 0.11% | (0.15)% |  |
|  Portfolio turnover rate^ | 3 %(z) | 25 | 33 | 25% | 20% | 42 |

---

---

| | |
|:---|:---|
| **Class K** | **January 1, 2020 to<br>June 7, 2020‡** |
| **Class K** |  |
|  Net asset value, beginning of period | $26.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.00 |
|  Net asset value, end of period | $27.11 |
|  Total return (b) | 3.79% |
|  **Ratios/Supplemental Data:** |  |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.37% |
|  Portfolio turnover rate^ | 0.42% |

---

*‡* *After the close of business on June 7, 2020 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

---

| | |
|:---|:---|
| *‡‡* | *Amount is less than 0.005%.*  |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.08 for Class IB.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.07 for Class IB.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.05%.* 

*(r)* *Includes voluntary waiver from investment manager of 0.02%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.10% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.08% lower.* 

See Notes to Financial Statements.

545

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EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (13.8%)** | **Communication Services (13.8%)** | **Communication Services (13.8%)** |
|  ***Entertainment (4.5%)*** | ***Entertainment (4.5%)*** | ***Entertainment (4.5%)*** |
|  Netflix, Inc.\* | 15553 | $20827489 |
|  ***Interactive Media & Services (9.3%)*** | ***Interactive Media & Services (9.3%)*** | ***Interactive Media & Services (9.3%)*** |
|  Alphabet, Inc., Class A | 58400 | 10291832 |
|  Meta Platforms, Inc., Class A | 43503 | 32109129 |
|  |  | 42400961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 63228450 |
|  **Consumer Discretionary (12.5%)** | **Consumer Discretionary (12.5%)** | **Consumer Discretionary (12.5%)** |
|  ***Automobiles (1.9%)*** | ***Automobiles (1.9%)*** | ***Automobiles (1.9%)*** |
|  Tesla, Inc.\* | 27700 | 8799182 |
|  ***Broadline Retail (8.4%)*** | ***Broadline Retail (8.4%)*** | ***Broadline Retail (8.4%)*** |
|  Amazon.com, Inc.\* | 176620 | 38748662 |
|  ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** |
|  Airbnb, Inc., Class A\* | 39900 | 5280366 |
|  Starbucks Corp. | 51700 | 4737271 |
|  |  | 10017637 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 57565481 |
|  **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** |
|  ***Beverages (1.4%)*** | ***Beverages (1.4%)*** | ***Beverages (1.4%)*** |
|  Monster Beverage Corp.\* | 104620 | 6553397 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 6553397 |
|  **Financials (9.3%)** | **Financials (9.3%)** | **Financials (9.3%)** |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  S&P Global, Inc. | 12932 | 6818914 |
|  ***Financial Services (6.5%)*** | ***Financial Services (6.5%)*** | ***Financial Services (6.5%)*** |
|  PayPal Holdings, Inc.\* | 102800 | 7640096 |
|  Visa, Inc., Class A | 62861 | 22318798 |
|  |  | 29958894 |
|  ***Insurance (1.3%)*** | ***Insurance (1.3%)*** | ***Insurance (1.3%)*** |
|  Marsh & McLennan Cos., Inc. | 26096 | 5705630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 42483438 |
|  **Health Care (8.9%)** | **Health Care (8.9%)** | **Health Care (8.9%)** |
|  ***Health Care Equipment & Supplies (3.9%)*** | ***Health Care Equipment & Supplies (3.9%)*** | ***Health Care Equipment & Supplies (3.9%)*** |
|  Intuitive Surgical, Inc.\* | 18500 | 10053085 |
|  Stryker Corp. | 19700 | 7793911 |
|  |  | 17846996 |
|  ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** |
|  UnitedHealth Group, Inc. | 16245 | 5067953 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  Thermo Fisher Scientific, Inc. | 10697 | 4337205 |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** |
|  Eli Lilly & Co. | 8800 | 6859864 |
|  Novo Nordisk A/S (ADR) | 51500 | 3554530 |
|  Zoetis, Inc. | 20100 | 3134595 |
|  |  | 13548989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 40801143 |
|  **Industrials (9.6%)** | **Industrials (9.6%)** | **Industrials (9.6%)** |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** |
|  Airbus SE (ADR) | 86600 | 4534376 |
|  ***Electrical Equipment (2.3%)*** | ***Electrical Equipment (2.3%)*** | ***Electrical Equipment (2.3%)*** |
|  Eaton Corp. plc | 28960 | 10338430 |
|  ***Ground Transportation (3.1%)*** | ***Ground Transportation (3.1%)*** | ***Ground Transportation (3.1%)*** |
|  Uber Technologies, Inc.\* | 81180 | 7574094 |
|  Union Pacific Corp. | 28400 | 6534272 |
|  |  | 14108366 |
|  ***Industrial Conglomerates (1.3%)*** | ***Industrial Conglomerates (1.3%)*** | ***Industrial Conglomerates (1.3%)*** |
|  Honeywell International, Inc. | 26100 | 6078168 |
|  ***Trading Companies & Distributors (1.9%)*** | ***Trading Companies & Distributors (1.9%)*** | ***Trading Companies & Distributors (1.9%)*** |
|  W.W. Grainger, Inc. | 8540 | 8883650 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 43942990 |
|  **Information Technology (39.4%)** | **Information Technology (39.4%)** | **Information Technology (39.4%)** |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  Accenture plc, Class A | 18500 | 5529465 |
|  ***Semiconductors & Semiconductor Equipment (15.4%)*** | ***Semiconductors & Semiconductor Equipment (15.4%)*** | ***Semiconductors & Semiconductor Equipment (15.4%)*** |
|  ASML Holding NV (Registered) (ADR) | 10140 | 8126094 |
|  Broadcom, Inc. | 22257 | 6135142 |
|  Marvell Technology, Inc. | 28400 | 2198160 |
|  NVIDIA Corp. | 311200 | 49166488 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 22600 | 5118674 |
|  |  | 70744558 |
|  ***Software (18.1%)*** | ***Software (18.1%)*** | ***Software (18.1%)*** |
|  Intuit, Inc. | 13300 | 10475479 |
|  Microsoft Corp. | 74227 | 36921252 |
|  Palo Alto Networks, Inc.\* | 53300 | 10907312 |
|  Salesforce, Inc. | 34460 | 9396897 |
|  Synopsys, Inc.\* | 15123 | 7753260 |
|  Workday, Inc., Class A\* | 31090 | 7461600 |
|  |  | 82915800 |
|  ***Technology Hardware, Storage & Peripherals (4.7%)*** | ***Technology Hardware, Storage & Peripherals (4.7%)*** | ***Technology Hardware, Storage & Peripherals (4.7%)*** |
|  Apple, Inc. | 105034 | 21549826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 180739649 |
|  **Materials (2.4%)** | **Materials (2.4%)** | **Materials (2.4%)** |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** |
|  Linde plc | 9100 | 4269538 |
|  Sherwin-Williams Co. (The) | 20100 | 6901536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 11171074 |
|  **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |
|  ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** |
|  Equinix, Inc. (REIT) | 8200 | 6522854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 6522854 |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $180,531,364)* | **Total Investments in Securities (98.7%)**<br> *(Cost $180,531,364)* | 453008476 |
|  **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | 5790253 |
|  **Net Assets (100%)** |  | $458798729 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

546

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EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $63228450 | $— | $— | $63228450 |
|  Consumer Discretionary | 57565481 |  |  | 57565481 |
|  Consumer Staples | 6553397 |  |  | 6553397 |
|  Financials | 42483438 |  |  | 42483438 |
|  Health Care | 40801143 |  |  | 40801143 |
|  Industrials | 43942990 |  |  | 43942990 |
|  Information Technology | 180739649 |  |  | 180739649 |
|  Materials | 11171074 |  |  | 11171074 |
|  Real Estate | 6522854 |  |  | 6522854 |
|  **Total Assets** | $**453008476** | $**—** | $**—** | $**453008476** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**453008476** | $**—** | $**—** | $**453008476** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $37655073.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $67149065.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $279662330 |
|  Aggregate gross unrealized depreciation | (7214516) |
|  Net unrealized appreciation | $272447814 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $180560662 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $244 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

547

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EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $180,531,364) | $453008476.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6253842.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 73756.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 39395.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 283.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4605.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 459380357.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 230407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 191607.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 90338.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 32814.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 36462.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 581628.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $458798729.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $153578327.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 305220402.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $458798729.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $451,555,772 / 24,611,936 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.35 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,242,957 / 359,670 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.14 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $27,899 foreign withholding tax) | $1330845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 86527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1418280 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1409645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 533004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 196617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2218474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (58389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2160085 |
|  **NET INVESTMENT INCOME (LOSS)** | (741805) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 25983954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (2385656) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 23598298 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $22856493 |

---

See Notes to Financial Statements.

548

------

#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(741805) | $(1364885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25983954 | 36465608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2385656) | 69059275 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 22856493 | 104159998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (30281773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (510012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (30791785) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 32,964 shares, respectively ] |  | 535486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1015080) shares, respectively ] |  | (18377252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (96941) shares, respectively ] |  | (1646141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (19487907) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 631,027 and 1,208,623 shares, respectively ] | 10626012 | 20373444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,069,324 shares, respectively ] |  | 18377252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,684,773 shares, respectively ] |  | 30281773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1886745) and (3995356) shares, respectively ] | (32167074) | (67824185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (21541062) | 1208284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,086 and 224,927 shares, respectively ] | 282094 | 3978943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 25,902 shares, respectively ] |  | 510012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (94603) and (327945) shares, respectively ] | (1807768) | (6071700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1525674) | (1582745) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (23066736) | (19862368) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (210243) | 53505845 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 459008972 | 405503127 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $458798729 | $459008972 |

---

See Notes to Financial Statements.

549

------

#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| Class IB | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.42 | $14.69 | $10.40 | $17.82 | $15.64 | $13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.05) | (0.04) | (0.04) | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.96 | 4.02 | 4.79 | (5.61) | 3.44 | 4.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.93 | 3.97 | 4.75 | (5.65) | 3.37 | 3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.24) | (0.46) | (1.77) | (1.19) | (1.36) |
|  Net asset value, end of period | $18.35 | $17.42 | $14.69 | $10.40 | $17.82 | $15.64 |
|  Total return (b) | 5.34% | 26.79% | 45.91% | (32.13)% | 21.67% | 30.85 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $451556 | $450622 | $380553 | $289321 | $455081 | $409150 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.03% | 1.03% | 1.03% | 1.03% | 1.02% | 1.03 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.35)% | (0.31)% | (0.28)% | (0.30)% | (0.40)% | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.37)% | (0.34)% | (0.31)% | (0.33)% | (0.42)% | (0.19) |
|  Portfolio turnover rate^ | 9 %(z) | 15% | 10% | 28% | 16% | 20 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| Class K | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.10 | $15.98 | $11.26 | $19.03 | $16.59 | $13.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.01) | (0.01) |  | (0.01) | (0.03) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.05 | 4.37 | 5.18 | (5.99) | 3.66 | 4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.04 | 4.36 | 5.18 | (6.00) | 3.63 | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.24) | (0.46) | (1.77) | (1.19) | (1.36) |
|  Net asset value, end of period | $20.14 | $19.10 | $15.98 | $11.26 | $19.03 | $16.59 |
|  Total return (b) | 5.45% | 27.07% | 46.23 | (31.92)% | 22.00% | 31.19 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $7243 | $8387 | $8248 | $4045 | $8180 | $7490 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.75% | 0.75% | 0.75 | 0.75% | 0.75% | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.78% | 0.78% | 0.79 | 0.78% | 0.77% | 0.78 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.10)% | (0.06)% | (0.03) | (0.05)% | (0.15)% | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.13)% | (0.08)% | (0.07) | (0.09)% | (0.17)% | 0.07 |
|  Portfolio turnover rate^ | 9 %(z) | 15% | 10 | 28% | 16% | 20 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.01 and $0.04 for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.05% lower.* 

See Notes to Financial Statements.

550

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (5.0%)** |  |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  AT&T, Inc. | 34615 | $1001758 |
|  Verizon Communications, Inc. | 20278 | 877429 |
|  |  | 1879187 |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** |
|  Electronic Arts, Inc. | 1092 | 174392 |
|  Live Nation Entertainment, Inc.\* | 23945 | 3622400 |
|  Netflix, Inc.\* | 2053 | 2749234 |
|  Take-Two Interactive Software, Inc.\* | 799 | 194037 |
|  TKO Group Holdings, Inc., Class A | 307 | 55859 |
|  Walt Disney Co. (The) | 8674 | 1075663 |
|  Warner Bros Discovery, Inc.\* | 10866 | 124524 |
|  |  | 7996109 |
|  ***Interactive Media & Services (3.2%)*** | ***Interactive Media & Services (3.2%)*** | ***Interactive Media & Services (3.2%)*** |
|  Alphabet, Inc., Class A | 28080 | 4948538 |
|  Alphabet, Inc., Class C | 22651 | 4018061 |
|  Match Group, Inc. | 1119 | 34566 |
|  Meta Platforms, Inc., Class A | 10475 | 7731493 |
|  Reddit, Inc., Class A\* | 26500 | 3990105 |
|  |  | 20722763 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 451 | 184373 |
|  Comcast Corp., Class A | 17969 | 641314 |
|  Fox Corp., Class A | 1012 | 56712 |
|  Fox Corp., Class B | 676 | 34902 |
|  Interpublic Group of Cos., Inc. (The) | 1754 | 42938 |
|  News Corp., Class A | 1902 | 56528 |
|  News Corp., Class B | 511 | 17532 |
|  Omnicom Group, Inc. | 938 | 67480 |
|  Paramount Global, Class B | 3140 | 40506 |
|  |  | 1142285 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 2293 | 546330 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 32286674 |
|  **Consumer Discretionary (9.2%)** | **Consumer Discretionary (9.2%)** | **Consumer Discretionary (9.2%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 1111 | 75792 |
|  ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** |
|  Ford Motor Co. | 18947 | 205575 |
|  General Motors Co. | 4639 | 228285 |
|  Tesla, Inc.\* | 13520 | 4294763 |
|  |  | 4728623 |
|  ***Broadline Retail (4.1%)*** | ***Broadline Retail (4.1%)*** | ***Broadline Retail (4.1%)*** |
|  Amazon.com, Inc.\* | 45587 | 10001332 |
|  eBay, Inc. | 2213 | 164780 |
|  Global-e Online Ltd.\* | 75617 | 2536194 |
|  MercadoLibre, Inc.\* | 5145 | 13447127 |
|  |  | 26149433 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 655 | 79458 |
|  LKQ Corp.(x) | 1237 | 45781 |
|  Pool Corp.(x) | 179 | 52175 |
|  |  | 177414 |
|  ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** |
|  Airbnb, Inc., Class A\* | 2107 | 278840 |
|  Booking Holdings, Inc. | 157 | 908911 |
|  Caesars Entertainment, Inc.\* | 872 | 24756 |
|  Carnival Corp.\* | 5100 | 143412 |
|  Chipotle Mexican Grill, Inc.\* | 6451 | 362224 |
|  Darden Restaurants, Inc. | 570 | 124243 |
|  Domino's Pizza, Inc. | 168 | 75701 |
|  DoorDash, Inc., Class A\* | 1651 | 406988 |
|  Expedia Group, Inc. | 17256 | 2910742 |
|  Hilton Worldwide Holdings, Inc. | 1140 | 303628 |
|  Las Vegas Sands Corp. | 1733 | 75403 |
|  Marriott International, Inc., Class A | 1085 | 296433 |
|  McDonald's Corp. | 3450 | 1007987 |
|  MGM Resorts International\* | 1035 | 35594 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1998 | 40519 |
|  Royal Caribbean Cruises Ltd. | 1205 | 377334 |
|  Starbucks Corp. | 5450 | 499383 |
|  Wynn Resorts Ltd. | 444 | 41589 |
|  Yum! Brands, Inc. | 1358 | 201228 |
|  |  | 8114915 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 1320 | 170174 |
|  Garmin Ltd. | 748 | 156122 |
|  Lennar Corp., Class A | 1137 | 125764 |
|  Mohawk Industries, Inc.\* | 219 | 22960 |
|  NVR, Inc.\* | 13 | 96014 |
|  PulteGroup, Inc. | 978 | 103140 |
|  |  | 674174 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 618 | 45621 |
|  ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** |
|  AutoZone, Inc.\* | 79 | 293266 |
|  Best Buy Co., Inc. | 892 | 59880 |
|  Burlington Stores, Inc.\* | 21651 | 5036889 |
|  CarMax, Inc.\* | 766 | 51483 |
|  Home Depot, Inc. (The) | 4795 | 1758039 |
|  Lowe's Cos., Inc. | 25640 | 5688747 |
|  O'Reilly Automotive, Inc.\* | 4098 | 369353 |
|  Ross Stores, Inc. | 1606 | 204893 |
|  TJX Cos., Inc. (The) | 5387 | 665241 |
|  Tractor Supply Co. | 2600 | 137202 |
|  Ulta Beauty, Inc.\* | 216 | 101049 |
|  Williams-Sonoma, Inc. | 596 | 97368 |
|  |  | 14463410 |
|  ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** |
|  Crocs, Inc.\* | 37885 | 3836993 |
|  Deckers Outdoor Corp.\* | 739 | 76168 |
|  Lululemon Athletica, Inc.\* | 545 | 129481 |
|  NIKE, Inc., Class B(x) | 5750 | 408480 |

---

See Notes to Financial Statements.

551

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ralph Lauren Corp. | 189 | $| 51839 |
|  Tapestry, Inc. | 980 |  | 86054 |
|  |  |  | 4589015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 59018397 |
|  **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** |
|  Brown-Forman Corp., Class B | 929 |  | 24999 |
|  Coca-Cola Co. (The) | 18689 |  | 1322247 |
|  Constellation Brands, Inc., Class A | 9486 |  | 1543182 |
|  Keurig Dr Pepper, Inc. | 6611 |  | 218560 |
|  Molson Coors Beverage Co., Class B | 890 |  | 42800 |
|  Monster Beverage Corp.\* | 61548 |  | 3855367 |
|  PepsiCo, Inc. | 6606 |  | 872256 |
|  |  |  | 7879411 |
|  ***Consumer Staples Distribution & Retail (3.9%)*** | ***Consumer Staples Distribution & Retail (3.9%)*** | ***Consumer Staples Distribution & Retail (3.9%)*** | ***Consumer Staples Distribution & Retail (3.9%)*** |
|  Casey's General Stores, Inc. | 18360 |  | 9368557 |
|  Costco Wholesale Corp. | 2141 |  | 2119462 |
|  Dollar General Corp. | 1053 |  | 120442 |
|  Dollar Tree, Inc.\* | 984 |  | 97455 |
|  Grocery Outlet Holding Corp.\* | 71600 |  | 889272 |
|  Kroger Co. (The) | 2956 |  | 212034 |
|  Performance Food Group Co.\* | 109477 |  | 9575953 |
|  Sysco Corp. | 2381 |  | 180337 |
|  Target Corp. | 2153 |  | 212394 |
|  Walgreens Boots Alliance, Inc. | 3505 |  | 40237 |
|  Walmart, Inc. | 20845 |  | 2038224 |
|  |  |  | 24854367 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Archer-Daniels-Midland Co. | 2329 |  | 122925 |
|  Bunge Global SA | 673 |  | 54028 |
|  Campbell's Co. (The) | 1027 |  | 31478 |
|  Conagra Brands, Inc. | 2295 |  | 46979 |
|  General Mills, Inc. | 2683 |  | 139006 |
|  Hershey Co. (The) | 719 |  | 119318 |
|  Hormel Foods Corp. | 1261 |  | 38145 |
|  J M Smucker Co. (The) | 542 |  | 53224 |
|  Kellanova | 1299 |  | 103309 |
|  Kraft Heinz Co. (The) | 4246 |  | 109632 |
|  Lamb Weston Holdings, Inc. | 623 |  | 32303 |
|  McCormick & Co., Inc. (Non-Voting) | 1229 |  | 93183 |
|  Mondelez International, Inc., Class A | 6296 |  | 424602 |
|  Tyson Foods, Inc., Class A | 1356 |  | 75855 |
|  |  |  | 1443987 |
|  ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** |
|  Church & Dwight Co., Inc. | 1197 |  | 115043 |
|  Clorox Co. (The) | 587 |  | 70481 |
|  Colgate-Palmolive Co. | 36750 |  | 3340575 |
|  Kimberly-Clark Corp. | 1614 |  | 208077 |
|  Procter & Gamble Co. (The) | 11312 |  | 1802228 |
|  |  |  | 5536404 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 1114 |  | 90011 |
|  Kenvue, Inc. | 9332 |  | 195319 |
|  |  |  | 285330 |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** |
|  Altria Group, Inc. | 8093 |  | 474493 |
|  Philip Morris International, Inc. | 7510 |  | 1367796 |
|  |  |  | 1842289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 41841788 |
|  **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |
|  ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** | ***Energy Equipment & Services (0.9%)*** |
|  Baker Hughes Co. | 133395 |  | 5114364 |
|  Halliburton Co. | 4163 |  | 84842 |
|  Schlumberger NV | 6562 |  | 221796 |
|  |  |  | 5421002 |
|  ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** |
|  APA Corp. | 1661 |  | 30380 |
|  Chevron Corp. | 7836 |  | 1122037 |
|  ConocoPhillips | 6091 |  | 546606 |
|  Coterra Energy, Inc. | 3504 |  | 88932 |
|  Devon Energy Corp. | 3140 |  | 99883 |
|  Diamondback Energy, Inc. | 20110 |  | 2763114 |
|  EOG Resources, Inc. | 2633 |  | 314933 |
|  EQT Corp. | 2904 |  | 169361 |
|  Expand Energy Corp. | 33420 |  | 3908135 |
|  Exxon Mobil Corp. | 20795 |  | 2241701 |
|  Hess Corp. | 1345 |  | 186336 |
|  Kinder Morgan, Inc. | 9409 |  | 276625 |
|  Marathon Petroleum Corp. | 1482 |  | 246175 |
|  Occidental Petroleum Corp. | 3289 |  | 138171 |
|  ONEOK, Inc. | 3020 |  | 246523 |
|  Phillips 66 | 1950 |  | 232635 |
|  Targa Resources Corp. | 1061 |  | 184699 |
|  Texas Pacific Land Corp. | 91 |  | 96131 |
|  Valero Energy Corp. | 1486 |  | 199748 |
|  Venture Global, Inc., Class A(x) | 58800 |  | 916104 |
|  Williams Cos., Inc. (The) | 5933 |  | 372651 |
|  |  |  | 14380880 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 19801882 |
|  **Financials (8.8%)** | **Financials (8.8%)** | **Financials (8.8%)** | **Financials (8.8%)** |
|  ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** |
|  Bank of America Corp. | 31615 |  | 1496022 |
|  Citigroup, Inc. | 9011 |  | 767016 |
|  Citizens Financial Group, Inc. | 2095 |  | 93751 |
|  Fifth Third Bancorp | 3261 |  | 134125 |
|  Huntington Bancshares, Inc. | 7076 |  | 118594 |
|  JPMorgan Chase & Co. | 13408 |  | 3887113 |
|  KeyCorp | 4823 |  | 84017 |
|  M&T Bank Corp. | 766 |  | 148596 |
|  PNC Financial Services Group, Inc. (The) | 1927 |  | 359231 |
|  Regions Financial Corp. | 4374 |  | 102877 |
|  Truist Financial Corp. | 6217 |  | 267269 |
|  US Bancorp | 7593 |  | 343583 |
|  Wells Fargo & Co. | 15701 |  | 1257964 |
|  |  |  | 9060158 |

---

See Notes to Financial Statements.

552

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** |
|  Ameriprise Financial, Inc. | 453 | $241780 |
|  Bank of New York Mellon Corp. (The) | 3411 | 310776 |
|  BlackRock, Inc.‡ | 699 | 733425 |
|  Blackstone, Inc. | 3509 | 524876 |
|  Cboe Global Markets, Inc. | 510 | 118937 |
|  Charles Schwab Corp. (The) | 68411 | 6241820 |
|  CME Group, Inc. | 1754 | 483437 |
|  Coinbase Global, Inc., Class A\* | 1022 | 358201 |
|  FactSet Research Systems, Inc. | 177 | 79169 |
|  Franklin Resources, Inc. | 1448 | 34535 |
|  Goldman Sachs Group, Inc. (The) | 1480 | 1047470 |
|  Intercontinental Exchange, Inc. | 29255 | 5367415 |
|  Invesco Ltd. | 2338 | 36870 |
|  KKR & Co., Inc. | 43372 | 5769777 |
|  MarketAxess Holdings, Inc. | 175 | 39084 |
|  Moody's Corp. | 753 | 377697 |
|  Morgan Stanley | 5952 | 838399 |
|  MSCI, Inc. | 378 | 218008 |
|  Nasdaq, Inc. | 2014 | 180092 |
|  Northern Trust Corp. | 954 | 120958 |
|  Raymond James Financial, Inc. | 898 | 137726 |
|  S&P Global, Inc. | 1514 | 798317 |
|  State Street Corp. | 1405 | 149408 |
| T. Rowe Price Group, Inc. | 1084 | 104606 |
|  |  | 24312783 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  American Express Co. | 2669 | 851358 |
|  Capital One Financial Corp. | 3100 | 659556 |
|  Synchrony Financial | 1842 | 122935 |
|  |  | 1633849 |
|  ***Financial Services (2.5%)*** | ***Financial Services (2.5%)*** | ***Financial Services (2.5%)*** |
|  Apollo Global Management, Inc. | 2176 | 308709 |
|  Berkshire Hathaway, Inc., Class B\* | 8847 | 4297607 |
|  Chime Financial, Inc., Class A\* | 26115 | 901229 |
|  Corpay, Inc.\* | 331 | 109833 |
|  Fidelity National Information Services, Inc. | 2578 | 209875 |
|  Fiserv, Inc.\* | 2675 | 461197 |
|  Global Payments, Inc. | 1205 | 96448 |
|  Jack Henry & Associates, Inc. | 355 | 63960 |
|  Mastercard, Inc., Class A | 3914 | 2199433 |
|  PayPal Holdings, Inc.\* | 4685 | 348189 |
|  Shift4 Payments, Inc., Class A(x)\* | 39700 | 3934667 |
|  Visa, Inc., Class A | 8255 | 2930938 |
|  |  | 15862085 |
|  ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** |
|  Aflac, Inc. | 2319 | 244562 |
|  Allstate Corp. (The) | 1290 | 259690 |
|  American International Group, Inc. | 2779 | 237855 |
|  Aon plc, Class A | 1053 | 375668 |
|  Arch Capital Group Ltd. | 1825 | 166166 |
|  Arthur J Gallagher & Co. | 1238 | 396309 |
|  Assurant, Inc. | 258 | 50952 |
|  Brown & Brown, Inc. | 1359 | 150672 |
|  Chubb Ltd. | 1788 | 518019 |
|  Cincinnati Financial Corp. | 749 | 111541 |
|  Erie Indemnity Co., Class A | 126 | 43695 |
|  Everest Group Ltd. | 198 | 67290 |
|  Globe Life, Inc. | 387 | 48100 |
|  Hartford Insurance Group, Inc. (The) | 1341 | 170133 |
|  Loews Corp. | 831 | 76169 |
|  Marsh & McLennan Cos., Inc. | 2391 | 522768 |
|  MetLife, Inc. | 2699 | 217054 |
|  Principal Financial Group, Inc. | 1018 | 80860 |
|  Progressive Corp. (The) | 2817 | 751745 |
|  Prudential Financial, Inc. | 1724 | 185227 |
|  Travelers Cos., Inc. (The) | 1104 | 295364 |
|  W.R. Berkley Corp. | 1461 | 107340 |
|  Willis Towers Watson plc | 486 | 148959 |
|  |  | 5226138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 56095013 |
|  **Health Care (8.6%)** | **Health Care (8.6%)** | **Health Care (8.6%)** |
|  ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** |
|  AbbVie, Inc. | 8522 | 1581854 |
|  Amgen, Inc. | 2584 | 721479 |
|  Argenx SE (ADR)\* | 6000 | 3307320 |
|  Biogen, Inc.\* | 712 | 89420 |
|  Caris Life Sciences, Inc.(r)\* | 17370 | 394507 |
|  Caris Life Sciences, Inc. (Nasdaq Stock Exchange)(x)\* | 12464 | 333038 |
|  Gilead Sciences, Inc. | 5982 | 663224 |
|  Incyte Corp.\* | 814 | 55433 |
|  Moderna, Inc.\* | 1689 | 46600 |
|  Regeneron Pharmaceuticals, Inc. | 498 | 261450 |
|  TG Therapeutics, Inc.\* | 44900 | 1615951 |
|  Ultragenyx Pharmaceutical, Inc.\* | 11570 | 420685 |
|  Vertex Pharmaceuticals, Inc.\* | 1233 | 548932 |
|  |  | 10039893 |
|  ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** |
|  Abbott Laboratories | 8374 | 1138948 |
|  Align Technology, Inc.\* | 328 | 62100 |
|  Baxter International, Inc. | 2479 | 75064 |
|  Becton Dickinson & Co. | 1398 | 240805 |
|  Boston Scientific Corp.\* | 7174 | 770559 |
|  Cooper Cos., Inc. (The)\* | 922 | 65609 |
|  Dexcom, Inc.\* | 1902 | 166026 |
|  Edwards Lifesciences Corp.\* | 2871 | 224541 |
|  GE HealthCare Technologies, Inc. | 2226 | 164880 |
|  Hologic, Inc.\* | 1045 | 68092 |
|  IDEXX Laboratories, Inc.\* | 384 | 205955 |
|  Insulet Corp.\* | 18621 | 5850346 |
|  Intuitive Surgical, Inc.\* | 1736 | 943360 |
|  Medtronic plc | 6158 | 536793 |
|  Penumbra, Inc.\* | 3100 | 795553 |
|  ResMed, Inc. | 715 | 184470 |
|  Solventum Corp.\* | 637 | 48310 |
|  STERIS plc | 478 | 114825 |
|  Stryker Corp. | 1652 | 653581 |
|  Zimmer Biomet Holdings, Inc. | 940 | 85737 |
|  |  | 12395554 |
|  ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** |
|  Cardinal Health, Inc. | 1130 | 189840 |
|  Cencora, Inc. | 840 | 251874 |

---

See Notes to Financial Statements.

553

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Centene Corp.\* | 2414 | $| 131032 |
|  Cigna Group (The) | 1289 |  | 426118 |
|  CVS Health Corp. | 6137 |  | 423330 |
|  DaVita, Inc.\* | 190 |  | 27066 |
|  Elevance Health, Inc. | 1091 |  | 424355 |
|  HCA Healthcare, Inc. | 836 |  | 320272 |
|  HealthEquity, Inc.\* | 46611 |  | 4882968 |
|  Henry Schein, Inc.\* | 563 |  | 41127 |
|  Humana, Inc. | 587 |  | 143510 |
|  Labcorp Holdings, Inc. | 406 |  | 106579 |
|  McKesson Corp. | 599 |  | 438935 |
|  Molina Healthcare, Inc.\* | 262 |  | 78050 |
|  Quest Diagnostics, Inc. | 540 |  | 97000 |
|  Surgery Partners, Inc.(x)\* | 149022 |  | 3312759 |
|  UnitedHealth Group, Inc. | 9377 |  | 2925343 |
|  Universal Health Services, Inc., Class B | 296 |  | 53620 |
|  |  |  | 14273778 |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** |
|  Doximity, Inc., Class A\* | 48199 |  | 2956527 |
|  ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** |
|  Agilent Technologies, Inc. | 1389 |  | 163916 |
|  Bio-Techne Corp. | 744 |  | 38279 |
|  Charles River Laboratories International, Inc.\* | 21837 |  | 3313328 |
|  Danaher Corp. | 3069 |  | 606250 |
|  ICON plc\* | 12200 |  | 1774490 |
|  IQVIA Holdings, Inc.\* | 814 |  | 128278 |
|  Mettler-Toledo International, Inc.\* | 100 |  | 117472 |
|  Revvity, Inc. | 538 |  | 52035 |
|  Sartorius AG (Preference)(q) | 5400 |  | 1373961 |
|  Thermo Fisher Scientific, Inc. | 1821 |  | 738343 |
|  Waters Corp.\* | 289 |  | 100873 |
|  West Pharmaceutical Services, Inc. | 353 |  | 77236 |
|  |  |  | 8484461 |
|  ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** |
|  Bristol-Myers Squibb Co. | 9878 |  | 457253 |
|  Eli Lilly & Co. | 3795 |  | 2958316 |
|  Johnson & Johnson | 11609 |  | 1773275 |
|  Merck & Co., Inc. | 12115 |  | 959023 |
|  Pfizer, Inc. | 27584 |  | 668636 |
|  Viatris, Inc. | 5780 |  | 51616 |
|  Zoetis, Inc. | 2135 |  | 332953 |
|  |  |  | 7201072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 55351285 |
|  **Industrials (11.3%)** | **Industrials (11.3%)** | **Industrials (11.3%)** | **Industrials (11.3%)** |
|  ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** |
|  Axon Enterprise, Inc.\* | 353 |  | 292263 |
|  Boeing Co. (The)\* | 3651 |  | 764994 |
|  GE Aerospace | 5145 |  | 1324271 |
|  General Dynamics Corp. | 1209 |  | 352617 |
|  Howmet Aerospace, Inc. | 1928 |  | 358859 |
|  Huntington Ingalls Industries, Inc. | 197 |  | 47568 |
|  L3Harris Technologies, Inc. | 31172 |  | 7819184 |
|  Lockheed Martin Corp. | 1001 |  | 463603 |
|  Northrop Grumman Corp. | 647 |  | 323487 |
|  RTX Corp. | 6433 |  | 939347 |
|  Textron, Inc. | 879 |  | 70575 |
|  TransDigm Group, Inc. | 273 |  | 415135 |
|  |  |  | 13171903 |
|  ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** |
|  CH Robinson Worldwide, Inc. | 594 |  | 56994 |
|  Expeditors International of Washington, Inc. | 660 |  | 75405 |
|  FedEx Corp. | 1046 |  | 237766 |
|  GXO Logistics, Inc.\* | 54902 |  | 2673727 |
|  United Parcel Service, Inc., Class B | 3560 |  | 359347 |
|  |  |  | 3403239 |
|  ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** |
|  A.O. Smith Corp. | 539 |  | 35342 |
|  Allegion plc | 409 |  | 58945 |
|  Builders FirstSource, Inc.\* | 543 |  | 63363 |
|  Carrier Global Corp. | 3828 |  | 280171 |
|  Johnson Controls International plc | 3141 |  | 331752 |
|  Lennox International, Inc. | 156 |  | 89426 |
|  Masco Corp. | 1006 |  | 64746 |
|  Trane Technologies plc | 1070 |  | 468029 |
|  Trex Co., Inc.\* | 51588 |  | 2805356 |
|  |  |  | 4197130 |
|  ***Commercial Services & Supplies (2.7%)*** | ***Commercial Services & Supplies (2.7%)*** | ***Commercial Services & Supplies (2.7%)*** | ***Commercial Services & Supplies (2.7%)*** |
|  Cintas Corp. | 1670 |  | 372193 |
|  Clean Harbors, Inc.\* | 11800 |  | 2727924 |
|  Copart, Inc.\* | 143084 |  | 7021132 |
|  Republic Services, Inc. | 988 |  | 243650 |
|  Rollins, Inc. | 1350 |  | 76167 |
|  Veralto Corp. | 1180 |  | 119121 |
|  Waste Connections, Inc. | 33800 |  | 6311136 |
|  Waste Management, Inc. | 1778 |  | 406842 |
|  |  |  | 17278165 |
|  ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** |
|  Comfort Systems USA, Inc. | 6500 |  | 3485365 |
|  Quanta Services, Inc. | 718 |  | 271461 |
|  WillScot Holdings Corp. | 154949 |  | 4245603 |
|  |  |  | 8002429 |
|  ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** |
|  AMETEK, Inc. | 1126 |  | 203761 |
|  Eaton Corp. plc | 1888 |  | 673997 |
|  Emerson Electric Co. | 2745 |  | 365991 |
|  GE Vernova, Inc. | 1317 |  | 696890 |
|  Generac Holdings, Inc.\* | 309 |  | 44252 |
|  Hubbell, Inc., Class B | 253 |  | 103328 |
|  Rockwell Automation, Inc. | 550 |  | 182693 |
|  Vertiv Holdings Co., Class A | 37041 |  | 4756435 |
|  |  |  | 7027347 |
|  ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** |
|  CSX Corp. | 9063 |  | 295726 |
|  JB Hunt Transport Services, Inc. | 369 |  | 52988 |
|  Norfolk Southern Corp. | 1072 |  | 274400 |
|  Old Dominion Freight Line, Inc. | 914 |  | 148342 |
|  Saia, Inc.\* | 4200 |  | 1150758 |
|  Uber Technologies, Inc.\* | 10058 |  | 938411 |
|  Union Pacific Corp. | 2883 |  | 663321 |
|  |  |  | 3523946 |

---

See Notes to Financial Statements.

554

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. | 2578 | $392475 |
|  Honeywell International, Inc. | 3101 | 722161 |
|  |  | 1114636 |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** |
|  Brain Corp.(r)\* | 52300 | 189457 |
|  Caterpillar, Inc. | 2269 | 880848 |
|  Cummins, Inc. | 669 | 219098 |
|  Deere & Co. | 1215 | 617815 |
|  Dover Corp. | 668 | 122398 |
|  Fortive Corp. | 1642 | 85597 |
|  IDEX Corp. | 342 | 60045 |
|  Illinois Tool Works, Inc. | 1300 | 321425 |
|  Ingersoll Rand, Inc. | 1961 | 163116 |
|  Nordson Corp. | 270 | 57880 |
|  Otis Worldwide Corp. | 1930 | 191109 |
|  PACCAR, Inc. | 2553 | 242688 |
|  Parker-Hannifin Corp. | 613 | 428162 |
|  Pentair plc | 771 | 79151 |
|  Snap-on, Inc. | 255 | 79351 |
|  Stanley Black & Decker, Inc. | 715 | 48441 |
|  Westinghouse Air Brake Technologies Corp. | 832 | 174179 |
|  Xylem, Inc. | 1183 | 153033 |
|  |  | 4113793 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 3123 | 153589 |
|  Southwest Airlines Co. | 2654 | 86096 |
|  United Airlines Holdings, Inc.\* | 1601 | 127488 |
|  |  | 367173 |
|  ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** |
|  Automatic Data Processing, Inc. | 1951 | 601688 |
|  Broadridge Financial Solutions, Inc. | 570 | 138527 |
|  Dayforce, Inc.\* | 787 | 43592 |
|  Equifax, Inc. | 604 | 156659 |
|  Jacobs Solutions, Inc. | 581 | 76372 |
|  Leidos Holdings, Inc. | 638 | 100651 |
|  Paychex, Inc. | 1560 | 226918 |
|  Paycom Software, Inc. | 227 | 52528 |
|  Paylocity Holding Corp.\* | 14000 | 2536660 |
|  Verisk Analytics, Inc. | 8163 | 2542775 |
|  |  | 6476370 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  Fastenal Co. | 5582 | 234444 |
|  United Rentals, Inc. | 3918 | 2951821 |
|  W.W. Grainger, Inc. | 209 | 217410 |
|  |  | 3403675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 72079806 |
|  **Information Technology (32.2%)** | **Information Technology (32.2%)** | **Information Technology (32.2%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 4948 | 506230 |
|  Cisco Systems, Inc. | 19194 | 1331680 |
|  F5, Inc.\* | 266 | 78289 |
|  Juniper Networks, Inc. | 1537 | 61372 |
|  Motorola Solutions, Inc. | 813 | 341834 |
|  |  | 2319405 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A | 5815 | 574231 |
|  CDW Corp. | 649 | 115905 |
|  Coherent Corp.\* | 18500 | 1650385 |
|  Corning, Inc. | 3752 | 197318 |
|  Jabil, Inc. | 532 | 116029 |
|  Keysight Technologies, Inc.\* | 842 | 137970 |
|  Ralliant Corp.\* | 547 | 26540 |
|  TE Connectivity plc | 1406 | 237150 |
|  Teledyne Technologies, Inc.\* | 227 | 116295 |
|  Trimble, Inc.\* | 1132 | 86009 |
|  Zebra Technologies Corp., Class A\* | 244 | 75240 |
|  |  | 3333072 |
|  ***IT Services (1.6%)*** | ***IT Services (1.6%)*** | ***IT Services (1.6%)*** |
|  Accenture plc, Class A | 3015 | 901153 |
|  Akamai Technologies, Inc.\* | 680 | 54237 |
|  Cognizant Technology Solutions Corp., Class A | 2408 | 187896 |
|  EPAM Systems, Inc.\* | 264 | 46681 |
|  Gartner, Inc.\* | 374 | 151178 |
|  GoDaddy, Inc., Class A\* | 687 | 123701 |
|  International Business Machines Corp. | 4474 | 1318846 |
|  Shopify, Inc., Class A\* | 63447 | 7318611 |
|  VeriSign, Inc. | 386 | 111477 |
|  |  | 10213780 |
|  ***Semiconductors & Semiconductor Equipment (9.2%)*** | ***Semiconductors & Semiconductor Equipment (9.2%)*** | ***Semiconductors & Semiconductor Equipment (9.2%)*** |
|  Advanced Micro Devices, Inc.\* | 7809 | 1108097 |
|  Analog Devices, Inc. | 2382 | 566964 |
|  Applied Materials, Inc. | 3902 | 714339 |
|  Broadcom, Inc. | 22686 | 6253396 |
|  Enphase Energy, Inc.\* | 662 | 26248 |
|  First Solar, Inc.\* | 511 | 84591 |
|  Intel Corp. | 21076 | 472102 |
|  KLA Corp. | 636 | 569691 |
|  Lam Research Corp. | 35845 | 3489152 |
|  Lattice Semiconductor Corp.\* | 13300 | 651567 |
|  Microchip Technology, Inc. | 2618 | 184229 |
|  Micron Technology, Inc. | 5423 | 668385 |
|  Monolithic Power Systems, Inc. | 233 | 170412 |
|  NVIDIA Corp. | 254032 | 40134516 |
|  NXP Semiconductors NV | 1237 | 270272 |
|  ON Semiconductor Corp.\* | 2051 | 107493 |
|  Qorvo, Inc.\* | 17600 | 1494416 |
|  QUALCOMM, Inc. | 5294 | 843122 |
|  Skyworks Solutions, Inc. | 705 | 52537 |
|  Teradyne, Inc. | 756 | 67979 |
|  Texas Instruments, Inc. | 4383 | 909998 |
|  |  | 58839506 |
|  ***Software (16.2%)*** | ***Software (16.2%)*** | ***Software (16.2%)*** |
|  Adobe, Inc.\* | 3716 | 1437646 |
|  ANSYS, Inc.\* | 426 | 149620 |
|  AppLovin Corp., Class A\* | 17400 | 6091392 |
|  Autodesk, Inc.\* | 11521 | 3566556 |
|  Cadence Design Systems, Inc.\* | 1310 | 403676 |
|  Crowdstrike Holdings, Inc., Class A\* | 1199 | 610663 |
|  CyberArk Software Ltd.\* | 5600 | 2278528 |
|  Databricks(r)\* | 15491 | 1355966 |
|  Datadog, Inc., Class A\* | 7246 | 973355 |

---

See Notes to Financial Statements.

555

------

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Docusign, Inc.\* | 61035 | $| 4754016 |
|  Fair Isaac Corp.\* | 119 |  | 217527 |
|  Fortinet, Inc.\* | 70208 |  | 7422390 |
|  Gen Digital, Inc. | 2640 |  | 77616 |
|  Gitlab, Inc., Class A\* | 8738 |  | 394171 |
|  HubSpot, Inc.\* | 10655 |  | 5930893 |
|  Intuit, Inc. | 1349 |  | 1062513 |
|  Klaviyo, Inc., Class A\* | 24691 |  | 829124 |
|  Microsoft Corp. | 73460 |  | 36539739 |
|  Oracle Corp. | 7847 |  | 1715590 |
|  Palantir Technologies, Inc., Class A\* | 10263 |  | 1399052 |
|  Palo Alto Networks, Inc.\* | 3185 |  | 651778 |
|  PTC, Inc.\* | 582 |  | 100302 |
|  Roper Technologies, Inc. | 522 |  | 295890 |
|  Rubrik, Inc., Class A\* | 13400 |  | 1200506 |
|  SailPoint, Inc.(x)\* | 82091 |  | 1876600 |
|  Salesforce, Inc. | 4622 |  | 1260373 |
|  SentinelOne, Inc., Class A\* | 116438 |  | 2128487 |
|  ServiceNow, Inc.\* | 14379 |  | 14782762 |
|  Sprout Social, Inc., Class A\* | 46766 |  | 977877 |
|  Synopsys, Inc.\* | 752 |  | 385535 |
|  Tyler Technologies, Inc.\* | 208 |  | 123311 |
|  Varonis Systems, Inc.\* | 52600 |  | 2669450 |
|  Workday, Inc., Class A\* | 1042 |  | 250080 |
|  |  |  | 103912984 |
|  ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** |
|  Apple, Inc. | 130911 |  | 26859010 |
|  Dell Technologies, Inc., Class C | 1429 |  | 175195 |
|  Hewlett Packard Enterprise Co. | 6393 |  | 130737 |
|  HP, Inc. | 4512 |  | 110364 |
|  NetApp, Inc. | 990 |  | 105485 |
|  Seagate Technology Holdings plc | 1030 |  | 148660 |
|  Super Micro Computer, Inc.\* | 2414 |  | 118310 |
|  Western Digital Corp. | 1662 |  | 106351 |
|  |  |  | 27754112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 206372859 |
|  **Materials (1.1%)** | **Materials (1.1%)** | **Materials (1.1%)** | **Materials (1.1%)** |
|  ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** |
|  Air Products and Chemicals, Inc. | 1083 |  | 305471 |
|  Albemarle Corp.(x) | 623 |  | 39043 |
|  CF Industries Holdings, Inc. | 750 |  | 69000 |
|  Corteva, Inc. | 3235 |  | 241104 |
|  Dow, Inc. | 3366 |  | 89132 |
|  DuPont de Nemours, Inc. | 2035 |  | 139581 |
|  Eastman Chemical Co. | 518 |  | 38674 |
|  Ecolab, Inc. | 1227 |  | 330603 |
|  International Flavors & Fragrances, Inc. | 1245 |  | 91570 |
|  Linde plc | 2271 |  | 1065508 |
|  LyondellBasell Industries NV, Class A | 1248 |  | 72209 |
|  Mosaic Co. (The) | 1512 |  | 55158 |
|  PPG Industries, Inc. | 1129 |  | 128424 |
|  Sherwin-Williams Co. (The) | 1106 |  | 379756 |
|  |  |  | 3045233 |
|  ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** |
|  Martin Marietta Materials, Inc. | 297 |  | 163041 |
|  Vulcan Materials Co. | 10243 |  | 2671579 |
|  |  |  | 2834620 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 10956 |  | 100686 |
|  Avery Dennison Corp. | 361 |  | 63345 |
|  Ball Corp. | 1338 |  | 75048 |
|  International Paper Co. | 2566 |  | 120166 |
|  Packaging Corp. of America | 434 |  | 81787 |
|  Smurfit WestRock plc | 2407 |  | 103862 |
|  |  |  | 544894 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 6995 |  | 303233 |
|  Newmont Corp. | 5370 |  | 312856 |
|  Nucor Corp. | 1082 |  | 140162 |
|  Steel Dynamics, Inc. | 670 |  | 85767 |
|  |  |  | 842018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 7266765 |
|  **Real Estate (2.4%)** | **Real Estate (2.4%)** | **Real Estate (2.4%)** | **Real Estate (2.4%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 720 |  | 52294 |
|  Healthpeak Properties, Inc. (REIT) | 3332 |  | 58343 |
|  Ventas, Inc. (REIT) | 2128 |  | 134383 |
|  Welltower, Inc. (REIT) | 2965 |  | 455810 |
|  |  |  | 700830 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 3206 |  | 49244 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 4511 |  | 474196 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 654 |  | 44125 |
|  ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** | ***Real Estate Management & Development (1.1%)*** |
|  CBRE Group, Inc., Class A\* | 50229 |  | 7038088 |
|  CoStar Group, Inc.\* | 2051 |  | 164900 |
|  |  |  | 7202988 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 692 |  | 140822 |
|  Camden Property Trust (REIT) | 514 |  | 57923 |
|  Equity Residential (REIT) | 1663 |  | 112236 |
|  Essex Property Trust, Inc. (REIT) | 303 |  | 85871 |
|  Invitation Homes, Inc. (REIT) | 2738 |  | 89806 |
|  Mid-America Apartment Communities, Inc. (REIT) | 551 |  | 81554 |
|  UDR, Inc. (REIT) | 1409 |  | 57529 |
|  |  |  | 625741 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 379 |  | 36001 |
|  Kimco Realty Corp. (REIT) | 3179 |  | 66822 |
|  Realty Income Corp. (REIT) | 4260 |  | 245419 |
|  Regency Centers Corp. (REIT) | 821 |  | 58480 |
|  Simon Property Group, Inc. (REIT) | 1493 |  | 240015 |
|  |  |  | 646737 |

---

See Notes to Financial Statements.

556

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** |
|  American Tower Corp. (REIT) | 2275 | $502821 |
|  Crown Castle, Inc. (REIT) | 2115 | 217274 |
|  Digital Realty Trust, Inc. (REIT) | 1540 | 268468 |
|  Equinix, Inc. (REIT) | 474 | 377053 |
|  Extra Space Storage, Inc. (REIT) | 1032 | 152158 |
|  Iron Mountain, Inc. (REIT) | 1430 | 146675 |
|  Public Storage (REIT) | 767 | 225053 |
|  SBA Communications Corp. (REIT) | 14072 | 3304668 |
|  VICI Properties, Inc. (REIT), Class A | 5131 | 167271 |
|  Weyerhaeuser Co. (REIT) | 3520 | 90429 |
|  |  | 5451870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 15195731 |
|  **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** |
|  Alliant Energy Corp. | 1222 | 73894 |
|  American Electric Power Co., Inc. | 2595 | 269257 |
|  Constellation Energy Corp. | 1523 | 491564 |
|  Duke Energy Corp. | 3777 | 445686 |
|  Edison International | 1852 | 95563 |
|  Entergy Corp. | 2087 | 173471 |
|  Evergy, Inc. | 1093 | 75341 |
|  Eversource Energy | 1750 | 111335 |
|  Exelon Corp. | 4893 | 212454 |
|  FirstEnergy Corp. | 2497 | 100529 |
|  NextEra Energy, Inc. | 9912 | 688091 |
|  NRG Energy, Inc. | 925 | 148537 |
|  PG&E Corp. | 10677 | 148837 |
|  Pinnacle West Capital Corp. | 563 | 50372 |
|  PPL Corp. | 3594 | 121801 |
|  Southern Co. (The) | 5333 | 489729 |
|  Xcel Energy, Inc. | 2795 | 190340 |
|  |  | 3886801 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 760 | 117124 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 3611 | 37988 |
|  Vistra Corp. | 1656 | 320949 |
|  |  | 358937 |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** |
|  Ameren Corp. | 1314 | 126197 |
|  CenterPoint Energy, Inc. | 3172 | 116539 |
|  CMS Energy Corp. | 1447 | 100248 |
|  Consolidated Edison, Inc. | 1686 | 169190 |
|  Dominion Energy, Inc. | 4089 | 231110 |
|  DTE Energy Co. | 1001 | 132592 |
|  NiSource, Inc. | 2287 | 92258 |
|  Public Service Enterprise Group, Inc. | 2425 | 204137 |
|  Sempra | 3083 | 233599 |
|  WEC Energy Group, Inc. | 1546 | 161093 |
|  |  | 1566963 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 949 | 132015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 6061840 |
|  **Total Common Stocks (89.2%)**<br> *(Cost $353,183,978)* | **Total Common Stocks (89.2%)**<br> *(Cost $353,183,978)* | 571372040 |
|  PREFERRED STOCK: | PREFERRED STOCK: | PREFERRED STOCK: |
|  **Information Technology (0.0%)†** | **Information Technology (0.0%)†** | **Information Technology (0.0%)†** |
|  ***Software (0.0%)†*** | ***Software (0.0%)†*** | ***Software (0.0%)†*** |
|  DataRobot, Inc. 0.000% (r)\* | 22891 | 70390 |
|  **Total Preferred Stock (0.0%)†**<br> *(Cost $300,834)* | **Total Preferred Stock (0.0%)†**<br> *(Cost $300,834)* | 70390 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Convertible Bond (0.5%)** | **Convertible Bond (0.5%)** | **Convertible Bond (0.5%)** |
|  **Communication Services (0.5%)** | **Communication Services (0.5%)** |  |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  Live Nation Entertainment, Inc. 3.125%, 1/15/29 | $1955000 | 3002880 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3002880 |
|  **Total Long-Term Debt Securities (0.5%)**<br> *(Cost $2,047,544)* | **Total Long-Term Debt Securities (0.5%)**<br> *(Cost $2,047,544)* | 3002880 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (8.9%)** | **Investment Companies (8.9%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1876657 | 1876657 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 55512013 | 55523115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 57399772 |
|  **Total Short-Term Investments (8.9%)**<br> *(Cost $57,412,002)* | **Total Short-Term Investments (8.9%)**<br> *(Cost $57,412,002)* | 57399772 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $412,944,358)* | **Total Investments in Securities (98.6%)**<br> *(Cost $412,944,358)* | 631845082 |
|  **Other Assets Less Liabilities (1.4%)** | **Other Assets Less Liabilities (1.4%)** | 8697452 |
|  **Net Assets (100%)** |  | $640542534 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,294,279. This was collateralized by $2,477,922 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.000%, maturing 7/15/25 – 2/15/54 and by cash of $1,876,657 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

557

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,**<br>**2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market<br>Value<br>June 30,**<br>**2025 ($)** | **Dividend/<br>Interest**<br>**Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 699 | 815988 |  | (91272) | 351 | 8358 | 733425 | 7747 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 198 | 9/2025 | USD | 61912125 | 1874671 |
|  |  |  |  |  | 1874671 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $32286674 | $— | $— | $32286674 |
|  Consumer Discretionary | 59018397 |  |  | 59018397 |
|  Consumer Staples | 41841788 |  |  | 41841788 |
|  Energy | 19801882 |  |  | 19801882 |
|  Financials | 56095013 |  |  | 56095013 |
|  Health Care | 53582817 | 1373961 | 394507 | 55351285 |
|  Industrials | 71890349 |  | 189457 | 72079806 |
|  Information Technology | 205016893 |  | 1355966 | 206372859 |
|  Materials | 7266765 |  |  | 7266765 |
|  Real Estate | 15195731 |  |  | 15195731 |
|  Utilities | 6061840 |  |  | 6061840 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 3002880 |  | 3002880 |
|  **Futures** | 1874671 |  |  | 1874671 |
|  **Preferred Stocks** |  |  |  |  |
|  Information Technology |  |  | 70390 | 70390 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 57399772 |  |  | 57399772 |
|  **Total Assets** | $**627332592** | $**4376841** | $**2010320** | $**633719753** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**627332592** | $**4376841** | $**2010320** | $**633719753** |

---

See Notes to Financial Statements.

558

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1874671 \* |
|  **Total** |  | $1874671 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(21178292) | $(21178292) |
|  **Total** | $(21178292) | $(21178292) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $4037861 | $4037861 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;4037861 | $&nbsp;&nbsp;&nbsp;&nbsp;4037861 |

---

^ The Portfolio held futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $63331000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 97773000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $53232619.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $106004129.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $254491622 |
|  Aggregate gross unrealized depreciation | (32028452) |
|  Net unrealized appreciation | $222463170 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $411256583 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $28 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

559

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $456,192) | $733425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $412,488,166) | 631111657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5999622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $67) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 4762200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 387560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 297560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 26511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 643337764 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1876657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 375197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 327540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 61256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 47118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 107440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2795230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $640542534 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $471452157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 169090377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $640542534 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $234,937,088 / 19,062,408 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.32 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $405,605,446 / 32,906,717 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.33 |

---

*(x)* *Includes value of securities on loan of $4,294,279.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($7,747 of dividend income received from affiliates) (net of $3,373 foreign withholding tax) | $3616371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 261009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 20093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3897473 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2211819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 393527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 291188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 51416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 27093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3033574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (214668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2818906 |
|  **NET INVESTMENT INCOME (LOSS)** | 1078567 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($351 realized gain (loss) from affiliates) | 16926840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (21178292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4251756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($8,358 of change in unrealized appreciation (depreciation) from affiliates) | 344980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4037861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4383574 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 131818 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1210385 |

---

See Notes to Financial Statements.

560

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#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1078567 | $2911631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4251756) | 37679361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4383574 | 96738493 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1210385 | 137329485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (774001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2275955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (3049956) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (3192) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 102,832 shares, respectively ] |  | 1113384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1473134) shares, respectively ] |  | (16457259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (327048) shares, respectively ] |  | (3575037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (18918912) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 388,442 and 850,391 shares, respectively ] | 4604048 | 9477410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,479,347 shares, respectively ] |  | 16457259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 61,099 shares, respectively ] |  | 774811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1943804) and (4261785) shares, respectively ] | (23114678) | (47575237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (18510630) | (20865757) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 18,093 and 249,593 shares, respectively ] | 212595 | 2834794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 179,628 shares, respectively ] |  | 2278337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2014105) and (5745252) shares, respectively ] | (23872545) | (65624375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (23659950) | (60511244) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (42170580) | (100295913) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (40960195) | 33980424 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 681502729 | 647522305 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $640542534 | $681502729 |

---

See Notes to Financial Statements.

561

------

#### EQ ADVISORS TRUST
EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.28 | $10.06 | $8.12 | $11.21 | $9.33 | $7.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.03 | 0.05 | 0.03 | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.03 | 2.23 | 1.95 | (3.06) | 2.35 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.04 | 2.26 | 2.00 | (3.03) | 2.33 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.04) | (0.06) | (0.03) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) | (0.40) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.04) | (0.06) | (0.06) | (0.45) | (0.60) |
|  Net asset value, end of period | $12.32 | $12.28 | $10.06 | $8.12 | $11.21 | $9.33 |
|  Total return (b) | 0.33% | 22.43 | 24.58% | (27.06)% | 25.06% | 36.15 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273952 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.05% | 1.05 | 1.05% | 1.05% | 1.05% | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.12% | 1.12 | 1.12% | 1.11% | 1.11% | 1.14 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.18% | 0.27 | 0.55% | 0.38% | (0.19)% | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.12% | 0.21 | 0.48% | 0.32% | (0.26)% | (0.06) |
|  Portfolio turnover rate^ | 9 %(z) | 10 | 11% | 15% | 17% | 30 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 26, 2021\*\*<br>to December 31,<br>2021** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **October 26, 2021\*\*<br>to December 31,<br>2021** |
|  Net asset value, beginning of period | $12.27 | $10.05 | $8.11 | $11.19 | $11.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | 0.06 | 0.07 | 0.06 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.03 | 2.23 | 1.95 | (3.06) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 | 2.29 | 2.02 | (3.00) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.07) | (0.08) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.07) | (0.08) | (0.08) | (0.30) |
|  Net asset value, end of period | $12.33 | $12.27 | $10.05 | $8.11 | $11.19 |
|  Total return (b) | 0.49% | 22.72 | 24.89% | (26.83)% | 1.74 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514679 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80% | 0.80 | 0.80% | 0.80% | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.87% | 0.87 | 0.87% | 0.86% | 0.84 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.43% | 0.53 | 0.80% | 0.64% | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.37% | 0.46 | 0.73% | 0.58% | 0.29 |
|  Portfolio turnover rate^ | 9 %(z) | 10 | 11% | 15% | 17 |

---

See Notes to Financial Statements.

562

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EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*\*\** *Resumed operations* 

*#* *Per share amount is less than $0.005.* 

*†* *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.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

563

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.2%)** | **Communication Services (9.2%)** |  |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AST SpaceMobile, Inc., Class A\* | 21600 | $1009368 |
|  AT&T, Inc. | 880078 | 25469457 |
|  Cogent Communications Holdings, Inc. | 4300 | 207303 |
|  Frontier Communications Parent, Inc.\* | 37900 | 1379560 |
|  Globalstar, Inc.\* | 5033 | 118527 |
|  Iridium Communications, Inc. | 11300 | 340921 |
|  Liberty Global Ltd., Class A\* | 21600 | 216216 |
|  Liberty Global Ltd., Class C\* | 19900 | 205169 |
|  Lumen Technologies, Inc.\* | 135700 | 594366 |
|  Verizon Communications, Inc. | 541694 | 23439100 |
|  |  | 52979987 |
|  ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** |
|  Electronic Arts, Inc. | 32700 | 5222190 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 2995 | 284405 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 31379 | 3279106 |
|  Liberty Media Corp.-Liberty Live, Class C\* | 4634 | 376096 |
|  Live Nation Entertainment, Inc.\* | 20800 | 3146624 |
|  Madison Square Garden Sports Corp.\* | 400 | 83580 |
|  Netflix, Inc.\* | 53200 | 71241716 |
|  Playtika Holding Corp. | 43142 | 204062 |
|  ROBLOX Corp., Class A\* | 68100 | 7164120 |
|  Roku, Inc.\* | 18500 | 1625965 |
|  Spotify Technology SA\* | 19260 | 14778968 |
|  Take-Two Interactive Software, Inc.\* | 22111 | 5369656 |
|  TKO Group Holdings, Inc., Class A | 10800 | 1965060 |
|  Walt Disney Co. (The) | 231939 | 28762755 |
|  Warner Bros Discovery, Inc.\* | 314246 | 3601259 |
|  |  | 147105562 |
|  ***Interactive Media & Services (5.9%)*** | ***Interactive Media & Services (5.9%)*** | ***Interactive Media & Services (5.9%)*** |
|  Alphabet, Inc., Class A | 729240 | 128513965 |
|  Alphabet, Inc., Class C | 593800 | 105334182 |
|  Angi, Inc., Class A\* | 2756 | 42057 |
|  Cargurus, Inc., Class A\* | 6900 | 230943 |
|  Grindr, Inc.\* | 17500 | 397250 |
|  IAC, Inc.\* | 5250 | 196035 |
|  Match Group, Inc. | 44698 | 1380721 |
|  Meta Platforms, Inc., Class A | 273887 | 202153256 |
|  Pinterest, Inc., Class A\* | 90600 | 3248916 |
|  Reddit, Inc., Class A\* | 14600 | 2198322 |
|  TripAdvisor, Inc.\* | 17100 | 223155 |
|  Trump Media & Technology Group Corp.\* | 33200 | 598928 |
|  Yelp, Inc., Class A\* | 8100 | 277587 |
|  Ziff Davis, Inc.\* | 3800 | 115026 |
|  |  | 444910343 |
|  ***Media (0.5%)*** |  |  |
|  Cable One, Inc. | 500 | 67905 |
|  Charter Communications, Inc., Class A\* | 11379 | 4651849 |
|  Comcast Corp., Class A | 464648 | 16583287 |
|  DoubleVerify Holdings, Inc.\* | 19700 | 294909 |
|  Fox Corp., Class A | 26708 | 1496716 |
|  Fox Corp., Class B | 18600 | 960318 |
|  Interpublic Group of Cos., Inc. (The) | 61700 | 1510416 |
|  John Wiley & Sons, Inc., Class A | 800 | 35704 |
|  Liberty Broadband Corp., Class A\* | 1000 | 97820 |
|  Liberty Broadband Corp., Class C\* | 14628 | 1439103 |
|  New York Times Co. (The), Class A | 20500 | 1147590 |
|  News Corp., Class A | 66861 | 1987109 |
|  News Corp., Class B | 13800 | 473478 |
|  Nexstar Media Group, Inc., Class A | 6272 | 1084743 |
|  Omnicom Group, Inc. | 27400 | 1971156 |
|  Paramount Global, Class B | 95316 | 1229576 |
|  Sirius XM Holdings, Inc. (x) | 43290 | 994371 |
|  TEGNA, Inc. | 17800 | 298328 |
|  Trade Desk, Inc. (The), Class A\* | 61660 | 4438903 |
|  |  | 40763281 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Millicom International Cellular SA | 7000 | 262290 |
|  Telephone and Data Systems, Inc. | 9400 | 334452 |
|  T-Mobile US, Inc. | 57003 | 13581535 |
|  |  | 14178277 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 699937450 |
|  **Consumer Discretionary (10.5%)** | **Consumer Discretionary (10.5%)** | **Consumer Discretionary (10.5%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Adient plc\* | 15253 | 296824 |
|  Aptiv plc\* | 30800 | 2101176 |
|  BorgWarner, Inc. | 35360 | 1183853 |
|  Dana, Inc. | 19100 | 327565 |
|  Dorman Products, Inc.\* | 2600 | 318942 |
|  Fox Factory Holding Corp.\* | 6900 | 178986 |
|  Gentex Corp. | 38800 | 853212 |
|  Goodyear Tire & Rubber Co. (The)\* | 39400 | 408578 |
|  LCI Industries | 3100 | 282689 |
|  Lear Corp. | 10600 | 1006788 |
|  Modine Manufacturing Co.\* | 6600 | 650100 |
|  Phinia, Inc. | 7072 | 314633 |
|  QuantumScape Corp., Class A (x)\* | 33400 | 224448 |
|  Visteon Corp.\* | 900 | 83970 |
|  |  | 8231764 |
|  ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** |
|  Ford Motor Co. | 504036 | 5468791 |
|  General Motors Co. | 127200 | 6259512 |
|  Rivian Automotive, Inc., Class A (x)\* | 95884 | 1317446 |
|  Tesla, Inc.\* | 352227 | 111888429 |
|  |  | 124934178 |
|  ***Broadline Retail (3.6%)*** |  |  |
|  Amazon.com, Inc.\* | 1203475 | 264030380 |
|  Coupang, Inc., Class A\* | 161600 | 4841536 |
|  eBay, Inc. | 62770 | 4673854 |
|  Etsy, Inc.\* | 20900 | 1048344 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 10100 | 1330978 |
|  |  | 275925092 |
|  ***Distributors (0.1%)*** |  |  |
|  Genuine Parts Co. | 21500 | 2608165 |
|  LKQ Corp. (x) | 37900 | 1402679 |

---

See Notes to Financial Statements.

564

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Pool Corp. (x) | 4400 | $| 1282512 |
|  |  |  | 5293356 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  ADT, Inc. | 18814 |  | 159355 |
|  Adtalem Global Education, Inc.\* | 4700 |  | 597981 |
|  Bright Horizons Family Solutions, Inc.\* | 7500 |  | 926925 |
|  Coursera, Inc.\* | 13100 |  | 114756 |
|  Duolingo, Inc., Class A\* | 4800 |  | 1968096 |
|  Graham Holdings Co., Class B | 400 |  | 378468 |
|  Grand Canyon Education, Inc.\* | 2800 |  | 529200 |
|  H&R Block, Inc. | 25450 |  | 1396950 |
|  Matthews International Corp., Class A | 7100 |  | 169761 |
|  Mister Car Wash, Inc.\* | 8900 |  | 53489 |
|  Service Corp. International | 23900 |  | 1945460 |
|  Strategic Education, Inc. | 2600 |  | 221338 |
|  Stride, Inc.\* | 5500 |  | 798545 |
|  |  |  | 9260324 |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** |
|  Airbnb, Inc., Class A\* | 55000 |  | 7278700 |
|  Aramark | 35100 |  | 1469637 |
|  Booking Holdings, Inc. | 4080 |  | 23620099 |
|  Boyd Gaming Corp. | 9100 |  | 711893 |
|  Brinker International, Inc.\* | 5800 |  | 1045914 |
|  Caesars Entertainment, Inc.\* | 33000 |  | 936870 |
|  Carnival Corp.\* | 141160 |  | 3969419 |
|  Cava Group, Inc.\* | 10400 |  | 875992 |
|  Chipotle Mexican Grill, Inc.\* | 168300 |  | 9450045 |
|  Churchill Downs, Inc. | 13200 |  | 1333200 |
|  Darden Restaurants, Inc. | 15350 |  | 3345839 |
|  Domino's Pizza, Inc. | 5100 |  | 2298060 |
|  DoorDash, Inc., Class A\* | 44998 |  | 11092457 |
|  DraftKings, Inc., Class A\* | 61700 |  | 2646313 |
|  Dutch Bros, Inc., Class A\* | 14500 |  | 991365 |
|  Expedia Group, Inc. | 16287 |  | 2747291 |
|  Flutter Entertainment plc, Class DI\* | 22000 |  | 6286720 |
|  Hilton Worldwide Holdings, Inc. | 29087 |  | 7747032 |
|  Hyatt Hotels Corp., Class A | 7100 |  | 991515 |
|  Las Vegas Sands Corp. | 40200 |  | 1749102 |
|  Light & Wonder, Inc.\* | 15800 |  | 1520908 |
|  Marriott International, Inc., Class A | 30205 |  | 8252308 |
|  McDonald's Corp. | 89721 |  | 26213785 |
|  MGM Resorts International\* | 33500 |  | 1152065 |
|  Norwegian Cruise Line Holdings Ltd.\* | 55300 |  | 1121484 |
|  Papa John's International, Inc. | 5200 |  | 254488 |
|  Planet Fitness, Inc., Class A\* | 12600 |  | 1374030 |
|  Red Rock Resorts, Inc., Class A | 6100 |  | 317383 |
|  Restaurant Brands International, Inc. (x) | 40600 |  | 2691374 |
|  Royal Caribbean Cruises Ltd. | 30850 |  | 9660369 |
|  Shake Shack, Inc., Class A\* | 4800 |  | 674880 |
|  Starbucks Corp. | 145600 |  | 13341328 |
|  Texas Roadhouse, Inc., Class A | 8400 |  | 1574244 |
|  Travel + Leisure Co. | 5470 |  | 282307 |
|  Vail Resorts, Inc. (x) | 6500 |  | 1021345 |
|  Viking Holdings Ltd.\* | 25500 |  | 1358895 |
|  Wingstop, Inc. | 4000 |  | 1346960 |
|  Wyndham Hotels & Resorts, Inc. | 14570 |  | 1183230 |
|  Wynn Resorts Ltd. | 15800 |  | 1479986 |
|  Yum! Brands, Inc. | 37440 |  | 5547859 |
|  |  |  | 170956691 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  Champion Homes, Inc.\* | 7600 |  | 475836 |
|  DR Horton, Inc. | 38000 |  | 4898960 |
|  Garmin Ltd. | 21900 |  | 4570968 |
|  Helen of Troy Ltd.\* | 1700 |  | 48246 |
|  Installed Building Products, Inc. | 2700 |  | 486864 |
|  Leggett & Platt, Inc. | 10100 |  | 90092 |
|  Lennar Corp., Class A | 31389 |  | 3471937 |
|  Lennar Corp., Class B | 1300 |  | 136825 |
|  LGI Homes, Inc. (x)\* | 200 |  | 10304 |
|  M/I Homes, Inc.\* | 900 |  | 100908 |
|  Meritage Homes Corp. | 11000 |  | 736670 |
|  Mohawk Industries, Inc.\* | 7200 |  | 754848 |
|  Newell Brands, Inc. | 26190 |  | 141426 |
|  NVR, Inc.\* | 400 |  | 2954264 |
|  PulteGroup, Inc. | 24900 |  | 2625954 |
|  SharkNinja, Inc.\* | 9100 |  | 900809 |
|  Somnigroup International, Inc. | 25500 |  | 1735275 |
|  Sonos, Inc.\* | 13700 |  | 148097 |
|  Taylor Morrison Home Corp., Class A\* | 14900 |  | 915158 |
|  Toll Brothers, Inc. | 15300 |  | 1746189 |
|  TopBuild Corp.\* | 4711 |  | 1525139 |
|  Tri Pointe Homes, Inc.\* | 5000 |  | 159750 |
|  Whirlpool Corp. | 6700 |  | 679514 |
|  |  |  | 29314033 |
|  ***Leisure Products (0.1%)*** |  |  |  |
|  Acushnet Holdings Corp. (x) | 6600 |  | 480612 |
|  Hasbro, Inc. | 22600 |  | 1668332 |
|  Mattel, Inc.\* | 54800 |  | 1080656 |
|  Peloton Interactive, Inc., Class A\* | 44903 |  | 311627 |
|  Polaris, Inc. (x) | 2600 |  | 105690 |
|  Topgolf Callaway Brands Corp.\* | 16300 |  | 131215 |
|  YETI Holdings, Inc.\* | 12900 |  | 406608 |
|  |  |  | 4184740 |
|  ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** |
|  Advance Auto Parts, Inc. (x) | 8500 |  | 395165 |
|  American Eagle Outfitters, Inc. | 25800 |  | 248196 |
|  Asbury Automotive Group, Inc.\* | 1600 |  | 381664 |
|  AutoNation, Inc.\* | 2700 |  | 536355 |
|  AutoZone, Inc.\* | 2090 |  | 7758561 |
|  Bath & Body Works, Inc. | 41190 |  | 1234052 |
|  Best Buy Co., Inc. | 31110 |  | 2088414 |
|  Boot Barn Holdings, Inc.\* | 3700 |  | 562400 |
|  Burlington Stores, Inc.\* | 10000 |  | 2326400 |
|  CarMax, Inc.\* | 18150 |  | 1219861 |
|  Carvana Co.\* | 16100 |  | 5425056 |
|  Chewy, Inc., Class A\* | 26200 |  | 1116644 |
|  Dick's Sporting Goods, Inc. | 8300 |  | 1641823 |
|  Five Below, Inc.\* | 8200 |  | 1075676 |
|  Floor & Decor Holdings, Inc., Class A\* | 16700 |  | 1268532 |
|  Foot Locker, Inc.\* | 12100 |  | 296450 |
|  GameStop Corp., Class A\* | 51500 |  | 1256085 |
|  Gap, Inc. (The) | 25700 |  | 560517 |
|  Group 1 Automotive, Inc. | 1900 |  | 829749 |
|  Home Depot, Inc. (The) | 124940 |  | 45808002 |

---

See Notes to Financial Statements.

565

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lithia Motors, Inc., Class A | 4300 | $| 1452626 |
|  Lowe's Cos., Inc. | 69963 |  | 15522691 |
|  Monro, Inc. | 1800 |  | 26838 |
|  Murphy USA, Inc. | 2555 |  | 1039374 |
|  O'Reilly Automotive, Inc.\* | 111750 |  | 10072027 |
|  Penske Automotive Group, Inc. | 2000 |  | 343620 |
|  RH (x)\* | 2000 |  | 378020 |
|  Ross Stores, Inc. | 43420 |  | 5539524 |
|  TJX Cos., Inc. (The) | 143600 |  | 17733164 |
|  Tractor Supply Co. | 72000 |  | 3799440 |
|  Ulta Beauty, Inc.\* | 5700 |  | 2666574 |
|  Upbound Group, Inc. | 9600 |  | 240960 |
|  Urban Outfitters, Inc.\* | 8000 |  | 580320 |
|  Valvoline, Inc.\* | 11388 |  | 431264 |
|  Victoria's Secret & Co.\* | 13730 |  | 254280 |
|  Wayfair, Inc., Class A\* | 11800 |  | 603452 |
|  Williams-Sonoma, Inc. | 15600 |  | 2548572 |
|  |  |  | 139262348 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Amer Sports, Inc.\* | 18700 |  | 724812 |
|  Capri Holdings Ltd.\* | 15600 |  | 276120 |
|  Carter's, Inc. | 4180 |  | 125943 |
|  Columbia Sportswear Co. | 700 |  | 42756 |
|  Crocs, Inc.\* | 9300 |  | 941904 |
|  Deckers Outdoor Corp.\* | 20000 |  | 2061400 |
|  Kontoor Brands, Inc. | 7400 |  | 488178 |
|  Lululemon Athletica, Inc.\* | 13200 |  | 3136056 |
|  NIKE, Inc., Class B | 145120 |  | 10309325 |
|  On Holding AG, Class A\* | 27600 |  | 1436580 |
|  PVH Corp. | 6981 |  | 478896 |
|  Ralph Lauren Corp. | 6470 |  | 1774592 |
|  Skechers USA, Inc., Class A\* | 20300 |  | 1280930 |
|  Tapestry, Inc. | 29927 |  | 2627890 |
|  Under Armour, Inc., Class A\* | 44900 |  | 306667 |
|  |  |  | 26012049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 793374575 |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** |
|  Celsius Holdings, Inc.\* | 22800 |  | 1057692 |
|  Coca-Cola Co. (The) | 487840 |  | 34514680 |
|  Coca-Cola Consolidated, Inc. | 7000 |  | 781550 |
|  Constellation Brands, Inc., Class A | 16400 |  | 2667952 |
|  Keurig Dr Pepper, Inc. | 154510 |  | 5108101 |
|  Molson Coors Beverage Co., Class B | 20650 |  | 993058 |
|  Monster Beverage Corp.\* | 86300 |  | 5405832 |
|  PepsiCo, Inc. | 174290 |  | 23013252 |
|  Primo Brands Corp. | 30800 |  | 912296 |
|  |  |  | 74454413 |
|  ***Consumer Staples Distribution & Retail (1.9%)*** | ***Consumer Staples Distribution & Retail (1.9%)*** | ***Consumer Staples Distribution & Retail (1.9%)*** | ***Consumer Staples Distribution & Retail (1.9%)*** |
|  Albertsons Cos., Inc., Class A | 61400 |  | 1320714 |
|  BJ's Wholesale Club Holdings, Inc.\* | 20700 |  | 2232081 |
|  Casey's General Stores, Inc. | 5200 |  | 2653404 |
|  Costco Wholesale Corp. | 55650 |  | 55090161 |
|  Dollar General Corp. | 27100 |  | 3099698 |
|  Dollar Tree, Inc.\* | 27923 |  | 2765494 |
|  Kroger Co. (The) | 76120 |  | 5460088 |
|  Maplebear, Inc.\* | 23600 |  | 1067664 |
|  Performance Food Group Co.\* | 23132 |  | 2023356 |
|  Sprouts Farmers Market, Inc.\* | 12500 |  | 2058000 |
|  Sysco Corp. | 63450 |  | 4805703 |
|  Target Corp. | 60160 |  | 5934784 |
|  US Foods Holding Corp.\* | 30600 |  | 2356506 |
|  Walgreens Boots Alliance, Inc. | 114980 |  | 1319970 |
|  Walmart, Inc. | 550060 |  | 53784867 |
|  |  |  | 145972490 |
|  ***Food Products (0.6%)*** |  |  |  |
|  Archer-Daniels-Midland Co. | 67660 |  | 3571095 |
|  Bunge Global SA | 22080 |  | 1772582 |
|  Campbell's Co. (The) | 31300 |  | 959345 |
|  Conagra Brands, Inc. | 77592 |  | 1588308 |
|  Darling Ingredients, Inc.\* | 28800 |  | 1092672 |
|  General Mills, Inc. | 76300 |  | 3953103 |
|  Hershey Co. (The) | 18650 |  | 3094967 |
|  Hormel Foods Corp. | 44500 |  | 1346125 |
|  Ingredion, Inc. | 8200 |  | 1112084 |
|  J M Smucker Co. (The) | 12403 |  | 1217975 |
|  Kellanova | 32300 |  | 2568819 |
|  Kraft Heinz Co. (The) | 118536 |  | 3060600 |
|  Lamb Weston Holdings, Inc. | 22050 |  | 1143293 |
|  McCormick & Co., Inc. (Non-Voting) | 31800 |  | 2411076 |
|  Mondelez International, Inc., Class A | 162510 |  | 10959674 |
|  Post Holdings, Inc.\* | 9400 |  | 1024882 |
|  Tyson Foods, Inc., Class A | 39200 |  | 2192848 |
|  |  |  | 43069448 |
|  ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** |
|  Church & Dwight Co., Inc. | 33700 |  | 3238907 |
|  Clorox Co. (The) | 16250 |  | 1951138 |
|  Colgate-Palmolive Co. | 102520 |  | 9319068 |
|  Kimberly-Clark Corp. | 44400 |  | 5724048 |
|  Procter & Gamble Co. (The) | 294645 |  | 46942841 |
|  |  |  | 67176002 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  BellRing Brands, Inc.\* | 19717 |  | 1142206 |
|  e.l.f. Beauty, Inc.\* | 6900 |  | 858636 |
|  Estee Lauder Cos., Inc. (The), Class A | 34800 |  | 2811840 |
|  Kenvue, Inc. | 250956 |  | 5252509 |
|  |  |  | 10065191 |
|  ***Tobacco (0.6%)*** |  |  |  |
|  Altria Group, Inc. | 216490 |  | 12692808 |
|  Philip Morris International, Inc. | 197030 |  | 35885074 |
|  |  |  | 48577882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 389315426 |
|  **Energy (3.1%)** |  |  |  |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Archrock, Inc. | 12600 |  | 312858 |
|  Baker Hughes Co. | 130084 |  | 4987421 |
|  Cactus, Inc., Class A | 4300 |  | 187996 |
|  ChampionX Corp. | 31995 |  | 794756 |
|  Halliburton Co. | 125730 |  | 2562377 |
|  Helmerich & Payne, Inc. | 3900 |  | 59124 |
|  Innovex International, Inc. (x)\* | 1000 |  | 15620 |
|  Kodiak Gas Services, Inc. | 12000 |  | 411240 |

---

See Notes to Financial Statements.

566

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Liberty Energy, Inc., Class A | 21863 | $| 250987 |
|  Noble Corp. plc (x) | 13200 |  | 350460 |
|  NOV, Inc. | 59880 |  | 744308 |
|  Oceaneering International, Inc.\* | 14000 |  | 290080 |
|  Patterson-UTI Energy, Inc. | 51000 |  | 302430 |
|  Schlumberger NV | 170655 |  | 5768139 |
|  TechnipFMC plc | 64700 |  | 2228268 |
|  Valaris Ltd. (x)\* | 9900 |  | 416889 |
|  Weatherford International plc | 7900 |  | 397449 |
|  |  |  | 20080402 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |
|  Antero Midstream Corp. | 54300 |  | 1028985 |
|  Antero Resources Corp.\* | 37300 |  | 1502444 |
|  APA Corp. | 56117 |  | 1026380 |
|  California Resources Corp. | 8300 |  | 379061 |
|  Centrus Energy Corp., Class A (x)\* | 3300 |  | 604494 |
|  Cheniere Energy, Inc. | 28700 |  | 6989024 |
|  Chevron Corp. | 204640 |  | 29302402 |
|  Chord Energy Corp. | 7345 |  | 711363 |
|  Civitas Resources, Inc. | 12000 |  | 330240 |
|  Clean Energy Fuels Corp.\* | 52500 |  | 102375 |
|  CNX Resources Corp.\* | 19600 |  | 660128 |
|  Comstock Resources, Inc.\* | 20800 |  | 575536 |
|  ConocoPhillips | 158786 |  | 14249456 |
|  Core Natural Resources, Inc. | 4700 |  | 327778 |
|  Coterra Energy, Inc. | 110235 |  | 2797764 |
|  CVR Energy, Inc. | 11200 |  | 300720 |
|  Devon Energy Corp. | 89694 |  | 2853166 |
|  Diamondback Energy, Inc. | 24141 |  | 3316973 |
|  DT Midstream, Inc. | 17200 |  | 1890452 |
|  EOG Resources, Inc. | 74100 |  | 8863101 |
|  EQT Corp. | 71997 |  | 4198865 |
|  Excelerate Energy, Inc., Class A | 4700 |  | 137804 |
|  Expand Energy Corp. | 27545 |  | 3221112 |
|  Exxon Mobil Corp.# | 543612 |  | 58601374 |
|  Gulfport Energy Corp.\* | 1900 |  | 382223 |
|  Hess Corp. | 36320 |  | 5031773 |
|  HF Sinclair Corp. | 23686 |  | 973021 |
|  HighPeak Energy, Inc. (x) | 400 |  | 3920 |
|  Kinder Morgan, Inc. | 254071 |  | 7469688 |
|  Kinetik Holdings, Inc., Class A | 7100 |  | 312755 |
|  Kosmos Energy Ltd.\* | 28800 |  | 49536 |
|  Marathon Petroleum Corp. | 39133 |  | 6500383 |
|  Matador Resources Co. | 18200 |  | 868504 |
|  Northern Oil & Gas, Inc. (x) | 23700 |  | 671895 |
|  Occidental Petroleum Corp. | 87535 |  | 3677345 |
|  ONEOK, Inc. | 77013 |  | 6286571 |
|  Ovintiv, Inc. | 45700 |  | 1738885 |
|  PBF Energy, Inc., Class A | 14700 |  | 318549 |
|  Permian Resources Corp. | 86200 |  | 1174044 |
|  Phillips 66 | 53488 |  | 6381118 |
|  Range Resources Corp. | 38900 |  | 1582063 |
|  Scorpio Tankers, Inc. | 6900 |  | 269997 |
|  SM Energy Co. | 23900 |  | 590569 |
|  Targa Resources Corp. | 27800 |  | 4839424 |
|  Texas Pacific Land Corp. | 2500 |  | 2640975 |
|  Uranium Energy Corp.\* | 87200 |  | 592960 |
|  Valero Energy Corp. | 39130 |  | 5259855 |
|  Viper Energy, Inc., Class A | 16500 |  | 629145 |
|  Williams Cos., Inc. (The) | 152779 |  | 9596049 |
|  World Kinect Corp. (x) | 10700 |  | 303345 |
|  |  |  | 212115589 |
|  **Total Energy** |  |  | 232195991 |
|  **Financials (14.5%)** |  |  |  |
|  ***Banks (3.8%)*** |  |  |  |
|  Ameris Bancorp | 6900 |  | 446430 |
|  Associated Banc-Corp. | 8200 |  | 199998 |
|  Atlantic Union Bankshares Corp. | 22500 |  | 703800 |
|  Axos Financial, Inc.\* | 3800 |  | 288952 |
|  Banc of California, Inc. | 26300 |  | 369515 |
|  BancFirst Corp. | 3600 |  | 445032 |
|  Bancorp, Inc. (The)\* | 7100 |  | 404487 |
|  Bank of America Corp. | 855946 |  | 40503365 |
|  Bank of Hawaii Corp. | 7100 |  | 479463 |
|  Bank of NT Butterfield & Son Ltd. (The) | 900 |  | 39852 |
|  Bank OZK | 17300 |  | 814138 |
|  BankUnited, Inc. | 13600 |  | 484024 |
|  Banner Corp. | 1100 |  | 70565 |
|  Berkshire Hills Bancorp, Inc. | 300 |  | 7512 |
|  BOK Financial Corp. | 4050 |  | 395401 |
|  Brookline Bancorp, Inc. | 5500 |  | 58025 |
|  Cadence Bank | 29750 |  | 951405 |
|  Cathay General Bancorp | 8930 |  | 406583 |
|  Citigroup, Inc. | 232384 |  | 19780526 |
|  Citizens Financial Group, Inc. | 62178 |  | 2782465 |
|  City Holding Co. | 1430 |  | 175061 |
|  Columbia Banking System, Inc. | 29226 |  | 683304 |
|  Columbia Financial, Inc.\* | 6000 |  | 87060 |
|  Comerica, Inc. | 23900 |  | 1425635 |
|  Commerce Bancshares, Inc. | 19396 |  | 1205849 |
|  Community Financial System, Inc. | 7000 |  | 398090 |
|  Cullen/Frost Bankers, Inc. | 7800 |  | 1002612 |
|  CVB Financial Corp. | 20700 |  | 409653 |
|  Dime Community Bancshares, Inc. | 297 |  | 8001 |
|  East West Bancorp, Inc. | 18200 |  | 1837836 |
|  Eastern Bankshares, Inc. | 32000 |  | 488640 |
|  Enterprise Financial Services Corp. | 100 |  | 5510 |
|  FB Financial Corp. | 2500 |  | 113250 |
|  Fifth Third Bancorp | 94245 |  | 3876297 |
|  First Bancorp | 24700 |  | 514501 |
|  First Busey Corp. | 1833 |  | 41948 |
|  First Citizens BancShares, Inc., Class A | 1272 |  | 2488630 |
|  First Commonwealth Financial Corp. | 3500 |  | 56805 |
|  First Financial Bancorp | 12300 |  | 298398 |
|  First Financial Bankshares, Inc. | 18000 |  | 647640 |
|  First Financial Corp. | 5300 |  | 287207 |
|  First Hawaiian, Inc. | 9300 |  | 232128 |
|  First Horizon Corp. | 63050 |  | 1336660 |
|  First Interstate BancSystem, Inc., Class A | 16896 |  | 486943 |
|  First Merchants Corp. | 7800 |  | 298740 |
|  Flagstar Financial, Inc. | 55100 |  | 584060 |
|  FNB Corp. | 46456 |  | 677328 |
|  Fulton Financial Corp. | 28500 |  | 514140 |
|  Glacier Bancorp, Inc. | 20100 |  | 865908 |
|  Hancock Whitney Corp. | 8124 |  | 466318 |
|  Hilltop Holdings, Inc. | 8700 |  | 264045 |

---

See Notes to Financial Statements.

567

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Home BancShares, Inc. | 27800 | $| 791188 |
|  HomeStreet, Inc.\* | 900 |  | 11763 |
|  Hope Bancorp, Inc. | 3383 |  | 36300 |
|  Huntington Bancshares, Inc. | 196424 |  | 3292066 |
|  Independent Bank Corp. | 5000 |  | 314425 |
|  International Bancshares Corp. | 6800 |  | 452608 |
|  JPMorgan Chase & Co. | 348425 |  | 101011892 |
|  Kearny Financial Corp. | 9432 |  | 60931 |
|  KeyCorp | 147802 |  | 2574711 |
|  Live Oak Bancshares, Inc. | 3400 |  | 101320 |
|  M&T Bank Corp. | 20412 |  | 3959724 |
|  NBT Bancorp, Inc. | 2600 |  | 108030 |
|  NU Holdings Ltd., Class A\* | 437000 |  | 5995640 |
|  OceanFirst Financial Corp. | 3200 |  | 56352 |
|  Old National Bancorp | 46300 |  | 988042 |
|  Pacific Premier Bancorp, Inc. | 14300 |  | 301587 |
|  Park National Corp. | 1500 |  | 250890 |
|  Pinnacle Financial Partners, Inc. | 10056 |  | 1110283 |
|  PNC Financial Services Group, Inc. (The) | 49618 |  | 9249788 |
|  Popular, Inc. | 8750 |  | 964337 |
|  Prosperity Bancshares, Inc. | 13412 |  | 942059 |
|  Provident Financial Services, Inc. | 5800 |  | 101674 |
|  Regions Financial Corp. | 121200 |  | 2850624 |
|  Renasant Corp. | 300 |  | 10779 |
|  S&T Bancorp, Inc. | 4200 |  | 158844 |
|  ServisFirst Bancshares, Inc. | 6300 |  | 488313 |
|  Simmons First National Corp., Class A | 14600 |  | 276816 |
|  SouthState Corp. | 14557 |  | 1339681 |
|  Synovus Financial Corp. | 23113 |  | 1196098 |
|  TFS Financial Corp. | 26400 |  | 341880 |
|  Tompkins Financial Corp. | 2639 |  | 165544 |
|  Towne Bank | 8879 |  | 303484 |
|  Truist Financial Corp. | 164360 |  | 7065836 |
|  Trustmark Corp. | 850 |  | 30991 |
|  UMB Financial Corp. | 6715 |  | 706149 |
|  United Bankshares, Inc. | 20400 |  | 743172 |
|  United Community Banks, Inc. | 14900 |  | 443871 |
|  US Bancorp | 197590 |  | 8940947 |
|  Valley National Bancorp | 46100 |  | 411673 |
|  WaFd, Inc. | 9500 |  | 278160 |
|  Webster Financial Corp. | 22688 |  | 1238765 |
|  Wells Fargo & Co. | 408873 |  | 32758905 |
|  WesBanco, Inc. | 4600 |  | 145498 |
|  Western Alliance Bancorp | 14200 |  | 1107316 |
|  Wintrust Financial Corp. | 11500 |  | 1425770 |
|  WSFS Financial Corp. | 8990 |  | 494450 |
|  Zions Bancorp NA | 28300 |  | 1469902 |
|  |  |  | 288478813 |
|  ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** |
|  Acadian Asset Management, Inc. | 600 |  | 21144 |
|  Affiliated Managers Group, Inc. | 4640 |  | 913013 |
|  Ameriprise Financial, Inc. | 12360 |  | 6596903 |
|  Ares Management Corp., Class A | 24481 |  | 4240109 |
|  Artisan Partners Asset Management, Inc., Class A | 10105 |  | 447955 |
|  Bank of New York Mellon Corp. (The) | 91050 |  | 8295565 |
|  BGC Group, Inc., Class A | 24600 |  | 251658 |
|  Blackrock, Inc. | 19163 |  | 20106778 |
|  Blackstone, Inc. | 93900 |  | 14045562 |
|  Blue Owl Capital, Inc., Class A | 62400 |  | 1198704 |
|  Brookfield Asset Management Ltd., Class A (x) | 48000 |  | 2653440 |
|  Carlyle Group, Inc. (The) | 32000 |  | 1644800 |
|  Cboe Global Markets, Inc. | 14300 |  | 3334903 |
|  Charles Schwab Corp. (The) | 214575 |  | 19577823 |
|  CME Group, Inc. | 46865 |  | 12916931 |
|  Cohen & Steers, Inc. | 5200 |  | 391820 |
|  Coinbase Global, Inc., Class A\* | 27100 |  | 9498279 |
|  DigitalBridge Group, Inc. | 18075 |  | 187076 |
|  Evercore, Inc., Class A | 4800 |  | 1296096 |
|  FactSet Research Systems, Inc. | 4900 |  | 2191672 |
|  Franklin Resources, Inc. | 54890 |  | 1309126 |
|  Freedom Holding Corp.\* | 1500 |  | 219075 |
|  Goldman Sachs Group, Inc. (The) | 38800 |  | 27460700 |
|  Hamilton Lane, Inc., Class A | 5100 |  | 724812 |
|  Houlihan Lokey, Inc., Class A | 6600 |  | 1187670 |
|  Interactive Brokers Group, Inc., Class A | 56160 |  | 3111826 |
|  Intercontinental Exchange, Inc. | 71616 |  | 13139388 |
|  Invesco Ltd. | 66200 |  | 1043974 |
|  Janus Henderson Group plc | 16100 |  | 625324 |
|  Jefferies Financial Group, Inc. | 24488 |  | 1339249 |
|  KKR & Co., Inc. | 85391 |  | 11359565 |
|  Lazard, Inc. | 12500 |  | 599750 |
|  LPL Financial Holdings, Inc. | 10600 |  | 3974682 |
|  Marex Group plc | 9900 |  | 390753 |
|  MarketAxess Holdings, Inc. | 5660 |  | 1264104 |
|  Moelis & Co., Class A | 8800 |  | 548416 |
|  Moody's Corp. | 19550 |  | 9806085 |
|  Morgan Stanley | 147387 |  | 20760933 |
|  Morningstar, Inc. | 3200 |  | 1004576 |
|  MSCI, Inc. | 10134 |  | 5844683 |
|  Nasdaq, Inc. | 52300 |  | 4676666 |
|  Northern Trust Corp. | 26650 |  | 3378953 |
|  Piper Sandler Cos. | 1800 |  | 500292 |
|  Raymond James Financial, Inc. | 25100 |  | 3849587 |
|  Robinhood Markets, Inc., Class A\* | 92800 |  | 8688864 |
|  S&P Global, Inc. | 38534 |  | 20318593 |
|  SEI Investments Co. | 16150 |  | 1451239 |
|  State Street Corp. | 36150 |  | 3844191 |
|  StepStone Group, Inc., Class A | 4400 |  | 244200 |
|  Stifel Financial Corp. | 15508 |  | 1609420 |
|  StoneX Group, Inc.\* | 2550 |  | 232407 |
| T. Rowe Price Group, Inc. | 31280 |  | 3018520 |
|  TPG, Inc., Class A | 16200 |  | 849690 |
|  Tradeweb Markets, Inc., Class A | 15000 |  | 2196000 |
|  Victory Capital Holdings, Inc., Class A | 5500 |  | 350185 |
|  Virtu Financial, Inc., Class A | 6900 |  | 309051 |
|  XP, Inc., Class A | 49000 |  | 989800 |
|  |  |  | 272032580 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 37869 |  | 1474998 |
|  American Express Co. | 68856 |  | 21963687 |
|  Bread Financial Holdings, Inc. | 8100 |  | 462672 |
|  Capital One Financial Corp. | 78878 |  | 16782083 |
|  Credit Acceptance Corp.\* | 1600 |  | 815088 |
|  Dave, Inc.\* | 2600 |  | 697866 |
|  Enova International, Inc.\* | 4900 |  | 546448 |

---

See Notes to Financial Statements.

568

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  FirstCash Holdings, Inc. | 4572 | $| 617860 |
|  Navient Corp. | 25584 |  | 360734 |
|  Nelnet, Inc., Class A | 4000 |  | 484480 |
|  OneMain Holdings, Inc. | 17900 |  | 1020300 |
|  SLM Corp. | 32084 |  | 1052034 |
|  SoFi Technologies, Inc.\* | 123000 |  | 2239830 |
|  Synchrony Financial | 55052 |  | 3674171 |
|  Upstart Holdings, Inc.\* | 10100 |  | 653268 |
|  |  |  | 52845519 |
|  ***Financial Services (4.1%)*** | ***Financial Services (4.1%)*** | ***Financial Services (4.1%)*** | ***Financial Services (4.1%)*** |
|  Affirm Holdings, Inc., Class A\* | 34000 |  | 2350760 |
|  Apollo Global Management, Inc. | 51686 |  | 7332693 |
|  Berkshire Hathaway, Inc., Class B\* | 232036 |  | 112716128 |
|  Block, Inc., Class A\* | 73324 |  | 4980899 |
|  Burford Capital Ltd. | 17600 |  | 250976 |
|  Corebridge Financial, Inc. | 37700 |  | 1338350 |
|  Corpay, Inc.\* | 8800 |  | 2920016 |
|  Enact Holdings, Inc. | 10900 |  | 404935 |
|  Essent Group Ltd. | 17600 |  | 1068848 |
|  Euronet Worldwide, Inc.\* | 4700 |  | 476486 |
|  Evertec, Inc. | 2500 |  | 90125 |
|  Fidelity National Information Services, Inc. | 66069 |  | 5378677 |
|  Fiserv, Inc.\* | 69202 |  | 11931117 |
|  Flywire Corp.\* | 14600 |  | 170820 |
|  Global Payments, Inc. | 32476 |  | 2599379 |
|  Jack Henry & Associates, Inc. | 11430 |  | 2059343 |
|  Jackson Financial, Inc., Class A | 11800 |  | 1047722 |
|  Marqeta, Inc., Class A\* | 66800 |  | 389444 |
|  Mastercard, Inc., Class A | 102100 |  | 57374074 |
|  MGIC Investment Corp. | 42500 |  | 1183200 |
|  Mr Cooper Group, Inc.\* | 10400 |  | 1551784 |
|  NCR Atleos Corp.\* | 3300 |  | 94149 |
|  NMI Holdings, Inc., Class A\* | 4700 |  | 198293 |
|  Payoneer Global, Inc.\* | 56500 |  | 387025 |
|  PayPal Holdings, Inc.\* | 127053 |  | 9442579 |
|  PennyMac Financial Services, Inc. | 3833 |  | 381920 |
|  Radian Group, Inc. | 26500 |  | 954530 |
|  Remitly Global, Inc.\* | 22900 |  | 429833 |
|  Sezzle, Inc. (x)\* | 3800 |  | 681150 |
|  Shift4 Payments, Inc., Class A (x)\* | 7800 |  | 773058 |
|  Toast, Inc., Class A\* | 52200 |  | 2311938 |
|  Visa, Inc., Class A | 213712 |  | 75878446 |
|  Voya Financial, Inc. | 14900 |  | 1057900 |
|  Walker & Dunlop, Inc. | 3700 |  | 260776 |
|  Western Union Co. (The) (x) | 82460 |  | 694313 |
|  WEX, Inc.\* | 7600 |  | 1116364 |
|  |  |  | 312278050 |
|  ***Insurance (2.2%)*** |  |  |  |
|  Aflac, Inc. | 61100 |  | 6443606 |
|  Allstate Corp. (The) | 33740 |  | 6792199 |
|  American Financial Group, Inc. | 12030 |  | 1518306 |
|  American International Group, Inc. | 80136 |  | 6858840 |
|  Aon plc, Class A | 26319 |  | 9389566 |
|  Arch Capital Group Ltd. | 48300 |  | 4397715 |
|  Arthur J Gallagher & Co. | 32300 |  | 10339876 |
|  Assurant, Inc. | 9000 |  | 1777410 |
|  Assured Guaranty Ltd. | 4800 |  | 418080 |
|  Axis Capital Holdings Ltd. | 10270 |  | 1066231 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 11200 |  | 479472 |
|  Brighthouse Financial, Inc.\* | 1932 |  | 103884 |
|  Brown & Brown, Inc. | 32900 |  | 3647623 |
|  Chubb Ltd. | 46651 |  | 13515728 |
|  Cincinnati Financial Corp. | 20320 |  | 3026054 |
|  CNA Financial Corp. | 6900 |  | 321057 |
|  CNO Financial Group, Inc. | 7400 |  | 285492 |
|  Employers Holdings, Inc. | 600 |  | 28308 |
|  Enstar Group Ltd.\* | 1400 |  | 470904 |
|  Everest Group Ltd. | 6100 |  | 2073085 |
|  F&G Annuities & Life, Inc. | 9536 |  | 304961 |
|  Fidelity National Financial, Inc. | 33580 |  | 1882495 |
|  First American Financial Corp. | 17600 |  | 1080464 |
|  Genworth Financial, Inc., Class A\* | 71100 |  | 553158 |
|  Globe Life, Inc. | 10605 |  | 1318096 |
|  Goosehead Insurance, Inc., Class A | 600 |  | 63306 |
|  Hanover Insurance Group, Inc. (The) | 6190 |  | 1051495 |
|  Hartford Insurance Group, Inc. (The) | 36910 |  | 4682772 |
|  Kemper Corp. | 1782 |  | 115010 |
|  Kinsale Capital Group, Inc. | 3800 |  | 1838820 |
|  Lemonade, Inc. (x)\* | 14300 |  | 626483 |
|  Lincoln National Corp. | 30350 |  | 1050110 |
|  Loews Corp. | 25392 |  | 2327431 |
|  Markel Group, Inc.\* | 1760 |  | 3515354 |
|  Marsh & McLennan Cos., Inc. | 62450 |  | 13654068 |
|  MBIA, Inc. (x)\* | 3100 |  | 13454 |
|  Mercury General Corp. | 7600 |  | 511784 |
|  MetLife, Inc. | 70560 |  | 5674435 |
|  Old Republic International Corp. | 30794 |  | 1183721 |
|  Oscar Health, Inc., Class A\* | 32200 |  | 690368 |
|  Palomar Holdings, Inc.\* | 1700 |  | 262225 |
|  Primerica, Inc. | 5900 |  | 1614653 |
|  Principal Financial Group, Inc. | 30800 |  | 2446444 |
|  ProAssurance Corp.\* | 600 |  | 13698 |
|  Progressive Corp. (The) | 74100 |  | 19774326 |
|  Prudential Financial, Inc. | 48931 |  | 5257147 |
|  Reinsurance Group of America, Inc. | 9310 |  | 1846732 |
|  RenaissanceRe Holdings Ltd. | 6560 |  | 1593424 |
|  RLI Corp. | 10560 |  | 762643 |
|  Ryan Specialty Holdings, Inc., Class A | 12600 |  | 856674 |
|  Selective Insurance Group, Inc. | 8800 |  | 762520 |
|  Travelers Cos., Inc. (The) | 30570 |  | 8178698 |
|  Trupanion, Inc.\* | 1000 |  | 55350 |
|  Unum Group | 23800 |  | 1922088 |
|  W.R. Berkley Corp. | 39300 |  | 2887371 |
|  White Mountains Insurance Group Ltd. | 500 |  | 897860 |
|  Willis Towers Watson plc | 13100 |  | 4015150 |
|  |  |  | 168238224 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  AGNC Investment Corp. (REIT) (x) | 103900 |  | 954841 |
|  Annaly Capital Management, Inc. (REIT) | 69288 |  | 1304000 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 2900 |  | 28072 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 34900 |  | 373430 |

---

See Notes to Financial Statements.

569

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 6800 | $| 130900 |
|  Claros Mortgage Trust, Inc. (REIT) | 2700 |  | 7695 |
|  Rithm Capital Corp. (REIT) | 66550 |  | 751350 |
|  Starwood Property Trust, Inc. (REIT) (x) | 57200 |  | 1148004 |
|  |  |  | 4698292 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 1098571478 |
|  **Health Care (9.5%)** |  |  |  |
|  ***Biotechnology (1.9%)*** |  |  |  |
|  AbbVie, Inc. | 224530 |  | 41677259 |
|  ACADIA Pharmaceuticals, Inc.\* | 17100 |  | 368847 |
|  ADMA Biologics, Inc.\* | 29900 |  | 544479 |
|  Agios Pharmaceuticals, Inc.\* | 2300 |  | 76498 |
|  Akero Therapeutics, Inc.\* | 6600 |  | 352176 |
|  Alector, Inc.\* | 1800 |  | 2520 |
|  Alkermes plc\* | 20700 |  | 592227 |
|  Allogene Therapeutics, Inc. (x)\* | 24600 |  | 27798 |
|  Alnylam Pharmaceuticals, Inc.\* | 17300 |  | 5641357 |
|  Amgen, Inc. | 69468 |  | 19396160 |
|  Amicus Therapeutics, Inc.\* | 51600 |  | 295668 |
|  AnaptysBio, Inc.\* | 6600 |  | 146520 |
|  Anavex Life Sciences Corp. (x)\* | 23900 |  | 220358 |
|  Apellis Pharmaceuticals, Inc.\* | 14000 |  | 242340 |
|  Arcellx, Inc.\* | 4900 |  | 322665 |
|  Arcturus Therapeutics Holdings, Inc.\* | 400 |  | 5204 |
|  Arcus Biosciences, Inc.\* | 6200 |  | 50468 |
|  Arrowhead Pharmaceuticals, Inc.\* | 22200 |  | 350760 |
|  Avidity Biosciences, Inc.\* | 14500 |  | 411800 |
|  Beam Therapeutics, Inc.\* | 7300 |  | 124173 |
|  BioCryst Pharmaceuticals, Inc.\* | 35300 |  | 316288 |
|  Biogen, Inc.\* | 20560 |  | 2582130 |
|  Biohaven Ltd.\* | 9700 |  | 136867 |
|  BioMarin Pharmaceutical, Inc.\* | 28200 |  | 1550154 |
|  Blueprint Medicines Corp.\* | 8700 |  | 1115166 |
|  Bridgebio Pharma, Inc.\* | 13444 |  | 580512 |
|  Crinetics Pharmaceuticals, Inc.\* | 500 |  | 14380 |
|  Cytokinetics, Inc.\* | 12600 |  | 416304 |
|  Denali Therapeutics, Inc.\* | 14300 |  | 200057 |
|  Dyne Therapeutics, Inc.\* | 10800 |  | 102816 |
|  Editas Medicine, Inc.\* | 11500 |  | 25300 |
|  Exact Sciences Corp.\* | 26700 |  | 1418838 |
|  Exelixis, Inc.\* | 38900 |  | 1714518 |
|  Fate Therapeutics, Inc.\* | 12600 |  | 14112 |
|  Gilead Sciences, Inc. | 161591 |  | 17915594 |
|  GRAIL, Inc. (x)\* | 4016 |  | 206503 |
|  Halozyme Therapeutics, Inc.\* | 17900 |  | 931158 |
|  Ideaya Biosciences, Inc.\* | 13500 |  | 283770 |
|  ImmunityBio, Inc. (x)\* | 71300 |  | 188232 |
|  Immunovant, Inc.\* | 15700 |  | 251200 |
|  Incyte Corp.\* | 27700 |  | 1886370 |
|  Insmed, Inc.\* | 21200 |  | 2133568 |
|  Ionis Pharmaceuticals, Inc.\* | 24800 |  | 979848 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 4000 |  | 2869 |
|  Kodiak Sciences, Inc.\* | 3500 |  | 13055 |
|  Krystal Biotech, Inc.\* | 3200 |  | 439872 |
|  Kura Oncology, Inc.\* | 12500 |  | 72125 |
|  Madrigal Pharmaceuticals, Inc.\* | 2400 |  | 726336 |
|  Moderna, Inc.\* | 44417 |  | 1225465 |
|  Myriad Genetics, Inc.\* | 11500 |  | 61065 |
|  Natera, Inc.\* | 16300 |  | 2753722 |
|  Neurocrine Biosciences, Inc.\* | 14500 |  | 1822505 |
|  Nkarta, Inc.\* | 800 |  | 1328 |
|  Novavax, Inc. (x)\* | 12200 |  | 76860 |
|  Nuvalent, Inc., Class A\* | 4800 |  | 366240 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 25100 |  | 91866 |
|  PDL BioPharma, Inc. (r)\* | 46000 |  |  |
|  Prothena Corp. plc\* | 3300 |  | 20031 |
|  PTC Therapeutics, Inc.\* | 8000 |  | 390720 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 1000 |  | 5060 |
|  Regeneron Pharmaceuticals, Inc. | 14100 |  | 7402500 |
|  REGENXBIO, Inc.\* | 7400 |  | 60754 |
|  Relay Therapeutics, Inc.\* | 22001 |  | 76123 |
|  Replimune Group, Inc.\* | 1100 |  | 10219 |
|  Revolution Medicines, Inc.\* | 20724 |  | 762436 |
|  Rocket Pharmaceuticals, Inc.\* | 8900 |  | 21805 |
|  Roivant Sciences Ltd.\* | 31600 |  | 356132 |
|  Sage Therapeutics, Inc.\* | 8600 |  | 78432 |
|  Sana Biotechnology, Inc. (x)\* | 14595 |  | 39844 |
|  Sarepta Therapeutics, Inc.\* | 12700 |  | 217170 |
|  Stoke Therapeutics, Inc.\* | 500 |  | 5675 |
|  TG Therapeutics, Inc.\* | 18300 |  | 658617 |
|  Twist Bioscience Corp.\* | 6900 |  | 253851 |
|  Ultragenyx Pharmaceutical, Inc.\* | 10000 |  | 363600 |
|  United Therapeutics Corp.\* | 7100 |  | 2040185 |
|  Vaxcyte, Inc.\* | 14700 |  | 477897 |
|  Veracyte, Inc.\* | 7700 |  | 208131 |
|  Vericel Corp.\* | 3600 |  | 153180 |
|  Vertex Pharmaceuticals, Inc.\* | 33000 |  | 14691600 |
|  Vir Biotechnology, Inc.\* | 10700 |  | 53928 |
|  Xencor, Inc.\* | 8900 |  | 69954 |
|  Y-mAbs Therapeutics, Inc.\* | 200 |  | 902 |
|  |  |  | 141885016 |
|  ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** |
|  Abbott Laboratories | 220912 |  | 30046241 |
|  Align Technology, Inc.\* | 11300 |  | 2139429 |
|  AtriCure, Inc.\* | 1800 |  | 58986 |
|  Avanos Medical, Inc.\* | 7975 |  | 97614 |
|  Baxter International, Inc. | 80080 |  | 2424822 |
|  Becton Dickinson & Co. | 39313 |  | 6771664 |
|  Boston Scientific Corp.\* | 186200 |  | 19999742 |
|  CONMED Corp. | 4500 |  | 234360 |
|  Cooper Cos., Inc. (The)\* | 27600 |  | 1964016 |
|  Dexcom, Inc.\* | 55200 |  | 4818408 |
|  Edwards Lifesciences Corp.\* | 74700 |  | 5842287 |
|  Embecta Corp. | 2602 |  | 25213 |
|  Enovis Corp.\* | 4333 |  | 135883 |
|  Envista Holdings Corp.\* | 21763 |  | 425249 |
|  GE HealthCare Technologies, Inc. | 60015 |  | 4445311 |
|  Glaukos Corp.\* | 6800 |  | 702372 |
|  Globus Medical, Inc., Class A\* | 19837 |  | 1170780 |
|  Haemonetics Corp.\* | 600 |  | 44766 |
|  Hologic, Inc.\* | 30600 |  | 1993896 |
|  ICU Medical, Inc.\* | 1700 |  | 224655 |
|  IDEXX Laboratories, Inc.\* | 11200 |  | 6007008 |
|  Inogen, Inc.\* | 3600 |  | 25308 |
|  Insulet Corp.\* | 9100 |  | 2859038 |

---

See Notes to Financial Statements.

570

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Integer Holdings Corp.\* | 3500 | $| 430395 |
|  Integra LifeSciences Holdings Corp.\* | 6500 |  | 79755 |
|  Intuitive Surgical, Inc.\* | 45400 |  | 24670814 |
|  iRhythm Technologies, Inc.\* | 4000 |  | 615840 |
|  Lantheus Holdings, Inc.\* | 8700 |  | 712182 |
|  LivaNova plc\* | 5100 |  | 229602 |
|  Masimo Corp.\* | 5700 |  | 958854 |
|  Medtronic plc | 164985 |  | 14381743 |
|  Merit Medical Systems, Inc.\* | 7800 |  | 729144 |
|  Neogen Corp.\* | 32700 |  | 156306 |
|  Novocure Ltd.\* | 17900 |  | 318620 |
|  Omnicell, Inc.\* | 7900 |  | 232260 |
|  Penumbra, Inc.\* | 6300 |  | 1616769 |
|  PROCEPT BioRobotics Corp.\* | 5700 |  | 328320 |
|  QuidelOrtho Corp.\* | 7797 |  | 224710 |
|  ResMed, Inc. | 19100 |  | 4927800 |
|  Solventum Corp.\* | 19607 |  | 1486995 |
|  STAAR Surgical Co. (x)\* | 3500 |  | 58730 |
|  STERIS plc | 12709 |  | 3052956 |
|  Stryker Corp. | 43170 |  | 17079347 |
|  Teleflex, Inc. | 7700 |  | 911372 |
|  TransMedics Group, Inc.\* | 4400 |  | 589644 |
|  Varex Imaging Corp.\* | 2624 |  | 22750 |
|  Zimmer Biomet Holdings, Inc. | 26000 |  | 2371460 |
|  Zimvie, Inc.\* | 1480 |  | 13838 |
|  |  |  | 168657254 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  AdaptHealth Corp., Class A\* | 16900 |  | 159367 |
|  Addus HomeCare Corp.\* | 200 |  | 23038 |
|  Amedisys, Inc.\* | 2800 |  | 275492 |
|  AMN Healthcare Services, Inc.\* | 200 |  | 4134 |
|  Astrana Health, Inc.\* | 7300 |  | 181624 |
|  Aveanna Healthcare Holdings, Inc.\* | 7400 |  | 38702 |
|  BrightSpring Health Services, Inc.\* | 26000 |  | 613340 |
|  Brookdale Senior Living, Inc.\* | 36435 |  | 253588 |
|  Cardinal Health, Inc. | 32900 |  | 5527200 |
|  Castle Biosciences, Inc.\* | 200 |  | 4084 |
|  Cencora, Inc. | 23400 |  | 7016490 |
|  Centene Corp.\* | 64400 |  | 3495632 |
|  Chemed Corp. | 2100 |  | 1022553 |
|  Cigna Group (The) | 33576 |  | 11099554 |
|  Concentra Group Holdings Parent, Inc. | 10974 |  | 225735 |
|  CorVel Corp.\* | 3900 |  | 400842 |
|  CVS Health Corp. | 163334 |  | 11266779 |
|  DaVita, Inc.\* | 8300 |  | 1182335 |
|  Elevance Health, Inc. | 28380 |  | 11038685 |
|  Encompass Health Corp. | 12700 |  | 1557401 |
|  Enhabit, Inc.\* | 9250 |  | 89170 |
|  Ensign Group, Inc. (The) | 5800 |  | 894708 |
|  Fulgent Genetics, Inc.\* | 300 |  | 5964 |
|  Guardant Health, Inc.\* | 14800 |  | 770192 |
|  HCA Healthcare, Inc. | 21900 |  | 8389890 |
|  HealthEquity, Inc.\* | 13100 |  | 1372356 |
|  Henry Schein, Inc.\* | 19200 |  | 1402560 |
|  Hims & Hers Health, Inc.\* | 26800 |  | 1335980 |
|  Humana, Inc. | 16600 |  | 4058368 |
|  Innovage Holding Corp.\* | 1200 |  | 4428 |
|  Labcorp Holdings, Inc. | 11435 |  | 3001802 |
|  LifeStance Health Group, Inc.\* | 27100 |  | 140107 |
|  McKesson Corp. | 16180 |  | 11856380 |
|  Molina Healthcare, Inc.\* | 7200 |  | 2144880 |
|  National Research Corp. | 100 |  | 1680 |
|  NeoGenomics, Inc.\* | 17900 |  | 130849 |
|  OPKO Health, Inc.\* | 104600 |  | 138072 |
|  Option Care Health, Inc.\* | 23425 |  | 760844 |
|  PACS Group, Inc.\* | 9400 |  | 121448 |
|  Pediatrix Medical Group, Inc.\* | 10340 |  | 148379 |
|  Pennant Group, Inc. (The)\* | 2100 |  | 62685 |
|  Premier, Inc., Class A | 3600 |  | 78948 |
|  Privia Health Group, Inc.\* | 14200 |  | 326600 |
|  Progyny, Inc.\* | 8900 |  | 195800 |
|  Quest Diagnostics, Inc. | 16230 |  | 2915395 |
|  RadNet, Inc.\* | 8000 |  | 455280 |
|  Select Medical Holdings Corp. | 13600 |  | 206448 |
|  Surgery Partners, Inc. (x)\* | 798 |  | 17740 |
|  Tenet Healthcare Corp.\* | 14000 |  | 2464000 |
|  UnitedHealth Group, Inc. | 114157 |  | 35613559 |
|  Universal Health Services, Inc., Class B | 7980 |  | 1445577 |
|  |  |  | 135936664 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Certara, Inc.\* | 16330 |  | 191061 |
|  Definitive Healthcare Corp., Class A\* | 12000 |  | 46800 |
|  Doximity, Inc., Class A\* | 13800 |  | 846492 |
|  Evolent Health, Inc., Class A\* | 7400 |  | 83324 |
|  Phreesia, Inc.\* | 6100 |  | 173606 |
|  Schrodinger, Inc. (x)\* | 14100 |  | 283692 |
|  Teladoc Health, Inc.\* | 24260 |  | 211305 |
|  Veeva Systems, Inc., Class A\* | 19700 |  | 5673206 |
|  Waystar Holding Corp.\* | 15000 |  | 613050 |
|  |  |  | 8122536 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |  |  |
|  10X Genomics, Inc., Class A\* | 13900 |  | 160962 |
|  Agilent Technologies, Inc. | 37430 |  | 4417114 |
|  Avantor, Inc.\* | 96094 |  | 1293425 |
|  Azenta, Inc.\* | 7987 |  | 245840 |
|  Bio-Rad Laboratories, Inc., Class A\* | 800 |  | 193056 |
|  Bio-Techne Corp. | 25800 |  | 1327410 |
|  Bruker Corp. | 14400 |  | 593280 |
|  Charles River Laboratories International, Inc.\* | 9050 |  | 1373157 |
|  Codexis, Inc.\* | 600 |  | 1464 |
|  CryoPort, Inc.\* | 3300 |  | 24618 |
|  Danaher Corp. | 80060 |  | 15815052 |
|  Fortrea Holdings, Inc.\* | 235 |  | 1161 |
|  Illumina, Inc.\* | 24100 |  | 2299381 |
|  IQVIA Holdings, Inc.\* | 23380 |  | 3684454 |
|  Maravai LifeSciences Holdings, Inc., Class A (x)\* | 11581 |  | 27910 |
|  Medpace Holdings, Inc.\* | 4500 |  | 1412370 |
|  Mettler-Toledo International, Inc.\* | 2900 |  | 3406688 |
|  OmniAb, Inc. (Earn Out Shares) (r)\* | 1744 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange) (x)\* | 11270 |  | 19610 |
|  Pacific Biosciences of California, Inc. (x)\* | 3200 |  | 3968 |
|  QIAGEN NV\* | 33885 |  | 1628513 |

---

See Notes to Financial Statements.

571

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Repligen Corp.\* | 9700 | $| 1206486 |
|  Revvity, Inc. | 18600 |  | 1798992 |
|  Sotera Health Co.\* | 33931 |  | 377313 |
|  Tempus AI, Inc., Class A\* | 10300 |  | 654462 |
|  Thermo Fisher Scientific, Inc. | 47350 |  | 19198531 |
|  Waters Corp.\* | 7800 |  | 2722512 |
|  West Pharmaceutical Services, Inc. | 10800 |  | 2363040 |
|  |  |  | 66250769 |
|  ***Pharmaceuticals (2.6%)*** |  |  |  |
|  Amneal Pharmaceuticals, Inc.\* | 20200 |  | 163418 |
|  Amphastar Pharmaceuticals, Inc.\* | 5200 |  | 119392 |
|  Arvinas, Inc.\* | 5200 |  | 38272 |
|  Atea Pharmaceuticals, Inc.\* | 12500 |  | 45000 |
|  Axsome Therapeutics, Inc.\* | 4700 |  | 490633 |
|  Bristol-Myers Squibb Co. | 264444 |  | 12241113 |
|  Corcept Therapeutics, Inc.\* | 11200 |  | 822080 |
|  Elanco Animal Health, Inc.\* | 74632 |  | 1065745 |
|  Eli Lilly & Co. | 100488 |  | 78333411 |
|  Harmony Biosciences Holdings, Inc.\* | 9200 |  | 290720 |
|  Innoviva, Inc.\* | 6818 |  | 136973 |
|  Jazz Pharmaceuticals plc\* | 7800 |  | 827736 |
|  Johnson & Johnson | 301888 |  | 46113392 |
|  Ligand Pharmaceuticals, Inc.\* | 2300 |  | 261464 |
|  Merck & Co., Inc. | 316090 |  | 25021684 |
|  Organon & Co. | 2300 |  | 22264 |
|  Pacira BioSciences, Inc.\* | 7400 |  | 176860 |
|  Perrigo Co. plc | 13700 |  | 366064 |
|  Pfizer, Inc. | 724017 |  | 17550172 |
|  Phibro Animal Health Corp., Class A | 1200 |  | 30648 |
|  Prestige Consumer Healthcare, Inc.\* | 5900 |  | 471115 |
|  Royalty Pharma plc, Class A | 54600 |  | 1967238 |
|  Theravance Biopharma, Inc.\* | 13700 |  | 151111 |
|  Viatris, Inc. | 184274 |  | 1645567 |
|  Zoetis, Inc. | 59200 |  | 9232240 |
|  |  |  | 197584312 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 718436551 |
|  **Industrials (9.7%)** |  |  |  |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** |
|  AAR Corp.\* | 1800 |  | 123822 |
|  AeroVironment, Inc.\* | 3600 |  | 1025820 |
|  Archer Aviation, Inc., Class A\* | 67700 |  | 734545 |
|  ATI, Inc.\* | 19000 |  | 1640460 |
|  Axon Enterprise, Inc.\* | 9900 |  | 8196606 |
|  Boeing Co. (The)\* | 90900 |  | 19046277 |
|  BWX Technologies, Inc. | 12200 |  | 1757532 |
|  Curtiss-Wright Corp. | 5900 |  | 2882445 |
|  GE Aerospace | 131945 |  | 33961324 |
|  General Dynamics Corp. | 31670 |  | 9236872 |
|  HEICO Corp. | 6941 |  | 2276648 |
|  HEICO Corp., Class A | 11245 |  | 2909644 |
|  Howmet Aerospace, Inc. | 52629 |  | 9795836 |
|  Huntington Ingalls Industries, Inc. | 6200 |  | 1497052 |
|  Karman Holdings, Inc.\* | 8500 |  | 428145 |
|  Kratos Defense & Security Solutions, Inc. (x)\* | 18900 |  | 877905 |
|  L3Harris Technologies, Inc. | 23391 |  | 5867398 |
|  Leonardo DRS, Inc. | 11500 |  | 534520 |
|  Loar Holdings, Inc.\* | 7000 |  | 603190 |
|  Lockheed Martin Corp. | 26160 |  | 12115742 |
|  Moog, Inc., Class A | 3000 |  | 542910 |
|  Northrop Grumman Corp. | 17050 |  | 8524659 |
|  Rocket Lab Corp.\* | 45900 |  | 1641843 |
|  RTX Corp. | 167867 |  | 24511939 |
|  StandardAero, Inc.\* | 19500 |  | 617175 |
|  Textron, Inc. | 25900 |  | 2079511 |
|  TransDigm Group, Inc. | 7250 |  | 11024640 |
|  V2X, Inc.\* | 1600 |  | 77680 |
|  Woodward, Inc. | 7430 |  | 1821019 |
|  |  |  | 166353159 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 20430 |  | 1960258 |
|  Expeditors International of Washington, Inc. | 19400 |  | 2216450 |
|  FedEx Corp. | 28450 |  | 6466970 |
|  GXO Logistics, Inc.\* | 14900 |  | 725630 |
|  Hub Group, Inc., Class A | 4900 |  | 163807 |
|  United Parcel Service, Inc., Class B | 93650 |  | 9453031 |
|  |  |  | 20986146 |
|  ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** |
|  A.O. Smith Corp. | 21900 |  | 1435983 |
|  AAON, Inc. (x) | 8700 |  | 641625 |
|  Advanced Drainage Systems, Inc. | 9900 |  | 1137114 |
|  Allegion plc | 14212 |  | 2048233 |
|  Apogee Enterprises, Inc. | 2100 |  | 85260 |
|  Armstrong World Industries, Inc. | 6500 |  | 1055860 |
|  AZEK Co., Inc. (The), Class A\* | 24200 |  | 1315270 |
|  AZZ, Inc. | 1400 |  | 132272 |
|  Builders FirstSource, Inc.\* | 17490 |  | 2040908 |
|  Carlisle Cos., Inc. | 6100 |  | 2277740 |
|  Carrier Global Corp. | 101071 |  | 7397387 |
|  CSW Industrials, Inc. | 2100 |  | 602343 |
|  Fortune Brands Innovations, Inc. | 16450 |  | 846846 |
|  Gibraltar Industries, Inc.\* | 1900 |  | 112100 |
|  Johnson Controls International plc | 86971 |  | 9185877 |
|  Lennox International, Inc. | 4910 |  | 2814608 |
|  Masco Corp. | 32100 |  | 2065956 |
|  Masterbrand, Inc.\* | 11450 |  | 125149 |
|  Owens Corning | 14070 |  | 1934906 |
|  Resideo Technologies, Inc.\* | 6350 |  | 140081 |
|  Simpson Manufacturing Co., Inc. | 6100 |  | 947391 |
|  Trane Technologies plc | 28012 |  | 12252729 |
|  Trex Co., Inc.\* | 20500 |  | 1114790 |
|  UFP Industries, Inc. | 11500 |  | 1142640 |
|  Zurn Elkay Water Solutions Corp. | 14900 |  | 544893 |
|  |  |  | 53397961 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  ABM Industries, Inc. | 700 |  | 33047 |
|  Brink's Co. (The) | 1400 |  | 125006 |
|  Casella Waste Systems, Inc., Class A\* | 6200 |  | 715356 |
|  Cimpress plc\* | 1700 |  | 79900 |
|  Cintas Corp. | 44100 |  | 9828567 |
|  Clean Harbors, Inc.\* | 7100 |  | 1641378 |
|  Copart, Inc.\* | 111400 |  | 5466398 |
|  CoreCivic, Inc.\* | 4100 |  | 86387 |
|  Deluxe Corp. | 1400 |  | 22274 |
|  Driven Brands Holdings, Inc.\* | 8331 |  | 146292 |

---

See Notes to Financial Statements.

572

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  HNI Corp. | 2500 | $| 122950 |
|  MillerKnoll, Inc. | 9100 |  | 176722 |
|  MSA Safety, Inc. | 5900 |  | 988427 |
|  OPENLANE, Inc.\* | 1700 |  | 41565 |
|  RB Global, Inc. | 26748 |  | 2840370 |
|  Republic Services, Inc. | 26335 |  | 6494474 |
|  Rollins, Inc. | 35450 |  | 2000089 |
|  Tetra Tech, Inc. | 46500 |  | 1672140 |
|  UniFirst Corp. | 500 |  | 94110 |
|  Veralto Corp. | 32486 |  | 3279462 |
|  Vestis Corp. | 16250 |  | 93113 |
|  Waste Management, Inc. | 46450 |  | 10628689 |
|  |  |  | 46576716 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  AECOM | 18202 |  | 2054278 |
|  Ameresco, Inc., Class A (x)\* | 5000 |  | 75950 |
|  API Group Corp.\* | 29700 |  | 1516185 |
|  Arcosa, Inc. | 1180 |  | 102318 |
|  Comfort Systems USA, Inc. | 5400 |  | 2895534 |
|  Construction Partners, Inc., Class A\* | 5800 |  | 616424 |
|  Dycom Industries, Inc.\* | 3900 |  | 953121 |
|  EMCOR Group, Inc. | 5500 |  | 2941895 |
|  Fluor Corp.\* | 22300 |  | 1143321 |
|  IES Holdings, Inc.\* | 2200 |  | 651706 |
|  MasTec, Inc.\* | 8900 |  | 1516827 |
|  Quanta Services, Inc. | 19450 |  | 7353656 |
|  Sterling Infrastructure, Inc.\* | 3800 |  | 876774 |
|  Valmont Industries, Inc. | 3100 |  | 1012367 |
|  WillScot Holdings Corp. | 22700 |  | 621980 |
|  |  |  | 24332336 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  Acuity, Inc. | 4100 |  | 1223194 |
|  AMETEK, Inc. | 30875 |  | 5587140 |
|  Eaton Corp. plc | 49997 |  | 17848429 |
|  Emerson Electric Co. | 72410 |  | 9654426 |
|  EnerSys | 400 |  | 34308 |
|  GE Vernova, Inc. | 34511 |  | 18261496 |
|  Generac Holdings, Inc.\* | 7800 |  | 1117038 |
|  Hubbell, Inc., Class B | 7200 |  | 2940552 |
|  NEXTracker, Inc., Class A\* | 17700 |  | 962349 |
|  NuScale Power Corp., Class A (x)\* | 15700 |  | 621092 |
|  nVent Electric plc | 26353 |  | 1930357 |
|  Regal Rexnord Corp. | 8522 |  | 1235349 |
|  Rockwell Automation, Inc. | 15600 |  | 5181852 |
|  Sunrun, Inc.\* | 29300 |  | 239674 |
|  Vertiv Holdings Co., Class A | 48500 |  | 6227885 |
|  |  |  | 73065141 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  ArcBest Corp. | 500 |  | 38505 |
|  CSX Corp. | 244250 |  | 7969877 |
|  Heartland Express, Inc. | 9600 |  | 82944 |
|  Hertz Global Holdings, Inc.\* | 3300 |  | 22539 |
|  JB Hunt Transport Services, Inc. | 12450 |  | 1787820 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 30935 |  | 1368255 |
|  Landstar System, Inc. | 6250 |  | 868875 |
|  Lyft, Inc., Class A\* | 48300 |  | 761208 |
|  Norfolk Southern Corp. | 29370 |  | 7517839 |
|  Old Dominion Freight Line, Inc. | 26750 |  | 4341525 |
|  RXO, Inc.\* | 5100 |  | 80172 |
|  Ryder System, Inc. | 5400 |  | 858600 |
|  Saia, Inc.\* | 3800 |  | 1041162 |
|  Schneider National, Inc., Class B | 1195 |  | 28859 |
|  Uber Technologies, Inc.\* | 252589 |  | 23566554 |
|  U-Haul Holding Co. | 12600 |  | 685062 |
|  Union Pacific Corp. | 75020 |  | 17260602 |
|  XPO, Inc.\* | 17800 |  | 2247962 |
|  |  |  | 70528360 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 69930 |  | 10646143 |
|  Brookfield Business Corp., Class A | 400 |  | 12480 |
|  Honeywell International, Inc. | 80800 |  | 18816704 |
|  |  |  | 29475327 |
|  ***Machinery (1.8%)*** |  |  |  |
|  AGCO Corp. | 12400 |  | 1279184 |
|  Alamo Group, Inc. | 800 |  | 174704 |
|  Albany International Corp., Class A | 1100 |  | 77143 |
|  Allison Transmission Holdings, Inc. | 10500 |  | 997395 |
|  Caterpillar, Inc. | 58110 |  | 22558883 |
|  Chart Industries, Inc.\* | 6500 |  | 1070225 |
|  CNH Industrial NV | 144100 |  | 1867536 |
|  Crane Co. | 7900 |  | 1500131 |
|  Cummins, Inc. | 18260 |  | 5980150 |
|  Deere & Co. | 30640 |  | 15580134 |
|  Donaldson Co., Inc. | 18700 |  | 1296845 |
|  Dover Corp. | 18190 |  | 3332954 |
|  Enerpac Tool Group Corp., Class A | 3000 |  | 121680 |
|  Esab Corp. | 6033 |  | 727278 |
|  ESCO Technologies, Inc. | 3300 |  | 633171 |
|  Federal Signal Corp. | 6400 |  | 681088 |
|  Flowserve Corp. | 26640 |  | 1394604 |
|  Fortive Corp. | 47530 |  | 2477739 |
|  Franklin Electric Co., Inc. | 700 |  | 62818 |
|  Gates Industrial Corp. plc\* | 30000 |  | 690900 |
|  Graco, Inc. | 22380 |  | 1924009 |
|  Hillenbrand, Inc. | 5900 |  | 118413 |
|  Hillman Solutions Corp.\* | 9200 |  | 65688 |
|  IDEX Corp. | 12240 |  | 2148977 |
|  Illinois Tool Works, Inc. | 37610 |  | 9299073 |
|  Ingersoll Rand, Inc. | 54866 |  | 4563754 |
|  ITT, Inc. | 12825 |  | 2011345 |
|  JBT Marel Corp. | 6100 |  | 733586 |
|  Kennametal, Inc. | 7400 |  | 169904 |
|  Lincoln Electric Holdings, Inc. | 6760 |  | 1401483 |
|  Middleby Corp. (The)\* | 9700 |  | 1396800 |
|  Mueller Industries, Inc. | 17000 |  | 1350990 |
|  Nordson Corp. | 8660 |  | 1856444 |
|  Oshkosh Corp. | 11600 |  | 1317064 |
|  Otis Worldwide Corp. | 54574 |  | 5403918 |
|  PACCAR, Inc. | 68145 |  | 6477864 |
|  Parker-Hannifin Corp. | 16210 |  | 11322199 |
|  Pentair plc | 21587 |  | 2216121 |
|  RBC Bearings, Inc.\* | 3900 |  | 1500720 |
|  Snap-on, Inc. | 7300 |  | 2271614 |
|  SPX Technologies, Inc.\* | 4900 |  | 821632 |
|  Standex International Corp. | 500 |  | 78240 |
|  Stanley Black & Decker, Inc. | 21835 |  | 1479321 |
|  Tennant Co. | 1100 |  | 85228 |
|  Terex Corp. | 1600 |  | 74704 |

---

See Notes to Financial Statements.

573

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Toro Co. (The) | 15880 | $| 1122398 |
|  Trinity Industries, Inc. | 5140 |  | 138831 |
|  Watts Water Technologies, Inc., Class A | 4000 |  | 983560 |
|  Westinghouse Air Brake Technologies Corp. | 21787 |  | 4561108 |
|  Worthington Enterprises, Inc. | 2100 |  | 133644 |
|  Xylem, Inc. | 30954 |  | 4004209 |
|  |  |  | 133537403 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Costamare Bulkers Holdings Ltd.\* | 740 |  | 6416 |
|  Costamare, Inc. | 3700 |  | 33707 |
|  Golden Ocean Group Ltd. (x) | 12800 |  | 93696 |
|  Kirby Corp.\* | 7450 |  | 844904 |
|  |  |  | 978723 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Alaska Air Group, Inc.\* | 16500 |  | 816420 |
|  Allegiant Travel Co.\* | 2200 |  | 120890 |
|  American Airlines Group, Inc. (x)\* | 105200 |  | 1180344 |
|  Delta Air Lines, Inc. | 89150 |  | 4384397 |
|  Joby Aviation, Inc.\* | 69100 |  | 729005 |
|  SkyWest, Inc.\* | 600 |  | 61782 |
|  Southwest Airlines Co. | 76800 |  | 2491392 |
|  United Airlines Holdings, Inc.\* | 43540 |  | 3467090 |
|  |  |  | 13251320 |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** |
|  Amentum Holdings, Inc.\* | 2919 |  | 68918 |
|  Automatic Data Processing, Inc. | 51150 |  | 15774660 |
|  Booz Allen Hamilton Holding Corp. | 16800 |  | 1749384 |
|  Broadridge Financial Solutions, Inc. | 15509 |  | 3769152 |
|  CACI International, Inc., Class A\* | 3800 |  | 1811460 |
|  CBIZ, Inc.\* | 1220 |  | 87486 |
|  Conduent, Inc.\* | 1586 |  | 4187 |
|  Dayforce, Inc.\* | 20100 |  | 1113339 |
|  Dun & Bradstreet Holdings, Inc. | 61100 |  | 555399 |
|  Equifax, Inc. | 15820 |  | 4103233 |
|  ExlService Holdings, Inc.\* | 22500 |  | 985275 |
|  Exponent, Inc. | 900 |  | 67239 |
|  First Advantage Corp.\* | 4000 |  | 66440 |
|  FTI Consulting, Inc.\* | 4800 |  | 775200 |
|  Genpact Ltd. | 30000 |  | 1320300 |
|  Huron Consulting Group, Inc.\* | 800 |  | 110032 |
|  Jacobs Solutions, Inc. | 18400 |  | 2418680 |
|  KBR, Inc. | 18700 |  | 896478 |
|  Korn Ferry | 1400 |  | 102662 |
|  Leidos Holdings, Inc. | 18348 |  | 2894580 |
|  ManpowerGroup, Inc. | 1480 |  | 59792 |
|  Maximus, Inc. | 1900 |  | 133380 |
|  Parsons Corp.\* | 8600 |  | 617222 |
|  Paychex, Inc. | 42810 |  | 6227143 |
|  Paycom Software, Inc. | 6500 |  | 1504100 |
|  Paylocity Holding Corp.\* | 5700 |  | 1032783 |
|  Resources Connection, Inc. | 13850 |  | 74375 |
|  Robert Half, Inc. | 19260 |  | 790623 |
|  Science Applications International Corp. | 9001 |  | 1013603 |
|  SS&C Technologies Holdings, Inc. | 30200 |  | 2500560 |
|  TransUnion | 30305 |  | 2666840 |
|  Verisk Analytics, Inc. | 18800 |  | 5856200 |
|  |  |  | 61150725 |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** |
|  Air Lease Corp., Class A | 21000 |  | 1228290 |
|  Applied Industrial Technologies, Inc. | 4300 |  | 999535 |
|  Boise Cascade Co. | 2000 |  | 173640 |
|  Core & Main, Inc., Class A\* | 23100 |  | 1394085 |
|  Distribution Solutions Group, Inc. (x)\* | 600 |  | 16482 |
|  Fastenal Co. | 155800 |  | 6543600 |
|  Ferguson Enterprises, Inc. | 24300 |  | 5291325 |
|  FTAI Aviation Ltd. | 14400 |  | 1656576 |
|  GATX Corp. | 5000 |  | 767800 |
|  McGrath RentCorp | 1000 |  | 115960 |
|  MSC Industrial Direct Co., Inc., Class A | 1600 |  | 136032 |
|  QXO, Inc.\* | 74700 |  | 1609038 |
|  SiteOne Landscape Supply, Inc.\* | 6700 |  | 810298 |
|  United Rentals, Inc. | 8822 |  | 6646495 |
|  W.W. Grainger, Inc. | 5750 |  | 5981380 |
|  Watsco, Inc. | 5210 |  | 2300840 |
|  WESCO International, Inc. | 8586 |  | 1590127 |
|  |  |  | 37261503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 730894820 |
|  **Information Technology (30.5%)** | **Information Technology (30.5%)** | **Information Technology (30.5%)** | **Information Technology (30.5%)** |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** |
|  Arista Networks, Inc.\* | 130600 |  | 13361686 |
|  Calix, Inc.\* | 1500 |  | 79785 |
|  Ciena Corp.\* | 21000 |  | 1707930 |
|  Cisco Systems, Inc. | 499370 |  | 34646291 |
|  F5, Inc.\* | 7800 |  | 2295696 |
|  Juniper Networks, Inc. | 51600 |  | 2060388 |
|  Lumentum Holdings, Inc.\* | 8600 |  | 817516 |
|  Motorola Solutions, Inc. | 22021 |  | 9258950 |
|  NetScout Systems, Inc.\* | 1300 |  | 32253 |
|  Ubiquiti, Inc. | 1217 |  | 500978 |
|  Viavi Solutions, Inc.\* | 9550 |  | 96168 |
|  |  |  | 64857641 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Advanced Energy Industries, Inc. | 3600 |  | 477000 |
|  Aeva Technologies, Inc.\* | 2220 |  | 83894 |
|  Amphenol Corp., Class A | 149660 |  | 14778925 |
|  Arrow Electronics, Inc.\* | 9300 |  | 1185099 |
|  Avnet, Inc. | 2320 |  | 123146 |
|  Badger Meter, Inc. | 4400 |  | 1077780 |
|  Belden, Inc. | 2000 |  | 231600 |
|  CDW Corp. | 19151 |  | 3420177 |
|  Cognex Corp. | 30400 |  | 964288 |
|  Coherent Corp.\* | 21857 |  | 1949863 |
|  Corning, Inc. | 105290 |  | 5537201 |
|  Crane NXT Co. (x) | 5500 |  | 296450 |
|  Fabrinet\* | 5100 |  | 1502868 |
|  Flex Ltd.\* | 47800 |  | 2386176 |
|  Ingram Micro Holding Corp. | 11300 |  | 235492 |
|  IPG Photonics Corp.\* | 1100 |  | 75515 |
|  Itron, Inc.\* | 4010 |  | 527836 |
|  Jabil, Inc. | 13700 |  | 2987970 |

---

See Notes to Financial Statements.

574

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Keysight Technologies, Inc.\* | 23015 | $| 3771238 |
|  Littelfuse, Inc. | 3100 |  | 702863 |
|  MicroVision, Inc. (x)\* | 33100 |  | 37734 |
|  Plexus Corp.\* | 200 |  | 27062 |
|  Ralliant Corp.\* | 15843 |  | 768243 |
|  Rogers Corp.\* | 200 |  | 13696 |
|  Sanmina Corp.\* | 6800 |  | 665244 |
|  TD SYNNEX Corp. | 8766 |  | 1189546 |
|  Teledyne Technologies, Inc.\* | 6346 |  | 3251119 |
|  Trimble, Inc.\* | 32400 |  | 2461752 |
|  Vishay Intertechnology, Inc. | 5000 |  | 79400 |
|  Vontier Corp. | 23452 |  | 865379 |
|  Zebra Technologies Corp., Class A\* | 7100 |  | 2189356 |
|  |  |  | 53863912 |
|  ***IT Services (1.4%)*** |  |  |  |
|  Accenture plc, Class A | 79500 |  | 23761755 |
|  Akamai Technologies, Inc. (x)\* | 22100 |  | 1762696 |
|  Amdocs Ltd. | 16610 |  | 1515497 |
|  ASGN, Inc.\* | 4300 |  | 214699 |
|  Cloudflare, Inc., Class A\* | 41600 |  | 8146528 |
|  Cognizant Technology Solutions Corp., Class A | 64900 |  | 5064147 |
|  DXC Technology Co.\* | 21096 |  | 322558 |
|  EPAM Systems, Inc.\* | 8800 |  | 1556016 |
|  Fastly, Inc., Class A\* | 13300 |  | 93898 |
|  Gartner, Inc.\* | 10378 |  | 4194995 |
|  Globant SA\* | 6398 |  | 581194 |
|  GoDaddy, Inc., Class A\* | 17800 |  | 3205068 |
|  International Business Machines Corp. | 117131 |  | 34527876 |
|  Kyndryl Holdings, Inc.\* | 32800 |  | 1376288 |
|  MongoDB, Inc.\* | 10100 |  | 2120899 |
|  Okta, Inc.\* | 22800 |  | 2279316 |
|  Rackspace Technology, Inc.\* | 9900 |  | 12672 |
|  Snowflake, Inc., Class A\* | 41222 |  | 9224247 |
|  Twilio, Inc., Class A\* | 20100 |  | 2499636 |
|  VeriSign, Inc. | 10950 |  | 3162360 |
|  |  |  | 105622345 |
|  ***Semiconductors & Semiconductor Equipment (11.1%)*** | ***Semiconductors & Semiconductor Equipment (11.1%)*** | ***Semiconductors & Semiconductor Equipment (11.1%)*** | ***Semiconductors & Semiconductor Equipment (11.1%)*** |
|  Advanced Micro Devices, Inc.\* | 202053 |  | 28671321 |
|  Allegro MicroSystems, Inc.\* | 17900 |  | 612001 |
|  Ambarella, Inc.\* | 1700 |  | 112311 |
|  Amkor Technology, Inc. | 17400 |  | 365226 |
|  Analog Devices, Inc. | 64134 |  | 15265175 |
|  Applied Materials, Inc. | 104620 |  | 19152783 |
|  Astera Labs, Inc.\* | 18000 |  | 1627560 |
|  Broadcom, Inc. | 579400 |  | 159711610 |
|  Cirrus Logic, Inc.\* | 7400 |  | 771487 |
|  Credo Technology Group Holding Ltd.\* | 17000 |  | 1574030 |
|  Diodes, Inc.\* | 5900 |  | 312051 |
|  Enphase Energy, Inc.\* | 20100 |  | 796965 |
|  Entegris, Inc. | 22073 |  | 1780187 |
|  First Solar, Inc.\* | 14600 |  | 2416884 |
|  FormFactor, Inc.\* | 10300 |  | 354423 |
|  GLOBALFOUNDRIES, Inc.\* | 15300 |  | 584460 |
|  Impinj, Inc.\* | 4100 |  | 455387 |
|  Intel Corp. | 551890 |  | 12362336 |
|  KLA Corp. | 16680 |  | 14940943 |
|  Kulicke & Soffa Industries, Inc. | 7500 |  | 259500 |
|  Lam Research Corp. | 160450 |  | 15618203 |
|  Lattice Semiconductor Corp.\* | 23300 |  | 1141467 |
|  MACOM Technology Solutions Holdings, Inc.\* | 6700 |  | 960043 |
|  Marvell Technology, Inc. | 115861 |  | 8967641 |
|  Microchip Technology, Inc. | 73840 |  | 5196121 |
|  Micron Technology, Inc. | 140150 |  | 17273488 |
|  MKS, Inc. | 9500 |  | 943920 |
|  Monolithic Power Systems, Inc. | 5900 |  | 4315142 |
|  NVIDIA Corp. | 2936179 |  | 463886920 |
|  ON Semiconductor Corp.\* | 56700 |  | 2971647 |
|  Onto Innovation, Inc.\* | 7900 |  | 797347 |
|  Power Integrations, Inc. | 1900 |  | 106210 |
|  Qorvo, Inc.\* | 17127 |  | 1454254 |
|  QUALCOMM, Inc. | 137905 |  | 21962750 |
|  Rambus, Inc.\* | 16700 |  | 1069134 |
|  Silicon Laboratories, Inc.\* | 4000 |  | 589440 |
|  Skyworks Solutions, Inc. | 24900 |  | 1855548 |
|  Synaptics, Inc.\* | 5900 |  | 382438 |
|  Teradyne, Inc. | 21410 |  | 1925187 |
|  Texas Instruments, Inc. | 115390 |  | 23957272 |
|  Universal Display Corp. | 7600 |  | 1173896 |
|  |  |  | 838674708 |
|  ***Software (11.1%)*** |  |  |  |
|  8x8, Inc.\* | 18300 |  | 35868 |
|  ACI Worldwide, Inc.\* | 13200 |  | 606012 |
|  Adobe, Inc.\* | 53420 |  | 20667130 |
|  Alarm.com Holdings, Inc.\* | 2300 |  | 130111 |
|  Alkami Technology, Inc.\* | 1500 |  | 45210 |
|  ANSYS, Inc.\* | 11500 |  | 4039030 |
|  Appfolio, Inc., Class A\* | 2500 |  | 575700 |
|  Appian Corp., Class A\* | 3700 |  | 110482 |
|  AppLovin Corp., Class A\* | 29900 |  | 10467392 |
|  Atlassian Corp., Class A\* | 22400 |  | 4549216 |
|  Aurora Innovation, Inc., Class A\* | 90400 |  | 473696 |
|  Autodesk, Inc.\* | 28650 |  | 8869180 |
|  AvePoint, Inc.\* | 14000 |  | 270340 |
|  Bentley Systems, Inc., Class B | 28300 |  | 1527351 |
|  BILL Holdings, Inc.\* | 14700 |  | 680022 |
|  Blackbaud, Inc.\* | 7500 |  | 481575 |
|  BlackLine, Inc.\* | 3500 |  | 198170 |
|  Box, Inc., Class A\* | 9300 |  | 317781 |
|  C3.ai, Inc., Class A\* | 24900 |  | 611793 |
|  Cadence Design Systems, Inc.\* | 34530 |  | 10640419 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 65000 |  | 611650 |
|  Cerence, Inc. (x)\* | 1600 |  | 16336 |
|  Cleanspark, Inc. (x)\* | 35900 |  | 395977 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 20000 |  | 438600 |
|  Commvault Systems, Inc.\* | 5300 |  | 923949 |
|  Confluent, Inc., Class A\* | 33200 |  | 827676 |
|  Consensus Cloud Solutions, Inc.\* | 2166 |  | 49948 |
|  Core Scientific, Inc.\* | 39100 |  | 667437 |
|  Crowdstrike Holdings, Inc., Class A\* | 30200 |  | 15381162 |
|  Datadog, Inc., Class A\* | 40700 |  | 5467231 |
|  Docusign, Inc.\* | 25400 |  | 1978406 |
|  Dolby Laboratories, Inc., Class A | 5900 |  | 438134 |
|  Domo, Inc., Class B\* | 800 |  | 11176 |
|  Dropbox, Inc., Class A\* | 41200 |  | 1178320 |
|  Dynatrace, Inc.\* | 39500 |  | 2180795 |

---

See Notes to Financial Statements.

575

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Elastic NV\* | 10000 | $| 843300 |
|  Fair Isaac Corp.\* | 3000 |  | 5483880 |
|  Five9, Inc.\* | 11500 |  | 304520 |
|  Fortinet, Inc.\* | 85300 |  | 9017916 |
|  Freshworks, Inc., Class A\* | 24200 |  | 360822 |
|  Gen Digital, Inc. | 87016 |  | 2558270 |
|  Gitlab, Inc., Class A (x)\* | 12700 |  | 572897 |
|  Guidewire Software, Inc.\* | 11700 |  | 2754765 |
|  HubSpot, Inc.\* | 6500 |  | 3618095 |
|  Informatica, Inc., Class A\* | 16900 |  | 411515 |
|  Intapp, Inc.\* | 6500 |  | 335530 |
|  InterDigital, Inc. (x) | 3300 |  | 739959 |
|  Intuit, Inc. | 34850 |  | 27448906 |
|  Jamf Holding Corp.\* | 2000 |  | 19020 |
|  Life360, Inc.\* | 9800 |  | 639450 |
|  LiveRamp Holdings, Inc.\* | 1900 |  | 62776 |
|  Manhattan Associates, Inc.\* | 9200 |  | 1816724 |
|  MARA Holdings, Inc. (x)\* | 43200 |  | 677376 |
|  Microsoft Corp. | 930478 |  | 462829062 |
|  MicroStrategy, Inc., Class A\* | 31300 |  | 12652399 |
|  N-able, Inc.\* | 9750 |  | 78975 |
|  nCino, Inc.\* | 12100 |  | 338437 |
|  NCR Voyix Corp.\* | 15200 |  | 178296 |
|  Nutanix, Inc., Class A\* | 34600 |  | 2644824 |
|  Oracle Corp. | 207721 |  | 45414042 |
|  Palantir Technologies, Inc., Class A\* | 274000 |  | 37351680 |
|  Palo Alto Networks, Inc.\* | 84900 |  | 17373936 |
|  Pegasystems, Inc. | 11600 |  | 627908 |
|  Procore Technologies, Inc.\* | 14500 |  | 992090 |
|  PTC, Inc.\* | 16150 |  | 2783291 |
|  Q2 Holdings, Inc.\* | 6700 |  | 627053 |
|  Qualys, Inc.\* | 5500 |  | 785785 |
|  Roper Technologies, Inc. | 13950 |  | 7907418 |
|  Rubrik, Inc., Class A\* | 12200 |  | 1092998 |
|  SailPoint, Inc.\* | 22000 |  | 502920 |
|  Salesforce, Inc. | 118751 |  | 32382210 |
|  Samsara, Inc., Class A\* | 33700 |  | 1340586 |
|  SentinelOne, Inc., Class A\* | 33300 |  | 608724 |
|  ServiceNow, Inc.\* | 26400 |  | 27141312 |
|  SPS Commerce, Inc.\* | 6400 |  | 870976 |
|  Synopsys, Inc.\* | 19520 |  | 10007514 |
|  Tenable Holdings, Inc.\* | 4300 |  | 145254 |
|  Tyler Technologies, Inc.\* | 6000 |  | 3557040 |
|  UiPath, Inc., Class A\* | 57700 |  | 738560 |
|  Unity Software, Inc.\* | 42396 |  | 1025983 |
|  Varonis Systems, Inc.\* | 15600 |  | 791700 |
|  Verint Systems, Inc.\* | 1400 |  | 27538 |
|  Workday, Inc., Class A\* | 28480 |  | 6835200 |
|  Workiva, Inc., Class A\* | 4000 |  | 273800 |
|  Yext, Inc.\* | 7100 |  | 60350 |
|  Zeta Global Holdings Corp., Class A\* | 23700 |  | 367113 |
|  Zoom Communications, Inc., Class A\* | 39100 |  | 3049018 |
|  Zscaler, Inc.\* | 12100 |  | 3798674 |
|  |  |  | 840731662 |
|  ***Technology Hardware, Storage & Peripherals (5.3%)*** | ***Technology Hardware, Storage & Peripherals (5.3%)*** | ***Technology Hardware, Storage & Peripherals (5.3%)*** | ***Technology Hardware, Storage & Peripherals (5.3%)*** |
|  Apple, Inc. | 1849401 |  | 379441603 |
|  Corsair Gaming, Inc.\* | 4303 |  | 40577 |
|  Dell Technologies, Inc., Class C | 39900 |  | 4891740 |
|  Hewlett Packard Enterprise Co. | 190732 |  | 3900470 |
|  HP, Inc. | 127468 |  | 3117867 |
|  IonQ, Inc. (x)\* | 26000 |  | 1117220 |
|  NetApp, Inc. | 25450 |  | 2711698 |
|  Pure Storage, Inc., Class A\* | 43200 |  | 2487456 |
|  Sandisk Corp.\* | 16900 |  | 766415 |
|  Super Micro Computer, Inc.\* | 69000 |  | 3381690 |
|  Western Digital Corp. | 44778 |  | 2865344 |
|  |  |  | 404722080 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 2308472348 |
|  **Materials (2.2%)** |  |  |  |
|  ***Chemicals (1.2%)*** |  |  |  |
|  Air Products and Chemicals, Inc. | 28980 |  | 8174099 |
|  Albemarle Corp. (x) | 18276 |  | 1145357 |
|  Ashland, Inc. | 264 |  | 13274 |
|  Avient Corp. | 6700 |  | 216477 |
|  Axalta Coating Systems Ltd.\* | 32258 |  | 957740 |
|  Balchem Corp. | 5700 |  | 907440 |
|  Celanese Corp. | 13800 |  | 763554 |
|  CF Industries Holdings, Inc. | 23410 |  | 2153720 |
|  Chemours Co. (The) (x) | 4600 |  | 52670 |
|  Corteva, Inc. | 88390 |  | 6587706 |
|  Dow, Inc. | 95756 |  | 2535619 |
|  DuPont de Nemours, Inc. | 60232 |  | 4131313 |
|  Eastman Chemical Co. | 17028 |  | 1271310 |
|  Ecolab, Inc. | 31588 |  | 8511071 |
|  Element Solutions, Inc. | 38300 |  | 867495 |
|  FMC Corp. | 16000 |  | 668000 |
|  Huntsman Corp. | 5000 |  | 52100 |
|  International Flavors & Fragrances, Inc. | 39447 |  | 2901327 |
|  Linde plc | 58900 |  | 27634702 |
|  LyondellBasell Industries NV, Class A | 39300 |  | 2273898 |
|  Mosaic Co. (The) | 56130 |  | 2047622 |
|  NewMarket Corp. | 300 |  | 207258 |
|  Olin Corp. | 2500 |  | 50225 |
|  PPG Industries, Inc. | 28500 |  | 3241875 |
|  RPM International, Inc. | 18150 |  | 1993596 |
|  Sherwin-Williams Co. (The) | 30400 |  | 10438144 |
|  Westlake Corp. | 7900 |  | 599847 |
|  |  |  | 90397439 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  CRH plc | 88300 |  | 8105940 |
|  Eagle Materials, Inc. | 6100 |  | 1232871 |
|  Knife River Corp.\* | 7900 |  | 644956 |
|  Martin Marietta Materials, Inc. | 8130 |  | 4463045 |
|  Vulcan Materials Co. | 17500 |  | 4564350 |
|  |  |  | 19011162 |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** |
|  Amcor plc | 324679 |  | 2983800 |
|  AptarGroup, Inc. | 10000 |  | 1564300 |
|  Avery Dennison Corp. | 11350 |  | 1991584 |
|  Ball Corp. | 45100 |  | 2529659 |
|  Crown Holdings, Inc. | 17450 |  | 1797001 |
|  Graphic Packaging Holding Co. (x) | 56100 |  | 1182027 |
|  International Paper Co. | 68250 |  | 3196147 |
|  Packaging Corp. of America | 13000 |  | 2449850 |
|  Sealed Air Corp. | 18460 |  | 572814 |

---

See Notes to Financial Statements.

576

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Silgan Holdings, Inc. | 11200 | $| 606816 |
|  Smurfit WestRock plc | 69232 |  | 2987361 |
|  Sonoco Products Co. | 6360 |  | 277042 |
|  |  |  | 22138401 |
|  ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** |
|  Alcoa Corp. | 32900 |  | 970879 |
|  Anglogold Ashanti plc (x) | 63200 |  | 2880024 |
|  Carpenter Technology Corp. | 6700 |  | 1851746 |
|  Coeur Mining, Inc.\* | 78600 |  | 696396 |
|  Commercial Metals Co. | 21300 |  | 1041783 |
|  Freeport-McMoRan, Inc. | 183894 |  | 7971805 |
|  Newmont Corp. | 146408 |  | 8529730 |
|  Nucor Corp. | 32620 |  | 4225595 |
|  Reliance, Inc. | 7600 |  | 2385640 |
|  Royal Gold, Inc. | 8600 |  | 1529424 |
|  Southern Copper Corp. | 13459 |  | 1361647 |
|  Steel Dynamics, Inc. | 21100 |  | 2701011 |
|  |  |  | 36145680 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 8900 |  | 765311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 168457993 |
|  **Real Estate (2.5%)** |  |  |  |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  American Assets Trust, Inc. (REIT) | 3100 |  | 61225 |
|  Broadstone Net Lease, Inc. (REIT) | 5600 |  | 89880 |
|  Essential Properties Realty Trust, Inc. (REIT) | 21500 |  | 686065 |
|  WP Carey, Inc. (REIT) | 29921 |  | 1866472 |
|  |  |  | 2703642 |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 25080 |  | 1821560 |
|  American Healthcare REIT, Inc. (REIT) | 19500 |  | 716430 |
|  CareTrust REIT, Inc. (REIT) | 24200 |  | 740520 |
|  Diversified Healthcare Trust (REIT) | 22690 |  | 81230 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 58041 |  | 920530 |
|  Healthpeak Properties, Inc. (REIT) | 110518 |  | 1935170 |
|  LTC Properties, Inc. (REIT) | 2400 |  | 83064 |
|  National Health Investors, Inc. (REIT) | 300 |  | 21036 |
|  Omega Healthcare Investors, Inc. (REIT) | 44440 |  | 1628726 |
|  Sabra Health Care REIT, Inc. (REIT) | 3157 |  | 58215 |
|  Ventas, Inc. (REIT) | 53479 |  | 3377199 |
|  Welltower, Inc. (REIT) | 81317 |  | 12500863 |
|  |  |  | 23884543 |
|  ***Hotel & Resort REITs (0.1%)*** |  |  |  |
|  Apple Hospitality REIT, Inc. (REIT) | 43500 |  | 507645 |
|  DiamondRock Hospitality Co. (REIT) | 14300 |  | 109538 |
|  Host Hotels & Resorts, Inc. (REIT) | 115813 |  | 1778888 |
|  Park Hotels & Resorts, Inc. (REIT) | 12535 |  | 128233 |
|  RLJ Lodging Trust (REIT) | 15000 |  | 109200 |
|  Ryman Hospitality Properties, Inc. (REIT) | 10751 |  | 1060801 |
|  Service Properties Trust (REIT) | 11300 |  | 27007 |
|  Sunstone Hotel Investors, Inc. (REIT) | 8400 |  | 72912 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 5100 |  | 64107 |
|  |  |  | 3858331 |
|  ***Industrial REITs (0.3%)*** |  |  |  |
|  Americold Realty Trust, Inc. (REIT) | 37100 |  | 616973 |
|  EastGroup Properties, Inc. (REIT) | 6800 |  | 1136416 |
|  First Industrial Realty Trust, Inc. (REIT) | 20000 |  | 962600 |
|  Innovative Industrial Properties, Inc. (REIT) | 1300 |  | 71786 |
|  Lineage, Inc. (REIT) (x) | 8697 |  | 378493 |
|  LXP Industrial Trust (REIT) | 11700 |  | 96642 |
|  Prologis, Inc. (REIT) | 120463 |  | 12663071 |
|  Rexford Industrial Realty, Inc. (REIT) | 29300 |  | 1042201 |
|  STAG Industrial, Inc. (REIT) | 27800 |  | 1008584 |
|  Terreno Realty Corp. (REIT) | 11600 |  | 650412 |
|  |  |  | 18627178 |
|  ***Office REITs (0.1%)*** |  |  |  |
|  Brandywine Realty Trust (REIT) | 11500 |  | 49335 |
|  BXP, Inc. (REIT) | 20970 |  | 1414846 |
|  Cousins Properties, Inc. (REIT) | 20961 |  | 629459 |
|  Easterly Government Properties, Inc. (REIT), Class A | 3280 |  | 72816 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 24500 |  | 67130 |
|  JBG SMITH Properties (REIT) | 9600 |  | 166080 |
|  NET Lease Office Properties (REIT)\* | 2014 |  | 65555 |
|  Paramount Group, Inc. (REIT)\* | 22800 |  | 139080 |
|  Piedmont Realty Trust, Inc. (REIT) | 25100 |  | 182979 |
|  SL Green Realty Corp. (REIT) | 2200 |  | 136180 |
|  Vornado Realty Trust (REIT) | 25900 |  | 990416 |
|  |  |  | 3913876 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  CBRE Group, Inc., Class A\* | 37350 |  | 5233482 |
|  Compass, Inc., Class A\* | 95300 |  | 598484 |
|  CoStar Group, Inc.\* | 53050 |  | 4265220 |
|  Cushman & Wakefield plc\* | 1700 |  | 18819 |
|  eXp World Holdings, Inc. (x) | 11270 |  | 102557 |
|  Howard Hughes Holdings, Inc.\* | 5800 |  | 391500 |
|  Jones Lang LaSalle, Inc.\* | 6600 |  | 1688148 |
|  Kennedy-Wilson Holdings, Inc. | 19700 |  | 133960 |
|  Marcus & Millichap, Inc. | 1100 |  | 33781 |
|  Newmark Group, Inc., Class A | 15219 |  | 184911 |
|  RMR Group, Inc. (The), Class A | 271 |  | 4431 |
|  Seaport Entertainment Group, Inc.\* | 854 |  | 15927 |
|  St Joe Co. (The) | 5100 |  | 243270 |
|  Zillow Group, Inc., Class C\* | 27124 |  | 1900036 |
|  |  |  | 14814526 |
|  ***Residential REITs (0.3%)*** |  |  |  |
|  American Homes 4 Rent (REIT), Class A | 47500 |  | 1713325 |
|  AvalonBay Communities, Inc. (REIT) | 20249 |  | 4120671 |
|  Camden Property Trust (REIT) | 15680 |  | 1766979 |
|  Elme Communities (REIT) | 11170 |  | 177603 |
|  Equity LifeStyle Properties, Inc. (REIT) | 27500 |  | 1695925 |
|  Equity Residential (REIT) | 49687 |  | 3353376 |

---

See Notes to Financial Statements.

577

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Essex Property Trust, Inc. (REIT) | 8677 | $| 2459062 |
|  Independence Realty Trust, Inc. (REIT) | 11400 |  | 201666 |
|  Invitation Homes, Inc. (REIT) | 77996 |  | 2558269 |
|  Mid-America Apartment Communities, Inc. (REIT) | 14938 |  | 2210973 |
|  Sun Communities, Inc. (REIT) | 18600 |  | 2352714 |
|  UDR, Inc. (REIT) | 52936 |  | 2161377 |
|  Veris Residential, Inc. (REIT) | 5300 |  | 78917 |
|  |  |  | 24850857 |
|  ***Retail REITs (0.3%)*** |  |  |  |
|  Acadia Realty Trust (REIT) | 9000 |  | 167130 |
|  Agree Realty Corp. (REIT) | 13200 |  | 964392 |
|  Brixmor Property Group, Inc. (REIT) | 45300 |  | 1179612 |
|  Curbline Properties Corp. (REIT) | 6200 |  | 141546 |
|  Federal Realty Investment Trust (REIT) | 12380 |  | 1175976 |
|  Getty Realty Corp. (REIT) (x) | 3100 |  | 85684 |
|  InvenTrust Properties Corp. (REIT) | 1900 |  | 52060 |
|  Kimco Realty Corp. (REIT) | 99485 |  | 2091175 |
|  Kite Realty Group Trust (REIT) | 34998 |  | 792705 |
|  Macerich Co. (The) (REIT) | 10822 |  | 175100 |
|  NNN REIT, Inc. (REIT) | 27190 |  | 1174064 |
|  Phillips Edison & Co., Inc. (REIT) | 3700 |  | 129611 |
|  Realty Income Corp. (REIT) | 119341 |  | 6875235 |
|  Regency Centers Corp. (REIT) | 26006 |  | 1852407 |
|  Simon Property Group, Inc. (REIT) | 42159 |  | 6777481 |
|  SITE Centers Corp. (REIT) | 3100 |  | 35061 |
|  Tanger, Inc. (REIT) | 5300 |  | 162074 |
|  Urban Edge Properties (REIT) | 8910 |  | 166261 |
|  |  |  | 23997574 |
|  ***Specialized REITs (0.9%)*** |  |  |  |
|  American Tower Corp. (REIT) | 60800 |  | 13438016 |
|  Crown Castle, Inc. (REIT) | 56850 |  | 5840201 |
|  CubeSmart (REIT) | 39700 |  | 1687250 |
|  Digital Realty Trust, Inc. (REIT) | 44972 |  | 7839969 |
|  EPR Properties (REIT) | 1700 |  | 99042 |
|  Equinix, Inc. (REIT) | 12661 |  | 10071446 |
|  Extra Space Storage, Inc. (REIT) | 28741 |  | 4237573 |
|  Gaming and Leisure Properties, Inc. (REIT) | 36886 |  | 1721838 |
|  Iron Mountain, Inc. (REIT) | 39355 |  | 4036642 |
|  Lamar Advertising Co. (REIT), Class A (x) | 13639 |  | 1655229 |
|  National Storage Affiliates Trust (REIT) | 3000 |  | 95970 |
|  PotlatchDeltic Corp. (REIT) | 151 |  | 5794 |
|  Public Storage (REIT) | 21802 |  | 6397143 |
|  Rayonier, Inc. (REIT) | 3401 |  | 75434 |
|  Safehold, Inc. (REIT) | 3000 |  | 46680 |
|  SBA Communications Corp. (REIT) | 15300 |  | 3593052 |
|  Uniti Group, Inc. (REIT)\* | 33900 |  | 146448 |
|  VICI Properties, Inc. (REIT), Class A | 148900 |  | 4854140 |
|  Weyerhaeuser Co. (REIT) | 111535 |  | 2865334 |
|  |  |  | 68707201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 185357728 |
|  **Utilities (2.3%)** |  |  |  |
|  ***Electric Utilities (1.4%)*** |  |  |  |
|  Alliant Energy Corp. | 34700 |  | 2098309 |
|  American Electric Power Co., Inc. | 72170 |  | 7488359 |
|  Constellation Energy Corp. | 39952 |  | 12894908 |
|  Duke Energy Corp. | 99885 |  | 11786430 |
|  Edison International | 51360 |  | 2650176 |
|  Entergy Corp. | 57000 |  | 4737840 |
|  Evergy, Inc. | 28409 |  | 1958232 |
|  Eversource Energy | 44958 |  | 2860228 |
|  Exelon Corp. | 132456 |  | 5751240 |
|  FirstEnergy Corp. | 73504 |  | 2959271 |
|  IDACORP, Inc. (x) | 6850 |  | 790833 |
|  NextEra Energy, Inc. | 257900 |  | 17903418 |
|  NRG Energy, Inc. | 27421 |  | 4403264 |
|  OGE Energy Corp. | 25400 |  | 1127252 |
|  Oklo, Inc., Class A (x)\* | 12700 |  | 711073 |
|  PG&E Corp. | 288900 |  | 4027266 |
|  Pinnacle West Capital Corp. | 15000 |  | 1342050 |
|  Portland General Electric Co. | 4000 |  | 162520 |
|  PPL Corp. | 100450 |  | 3404250 |
|  Southern Co. (The) | 141650 |  | 13007719 |
|  TXNM Energy, Inc. | 11600 |  | 653312 |
|  Xcel Energy, Inc. | 75680 |  | 5153808 |
|  |  |  | 107871758 |
|  ***Gas Utilities (0.1%)*** |  |  |  |
|  Atmos Energy Corp. (x) | 21100 |  | 3251721 |
|  Brookfield Infrastructure Corp., Class A | 15161 |  | 630698 |
|  National Fuel Gas Co. | 13700 |  | 1160527 |
|  New Jersey Resources Corp. | 9400 |  | 421308 |
|  ONE Gas, Inc. | 900 |  | 64674 |
|  Southwest Gas Holdings, Inc. | 8000 |  | 595120 |
|  Spire, Inc. | 2800 |  | 204372 |
|  UGI Corp. | 39575 |  | 1441321 |
|  |  |  | 7769741 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 103695 |  | 1090872 |
|  Ormat Technologies, Inc. | 7600 |  | 636576 |
|  Talen Energy Corp.\* | 5700 |  | 1657389 |
|  Vistra Corp. | 42215 |  | 8181689 |
|  |  |  | 11566526 |
|  ***Multi-Utilities (0.6%)*** |  |  |  |
|  Ameren Corp. | 34400 |  | 3303776 |
|  Black Hills Corp. | 9100 |  | 510510 |
|  CenterPoint Energy, Inc. | 83150 |  | 3054931 |
|  CMS Energy Corp. | 38000 |  | 2632640 |
|  Consolidated Edison, Inc. | 44500 |  | 4465575 |
|  Dominion Energy, Inc. | 106454 |  | 6016780 |
|  DTE Energy Co. | 26400 |  | 3496944 |
|  NiSource, Inc. | 61600 |  | 2484944 |
|  Public Service Enterprise Group, Inc. | 67800 |  | 5707404 |
|  Sempra | 82980 |  | 6287394 |
|  WEC Energy Group, Inc. | 40898 |  | 4261572 |
|  |  |  | 42222470 |

---

See Notes to Financial Statements.

578

------

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Water Utilities (0.1%)*** |  |  |
|  American Water Works Co., Inc. | 27900 | $3881169 |
|  Essential Utilities, Inc. | 42062 | 1562183 |
|  |  | 5443352 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 174873847 |
|  **Total Common Stocks (99.1%)**<br> *(Cost $1,682,905,349)* |  | 7499888207 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: |  |  |
|  **Health Care (0.0%)†** |  |  |
|  ***Biotechnology (0.0%)†*** |  |  |
|  Chinook Therapeutics, Inc., CVR \* | 13100 |  |
|  Mirati Therapeutics, Inc., CVR (r)\* | 7300 | 2737 |
|  **Total Rights (0.0%)†**<br> *(Cost $3,832)* |  | 2737 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 19829146 | 19829146 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 4.27% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 22829146 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $22,829,146)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $22,829,146)* | 22829146 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $1,705,738,327)* | **Total Investments in Securities (99.4%)**<br> *(Cost $1,705,738,327)* | 7522720090 |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 48904029 |
|  **Net Assets (100%)** |  | $7571624119 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $32,986,800.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $31,559,064. This was collateralized by $9,141,332 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $22,829,146 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 32 | 9/2025 | USD | 3506720 | 41716 |
|  S&P 500 E-Mini Index | 214 | 9/2025 | USD | 66915125 | 1352107 |
|  |  |  |  |  | 1393823 |

---

See Notes to Financial Statements.

579

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $699937450 | $— | $— | $699937450 |
|  Consumer Discretionary | 793374575 |  |  | 793374575 |
|  Consumer Staples | 389315426 |  |  | 389315426 |
|  Energy | 232195991 |  |  | 232195991 |
|  Financials | 1098571478 |  |  | 1098571478 |
|  Health Care | 718436551 |  | — (a) | 718436551 |
|  Industrials | 730894820 |  |  | 730894820 |
|  Information Technology | 2308472348 |  |  | 2308472348 |
|  Materials | 168457993 |  |  | 168457993 |
|  Real Estate | 185357728 |  |  | 185357728 |
|  Utilities | 174873847 |  |  | 174873847 |
|  **Futures** | 1393823 |  |  | 1393823 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 2737 | 2737 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 22829146 |  |  | 22829146 |
|  **Total Assets** | $**7524111176** | $**—** | $**2737** | $**7524113913** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7524111176** | $**—** | $**2737** | $**7524113913** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1393823 \* |
|  **Total** |  | $1393823 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1370769) | $(1370769) |
|  **Total** | $(1370769) | $(1370769) |

---

See Notes to Financial Statements.

580

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2193633 | $2193633 |
|  **Total** | $2193633 | $2193633 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $139701029.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $489331486.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6029591567 |
|  Aggregate gross unrealized depreciation | (231647728) |
|  Net unrealized appreciation | $5797943839 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1726170074 |

---

See Notes to Financial Statements.

581

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EQ/COMMON STOCK INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,705,738,327) | $7522720090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 73976278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4183841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 596733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 325643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 186873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 9139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 77407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7602076004 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 22829146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 3379033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1904999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IA | 1081010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 541192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 432094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 280186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 30451885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $7571624119 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1341278314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6230345805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7571624119 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $5,407,771,254 / 103,669,683 shares outstanding (unlimited amount authorized: $0.01 par value) | $52.16 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,163,852,865 / 41,849,689 shares outstanding (unlimited amount authorized: $0.01 par value) | $51.71 |

---

*(x)* *Includes value of securities on loan of $31,559,064.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,927 foreign<br>withholding tax) | $48659084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 950576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 46048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 49655708 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 11129388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IA | 6435319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3261110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 2555272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 252936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 176125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 120783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 82825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 35135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 258865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 24307758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (206445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 24101313 |
|  **NET INVESTMENT INCOME (LOSS)** | 25554395 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 309161349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1370769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 307790580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation<br>(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 56826428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2193633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 59020061 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 366810641 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $392365036 |

---

See Notes to Financial Statements.

582

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#### EQ ADVISORS TRUST
EQ/COMMON STOCK INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $25554395 | $50708847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 307790580 | 521782945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 59020061 | 917399356 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 392365036 | 1489891148 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (386572303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (153205630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (539777933) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 449,575 and 927,345 shares, respectively ] | 21676368 | 44636766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 7,571,714 shares, respectively ] |  | 386572303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5788998) and (11431042) shares, respectively ] | (282004113) | (558453800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (260327745) | (127244731) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,011,949 and 1,982,019 shares, respectively ] | 48989223 | 95704399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,027,210 shares, respectively ] |  | 153205630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2509241) and (5353159) shares, respectively ] | (121532290) | (257689822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (72543067) | (8779793) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (332870812) | (136024524) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 59494224 | 814088691 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 7512129895 | 6698041204 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $7571624119 | $7512129895 |

---

See Notes to Financial Statements.

583

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#### EQ ADVISORS TRUST
EQ/COMMON STOCK INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $49.43 | $43.14 | $36.26 | $48.10 | $41.35 | $36.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.34 | 0.35 | 0.36 | 0.30 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.56 | 9.70 | 8.71 | (9.64) | 9.93 | 6.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.73 | 10.04 | 9.06 | (9.28) | 10.23 | 7.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.38) | (0.46) | (0.32) | (0.33) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.37) | (1.72) | (2.24) | (3.15) | (2.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (3.75) | (2.18) | (2.56) | (3.48) | (2.45) |
|  Net asset value, end of period | $52.16 | $49.43 | $43.14 | $36.26 | $48.10 | $41.35 |
|  Total return (b) | 5.52% | 23.07% | 25.12% | (19.46)% | 24.93% | 19.77% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $5407771 | $5388310 | $4828771 | $4220653 | $5655827 | $4920389 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.67% | 0.67% | 0.68% | 0.68% | 0.68% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.68% | 0.68% | 0.70% | 0.68% | 0.68% | 0.69% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.71% | 0.70% | 0.88% | 0.87% | 0.65% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.70% | 0.69% | 0.86% | 0.87% | 0.65% | 1.10% |
|  Portfolio turnover rate^ | 2 %(z) | 2% | 2% | 3% | 3% | 4% |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $49.00 | $42.78 | $35.97 | $47.75 | $41.07 | $36.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.34 | 0.35 | 0.35 | 0.30 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.54 | 9.63 | 8.64 | (9.57) | 9.86 | 6.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.71 | 9.97 | 8.99 | (9.22) | 10.16 | 7.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.38) | (0.46) | (0.32) | (0.33) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.37) | (1.72) | (2.24) | (3.15) | (2.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (3.75) | (2.18) | (2.56) | (3.48) | (2.45) |
|  Net asset value, end of period | $51.71 | $49.00 | $42.78 | $35.97 | $47.75 | $41.07 |
|  Total return (b) | 5.53% | 23.10% | 25.13% | (19.47)% | 24.93% | 19.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $2163853 | $2123819 | $1869271 | $1580746 | $2088870 | $1790054 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.67% | 0.67% | 0.68% | 0.68% | 0.68% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.68% | 0.68% | 0.70% | 0.68% | 0.68% | 0.69% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.71% | 0.70% | 0.88% | 0.87% | 0.65% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.71% | 0.69% | 0.86% | 0.87% | 0.65% | 1.10% |
|  Portfolio turnover rate^ | 2 %(z) | 2% | 2% | 3% | 3% | 4% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

584

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (0.0%)†** | **Asset-Backed Securities (0.0%)†** | **Asset-Backed Securities (0.0%)†** |
|  American Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2 AA<br>3.350%, 10/15/29 | $217401 | $204832 |
|  Delta Air Lines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA<br>2.000%, 6/10/28 | 350515 | 330788 |
|  United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 | 1905993 | 1940205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 2475825 |
|  **Corporate Bonds (31.1%)** |  |  |
|  **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/27 (x) | 1000000 | 992378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/27 | 500000 | 481790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/28 | 185000 | 173452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/15/28 | 453000 | 451018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 1665000 | 1665441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 | 5159000 | 5136572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/34 | 3000000 | 3068468 |
|  Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/11/33 | 500000 | 499199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/34 | 2000000 | 2001093 |
|  British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/4/28 | 500000 | 510260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 12/15/30 (e) | 2000000 | 2456847 |
|  Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 6/15/30 (e) | 2500000 | 2946132 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.103%, 3/8/27 | 440000 | 437718 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/16/27 | 400000 | 390063 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/22/28 | 750000 | 710082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 | 7238000 | 7262001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/8/29 | 140000 | 138020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 12/3/29 | 1500000 | 1479345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/22/30 | 375000 | 354922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/18/30 | 600000 | 516927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, 10/30/30 | 1957000 | 1692514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 1220000 | 1092980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/9/33 | 325000 | 329201 |
|  |  | 34786423 |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** |
|  Electronic Arts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 | 295000 | 255177 |
|  Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/34 | 1385000 | 1411331 |
|  Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/28/28 | 500000 | 507552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/12/29 | 95000 | 97792 |
|  Tencent Music Entertainment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/3/30 | 215000 | 189985 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 7/30/26 | 465000 | 453651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/27 | 1000000 | 981180 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/26 (x) | 300000 | 297199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 1/13/28 | 700000 | 670633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/29 | 500000 | 459006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/13/31 (x) | 1250000 | 1149845 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 | 1840000 | 1773300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 1145000 | 961800 |
|  |  | 9208451 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.998%, 8/15/26 | 500000 | 489010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 8/15/27 (x) | 1000000 | 938620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 8/15/30 | 650000 | 560940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 500000 | 491826 |
|  Baidu, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/23/27 | 290000 | 278188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/29/28 | 290000 | 290510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/28 | 315000 | 320516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/9/30 | 200000 | 181186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/23/31 | 500000 | 445920 |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 | 500000 | 508779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/30 (x) | 350000 | 360056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/33 (x) | 2750000 | 2815904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34 | 410000 | 410923 |
|  Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 7/8/30 | 500000 | 464890 |
|  |  | 8557268 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 585000 | 538773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 6/1/29 | 3235000 | 3380284 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | 5025000 | 5007998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/29 | 350000 | 353391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/29 (x) | 295000 | 304499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/1/30 | 2500000 | 2395633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 2/15/33 (x) | 750000 | 744077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 500000 | 498223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/35 | 350000 | 356220 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 | 730000 | 735655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/8/30 | 2000000 | 1908953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/13/33 | 450000 | 485776 |
|  Interpublic Group of Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/28 | 250000 | 251346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/1/31 | 1750000 | 1555601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/33 | 350000 | 354879 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/15/28 | 570000 | 550923 |
|  |  | 19422231 |

---

See Notes to Financial Statements.

585

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/22/29 | $500000 | $483613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/7/30 | 1450000 | 1337625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7/21/32 | 405000 | 398925 |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/26 (x) | 500000 | 489071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 500000 | 490311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/32 | 625000 | 580551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/15/34 | 2000000 | 2000333 |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/27 | 2500000 | 2473946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 2/15/28 | 700000 | 660895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/15/28 | 305000 | 309708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/15/28 (x) | 625000 | 632799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/29 | 340000 | 316367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 3000000 | 2912483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/15/32 | 500000 | 509678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/33 | 2610000 | 2648968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/34 | 2000000 | 2086555 |
|  |  | 18331828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 90306201 |
|  **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv Swiss Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 105000 | 103435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/13/34 | 400000 | 385657 |
|  BorgWarner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/1/27 (x) | 300000 | 289947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/34 | 75000 | 75927 |
|  Lear Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/29 | 125000 | 122582 |
|  Magna International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/15/30 | 300000 | 271295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/21/33 | 500000 | 511849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/35 (x) | 90000 | 92068 |
|  |  | 1852760 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/32 | 2500000 | 2106175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 8/19/32 (x) | 2500000 | 2490100 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 10/1/27 | 405000 | 421204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28 | 750000 | 756095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/29 | 500000 | 510095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/35 | 500000 | 512718 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.534%, 3/10/27 | 165000 | 160065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.967%, 3/10/32 | 200000 | 178965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.337%, 7/8/35 | 750000 | 751375 |
|  Toyota Motor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 7/13/26 | 240000 | 242140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%, 7/13/28 | 500000 | 513373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.669%, 7/20/28 | 355000 | 351387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760%, 7/2/29 | 250000 | 236315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.362%, 3/25/31 | 600000 | 537139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%, 7/13/33 | 500000 | 513540 |
|  |  | 10280686 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/6/27 (x) | 1780000 | 1745183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/26/30§ | 1000000 | 1019750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31 (x) | 490000 | 432425 |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/13/27 | 1300000 | 1285116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 6/3/27 | 340000 | 322557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/22/27 | 4000000 | 3934438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 12/1/27 | 1000000 | 1012308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 | 1650000 | 1574722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/1/32 | 1000000 | 1014838 |
|  eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/5/27 | 750000 | 740791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/11/30 | 700000 | 648252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/10/31 | 1000000 | 895796 |
|  JD.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/14/30 | 320000 | 305968 |
|  |  | 14932144 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/1/30 | 285000 | 246395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/33 | 1000000 | 1112584 |
|  |  | 1358979 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Leland Stanford Junior University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.289%, 6/1/27 | 35000 | 33266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 3/1/35 | 250000 | 248356 |
|  Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>1.482%, 4/15/30 | 500000 | 442752 |
|  |  | 724374 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Booking Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/13/30 | 1500000 | 1517285 |
|  Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 10/10/33 | 290000 | 310233 |
|  Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/27 | 840000 | 842449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 | 1500000 | 1414575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/31 | 185000 | 168415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/35 | 160000 | 160672 |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/30/27 | 320000 | 326570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/15/28 | 950000 | 946475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/30/29 | 275000 | 279518 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/29 | 250000 | 256811 |
|  Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 | 165000 | 167578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/15/28 | 585000 | 606021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/15/29 | 185000 | 187986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>4.650%, 12/1/28 | 500000 | 503139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF<br>4.625%, 6/15/30 | 725000 | 726004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>4.000%, 4/15/28 | 500000 | 495217 |

---

See Notes to Financial Statements.

586

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  McDonald's Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/27 | $| 775000 | $| 765967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 |  | 1100000 |  | 1089868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 8/14/28 |  | 500000 |  | 509231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/17/29 |  | 320000 |  | 328414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 |  | 290000 |  | 272359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/1/30 |  | 220000 |  | 199677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 9/9/32 (x) |  | 350000 |  | 350106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/14/33 |  | 500000 |  | 509026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/3/35 (x) |  | 500000 |  | 499053 |
|  Starbucks Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/12/27 |  | 350000 |  | 336955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/28 |  | 750000 |  | 735447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/28 |  | 800000 |  | 793350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/12/30 |  | 350000 |  | 316813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 |  | 220000 |  | 198530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 2/15/33 |  | 355000 |  | 355341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 5/15/35 |  | 290000 |  | 295129 |
|  |  |  |  | 16464214 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 10/15/26 |  | 275000 |  | 264396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 10/15/27 (x) |  | 750000 |  | 704626 |
|  Leggett & Platt, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/27 (x) |  | 500000 |  | 484818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/29 (x) |  | 350000 |  | 339366 |
|  Mohawk Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 9/18/28 |  | 125000 |  | 129775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 |  | 350000 |  | 333448 |
|  NVR, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/30 |  | 1320000 |  | 1229143 |
|  PulteGroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/27 |  | 424000 |  | 427178 |
|  Toll Brothers Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/15/35 |  | 355000 |  | 357021 |
|  |  |  |  | 4269771 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 11/19/26 |  | 250000 |  | 246449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/27 |  | 290000 |  | 283314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/19/29 |  | 500000 |  | 481959 |
|  |  |  |  | 1011722 |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** |
|  AutoNation, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/27 |  | 500000 |  | 491648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 8/1/28 |  | 225000 |  | 208184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/1/31 |  | 150000 |  | 128978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/1/32 |  | 300000 |  | 275703 |
|  AutoZone, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/15/26 |  | 375000 |  | 377613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/28 |  | 280000 |  | 281801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/18/29 |  | 500000 |  | 488689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/29 |  | 385000 |  | 394383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/32 (x) |  | 330000 |  | 328536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/33 |  | 500000 |  | 505646 |
|  Best Buy Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/1/28 |  | 1000000 |  | 1001495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 10/1/30 |  | 375000 |  | 327870 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/26 |  | 625000 |  | 610615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/15/27 |  | 335000 |  | 328267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 9/14/27 |  | 750000 |  | 730730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/15/28 (x) |  | 700000 |  | 644766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 12/6/28 (x) |  | 290000 |  | 288833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/15/29 |  | 585000 |  | 599868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 |  | 455000 |  | 435072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/25/29 |  | 340000 |  | 346561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 |  | 435000 |  | 402414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 |  | 440000 |  | 441454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/25/34 |  | 3000000 |  | 3031523 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/1/27 |  | 180000 |  | 177261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/3/27 |  | 750000 |  | 735143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 4/15/28 |  | 655000 |  | 605389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 9/15/28 |  | 250000 |  | 231235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 |  | 680000 |  | 663569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/15/30 |  | 655000 |  | 569458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/1/31 |  | 1750000 |  | 1575228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/32 |  | 500000 |  | 470723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/33 |  | 415000 |  | 418779 |
|  O'Reilly Automotive, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 |  | 800000 |  | 802293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/15/32 |  | 250000 |  | 247745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/19/34 |  | 500000 |  | 496570 |
|  TJX Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/26 |  | 500000 |  | 489736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 5/15/28 |  | 300000 |  | 277044 |
|  Tractor Supply Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/30 |  | 280000 |  | 242485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/33 |  | 75000 |  | 76443 |
|  |  |  |  | 20749750 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  NIKE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/1/26 |  | 1000000 |  | 977950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/27/30 |  | 1000000 |  | 940180 |
|  Ralph Lauren Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/30 |  | 130000 |  | 121400 |
|  |  |  |  | 2039530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 73683930 |
|  **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 |  | 3470000 |  | 3526672 |
|  Brown-Forman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/33 |  | 800000 |  | 796138 |
|  Coca-Cola Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/25/27 (x) |  | 500000 |  | 490388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/1/27 |  | 300000 |  | 286182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/5/28 |  | 730000 |  | 685571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/15/28 |  | 440000 |  | 408001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 |  | 750000 |  | 695186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/1/30 |  | 1010000 |  | 895038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/5/31 (x) |  | 835000 |  | 741005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/14/34 (x) |  | 280000 |  | 281249 |
|  Coca-Cola Consolidated, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/29 |  | 125000 |  | 128745 |

---

See Notes to Financial Statements.

587

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Coca-Cola Femsa SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/22/30 | $| 1295000 | $| 1204143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/6/35 |  | 500000 |  | 496870 |
|  Constellation Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/9/27 |  | 300000 |  | 294919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/9/27 |  | 500000 |  | 499720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/15/28 |  | 310000 |  | 312186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/1/29 |  | 750000 |  | 712065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/1/31 |  | 475000 |  | 411695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/9/32 |  | 500000 |  | 494960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/1/33 (x) |  | 250000 |  | 247359 |
|  Diageo Capital plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/18/28 (x) |  | 400000 |  | 397392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 |  | 410000 |  | 379793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/29/30 |  | 245000 |  | 220339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/5/33 |  | 1500000 |  | 1573937 |
|  Keurig Dr Pepper, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 9/15/26 |  | 200000 |  | 195858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/15/29 (x) |  | 500000 |  | 491823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/31 |  | 210000 |  | 185260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/32 |  | 335000 |  | 321809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/15/35 |  | 750000 |  | 743972 |
|  Molson Coors Beverage Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/26 |  | 680000 |  | 669848 |
|  Pepsico Singapore Financing I Pte. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/16/34 |  | 2000000 |  | 1985348 |
|  PepsiCo, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/6/26 |  | 670000 |  | 656457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/19/27 |  | 350000 |  | 341917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/18/28 (x) |  | 500000 |  | 495208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/28 |  | 300000 |  | 304031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/29/29 (x) |  | 375000 |  | 353715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 |  | 350000 |  | 327733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/1/30 |  | 190000 |  | 168395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 10/21/31 (x) |  | 3130000 |  | 2716052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/18/32 (x) |  | 200000 |  | 193005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/15/33 |  | 300000 |  | 300102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/17/34 |  | 200000 |  | 200945 |
|  |  |  |  | 26831031 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Costco Wholesale Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/18/27 |  | 2500000 |  | 2460449 |
|  Dollar General Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/27 |  | 500000 |  | 495091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/1/27 |  | 400000 |  | 401907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/5/28 |  | 415000 |  | 422830 |
|  Dollar Tree, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/1/31 |  | 500000 |  | 441170 |
|  Kroger Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/15/26 |  | 600000 |  | 587408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 |  | 350000 |  | 352544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/15/31 |  | 625000 |  | 538589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/34 |  | 2340000 |  | 2317007 |
|  Sysco Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 2/15/30 |  | 115000 |  | 105056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/30 |  | 2000000 |  | 2115922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/14/31 |  | 180000 |  | 157384 |
|  Target Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/15/27 |  | 400000 |  | 387419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 (x) |  | 750000 |  | 729475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 |  | 500000 |  | 497113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 1/15/33 |  | 85000 |  | 83692 |
|  Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 7/8/26 (x) |  | 415000 |  | 410653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 9/17/26 |  | 500000 |  | 482786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/9/27 |  | 440000 |  | 440282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/28 |  | 315000 |  | 315184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/22/28 |  | 475000 |  | 439565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/24/29 |  | 19000 |  | 17779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/30 |  | 250000 |  | 250075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 |  | 210000 |  | 182722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/9/32 |  | 470000 |  | 463826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 4/15/33 |  | 2335000 |  | 2282473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/28/35 (x) |  | 180000 |  | 181494 |
|  |  |  |  | 17559895 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Archer-Daniels-Midland Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/11/26 |  | 500000 |  | 490913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32 |  | 340000 |  | 306504 |
|  Bunge Ltd. Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/26 |  | 215000 |  | 212224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/25/27 |  | 225000 |  | 222810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/14/31 |  | 750000 |  | 678519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/17/34 |  | 200000 |  | 193629 |
|  Campbell's Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/21/34 |  | 750000 |  | 760556 |
|  Conagra Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/1/26 |  | 295000 |  | 297855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/1/28 |  | 885000 |  | 892659 |
|  Flowers Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/26 |  | 535000 |  | 527082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/31 |  | 160000 |  | 139332 |
|  General Mills, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/17/28 |  | 375000 |  | 374139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/14/31 (x) |  | 875000 |  | 759807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/29/33 |  | 180000 |  | 179502 |
|  Hershey Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/4/28 |  | 350000 |  | 352476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 |  | 200000 |  | 185980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/1/30 |  | 390000 |  | 345326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/4/33 (x) |  | 355000 |  | 351193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/24/35 |  | 200000 |  | 202920 |
|  Hormel Foods Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/3/28 |  | 535000 |  | 499745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 6/11/30 (x) |  | 415000 |  | 368925 |
|  Ingredion, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/1/26 |  | 200000 |  | 196677 |
|  J M Smucker Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 |  | 850000 |  | 834195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/30 |  | 185000 |  | 168180 |
|  JBS USA Holding Lux Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28 |  | 2500000 |  | 2538554 |
|  Kellanova |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/27 |  | 650000 |  | 639375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/15/28 |  | 500000 |  | 502639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/33 |  | 180000 |  | 183607 |
|  McCormick & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/15/27 |  | 750000 |  | 736736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 |  | 165000 |  | 142950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/15/33 |  | 290000 |  | 292280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/15/34 |  | 165000 |  | 159349 |

---

See Notes to Financial Statements.

588

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mondelez International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/17/27 | $| 400000 | $| 389600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/13/30 |  | 835000 |  | 774003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/17/32 |  | 400000 |  | 360071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/28/34 |  | 125000 |  | 122991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/6/35 |  | 500000 |  | 501533 |
|  Tyson Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/2/27 |  | 975000 |  | 960953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 |  | 325000 |  | 322939 |
|  Unilever Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/28/26 |  | 250000 |  | 244328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/22/28 |  | 1000000 |  | 986509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/8/28 |  | 200000 |  | 204725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 (x) |  | 500000 |  | 460549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/14/30 |  | 210000 |  | 182420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/12/31 |  | 345000 |  | 298440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/12/34 |  | 220000 |  | 218071 |
|  |  |  |  | 20763770 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Church & Dwight Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/15/31 |  | 210000 |  | 182726 |
|  Clorox Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/1/27 |  | 500000 |  | 487775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/28 |  | 500000 |  | 495482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/29 |  | 500000 |  | 501306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/30 |  | 140000 |  | 123556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/1/32 |  | 500000 |  | 498984 |
|  Colgate-Palmolive Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/27 |  | 250000 |  | 245463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/1/28 |  | 355000 |  | 361253 |
|  Kimberly-Clark Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 9/15/27 |  | 250000 |  | 234731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/1/28 |  | 375000 |  | 373987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/25/29 |  | 750000 |  | 727327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/2/31 |  | 750000 |  | 661641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/16/33 |  | 100000 |  | 99906 |
|  Procter & Gamble Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/3/26 |  | 500000 |  | 490305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 2/1/27 |  | 600000 |  | 581122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/11/27 |  | 1000000 |  | 978122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/26/28 (x) |  | 250000 |  | 251233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 |  | 500000 |  | 431399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 4/23/31 (x) |  | 1000000 |  | 886836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/1/32 (x) |  | 600000 |  | 537132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 1/26/33 (x) |  | 250000 |  | 246563 |
|  |  |  |  | 9396849 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/15/27 (x) |  | 500000 |  | 491675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/28 |  | 225000 |  | 225518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/31 |  | 585000 |  | 508981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/15/33 |  | 250000 |  | 245881 |
|  Haleon US Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/27 |  | 550000 |  | 541857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/29 |  | 500000 |  | 482988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/24/32 |  | 610000 |  | 570096 |
|  |  |  |  | 3066996 |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/16/26 |  | 430000 |  | 421498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/6/30 |  | 2240000 |  | 2125049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/33 |  | 1000000 |  | 1117487 |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.215%, 9/6/26 |  | 750000 |  | 739186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 |  | 350000 |  | 330749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462%, 9/6/29 |  | 750000 |  | 719714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 4/2/30 |  | 1500000 |  | 1518944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343%, 8/2/30 |  | 500000 |  | 537259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 |  | 500000 |  | 496227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/32 |  | 110000 |  | 126980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.421%, 8/2/33 |  | 500000 |  | 544119 |
|  BAT International Finance plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448%, 3/16/28 |  | 500000 |  | 500624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931%, 2/2/29 |  | 390000 |  | 408644 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/17/27 |  | 1000000 |  | 977927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/28 (x) |  | 1500000 |  | 1523543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/7/28 |  | 500000 |  | 514863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/15/30 |  | 1500000 |  | 1541002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/1/30 |  | 120000 |  | 107990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/30 |  | 300000 |  | 260973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 |  | 1500000 |  | 1547253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/7/33 |  | 500000 |  | 523482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/1/34 |  | 500000 |  | 497231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/30/35 |  | 375000 |  | 369539 |
|  |  |  |  | 17450283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 95068824 |
|  **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061%, 12/15/26 |  | 500000 |  | 484437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%, 12/15/27 |  | 1250000 |  | 1224234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.138%, 11/7/29 |  | 215000 |  | 204749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%, 5/1/30 |  | 145000 |  | 145142 |
|  Halliburton Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 3/1/30 (x) |  | 2000000 |  | 1860887 |
|  Helmerich & Payne, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/29/31 |  | 105000 |  | 87316 |
|  |  |  |  | 4006765 |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** |
|  Boardwalk Pipelines LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/3/29 |  | 415000 |  | 419056 |
|  BP Capital Markets America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 |  | 1250000 |  | 1249767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%, 10/17/29 |  | 500000 |  | 512476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.749%, 8/10/30 |  | 3300000 |  | 2896373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 1/12/32 |  | 625000 |  | 556323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 2/13/33 |  | 215000 |  | 214689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893%, 9/11/33 |  | 1000000 |  | 996755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 |  | 1000000 |  | 1015631 |
|  BP Capital Markets plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 9/19/27 |  | 1250000 |  | 1225329 |
|  Canadian Natural Resources Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/27 |  | 1300000 |  | 1287206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 7/15/30 (x) |  | 350000 |  | 320699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 12/15/34§ |  | 250000 |  | 247559 |

---

See Notes to Financial Statements.

589

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/27 | $2500000 | $2522458 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/30/33 | 925000 | 962729 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995%, 5/11/27 | 250000 | 241354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.236%, 5/11/30 | 1325000 | 1207674 |
|  Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.018%, 8/12/27 | 310000 | 291623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.819%, 4/15/32 | 500000 | 508791 |
|  CNOOC Finance 2013 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/30/29 | 600000 | 570474 |
|  CNOOC Finance 2015 USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/2/28 | 200000 | 198474 |
|  Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 350000 | 346245 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/34 (x) | 1000000 | 969768 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/26 | 765000 | 753139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 1/30/30 | 375000 | 383108 |
|  Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 10/4/26 | 270000 | 260713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26 (x) | 500000 | 499175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/29 | 750000 | 707121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/8/33 | 275000 | 284859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/20/35 | 335000 | 340445 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 7.200%, 6/27/54 (k) | 2000000 | 2050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.500%, 1/15/84 (k) | 355000 | 395381 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/26 | 500000 | 496985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/28 | 300000 | 303558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/15/28 | 375000 | 379783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/29 | 1000000 | 1023226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/15/29 | 750000 | 737128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 12/1/30 | 460000 | 495419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 12/1/33 | 1500000 | 1626607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/34 | 1000000 | 1009945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/1/34 | 1000000 | 1013699 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/16/28 | 600000 | 599128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/31/29 | 750000 | 716640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 | 755000 | 707008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/31/33 | 500000 | 516375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/31/34 | 1000000 | 993452 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.83%), 5.375%, 2/15/78 (k) | 500000 | 491250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>(CME Term SOFR 3 Month + 3.29%), 5.250%, 8/16/77 (k) | 750000 | 739688 |
|  EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/32 | 500000 | 505943 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 375000 | 385170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/34 | 2000000 | 2066271 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/10/28 | 600000 | 591952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/22/30 | 375000 | 343731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/3/35 | 500000 | 506885 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.275%, 8/16/26 | 500000 | 490383 |
|  HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/35 (x) | 750000 | 758186 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/26 | 1715000 | 1656433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/1/28 | 1250000 | 1249472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 8/1/29 | 235000 | 239487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/1/34 (x) | 2000000 | 2023114 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 300000 | 295629 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/1/27 | 2085000 | 2072643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 8/15/30 | 455000 | 410483 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/29 | 320000 | 321119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/1/32 | 2000000 | 1984282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/1/34 | 1000000 | 977564 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/1/26 | 290000 | 293367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/13/27 | 225000 | 223368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 11/1/28 | 190000 | 196613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 500000 | 495387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/1/29 | 500000 | 477061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/30 | 350000 | 326701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/30 | 250000 | 233218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/1/30 | 310000 | 323440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 11/1/34 | 2000000 | 1938635 |
|  Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/28 | 420000 | 431123 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/28 | 500000 | 494717 |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/26 | 300000 | 296849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/1/27 | 500000 | 507152 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/30 | 1000000 | 885931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/31 | 260000 | 230666 |
|  Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/26 (x) | 500000 | 500704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 12/15/29 | 2500000 | 2386363 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/27 | 500000 | 502908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/30 | 1225000 | 1220598 |
|  Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/6/30 (x) | 415000 | 388872 |
|  South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.584%, 10/1/34§ | 1000000 | 986506 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/26 | 315000 | 310600 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/27 | 1040000 | 1053284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/30/34 | 2000000 | 2143487 |
|  TC PipeLines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/25/27 | 200000 | 197691 |

---

See Notes to Financial Statements.

590

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  TotalEnergies Capital International SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 (x) | $| 750000 | $| 733005 |
|  TotalEnergies Capital SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.883%, 10/11/28 |  | 250000 |  | 248749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%, 9/10/34 |  | 250000 |  | 247962 |
|  TransCanada PipeLines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 |  | 1750000 |  | 1744033 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 |  | 500000 |  | 494975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/30 |  | 250000 |  | 235484 |
|  Valero Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/15/27 |  | 750000 |  | 714891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 |  | 240000 |  | 239888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/29 |  | 765000 |  | 749775 |
|  Valero Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/28 |  | 500000 |  | 498509 |
|  Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 1/15/29 |  | 415000 |  | 434112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/1/33 |  | 415000 |  | 430247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 11/15/34 |  | 1000000 |  | 979601 |
|  Williams Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/27 |  | 500000 |  | 493882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/28 |  | 500000 |  | 513366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 |  | 1165000 |  | 1041664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 |  | 750000 |  | 734538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 |  | 500000 |  | 518309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/34 |  | 750000 |  | 748858 |
|  |  |  |  | 82011121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 86017886 |
|  **Financials (12.9%)** | **Financials (12.9%)** | **Financials (12.9%)** | **Financials (12.9%)** | **Financials (12.9%)** |
|  ***Banks (7.3%)*** | ***Banks (7.3%)*** | ***Banks (7.3%)*** | ***Banks (7.3%)*** | ***Banks (7.3%)*** |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.70%), 6.138%, 9/14/28 (k) |  | 600000 |  | 620088 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.883%, 11/15/34 (k) |  | 500000 |  | 565629 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 6.033%, 3/13/35 (k)(x) |  | 1000000 |  | 1037073 |
|  Banco Santander SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/11/27 |  | 1000000 |  | 997357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, 8/18/27 |  | 435000 |  | 441927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.722%, 9/14/27 (k) |  | 485000 |  | 468348 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28 (k) |  | 200000 |  | 198636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 4/12/28 |  | 1200000 |  | 1196296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.588%, 8/8/28 |  | 500000 |  | 516183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.306%, 6/27/29 |  | 800000 |  | 766544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/28/30 |  | 200000 |  | 189647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 |  | 1745000 |  | 1553352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.958%, 3/25/31 |  | 480000 |  | 437429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 7/15/31 |  | 500000 |  | 519336 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.225%, 11/22/32 (k) |  | 600000 |  | 537133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 8/8/33 |  | 295000 |  | 319206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.938%, 11/7/33 |  | 1250000 |  | 1408700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 3/14/34 |  | 600000 |  | 627680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.033%, 1/17/35 |  | 325000 |  | 341562 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%),<br>1.734%, 7/22/27 (k) |  | 2410000 |  | 2342451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>5.933%, 9/15/27 (k) |  | 1000000 |  | 1017776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.84%), 3.824%, 1/20/28 (k) |  | 1000000 |  | 990861 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%),<br>2.551%, 2/4/28 (k) |  | 800000 |  | 777539 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.705%, 4/24/28 (k) |  | 1500000 |  | 1482453 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) |  | 1250000 |  | 1249740 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.30%), 3.419%, 12/20/28 (k) |  | 4450000 |  | 4348976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.33%), 3.970%, 3/5/29 (k) |  | 2000000 |  | 1973586 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.202%, 4/25/29 (k) |  | 1000000 |  | 1021799 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>2.087%, 6/14/29 (k) |  | 2150000 |  | 2009642 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 4.271%, 7/23/29 (k) |  | 2250000 |  | 2239398 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.819%, 9/15/29 (k) |  | 1000000 |  | 1040953 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.44%), 3.194%, 7/23/30 (k) |  | 1300000 |  | 1235807 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.496%, 2/13/31 (k) |  | 2500000 |  | 2281233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>1.898%, 7/23/31 (k) |  | 1000000 |  | 876663 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>1.922%, 10/24/31 (k) |  | 1500000 |  | 1305886 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.687%, 4/22/32 (k) |  | 2000000 |  | 1792317 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.299%, 7/21/32 (k) |  | 1500000 |  | 1306150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) |  | 1350000 |  | 1187245 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>2.972%, 2/4/33 (k) |  | 490000 |  | 438193 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.571%, 4/27/33 (k) |  | 1000000 |  | 983022 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k) |  | 1000000 |  | 1008431 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.288%, 4/25/34 (k) |  | 1000000 |  | 1019315 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.872%, 9/15/34 (k) |  | 1750000 |  | 1840682 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%),<br>5.468%, 1/23/35 (k) |  | 2000000 |  | 2048442 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.425%, 8/15/35 (k) |  | 500000 |  | 498224 |

---

See Notes to Financial Statements.

591

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.518%, 10/25/35 (k) | $500000 | $498449 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>5.511%, 1/24/36 (k) | 375000 | 385695 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.70%),<br>5.744%, 2/12/36 (k) | 675000 | 683433 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.64%),<br>5.464%, 5/9/36 (k) | 500000 | 512196 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.482%, 9/21/36 (k) | 1750000 | 1478656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 3.846%, 3/8/37 (k) | 1400000 | 1277969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N<br>(SOFR + 1.22%),<br>2.651%, 3/11/32 (k) | 500000 | 447713 |
|  Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 8/18/26 | 750000 | 760438 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/15/26 | 500000 | 482323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/8/27 | 265000 | 258713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.203%, 2/1/28 (x) | 500000 | 511533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 9/25/28 | 500000 | 520689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 6/4/31 (x) | 500000 | 520942 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.40%), 3.088%, 1/10/37 (k) | 750000 | 649541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H<br>4.700%, 9/14/27 (x) | 500000 | 504842 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/3/26 (x) | 750000 | 737609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/15/26 (x) | 500000 | 482618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/2/27 | 175000 | 168946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.951%, 3/11/27 | 500000 | 489770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/12/28 (x) | 200000 | 205775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/1/29 | 295000 | 306737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/1/30 | 125000 | 127131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/1/31 | 500000 | 436163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/2/32 | 250000 | 217103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.625%, 10/27/81 (k) | 2250000 | 2103446 |
|  BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/11/30 | 750000 | 740625 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.279%, 11/24/27 (k) | 735000 | 712258 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 5.501%, 8/9/28 (k) | 690000 | 702938 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.837%, 9/10/28 (k) | 305000 | 307046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%, 5/16/29 | 1000000 | 1009224 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.690%, 3/12/30 (k) | 2000000 | 2064453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 6/20/30 | 2000000 | 2003953 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>4.942%, 9/10/30 (k) | 285000 | 287002 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.367%, 2/25/31 (k) | 1000000 | 1018477 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 2.667%, 3/10/32 (k) | 1000000 | 885570 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.894%, 11/24/32 (k) | 675000 | 597145 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%),<br>6.224%, 5/9/34 (k) | 450000 | 475688 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.57%),<br>7.119%, 6/27/34 (k) | 935000 | 1019620 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%),<br>6.692%, 9/13/34 (k) | 1350000 | 1471283 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.335%, 9/10/35 (k) | 460000 | 456024 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.785%, 2/25/36 (k) | 1250000 | 1273142 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/2/26 | 500000 | 494095 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.615%, 7/17/26 | 200000 | 202446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%, 10/2/26 (x) | 500000 | 509343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/7/27 (x) | 225000 | 221792 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>4.508%, 9/11/27 (k) | 190000 | 190090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.001%, 4/28/28 | 500000 | 509184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.986%, 10/3/28 | 500000 | 524228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260%, 4/8/29 | 500000 | 513748 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.631%, 9/11/30 (k) | 160000 | 159876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/7/32 | 225000 | 208401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.092%, 10/3/33 (x) | 250000 | 267637 |
|  Capital One NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/27/26 | 840000 | 830338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/13/28 | 625000 | 627628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/6/30 | 250000 | 229906 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.803%, 9/29/28 | 1000000 | 1045226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%, 5/29/30 | 715000 | 727905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 4/30/34 | 1500000 | 1560193 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/29/27 | 1250000 | 1249686 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) | 1000000 | 976738 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>4.658%, 5/24/28 (k) | 715000 | 717168 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.41%), 3.520%, 10/27/28 (k) | 2500000 | 2444228 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.45%), 4.075%, 4/23/29 (k) | 2000000 | 1976538 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.60%), 3.980%, 3/20/30 (k) | 1750000 | 1710682 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>2.976%, 11/5/30 (k) | 1250000 | 1168366 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>2.666%, 1/29/31 (k) | 1500000 | 1373710 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>2.572%, 6/3/31 (k) | 2000000 | 1806850 |

---

See Notes to Financial Statements.

592

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>2.561%, 5/1/32 (k) | $835000 | $739317 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.520%, 11/3/32 (k) | 895000 | 781384 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>3.057%, 1/25/33 (k) | 800000 | 714658 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>3.785%, 3/17/33 (k) | 1500000 | 1399386 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>4.910%, 5/24/33 (k) | 500000 | 496730 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%),<br>6.174%, 5/25/34 (k) | 715000 | 746405 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.28%), 5.592%, 11/19/34 (k) | 3000000 | 3041935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>5.827%, 2/13/35 (k) | 3000000 | 3045162 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.449%, 6/11/35 (k) | 1000000 | 1018493 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>6.020%, 1/24/36 (k) | 320000 | 327794 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%),<br>5.333%, 3/27/36 (k) | 750000 | 753223 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.73%), 5.411%, 9/19/39 (k) | 500000 | 484700 |
|  Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.00%),<br>4.575%, 8/9/28 (k) | 500000 | 500843 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 7/27/26 | 500000 | 490570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/6/30 | 150000 | 135903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/30 | 470000 | 439219 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.718%, 7/23/32 (k) | 300000 | 309717 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 5.641%, 5/21/37 (k)(x) | 500000 | 494000 |
|  Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%),<br>5.332%, 8/25/33 (k) | 250000 | 242161 |
|  Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/29 | 450000 | 439450 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/21/26 | 815000 | 808658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.494%, 10/17/29 | 1200000 | 1213409 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>1.707%, 11/1/27 (k)(x) | 310000 | 299145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/14/28 | 750000 | 742088 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>4.055%, 4/25/28 (k) | 290000 | 287784 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%),<br>6.339%, 7/27/29 (k) | 105000 | 110524 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%), 4.772%, 7/28/30 (k) | 500000 | 502373 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.66%),<br>4.337%, 4/25/33 (k) | 250000 | 237684 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/27 | 300000 | 290593 |
|  First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.97%), 6.254%, 3/12/40 (k) | 500000 | 497582 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.887%, 8/14/27 (k) | 1750000 | 1773596 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.81%), 4.041%, 3/13/28 (k) | 1250000 | 1238763 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.755%, 6/9/28 (k) | 1000000 | 1003017 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%),<br>5.210%, 8/11/28 (k) | 495000 | 501789 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.97%),<br>6.161%, 3/9/29 (k) | 380000 | 394806 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.80%), 4.583%, 6/19/29 (k) | 1120000 | 1121434 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.206%, 8/17/29 (k) | 450000 | 418489 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.87%), 3.973%, 5/22/30 (k) | 1165000 | 1132690 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.286%, 11/19/30 (k) | 2000000 | 2039387 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>2.848%, 6/4/31 (k) | 5715000 | 5213384 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%),<br>5.733%, 5/17/32 (k) | 370000 | 383767 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br>2.804%, 5/24/32 (k) | 595000 | 527778 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>2.871%, 11/22/32 (k) | 790000 | 697647 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%),<br>4.762%, 3/29/33 (k) | 420000 | 410056 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%),<br>5.402%, 8/11/33 (k) | 490000 | 502518 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>6.254%, 3/9/34 (k) | 750000 | 800779 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%),<br>6.547%, 6/20/34 (k) | 1000000 | 1059923 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%),<br>7.399%, 11/13/34 (k) | 1000000 | 1115758 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.719%, 3/4/35 (k) | 750000 | 777158 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%),<br>5.874%, 11/18/35 (k)(x) | 2000000 | 2021394 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.450%, 3/3/36 (k) | 460000 | 461200 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>5.790%, 5/13/36 (k) | 500000 | 513563 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.97%),<br>4.443%, 8/4/28 (k) | 250000 | 249673 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>6.208%, 8/21/29 (k) | 500000 | 523181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/4/30 | 500000 | 456026 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>5.272%, 1/15/31 (k) | 1000000 | 1023921 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%),<br>5.023%, 5/17/33 (k) | 420000 | 413962 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 2.487%, 8/15/36 (k) | 500000 | 419500 |

---

See Notes to Financial Statements.

593

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.65%), 4.552%, 5/17/28 (k) | $250000 | $250860 |
|  Industrial & Commercial Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.538%, 11/8/27 | 500000 | 492895 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/29/27 (x) | 1250000 | 1242444 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>6.083%, 9/11/27 (k) | 250000 | 254594 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.017%, 3/28/28 (k) | 500000 | 496412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/9/29 (x) | 560000 | 552129 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>5.335%, 3/19/30 (k) | 1000000 | 1023940 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.727%, 4/1/32 (k) | 265000 | 237769 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>6.114%, 9/11/34 (k) | 315000 | 333659 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%),<br>5.550%, 3/19/35 (k) | 750000 | 765826 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>5.525%, 3/25/36 (k) | 425000 | 432354 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>1.470%, 9/22/27 (k) | 925000 | 892024 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>2.947%, 2/24/28 (k) | 300000 | 293167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br> 4.323%, 4/26/28 (k) | 1000000 | 999049 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.64%), 3.540%, 5/1/28 (k) | 2750000 | 2709342 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>2.182%, 6/1/28 (k) | 1750000 | 1680392 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.21%), 3.509%, 1/23/29 (k) | 4750000 | 4651029 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.38%), 4.005%, 4/23/29 (k) | 1500000 | 1485407 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.069%, 6/1/29 (k) | 1110000 | 1040482 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.52%), 4.203%, 7/23/29 (k) | 1500000 | 1492137 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.299%, 7/24/29 (k) | 1250000 | 1281649 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>6.087%, 10/23/29 (k) | 865000 | 909039 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.59%), 4.452%, 12/5/29 (k) | 1000000 | 1000746 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.16%),<br>5.581%, 4/22/30 (k) | 2435000 | 2526440 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.42%), 3.702%, 5/6/30 (k) | 625000 | 606903 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%),<br>4.565%, 6/14/30 (k)(x) | 555000 | 556834 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%),<br>4.995%, 7/22/30 (k) | 500000 | 507558 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.51%), 2.739%, 10/15/30 (k) | 1735000 | 1615627 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.52%), 2.956%, 5/13/31 (k) | 815000 | 751767 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.11%), 1.764%, 11/19/31 (k) | 1250000 | 1078923 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>1.953%, 2/4/32 (k) | 750000 | 647835 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.580%, 4/22/32 (k) | 1155000 | 1029974 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.545%, 11/8/32 (k) | 2750000 | 2418539 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.963%, 1/25/33 (k) | 700000 | 627768 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%),<br>4.586%, 4/26/33 (k) | 835000 | 822592 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%),<br>5.717%, 9/14/33 (k) | 960000 | 997969 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.350%, 6/1/34 (k) | 965000 | 991287 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.81%),<br>6.254%, 10/23/34 (k) | 800000 | 865896 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%),<br>5.336%, 1/23/35 (k) | 4000000 | 4088476 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.766%, 4/22/35 (k) | 2000000 | 2100131 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>5.294%, 7/22/35 (k) | 2000000 | 2035642 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.946%, 10/22/35 (k) | 375000 | 370652 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>5.502%, 1/24/36 (k) | 665000 | 682311 |
|  KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 12/14/27 | 100000 | 100046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/8/32 | 500000 | 481562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/26/33 | 500000 | 491521 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/6/27 | 750000 | 723130 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 7/19/26 | 500000 | 482015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/9/26 | 400000 | 385472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 4/25/27 | 500000 | 475755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/28 | 525000 | 528281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/19/31 | 500000 | 437055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/25/31 | 500000 | 439695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/8/32 | 500000 | 489425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/23/33 | 400000 | 426648 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/7/26 | 1250000 | 1258830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/27 | 5000000 | 5041029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/27 (x) | 1575000 | 1552264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/28/27 | 1000000 | 1004192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/28 | 1420000 | 1421503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/3/28 | 1750000 | 1711390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 | 1000000 | 1004260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 735000 | 738027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 (x) | 5000000 | 5038856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/14/29 | 525000 | 483315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/30 | 1000000 | 1033850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/30/30 | 400000 | 341553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/15/33 | 1200000 | 1194381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/28/34 | 1500000 | 1515123 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/27/26 | 500000 | 488562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/17/29 | 450000 | 462627 |

---

See Notes to Financial Statements.

594

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/3/30 (x) | $750000 | $646187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/24/33 (x) | 750000 | 788255 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/27 (x) | 1385000 | 1372652 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.985%, 8/7/27 (k) | 220000 | 223294 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.80%), 3.750%, 3/18/28 (k) | 400000 | 394724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/22/28 | 1350000 | 1347876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/16/28 | 850000 | 851593 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.871%, 3/6/29 (k) | 500000 | 516505 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.679%, 1/5/35 (k) | 1000000 | 1023144 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.068%, 6/13/36 (k) | 1210000 | 1242408 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.78%), 4.553%, 8/16/28 (k) | 335000 | 335565 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>6.082%, 3/13/32 (k) | 1000000 | 1058033 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>5.385%, 1/16/36 (k) | 125000 | 124314 |
|  Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/17/27 | 330000 | 321924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/27/28 | 500000 | 504210 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.757%, 9/13/26 | 1250000 | 1227309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.677%, 2/22/27 | 1000000 | 990514 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.538%, 7/20/27 (k) | 500000 | 485027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.287%, 7/25/27 | 1000000 | 981963 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.640%, 10/13/27 (k) | 1500000 | 1447576 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.341%, 1/19/28 (k) | 600000 | 580979 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 5.017%, 7/20/28 (k) | 400000 | 404709 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.354%, 9/13/28 (k) | 400000 | 408061 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.422%, 2/22/29 (k) | 205000 | 209971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 | 750000 | 735509 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.242%, 4/19/29 (k) | 215000 | 219559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.195%, 7/18/29 | 1000000 | 956750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559%, 2/25/30 (x) | 1000000 | 917051 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.258%, 4/17/30 (k)(x) | 500000 | 512139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048%, 7/17/30 | 460000 | 408041 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.852%, 1/19/33 (k) | 500000 | 441825 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.133%, 7/20/33 (k) | 400000 | 404599 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.472%, 9/13/33 (k) | 600000 | 617486 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.63%), 5.441%, 2/22/34 (k)(x) | 200000 | 205737 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.97%), 5.406%, 4/19/34 (k)(x) | 290000 | 297242 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 5.426%, 4/17/35 (k) | 1000000 | 1019666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8NC7<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.53%), 5.475%, 2/22/31 (k) | 205000 | 212132 |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.839%, 9/13/26 (x) | 850000 | 835084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.554%, 7/9/27 (k) | 750000 | 728082 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.667%, 5/27/29 (k) | 500000 | 516863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.53%), 4.254%, 9/11/29 (k)(x) | 1000000 | 992664 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 3.261%, 5/22/30 (k) | 500000 | 476166 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.382%, 7/10/30 (k) | 300000 | 308394 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.39%), 3.153%, 7/16/30 (k) | 750000 | 709261 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.739%, 5/27/31 (k) | 500000 | 522458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 2.201%, 7/10/31 (k) | 500000 | 443977 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.53%), 1.979%, 9/8/31 (k) | 300000 | 262027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.564%, 9/13/31 | 310000 | 269972 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 2.260%, 7/9/32 (k) | 750000 | 649123 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 5.594%, 7/10/35 (k)(x) | 1000000 | 1027787 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.323%, 7/8/36 (k) | 500000 | 500899 |

---

See Notes to Financial Statements.

595

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/12/26 | $1500000 | $1474801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.905%, 6/9/27 | 500000 | 498455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.944%, 1/12/28 | 300000 | 306232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/13/28 | 500000 | 511854 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%),<br>5.600%, 7/2/27 (k)(x) | 400000 | 404334 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.073%, 5/22/28 (k) | 295000 | 287556 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.516%, 9/30/28 (k) | 200000 | 204115 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 5.808%, 9/13/29 (k) | 730000 | 757093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%, 5/8/30 | 750000 | 743545 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.016%, 3/2/34 (k) | 200000 | 211310 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.778%, 3/1/35 (k) | 1000000 | 1034596 |
|  Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/9/27 | 409000 | 407218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/28 | 545000 | 550919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/18/29 | 1000000 | 1009285 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/25/27 | 500000 | 487325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 10/22/29 | 395000 | 367244 |
|  PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 7/23/26 | 350000 | 344331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 8/13/26 | 500000 | 483412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/19/27 | 750000 | 735342 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.73%), 6.615%, 10/20/27 (k) | 355000 | 364776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/23/29 | 750000 | 729267 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.582%, 6/12/29 (k) | 440000 | 455236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 1/22/30 (x) | 750000 | 694440 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>5.492%, 5/14/30 (k) | 250000 | 258921 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%),<br>2.307%, 4/23/32 (k) | 1000000 | 875750 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.85%), 4.626%, 6/6/33 (k) | 500000 | 484738 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%),<br>5.068%, 1/24/34 (k) | 210000 | 210692 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%),<br>5.939%, 8/18/34 (k) | 750000 | 791760 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.28%),<br>6.875%, 10/20/34 (k) | 400000 | 447167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%),<br>5.676%, 1/22/35 (k) | 1000000 | 1034972 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%),<br>5.401%, 7/23/35 (k) | 2000000 | 2036695 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%),<br>5.575%, 1/29/36 (k) | 125000 | 128622 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/12/28 | 500000 | 461543 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.722%, 6/6/30 (k) | 180000 | 185737 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>5.502%, 9/6/35 (k) | 165000 | 164982 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 7/14/26 | 750000 | 726752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/20/26 | 500000 | 504523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 11/2/26 (x) | 500000 | 482556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/21/27 (x) | 500000 | 483719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/4/27 | 500000 | 494972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 8/3/27 | 500000 | 500621 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.72%), 4.510%, 10/18/27 (k) | 320000 | 320344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/12/28 | 500000 | 508539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/28 | 500000 | 514428 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.86%), 4.522%, 10/18/28 (k)(x) | 320000 | 321040 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>4.969%, 8/2/30 (k) | 280000 | 283475 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.08%), 4.650%, 10/18/30 (k)(x) | 400000 | 400252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/3/31 | 500000 | 436073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/2/33 | 500000 | 506044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/1/34 | 3000000 | 3057806 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/13/27 | 485000 | 483884 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.490%, 1/6/28 (k) | 260000 | 251208 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>6.499%, 3/9/29 (k) | 125000 | 130209 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.70%),<br>6.565%, 6/12/29 (k) | 500000 | 523909 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>5.353%, 9/6/30 (k) | 1000000 | 1017106 |
|  Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.469%, 1/11/28 (k) | 500000 | 484307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.823%, 11/3/28 | 750000 | 734167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>6.534%, 1/10/29 (k) | 235000 | 245284 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.48%),<br>2.896%, 3/15/32 (k) | 500000 | 445053 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.402%, 9/17/26 | 1000000 | 965691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.010%, 10/19/26 (x) | 1000000 | 983349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.174%, 1/14/27 | 220000 | 213088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 7/12/27 | 750000 | 737495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352%, 10/18/27 | 750000 | 735073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 7/13/28 | 500000 | 520444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.306%, 10/16/28 | 750000 | 751495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.472%, 1/14/29 | 500000 | 468244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 7/16/29 | 1000000 | 947218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 9/27/29 | 350000 | 327888 |

---

See Notes to Financial Statements.

596

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 1/13/30 | $320000 | $335393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/30 (x) | 400000 | 370892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130%, 7/8/30 | 750000 | 669215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.852%, 7/13/30 | 500000 | 529079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.710%, 1/12/31 | 500000 | 428103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.222%, 9/17/31 | 1000000 | 866388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 1/13/33 | 1500000 | 1573852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.776%, 7/13/33 | 500000 | 524593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808%, 9/14/33 | 200000 | 211001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.632%, 1/15/35 | 1000000 | 1033772 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br> 5.246%, 7/8/36 (k) | 750000 | 750000 |
|  Synovus Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/15/28 | 250000 | 252500 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.532%, 7/17/26 (x) | 400000 | 404904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/10/26 | 750000 | 723312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%, 12/11/26 (x) | 260000 | 263426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/12/27 | 500000 | 483280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 3/10/27 (x) | 500000 | 488009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.108%, 6/8/27 | 500000 | 498670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 9/15/27 | 400000 | 403487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.523%, 7/17/28 | 400000 | 414655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/10/31 | 500000 | 434145 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 2.21%), 3.625%, 9/15/31 (k) | 1000000 | 988179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/12/32 | 500000 | 436847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/10/32 | 500000 | 453707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.456%, 6/8/32 | 265000 | 259920 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 10/30/26 | 300000 | 297079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/11/30 | 535000 | 480184 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>4.123%, 6/6/28 (k) | 315000 | 313640 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>4.873%, 1/26/29 (k) | 205000 | 207200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/19/29 | 750000 | 732277 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>1.887%, 6/7/29 (k) | 375000 | 348597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/5/30 | 335000 | 295678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br> 4.916%, 7/28/33 (k) | 500000 | 486060 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.122%, 1/26/34 (k) | 205000 | 204959 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>5.867%, 6/8/34 (k) | 500000 | 520274 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%),<br>5.711%, 1/24/35 (k) | 2000000 | 2069202 |
|  US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br>2.215%, 1/27/28 (k) | 400000 | 386554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/26/28 | 650000 | 645490 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.66%),<br>4.548%, 7/22/28 (k) | 500000 | 501152 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>4.653%, 2/1/29 (k) | 500000 | 502738 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.775%, 6/12/29 (k) | 500000 | 518211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/22/30 | 600000 | 517524 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>5.100%, 7/23/30 (k) | 415000 | 423647 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.677%, 1/27/33 (k) | 400000 | 349626 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.967%, 7/22/33 (k) | 350000 | 345715 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%),<br>4.839%, 2/1/34 (k) | 500000 | 492809 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>5.836%, 6/12/34 (k) | 750000 | 787444 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%),<br>5.678%, 1/23/35 (k) | 2000000 | 2074519 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>5.424%, 2/12/36 (k)(x) | 190000 | 193171 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 0.95%), 2.491%, 11/3/36 (k) | 1000000 | 848307 |
|  Webster Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/25/29 | 500000 | 486057 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 | 1500000 | 1474241 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>3.526%, 3/24/28 (k) | 710000 | 699698 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 3.584%, 5/22/28 (k) | 8035000 | 7906099 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>2.393%, 6/2/28 (k) | 1010000 | 972931 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%),<br>4.808%, 7/25/28 (k) | 665000 | 670309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.574%, 7/25/29 (k) | 435000 | 448201 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 2.879%, 10/30/30 (k) | 1250000 | 1166230 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.26%), 2.572%, 2/11/31 (k) | 2625000 | 2400014 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>3.350%, 3/2/33 (k) | 2135000 | 1942470 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>4.897%, 7/25/33 (k) | 625000 | 622699 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>5.389%, 4/24/34 (k) | 325000 | 331548 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br>5.557%, 7/25/34 (k) | 600000 | 618141 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>6.491%, 10/23/34 (k) | 1430000 | 1559926 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%),<br>5.499%, 1/23/35 (k) | 2000000 | 2050579 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>5.211%, 12/3/35 (k) | 285000 | 285985 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.605%, 4/23/36 (k) | 665000 | 686527 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/7/26 | 1250000 | 1265520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.254%, 12/11/26 | 600000 | 608596 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/8/27 | 1250000 | 1236448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.043%, 8/26/27 | 1500000 | 1499860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%, 11/20/28 | 500000 | 465891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/16/29 | 500000 | 515218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/16/30 | 350000 | 327611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 6/3/31 | 500000 | 443296 |

---

See Notes to Financial Statements.

597

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.820%, 11/17/33 | $1250000 | $1371429 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 2.668%, 11/15/35 (k) | 2000000 | 1760671 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 5.618%, 11/20/35 (k) | 1400000 | 1404354 |
|  Wintrust Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/6/29 | 250000 | 241160 |
|  Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/29/29 | 500000 | 458760 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.83%),<br>6.816%, 11/19/35 (k)(x) | 250000 | 258262 |
|  |  | 369320599 |
|  ***Capital Markets (2.7%)*** |  |  |
|  Affiliated Managers Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/15/30 | 210000 | 197027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/20/34 | 250000 | 249556 |
|  Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/26 | 500000 | 492486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/13/32 | 90000 | 89093 |
|  Apollo Debt Solutions BDC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 7/29/31 | 400000 | 414744 |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/15/26 | 285000 | 277681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 1/15/27 | 110000 | 113430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/27 | 500000 | 483052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/28 | 500000 | 471153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 7/15/29 | 315000 | 321768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/30 | 250000 | 248991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/15/31 | 500000 | 434647 |
|  Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 8/15/29 (x) | 500000 | 511770 |
|  Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 10/13/26 | 500000 | 484700 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 10/15/26 | 1000000 | 960804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/26/27 (x) | 400000 | 387277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/16/27 | 700000 | 690473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/28/28 | 850000 | 846112 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>3.992%, 6/13/28 (k) | 500000 | 497893 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>4.543%, 2/1/29 (k) | 250000 | 251857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/26/29 | 500000 | 492475 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br>4.596%, 7/26/30 (k) | 145000 | 146195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/28/31 | 500000 | 434733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/28/31 | 750000 | 647181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/26/32 | 200000 | 175855 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.060%, 7/22/32 (k) | 300000 | 306067 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>4.289%, 6/13/33 (k) | 500000 | 484919 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>6.474%, 10/25/34 (k) | 1000000 | 1099704 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.188%, 3/14/35 (k) | 1000000 | 1010715 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>5.316%, 6/6/36 (k) | 140000 | 142799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>1.900%, 1/25/29 | 500000 | 462319 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.967%, 4/26/34 (k) | 350000 | 350943 |
|  BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5/25/28 | 500000 | 534132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 6/10/29 | 185000 | 191587 |
|  BlackRock Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/14/34 | 1000000 | 1021046 |
|  BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 5/30/29 | 235000 | 241955 |
|  BlackRock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 347000 | 342116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/29 | 445000 | 430772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/25/33 | 900000 | 908222 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/15/26 | 1000000 | 966105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/27 | 500000 | 485927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/29 | 250000 | 239850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/22/34 | 500000 | 487782 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/27 (x) | 500000 | 477711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/30/28 (x) | 500000 | 465197 |
|  Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/15/26 | 500000 | 491897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/11/28 | 750000 | 697596 |
|  Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/8/27 | 300000 | 298075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 6/13/28 | 500000 | 534165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 9/15/29 | 185000 | 190282 |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/25/28 | 500000 | 494222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/15/30 | 2000000 | 1974265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 4/15/31 | 230000 | 207277 |
|  Cboe Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/12/27 | 650000 | 643714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/16/32 | 500000 | 449209 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/24/26 | 335000 | 340483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/2/27 | 500000 | 492387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/3/27 | 210000 | 204233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/27 | 455000 | 448314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/20/28 | 1200000 | 1134086 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.21%),<br>5.643%, 5/19/29 (k) | 500000 | 517942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/22/29 | 500000 | 482666 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>6.196%, 11/17/29 (k) | 280000 | 296936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/13/31 | 750000 | 664069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/3/32 | 280000 | 250829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.50%),<br>5.853%, 5/19/34 (k) | 250000 | 264663 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.01%),<br>6.136%, 8/24/34 (k) | 500000 | 539204 |
|  CI Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/17/30 | 565000 | 498230 |
|  CME Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/28 | 350000 | 347425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/15/32 | 355000 | 317448 |

---

See Notes to Financial Statements.

598

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%),<br>7.146%, 7/13/27 (k) | $495000 | $507487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%, 9/9/27 | 500000 | 512206 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.311%, 11/16/27 (k) | 510000 | 494287 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.552%, 1/7/28 (k) | 1000000 | 970319 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.18%),<br>6.720%, 1/18/29 (k) | 150000 | 157350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%, 5/10/29 | 280000 | 289637 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.04%),<br>3.547%, 9/18/31 (k) | 2355000 | 2200502 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.65%),<br>7.079%, 2/10/34 (k) | 225000 | 239123 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%),<br>5.403%, 9/11/35 (k) | 220000 | 218417 |
|  Eaton Vance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/6/27 | 250000 | 246463 |
|  Franklin Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 10/30/30 | 600000 | 516147 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/15/27 | 500000 | 479985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 500000 | 479460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 | 300000 | 274926 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/16/26 | 1815000 | 1793870 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%),<br>1.542%, 9/10/27 (k) | 1250000 | 1206104 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br>1.948%, 10/21/27 (k) | 1060000 | 1025045 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>2.640%, 2/24/28 (k) | 455000 | 441770 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>3.615%, 3/15/28 (k) | 1000000 | 985038 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.691%, 6/5/28 (k) | 1000000 | 985091 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.223%, 5/1/29 (k) | 2000000 | 1987112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 2/7/30 | 6515000 | 6011267 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br>5.727%, 4/25/30 (k) | 300000 | 311554 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30 (k) | 345000 | 350138 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>1.992%, 1/27/32 (k) | 570000 | 493001 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>2.615%, 4/22/32 (k) | 1070000 | 950576 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.383%, 7/21/32 (k) | 2140000 | 1867904 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.650%, 10/21/32 (k) | 720000 | 634745 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>3.102%, 2/24/33 (k) | 1000000 | 897002 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%),<br>6.561%, 10/24/34 (k) | 3000000 | 3306771 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.851%, 4/25/35 (k) | 1000000 | 1043558 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.330%, 7/23/35 (k) | 1500000 | 1513461 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.016%, 10/23/35 (k) | 1790000 | 1765077 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%),<br>5.536%, 1/28/36 (k) | 525000 | 537922 |
|  Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 2/15/27 (x) | 500000 | 476240 |
|  Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/20/27 | 335000 | 324443 |
|  HPS Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/30/29 | 500000 | 508889 |
|  Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/27 | 600000 | 596856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/21/28 | 535000 | 526428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/15/29 | 250000 | 250508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/31 | 275000 | 284963 |
|  Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/27 | 665000 | 670334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/21/28 | 270000 | 279804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/15/31 | 1500000 | 1304607 |
|  Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/19/28 | 350000 | 348364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/11/29 | 500000 | 494799 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/35 | 500000 | 501635 |
|  Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/14/26 | 325000 | 317718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/4/27 | 65000 | 66444 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/19/31 | 1250000 | 1084435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/8/32 | 250000 | 243646 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/27/26 | 3000000 | 2962188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/20/27 | 4000000 | 3962485 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>1.512%, 7/20/27 (k) | 2000000 | 1939140 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br>2.475%, 1/21/28 (k) | 1035000 | 1004116 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.210%, 4/20/28 (k) | 870000 | 867796 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br>6.296%, 10/18/28 (k) | 1000000 | 1040583 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.40%), 3.772%, 1/24/29 (k) | 1800000 | 1771773 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>5.123%, 2/1/29 (k) | 500000 | 508536 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.164%, 4/20/29 (k) | 765000 | 779309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%),<br>5.449%, 7/20/29 (k) | 430000 | 441311 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.89%), 4.431%, 1/23/30 (k) | 950000 | 947178 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>5.656%, 4/18/30 (k) | 665000 | 689057 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>5.042%, 7/19/30 (k) | 225000 | 228461 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>2.699%, 1/22/31 (k) | 4140000 | 3810988 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.12%),<br>3.622%, 4/1/31 (k) | 2000000 | 1913736 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.239%, 7/21/32 (k) | 2000000 | 1729225 |

---

See Notes to Financial Statements.

599

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>2.511%, 10/20/32 (k) | $| 925000 | $| 808817 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.943%, 1/21/33 (k) |  | 820000 |  | 730741 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br>4.889%, 7/20/33 (k) |  | 750000 |  | 748183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br>6.342%, 10/18/33 (k) |  | 925000 |  | 1003408 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%),<br>5.250%, 4/21/34 (k)(x) |  | 910000 |  | 924751 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>5.424%, 7/21/34 (k) |  | 560000 |  | 571911 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%),<br>5.466%, 1/18/35 (k) |  | 2000000 |  | 2043932 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>5.831%, 4/19/35 (k) |  | 1500000 |  | 1571233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.587%, 1/18/36 (k) |  | 625000 |  | 640122 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br>5.664%, 4/17/36 (k) |  | 400000 |  | 414293 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>2.484%, 9/16/36 (k) |  | 1250000 |  | 1062144 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%),<br>5.297%, 4/20/37 (k) |  | 785000 |  | 780205 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.948%, 1/19/38 (k) |  | 500000 |  | 512622 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.80%), 5.942%, 2/7/39 (k) |  | 3000000 |  | 3074458 |
|  Morgan Stanley Direct Lending Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/17/29 |  | 115000 |  | 117557 |
|  Nasdaq, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 6/28/28 |  | 225000 |  | 231509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/31 |  | 750000 |  | 646830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/34 (x) |  | 2000000 |  | 2080871 |
|  Nomura Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.329%, 1/22/27 |  | 500000 |  | 483582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.386%, 7/6/27 |  | 500000 |  | 508450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%, 1/18/28 (x) |  | 200000 |  | 206238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, 7/12/28 |  | 500000 |  | 521020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710%, 1/22/29 |  | 500000 |  | 468731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 1/16/30 |  | 750000 |  | 700095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%, 7/16/30 |  | 1000000 |  | 906136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608%, 7/14/31 |  | 685000 |  | 602397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%, 1/22/32 |  | 500000 |  | 441950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.181%, 1/18/33 |  | 200000 |  | 212651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, 7/12/33 |  | 500000 |  | 529233 |
|  Northern Trust Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/27 |  | 335000 |  | 334360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/3/28 |  | 500000 |  | 492932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/3/29 |  | 500000 |  | 481730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 5/1/30 |  | 560000 |  | 502603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/8/32 |  | 468000 |  | 453998 |
|  Oaktree Specialty Lending Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 1/15/27 |  | 500000 |  | 479044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 2/15/29 |  | 500000 |  | 514851 |
|  Oaktree Strategic Credit Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/23/29 |  | 120000 |  | 122639 |
|  S&P Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/1/27 |  | 235000 |  | 228554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/1/29 |  | 500000 |  | 473405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/30 |  | 975000 |  | 839897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32 |  | 350000 |  | 317588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/33 (x) |  | 635000 |  | 659056 |
|  Sixth Street Lending Partners |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/11/29 |  | 355000 |  | 366208 |
|  Sixth Street Specialty Lending, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/26 |  | 310000 |  | 302334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/14/28 |  | 355000 |  | 373799 |
|  Stifel Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 |  | 500000 |  | 479240 |
|  UBS AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/7/26 |  | 600000 |  | 580106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/9/27 |  | 500000 |  | 507488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 2/15/28 |  | 400000 |  | 431108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/11/28 |  | 500000 |  | 520410 |
|  |  |  |  | 135325168 |
|  ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** |
|  AerCap Ireland Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 |  | 795000 |  | 774725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 7/21/27 |  | 1000000 |  | 983782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/27 |  | 500000 |  | 501457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/23/28 |  | 500000 |  | 491489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/6/28 |  | 210000 |  | 217255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 |  | 390000 |  | 371381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/10/29 |  | 1500000 |  | 1498958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 9/30/30 |  | 365000 |  | 388970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/10/34 |  | 335000 |  | 326915 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.950%, 3/10/55 (k) |  | 2000000 |  | 2082434 |
|  Ally Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/9/27 |  | 500000 |  | 502514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 |  | 250000 |  | 229488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.26%),<br>6.992%, 6/13/29 (k) |  | 625000 |  | 657229 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.29%),<br>6.184%, 7/26/35 (k) |  | 1000000 |  | 1016536 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 11/4/26 (x) |  | 1460000 |  | 1411080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/4/27 |  | 335000 |  | 326116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/3/27 |  | 1150000 |  | 1131842 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%),<br>5.389%, 7/28/27 (k) |  | 500000 |  | 504823 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>5.043%, 7/26/28 (k) |  | 375000 |  | 380087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/3/29 |  | 335000 |  | 334490 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.28%), 5.282%, 7/27/29 (k) |  | 500000 |  | 514046 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.09%), 5.532%, 4/25/30 (k) |  | 500000 |  | 518961 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>6.489%, 10/30/31 (k) |  | 335000 |  | 364749 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>4.989%, 5/26/33 (k) |  | 265000 |  | 264949 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%),<br>5.043%, 5/1/34 (k) |  | 750000 |  | 754739 |

---

See Notes to Financial Statements.

600

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>5.284%, 7/26/35 (k) | $1500000 | $1517156 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.32%), 5.442%, 1/30/36 (k) | 185000 | 188629 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>5.667%, 4/25/36 (k) | 135000 | 139725 |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/7/26 | 300000 | 302390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/9/26 | 415000 | 400226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/9/26 | 720000 | 702609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/27 | 500000 | 485275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/12/28 | 350000 | 352850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/7/28 | 500000 | 510048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/17/30 | 500000 | 499713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 10/4/30 | 440000 | 464512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 1/13/31 | 350000 | 300395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/10/31 | 500000 | 506153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/10/34 | 1000000 | 988744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/5/35 | 500000 | 495571 |
|  Andrew W Mellon Foundation (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>0.947%, 8/1/27 | 300000 | 281527 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/9/27 | 565000 | 562128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/9/27 | 1150000 | 1140136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/11/27 | 500000 | 493972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 | 1000000 | 986035 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>4.927%, 5/10/28 (k) | 500000 | 503065 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.64%),<br>6.312%, 6/8/29 (k) | 335000 | 351400 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>3.273%, 3/1/30 (k) | 500000 | 476656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>5.247%, 7/26/30 (k) | 500000 | 509798 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.463%, 7/26/30 (k) | 200000 | 205502 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.07%),<br>7.624%, 10/30/31 (k) | 715000 | 807263 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>2.359%, 7/29/32 (k) | 1000000 | 845959 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br>2.618%, 11/2/32 (k)(x) | 1000000 | 871438 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.37%),<br>5.268%, 5/10/33 (k) | 500000 | 504412 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>5.817%, 2/1/34 (k) | 500000 | 513011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.86%),<br>6.377%, 6/8/34 (k) | 335000 | 355580 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 3.37%), 7.964%, 11/2/34 (k) | 1000000 | 1161219 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>6.183%, 1/30/36 (k) | 200000 | 202968 |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/9/26 | 250000 | 245250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 9/14/26 | 400000 | 386382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/8/27 | 355000 | 342475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/12/27 | 500000 | 494682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 11/15/29 | 2000000 | 2032352 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/8/29 | 2000000 | 2001700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 3/5/31 | 3000000 | 2989740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.054%, 11/5/31 | 1000000 | 992960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122%, 11/7/33 | 2805000 | 2904465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 | 3000000 | 2914200 |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/6/26 (x) | 750000 | 744593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/17/27 | 835000 | 828970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 2/26/27 | 500000 | 481670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/9/27 | 450000 | 452482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 1/5/28 | 500000 | 489393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/9/28 | 200000 | 205658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/10/28 | 600000 | 563484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/23/28 | 500000 | 513990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/28 (x) | 500000 | 464362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/17/29 (x) | 350000 | 357529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/6/29 (x) | 500000 | 488896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 4/6/30 | 295000 | 304787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/31 | 500000 | 432556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/10/31 | 750000 | 655124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/18/31 | 155000 | 157836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 1/9/33 | 700000 | 735892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/7/34 | 1000000 | 1027750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/6/34 | 220000 | 214933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1/7/35 | 500000 | 501652 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/8/26 | 500000 | 505625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 3/8/27 | 250000 | 243137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/9/27 | 175000 | 168326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 9/8/27 (x) | 400000 | 389227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/6/28 | 500000 | 488207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/20/28 | 530000 | 538037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/3/28 | 300000 | 306335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/14/28 | 785000 | 803493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/7/29 (x) | 270000 | 263396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/11/29 | 500000 | 511835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 7/18/29 | 325000 | 307041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/11/29 | 500000 | 513323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/9/30 | 290000 | 268704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/10/30 | 415000 | 421709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 9/15/32 | 375000 | 369644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/11/34 (x) | 1000000 | 1020205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>5.150%, 9/8/33 | 500000 | 515595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MTN1<br>5.050%, 6/12/34 | 1000000 | 1017693 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/10/26 | 220000 | 222211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/4/27 | 350000 | 339152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 1/10/28 | 100000 | 101436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/10/28 | 500000 | 512470 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/4/26 | 500000 | 494840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 | 1500000 | 1473560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/19/29 | 250000 | 251446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 (x) | 250000 | 216398 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/14/26 | 1000000 | 1008296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 8/13/27 | 590000 | 554183 |

---

See Notes to Financial Statements.

601

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/11/28 | $| 500000 | $| 486388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/12/28 |  | 320000 |  | 323566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/6/28 |  | 600000 |  | 564835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/11/28 |  | 750000 |  | 773582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/8/29 |  | 500000 |  | 491822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/16/29 |  | 500000 |  | 513014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/29/29 |  | 500000 |  | 502084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/13/30 |  | 500000 |  | 454415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 5/17/30 |  | 750000 |  | 754464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/10/31 |  | 550000 |  | 474265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 1/13/32 |  | 500000 |  | 436871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/12/33 |  | 350000 |  | 350787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/5/34 |  | 1500000 |  | 1497767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/9/35 |  | 300000 |  | 307554 |
|  |  |  |  | 81857781 |
|  ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** |
|  Block Financial LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/28 |  | 350000 |  | 329542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/30 |  | 230000 |  | 218105 |
|  Corebridge Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 9/15/33 |  | 1165000 |  | 1223089 |
|  Fidelity National Information Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 3/1/28 |  | 215000 |  | 200591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/32 |  | 500000 |  | 509084 |
|  Fiserv, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/1/26 |  | 250000 |  | 247182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/27 (x) |  | 1000000 |  | 962491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 8/21/28 |  | 500000 |  | 514131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/1/28 |  | 465000 |  | 462102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 |  | 890000 |  | 856111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/1/30 (x) |  | 1500000 |  | 1374299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/2/33 |  | 225000 |  | 232941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/21/33 |  | 500000 |  | 518052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/12/34 |  | 500000 |  | 500909 |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/27 |  | 500000 |  | 483583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/27 (x) |  | 315000 |  | 318222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/1/28 |  | 500000 |  | 498550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/29 |  | 300000 |  | 305324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/30 |  | 235000 |  | 215299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/31 |  | 500000 |  | 441476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/32 (x) |  | 500000 |  | 509067 |
|  HA Sustainable Infrastructure Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 7/1/34 |  | 125000 |  | 124660 |
|  Jackson Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 6/8/27 |  | 280000 |  | 283504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670%, 6/8/32 |  | 250000 |  | 254679 |
|  Mastercard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/26 |  | 1150000 |  | 1132717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/26/28 |  | 140000 |  | 138208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/9/28 |  | 355000 |  | 363044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/1/29 |  | 700000 |  | 671489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/18/31 |  | 500000 |  | 434230 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 4/25/27 |  | 350000 |  | 343442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/7/28 |  | 500000 |  | 490037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/28 |  | 145000 |  | 147149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 9/15/28 |  | 1250000 |  | 1277226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/1/28 |  | 250000 |  | 246715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/15/29 |  | 500000 |  | 514443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/33 (x) |  | 165000 |  | 175352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/34 |  | 600000 |  | 600227 |
|  ORIX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/18/27 |  | 400000 |  | 394576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/13/27 |  | 200000 |  | 202590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/9/31 |  | 350000 |  | 307745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/13/32 (x) |  | 250000 |  | 236248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/13/32 |  | 200000 |  | 202934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/25/35 (x) |  | 200000 |  | 202476 |
|  PayPal Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/1/26 |  | 335000 |  | 328813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/27 |  | 180000 |  | 179210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/30 (x) |  | 1000000 |  | 907957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/32 |  | 500000 |  | 492804 |
|  Private Export Funding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/7/27§ |  | 625000 |  | 628411 |
|  Shell International Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/12/26 |  | 1000000 |  | 982616 |
|  Synchrony Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/23/27 |  | 250000 |  | 254832 |
|  Visa, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/15/27 |  | 465000 |  | 435447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/27 |  | 300000 |  | 292694 |
|  Voya Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/20/34 |  | 110000 |  | 107421 |
|  Western Union Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/31 |  | 350000 |  | 306500 |
|  Woodside Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/12/34 |  | 1000000 |  | 961520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/19/35 |  | 500000 |  | 510846 |
|  |  |  |  | 26052912 |
|  ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** |
|  Alleghany Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 |  | 500000 |  | 484817 |
|  Allstate Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.280%, 12/15/26 |  | 500000 |  | 492353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/24/29 |  | 125000 |  | 128235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 12/15/30 |  | 300000 |  | 255617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/30/33 (x) |  | 390000 |  | 399108 |
|  American International Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 3/27/33 |  | 665000 |  | 674519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/7/35 |  | 125000 |  | 127552 |
|  American National Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/15/35 |  | 500000 |  | 500502 |
|  Aon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/28/27 |  | 180000 |  | 175395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 |  | 650000 |  | 653180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/2/29 |  | 350000 |  | 342142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/15/30 |  | 500000 |  | 462144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/23/31 |  | 750000 |  | 645992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/2/31 |  | 355000 |  | 314055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/12/32 |  | 500000 |  | 507492 |
|  Aon North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/1/34 |  | 750000 |  | 770142 |
|  Arch Capital Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.011%, 12/15/26 |  | 500000 |  | 497493 |
|  Arthur J Gallagher & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/2/33 |  | 315000 |  | 324973 |

---

See Notes to Financial Statements.

602

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/27/28 | $250000 | $251573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 500000 | 425232 |
|  Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/28 | 185000 | 194450 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/12/28 | 750000 | 742346 |
|  AXIS Specialty Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/29 | 250000 | 243146 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.19%), 4.900%, 1/15/40 (k) | 200000 | 192250 |
|  AXIS Specialty Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/6/27 | 500000 | 494303 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/27 (x) | 500000 | 487256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 3/12/30 | 165000 | 149500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/15/30 (x) | 395000 | 345315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/15/32 | 500000 | 459846 |
|  Brighthouse Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/22/27 | 2000000 | 1965294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/30 | 145000 | 148516 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/29 | 300000 | 299253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/17/32 | 325000 | 310971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/23/35 | 250000 | 253997 |
|  Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/29 | 400000 | 406885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/15/30 | 1665000 | 1448362 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/15/27 (x) | 500000 | 489817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/1/29 (x) | 210000 | 205162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/15/30 | 170000 | 149399 |
|  Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/1/29 | 350000 | 351596 |
|  F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/4/29 | 85000 | 87694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/4/34 | 315000 | 312695 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 4/17/28 | 250000 | 252044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/29/30 | 750000 | 746207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/3/31 | 355000 | 329412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/32 | 250000 | 256453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/7/33 | 500000 | 518796 |
|  Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/28 | 475000 | 473529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/30 | 300000 | 280131 |
|  First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 (x) | 180000 | 172278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/15/31 | 315000 | 269516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/30/34 | 100000 | 97904 |
|  Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/28 | 500000 | 501560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 500000 | 441450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/32 | 150000 | 147527 |
|  Hartford Insurance Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/19/29 | 535000 | 503301 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/30/30 (x) | 500000 | 439103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/23/32 | 500000 | 454393 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/12/26 | 500000 | 493916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/32 | 750000 | 674172 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/30 | 60000 | 56765 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, 5/19/27 | 350000 | 339372 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 1.65%), 4.061%, 2/24/32 (k) | 750000 | 741286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.703%, 3/16/32 | 500000 | 472205 |
|  Markel Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27 | 350000 | 343471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/17/29 | 90000 | 86598 |
|  Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 (x) | 700000 | 701404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 12/15/31 | 340000 | 297250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 9/15/33 | 1350000 | 1398137 |
|  Mercury General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/27 | 300000 | 296259 |
|  MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/33 | 200000 | 207881 |
|  Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/26/26 | 500000 | 495902 |
|  PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/2/29 | 350000 | 339324 |
|  Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/15/26 | 350000 | 343907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/29 | 375000 | 365577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 6/15/30 | 750000 | 667582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/33 | 140000 | 143809 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/27 | 290000 | 282427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/32 | 350000 | 319252 |
|  Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.878%, 3/27/28 | 650000 | 646998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/10/30 | 235000 | 213688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/47 | 1075000 | 1053500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.125%, 3/1/52 (k) | 175000 | 169272 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52 (k) | 350000 | 353734 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.500%, 3/15/54 (k) | 750000 | 770625 |
|  Prudential Funding Asia plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/14/30 | 1500000 | 1415955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/24/32 | 500000 | 465045 |
|  Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/29 (x) | 175000 | 170980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/30 (x) | 175000 | 163404 |
|  RenaissanceRe Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/1/27 | 195000 | 191861 |
|  RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/29 | 500000 | 483445 |
|  Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/29 | 180000 | 176692 |
|  Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 6/15/27 | 200000 | 201181 |

---

See Notes to Financial Statements.

603

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/28 | $| 500000 | $| 501012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 540000 |  | 507994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 5/15/33 |  | 500000 |  | 511167 |
|  |  |  |  | 41117222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 653673682 |
|  **Health Care (2.6%)** | **Health Care (2.6%)** | **Health Care (2.6%)** | **Health Care (2.6%)** | **Health Care (2.6%)** |
|  ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/26 |  | 1430000 |  | 1405168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/21/29 |  | 1790000 |  | 1707321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/34 |  | 4000000 |  | 4073198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/35 |  | 500000 |  | 508965 |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/19/26 |  | 1150000 |  | 1128828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/21/27 |  | 705000 |  | 681805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/2/27 |  | 1250000 |  | 1214525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/2/28 |  | 800000 |  | 815850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 8/15/28 (x) |  | 600000 |  | 554228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/22/29 (x) |  | 290000 |  | 276823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/18/29 |  | 500000 |  | 493132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/21/30 |  | 950000 |  | 868039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/30 |  | 600000 |  | 617632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/22/32 |  | 290000 |  | 268125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/33 (x) |  | 500000 |  | 480174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 |  | 730000 |  | 746491 |
|  Biogen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/1/30 |  | 735000 |  | 661811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/35 |  | 140000 |  | 143911 |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/1/27 |  | 235000 |  | 220495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/1/30 |  | 2790000 |  | 2434699 |
|  Regeneron Pharmaceuticals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 |  | 850000 |  | 736019 |
|  |  |  |  | 20037239 |
|  ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/26 |  | 978000 |  | 975323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 1/30/28 |  | 170000 |  | 158944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 6/30/30 |  | 160000 |  | 140445 |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/15/26 |  | 500000 |  | 490188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 2/1/27 |  | 500000 |  | 481196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.272%, 12/1/28 |  | 500000 |  | 464683 |
|  Becton Dickinson & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/6/27 |  | 1467000 |  | 1449515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 2/13/28 |  | 375000 |  | 378224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823%, 5/20/30 |  | 355000 |  | 327782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.957%, 2/11/31 |  | 665000 |  | 577068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298%, 8/22/32 |  | 105000 |  | 101568 |
|  DH Europe Finance II Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/15/29 |  | 315000 |  | 293710 |
|  Edwards Lifesciences Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/28 |  | 750000 |  | 748216 |
|  GE HealthCare Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 8/14/29 |  | 1000000 |  | 1013078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 |  | 250000 |  | 255967 |
|  Smith & Nephew plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 10/14/30 |  | 500000 |  | 437068 |
|  Solventum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/23/34 |  | 1000000 |  | 1027585 |
|  STERIS Irish FinCo. UnLtd. Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/31 |  | 430000 |  | 386081 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/7/28 |  | 600000 |  | 591591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/15/30 |  | 500000 |  | 445186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/11/34 |  | 500000 |  | 491556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/35 |  | 235000 |  | 239287 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/24/31 |  | 500000 |  | 440719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/19/35 |  | 500000 |  | 511616 |
|  |  |  |  | 12426596 |
|  ***Health Care Providers & Services (0.9%)*** | ***Health Care Providers & Services (0.9%)*** | ***Health Care Providers & Services (0.9%)*** | ***Health Care Providers & Services (0.9%)*** | ***Health Care Providers & Services (0.9%)*** |
|  Advocate Health & Hospitals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.829%, 8/15/28 |  | 100000 |  | 98789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>2.211%, 6/15/30 |  | 150000 |  | 135821 |
|  Banner Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.338%, 1/1/30 |  | 190000 |  | 174294 |
|  Baylor Scott & White Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.777%, 11/15/30 |  | 50000 |  | 43868 |
|  Bon Secours Mercy Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.302%, 7/1/28 |  | 125000 |  | 125253 |
|  Cardinal Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 6/15/27 |  | 1250000 |  | 1230041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/34 |  | 750000 |  | 763862 |
|  Cencora, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/27 |  | 400000 |  | 391978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/15/30 |  | 750000 |  | 695620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/31 |  | 600000 |  | 541594 |
|  Cigna Group (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 |  | 1340000 |  | 1341086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/30 |  | 2350000 |  | 2141930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/31 |  | 450000 |  | 399361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/33 |  | 500000 |  | 515635 |
|  CommonSpirit Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.073%, 11/1/27 (x) |  | 390000 |  | 403727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 10/1/29 |  | 185000 |  | 176672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782%, 10/1/30 |  | 340000 |  | 310670 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/26 |  | 250000 |  | 246028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/21/27 (x) |  | 1500000 |  | 1403912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 |  | 2587000 |  | 2573285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/30/29 |  | 180000 |  | 182463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/1/29 |  | 335000 |  | 343939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 |  | 335000 |  | 318224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/21/30 |  | 400000 |  | 407204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/21/30 |  | 2000000 |  | 1726545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/30/31 |  | 180000 |  | 183893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/1/31 |  | 2000000 |  | 2075839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/21/33 |  | 400000 |  | 401843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/1/33 |  | 195000 |  | 196173 |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/1/27 |  | 715000 |  | 705565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/15/29 |  | 310000 |  | 318656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/29 |  | 200000 |  | 187870 |

---

See Notes to Financial Statements.

604

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/30 | $| 165000 | $| 148834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 |  | 750000 |  | 673097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/15/32 |  | 1000000 |  | 958595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/33 |  | 500000 |  | 496322 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 |  | 820000 |  | 819720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27 (x) |  | 235000 |  | 230047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/28 |  | 2500000 |  | 2551853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 (x) |  | 335000 |  | 321347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 |  | 525000 |  | 514727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 750000 |  | 650891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32 |  | 500000 |  | 459868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/15/34 |  | 1000000 |  | 1006729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/35 |  | 200000 |  | 205401 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/3/27 |  | 540000 |  | 516026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/27 |  | 375000 |  | 373521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/28 (x) |  | 200000 |  | 206096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/23/29 |  | 625000 |  | 605233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/29 |  | 625000 |  | 587816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/31 |  | 750000 |  | 763727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/1/33 |  | 200000 |  | 205958 |
|  Kaiser Foundation Hospitals |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/27 (x) |  | 375000 |  | 368049 |
|  McKesson Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/15/26 |  | 1665000 |  | 1612426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/30/35 |  | 750000 |  | 761404 |
|  Providence St Joseph Health Obligated Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H<br>2.746%, 10/1/26 (x) |  | 400000 |  | 390938 |
|  Quest Diagnostics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 11/30/33 |  | 140000 |  | 153263 |
|  Sutter Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A<br>2.294%, 8/15/30 (x) |  | 415000 |  | 373841 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/27 (x) |  | 750000 |  | 738196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/27 (x) |  | 350000 |  | 346626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/15/27 |  | 1000000 |  | 972337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/28 |  | 715000 |  | 733133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/28 |  | 250000 |  | 246413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 |  | 500000 |  | 498173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/29 |  | 390000 |  | 385264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/29 |  | 770000 |  | 726369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 |  | 395000 |  | 352826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 |  | 750000 |  | 661308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/32 |  | 500000 |  | 505621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 5/15/32 |  | 315000 |  | 304318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/33 |  | 500000 |  | 485509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 7/15/34 (x) |  | 2000000 |  | 2017786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 |  | 205000 |  | 207977 |
|  Universal Health Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 9/1/26 |  | 625000 |  | 603391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/34 |  | 245000 |  | 233888 |
|  |  |  |  | 46736504 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Agilent Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/29 |  | 175000 |  | 163620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/4/30 |  | 290000 |  | 259591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/12/31 |  | 750000 |  | 662385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/9/34 |  | 300000 |  | 293989 |
|  Illumina, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/23/31 |  | 225000 |  | 197601 |
|  Revvity, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/29 |  | 625000 |  | 591657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 |  | 415000 |  | 364424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/31 |  | 355000 |  | 303588 |
|  Thermo Fisher Scientific, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.953%, 8/10/26 |  | 500000 |  | 503589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/28 |  | 890000 |  | 823491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.977%, 8/10/30 |  | 500000 |  | 513092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.086%, 8/10/33 |  | 700000 |  | 715093 |
|  |  |  |  | 5392120 |
|  ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** |
|  Astrazeneca Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/28 |  | 500000 |  | 510952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 5/28/28 |  | 400000 |  | 374719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/3/30 |  | 500000 |  | 512329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/28/31 |  | 325000 |  | 290210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/33 |  | 500000 |  | 508431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/26/34 |  | 3000000 |  | 3054671 |
|  Bristol-Myers Squibb Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/13/27 (x) |  | 600000 |  | 561550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 2/20/28 |  | 2750000 |  | 2735195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 |  | 773000 |  | 748328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 11/13/30 |  | 355000 |  | 306468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/33 |  | 665000 |  | 713998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/22/34 (x) |  | 3000000 |  | 3068476 |
|  Eli Lilly & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 |  | 258000 |  | 251862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/12/30 |  | 1000000 |  | 1021879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/9/34 |  | 2000000 |  | 1987989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 8/14/34 |  | 355000 |  | 350716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/12/35 |  | 1000000 |  | 1019168 |
|  GlaxoSmithKline Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 |  | 500000 |  | 497718 |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/3/27 |  | 500000 |  | 492056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 9/1/27 (x) |  | 625000 |  | 587548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 3/1/30 |  | 1000000 |  | 1023042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/1/30 |  | 705000 |  | 613252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/1/31 |  | 2315000 |  | 2393221 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/10/27 |  | 600000 |  | 574361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/17/28 |  | 250000 |  | 250876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/10/28 |  | 300000 |  | 279597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 |  | 750000 |  | 729705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/17/30 |  | 500000 |  | 502712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/24/30 |  | 895000 |  | 780808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/10/31 |  | 570000 |  | 496330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/17/33 |  | 295000 |  | 293749 |
|  Novartis Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/14/27 (x) |  | 750000 |  | 728072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/17/27 (x) |  | 1000000 |  | 984218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/18/34 |  | 1250000 |  | 1201635 |
|  Pfizer Investment Enterprises Pte. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/19/28 |  | 2000000 |  | 2012124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/19/30 (x) |  | 1500000 |  | 1517996 |

---

See Notes to Financial Statements.

605

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/19/33 | $| 1195000 | $| 1191522 |
|  Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/15/28 |  | 1350000 |  | 1335205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 (x) |  | 1000000 |  | 976425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/28/30 (x) |  | 250000 |  | 221182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/18/31 |  | 490000 |  | 422750 |
|  Royalty Pharma plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/2/27 (x) |  | 455000 |  | 430489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/2/29 (x) |  | 390000 |  | 397285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/2/30 |  | 415000 |  | 367122 |
|  Sanofi SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/19/28 |  | 750000 |  | 740763 |
|  Shire Acquisitions Investments Ireland DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/23/26 |  | 2450000 |  | 2416592 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/26/28 |  | 1000000 |  | 1017914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/31/30 |  | 470000 |  | 420659 |
|  Viatris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/22/27 |  | 375000 |  | 357677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 |  | 885000 |  | 787590 |
|  Zoetis, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/12/27 |  | 500000 |  | 487523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/20/28 (x) |  | 350000 |  | 347275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 |  | 500000 |  | 448449 |
|  |  |  |  | 46342383 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 130934842 |
|  **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** |
|  ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** |
|  Boeing Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/1/27 |  | 365000 |  | 354740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/1/27 |  | 1500000 |  | 1511042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/1/28 (x) |  | 600000 |  | 581870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/1/28 (x) |  | 300000 |  | 289127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/1/29 |  | 500000 |  | 475126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 2/1/30 |  | 750000 |  | 694610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/30 |  | 1000000 |  | 1017809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388%, 5/1/31 |  | 190000 |  | 204110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528%, 5/1/34 |  | 2000000 |  | 2172742 |
|  Embraer Netherlands Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 2/11/35 |  | 110000 |  | 112975 |
|  General Dynamics Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 8/15/26 |  | 750000 |  | 733361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 |  | 805000 |  | 799864 |
|  Hexcel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/26/35 |  | 70000 |  | 71063 |
|  Huntington Ingalls Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 |  | 1000000 |  | 930032 |
|  L3Harris Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 12/15/26 |  | 245000 |  | 243323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/15/27 |  | 335000 |  | 340679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/15/28 |  | 1750000 |  | 1753151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 7/31/33 |  | 750000 |  | 770415 |
|  Leidos, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/30 |  | 95000 |  | 93535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/33 |  | 375000 |  | 390329 |
|  Lockheed Martin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/28 |  | 480000 |  | 484933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/34 |  | 2000000 |  | 1988163 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/28 |  | 1500000 |  | 1463828 |
|  RTX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/27 |  | 715000 |  | 705900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/4/27 |  | 1250000 |  | 1225968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/15/31 |  | 625000 |  | 670434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/1/31 |  | 1520000 |  | 1300147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/32 |  | 750000 |  | 652037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/27/33 |  | 290000 |  | 296187 |
|  Textron, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 |  | 250000 |  | 246742 |
|  |  |  |  | 22574242 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/28 |  | 500000 |  | 496779 |
|  FedEx Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/5/29 (x)§ |  | 750000 |  | 709184 |
|  GXO Logistics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/6/29 |  | 155000 |  | 161804 |
|  United Parcel Service, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 11/15/27 |  | 750000 |  | 733027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/15/29 |  | 310000 |  | 301952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/29 |  | 150000 |  | 140111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/3/33 |  | 290000 |  | 294708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/14/35 |  | 290000 |  | 295521 |
|  |  |  |  | 3133086 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  Carrier Global Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493%, 2/15/27 |  | 830000 |  | 807811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 2/15/30 |  | 1570000 |  | 1458231 |
|  CRH America Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/9/35 |  | 1000000 |  | 1026032 |
|  Fortune Brands Innovations, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/29 |  | 350000 |  | 331307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/25/32 |  | 500000 |  | 468846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/33 |  | 315000 |  | 329847 |
|  Johnson Controls International plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/19/29 |  | 250000 |  | 259135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 |  | 265000 |  | 231936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/16/31 |  | 585000 |  | 501011 |
|  Lennox International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 8/1/27 |  | 100000 |  | 94397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/15/28 |  | 250000 |  | 257300 |
|  Masco Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/28 |  | 375000 |  | 347932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/30 |  | 500000 |  | 432682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/31 |  | 500000 |  | 428544 |
|  Owens Corning |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/15/26 |  | 285000 |  | 281967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/29 |  | 250000 |  | 244483 |
|  Trane Technologies Financing Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/21/29 |  | 500000 |  | 491089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/3/33 |  | 135000 |  | 138890 |
|  |  |  |  | 8131440 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Cintas Corp. No. 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/27 |  | 600000 |  | 595269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/32 (x) |  | 500000 |  | 482725 |

---

See Notes to Financial Statements.

606

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RELX Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/29 | $| 750000 | $| 743466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/22/30 |  | 250000 |  | 235139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/20/32 |  | 105000 |  | 105391 |
|  Republic Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/27 |  | 275000 |  | 270107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/15/28 |  | 750000 |  | 745828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/1/29 |  | 555000 |  | 566418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/29 |  | 500000 |  | 512961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/35 |  | 355000 |  | 361003 |
|  Waste Connections, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/29 (x) |  | 750000 |  | 733324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/34 |  | 1000000 |  | 1009286 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 |  | 750000 |  | 734209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 3/15/28 |  | 195000 |  | 180598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/29 (x) |  | 500000 |  | 511611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/1/29 (x) |  | 250000 |  | 230476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/30 |  | 500000 |  | 505878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 |  | 1000000 |  | 977148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/33 |  | 500000 |  | 500496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/34 (x) |  | 2000000 |  | 2020675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/15/35 |  | 500000 |  | 499369 |
|  |  |  |  | 12521377 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  Quanta Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/1/30 |  | 1000000 |  | 920086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/9/34 |  | 175000 |  | 177050 |
|  |  |  |  | 1097136 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Eaton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 9/15/27 |  | 500000 |  | 490406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/18/28 |  | 310000 |  | 312084 |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 10/15/26 |  | 665000 |  | 638503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/27 (x) |  | 235000 |  | 223551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/21/28 |  | 600000 |  | 558938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/21/31 (x) |  | 600000 |  | 526908 |
|  Hubbell, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 (x) |  | 150000 |  | 146268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/28 |  | 500000 |  | 491549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 |  | 290000 |  | 256690 |
|  Regal Rexnord Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 4/15/33 |  | 2000000 |  | 2106778 |
|  Rockwell Automation, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 |  | 300000 |  | 292303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/31 |  | 200000 |  | 171509 |
|  |  |  |  | 6215487 |
|  ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** |
|  Burlington Northern Santa Fe LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/27 (x) |  | 400000 |  | 393970 |
|  Canadian National Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/5/32 |  | 500000 |  | 475680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/18/34 (x) |  | 260000 |  | 249671 |
|  Canadian Pacific Railway Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/2/26 |  | 290000 |  | 279729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/29 |  | 310000 |  | 290996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/5/30 |  | 180000 |  | 161989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/2/31 |  | 335000 |  | 293608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/30/35 (x) |  | 500000 |  | 506933 |
|  CSX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/1/26 |  | 750000 |  | 733350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/27 |  | 550000 |  | 540769 |
|  Norfolk Southern Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/1/27 |  | 365000 |  | 357945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/1/29 |  | 500000 |  | 464187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/1/30 |  | 355000 |  | 366025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/1/35 |  | 100000 |  | 100495 |
|  Ryder System, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/1/26 |  | 310000 |  | 300514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 12/1/26 |  | 220000 |  | 215160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/1/27 |  | 145000 |  | 141242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/27 |  | 250000 |  | 250093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/1/28 |  | 750000 |  | 774560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/28 |  | 355000 |  | 363372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/29 |  | 300000 |  | 304842 |
|  Uber Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/34 |  | 1000000 |  | 981137 |
|  Union Pacific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/5/27 |  | 500000 |  | 484948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/29 |  | 530000 |  | 520109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 2/5/30 |  | 430000 |  | 396054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 |  | 470000 |  | 421513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 |  | 350000 |  | 315617 |
|  |  |  |  | 10684508 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/19/26 |  | 500000 |  | 487736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 |  | 500000 |  | 485783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/14/28 |  | 500000 |  | 490770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/26/29 |  | 750000 |  | 694470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/35 |  | 500000 |  | 501864 |
|  Honeywell International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 |  | 475000 |  | 475883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/15/29 (x) |  | 295000 |  | 277527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/1/30 |  | 600000 |  | 608202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/1/30 |  | 1000000 |  | 892227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/1/31 (x) |  | 960000 |  | 818624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 |  | 600000 |  | 603829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/35 |  | 500000 |  | 502078 |
|  Pentair Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/29 |  | 250000 |  | 249404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 7/15/32 |  | 500000 |  | 522160 |
|  |  |  |  | 7610557 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Caterpillar, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 9/19/29 |  | 350000 |  | 328398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/12/31 |  | 350000 |  | 307585 |
|  CNH Industrial Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 7/15/26 |  | 500000 |  | 484245 |
|  CNH Industrial NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/15/27 |  | 655000 |  | 647247 |
|  Cummins, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/9/35 |  | 500000 |  | 506758 |
|  Deere & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 1/16/35 |  | 500000 |  | 520950 |
|  Dover Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/4/29 (x) |  | 105000 |  | 98832 |

---

See Notes to Financial Statements.

607

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  IDEX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 | $| 250000 | $| 232194 |
|  Illinois Tool Works, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/15/26 |  | 950000 |  | 932780 |
|  Ingersoll Rand, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%, 6/15/29 |  | 350000 |  | 359051 |
|  Kennametal, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 |  | 250000 |  | 250570 |
|  nVent Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/31 (x) |  | 500000 |  | 431250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/33 |  | 500000 |  | 507597 |
|  Oshkosh Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 |  | 250000 |  | 250271 |
|  Otis Worldwide Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.293%, 4/5/27 |  | 800000 |  | 773692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/16/28 |  | 185000 |  | 190320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.565%, 2/15/30 |  | 925000 |  | 853020 |
|  Parker-Hannifin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/27 |  | 355000 |  | 355713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/14/29 |  | 270000 |  | 259013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/29 |  | 250000 |  | 252183 |
|  Stanley Black & Decker, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/6/28 |  | 500000 |  | 519217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/28 |  | 350000 |  | 347642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/32 |  | 285000 |  | 249689 |
|  Westinghouse Air Brake Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/15/26 |  | 500000 |  | 493142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/15/28 (e) |  | 750000 |  | 753568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/29/35 |  | 350000 |  | 355137 |
|  Xylem, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/1/26 |  | 570000 |  | 561297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/28 |  | 350000 |  | 330427 |
|  |  |  |  | 12151788 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Southwest Airlines Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/26 |  | 250000 |  | 244743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/27 |  | 850000 |  | 855292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/16/27 |  | 250000 |  | 243263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/10/30 |  | 350000 |  | 317903 |
|  |  |  |  | 1661201 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Automatic Data Processing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/28 |  | 485000 |  | 455937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/9/34 |  | 1000000 |  | 976791 |
|  Broadridge Financial Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 12/1/29 |  | 500000 |  | 467376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 |  | 1000000 |  | 890029 |
|  Equifax, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 12/15/27 |  | 565000 |  | 573456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/28 |  | 750000 |  | 764212 |
|  Verisk Analytics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29 |  | 500000 |  | 496296 |
|  |  |  |  | 4624097 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Air Lease Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 8/15/26 |  | 375000 |  | 364482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 1/15/27 |  | 750000 |  | 725711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 12/15/27 |  | 500000 |  | 516865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/1/28 |  | 250000 |  | 255327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 9/1/28 |  | 455000 |  | 424163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/30 |  | 250000 |  | 233711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/1/30 |  | 350000 |  | 323233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/15/31 |  | 250000 |  | 254662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/32 |  | 750000 |  | 666899 |
|  |  |  |  | 3765053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 94169972 |
|  **Information Technology (2.3%)** | **Information Technology (2.3%)** | **Information Technology (2.3%)** | **Information Technology (2.3%)** | **Information Technology (2.3%)** |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  Cisco Systems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/24/30 |  | 1000000 |  | 1019815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/26/34 |  | 3000000 |  | 3065059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/24/35 |  | 400000 |  | 408600 |
|  Juniper Networks, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/29 |  | 500000 |  | 485062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 |  | 320000 |  | 277084 |
|  Motorola Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/23/28 |  | 550000 |  | 553607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/23/29 |  | 350000 |  | 351262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/32 |  | 500000 |  | 518156 |
|  |  |  |  | 6678645 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Allegion US Holding Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/27 |  | 500000 |  | 489824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 7/1/32 |  | 200000 |  | 205548 |
|  Amphenol Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/31 |  | 440000 |  | 384721 |
|  Avnet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/28 |  | 500000 |  | 519565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/31 |  | 500000 |  | 446521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/32 |  | 100000 |  | 100700 |
|  CDW LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 12/1/26 |  | 715000 |  | 697078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%, 12/1/28 |  | 535000 |  | 511749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.569%, 12/1/31 |  | 750000 |  | 689663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/22/34 |  | 175000 |  | 175309 |
|  Flex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/15/29 |  | 350000 |  | 351451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/12/30 |  | 665000 |  | 666935 |
|  Jabil, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/27 |  | 375000 |  | 373723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/12/28 (x) |  | 270000 |  | 267079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 2/1/29 |  | 315000 |  | 322827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 1/15/30 |  | 150000 |  | 143312 |
|  Keysight Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/6/27 |  | 465000 |  | 466488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/29 |  | 250000 |  | 233836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/34 |  | 85000 |  | 83911 |
|  Teledyne Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/28 |  | 500000 |  | 474338 |
|  Trimble, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/15/28 |  | 450000 |  | 456545 |
|  Tyco Electronics Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/27 |  | 365000 |  | 357036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/4/32 |  | 85000 |  | 74707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/9/35 |  | 290000 |  | 288111 |

---

See Notes to Financial Statements.

608

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Vontier Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/1/28 | $| 500000 | $| 470540 |
|  |  |  |  | 9251517 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  Accenture Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/4/34 |  | 1500000 |  | 1455172 |
|  Amdocs Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.538%, 6/15/30 |  | 500000 |  | 451892 |
|  DXC Technology Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/15/26 |  | 750000 |  | 723767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/15/28 (x) |  | 750000 |  | 696824 |
|  Genpact Luxembourg Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/4/29 |  | 125000 |  | 129267 |
|  International Business Machines Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/27/27 (x) |  | 1095000 |  | 1080640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/9/27 |  | 185000 |  | 179256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/27 |  | 405000 |  | 386881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 7/27/27 |  | 500000 |  | 499505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/6/28 |  | 500000 |  | 504419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 5/15/30 |  | 220000 |  | 195965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, 2/9/32 |  | 380000 |  | 338007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/27/32 |  | 500000 |  | 492903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/6/33 |  | 500000 |  | 501726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/35 (x) |  | 1000000 |  | 1011093 |
|  |  |  |  | 8647317 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  Advanced Micro Devices, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.924%, 6/1/32 |  | 65000 |  | 62629 |
|  Analog Devices, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/5/26 (x) |  | 500000 |  | 495672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/27 |  | 500000 |  | 494786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/1/28 |  | 340000 |  | 314752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 10/1/31 |  | 435000 |  | 379482 |
|  Applied Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/29 |  | 135000 |  | 137955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/1/30 |  | 585000 |  | 519465 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 9/15/26 |  | 260000 |  | 257389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/15/28§ |  | 515000 |  | 485328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 9/15/28 (x) |  | 1942000 |  | 1932910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/29§ |  | 250000 |  | 246600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/29 |  | 325000 |  | 332560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/30 |  | 4500000 |  | 4592877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31§ |  | 1250000 |  | 1117226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/31 |  | 1000000 |  | 1025630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32§ |  | 200000 |  | 192487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 |  | 1405000 |  | 1385306 |
|  Intel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/11/27 |  | 1000000 |  | 978926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/5/27 (x) |  | 500000 |  | 492970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/10/28 |  | 375000 |  | 379691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 |  | 1605000 |  | 1463912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/10/30 (x) |  | 355000 |  | 362383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/25/30 |  | 1000000 |  | 967086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/12/31 |  | 750000 |  | 641683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 |  | 500000 |  | 473311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 (x) |  | 335000 |  | 337358 |
|  KLA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/29 |  | 625000 |  | 624287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 7/15/32 |  | 440000 |  | 441946 |
|  Lam Research Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 |  | 530000 |  | 525797 |
|  Marvell Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 4/15/28 |  | 335000 |  | 317800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/22/28 (x) |  | 350000 |  | 353472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/31 |  | 290000 |  | 263535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/15/33 |  | 470000 |  | 496034 |
|  Micron Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/28 (x) |  | 500000 |  | 513369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.327%, 2/6/29 |  | 350000 |  | 357949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 11/1/29 |  | 500000 |  | 540099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703%, 4/15/32 (x) |  | 220000 |  | 191039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/9/33 |  | 315000 |  | 327782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/35 (x) |  | 750000 |  | 774976 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/16/26 |  | 850000 |  | 841934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 6/15/28 |  | 1000000 |  | 934556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 (x) |  | 1000000 |  | 886565 |
|  NXP BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/27 |  | 165000 |  | 161352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/27 |  | 115000 |  | 115187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 12/1/28 |  | 335000 |  | 345633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/18/29 |  | 750000 |  | 742215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/30 (x) |  | 1215000 |  | 1150702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 |  | 500000 |  | 441063 |
|  QUALCOMM, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/27 |  | 1500000 |  | 1480544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 5/20/30 |  | 500000 |  | 453569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/20/32 |  | 260000 |  | 256873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/20/35 |  | 315000 |  | 317059 |
|  Texas Instruments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/15/26 |  | 335000 |  | 323659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/3/27 |  | 355000 |  | 346205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/15/28 |  | 55000 |  | 55807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/4/29 (x) |  | 320000 |  | 296648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/15/31 |  | 600000 |  | 521622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/16/32 |  | 140000 |  | 132449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/14/33 (x) |  | 650000 |  | 664480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/23/35 |  | 350000 |  | 356546 |
|  TSMC Arizona Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/22/27 (x) |  | 460000 |  | 457222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/22/29 |  | 500000 |  | 496695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/22/32 (x) |  | 345000 |  | 341029 |
|  |  |  |  | 37918073 |
|  ***Software (0.6%)*** |  |  |  |  |
|  Adobe, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/1/27 |  | 465000 |  | 451859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 1/17/35 |  | 750000 |  | 783936 |
|  AppLovin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/1/29 |  | 1000000 |  | 1012790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/1/31 |  | 1000000 |  | 1015480 |
|  Autodesk, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/27 |  | 1000000 |  | 986808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/15/30 |  | 195000 |  | 182211 |
|  Fortinet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/15/31 |  | 125000 |  | 109906 |

---

See Notes to Financial Statements.

609

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Intuit, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/26 | $| 500000 | $| 505797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 7/15/27 (x) |  | 165000 |  | 156460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/15/28 |  | 500000 |  | 515660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/33 |  | 650000 |  | 672486 |
|  Microsoft Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/8/26 |  | 3260000 |  | 3204222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/15/26 |  | 600000 |  | 595996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/6/27 |  | 1000000 |  | 989719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/27 |  | 310000 |  | 308552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 9/15/30 |  | 180000 |  | 157687 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/26 |  | 2805000 |  | 2753838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/27 |  | 1000000 |  | 976988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/6/28 |  | 610000 |  | 613109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/9/29 |  | 295000 |  | 314181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/1/30 |  | 5000000 |  | 4663110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/6/30 |  | 1000000 |  | 1008140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/6/33 |  | 525000 |  | 525033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/27/34 |  | 500000 |  | 484626 |
|  Roper Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/15/26 |  | 285000 |  | 282446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/15/27 |  | 375000 |  | 352575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 210000 |  | 198247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/30/30 |  | 440000 |  | 389914 |
|  Salesforce, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/11/28 |  | 375000 |  | 371920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/15/28 |  | 650000 |  | 604000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 |  | 1200000 |  | 1051286 |
|  ServiceNow, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/1/30 |  | 2000000 |  | 1725982 |
|  Synopsys, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 4/1/30 |  | 750000 |  | 760453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/32 |  | 500000 |  | 505732 |
|  VMware LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/15/26 |  | 310000 |  | 299628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 |  | 2050000 |  | 2031308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/15/28 (x) |  | 405000 |  | 374592 |
|  |  |  |  | 31936677 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/4/26 |  | 1675000 |  | 1645447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 9/11/26 |  | 750000 |  | 732679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/9/27 |  | 1500000 |  | 1483817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/11/27 |  | 923000 |  | 910683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/27 (x) |  | 2060000 |  | 2022677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 2/8/28 |  | 1000000 |  | 933034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/28 |  | 355000 |  | 355864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/5/28 |  | 1000000 |  | 925941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/8/29 (x) |  | 750000 |  | 728005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/11/29 |  | 750000 |  | 695795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 5/10/30 |  | 225000 |  | 227178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/11/30 |  | 440000 |  | 391586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 8/8/32 |  | 750000 |  | 707468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/10/33 |  | 500000 |  | 501157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/12/35 |  | 1000000 |  | 1005822 |
|  Dell International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/1/26 |  | 1300000 |  | 1305985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/1/28 |  | 250000 |  | 255953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/1/29 |  | 1500000 |  | 1542801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 |  | 500000 |  | 504252 |
|  Hewlett Packard Enterprise Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/1/28 |  | 500000 |  | 511450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/31 |  | 500000 |  | 496562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/34 |  | 1000000 |  | 970292 |
|  HP, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/28 |  | 500000 |  | 505325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/17/31 |  | 750000 |  | 660739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/32 |  | 500000 |  | 477786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 4/25/35 |  | 355000 |  | 366679 |
|  NetApp, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 6/22/27 |  | 300000 |  | 288303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 |  | 300000 |  | 273879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/17/35 |  | 250000 |  | 256347 |
|  Teledyne FLIR LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 |  | 250000 |  | 226099 |
|  Western Digital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/1/29 |  | 500000 |  | 462300 |
|  |  |  |  | 22371905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 116804134 |
|  **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Air Products and Chemicals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 5/15/27 (x) |  | 195000 |  | 187272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 5/15/30 (x) |  | 125000 |  | 112845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/3/33 |  | 500000 |  | 503594 |
|  Albemarle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 6/1/27 (x) |  | 250000 |  | 249045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/1/32 (x) |  | 250000 |  | 240061 |
|  Cabot Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/29 |  | 500000 |  | 487514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/30/32 |  | 200000 |  | 199719 |
|  Dow Chemical Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/30/28 |  | 500000 |  | 506800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 |  | 1000000 |  | 993259 |
|  DuPont de Nemours, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725%, 11/15/28 |  | 1000000 |  | 1014510 |
|  Eastman Chemical Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/29 |  | 125000 |  | 126616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/8/33 |  | 750000 |  | 780123 |
|  Ecolab, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 11/1/26 |  | 215000 |  | 210775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/27 |  | 1000000 |  | 962663 |
|  EIDP, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 |  | 500000 |  | 496610 |
|  FMC Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/1/26 |  | 350000 |  | 343645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/18/33 (x) |  | 500000 |  | 491904 |
|  Huntsman International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/34 (x) |  | 210000 |  | 194886 |
|  International Flavors & Fragrances, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/26/28 |  | 385000 |  | 383532 |
|  Linde, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 8/10/30 |  | 500000 |  | 429563 |
|  LYB International Finance III LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/1/30 (x) |  | 270000 |  | 239158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/33 |  | 500000 |  | 510266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/15/35 |  | 60000 |  | 61924 |

---

See Notes to Financial Statements.

610

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mosaic Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/15/27 | $| 750000 | $| 744299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/28 |  | 105000 |  | 107629 |
|  NewMarket Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/18/31 |  | 500000 |  | 446860 |
|  Nutrien Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/26 (x) |  | 500000 |  | 496860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/27/28 |  | 235000 |  | 238048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/1/29 |  | 280000 |  | 277001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 5/13/30 |  | 500000 |  | 464028 |
|  PPG Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/29 |  | 250000 |  | 235098 |
|  RPM International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/15/27 |  | 350000 |  | 345668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/29 |  | 500000 |  | 497272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 1/15/32 |  | 470000 |  | 413571 |
|  Sherwin-Williams Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 |  | 750000 |  | 739469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 8/15/29 |  | 500000 |  | 471264 |
|  Westlake Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/15/26 |  | 500000 |  | 495223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/30 |  | 280000 |  | 264213 |
|  |  |  |  | 15962787 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/31 |  | 375000 |  | 331721 |
|  Martin Marietta Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 |  | 321000 |  | 315277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/27 (x) |  | 500000 |  | 490206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/15/31 |  | 250000 |  | 220288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB<br>2.500%, 3/15/30 |  | 235000 |  | 215710 |
|  Vulcan Materials Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/27 |  | 130000 |  | 128955 |
|  |  |  |  | 1702157 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor Finance USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/26/33 (x) |  | 320000 |  | 331480 |
|  Amcor Flexibles North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 9/15/26 |  | 500000 |  | 490656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 6/19/30 |  | 220000 |  | 199195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 5/25/31 (x) |  | 490000 |  | 438706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/17/35§ |  | 350000 |  | 354780 |
|  Avery Dennison Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/6/28 |  | 300000 |  | 304319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/33 (x) |  | 250000 |  | 260692 |
|  Berry Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/27 |  | 500000 |  | 478730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/28 |  | 250000 |  | 255655 |
|  Packaging Corp. of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/27 |  | 360000 |  | 352201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/1/33 (x) |  | 280000 |  | 292174 |
|  Sonoco Products Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/27 |  | 415000 |  | 400268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/34 |  | 290000 |  | 281233 |
|  WRKCo., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 |  | 500000 |  | 495061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/28 |  | 175000 |  | 172596 |
|  |  |  |  | 5107746 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  AngloGold Ashanti Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/1/28 |  | 385000 |  | 367527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/1/30 |  | 200000 |  | 187500 |
|  BHP Billiton Finance USA Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/26 |  | 500000 |  | 505648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/28/28 |  | 500000 |  | 507781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/8/28 |  | 500000 |  | 512423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/30 |  | 500000 |  | 517473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/28/33 |  | 530000 |  | 531495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/33 |  | 500000 |  | 511251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/21/35 |  | 200000 |  | 203662 |
|  Freeport-McMoRan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 |  | 1500000 |  | 1488058 |
|  Kinross Gold Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/33 |  | 500000 |  | 535820 |
|  Nucor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/23/27 |  | 500000 |  | 501578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/1/28 |  | 1350000 |  | 1342934 |
|  Reliance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 |  | 275000 |  | 243259 |
|  Rio Tinto Finance USA plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/14/32 |  | 500000 |  | 508234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/9/33 |  | 750000 |  | 760027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/14/35 |  | 915000 |  | 929008 |
|  Steel Dynamics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/15/27 |  | 190000 |  | 178858 |
|  Vale Overseas Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/8/30 |  | 1190000 |  | 1123170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/12/33 |  | 375000 |  | 391620 |
|  |  |  |  | 11847326 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Celulosa Arauco y Constitucion SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/2/27 |  | 500000 |  | 487875 |
|  Suzano Austria GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/15/28 |  | 210000 |  | 194662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/29 |  | 1000000 |  | 1027500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/30 |  | 2000000 |  | 1985000 |
|  Suzano International Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/27 |  | 625000 |  | 631931 |
|  |  |  |  | 4326968 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 38946984 |
|  **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** | **Real Estate (1.3%)** |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  Digital Realty Trust LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/27 |  | 1500000 |  | 1480710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/15/28 |  | 500000 |  | 511863 |
|  GLP Capital LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/1/28 |  | 385000 |  | 393994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 |  | 250000 |  | 220109 |
|  Simon Property Group LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/30/26 |  | 500000 |  | 493001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/27 |  | 1750000 |  | 1721241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/1/27 (x) |  | 750000 |  | 736425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/1/28 |  | 500000 |  | 470893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/13/29 |  | 750000 |  | 694929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/30 |  | 500000 |  | 459111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/26/34 |  | 120000 |  | 116668 |

---

See Notes to Financial Statements.

611

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  VICI Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/1/35 | $| 165000 | $| 166336 |
|  WP Carey, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/26 |  | 400000 |  | 398875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/15/29 |  | 250000 |  | 243138 |
|  |  |  |  | 8107293 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  DOC DR LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/27 |  | 250000 |  | 249340 |
|  Healthcare Realty Holdings LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/26 |  | 425000 |  | 419534 |
|  Healthpeak OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/26 |  | 175000 |  | 173030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/1/27 |  | 1000000 |  | 953258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/28 |  | 795000 |  | 737015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/29 |  | 200000 |  | 192886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/15/32 |  | 375000 |  | 380309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/35 |  | 75000 |  | 75719 |
|  National Health Investors, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/31 |  | 150000 |  | 133027 |
|  Sabra Health Care LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 |  | 750000 |  | 711600 |
|  Ventas Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/15/26 |  | 800000 |  | 787587 |
|  Welltower OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/15/27 |  | 250000 |  | 244176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/28 |  | 1225000 |  | 1225381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/15/29 (x) |  | 1165000 |  | 1078989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/1/35 |  | 355000 |  | 356403 |
|  |  |  |  | 7718254 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/1/26 |  | 300000 |  | 296412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/27 (x) |  | 500000 |  | 482711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 |  | 680000 |  | 667823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/15/28 |  | 500000 |  | 509325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/28 (x) |  | 300000 |  | 297972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 |  | 155000 |  | 155953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/29 |  | 185000 |  | 174151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/1/30 |  | 200000 |  | 175684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 |  | 500000 |  | 433153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/34 |  | 750000 |  | 751309 |
|  Rexford Industrial Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/30 |  | 250000 |  | 217581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/1/31 |  | 200000 |  | 171295 |
|  |  |  |  | 4333369 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  Boston Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/21/29 (x) |  | 750000 |  | 710555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/30/31 (x) |  | 1500000 |  | 1373360 |
|  COPT Defense Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/29 |  | 425000 |  | 386401 |
|  Kilroy Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/15/28 (x) |  | 350000 |  | 347181 |
|  Piedmont Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 7/20/28 (x) |  | 250000 |  | 278356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/15/29 |  | 175000 |  | 184265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/30 |  | 500000 |  | 448102 |
|  |  |  |  | 3728220 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/31 |  | 250000 |  | 220823 |
|  ***Residential REITs (0.2%)*** |  |  |  |  |
|  American Homes 4 Rent LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 |  | 500000 |  | 496480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 160000 |  | 138854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/32 |  | 350000 |  | 322786 |
|  AvalonBay Communities, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/15/26 |  | 250000 |  | 245497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/27 |  | 175000 |  | 172470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/1/28 |  | 1250000 |  | 1159132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/7/33 |  | 145000 |  | 148933 |
|  Camden Property Trust (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/15/28 |  | 215000 |  | 213384 |
|  ERP Operating LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/1/27 |  | 355000 |  | 347784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/1/28 |  | 300000 |  | 299462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 8/1/31 (x) |  | 200000 |  | 172335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/15/34 |  | 320000 |  | 309415 |
|  Essex Portfolio LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 3/1/28 (x) |  | 625000 |  | 582274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/29 |  | 500000 |  | 491744 |
|  Invitation Homes Operating Partnership LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/28 |  | 375000 |  | 350828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/30 |  | 300000 |  | 310085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 |  | 250000 |  | 236719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/15/33 |  | 500000 |  | 507522 |
|  Mid-America Apartments LP(REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 9/15/26 |  | 165000 |  | 158898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/1/27 |  | 500000 |  | 494798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 |  | 750000 |  | 740250 |
|  Store Capital LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/28 |  | 275000 |  | 272183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/29 (x) |  | 250000 |  | 245341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/18/30 |  | 250000 |  | 220248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 |  | 500000 |  | 423158 |
|  Sun Communities Operating LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/1/28 |  | 310000 |  | 289773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 7/15/31 |  | 185000 |  | 163480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/32 |  | 250000 |  | 237153 |
|  Tanger Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26 |  | 500000 |  | 490869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/1/31 |  | 200000 |  | 175293 |
|  UDR, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/26 |  | 125000 |  | 122791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/27 |  | 350000 |  | 344629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/30 (x) |  | 1000000 |  | 946286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/31 |  | 150000 |  | 136325 |
|  |  |  |  | 11967179 |

---

See Notes to Financial Statements.

612

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Agree LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/28 | $320000 | $299807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/15/35 | 70000 | 71044 |
|  Brixmor Operating Partnership LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/27 | 250000 | 247595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/28 | 175000 | 165366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 375000 | 368574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 7/1/30 | 375000 | 363893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/16/31 | 250000 | 217944 |
|  Federal Realty OP LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 500000 | 487387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/28 | 500000 | 511885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/29 (x) | 500000 | 474557 |
|  Kimco Realty OP LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/1/28 | 200000 | 189197 |
|  Kite Realty Group LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/26 | 250000 | 247888 |
|  NNN REIT, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 12/15/26 | 250000 | 247071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 10/15/28 | 665000 | 662222 |
|  Realty Income Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/26 | 725000 | 723126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/27 | 320000 | 318002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/15/28 | 500000 | 473077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/15/28 | 500000 | 471196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/15/28 | 350000 | 354508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/29 | 350000 | 335258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/29 | 225000 | 221959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/30 | 155000 | 157656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 (x) | 250000 | 261441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/15/34 | 2000000 | 2017376 |
|  Regency Centers LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/1/27 (x) | 360000 | 356557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 (x) | 500000 | 497433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 | 250000 | 236284 |
|  |  | 10978303 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/26 | 500000 | 482804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/27 | 350000 | 341610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 | 400000 | 395045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/28 | 350000 | 325715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/28 | 500000 | 513763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/28 | 355000 | 363969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/28 | 415000 | 432653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 | 500000 | 489815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/30 | 240000 | 223584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/15/30 | 250000 | 221742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 1000000 | 868094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/15/31 | 600000 | 537800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/15/31 | 355000 | 307114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 | 250000 | 259941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 | 500000 | 509120 |
|  Crown Castle, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 7/15/26 | 750000 | 722423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/15/27 | 970000 | 943067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 | 750000 | 736565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/11/28 | 180000 | 181696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/1/28 | 415000 | 417160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/29 | 250000 | 257613 |
|  CubeSmart LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26 | 250000 | 245823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/15/28 | 500000 | 465332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/29 | 150000 | 148918 |
|  Equinix, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/18/26 (x) | 455000 | 445590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/15/27 (x) | 215000 | 204778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 3/15/28 | 375000 | 349226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/28 | 350000 | 327505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 | 455000 | 431759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 750000 | 662590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 500000 | 472997 |
|  Extra Space Storage LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/26 | 500000 | 494885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/27 | 400000 | 395165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 330000 | 340780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/29 | 165000 | 161320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/29 | 500000 | 490457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/30 | 355000 | 368072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/31 | 350000 | 304014 |
|  Public Storage Operating Co. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/9/26 | 250000 | 241250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.094%, 9/15/27 | 300000 | 293518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 5/1/28 | 280000 | 262831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 11/9/28 | 415000 | 386098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/29 | 295000 | 303735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.385%, 5/1/29 | 320000 | 309938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/1/31 | 280000 | 248403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/9/31 | 310000 | 270676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 8/1/33 | 95000 | 97568 |
|  |  | 18254521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 65307962 |
|  **Utilities (2.5%)** | **Utilities (2.5%)** | **Utilities (2.5%)** |
|  ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** |
|  AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 250000 | 245612 |
|  AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/1/26 | 250000 | 246254 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/1/27 | 500000 | 497522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A<br>1.450%, 9/15/30 | 500000 | 432412 |
|  American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/13/27 | 400000 | 390194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 | 150000 | 135289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 3/1/33 (x) | 190000 | 197114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>4.300%, 12/1/28 | 500000 | 499419 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>2.700%, 4/1/31 | 500000 | 449118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>4.500%, 8/1/32 | 85000 | 82715 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/27 | 350000 | 338866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/15/29 | 250000 | 232820 |
|  Atlantic City Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/28 | 350000 | 347789 |

---

See Notes to Financial Statements.

613

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 | $250000 | $221053 |
|  Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/1/29 | 750000 | 731264 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/15/26 | 700000 | 685570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/31 | 500000 | 443433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/35 | 1000000 | 1020854 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/1/33 | 200000 | 200562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AE<br>2.350%, 4/1/31 | 275000 | 243372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG<br>3.000%, 3/1/32 | 200000 | 180682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z<br>2.400%, 9/1/26 | 250000 | 244397 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/28 | 220000 | 217209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122<br>2.950%, 8/15/27 | 500000 | 487333 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/34 | 125000 | 124957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.200%, 3/15/27 | 250000 | 246041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 7/1/31 | 500000 | 434959 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/35 | 105000 | 106809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>1.900%, 4/1/28 | 320000 | 301811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/32 | 250000 | 226388 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/28 | 500000 | 499045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/15/29 | 300000 | 279748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/15/31 (x) | 375000 | 339119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/15/32 | 220000 | 196883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/33 | 500000 | 506607 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 | 750000 | 734459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/28 | 375000 | 375207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 | 310000 | 298069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/1/30 | 250000 | 226520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | 750000 | 666996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/32 (x) | 355000 | 345649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/15/33 | 500000 | 526610 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.59%), 6.450%, 9/1/54 (k) | 500000 | 515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.250%, 1/15/82 (k) | 280000 | 267400 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/27 | 650000 | 641363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 7/15/28 | 750000 | 742230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/30 (x) | 215000 | 189253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 12/15/31 | 390000 | 344666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/33 | 225000 | 239491 |
|  Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/33 | 35000 | 35928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 | 165000 | 167079 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 | 350000 | 340221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/31 | 500000 | 432962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/15/34 | 500000 | 506705 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/15/27 | 40000 | 40249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 | 500000 | 482341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 285000 | 281644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 | 100000 | 103693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/32 (x) | 500000 | 470448 |
|  Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639%, 6/15/31 | 335000 | 293075 |
|  Enel Americas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/25/26 (x) | 165000 | 163350 |
|  Enel Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/12/28 | 750000 | 750446 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/26 | 300000 | 295064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 1165000 | 1087977 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.125%, 12/1/54 (k) | 500000 | 517339 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/1/26 | 500000 | 489023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/34 | 500000 | 511796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/15/34 (x) | 1000000 | 1004674 |
|  Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 7/1/26 | 350000 | 343777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/33 | 300000 | 317615 |
|  Evergy Metro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/15/33 | 315000 | 314292 |
|  Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/15/29 | 500000 | 469235 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/27 | 200000 | 195194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 7/1/27 | 350000 | 351355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 | 500000 | 444364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/1/32 | 200000 | 182119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/15/33 | 500000 | 499040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 7/15/34 | 1000000 | 1047809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br>1.650%, 8/15/30 | 250000 | 216761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U<br>1.400%, 8/15/26 | 250000 | 241451 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/27 (x) | 500000 | 487428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/28 | 150000 | 153271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/15/32 | 500000 | 458987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/15/33 | 300000 | 306962 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.500%, 3/15/55 (k) | 500000 | 508125 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/28 | 585000 | 598796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/15/28 (x) | 375000 | 378105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/30 | 500000 | 506813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 500000 | 500493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.300%, 5/30/27 | 250000 | 246127 |
|  Fortis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%, 10/4/26 | 750000 | 736682 |

---

See Notes to Financial Statements.

614

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/30/27 | $500000 | $492975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/16/28 | 500000 | 507234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/31 | 500000 | 510775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 250000 | 249638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/17/33 | 500000 | 501316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>2.650%, 9/15/29 | 350000 | 327446 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/15/28 | 1250000 | 1235702 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 9/26/28 | 450000 | 446265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/29 | 500000 | 485075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/30 | 125000 | 112425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/29/35 | 1125000 | 1151831 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/27 | 400000 | 390631 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/1/27 | 1000000 | 983532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/15/29 | 850000 | 832809 |
|  Mississippi Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/30/28 | 250000 | 248727 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/15/27 | 400000 | 385656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 5/1/27 | 1500000 | 1479003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | 500000 | 503157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/28/28 | 500000 | 506546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 750000 | 700202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/29 | 500000 | 484038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/28/30 | 500000 | 511244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 2500000 | 2246779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440%, 1/15/32 | 400000 | 346241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/32 | 150000 | 151691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/28/33 | 500000 | 503607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/34 | 500000 | 504436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 500000 | 508183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.750%, 6/15/54 (k) | 1000000 | 1037051 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.375%, 8/15/55 (k) | 500000 | 510926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/1/79 | 500000 | 493891 |
|  Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/31 | 300000 | 269353 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/27 | 500000 | 491344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/29 | 500000 | 481060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 8/15/31 | 500000 | 431152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/35 | 85000 | 85453 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q<br>1.625%, 1/15/31 | 235000 | 199166 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/15/28 | 350000 | 345870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/15/33 | 350000 | 361693 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/15/28 | 500000 | 501319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/28 | 1250000 | 1227949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/15/30 | 185000 | 171339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/1/32 | 95000 | 91323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/32 | 180000 | 177724 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/27 (x) | 500000 | 506103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 8/1/27 | 750000 | 710305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/28 | 520000 | 493554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/15/29 | 500000 | 517710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/29 | 350000 | 340453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 7/1/30 | 3500000 | 3409662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/31 | 1085000 | 971622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/33 | 85000 | 87392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 500000 | 520211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 5/15/34 | 500000 | 498796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/1/35 | 500000 | 495781 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 2/15/34 | 2000000 | 2023562 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/15/33 | 210000 | 212684 |
|  PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/34 | 115000 | 115616 |
|  PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/15/34 | 1000000 | 998970 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/28 | 350000 | 345732 |
|  Public Service Co. of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>2.200%, 6/15/31 | 290000 | 255042 |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/15/33 | 200000 | 201887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.200%, 8/15/31 | 250000 | 215599 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/26 | 450000 | 439575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/1/28 | 500000 | 494601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/28 | 300000 | 295159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/29 | 250000 | 241559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/15/30 | 165000 | 152134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/31 | 235000 | 202935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/33 | 500000 | 512805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q<br>5.050%, 3/1/35 | 115000 | 116079 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/1/28 | 310000 | 314045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/1/29 | 660000 | 609030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 655000 | 575699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/31 | 750000 | 762434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/1/32 | 315000 | 270616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>4.700%, 6/1/27 | 500000 | 501574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>2.500%, 6/1/31 | 500000 | 432866 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 (e) | 500000 | 507213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/15/28 | 500000 | 508142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/29 | 200000 | 207985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 310000 | 325172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 6.375%, 3/15/55 (k) | 500000 | 514003 |

---

See Notes to Financial Statements.

615

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-B<br>1.750%, 3/15/28 | $| 210000 | $| 196679 |
|  Southwestern Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K<br>2.750%, 10/1/26 |  | 500000 |  | 488519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br>4.100%, 9/15/28 |  | 750000 |  | 742506 |
|  System Energy Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/15/34 |  | 185000 |  | 182844 |
|  Tampa Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/31 |  | 140000 |  | 125463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/1/35 |  | 350000 |  | 351446 |
|  Tucson Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/1/30 |  | 225000 |  | 193867 |
|  Union Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/27 |  | 500000 |  | 489762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/29 |  | 500000 |  | 487379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/35 |  | 160000 |  | 161471 |
|  Virginia Electric and Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 |  | 500000 |  | 436281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/33 |  | 500000 |  | 503283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/33 |  | 500000 |  | 508554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/15/34 |  | 105000 |  | 105039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/35 |  | 250000 |  | 250469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.500%, 3/15/27 (x) |  | 750000 |  | 741546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 |  | 500000 |  | 496934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 7/15/29 |  | 175000 |  | 165829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>2.950%, 11/15/26 |  | 500000 |  | 491090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/27 |  | 390000 |  | 387141 |
|  Wisconsin Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/15/28 |  | 310000 |  | 289929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 10/1/34 |  | 500000 |  | 492758 |
|  Wisconsin Power & Light Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/27 |  | 350000 |  | 340256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/16/31 |  | 250000 |  | 213807 |
|  Xcel Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 12/1/26 |  | 500000 |  | 492523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/27 |  | 415000 |  | 396722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/28 |  | 500000 |  | 495241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/1/29 |  | 350000 |  | 323332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 11/15/31 |  | 500000 |  | 431866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/33 |  | 250000 |  | 254443 |
|  |  |  |  | 91950011 |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** |
|  Atmos Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/27 |  | 310000 |  | 303599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/15/29 |  | 800000 |  | 748861 |
|  CenterPoint Energy Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/28 |  | 1000000 |  | 1023672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/28 |  | 500000 |  | 495534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/1/32 |  | 100000 |  | 97159 |
|  National Fuel Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/1/26 |  | 250000 |  | 252440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 |  | 300000 |  | 295512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/28 |  | 300000 |  | 299755 |
|  Piedmont Natural Gas Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/29 |  | 500000 |  | 484626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/31 |  | 380000 |  | 337305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/15/35 |  | 500000 |  | 500951 |
|  Southern California Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/27 (x) |  | 280000 |  | 274164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/35 |  | 1000000 |  | 1019763 |
|  Southwest Gas Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/23/28 |  | 335000 |  | 342119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/15/30 (x) |  | 500000 |  | 448551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/32 |  | 150000 |  | 141760 |
|  Spire Missouri, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2034<br>5.150%, 8/15/34 |  | 220000 |  | 223222 |
|  |  |  |  | 7288993 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/28 |  | 500000 |  | 510289 |
|  Constellation Energy Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/1/28 (x) |  | 310000 |  | 320236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/1/33 |  | 355000 |  | 374121 |
|  |  |  |  | 1204646 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/27 |  | 500000 |  | 481585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/28 |  | 375000 |  | 349757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/35 |  | 250000 |  | 250301 |
|  Ameren Illinois Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 5/15/28 |  | 350000 |  | 347113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 11/15/30 |  | 210000 |  | 181436 |
|  Black Hills Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 3/15/28 |  | 200000 |  | 207010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/29 |  | 250000 |  | 233377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/15/30 |  | 315000 |  | 283094 |
|  CMS Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.96%), 6.500%, 6/1/55 (k) |  | 1000000 |  | 1000165 |
|  Consolidated Edison Co. of New York, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 5/15/28 |  | 550000 |  | 545023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/15/31 (x) |  | 750000 |  | 670617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/33 |  | 500000 |  | 514110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>3.125%, 11/15/27 |  | 300000 |  | 293317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>4.000%, 12/1/28 |  | 500000 |  | 496739 |
|  Consumers Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/1/28 |  | 500000 |  | 505805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/28 |  | 750000 |  | 740955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/15/29 |  | 500000 |  | 511963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/30 |  | 115000 |  | 116581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/15/32 |  | 335000 |  | 311092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/15/35 |  | 175000 |  | 176226 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/1/28 |  | 500000 |  | 499089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 |  | 250000 |  | 251786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>4.350%, 8/15/32 |  | 250000 |  | 239906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>2.250%, 8/15/31 |  | 455000 |  | 396960 |

---

See Notes to Financial Statements.

616

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>2.850%, 8/15/26 | $| 450000 | $| 441329 |
|  DTE Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/1/26 |  | 750000 |  | 736704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/1/27 |  | 130000 |  | 131379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/28 |  | 415000 |  | 421115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/30 |  | 250000 |  | 232923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/30 |  | 500000 |  | 512616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/1/34 |  | 1000000 |  | 1043905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>3.400%, 6/15/29 |  | 164000 |  | 157286 |
|  NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/15/27 |  | 1250000 |  | 1230848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/30/28 |  | 450000 |  | 460181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/29 |  | 175000 |  | 179537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/29 |  | 350000 |  | 330088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/30/33 |  | 210000 |  | 215028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 7/15/35 |  | 250000 |  | 251792 |
|  Public Service Enterprise Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 8/15/30 |  | 500000 |  | 431389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/31 |  | 500000 |  | 438684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/15/33 |  | 500000 |  | 531949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/35 |  | 115000 |  | 116234 |
|  Puget Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.379%, 6/15/28 |  | 625000 |  | 589415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, 3/15/32 (x) |  | 355000 |  | 330915 |
|  San Diego Gas & Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/28 |  | 500000 |  | 510214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV<br>1.700%, 10/1/30 |  | 235000 |  | 204301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XXX<br>3.000%, 3/15/32 |  | 500000 |  | 449055 |
|  Sempra |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/1/26 |  | 500000 |  | 504409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/27 |  | 500000 |  | 489431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/29 |  | 445000 |  | 433237 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.125%, 4/1/52 (k) |  | 40000 |  | 38466 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.400%, 10/1/54 (k) |  | 1000000 |  | 947500 |
|  Southern Co. Gas Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/15/32 |  | 250000 |  | 253175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/15/33 |  | 360000 |  | 375797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/15/34 |  | 500000 |  | 493280 |
|  WEC Energy Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/12/26 |  | 125000 |  | 126570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/1/27 |  | 355000 |  | 361101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 |  | 500000 |  | 468443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/28 |  | 250000 |  | 252663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/28 |  | 500000 |  | 465300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/30 |  | 172000 |  | 150561 |
|  |  |  |  | 24910827 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/1/28 |  | 750000 |  | 739270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/29 |  | 500000 |  | 483207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/31 |  | 400000 |  | 351057 |
|  Essential Utilities, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.566%, 5/1/29 |  | 300000 |  | 289382 |
|  |  |  |  | 1862916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 127217393 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 1572131810 |
|  **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** | **Foreign Government Securities (2.1%)** |
|  Canada Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/26/28 (x) |  | 780000 |  | 777160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 (x) |  | 2335000 |  | 2394415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 |  | 1500000 |  | 1510705 |
|  Export Development Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/25/27 |  | 1000000 |  | 982948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/14/28 |  | 750000 |  | 751811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/13/29 |  | 1500000 |  | 1517187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/20/30 |  | 1000000 |  | 1005725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/5/34 |  | 295000 |  | 304438 |
|  Export-Import Bank of Korea |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 12/29/26 |  | 550000 |  | 526026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/18/27 |  | 364000 |  | 350237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/21/27 |  | 1500000 |  | 1453470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/27 |  | 323000 |  | 323527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/11/28 |  | 220000 |  | 224598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/14/30 (x) |  | 1000000 |  | 1027850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/9/31 |  | 750000 |  | 645405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/18/32 |  | 356000 |  | 306722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/11/33 |  | 260000 |  | 267795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/18/33 |  | 345000 |  | 356102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/14/35 |  | 200000 |  | 209026 |
|  Italian Republic Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/17/29 |  | 1000000 |  | 939306 |
|  Japan Bank for International Cooperation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/21/26 |  | 1500000 |  | 1465714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/4/26 |  | 1000000 |  | 976203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/22/27 |  | 360000 |  | 364544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/16/27 |  | 475000 |  | 462512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/19/28 |  | 200000 |  | 203115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/28 |  | 2000000 |  | 1973967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/16/29 |  | 750000 |  | 701231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/17/29 |  | 430000 |  | 396275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/21/31 |  | 600000 |  | 515352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/24/31 |  | 1000000 |  | 1011448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 4/15/31 |  | 1200000 |  | 1052125 |
|  Japan International Cooperation Agency |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 |  | 690000 |  | 671788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/25/27 |  | 750000 |  | 736843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/12/28 |  | 500000 |  | 500398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/21/29 |  | 200000 |  | 204679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/28/31 |  | 595000 |  | 518267 |
|  Oriental Republic of Uruguay |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 |  | 2500000 |  | 2506015 |
|  Province of Alberta |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 3/15/28 |  | 1250000 |  | 1230680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/26/29 |  | 500000 |  | 509641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 7/22/30 |  | 1100000 |  | 961403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/24/34 (x) |  | 1500000 |  | 1489019 |
|  Province of British Columbia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 7/20/26 |  | 500000 |  | 483977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/24/28 |  | 1500000 |  | 1527285 |

---

See Notes to Financial Statements.

617

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/24/29 | $| 500000 | $| 514994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 1/29/31 |  | 400000 |  | 341787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 7/6/33 (x) |  | 680000 |  | 664430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/12/34 |  | 1000000 |  | 1011315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/11/35 |  | 1485000 |  | 1503716 |
|  Province of Manitoba |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/25/28 (x) |  | 585000 |  | 542118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/27/33 (x) |  | 500000 |  | 489174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/31/34 |  | 1000000 |  | 1017743 |
|  Province of New Brunswick |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/24/28 |  | 600000 |  | 596820 |
|  Province of Ontario |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/19/27 |  | 400000 |  | 392888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 1/18/29 (x) |  | 1000000 |  | 1007786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/2/29 |  | 1250000 |  | 1151146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/30 |  | 1000000 |  | 1027439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/7/30 |  | 1000000 |  | 887460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 2/25/31 |  | 1000000 |  | 874015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/14/31 |  | 1500000 |  | 1297278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/11/35 |  | 1000000 |  | 1017826 |
|  Province of Quebec |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/12/27 (x) |  | 1750000 |  | 1710972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/3/29 |  | 2500000 |  | 2540260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 5/28/30 |  | 1000000 |  | 879579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/21/31 (x) |  | 1250000 |  | 1106066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/5/34 (x) |  | 1000000 |  | 974420 |
|  Republic of Chile |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/31/27 |  | 200000 |  | 194800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/31/31 |  | 325000 |  | 290062 |
|  Republic of Indonesia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/20/27 |  | 200000 |  | 199575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/11/28 |  | 1000000 |  | 983750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/11/28 |  | 400000 |  | 402640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 4/24/28 |  | 800000 |  | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/11/29 |  | 2500000 |  | 2545500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/28/31 |  | 1250000 |  | 1087000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/31/32 |  | 200000 |  | 186400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/20/32 |  | 200000 |  | 198300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/11/33 |  | 400000 |  | 401750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/10/34 |  | 2000000 |  | 1968750 |
|  Republic of Korea |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/19/27 |  | 1750000 |  | 1715228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/20/28 |  | 1000000 |  | 981940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/19/29 |  | 505000 |  | 475821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/31 |  | 210000 |  | 182958 |
|  Republic of Panama |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 1/23/30 |  | 1500000 |  | 1354500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 3/1/31 |  | 1500000 |  | 1596000 |
|  Republic of Peru |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 1/23/31 |  | 2240000 |  | 2007040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/34 |  | 2000000 |  | 1681000 |
|  Republic of Philippines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 10/13/27 |  | 200000 |  | 203800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/28 |  | 1150000 |  | 1110900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/17/28 |  | 240000 |  | 241500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/14/29 |  | 975000 |  | 957450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.457%, 5/5/30 |  | 3360000 |  | 3066000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/14/34 |  | 2000000 |  | 2037500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/4/35 |  | 500000 |  | 520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/5/35 |  | 1000000 |  | 978750 |
|  Republic of Poland |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/29 |  | 500000 |  | 506875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 9/18/34 |  | 2000000 |  | 2004000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/12/35 |  | 1050000 |  | 1069950 |
|  State of Israel Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/17/28 |  | 750000 |  | 722578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/12/29 |  | 500000 |  | 509531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/30 |  | 515000 |  | 465110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/17/33 |  | 220000 |  | 209053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/12/34 |  | 1250000 |  | 1263281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/19/35 (x) |  | 660000 |  | 671199 |
|  Svensk Exportkredit AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/22/27 |  | 500000 |  | 486522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/14/28 |  | 500000 |  | 503990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/4/30 |  | 600000 |  | 623715 |
|  United Mexican States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/28/27 |  | 2745000 |  | 2734020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/28 |  | 855000 |  | 842175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/22/29 |  | 455000 |  | 449881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/16/30 |  | 2500000 |  | 2307500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/13/30 |  | 1000000 |  | 1037250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/12/34 |  | 2000000 |  | 1688000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  |  | 104349710 |
|  **Municipal Bonds (0.1%)** | **Municipal Bonds (0.1%)** | **Municipal Bonds (0.1%)** | **Municipal Bonds (0.1%)** | **Municipal Bonds (0.1%)** |
|  Arizona Salt River Project, Agricultural Improvement & Power District, Revenue Bonds, Series 2010A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839%, 1/1/41 |  | 2000 |  | 1872 |
|  Central Puget Sound Regional Transit Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.491%, 11/1/39 |  | 4000 |  | 4076 |
|  City of Chicago, International Airport, Revenue Bonds,<br>Series 2010B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395%, 1/1/40 |  | 4000 |  | 4410 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series 2010EE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.011%, 6/15/42 |  | 4000 |  | 4118 |
|  City of New York, General Obligation Bonds,<br>Series 2009-A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2<br>5.206%, 10/1/31 |  | 4000 |  | 4046 |
|  City of New York, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series 2010GG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.724%, 6/15/42 |  | 2000 |  | 1998 |
|  County of Los Angeles Community College District, General Obligation Bonds, Series 2008-E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 8/1/49 |  | 4000 |  | 4471 |
|  County of Nashville & Davidson Convention Center Authority, Revenue Bonds,<br>Series 2010B<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.731%, 7/1/43 |  | 204000 |  | 218428 |

---

See Notes to Financial Statements.

618

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Florida State Board of Administration Finance Corp. Revenue Bonds,<br>Series 2020A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154%, 7/1/30 | $| 500000 | $| 447375 |
|  Georgia Municipal Electric Authority, Revenue Bonds, Series 2010A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.055%, 4/1/57 |  | 3000 |  | 3327 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities, Revenue Bonds,<br>Series B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.053%, 7/1/26 |  | 1000000 |  | 995614 |
|  New Jersey Economic Development Authority,<br>NATL-RE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.425%, 2/15/29 |  | 1000000 |  | 1056132 |
|  Ohio State University (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 6/1/40 |  | 4000 |  | 3893 |
|  Pennsylvania Turnpike Commission, Revenue Bonds, Series 2010B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%, 12/1/45 |  | 1000 |  | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, 12/1/49 |  | 3000 |  | 2961 |
|  Regents of the University of California Medical Center Pooled Revenue,<br>Series 2022 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.132%, 5/15/32 |  | 250000 |  | 245172 |
|  San Diego County Water Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 5/1/49 |  | 4000 |  | 4102 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds,<br>Series 2010-S1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 |  | 4000 |  | 4534 |
|  State Board of Administration Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.705%, 7/1/27 |  | 500000 |  | 476176 |
|  State of California Federally Taxable General Obligation Bonds Various Purpose |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/28 |  | 250000 |  | 247164 |
|  State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds, Series 2009E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 3/15/39 |  | 2000 |  | 2064 |
|  State of Wisconsin |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.154%, 5/1/27 |  | 1300000 |  | 1282348 |
|  University of California |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.316%, 5/15/27 |  | 250000 |  | 238513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.614%, 5/15/30 |  | 125000 |  | 111621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  |  | 5365407 |
|  **Supranational (2.5%)** | **Supranational (2.5%)** | **Supranational (2.5%)** | **Supranational (2.5%)** | **Supranational (2.5%)** |
|  African Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 7/22/26 |  | 1159000 |  | 1121837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/14/28 (x) |  | 800000 |  | 812782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/18/29 |  | 2000000 |  | 1975072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 |  | 750000 |  | 755030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/12/35 |  | 1195000 |  | 1212217 |
|  Asian Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/14/26 |  | 1000000 |  | 976560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/12/27 |  | 2500000 |  | 2453465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/20/27 |  | 2000000 |  | 1929243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/2/27 |  | 2500000 |  | 2428534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/14/28 |  | 2000000 |  | 2028688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/19/28 |  | 1000000 |  | 975979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/25/28 |  | 1040000 |  | 1040069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/9/28 |  | 500000 |  | 465417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/28 |  | 1531000 |  | 1564019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/26/28 |  | 400000 |  | 392361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/6/29 |  | 1000000 |  | 1020495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 3/15/29 |  | 1000000 |  | 934945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/19/29 |  | 500000 |  | 460179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/24/30 |  | 1000000 |  | 919154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/30 |  | 1000000 |  | 852028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/4/31 |  | 600000 |  | 526694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/27/32 |  | 500000 |  | 472538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/28/32 |  | 400000 |  | 395032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/12/33 |  | 85000 |  | 84431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/14/33 |  | 500000 |  | 491956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/22/35 |  | 500000 |  | 504354 |
|  Asian Infrastructure Investment Bank (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/14/27 |  | 400000 |  | 400032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/16/30 |  | 3000000 |  | 3081480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/13/34 |  | 500000 |  | 498405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/21/35 |  | 140000 |  | 142359 |
|  Corp. Andina de Fomento |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/8/27 |  | 650000 |  | 627234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/26/27 |  | 440000 |  | 453711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/7/28 |  | 1000000 |  | 999733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/22/30 |  | 1000000 |  | 1030256 |
|  Council of Europe Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/22/26 |  | 750000 |  | 723031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/26/28 |  | 500000 |  | 497915 |
|  European Bank for Reconstruction & Development |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/9/28 |  | 1400000 |  | 1421543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/13/34 |  | 1500000 |  | 1489793 |
|  European Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/26/26 (x) |  | 1111000 |  | 1066281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 3/15/27 |  | 2500000 |  | 2399994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/19/27 |  | 1500000 |  | 1513406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/24/27 |  | 1000000 |  | 973795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/21/27 (x) |  | 980000 |  | 913177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 800000 |  | 802613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 |  | 1500000 |  | 1505344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/16/28 (x) |  | 750000 |  | 767322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/29 |  | 2000000 |  | 2015236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/29 (x) |  | 800000 |  | 744792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/29 |  | 833000 |  | 859262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/9/29 |  | 410000 |  | 375405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/14/30 |  | 2000000 |  | 2057762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 7/15/30 |  | 960000 |  | 949661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/23/30 |  | 750000 |  | 640779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/14/31 |  | 1475000 |  | 1280527 |

---

See Notes to Financial Statements.

619

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/13/31 | $| 750000 | $| 661137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/10/31 |  | 250000 |  | 254949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/16/32 |  | 2592000 |  | 2623261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/14/33 |  | 815000 |  | 798346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/13/34 |  | 3500000 |  | 3482551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/12/35 |  | 570000 |  | 586067 |
|  Inter-American Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/23/26 |  | 1000000 |  | 979726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/13/27 |  | 1500000 |  | 1441329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 9/16/27 |  | 1000000 |  | 934170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/12/28 |  | 800000 |  | 804854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 7/20/28 |  | 1250000 |  | 1150755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/18/28 |  | 750000 |  | 735103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/18/29 |  | 1000000 |  | 942676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/14/29 |  | 800000 |  | 790054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/30 |  | 2000000 |  | 2054284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/13/31 |  | 3800000 |  | 3277622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/17/31 |  | 800000 |  | 777004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/13/33 |  | 800000 |  | 820145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/17/34 |  | 1000000 |  | 1008239 |
|  Inter-American Investment Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/28 |  | 750000 |  | 755331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/14/29 |  | 2000000 |  | 2021187 |
|  International Bank for Reconstruction & Development |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/27/26 |  | 2000000 |  | 1947779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/27 |  | 1200000 |  | 1184436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/24/27 |  | 1855000 |  | 1728170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 4/20/28 |  | 2000000 |  | 1874908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/28 |  | 1000000 |  | 1025049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/13/28 |  | 2400000 |  | 2210559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/16/29 |  | 2000000 |  | 2004070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/23/29 |  | 1350000 |  | 1239760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/14/30 |  | 1030000 |  | 1030960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/20/30 |  | 2000000 |  | 2024122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/30 |  | 2475000 |  | 2490528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/26/30 |  | 1685000 |  | 1441374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/10/31 |  | 8500000 |  | 7358588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/3/31 |  | 1667000 |  | 1457171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/32 |  | 3000000 |  | 3093750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/29/32 |  | 2000000 |  | 1819240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/28/34 |  | 1476000 |  | 1433359 |
|  International Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/26 |  | 1000000 |  | 961117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/13/28 |  | 450000 |  | 459508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/2/29 |  | 1400000 |  | 1422045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/27/30 |  | 750000 |  | 641508 |
|  Nordic Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/8/27 |  | 643000 |  | 637795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/14/28 |  | 400000 |  | 406288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 |  | 2000000 |  | 2030246 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 125845047 |
|  **U.S. Government Agency Securities (1.4%)** | **U.S. Government Agency Securities (1.4%)** | **U.S. Government Agency Securities (1.4%)** |  |  |
|  FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/14/28 |  | 1000000 |  | 1011417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 |  | 10000000 |  | 9061503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/30 |  | 2000000 |  | 2013226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 |  | 15000000 |  | 12993754 |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/4/26 |  | 1000000 |  | 996309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/9/26 |  | 5000000 |  | 5004365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/17/26 |  | 2000000 |  | 2019620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/10/27 |  | 5000000 |  | 5016231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/4/27 |  | 800000 |  | 800410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/9/28 |  | 500000 |  | 500114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 (x) |  | 5000000 |  | 4931802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 |  | 3000 |  | 3265 |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/11/28 |  | 1000000 |  | 1000124 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 |  | 7000000 |  | 6829164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/18/26 |  | 5000000 |  | 4784165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 |  | 9000000 |  | 8413621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 5000000 |  | 4320722 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/1/34 |  | 730000 |  | 724337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/15/35 |  | 835000 |  | 851324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>2.875%, 2/1/27 |  | 1000000 |  | 985668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  |  | 72261141 |
|  **U.S. Treasury Obligations (54.4%)** | **U.S. Treasury Obligations (54.4%)** | **U.S. Treasury Obligations (54.4%)** | **U.S. Treasury Obligations (54.4%)** | **U.S. Treasury Obligations (54.4%)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/26 |  | 20000000 |  | 20104266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 |  | 13000000 |  | 12540450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 |  | 106500000 |  | 103628185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 |  | 35000000 |  | 33729927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 |  | 12000000 |  | 11558286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/26 |  | 25000000 |  | 24874255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/26 |  | 10000000 |  | 10089348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/26 |  | 20000000 |  | 20057166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 |  | 48000000 |  | 46799554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/26 |  | 15000000 |  | 15088222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27 |  | 20000000 |  | 20092590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 |  | 39000000 |  | 38043564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/27 |  | 25000000 |  | 25118070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 |  | 20000000 |  | 20105452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/27 |  | 15000000 |  | 15113133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 |  | 15000000 |  | 15024564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 |  | 20000000 |  | 19997562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 |  | 15000000 |  | 15034179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 |  | 20000000 |  | 20246160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 |  | 25000000 |  | 24245050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 |  | 25000000 |  | 24826327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 |  | 17000000 |  | 15783538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 |  | 15000000 |  | 15051025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 |  | 15000000 |  | 15134645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 |  | 14000000 |  | 13535542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 |  | 20000000 |  | 20184414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 |  | 36500000 |  | 33924436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 |  | 10000000 |  | 10036669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 |  | 10000000 |  | 10070514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 |  | 42000000 |  | 38928792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 |  | 15000000 |  | 15061555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 |  | 15000000 |  | 14921964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 |  | 23500000 |  | 22933991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 |  | 20000000 |  | 20268668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 |  | 15000000 |  | 15110226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 15000000 |  | 15070519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 |  | 17500000 |  | 17467328 |

---

See Notes to Financial Statements.

620

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | $| 29000000 | $28837725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 |  | 60000000 | 58648086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 |  | 81000000 | 75549210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 |  | 16000000 | 15962458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 25000000 | 25210958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 |  | 20000000 | 20239130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 |  | 49000000 | 47787882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 |  | 10000000 | 9230668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 |  | 25000000 | 25492175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 |  | 20000000 | 20552066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 |  | 25000000 | 25898368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 |  | 77500000 | 76044534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 |  | 15000000 | 15311646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 |  | 38000000 | 38024362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/31/29 |  | 10000000 | 9340803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 |  | 25000000 | 25222172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 |  | 64000000 | 61619910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 |  | 35000000 | 35615293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 |  | 50000000 | 50670955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 |  | 10000000 | 10312439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 |  | 69000000 | 65626638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 |  | 25000000 | 25679687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 |  | 20000000 | 20370750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 |  | 10000000 | 10092809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 |  | 17000000 | 16915371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 |  | 10000000 | 9897862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 |  | 15000000 | 15139843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 |  | 20000000 | 20285506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 |  | 20000000 | 20294482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 |  | 15000000 | 15060656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 |  | 15000000 | 15371101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/30 |  | 15000000 | 14821584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 17500000 | 15832278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 |  | 10000000 | 10097364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 |  | 15000000 | 14890950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/31/30 |  | 20000000 | 20185208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/30 |  | 15000000 | 14803115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 |  | 13000000 | 12969980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 |  | 15000000 | 14958467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 |  | 12000000 | 12044120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 |  | 15000000 | 15129239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 35000000 | 29838126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 |  | 15000000 | 15214224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 |  | 10000000 | 10374603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 |  | 15000000 | 15742796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 15000000 | 12857872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 |  | 7500000 | 7692161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 |  | 20000000 | 19899202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 |  | 18500000 | 18628499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 |  | 21300000 | 18422253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 |  | 15000000 | 15189677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 |  | 15000000 | 15574769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 40000000 | 35263824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 |  | 10000000 | 10381207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 |  | 12000000 | 12222162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 |  | 15000000 | 15173167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 45000000 | 38490880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 |  | 15000000 | 14859690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 |  | 15000000 | 14748930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 41000000 | 35080252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 |  | 15000000 | 15150811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 |  | 10000000 | 10310417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 40000000 | 35138752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/29/32 |  | 15000000 | 15138864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/32 |  | 10000000 | 10090371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 |  | 10000000 | 10013709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 22000000 | 20527454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 |  | 18000000 | 18151391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 |  | 12000000 | 12007240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 40000000 | 36900780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 17000000 | 17114558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 |  | 32000000 | 30851898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 |  | 37000000 | 35274302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 |  | 35000000 | 34473915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 |  | 36000000 | 36986389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 |  | 18000000 | 17819215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 |  | 27500000 | 27937976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 |  | 33000000 | 32231720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 |  | 32000000 | 32117536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 |  | 38000000 | 39223775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 |  | 20000000 | 20034376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 2748987729 |
|  **Total Long-Term Debt Securities (91.6%)**<br> *(Cost $4,728,722,992)* | **Total Long-Term Debt Securities (91.6%)**<br> *(Cost $4,728,722,992)* | **Total Long-Term Debt Securities (91.6%)**<br> *(Cost $4,728,722,992)* | 4631416669 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  PREFERRED STOCKS: |  |  |  |
|  **Financials (0.0%)†** |  |  |  |
|  ***Financial Services (0.0%)†*** |  |  |  |
|  FHLMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z<br>(0.00%, 7.88% Floor),<br>8.375% (k)(y)\* |  | 17000 | 242250 |
|  FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S<br>(0.00%, 7.75% Floor),<br>8.250% (k)(y)\* |  | 22000 | 330000 |
|  **Total Preferred Stocks (0.0%)†**<br> *(Cost $18,166)* | **Total Preferred Stocks (0.0%)†**<br> *(Cost $18,166)* | **Total Preferred Stocks (0.0%)†**<br> *(Cost $18,166)* | 572250 |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |
|  **Fixed Income (7.1%)** | **Fixed Income (7.1%)** | **Fixed Income (7.1%)** |  |
|  Schwab Intermediate-Term<br>U.S. Treasury ETF (x) |  | 1000000 | 25030000 |
|  Schwab Short-Term U.S. Treasury ETF |  | 1200000 | 29256000 |
|  Vanguard Intermediate-Term Treasury ETF |  | 2400000 | 143544000 |
|  Vanguard Short-Term Treasury ETF |  | 2750000 | 161645000 |
|  **Total Exchange Traded Funds (7.1%)**<br> *(Cost $370,188,130)* | **Total Exchange Traded Funds (7.1%)**<br> *(Cost $370,188,130)* | **Total Exchange Traded Funds (7.1%)**<br> *(Cost $370,188,130)* | 359475000 |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Companies (1.0%)** | **Investment Companies (1.0%)** | **Investment Companies (1.0%)** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) |  | 10000000 | 10000000 |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) |  | 5000000 | 5000000 |

---

See Notes to Financial Statements.

621

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 36446516 | $36446516 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 52446516 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $52,446,516)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $52,446,516)* | 52446516 |
|  **Total Investments in Securities (99.7%)**<br> *(Cost $5,151,375,804)* | **Total Investments in Securities (99.7%)**<br> *(Cost $5,151,375,804)* | 5043910435 |
|  **Other Assets Less Liabilities (0.3%)** | **Other Assets Less Liabilities (0.3%)** | 13753753 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $5057664188 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $5,987,831 or 0.1% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $55,077,555. This was collateralized by $3,683,572 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.750%, maturing 7/31/25 – 5/15/54 and by cash of $52,446,516 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | |
|:---|:---|:---|
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *Floor* | *—* | *The minimum dividend yield an investor can expect to receive* |
| *FFCB* | *—* | *Federal Farm Credit Bank* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *NATL-RE* | *—* | *Insured by National Public Finance Guarantee Corp.* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *USD* | *—* | *United States Dollar* |

---

See Notes to Financial Statements.

622

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $2475825 | $— | $2475825 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 90306201 |  | 90306201 |
|  Consumer Discretionary |  | 73683930 |  | 73683930 |
|  Consumer Staples |  | 95068824 |  | 95068824 |
|  Energy |  | 86017886 |  | 86017886 |
|  Financials |  | 653673682 |  | 653673682 |
|  Health Care |  | 130934842 |  | 130934842 |
|  Industrials |  | 94169972 |  | 94169972 |
|  Information Technology |  | 116804134 |  | 116804134 |
|  Materials |  | 38946984 |  | 38946984 |
|  Real Estate |  | 65307962 |  | 65307962 |
|  Utilities |  | 127217393 |  | 127217393 |
|  **Exchange Traded Funds** | 359475000 |  |  | 359475000 |
|  **Foreign Government Securities** |  | 104349710 |  | 104349710 |
|  **Municipal Bonds** |  | 5365407 |  | 5365407 |
|  **Preferred Stocks** |  |  |  |  |
|  Financials | 572250 |  |  | 572250 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 52446516 |  |  | 52446516 |
|  **Supranational** |  | 125845047 |  | 125845047 |
|  **U.S. Government Agency Securities** |  | 72261141 |  | 72261141 |
|  **U.S. Treasury Obligations** |  | 2748987729 |  | 2748987729 |
|  **Total Assets** | $**412493766** | $**4631416669** | $**—** | $**5043910435** |
|  **Total** | $**412493766** | $**4631416669** | $**—** | $**5043910435** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $112100385 |
|  Long-term U.S. government debt securities | 297035339 |
|  | $409135724 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $286881608 |
|  Long-term U.S. government debt securities | 506511309 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793392917 |

---

See Notes to Financial Statements.

623

------

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $33799481 |
|  Aggregate gross unrealized depreciation | (141692367) |
|  Net unrealized depreciation | $(107892886) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151803321 |

---

See Notes to Financial Statements.

624

------

EQ/CORE BOND INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $5,151,375,804) | $5043910435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 28981303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $476) | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 39925360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 14795599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2999670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 2040579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 55868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5132720562 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 52446516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 17587405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2972768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1065682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 367724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB<br>| 301779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 314500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 75056374 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $5057664188 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $5247269650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (189605462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5057664188 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,478,924,896 / 154,524,606 shares outstanding (unlimited amount authorized:<br>$0.01 par value) | $9.57 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,578,739,292 / 374,137,160 shares outstanding (unlimited amount authorized:<br>$0.01 par value) | $9.57 |

---

*(x)* *Includes value of securities on loan of $55,077,555.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $80276629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 6432505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 123449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 86832583 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8146150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2312883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1847176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 182168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 137327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 85460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 64343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 111835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 12887342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (521426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (909075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11456841 |
|  **NET INVESTMENT INCOME (LOSS)** | 75375742 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (21395584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 147184612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 147184663 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 125789079 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $201164821 |

---

See Notes to Financial Statements.

625

------

#### EQ ADVISORS TRUST
EQ/CORE BOND INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $75375742 | $141629430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21395584) | (24757669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 147184663 | 21230829 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 201164821 | 138102590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (37096401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (104291592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (141387993) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 261,455 shares, respectively ] |  | 3123261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5151822) shares, respectively ] |  | (47609236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (342338) shares, respectively ] |  | (2394864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (46880839) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,259,497 and 15,506,290 shares, respectively ] | 58659467 | 144354206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,141,908 shares, respectively ] |  | 47609236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 4,013,966 shares, respectively ] |  | 37096401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14413535) and (20263749) shares, respectively ] | (135280737) | (188810741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (76621270) | 40249102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,967,940 and 72,719,457 shares, respectively ] | 150492642 | 673123680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 11,306,618 shares, respectively ] |  | 104291592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (56631569) and (53326374) shares, respectively ] | (530784625) | (496612558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (380291983) | 280802714 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (456913253) | 274170977 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (255748432) | 270885574 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5313412620 | 5042527046 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5057664188 | $5313412620 |

---

See Notes to Financial Statements.

626

------

#### EQ ADVISORS TRUST
EQ/CORE BOND INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.21 | $9.22 | $9.01 | $10.07 | $10.49 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.23 | 0.19 | 0.14 | 0.12 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.23 | (0.01) | 0.22 | (1.03) | (0.34) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.36 | 0.22 | 0.41 | (0.89) | (0.22) | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.20) | (0.15) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.02) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.23) | (0.20) | (0.17) | (0.20) | (0.23) |
|  Net asset value, end of period | $9.57 | $9.21 | $9.22 | $9.01 | $10.07 | $10.49 |
|  Total return (b) | 3.91% | 2.41% | 4.51% | (8.76)% | (2.08)% | 6.09% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1478925 | $1498765 | $1459781 | $1493043 | $1847383 | $1907400 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.63 %(i) | 0.64 %(r) | 0.64% | 0.65% | 0.65% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.68% | 0.68% | 0.69% | 0.68% | 0.66% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.78% | 2.50% | 2.05% | 1.50% | 1.18% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.72% | 2.46% | 2.00% | 1.47% | 1.17% | 1.51% |
|  Portfolio turnover rate^ | 8 %(z) | 19% | 21% | 18% | 24% | 39% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.20 | $9.21 | $8.99 | $10.05 | $10.47 | $10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.26 | 0.21 | 0.16 | 0.15 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.23 | (0.01) | 0.23 | (1.02) | (0.35) | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 0.25 | 0.44 | (0.86) | (0.20) | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.22) | (0.18) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.02) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.26) | (0.22) | (0.20) | (0.22) | (0.25) |
|  Net asset value, end of period | $9.57 | $9.20 | $9.21 | $8.99 | $10.05 | $10.47 |
|  Total return (b) | 4.02% | 2.67% | 4.89% | (8.55)% | (1.86)% | 6.36% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3578739 | $3814647 | $3536068 | $3546880 | $4808382 | $5968469 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.38 %(i) | 0.39 %(r) | 0.39% | 0.40% | 0.40% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.43% | 0.43% | 0.44% | 0.43% | 0.41% | 0.42% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.03% | 2.76% | 2.30% | 1.74% | 1.43% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.97% | 2.71% | 2.26% | 1.71% | 1.42% | 1.76% |
|  Portfolio turnover rate^ | 8 %(z) | 19% | 21% | 18% | 24% | 39% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.04%.* 

*(r)* *Includes voluntary waiver from investment manager of 0.01%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

627

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (8.3%)** | **Asset-Backed Securities (8.3%)** | **Asset-Backed Securities (8.3%)** |
|  AASET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.943%, 2/16/50§ | $243877 | $248278 |
|  Affirm Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.820%, 9/15/28§ | 270000 | 271438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 2/15/29§ | 525000 | 527539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 2/15/29§ | 150000 | 150725 |
|  American Credit Acceptance Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440%, 10/12/29§ | 326452 | 328323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.630%, 2/14/28§ | 98265 | 98382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 3/12/31§ | 255000 | 255779 |
|  AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410%, 8/18/27 | 425000 | 417270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770%, 4/19/27 | 463720 | 461736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 4/18/28 | 29370 | 29356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 3/20/28 | 450000 | 454633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430%, 1/18/29 | 360000 | 363407 |
|  Applebee's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.720%, 6/7/55§ | 1000000 | 995178 |
|  Aqua Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.540%, 7/17/46§ | 123949 | 114361 |
|  AutoNation Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620%, 11/13/29§ | 180000 | 181336 |
|  Auxilior Term Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.180%, 12/15/28§ | 68359 | 68783 |
|  Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440%, 2/22/28§ | 940000 | 951766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360%, 6/20/30§ | 120000 | 123064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120%, 8/20/31§ | 100000 | 101811 |
|  BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CON A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 4/17/35§ | 67894 | 69123 |
|  BMW Vehicle Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 10/25/27 | 300000 | 298554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 6/26/28 | 135000 | 135778 |
|  BofA Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 11/20/29§ | 125000 | 125586 |
|  Bridgecrest Lending Auto Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510%, 11/15/27 | 345554 | 346294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370%, 10/16/28 | 175000 | 175683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780%, 12/15/28 | 345000 | 345417 |
|  CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.560%, 9/15/26 | 13228 | 13204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 1/18/28 | 428529 | 430225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 10/15/29 | 665000 | 669375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 3/15/30 | 240000 | 241884 |
|  CarMax Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, 9/17/29 | 380000 | 381688 |
|  Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 12/10/27§ | 283692 | 284893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330%, 7/10/29 | 195000 | 196716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640%, 1/10/30 | 120000 | 120119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P2 A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/10/31 | 500000 | 505782 |
|  Chesapeake Funding II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/35§ | 186569 | 187306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520%, 5/15/36§ | 138701 | 140095 |
|  Citizens Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 4/17/28§ | 150000 | 150809 |
|  Cologix Data Centers US Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 12/26/51§ | 6270000 | 6070119 |
|  Compass Datacenters Issuer II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022%, 8/25/49§ | 195000 | 194823 |
|  Compass Datacenters Issuer III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, 2/25/50§ | 120000 | 121192 |
|  Consolidated Communications LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.506%, 5/20/55§ | 2000000 | 2063202 |

---

See Notes to Financial Statements.

628

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.480%, 3/15/33§ | $318570 | $319893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.610%, 7/15/33§ | 435000 | 439955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.620%, 12/15/33§ | 100000 | 103458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.020%, 3/15/35§ | 365000 | 367008 |
|  Crockett Partners Equipment Co. IIA LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1C A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 1/20/31§ | 291667 | 294866 |
|  CyrusOne Data Centers Issuer I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 2/20/50§ | 350000 | 356424 |
|  Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 4/23/29§ | 567895 | 571023 |
|  DLLMT LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340%, 3/22/27§ | 460086 | 461870 |
|  Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 7/16/29 | 420000 | 418527 |
|  DT Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%, 2/15/29§ | 151199 | 151267 |
|  Enterprise Fleet Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 7/20/29§ | 28312 | 28288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560%, 4/22/30§ | 186064 | 187186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160%, 9/20/30§ | 150000 | 152805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%, 3/20/31§ | 245000 | 248934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 2/20/29§ | 175000 | 177409 |
|  Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 9/15/27 | 44104 | 44127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 8/15/30 | 200000 | 201978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740%, 1/16/29 | 630000 | 630914 |
|  Exeter Select Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 4/15/30 | 105000 | 105227 |
|  Flagship Credit Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.320%, 6/15/27§ | 85289 | 85368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 5/15/29§ | 460000 | 462885 |
|  Flexential Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930%, 11/27/51§ | 6300000 | 6185388 |
|  Ford Credit Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720%, 6/15/28 | 220000 | 221554 |
|  Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.370%, 10/17/33§ | 275000 | 268348 |
|  Frontier Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 8/20/53§ | 605000 | 614597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190%, 6/20/54§ | 170000 | 174365 |
|  GECU Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.630%, 8/15/28§ | 340000 | 341640 |
|  GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 11/15/28§ | 395000 | 399326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%, 1/16/29§ | 205000 | 205425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/17/28§ | 135000 | 135189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 1/15/31§ | 150000 | 151538 |
|  GLS Auto Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580%, 6/17/30§ | 74114 | 74734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590%, 10/15/29§ | 247013 | 249421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 12/17/29§ | 182182 | 182190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, 4/15/30§ | 233049 | 233537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, 10/15/30§ | 180000 | 180000 |
|  GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.660%, 2/21/28 | 295000 | 296838 |
|  GM Financial Revolving Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170%, 6/12/34§ | 195000 | 187752 |
|  GreenSky Home Improvement Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/27/59§ | 67741 | 68191 |
|  GreenSky Home Improvement Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 6/25/59§ | 195000 | 201077 |
|  Hertz Vehicle Financing III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940%, 2/25/28§ | 630000 | 639933 |

---

See Notes to Financial Statements.

629

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440%, 1/25/29§ | $375000 | $379037 |
|  Hertz Vehicle Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.330%, 6/26/28§ | 400000 | 384087 |
|  Hilton Grand Vacations Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 1/25/37§ | 38827 | 38925 |
|  Huntington Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, 1/16/29§ | 270000 | 272248 |
|  Hyundai Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, 12/17/29 | 175000 | 176167 |
|  LAD Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.390%, 10/16/28§ | 190000 | 191493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 9/15/28§ | 125000 | 125806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 8/15/28§ | 235000 | 236406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 3/15/29§ | 180000 | 180239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 7/16/29§ | 470000 | 471260 |
|  M&T Bank Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%, 6/17/30§ | 150000 | 151148 |
|  M&T Equipment Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.740%, 7/15/30§ | 269851 | 271234 |
|  Merchants Fleet Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.210%, 5/20/36§ | 319483 | 321837 |
|  Mercury Financial Credit Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.560%, 7/20/29§ | 355000 | 359379 |
|  Mission Lane Credit Card Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880%, 1/15/30§ | 330000 | 332634 |
|  MVW LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%, 2/20/43§ | 109125 | 110944 |
|  Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GA A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/68§ | 39208 | 37714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EA A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.970%, 12/16/69§ | 713324 | 631353 |
|  New Economy Assets – Phase 1 Sponsor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910%, 10/20/61§ | 695000 | 653443 |
|  Octane Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 7/20/32§ | 316999 | 320201 |
|  OHA Credit Funding 2 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A D1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.969%, 1/21/38 (l)§ | 2850000 | 2859966 |
|  OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-S1 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 5/14/35§ | 691722 | 689187 |
|  OWN Equipment Fund I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2M A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/20/32§ | 441123 | 445609 |
|  PenFed Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/15/29§ | 190000 | 190374 |
|  Post Road Equipment Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590%, 11/15/29§ | 68740 | 69135 |
|  Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530%, 2/15/28§ | 93777 | 93127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 2/15/28§ | 350000 | 350308 |
|  Regional Management Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%, 7/15/36§ | 150000 | 153319 |
|  Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 8/20/32§ | 235000 | 238020 |
|  Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 8/16/27 | 21387 | 21380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 11/15/27 | 133046 | 132919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%, 5/15/30 | 115000 | 115665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 11/15/30 | 155000 | 158086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 12/15/28 | 325000 | 329231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.160%, 12/17/29 | 495000 | 503235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.630%, 1/16/29 | 360000 | 361875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/16/29 | 265000 | 265586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 8/15/29 | 340000 | 342094 |
|  SBNA Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390%, 11/20/26§ | 167936 | 168376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560%, 11/22/27§ | 265000 | 266804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%, 2/22/28§ | 105000 | 105228 |
|  SCF Equipment Leasing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 7/20/29§ | 67164 | 66862 |

---

See Notes to Financial Statements.

630

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520%, 1/20/32§ | $| 190000 | $| 193757 |
|  SCF Equipment Trust LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 11/21/33§ |  | 325000 |  | 330259 |
|  SEB Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.386%, 4/30/54§ |  | 240000 |  | 245447 |
|  SFS Auto Receivables Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470%, 10/20/28§ |  | 348816 |  | 351086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 6/20/30§ |  | 145000 |  | 145338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/22/30§ |  | 145000 |  | 146531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, 12/20/30§ |  | 495000 |  | 498635 |
|  Sierra Timeshare Receivables Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, 6/20/41§ |  | 233881 |  | 235580 |
|  SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D A1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.340%, 3/17/53§ |  | 149979 |  | 140305 |
|  SoFi Consumer Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 6/25/34§ |  | 190000 |  | 190248 |
|  SoFi Professional Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A A2FX |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540%, 5/15/46§ |  | 40247 |  | 38711 |
|  Stream Innovations Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.270%, 7/15/44§ |  | 70589 |  | 73875 |
|  TRTX Issuer Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6 C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.710%, 9/18/42 (l)§ |  | 4060000 |  | 4032240 |
|  USB Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%, 6/17/30§ |  | 70000 |  | 70468 |
|  Volofin Finance DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 6/15/37§ |  | 304586 |  | 307551 |
|  VStrong Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 7/15/30§ |  | 48000 |  | 48626 |
|  Westlake Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 9/15/28§ |  | 615000 |  | 623701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560%, 2/15/28§ |  | 200000 |  | 201193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, 4/17/28§ |  | 265000 |  | 265946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/28§ |  | 475000 |  | 477246 |
|  Wheels Fleet Lease Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 4/18/38§ |  | 360147 |  | 362074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490%, 2/18/39§ |  | 228532 |  | 230765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%, 6/21/39§ |  | 251306 |  | 252439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/19/39§ |  | 215000 |  | 216115 |
|  World Omni Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 12/17/29 |  | 280000 |  | 279960 |
|  Zayo Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.953%, 6/20/55§ |  | 635000 |  | 654337 |
|  Ziply Fiber Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.640%, 4/20/54§ |  | 745000 |  | 765245 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 61181106 |
|  **Collateralized Mortgage Obligations (0.8%)** | **Collateralized Mortgage Obligations (0.8%)** | **Collateralized Mortgage Obligations (0.8%)** | **Collateralized Mortgage Obligations (0.8%)** | **Collateralized Mortgage Obligations (0.8%)** |
|  FHLMC STACR REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2 B1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.055%, 2/25/42 (l)§ |  | 1380000 |  | 1445121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6 M2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.055%, 9/25/42 (l)§ |  | 3700000 |  | 4036497 |
|  GNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-149 IP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/46 IO |  | 2135917 |  | 423163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-120 EI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/20/47 IO |  | 1361983 |  | 212576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 6117357 |
|  **Commercial Mortgage-Backed Securities (4.3%)** | **Commercial Mortgage-Backed Securities (4.3%)** | **Commercial Mortgage-Backed Securities (4.3%)** | **Commercial Mortgage-Backed Securities (4.3%)** | **Commercial Mortgage-Backed Securities (4.3%)** |
|  ALA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.043%, 6/15/40 (l)§ |  | 150000 |  | 150609 |
|  BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN27 A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.144%, 4/15/63 |  | 250000 |  | 216876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34 A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438%, 6/15/63 |  | 660000 |  | 568097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37 A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.618%, 11/15/64 (l) |  | 755000 |  | 659776 |
|  BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR3 A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.724%, 9/15/56 (l) |  | 385000 |  | 407519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR4 A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/15/56 |  | 142826 |  | 150466 |
|  BANK5 Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR6 A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.225%, 5/15/57 |  | 740000 |  | 777745 |
|  BBCMS Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BID A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.566%, 10/15/37 (l)§ |  | 215000 |  | 215000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.689%, 11/15/54 |  | 755000 |  | 665626 |

---

See Notes to Financial Statements.

631

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C25 A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.946%, 3/15/57 | $| 400000 | $| 416277 |
|  Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28 A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.224%, 8/15/54 |  | 780000 |  | 674341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V2 A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%, 5/15/55 (l) |  | 470000 |  | 484554 |
|  BPR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NRD A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.837%, 12/15/38 (l)§ |  | 420000 |  | 417616 |
|  BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4 A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.803%, 7/15/29 (l)§ |  | 420000 |  | 419870 |
|  CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%, 5/10/58 (l)§ |  | 1300000 |  | 1245700 |
|  Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%, 12/10/41 (l)§ |  | 100000 |  | 101567 |
|  CSMC LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.304%, 9/15/37§ |  | 272399 |  | 251414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953%, 9/15/37§ |  | 575000 |  | 530504 |
|  DC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DC A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.314%, 9/12/40§ |  | 295000 |  | 308622 |
|  DROP Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILE A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 10/15/43(l)§ |  | 420000 |  | 394841 |
|  FHLMC MSCR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10 M2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.155%, 2/25/45 (l)§ |  | 1960000 |  | 1940421 |
|  FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512 X1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.047%, 4/25/34 IO (l) |  | 5101772 |  | 267898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K738 A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.545%, 1/25/27 |  | 250000 |  | 240853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-F107 AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.562%, 3/25/28 (l) |  | 634373 |  | 631667 |
|  GNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67 EI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.671%, 10/16/65 IO (l) |  | 743053 |  | 43008 |
|  GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-BWTR A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954%, 11/5/34§ |  | 293326 |  | 242480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-PEMB A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 3/5/33 (l)§ |  | 140000 |  | 120579 |
|  Hudsons Bay Simon JV Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HB7 A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.914%, 8/5/34§ |  | 21017 |  | 20678 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BMS A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.912%, 1/15/42 (l)§ |  | 320000 |  | 318399 |
|  Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR8 A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.041%, 7/15/53 |  | 275000 |  | 242242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7 A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.574%, 10/15/54 |  | 775000 |  | 681269 |
|  Multifamily Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01 M10 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.670%, 10/25/49 (l)§ |  | 3389640 |  | 3440501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01 M10 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.805%, 11/25/53 (l)§ |  | 6280000 |  | 7008660 |
|  SCOTT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFS A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 3/10/40§ |  | 480000 |  | 492492 |
|  SPGN Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-TFLM A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%, 2/15/39 (l)§ |  | 760000 |  | 757553 |
|  TCO Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.555%, 12/15/39 (l)§ |  | 270000 |  | 269915 |
|  Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31 B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%, 11/15/48 (l) |  | 2890000 |  | 2854520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57 A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.118%, 8/15/53 |  | 355000 |  | 315249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58 A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.092%, 7/15/53 |  | 100000 |  | 87162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60 A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.342%, 8/15/54 |  | 1540000 |  | 1341865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61 A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658%, 11/15/54 |  | 1100000 |  | 965264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C62 A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/55 (l) |  | 715000 |  | 673628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  |  | 32013323 |
|  **Corporate Bonds (30.3%)** | **Corporate Bonds (30.3%)** | **Corporate Bonds (30.3%)** | **Corporate Bonds (30.3%)** | **Corporate Bonds (30.3%)** |
|  **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  CCO Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29§ |  | 149000 |  | 152040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32§ |  | 434000 |  | 410356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 |  | 436000 |  | 404407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33§ |  | 526000 |  | 478865 |
|  Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/30§ |  | 296000 |  | 267880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/30/33 (x)§ |  | 210000 |  | 213675 |
|  Windstream Escrow LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 8/15/28 |  | 285 |  | 4 |
|  Windstream Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 10/1/31§ |  | 189000 |  | 197346 |
|  Zayo Group Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/27 (x)§ |  | 494000 |  | 463125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/28§ |  | 231000 |  | 197997 |
|  |  |  |  | 2785695 |

---

See Notes to Financial Statements.

632

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/15/27§ | $150000 | $152063 |
|  Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/28/28 | 360000 | 365437 |
|  |  | 517500 |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 6/1/29 | 395000 | 412739 |
|  Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/1/54§ | 775000 | 717214 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 1/31/29§ | 496000 | 471200 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 7/15/29§ | 106000 | 113462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ | 450000 | 334687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/31§ | 150000 | 111806 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 8/1/29§ | 425000 | 432098 |
|  Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.290%, 4/15/29§ | 477000 | 463048 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 7/15/27§ | 212000 | 211205 |
|  Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/27 (x)§ | 327000 | 324956 |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/30§ | 222000 | 179654 |
|  Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26§ | 262000 | 257224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31§ | 474000 | 421210 |
|  Stagwell Global LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/29 (x)§ | 386000 | 368066 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/26§ | 191000 | 189927 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 7/31/31§ | 482000 | 482000 |
|  VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/32§ | 330000 | 292463 |
|  |  | 5782959 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |  |
|  SoftBank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699%, 7/9/30§ | 420000 | 421142 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 9507296 |
|  **Consumer Discretionary (3.2%)** | **Consumer Discretionary (3.2%)** | **Consumer Discretionary (3.2%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/15/27§ | 232000 | 233109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/28§ | 451000 | 463700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30§ | 140000 | 145252 |
|  Denso Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.239%, 9/16/26§ | 565000 | 544074 |
|  Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/30§ | 220000 | 224400 |
|  |  | 1610535 |
|  ***Automobiles (0.7%)*** |  |  |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/15/30 | 540000 | 550978 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 7/8/30 | 1015000 | 1016146 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/1/27§ | 205000 | 205821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/27/30§ | 710000 | 717808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/23/32§ | 240000 | 242876 |
|  Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 4/1/27§ | 910000 | 913293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/27§ | 220000 | 222413 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 9/13/29§ | 365000 | 351997 |
|  Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 3/18/35§ | 335000 | 335046 |
|  Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/22/29§ | 670000 | 677217 |
|  |  | 5233595 |
|  ***Broadline Retail (0.2%)*** |  |  |
|  Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 3/1/27§ | 562000 | 553862 |
|  K2016470219 South Africa Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/31/22 (h)(r)§ | 245575 |  |
|  Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/15/29§ | 1840000 | 690000 |
|  |  | 1243862 |
|  ***Distributors (0.3%)*** |  |  |
|  Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/29 | 435000 | 441153 |
|  LKQ Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/15/28 | 360000 | 370285 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/28§ | 374000 | 383683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 3/15/31§ | 196000 | 206266 |
|  Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/15/32§ | 192000 | 196700 |
|  Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/1/29§ | 150000 | 149578 |
|  Windsor Holdings III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 6/15/30§ | 339000 | 362730 |
|  |  | 2110395 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Matthews International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/1/27 (x)§ | 273000 | 284065 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/32 | 202000 | 203735 |
|  Wand NewCo 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 1/30/32§ | 262000 | 275438 |
|  |  | 763238 |

---

See Notes to Financial Statements.

633

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** |
|  1011778 BC ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/28§ | $294000 | $286289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/29§ | 207000 | 208811 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/15/30§ | 797000 | 824895 |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 8/15/29§ | 283000 | 298051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/15/33§ | 300000 | 305625 |
|  CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/1/26§ | 89000 | 88086 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/30§ | 301000 | 301063 |
|  Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 4/29/29§ | 200000 | 205362 |
|  Great Canadian Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 11/15/29§ | 303000 | 296182 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/1/28§ | 120000 | 120152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/32§ | 259000 | 234592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/33§ | 185000 | 188469 |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/30/29 | 355000 | 360832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/30/32 | 200000 | 204197 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 | 525000 | 535096 |
|  Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 | 250000 | 251079 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/1/32§ | 222000 | 227141 |
|  Ontario Gaming GTA LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 8/1/30§ | 324000 | 324810 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/27§ | 261000 | 262421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/33§ | 496000 | 505275 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125%, 7/15/30§ | 160000 | 167002 |
|  Scientific Games Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/1/30§ | 267000 | 257166 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/1/32§ | 208000 | 213404 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/28§ | 182000 | 178360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31§ | 180000 | 168604 |
|  Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 7/1/32§ | 168000 | 174537 |
|  Wyndham Hotels & Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/28§ | 207000 | 202572 |
|  |  | 7390073 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/30/30 | 375000 | 381175 |
|  M.D.C. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.966%, 8/6/61 | 360000 | 251021 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 6/1/28§ | 180000 | 189225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 | 266000 | 252309 |
|  Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/15/35 | 320000 | 321821 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/15/33 | 150000 | 150420 |
|  |  | 1545971 |
|  ***Specialty Retail (0.2%)*** |  |  |
|  Cougar JV Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5/15/32§ | 119000 | 126803 |
|  eG Global Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 11/30/28§ | 400000 | 441500 |
|  Global Auto Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 1/15/29§ | 200000 | 184710 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/29§ | 204000 | 176970 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29§ | 250000 | 242812 |
|  White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/15/28 (x)§ | 227000 | 226485 |
|  |  | 1399280 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |  |
|  Champ Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 12/1/31§ | 180000 | 192154 |
|  Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/31§ | 178000 | 160430 |
|  Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/31§ | 304000 | 321860 |
|  PVH Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/13/30 | 790000 | 795561 |
|  Ralph Lauren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/15/32 | 380000 | 385614 |
|  S&S Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 10/1/31§ | 346000 | 330430 |
|  |  | 2186049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 23482998 |
|  **Consumer Staples (1.3%)** | **Consumer Staples (1.3%)** | **Consumer Staples (1.3%)** |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/1/30§ | 850000 | 871853 |
|  Primo Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/30/29 (x)§ | 203000 | 196908 |
|  Suntory Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.124%, 6/11/29§ | 240000 | 245409 |
|  |  | 1314170 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/32§ | 159000 | 162861 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/23/30 | 405000 | 414672 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/15/28 | 245000 | 246381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/35 | 615000 | 613890 |
|  United Natural Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/28§ | 146000 | 143627 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/1/30§ | 166000 | 161656 |

---

See Notes to Financial Statements.

634

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/32§ | $| 177000 | $| 185699 |
|  Walmart, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/28/35(x) |  | 485000 |  | 489026 |
|  |  |  |  | 2417812 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Darling Ingredients, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/15/30§ |  | 398000 |  | 402895 |
|  Fiesta Purchaser, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/1/31§ |  | 123000 |  | 130481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 9/15/32§ |  | 219000 |  | 229676 |
|  General Mills, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/30/30 |  | 285000 |  | 289389 |
|  JBS USA Holding Lux Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/1/56§ |  | 1015000 |  | 1016494 |
|  Kraft Heinz Foods Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/35 |  | 485000 |  | 490915 |
|  Post Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/29§ |  | 84000 |  | 83580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/15/32§ |  | 123000 |  | 126075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/34 (x)§ |  | 226000 |  | 227130 |
|  Sigma Holdco BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/26§ |  | 219000 |  | 219088 |
|  Simmons Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/1/29§ |  | 180000 |  | 170163 |
|  Viking Baked Goods Acquisition Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 11/1/31§ |  | 468000 |  | 458954 |
|  |  |  |  | 3844840 |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** |
|  Energizer Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/28 (x)§ |  | 247000 |  | 240410 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Herbalife Nutrition Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 9/1/25§ |  | 53000 |  | 53024 |
|  Opal Bidco SAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/31/32§ |  | 200000 |  | 203754 |
|  Prestige Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/31§ |  | 202000 |  | 186147 |
|  |  |  |  | 442925 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Imperial Brands Finance plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/30/28§ |  | 505000 |  | 504777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/30§ |  | 585000 |  | 602537 |
|  |  |  |  | 1107314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 9367471 |
|  **Energy (2.8%)** |  |  |  |  |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Aris Water Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 4/1/30§ |  | 362000 |  | 371821 |
|  Helmerich & Payne, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/34§ |  | 465000 |  | 421809 |
|  Transocean, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 2/15/30§ |  | 188000 |  | 192948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/15/31§ |  | 150000 |  | 133830 |
|  |  |  |  | 1120408 |
|  ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** |
|  APA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/55§ |  | 450000 |  | 422965 |
|  Ascent Resources Utica Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/32§ |  | 193000 |  | 196619 |
|  Baytex Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 4/30/30§ |  | 96000 |  | 95974 |
|  Blue Racer Midstream LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/26§ |  | 255000 |  | 255107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 7/15/32§ |  | 182000 |  | 192829 |
|  Chevron USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687%, 4/15/30 |  | 735000 |  | 747798 |
|  Chord Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/33§ |  | 228000 |  | 231420 |
|  Crescent Energy Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 4/1/32§ |  | 384000 |  | 373920 |
|  Delek Logistics Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 3/15/29§ |  | 403000 |  | 416561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/30/33§ |  | 151000 |  | 150295 |
|  Enbridge, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/20/30 |  | 225000 |  | 227212 |
|  Encino Acquisition Partners Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/1/28§ |  | 230000 |  | 236325 |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 7/1/38 |  | 170000 |  | 194219 |
|  Enterprise Products Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 1/15/31 |  | 670000 |  | 674501 |
|  EOG Resources, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/32 |  | 595000 |  | 602072 |
|  Genesis Energy LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 2/1/28 |  | 277000 |  | 280144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 |  | 477000 |  | 495751 |
|  Kinder Morgan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/1/30 |  | 235000 |  | 239605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 2/1/33 |  | 244000 |  | 239524 |
|  Kinetik Holdings LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/15/30§ |  | 394000 |  | 397214 |
|  Marathon Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/1/30 |  | 440000 |  | 448632 |
|  NFE Financing LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 11/15/29§ |  | 2876400 |  | 1359099 |
|  NGL Energy Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 2/15/32§ |  | 509000 |  | 509127 |
|  NuStar Logistics LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/26 |  | 165000 |  | 165289 |
|  Permian Resources Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/1/29§ |  | 144000 |  | 144540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ |  | 204000 |  | 205020 |
|  Petroleos Mexicanos |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 2/12/28 |  | 8310000 |  | 7984664 |
|  Summit Midstream Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/31/29§ |  | 610000 |  | 622273 |
|  Sunoco LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/1/32§ |  | 228000 |  | 239227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33§ |  | 212000 |  | 214650 |

---

See Notes to Financial Statements.

635

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Targa Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/55 | $| 595000 | $| 577750 |
|  Williams Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/30/30 |  | 265000 |  | 265049 |
|  |  |  |  | 19405375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 20525783 |
|  **Financials (11.8%)** | **Financials (11.8%)** | **Financials (11.8%)** | **Financials (11.8%)** | **Financials (11.8%)** |
|  ***Banks (4.5%)*** | ***Banks (4.5%)*** | ***Banks (4.5%)*** | ***Banks (4.5%)*** | ***Banks (4.5%)*** |
|  ABN AMRO Bank NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br>Constant Maturity<br>1 Year + 1.65%),<br>6.339%, 9/18/27 (k)§ |  | 400000 |  | 408525 |
|  ANZ New Zealand Int'l Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.355%, 8/14/28§ |  | 285000 |  | 293903 |
|  Bank of America NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 8/18/26 |  | 510000 |  | 517098 |
|  Bank of Montreal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index +<br>0.67%),<br>5.004%, 1/27/29 (k)(x) |  | 295000 |  | 299935 |
|  Bank of New Zealand |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.285%, 1/27/27§ |  | 605000 |  | 587635 |
|  Banque Federative du Credit Mutuel SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.194%, 2/16/28§ |  | 275000 |  | 279812 |
|  Barclays plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.367%, 2/25/31 (k) |  | 370000 |  | 376836 |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>5.283%, 11/19/30 (k)§ |  | 230000 |  | 234335 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%),<br>5.085%, 5/9/31 (k)§ |  | 480000 |  | 484137 |
|  Canadian Imperial Bank of Commerce |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.237%, 6/28/27 |  | 330000 |  | 336036 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>4.857%, 3/30/29 (k) |  | 745000 |  | 751550 |
|  Citibank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%),<br>4.876%, 11/19/27 (k) |  | 750000 |  | 754199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%, 5/29/30 |  | 510000 |  | 519205 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>4.643%, 5/7/28 (k) |  | 1010000 |  | 1011285 |
|  Citizens Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>5.253%, 3/5/31 (k) |  | 305000 |  | 308952 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br>Constant Maturity<br>5 Year + 2.75%),<br>5.641%, 5/21/37 (k) |  | 235000 |  | 232180 |
|  Comerica, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.982%, 1/30/30 (k) |  | 185000 |  | 189286 |
|  Commonwealth Bank of Australia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.423%, 3/14/28 |  | 590000 |  | 595465 |
|  Cooperatieve Rabobank UA<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 0.92%),<br>4.990%, 5/27/31 (k)§ |  | 995000 |  | 1007380 |
|  Credit Agricole SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%),<br>5.230%, 1/9/29 (k)§ |  | 690000 |  | 701251 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>5.222%, 5/27/31 (k)§ |  | 375000 |  | 381941 |
|  Danske Bank A/S<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 0.93%),<br>5.019%, 3/4/31 (k)§ |  | 510000 |  | 515189 |
|  DNB Bank ASA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 0.85%),<br>1.127%, 9/16/26 (k)§ |  | 350000 |  | 347407 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%),<br>4.853%, 11/5/30 (k)§ |  | 230000 |  | 232149 |
|  Federation des Caisses Desjardins du Quebec<br>5.700%, 3/14/28§ |  | 295000 |  | 305213 |
|  Fifth Third Bank NA<br>(SOFR + 0.81%),<br>4.967%, 1/28/28 (k) |  | 250000 |  | 252068 |
|  HSBC Holdings plc<br>(SOFR + 1.04%),<br>5.130%, 11/19/28 (k) |  | 200000 |  | 202321 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.240%, 5/13/31 (k) |  | 505000 |  | 512747 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.450%, 3/3/36 (k) |  | 520000 |  | 521357 |
|  HSBC USA, Inc.<br>4.650%, 6/3/28 |  | 260000 |  | 261532 |
|  Huntington Bancshares, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%),<br>6.208%, 8/21/29 (k) |  | 295000 |  | 308676 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>5.272%, 1/15/31 (k) |  | 155000 |  | 158708 |
|  ING Groep NV<br>(SOFR + 1.01%),<br>4.858%, 3/25/29 (k) |  | 380000 |  | 383172 |
|  JPMorgan Chase & Co.<br>(SOFR + 1.34%),<br>4.946%, 10/22/35 (k) |  | 670000 |  | 662232 |
|  KBC Group NV<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 1.07%),<br>4.932%, 10/16/30 (k)§ |  | 235000 |  | 237329 |
|  Lloyds Banking Group plc<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 0.83%),<br>4.818%, 6/13/29 (k) |  | 470000 |  | 473673 |

---

See Notes to Financial Statements.

636

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  M&T Bank Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>5.179%, 7/8/31 (k) | $| 295000 | $| 299703 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>5.385%, 1/16/36 (k) |  | 475000 |  | 472393 |
|  Mizuho Financial Group, Inc.<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 0.92%),<br>4.711%, 7/8/31 (k) |  | 720000 |  | 719651 |
|  National Australia Bank Ltd.<br>4.534%, 6/13/30 |  | 700000 |  | 709092 |
|  National Bank of Canada<br>4.500%, 10/10/29 |  | 510000 |  | 507533 |
|  NatWest Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi<br>5 Year + 5.72%),<br>8.000%, 8/10/25 (k)(y) |  | 1870000 |  | 1874675 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 1.05%),<br>5.115%, 5/23/31 (k) |  | 720000 |  | 731002 |
|  NatWest Markets plc<br>4.789%, 3/21/28§ |  | 530000 |  | 535256 |
|  Royal Bank of Canada<br>(SOFR + 1.03%),<br>5.153%, 2/4/31 (k) |  | 690000 |  | 702361 |
|  Santander Holdings USA, Inc.<br>(SOFR + 1.88%),<br>5.741%, 3/20/31 (k) |  | 280000 |  | 287163 |
|  Santander UK Group Holdings plc<br>(United States SOFR<br>Compounded Index + 1.52%),<br>5.694%, 4/15/31 (k) |  | 485000 |  | 499975 |
|  Societe Generale SA<br>(SOFR + 1.65%),<br>5.512%, 5/22/31 (k)§ |  | 900000 |  | 917479 |
|  Standard Chartered plc<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 1.35%),<br>5.244%, 5/13/31 (k)§ |  | 665000 |  | 673918 |
|  Sumitomo Mitsui Financial Group, Inc.<br>(SOFR + 1.19%),<br>4.660%, 7/8/31 (k) |  | 690000 |  | 690000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>5.200%, 3/7/27§ |  | 415000 |  | 421078 |
|  Svenska Handelsbanken AB<br>4.375%, 5/23/28§ |  | 520000 |  | 523998 |
|  Swedbank AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.136%, 9/12/26§ |  | 380000 |  | 387854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407%, 3/14/29§ |  | 360000 |  | 372192 |
|  Toronto-Dominion Bank (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.574%, 6/2/28 |  | 1425000 |  | 1433685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298%, 1/30/32 |  | 130000 |  | 133286 |
|  Truist Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.45%),<br>7.161%, 10/30/29 (k) |  | 20000 |  | 21584 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%),<br>5.071%, 5/20/31 (k) |  | 620000 |  | 628861 |
|  UniCredit SpA<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 1 Year + 2.30%),<br>2.569%, 9/22/26 (k)§ |  | 350000 |  | 348099 |
|  US Bank NA<br>(SOFR + 0.69%),<br>4.507%, 10/22/27 (k) |  | 760000 |  | 760747 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%),<br>5.605%, 4/23/36 (k) |  | 325000 |  | 335521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 5 Year + 3.45%),<br>3.900%, 3/15/26 (k)(y) |  | 1700000 |  | 1678750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp.<br>4.354%, 7/1/30 |  | 1020000 |  | 1021292 |
|  |  |  |  | 33331867 |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** |
|  Antares Holdings LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/15/27§ |  | 375000 |  | 360762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 10/23/29§ |  | 260000 |  | 262548 |
|  Apollo Debt Solutions BDC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 3/15/32§ |  | 280000 |  | 286147 |
|  Ares Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/8/32 |  | 295000 |  | 293105 |
|  Ares Strategic Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/15/28 |  | 300000 |  | 302151 |
|  Aretec Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 8/15/30§ |  | 161000 |  | 176941 |
|  Bain Capital Specialty Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 10/13/26 |  | 325000 |  | 315055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 3/15/30 |  | 105000 |  | 104167 |
|  Bank of New York Mellon Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br>4.947%, 4/26/27 (k) |  | 315000 |  | 316587 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%),<br>4.942%, 2/11/31 (k) |  | 740000 |  | 754759 |
|  BGC Group, Inc.<br>6.150%, 4/2/30§ |  | 155000 |  | 156728 |
|  Blackstone Secured Lending Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/13/28 |  | 120000 |  | 120635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/30/30 |  | 235000 |  | 232560 |
|  Blue Owl Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/22/25 |  | 260000 |  | 259854 |
|  Blue Owl Capital Corp. II<br>8.450%, 11/15/26 |  | 230000 |  | 238850 |
|  Blue Owl Credit Income Corp.<br>7.950%, 6/13/28 |  | 270000 |  | 288449 |

---

See Notes to Financial Statements.

637

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Blue Owl Technology Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/15/25§ | $| 125000 | $| 124623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/4/29 |  | 335000 |  | 341477 |
|  Cantor Fitzgerald LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 12/12/28§ |  | 275000 |  | 291465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp.<br>(The) Series I<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 5 Year + 3.17%),<br>4.000%, 6/1/26 (k)(y) |  | 3150000 |  | 3110033 |
|  Deutsche Bank AG<br>(SOFR + 1.72%),<br>5.297%, 5/9/31 (k) |  | 615000 |  | 624018 |
|  FS KKR Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 1/15/29 |  | 275000 |  | 290045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 1/15/30 |  | 295000 |  | 292809 |
|  Goldman Sachs Bank USA<br>(SOFR + 0.75%),<br>5.414%, 5/21/27 (k) |  | 420000 |  | 423403 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%),<br>5.798%, 8/10/26 (k) |  | 655000 |  | 655718 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30 (k) |  | 465000 |  | 471925 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>5.218%, 4/23/31 (k) |  | 280000 |  | 286018 |
|  Golub Capital BDC, Inc.<br>2.500%, 8/24/26 |  | 3500000 |  | 3404286 |
|  Hercules Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/20/27 |  | 310000 |  | 300231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/16/30 |  | 110000 |  | 109635 |
|  HPS Corporate Lending Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 1/14/28 |  | 435000 |  | 436045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/30/29 |  | 10000 |  | 10178 |
|  Jefferies Financial Group, Inc.<br>5.875%, 7/21/28 |  | 295000 |  | 305712 |
|  LPL Holdings, Inc.<br>5.150%, 6/15/30 |  | 430000 |  | 434626 |
|  Main Street Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/14/26 |  | 215000 |  | 210182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/4/27 |  | 245000 |  | 250444 |
|  Marex Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.829%, 5/8/28 |  | 325000 |  | 328656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.404%, 11/4/29 |  | 335000 |  | 344529 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>4.654%, 10/18/30 (k) |  | 750000 |  | 749159 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>5.230%, 1/15/31 (k) |  | 595000 |  | 609876 |
|  Morgan Stanley Direct Lending Fund<br>6.000%, 5/19/30 |  | 200000 |  | 200758 |
|  MSCI, Inc.<br>3.250%, 8/15/33§ |  | 430000 |  | 376205 |
|  MSD Investment Corp.<br>6.250%, 5/31/30§ |  | 135000 |  | 133432 |
|  New Mountain Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 10/15/27 |  | 155000 |  | 156727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 2/1/29 |  | 150000 |  | 152566 |
|  Nomura Holdings, Inc.<br>4.904%, 7/1/30 |  | 250000 |  | 250659 |
|  Sixth Street Lending Partners<br>6.500%, 3/11/29 |  | 350000 |  | 361050 |
|  State Street Corp.<br>4.834%, 4/24/30 |  | 310000 |  | 315997 |
|  UBS AG<br>5.000%, 7/9/27 |  | 425000 |  | 431365 |
|  UBS Group AG<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 5 Year + 3.10%),<br>3.875%, 6/2/26 (k)(y)§ |  | 2350000 |  | 2291250 |
|  |  |  |  | 23544400 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  AerCap Ireland Capital DAC<br>5.375%, 12/15/31 |  | 160000 |  | 163346 |
|  Ally Financial, Inc.<br>(United States SOFR<br>Compounded Index + 1.96%),<br>5.737%, 5/15/29 (k) |  | 240000 |  | 243884 |
|  American Express Co.<br>(US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 5 Year + 2.85%),<br>3.550%, 9/15/26 (k)(y) |  | 530000 |  | 518392 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%),<br>5.016%, 4/25/31 (k) |  | 300000 |  | 305400 |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/26§ |  | 390000 |  | 390542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/28§ |  | 530000 |  | 531664 |
|  Bread Financial Holdings, Inc.<br>9.750%, 3/15/29§ |  | 51000 |  | 54922 |
|  Capital One Financial Corp.<br>(SOFR + 2.44%),<br>7.149%, 10/29/27 (k) |  | 335000 |  | 346037 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.64%),<br>6.312%, 6/8/29 (k) |  | 35000 |  | 36713 |
|  Enova International, Inc.<br>9.125%, 8/1/29§ |  | 273000 |  | 287333 |
|  Ford Motor Credit Co. LLC<br>6.532%, 3/19/32 |  | 225000 |  | 228141 |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 10/10/25 |  | 435000 |  | 436365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/4/28 |  | 280000 |  | 281595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 7/15/30 |  | 460000 |  | 466471 |
|  GGAM Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 2/15/27§ |  | 172000 |  | 177282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/28§ |  | 240000 |  | 253846 |
|  John Deere Capital Corp.<br>Series I<br>4.550%, 6/5/30 |  | 520000 |  | 524262 |

---

See Notes to Financial Statements.

638

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Macquarie Airfinance Holdings Ltd.<br>5.200%, 3/27/28§ | $| 300000 | $| 303051 |
|  Mitsubishi HC Finance America LLC<br>5.150%, 10/24/29§ |  | 555000 |  | 565058 |
|  PACCAR Financial Corp.<br>4.550%, 5/8/30 |  | 360000 |  | 363698 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index + 2.13%),<br>5.935%, 8/2/30 (k) |  | 285000 |  | 292059 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%),<br>5.450%, 3/6/31 (k) |  | 185000 |  | 186310 |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/30 |  | 215000 |  | 218234 |
|  |  |  |  | 7174605 |
|  ***Financial Services (0.8%)*** | ***Financial Services (0.8%)*** | ***Financial Services (0.8%)*** | ***Financial Services (0.8%)*** | ***Financial Services (0.8%)*** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ |  | 410000 |  | 393551 |
|  Atlas Warehouse Lending Co. LP<br>6.250%, 1/15/30§ |  | 250000 |  | 252490 |
|  Enact Holdings, Inc.<br>6.250%, 5/28/29 |  | 625000 |  | 648532 |
|  Freedom Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27§ |  | 1850000 |  | 1855069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 10/1/28§ |  | 228000 |  | 244660 |
|  Freedom Mortgage Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 2/1/29§ |  | 237000 |  | 245888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 4/1/32§ |  | 159000 |  | 160283 |
|  Nationwide Building Society<br>5.127%, 7/29/29 (x)§ |  | 620000 |  | 634267 |
|  Rocket Cos., Inc.<br>6.375%, 8/1/33§ |  | 197000 |  | 201373 |
|  Shift4 Payments LLC<br>6.750%, 8/15/32 (x)§ |  | 481000 |  | 498080 |
|  Synchrony Bank<br>5.400%, 8/22/25 |  | 465000 |  | 464769 |
|  Western Union Co. (The)<br>1.350%, 3/15/26 |  | 175000 |  | 170646 |
|  |  |  |  | 5769608 |
|  ***Insurance (2.3%)*** |  |  |  |  |
|  Acrisure LLC<br>8.250%, 2/1/29§ |  | 330000 |  | 341104 |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27§ |  | 152000 |  | 152328 |
|  American International Group, Inc.<br>4.850%, 5/7/30 |  | 190000 |  | 192475 |
|  American National Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/28/30§ |  | 455000 |  | 464227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/3/30§ |  | 240000 |  | 241001 |
|  American National Group, Inc.<br>6.000%, 7/15/35 |  | 775000 |  | 775778 |
|  Ardonagh Group Finance Ltd.<br>8.875%, 2/15/32§ |  | 200000 |  | 209604 |
|  Arthur J Gallagher & Co.<br>3.050%, 3/9/52 |  | 525000 |  | 332025 |
|  Athene Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, 5/9/28§ |  | 510000 |  | 512318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 1/7/30§ |  | 470000 |  | 479953 |
|  Belrose Funding Trust II<br>6.792%, 5/15/55§ |  | 425000 |  | 430951 |
|  Brighthouse Financial Global Funding 5.550%, 4/9/27§ |  | 610000 |  | 619614 |
|  BroadStreet Partners, Inc.<br>5.875%, 4/15/29§ |  | 250000 |  | 246875 |
|  Corebridge Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/24/29§ |  | 425000 |  | 434454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/6/30§ |  | 270000 |  | 272388 |
|  F&G Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 7/7/25§ |  | 485000 |  | 485041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/10/27§ |  | 260000 |  | 266184 |
|  Fairfax Financial Holdings Ltd.<br>6.500%, 5/20/55§ |  | 410000 |  | 419543 |
|  Fortitude Group Holdings LLC<br>6.250%, 4/1/30§ |  | 170000 |  | 174868 |
|  GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/6/27§ |  | 575000 |  | 555380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/32§ |  | 460000 |  | 467104 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ |  | 308000 |  | 321891 |
|  Jackson National Life Global Funding<br>4.700%, 6/5/28§ |  | 570000 |  | 573442 |
|  Lincoln Financial Global Funding<br>4.625%, 5/28/28§ |  | 400000 |  | 402585 |
|  MassMutual Global Funding II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/10/30§ |  | 750000 |  | 764530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 5/7/30§ |  | 230000 |  | 231261 |
|  Mutual of Omaha Cos. Global Funding<br>5.000%, 4/1/30§ |  | 390000 |  | 397360 |
|  New York Life Global Funding<br>5.000%, 6/6/29§ |  | 570000 |  | 585187 |
|  NLG Global Funding<br>5.400%, 1/23/30§ |  | 585000 |  | 602052 |
|  Northwestern Mutual Global Funding<br>4.900%, 6/12/28§ |  | 580000 |  | 591357 |
|  Pacific Life Global Funding II<br>4.850%, 2/10/30§ |  | 595000 |  | 603999 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ |  | 165000 |  | 171394 |
|  Pricoa Global Funding I<br>4.700%, 5/28/30§ |  | 435000 |  | 439441 |
|  Principal Life Global Funding II<br>4.600%, 8/19/27§ |  | 270000 |  | 271026 |

---

See Notes to Financial Statements.

639

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.772%, 12/9/29§ | 515000 | 520111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.803%, 6/5/30§ | 200000 | 202394 |
|  RGA Global Funding<br>5.250%, 1/9/30§ | 245000 | 251111 |
|  Sammons Financial Group Global Funding<br>4.950%, 6/12/30§ | 675000 | 682078 |
|  SBL Holdings, Inc.<br>7.200%, 10/30/34§ | 455000 | 432816 |
|  SiriusPoint Ltd.<br>7.000%, 4/5/29 | 415000 | 436126 |
|  Trustage Financial Group, Inc.<br>4.625%, 4/15/32§ | 290000 | 274284 |
|  Western-Southern Global Funding<br>4.900%, 5/1/30§ | 140000 | 141358 |
|  |  | 16969018 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Ladder Capital Finance Holdings LLLP (REIT)<br>5.500%, 8/1/30 | 225000 | 226458 |
|  Starwood Property Trust, Inc. (REIT)<br>6.500%, 7/1/30§ | 138000 | 142110 |
|  |  | 368568 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 87158066 |
|  **Health Care (1.3%)** | **Health Care (1.3%)** | **Health Care (1.3%)** |
|  ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** |
|  Biogen, Inc.<br>6.450%, 5/15/55 | 415000 | 426153 |
|  ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** |
|  Medline Borrower LP<br>5.250%, 10/1/29§ | 206000 | 204412 |
|  Neogen Food Safety Corp.<br>8.625%, 7/20/30§ | 381000 | 394030 |
|  Varex Imaging Corp.<br>7.875%, 10/15/27§ | 208000 | 210165 |
|  Zimmer Biomet Holdings, Inc.<br>5.050%, 2/19/30 | 555000 | 567153 |
|  |  | 1375760 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  AdaptHealth LLC<br>5.125%, 3/1/30§ | 250000 | 236852 |
|  Cardinal Health, Inc.<br>5.000%, 11/15/29 | 825000 | 839880 |
|  HealthEquity, Inc.<br>4.500%, 10/1/29§ | 370000 | 358870 |
|  Heartland Dental LLC<br>10.500%, 4/30/28§ | 428000 | 451736 |
|  McKesson Corp.<br>5.250%, 5/30/35 | 845000 | 857849 |
|  Star Parent, Inc.<br>9.000%, 10/1/30§ | 258000 | 271571 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32 (x)§ | 365000 | 372085 |
|  Tenet Healthcare Corp.<br>6.250%, 2/1/27 | 318000 | 318165 |
|  UnitedHealth Group, Inc.<br>5.950%, 6/15/55 | 185000 | 186852 |
|  Universal Health Services, Inc.<br>4.625%, 10/15/29 | 230000 | 227197 |
|  US Acute Care Solutions LLC<br>9.750%, 5/15/29§ | 466000 | 479398 |
|  |  | 4600455 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 | 750000 | 767682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 | 293000 | 305656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 6/1/32§ | 384000 | 394280 |
|  |  | 1467618 |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** |
|  Illumina, Inc.<br>4.650%, 9/9/26 | 320000 | 320354 |
|  ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** |
|  1261229 BC Ltd.<br>10.000%, 4/15/32§ | 200000 | 201722 |
|  Cheplapharm Arzneimittel GmbH<br>5.500%, 1/15/28§ | 405000 | 389813 |
|  Eli Lilly & Co.<br>4.750%, 2/12/30 | 290000 | 296345 |
|  GlaxoSmithKline Capital, Inc.<br>4.500%, 4/15/30 | 575000 | 579026 |
|  |  | 1466906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 9657246 |
|  **Industrials (2.7%)** |  |  |
|  ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** | ***Aerospace & Defense (0.1%)*** |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ | 187000 | 190093 |
|  Northrop Grumman Corp.<br>4.650%, 7/15/30 | 185000 | 186433 |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ | 200000 | 205364 |
|  |  | 581890 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ | 158000 | 161556 |
|  AmeriTex HoldCo Intermediate LLC<br>10.250%, 10/15/28§ | 367000 | 389130 |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ | 258000 | 237038 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ | 364000 | 371375 |

---

See Notes to Financial Statements.

640

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ | $| 152000 | $| 151930 |
|  Standard Industries, Inc.<br>4.375%, 7/15/30§ |  | 278000 |  | 263057 |
|  |  |  |  | 1574086 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29§ |  | 180000 |  | 158175 |
|  ADT Security Corp. (The)<br>4.875%, 7/15/32§ |  | 214000 |  | 204473 |
|  Allied Universal Holdco LLC<br>6.000%, 6/1/29§ |  | 48000 |  | 46680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/30§ |  | 384000 |  | 389326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 2/15/31§ |  | 246000 |  | 256148 |
|  Aramark Services, Inc.<br>5.000%, 2/1/28§ |  | 256000 |  | 254454 |
|  Clarivate Science Holdings Corp.<br>4.875%, 7/1/29§ |  | 328000 |  | 307798 |
|  Element Fleet Management Corp.<br>5.037%, 3/25/30§ |  | 360000 |  | 362728 |
|  Garda World Security Corp.<br>6.000%, 6/1/29§ |  | 305000 |  | 297528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ |  | 118000 |  | 120807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32§ |  | 484000 |  | 497513 |
|  Madison IAQ LLC<br>5.875%, 6/30/29 (x)§ |  | 244000 |  | 239474 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/31§ |  | 370000 |  | 368960 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ |  | 434000 |  | 469874 |
|  Waste Pro USA, Inc.<br>7.000%, 2/1/33§ |  | 86000 |  | 89335 |
|  Williams Scotsman, Inc.<br>7.375%, 10/1/31§ |  | 362000 |  | 379738 |
|  |  |  |  | 4443011 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Arcosa, Inc.<br>6.875%, 8/15/32§ |  | 200000 |  | 207250 |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30 (x)§ |  | 279000 |  | 258236 |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ |  | 242000 |  | 234706 |
|  Pike Corp.<br>8.625%, 1/31/31§ |  | 196000 |  | 213295 |
|  Weekley Homes LLC<br>4.875%, 9/15/28§ |  | 196000 |  | 189242 |
|  |  |  |  | 1102729 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Eaton Capital ULC<br>4.450%, 5/9/30 |  | 200000 |  | 200897 |
|  EnerSys<br>6.625%, 1/15/32§ |  | 198000 |  | 202425 |
|  |  |  |  | 403322 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  Beacon Mobility Corp.<br>7.250%, 8/1/30§ |  | 91000 |  | 92877 |
|  EquipmentShare.com, Inc.<br>9.000%, 5/15/28§ |  | 196000 |  | 206547 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ |  | 150000 |  | 152736 |
|  JB Hunt Transport Services, Inc.<br>4.900%, 3/15/30 |  | 410000 |  | 415701 |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ |  | 383000 |  | 372981 |
|  RXO, Inc.<br>7.500%, 11/15/27§ |  | 234000 |  | 240094 |
|  Ryder System, Inc.<br>3.350%, 9/1/25 |  | 160000 |  | 159637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/30 |  | 215000 |  | 217849 |
|  Star Leasing Co. LLC<br>7.625%, 2/15/30§ |  | 136000 |  | 134810 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ |  | 217000 |  | 226524 |
|  XPO, Inc.<br>7.125%, 6/1/31§ |  | 222000 |  | 231788 |
|  |  |  |  | 2451544 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co.<br>4.800%, 3/15/30 |  | 435000 |  | 441246 |
|  Siemens Funding BV<br>4.600%, 5/28/30§ |  | 345000 |  | 348213 |
|  |  |  |  | 789459 |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** |
|  ATS Corp.<br>4.125%, 12/15/28 (x)§ |  | 316000 |  | 302175 |
|  Caterpillar, Inc.<br>5.200%, 5/15/35 |  | 445000 |  | 452953 |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ |  | 542000 |  | 565713 |
|  CNH Industrial Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/21/28 |  | 255000 |  | 256587 |
|  Cummins, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/9/35 |  | 720000 |  | 729731 |
|  Daimler Truck Finance North America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/13/35§ |  | 810000 |  | 822370 |
|  Enpro, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/1/33§ |  | 146000 |  | 149298 |
|  Hillenbrand, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/15/29 (x) |  | 290000 |  | 294915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31 |  | 90000 |  | 80640 |
|  Husky Injection Molding Systems Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/29§ |  | 242000 |  | 252002 |
|  Terex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/32§ |  | 230000 |  | 230432 |
|  Weir Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 5/6/30§ |  | 325000 |  | 328808 |
|  Westinghouse Air Brake Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/29/30 |  | 170000 |  | 172169 |
|  |  |  |  | 4637793 |

---

See Notes to Financial Statements.

641

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/10/30 | $205000 | $206228 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/8/32 | 510000 | 517198 |
|  CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 6/15/33§ | 195000 | 201041 |
|  Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/28 | 295000 | 300590 |
|  VT Topco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 8/15/30§ | 223000 | 237058 |
|  |  | 1255887 |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/26/28§ | 430000 | 409389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/18/28§ | 190000 | 197838 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/10/30§ | 315000 | 317822 |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/27 | 200000 | 202876 |
|  Mitsubishi Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/2/29§ | 310000 | 316840 |
|  QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/30/32§ | 154000 | 158235 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/29§ | 230000 | 235463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34§ | 140000 | 144491 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/28§ | 314000 | 317925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/32§ | 216000 | 223545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/15/33§ | 189000 | 194959 |
|  |  | 2719383 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 20165332 |
|  **Information Technology (2.2%)** | **Information Technology (2.2%)** | **Information Technology (2.2%)** |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 3/1/27§ | 212000 | 210448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29§ | 222000 | 216752 |
|  Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 8/15/30 | 315000 | 318213 |
|  |  | 745413 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/12/28 | 550000 | 553487 |
|  Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/21/29 | 440000 | 446379 |
|  CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%, 12/1/28 | 490000 | 468705 |
|  Flex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/28 | 290000 | 299541 |
|  Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/1/30 | 540000 | 545303 |
|  Zebra Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ | 184000 | 189213 |
|  |  | 2502628 |
|  ***IT Services (0.4%)*** |  |  |
|  Ahead DB Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/1/28 (x)§ | 327000 | 327298 |
|  CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/14/30§ | 645000 | 650750 |
|  DXC Technology Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/15/28 | 790000 | 733987 |
|  Fortress Intermediate 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/1/31§ | 185000 | 193861 |
|  ION Trading Technologies Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/28§ | 400000 | 386328 |
|  Unisys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.625%, 1/15/31§ | 328000 | 338355 |
|  |  | 2630579 |
|  ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** |
|  Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/28 | 765000 | 768197 |
|  Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/15/30 | 325000 | 328918 |
|  Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 11/1/29 | 415000 | 448282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/35 | 505000 | 521817 |
|  QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/20/35 | 855000 | 860588 |
|  Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 5/23/35 | 865000 | 881179 |
|  |  | 3808981 |
|  ***Software (0.8%)*** |  |  |
|  AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/30§ | 470000 | 460600 |
|  Camelot Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/26§ | 70000 | 68673 |
|  Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/30§ | 335000 | 349100 |
|  Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/29§ | 168000 | 136959 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/31/29§ | 194000 | 195106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 9/30/29§ | 617000 | 636910 |
|  Ellucian Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/1/29§ | 117000 | 119665 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/30/30§ | 267000 | 277013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/33§ | 268000 | 275450 |
|  Helios Software Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/1/28§ | 334000 | 316047 |
|  McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/30§ | 480000 | 453264 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28§ | 242000 | 238561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ | 114000 | 112263 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/1/27§ | 250000 | 258807 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/31§ | 324000 | 298181 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 11/28/28§ | 168000 | 172892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/29§ | 223000 | 216547 |

---

See Notes to Financial Statements.

642

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/30/27§ | 275000 | $| 274860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ | 250000 |  | 259467 |
|  UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 2/1/31§ | 154000 |  | 159211 |
|  ZoomInfo Technologies LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/1/29§ | 605000 |  | 569003 |
|  |  |  | 5848579 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Dell International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/30 | 205000 |  | 208150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/1/35 | 276000 |  | 266066 |
|  |  |  | 474216 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 16010396 |
|  **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** |
|  Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 8/1/30§ | 208000 |  | 214985 |
|  Axalta Coating Systems LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/27§ | 300000 |  | 297309 |
|  Celanese US Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/33 | 418000 |  | 420612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/15/33 (e)(x) | 72000 |  | 76190 |
|  Eastman Chemical Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/29 | 245000 |  | 248167 |
|  Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/28 | 135000 |  | 135822 |
|  HB Fuller Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 | 255000 |  | 246100 |
|  Illuminate Buyer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 7/1/28§ | 670000 |  | 673290 |
|  INEOS Quattro Finance 2 plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 3/15/29 (x)§ | 400000 |  | 403920 |
|  LYB International Finance III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/34 | 445000 |  | 443630 |
|  Maxam Prill Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 7/15/30§ | 200000 |  | 200355 |
|  Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/28§ | 458000 |  | 448840 |
|  NOVA Chemicals Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 11/15/28§ | 355000 |  | 374365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/30§ | 96000 |  | 103393 |
|  Nufarm Australia Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/27/30§ | 328000 |  | 303561 |
|  Olympus Water US Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/1/29 (x)§ | 200000 |  | 190676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/31§ | 398000 |  | 406000 |
|  WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/29§ | 641000 |  | 579028 |
|  |  |  | 5766243 |
|  ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** |
|  Amcor Flexibles North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/17/28§ | 350000 |  | 352132 |
|  Amcor Group Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/23/29 | 520000 |  | 533967 |
|  Ardagh Metal Packaging Finance USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/29§ | 410000 |  | 374342 |
|  Ardagh Packaging Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/26§ | 200000 |  | 187000 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 4/15/30§ | 525000 |  | 536812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/32§ | 154000 |  | 157319 |
|  Graphic Packaging International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 7/15/32§ | 151000 |  | 154210 |
|  LABL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 7/15/27§ | 128000 |  | 122560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28 (x)§ | 333000 |  | 291375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/1/31 (x)§ | 258000 |  | 220590 |
|  Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 4/15/27§ | 302000 |  | 307219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 4/15/27§ | 622000 |  | 617335 |
|  Owens-Brockway Glass Container, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/13/27§ | 288000 |  | 288199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/31§ | 211000 |  | 216275 |
|  Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/1/28§ | 150000 |  | 152091 |
|  Toucan FinCo Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 5/15/30§ | 292000 |  | 298570 |
|  Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 7/15/30§ | 292000 |  | 307695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 1/15/31 (x)§ | 200000 |  | 213800 |
|  |  |  | 5331491 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 255000 |  | 259680 |
|  Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/31§ | 233000 |  | 217312 |
|  Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/30/30§ | 97000 |  | 100375 |
|  |  |  | 577367 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Magnera Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/31§ | 373000 |  | 351045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 12026146 |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  Trust Fibra Uno (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 1/23/32§ | 1050000 |  | 1094625 |
|  VICI Properties LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26§ | 190000 |  | 188786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/1/28 | 225000 |  | 226810 |
|  |  |  | 1510221 |

---

See Notes to Financial Statements.

643

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Omega Healthcare<br>Investors, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/30 | $515000 | $516447 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/15/32 | 745000 | 754739 |
|  Park Intermediate Holdings LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/1/28§ | 183000 | 182627 |
|  Pebblebrook Hotel LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/15/29§ | 162000 | 162625 |
|  |  | 1099991 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  Cousins Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/30 | 440000 | 447208 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 | 205000 | 205990 |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/28§ | 244000 | 245666 |
|  Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 9/1/30§ | 180000 | 191020 |
|  |  | 642676 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/35 | 520000 | 516617 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Kite Realty Group LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/15/32 | 220000 | 221866 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Extra Space Storage LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 135000 | 139410 |
|  Iron Mountain, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/28§ | 266000 | 263917 |
|  Public Storage Operating Co. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/1/30 | 570000 | 568658 |
|  |  | 971985 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 5927011 |
|  **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** |
|  Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/6/27§ | 310000 | 313366 |
|  American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 5 Year + 2.68%),<br>3.875%, 2/15/62 (k) | 395000 | 377208 |
|  Capital Power US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.257%, 6/1/28§ | 190000 | 192443 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/30 | 330000 | 335295 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 8/15/25 | 435000 | 434970 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/34 | 220000 | 226366 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 9/15/25 | 145000 | 144013 |
|  New England Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.807%, 10/6/50§ | 130000 | 78562 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/1/30 | 190000 | 192559 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/4/28 | 150000 | 150411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 3/1/55 | 450000 | 421300 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 5/15/55 | 350000 | 346297 |
|  Public Service Co. of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/1/28 | 290000 | 291447 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/35 | 680000 | 675579 |
|  Series 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/50 | 75000 | 48547 |
|  Wisconsin Public Service Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 12/1/29 | 175000 | 176905 |
|  Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/21/28 | 125000 | 126215 |
|  |  | 4531483 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/15/35 | 315000 | 318861 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/31/41§ | 884883 | 894638 |
|  PSEG Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 5/15/30§ | 340000 | 346599 |
|  |  | 1241237 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 190000 | 193097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/35 | 390000 | 390469 |
|  CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve<br>Rate T Note Constant<br>Maturity 5 Year + 2.59%),<br>6.700%, 5/15/55 (k) | 440000 | 443850 |

---

See Notes to Financial Statements.

644

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 | $420000 | $| 422656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 565000 |  | 569036 |
|  DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/1/27 | 310000 |  | 313288 |
|  NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 4/1/55 | 1015000 |  | 1005638 |
|  |  |  | 3338034 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  Essential Utilities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 8/15/27 | 300000 |  | 303089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 9732704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 223560449 |
|  **Foreign Government Securities (12.4%)** | **Foreign Government Securities (12.4%)** | **Foreign Government Securities (12.4%)** | **Foreign Government Securities (12.4%)** |
|  Japan Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/20/55 | 2820000000 |  | 17963037 |
|  Mex Bonos Desarr Fix Rt<br>Series M |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 7/31/53 | 768300000 |  | 33611099 |
|  Notas do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 1/1/35 | 98050000 |  | 14732013 |
|  Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 7/23/60 | $3285000 |  | 1875735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/19/63 | 2780000 |  | 1775030 |
|  U.K. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | 18070000 |  | 21489007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  | 91445921 |
|  **Mortgage-Backed Securities (25.0%)** | **Mortgage-Backed Securities (25.0%)** | **Mortgage-Backed Securities (25.0%)** | **Mortgage-Backed Securities (25.0%)** |
|  FHLMC UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/38 | $6079 |  | 5904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 | 90139 |  | 85142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/48 | 5012 |  | 4731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/49 | 40363 |  | 38100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/49 | 187616 |  | 176863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/49 | 5055 |  | 4764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/50 | 311072 |  | 260748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/50 | 323991 |  | 271577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 235744 |  | 188432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/52 | 3286970 |  | 2737753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 13006860 |  | 10835994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/52 | 1213318 |  | 1052270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 2889416 |  | 2694925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 3055681 |  | 3003607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/54 | 2997101 |  | 3048954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/54 | 2780299 |  | 2660485 |
|  FNMA UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 | 226916 |  | 214337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/49 | 1752112 |  | 1598934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 683748 |  | 598975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/50 | 173383 |  | 145117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/51 | 2250264 |  | 2050020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 18123380 |  | 14407507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 1030012 |  | 818469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 2391192 |  | 2080525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 | 2574180 |  | 2142454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 | 3013367 |  | 2622809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/1/54 | 1249774 |  | 1291175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/54 | 772276 |  | 797859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/55 | 4380031 |  | 4382727 |
|  FNMA/FHLMC UMBS,<br>30 Year, Single Family |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/25/55 TBA | 1000000 |  | 980391 |
|  GNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/49 | 443735 |  | 407049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/52 | 2822648 |  | 2498279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/52 | 2726655 |  | 2414169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/20/53 | 1740300 |  | 1751635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/53 | 7119256 |  | 7263402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/53 | 13187406 |  | 13454416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/53 | 3721857 |  | 3797214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/54 | 2529826 |  | 2577886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/20/54 | 3119816 |  | 3173966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/20/54 | 5262832 |  | 5357467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/20/54 | 4769194 |  | 4851971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/20/54 | 11254274 |  | 11435542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/20/54 | 9511673 |  | 9658186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/20/54 | 10690242 |  | 10848228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54 | 11692139 |  | 11857623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/54 | 8434614 |  | 8557948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/54 | 4785929 |  | 4857032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/20/55 | 9319928 |  | 9458391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/55 | 9195112 |  | 9332439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  | 184754391 |
|  **U.S. Treasury Obligations (13.2%)** | **U.S. Treasury Obligations (13.2%)** |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 | 15095000 |  | 10028928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 5505000 |  | 3788633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 1800000 |  | 1490625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/42 | 3370000 |  | 2830882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 | 270000 |  | 241945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 | 1575000 |  | 1408395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 | 1095000 |  | 1045212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 | 1105000 |  | 1105014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/44 | 1560000 |  | 1431300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/44 | 5000 |  | 4901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/45 | 900000 |  | 896483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/45 | 660000 |  | 678769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 7255000 |  | 4608330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 1060000 |  | 1052056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 | 1265000 |  | 1157475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 2100000 |  | 2004936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 4015000 |  | 3915884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 | 1910000 |  | 1902313 |
|  U.S. Treasury Inflation Linked Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 37208292 |  | 36111511 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill<br>Money Market Yield +<br>0.10%),<br>4.338%, 1/31/27 (k) | 7780000 |  | 7774371 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill<br>Money Market Yield +<br>0.16%),<br>4.400%, 4/30/27 (k) | 13270000 |  | 13265989 |

---

See Notes to Financial Statements.

645

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | $290000 | $290498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 97034450 |
|  **Total Long-Term Debt<br>Securities (94.3%)**<br> *(Cost $715,523,791)* |  | 696106997 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Foreign Government Treasury Bills (1.6%)** | **Foreign Government Treasury Bills (1.6%)** | **Foreign Government Treasury Bills (1.6%)** |
|  Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28.63%, 10/14/25 (p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000000 | 11912903 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (0.4%)** | **Investment Companies (0.4%)** | **Investment Companies (0.4%)** |
|  BlackRock Liquidity FedFund, Institutional Shares<br>4.22% (7 day yield) (xx) | 700000 | 700000 |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 1606908 | 1606908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 3306908 |
|  | **Principal<br>Amount** | **Value <br>(Note 1)** |
|  **U.S. Treasury Obligations (0.1%)** | **U.S. Treasury Obligations (0.1%)** | **U.S. Treasury Obligations (0.1%)** |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/24/25 (p) | $260000 | 259308 |
|  **Total Short-Term Investments (2.1%)**<br> *(Cost $15,194,115)* | **Total Short-Term Investments (2.1%)**<br> *(Cost $15,194,115)* | 15479119 |
|  **Total Investments in Securities (96.4%)**<br> *(Cost $730,717,906)* | **Total Investments in Securities (96.4%)**<br> *(Cost $730,717,906)* | 711586116 |
|  **Other Assets Less Liabilities (3.6%)** | **Other Assets Less Liabilities (3.6%)** | 26928297 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $738514413 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $193,473,713 or 26.2% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $21,489,007 or 2.9% of net assets.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $3,235,910. This was collateralized by cash of $3,306,908 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHF* *— Swiss Franc* 

*COP* *— Colombian Peso* 

*EGP* *— Egyptian Pound* 

*EUR* *— European Currency Unit* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean (South) Won* 

*MXN* *— Mexican Peso* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SEK* *— Swedish Krona* 

*SOFR* *— Secured Overnight Financing Rate* 

*STACR* *— Structured Agency Credit Risk* 

*TBA* *— To Be Announced; Security is subject to delayed* 

*delivery*

*TIPS* *— Treasury Inflation Protected Security* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

See Notes to Financial Statements.

646

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Long Gilt | 382 | 9/2025 | GBP | 48780494 | 942933 |
|  U.S. Treasury 5 Year Note | 83 | 9/2025 | USD | 9047000 | 85417 |
|  U.S. Treasury 10 Year Note | 550 | 9/2025 | USD | 61668750 | 296972 |
|  U.S. Treasury 10 Year Ultra Note | 422 | 9/2025 | USD | 48220094 | 744509 |
|  U.S. Treasury Ultra Bond | 691 | 9/2025 | USD | 82315375 | 3160373 |
|  |  |  |  |  | 5230204 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Canada 10 Year Bond | (583) | 9/2025 | CAD | (52231320) | (30756) |
|  Euro-Bund | (768) | 9/2025 | EUR | (117742228) | 684611 |
|  Euro-Buxl | (147) | 9/2025 | EUR | (20560858) | 321618 |
|  Japan 10 Year Bond | (61) | 9/2025 | JPY | (58888372) | (164363) |
|  |  |  |  |  | 811110 |
|  |  |  |  |  | 6041314 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  KRW | 71400000000 | USD | 50183587 | Citibank NA<sup>\*\*</sup> | 7/8/2025 | 2740806 |
|  NZD | 30220000 | USD | 18306823 | Morgan Stanley | 7/16/2025 | 122395 |
|  BRL | 90390000 | USD | 15514891 | HSBC Bank plc<sup>\*\*</sup> | 7/18/2025 | 1054142 |
|  CAD | 31250000 | USD | 22729124 | Citibank NA | 7/28/2025 | 252982 |
|  COP | 27680000000 | USD | 6597545 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/30/2025 | 150950 |
|  EUR | 10860000 | USD | 12430302 | JPMorgan Chase Bank | 8/5/2025 | 393431 |
|  ZAR | 201400000 | USD | 11199416 | HSBC Bank plc | 8/7/2025 | 144266 |
|  AUD | 27980000 | USD | 18347709 | JPMorgan Chase Bank | 9/12/2025 | 95331 |
|  AUD | 28550000 | USD | 18623451 | Morgan Stanley | 9/12/2025 | 195305 |
|  SEK | 321500000 | USD | 33879330 | HSBC Bank plc | 9/12/2025 | 267154 |
|  JPY | 2588000000 | USD | 18110567 | Citibank NA | 9/26/2025 | 38598 |
|  JPY | 42000000 | USD | 293647 | Morgan Stanley | 9/26/2025 | 891 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 5456251 |
|  USD | 52235071 | KRW | 71400000000 | Citibank NA<sup>\*\*</sup> | 7/8/2025 | (689323) |
|  USD | 18070230 | NZD | 30220000 | Morgan Stanley | 7/16/2025 | (358987) |
|  USD | 15000249 | BRL | 90390000 | HSBC Bank plc<sup>\*\*</sup> | 7/18/2025 | (1568785) |
|  USD | 15290974 | CAD | 21090000 | Citibank NA | 7/28/2025 | (219189) |
|  USD | 7137198 | CAD | 9820000 | Goldman Sachs Bank USA | 7/28/2025 | (84698) |
|  USD | 246513 | CAD | 340000 | HSBC Bank plc | 7/28/2025 | (3532) |
|  USD | 31642624 | MXN | 624900000 | Citibank NA | 7/29/2025 | (1557545) |
|  USD | 298681 | MXN | 5700000 | Standard Chartered Bank | 7/29/2025 | (4153) |
|  USD | 6386710 | COP | 27680000000 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/30/2025 | (361785) |
|  USD | 12309376 | EUR | 10860000 | JPMorgan Chase Bank | 8/5/2025 | (514357) |
|  USD | 10856378 | EUR | 9550000 | Standard Chartered Bank | 8/5/2025 | (420477) |
|  USD | 11265494 | ZAR | 201400000 | HSBC Bank plc | 8/7/2025 | (78188) |
|  USD | 48353402 | SEK | 460600000 | HSBC Bank plc | 9/12/2025 | (566878) |
|  USD | 18105507 | CHF | 14710000 | UBS AG | 9/22/2025 | (628659) |

---

See Notes to Financial Statements.

647

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 18147731 | JPY | 2630000000 | Citibank NA | 9/26/2025 | (295973) |
|  USD | 19748333 | GBP | 14530000 | HSBC Bank plc | 9/30/2025 | (208171) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (7560700) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (2104449) |

---

*\*\** *Non-deliverable forward.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $61181106 | $— | $61181106 |
|  **Collateralized Mortgage Obligations** |  | 6117357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6117357 |
|  **Commercial Mortgage-Backed Securities** |  | 32013323 |  | 32013323 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 9507296 |  | 9507296 |
|  Consumer Discretionary |  | 23482998 | — (a) | 23482998 |
|  Consumer Staples |  | 9367471 |  | 9367471 |
|  Energy |  | 20525783 |  | 20525783 |
|  Financials |  | 87158066 |  | 87158066 |
|  Health Care |  | 9657246 |  | 9657246 |
|  Industrials |  | 20165332 |  | 20165332 |
|  Information Technology |  | 16010396 |  | 16010396 |
|  Materials |  | 12026146 |  | 12026146 |
|  Real Estate |  | 5927011 |  | 5927011 |
|  Utilities |  | 9732704 |  | 9732704 |
|  **Foreign Government Securities** |  | 91445921 |  | 91445921 |
|  **Forward Currency Contracts** |  | 5456251 |  | 5456251 |
|  **Futures** | 6236433 |  |  | 6236433 |
|  **Mortgage-Backed Securities** |  | 184754391 |  | 184754391 |
|  **Short-Term Investments** |  |  |  |  |
|  Foreign Government Treasury Bills |  | 11912903 |  | 11912903 |
|  Investment Companies | 3306908 |  |  | 3306908 |
|  U.S. Treasury Obligations |  | 259308 |  | 259308 |
|  **U.S. Treasury Obligations** |  | 97034450 |  | 97034450 |
|  **Total Assets** | $**9543341** | $**713735459** | $**—** | $**723278800** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(7560700) | $— | $(7560700) |
|  **Futures** | (195119) |  |  | (195119) |
|  **Total Liabilities** | $**(195119)** | $**(7560700)** | $**—** | $**(7755819)** |
|  **Total** | $**9348222** | $**706174759** | $**—** | $**715522981** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

648

------

EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $6236433 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 5456251 |
|  **Total** |  | $11692684 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(195119) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (7560700) |
|  **Total** |  | $(7755819) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward**<br>**Foreign**<br>**Currency**<br>**Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(1760575) | $— | $— | $(1760575) |
|  Foreign exchange contracts |  | (808796) |  | (808796) |
|  Credit contracts |  |  | 386467 | 386467 |
|  **Total** | $(1760575) | $(808796) | $386467 | $(2182904) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $6543038 | $— | $6543038 |
|  Foreign exchange contracts |  | (688902) | (688902) |
|  **Total** | $6543038 | $(688902) | $5854136 |

---

^ The Portfolio held forward foreign currency contracts, futures contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $207119000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 154801000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $232324000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 262830000 |
|  Credit index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $17250000 |

---

See Notes to Financial Statements.

649

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EQ/CORE PLUS BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $3032386 | $(2762030) | $(270356) | $— |
|  HSBC Bank plc | 1465562 | (1465562) |  |  |
|  JPMorgan Chase Bank | 639712 | (639712) |  |  |
|  Morgan Stanley | 318591 | (318591) |  |  |
|  **Total** | $5456251 | $(5185895) | $(270356) | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Citibank NA | $2762030 | $(2762030) | $— | $— |
|  Goldman Sachs Bank USA | 84698 |  |  | 84698 |
|  HSBC Bank plc | 2425554 | (1465562) | (320000) | 639992 |
|  JPMorgan Chase Bank | 876142 | (639712) | (160000) | 76430 |
|  Morgan Stanley | 358987 | (318591) |  | 40396 |
|  Standard Chartered Bank | 424630 |  |  | 424630 |
|  UBS AG | 628659 |  |  | 628659 |
|  **Total** | $7560700 | $(5185895) | $(480000) | $1894805 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $454165685.0 |
|  Long-term U.S. government debt securities | 167857488.0 |
|  | $622023173.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $409264764.0 |
|  Long-term U.S. government debt securities | 218653848.0 |
|  | $627918612.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $18996989 |
|  Aggregate gross unrealized depreciation | (32637467) |
|  Net unrealized depreciation | $(13640478) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $729163459 |

---

See Notes to Financial Statements.

650

------

EQ/CORE PLUS BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $730,717,906) | $711586116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 14283182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $585) | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 16889101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 7836885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 5456251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3537637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 158456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 760121199 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 7560700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 7511544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3306908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward foreign currency contracts | 1310000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 968438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 341920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 293174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 71463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 39129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IA | 27798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 175712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 21606786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $738514413 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $849913953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (111399540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $738514413 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $137,197,453 / 39,278,706 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.49 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $193,037,152 / 55,487,373 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.48 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $408,279,808 / 116,249,423 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.51 |

---

*(x)* *Includes value of securities on loan of $3,235,910.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $251,903 foreign withholding tax) | $21538486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 19264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21557750 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2177223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 452154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 233805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 166859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 124014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3275592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (406598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2868994 |
|  **NET INVESTMENT INCOME (LOSS)** | 18688756 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (14583479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1760575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (808796) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (324803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 386467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17091186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 33745241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6543038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (688902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 314255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 39913632 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 22822446 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $41511202 |

---

See Notes to Financial Statements.

651

------

#### EQ ADVISORS TRUST
EQ/CORE PLUS BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18688756 | $36305920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17091186) | 4866391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 39913632 | (44969112) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 41511202 | (3796801) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (6840928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (9565538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (22408188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (38814654) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,631,083 and 3,495,493 shares, respectively ] | 5530222 | 12084635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,018,869 shares, respectively ] |  | 6840928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2731890) and (5117207) shares, respectively ] | (9256592) | (17808893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (3726370) | 1116670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,675,408 and 7,780,370 shares, respectively ] | 12401197 | 26947064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,834,801 shares, respectively ] |  | 9565538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4467814) and (8058436) shares, respectively ] | (15070579) | (27863162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (2669382) | 8649440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,712,370 and 12,474,535 shares, respectively ] | 12749120 | 43538506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 6,589,647 shares, respectively ] |  | 22408188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12794008) and (17525190) shares, respectively ] | (43456174) | (61498237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (30707054) | 4448457 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (37102806) | 14214567 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 4408396 | (28396888) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 734106017 | 762502905 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $738514413 | $734106017 |

---

See Notes to Financial Statements.

652

------

#### EQ ADVISORS TRUST
EQ/CORE PLUS BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $3.30 | $3.50 | $3.43 | $4.04 | $4.21 | $3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.16 | 0.14 | 0.10 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | (0.18) | 0.01 | (0.62) | (0.14) | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | (0.02) | 0.15 | (0.52) | (0.07) | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.08) | (0.09) | (0.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.04) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.18) | (0.08) | (0.09) | (0.10) | (0.25) |
|  Net asset value, end of period | $3.49 | $3.30 | $3.50 | $3.43 | $4.04 | $4.21 |
|  Total return (b) | 5.76% | (0.73)% | 4.50% | (12.86) | (1.76)% | 14.86% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $137197 | $133348 | $139982 | $137580 | $157063 | $124147 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.93 %(j) | 0.93 %(j) | 0.93 %(j) | 0.95 | 1.01 %(m)(o) | 0.82 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.04% | 1.04% | 1.09% | 1.04 | 1.10% | 1.07% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.01% | 4.68% | 4.18% | 2.65 | 1.65% | 1.50 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.90% | 4.57% | 4.02% | 2.56 | 1.56% | 1.25 %(x) |
|  Portfolio turnover rate^ | 90 %(z) | 125% | 145% | 187 | 200% | 237 %(h) |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $3.29 | $3.49 | $3.42 | $4.03 | $4.19 | $3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.16 | 0.14 | 0.10 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | (0.18) | 0.01 | (0.62) | (0.13) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | (0.02) | 0.15 | (0.52) | (0.06) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.08) | (0.09) | (0.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.04) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.18) | (0.08) | (0.09) | (0.10) | (0.25) |
|  Net asset value, end of period | $3.48 | $3.29 | $3.49 | $3.42 | $4.03 | $4.19 |
|  Total return (b) | 5.78% | (0.72)% | 4.51% | (12.89) | (1.53)% | 14.64% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $193037 | $185113 | $187375 | $182542 | $100338 | $56600 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.93 %(j) | 0.93 %(j) | 0.93 %(j) | 0.94 | 1.00 %(m)(o) | 0.83 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.04% | 1.04% | 1.09% | 1.04 | 1.09% | 1.08% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.01% | 4.68% | 4.18% | 2.81 | 1.61% | 1.53 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.90% | 4.57% | 4.02% | 2.72 | 1.52% | 1.28 %(x) |
|  Portfolio turnover rate^ | 90 %(z) | 125% | 145% | 187 | 200% | 237 %(h) |

---

See Notes to Financial Statements.

653

------

EQ/CORE PLUS BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $3.32 | $3.52 | $3.44 | $4.06 | $4.22 | $3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.17 | 0.15 | 0.11 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.10 | (0.18) | 0.02 | (0.63) | (0.12) | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | (0.01) | 0.17 | (0.52) | (0.05) | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.09) | (0.10) | (0.07) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.04) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.19) | (0.09) | (0.10) | (0.11) | (0.26) |
|  Net asset value, end of period | $3.51 | $3.32 | $3.52 | $3.44 | $4.06 | $4.22 |
|  Total return (b) | 5.72% | (0.47)% | 5.03% | (12.83) | (1.29)% | 15.08% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $408280 | $415645 | $435145 | $429225 | $513183 | $15840 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.68 %(j) | 0.68 %(j) | 0.68 %(j) | 0.70 | 0.73 %(m)(o) | 0.58 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.79% | 0.79% | 0.84% | 0.79 | 0.81% | 0.83% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.26% | 4.93% | 4.43% | 2.90 | 1.75% | 1.78 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 5.14% | 4.82% | 4.27% | 2.81 | 1.67% | 1.53 %(x) |
|  Portfolio turnover rate^ | 90 %(z) | 125% | 145% | 187 | 200% | 237 %(h) |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *Change in investment strategy resulted in higher portfolio turnover.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.93% for Class IA, 0.93% for Class IB and 0.68% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IA, 0.95% for Class IB and 0.70% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.01% for Class IA, 1.00% for Class IB and 0.73% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IA, 1.00% for Class IB and 0.75% for Class K.* 

*(o)* *Includes extraordinary expenses of 0.06%, 0.05%and0.03%for Class IA, Class IB and Class K, respectively.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

654

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Brazil (5.9%)** | **Brazil (5.9%)** | **Brazil (5.9%)** |
|  Ambev SA | 343191 | $839485 |
|  B3 SA – Brasil Bolsa Balcao | 52265 | 139871 |
|  Banco Bradesco SA | 15196 | 40471 |
|  Banco Bradesco SA (Preference) (q)\* | 48381 | 149691 |
|  Banco Bradesco SA (ADR) | 176013 | 543880 |
|  Banco BTG Pactual SA | 11079 | 86155 |
|  Banco do Brasil SA | 15588 | 63607 |
|  BB Seguridade Participacoes SA | 7812 | 51576 |
|  Centrais Eletricas Brasileiras SA | 10350 | 76752 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 3896 | 85771 |
|  Cia Energetica de Minas Gerais (Preference)(q) | 13635 | 27229 |
|  Embraer SA | 6169 | 87634 |
|  Equatorial Energia SA | 9398 | 62808 |
|  Gerdau SA (Preference) (q) | 12862 | 37877 |
|  Itau Unibanco Holding SA (Preference)(q) | 48549 | 329462 |
|  Itau Unibanco Holding SA (ADR) | 80597 | 547254 |
|  Itausa SA (Preference) (q) | 56835 | 114547 |
|  Klabin SA | 8800 | 30029 |
|  Localiza Rent a Car SA | 8299 | 62306 |
|  Natura & Co. Holding SA\* | 6494 | 13208 |
|  NU Holdings Ltd., Class A\* | 27657 | 379454 |
|  Petroleo Brasileiro SA – Petrobras | 34166 | 213809 |
|  Petroleo Brasileiro SA – Petrobras (Preference)(q) | 41223 | 238016 |
|  Petroleo Brasileiro SA – Petrobras (ADR) | 27229 | 340635 |
|  PRIO SA\* | 6935 | 54019 |
|  Raia Drogasil SA | 11123 | 31016 |
|  Rede D'Or Sao Luiz SA (m)\* | 7027 | 45772 |
|  Rumo SA | 12965 | 44266 |
|  Suzano SA\* | 7853 | 74091 |
|  Telefonica Brasil SA | 9600 | 54758 |
|  TIM SA | 7269 | 29287 |
|  TOTVS SA | 3956 | 30807 |
|  Vale SA | 31464 | 305195 |
|  Vibra Energia SA | 10611 | 42459 |
|  WEG SA | 14388 | 113184 |
|  XP, Inc., Class A | 49478 | 999456 |
|  |  | 6385837 |
|  **Chile (0.7%)** | **Chile (0.7%)** | **Chile (0.7%)** |
|  Banco de Chile | 462284 | 69916 |
|  Banco de Credito e Inversiones SA | 655 | 27659 |
|  Banco Santander Chile | 707561 | 44438 |
|  Cencosud SA | 11427 | 38882 |
|  Empresas Copec SA | 4090 | 27851 |
|  Enel Chile SA | 382107 | 28292 |
|  Falabella SA | 6082 | 32316 |
|  Latam Airlines Group SA | 1771009 | 35853 |
|  Sociedad Quimica y Minera de Chile SA (Preference), Class B (q)\* | 1224 | 43619 |
|  Sociedad Quimica y Minera de Chile SA (ADR)\* | 13016 | 459074 |
|  |  | 807900 |
|  **China (27.4%)** | **China (27.4%)** | **China (27.4%)** |
|  360 Security Technology, Inc., Class A | 6600 | 9395 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 3900 | 9410 |
|  AAC Technologies Holdings, Inc. | 8075 | 41867 |
|  Agricultural Bank of China Ltd., Class H | 242452 | 172960 |
|  Agricultural Bank of China Ltd., Class A | 31100 | 25521 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 6500 | 11321 |
|  Air China Ltd., Class A\* | 9800 | 10791 |
|  Airtac International Group | 1516 | 45202 |
|  Akeso, Inc.(m)\* | 5275 | 61788 |
|  Alibaba Group Holding Ltd. | 147132 | 2057987 |
|  Alibaba Health Information Technology Ltd. (x)\* | 40386 | 24386 |
|  Aluminum Corp. of China Ltd., Class A | 13700 | 13460 |
|  Aluminum Corp. of China Ltd., Class H | 27304 | 18365 |
|  Anhui Conch Cement Co. Ltd., Class H | 10537 | 26792 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 300 | 5575 |
|  ANTA Sports Products Ltd. | 10667 | 128412 |
|  Autohome, Inc. (ADR) | 529 | 13643 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 2200 | 9834 |
|  AviChina Industry & Technology Co. Ltd., Class H | 20991 | 11846 |
|  Baidu, Inc., Class A\* | 20542 | 218375 |
|  Baidu, Inc. (ADR) (x)\* | 4850 | 415936 |
|  Bank of Beijing Co. Ltd., Class A | 20300 | 19350 |
|  Bank of Chengdu Co. Ltd., Class A | 6200 | 17392 |
|  Bank of China Ltd., Class A | 29700 | 23294 |
|  Bank of China Ltd., Class H | 613761 | 356531 |
|  Bank of Communications Co. Ltd., Class A | 19500 | 21771 |
|  Bank of Communications Co. Ltd., Class H | 71634 | 66615 |
|  Bank of Hangzhou Co. Ltd., Class A | 5900 | 13849 |
|  Bank of Jiangsu Co. Ltd., Class A | 14100 | 23495 |
|  Bank of Nanjing Co. Ltd., Class A | 9600 | 15568 |
|  Bank of Ningbo Co. Ltd., Class A | 6500 | 24819 |
|  Bank of Shanghai Co. Ltd., Class A | 12700 | 18805 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 12500 | 11496 |
|  Beijing Enterprises Holdings Ltd. | 4062 | 16714 |
|  Beijing Enterprises Water Group Ltd. | 36959 | 11158 |
|  Beijing Kingsoft Office Software, Inc., Class A\* | 346 | 13523 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 2200 | 11071 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A\* | 1869 | 15911 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A\* | 22500 | 18055 |
|  BeOne Medicines Ltd.\* | 6598 | 124228 |
|  Bilibili, Inc., Class Z\* | 2013 | 43004 |
|  BOC Aviation Ltd. (m) | 87300 | 722871 |
|  Bosideng International Holdings Ltd. | 26968 | 15940 |
|  BYD Co. Ltd., Class A | 801 | 37103 |
|  BYD Co. Ltd., Class H | 84102 | 1312428 |

---

See Notes to Financial Statements.

655

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  BYD Electronic International Co. Ltd. | 6850 | $27749 |
|  C&D International Investment Group Ltd. | 5493 | 11112 |
|  Cambricon Technologies Corp. Ltd., Class A\* | 217 | 18216 |
|  CGN Power Co. Ltd., Class H (m) | 115031 | 39125 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A\* | 900 | 12457 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 3400 | 15848 |
|  China CITIC Bank Corp. Ltd., Class H | 77354 | 73708 |
|  China Construction Bank Corp., Class H | 830394 | 837804 |
|  China CSSC Holdings Ltd., Class A | 3800 | 17257 |
|  China Eastern Airlines Corp. Ltd., Class A\* | 18500 | 10405 |
|  China Energy Engineering Corp. Ltd., Class A | 32000 | 9959 |
|  China Everbright Bank Co. Ltd., Class A | 27100 | 15695 |
|  China Everbright Bank Co. Ltd., Class H | 38342 | 19147 |
|  China Feihe Ltd. (m) | 25661 | 18666 |
|  China Galaxy Securities Co. Ltd., Class A | 10500 | 25131 |
|  China Galaxy Securities Co. Ltd., Class H | 25162 | 28303 |
|  China Gas Holdings Ltd. | 20606 | 19241 |
|  China Hongqiao Group Ltd. (x) | 24646 | 56451 |
|  China International Capital Corp. Ltd., Class A | 1900 | 9376 |
|  China International Capital Corp. Ltd., Class H (m) | 12618 | 28451 |
|  China Jushi Co. Ltd., Class A | 7600 | 12091 |
|  China Life Insurance Co. Ltd., Class H | 65859 | 158063 |
|  China Life Insurance Co. Ltd., Class A | 3100 | 17820 |
|  China Literature Ltd. (m)\* | 2830 | 10761 |
|  China Longyuan Power Group Corp. Ltd., Class H | 27731 | 24976 |
|  China Mengniu Dairy Co. Ltd. | 27275 | 55940 |
|  China Merchants Bank Co. Ltd., Class A | 10000 | 64127 |
|  China Merchants Bank Co. Ltd., Class H | 33441 | 233662 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 13300 | 11619 |
|  China Merchants Port Holdings Co. Ltd. | 10365 | 18882 |
|  China Merchants Securities Co. Ltd., Class A | 5400 | 13256 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 7000 | 8567 |
|  China Minsheng Banking Corp. Ltd., Class H | 40320 | 22857 |
|  China Minsheng Banking Corp. Ltd., Class A | 23300 | 15446 |
|  China National Building Material Co. Ltd., Class H | 28033 | 13392 |
|  China National Nuclear Power Co. Ltd., Class A | 12300 | 15998 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 4200 | 14595 |
|  China Oilfield Services Ltd., Class H | 14287 | 11721 |
|  China Overseas Land & Investment Ltd. | 30956 | 53710 |
|  China Pacific Insurance Group Co. Ltd., Class A | 3300 | 17275 |
|  China Pacific Insurance Group Co. Ltd., Class H | 21306 | 72875 |
|  China Petroleum & Chemical Corp., Class A | 21700 | 17080 |
|  China Petroleum & Chemical Corp., Class H | 222383 | 116433 |
|  China Power International Development Ltd. (x) | 42899 | 16340 |
|  China Railway Group Ltd., Class H | 27671 | 13254 |
|  China Railway Group Ltd., Class A | 15300 | 11979 |
|  China Resources Beer Holdings Co. Ltd. | 13811 | 43984 |
|  China Resources Gas Group Ltd. | 6220 | 15887 |
|  China Resources Land Ltd. | 27662 | 93734 |
|  China Resources Microelectronics Ltd., Class A | 1732 | 11399 |
|  China Resources Mixc Lifestyle Services Ltd. (m) | 5604 | 27092 |
|  China Resources Pharmaceutical Group Ltd. (m) | 1242 | 810 |
|  China Resources Power Holdings Co. Ltd. | 16587 | 40020 |
|  China Ruyi Holdings Ltd.\* | 48798 | 15727 |
|  China Shenhua Energy Co. Ltd., Class A | 3400 | 19236 |
|  China Shenhua Energy Co. Ltd., Class H | 30762 | 119326 |
|  China Southern Airlines Co. Ltd., Class A\* | 12300 | 10128 |
|  China State Construction Engineering Corp. Ltd., Class A\* | 18400 | 14817 |
|  China State Construction International Holdings Ltd. | 13950 | 21041 |
|  China Taiping Insurance Holdings Co. Ltd. | 11196 | 21822 |
|  China Tower Corp. Ltd., Class H (m) | 36279 | 51854 |
|  China United Network Communications Ltd., Class A | 23100 | 17215 |
|  China Vanke Co. Ltd., Class A\* | 13400 | 12006 |
|  China Vanke Co. Ltd., Class H (x)\* | 14016 | 8731 |
|  China Yangtze Power Co. Ltd., Class A | 12200 | 51316 |
|  Chongqing Brewery Co. Ltd., Class A | 800 | 6152 |
|  Chongqing Changan Automobile Co. Ltd., Class A\* | 8450 | 15047 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 1834 | 5014 |
|  Chow Tai Fook Jewellery Group Ltd. | 17069 | 29181 |
|  CITIC Ltd. | 47016 | 64565 |
|  CITIC Securities Co. Ltd., Class A | 5200 | 20044 |
|  CITIC Securities Co. Ltd., Class H | 13770 | 41573 |
|  CMOC Group Ltd., Class A | 16500 | 19389 |
|  CMOC Group Ltd., Class H | 27294 | 27746 |
|  CNGR Advanced Material Co. Ltd., Class A | 560 | 2570 |
|  CNPC Capital Co. Ltd., Class A | 19400 | 19764 |

---

See Notes to Financial Statements.

656

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Contemporary Amperex Technology Co. Ltd., Class A | 2059 | $72475 |
|  Contemporary Amperex Technology Co. Ltd., Class H (x)\* | 734 | 30782 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 6000 | 8650 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 9000 | 18891 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 22544 | 39172 |
|  CRRC Corp. Ltd., Class H | 32579 | 19672 |
|  CRRC Corp. Ltd., Class A | 15200 | 14934 |
|  CSC Financial Co. Ltd., Class A | 3400 | 11412 |
|  CSPC Pharmaceutical Group Ltd. | 76349 | 74891 |
|  Daqin Railway Co. Ltd., Class A | 12800 | 11790 |
|  Dongfang Electric Corp. Ltd., Class A | 4300 | 10046 |
|  East Money Information Co. Ltd., Class A | 8200 | 26469 |
|  ENN Energy Holdings Ltd. | 6393 | 51063 |
|  ENN Natural Gas Co. Ltd., Class A | 5100 | 13452 |
|  Eve Energy Co. Ltd., Class A | 2400 | 15343 |
|  Everbright Securities Co. Ltd., Class A | 6500 | 16310 |
|  Far East Horizon Ltd. | 16103 | 13990 |
|  Flat Glass Group Co. Ltd., Class A | 1700 | 3609 |
|  Focus Media Information Technology Co. Ltd., Class A | 11600 | 11818 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3700 | 20092 |
|  Fosun International Ltd. | 17382 | 10341 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 8000 | 23870 |
|  Fuyao Glass Industry Group Co. Ltd., Class H(m) | 4201 | 29996 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 1800 | 14321 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 3080 | 14516 |
|  GCL Technology Holdings Ltd. (x)\* | 173521 | 22105 |
|  GD Power Development Co. Ltd., Class A | 22100 | 14928 |
|  Geely Automobile Holdings Ltd. | 48576 | 98762 |
|  Genscript Biotech Corp. (x)\* | 8779 | 16552 |
|  GF Securities Co. Ltd., Class A | 8300 | 19471 |
|  Giant Biogene Holding Co. Ltd. (m) | 2673 | 19648 |
|  GoerTek, Inc., Class A | 5500 | 17900 |
|  Goneo Group Co. Ltd., Class A | 2436 | 16403 |
|  Gotion High-tech Co. Ltd., Class A\* | 2900 | 13137 |
|  Great Wall Motor Co. Ltd., Class H (x)\* | 20829 | 32053 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 2300 | 14419 |
|  Guangdong Haid Group Co. Ltd., Class A | 1300 | 10630 |
|  Guangdong Investment Ltd. | 27094 | 22642 |
|  Guanghui Energy Co. Ltd., Class A\* | 8100 | 6805 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1600 | 4046 |
|  Guosen Securities Co. Ltd., Class A | 8100 | 13022 |
|  Guotai Haitong Securities Co. Ltd. | 10012 | 26771 |
|  Guotai Haitong Securities Co. Ltd., Class H(m) | 11707 | 18791 |
|  H World Group Ltd. (ADR) | 1648 | 55900 |
|  Haidilao International Holding Ltd. (m) | 14435 | 27399 |
|  Haier Smart Home Co. Ltd., Class A | 3200 | 11066 |
|  Haier Smart Home Co. Ltd., Class H | 19657 | 56217 |
|  Haitian International Holdings Ltd. | 5159 | 13407 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 1920 | 3473 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 1500 | 5196 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 1000 | 7441 |
|  Hansoh Pharmaceutical Group Co. Ltd. (m) | 8200 | 31077 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 3000 | 10220 |
|  Hengan International Group Co. Ltd. | 6606 | 18977 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 700 | 4631 |
|  Hua Hong Semiconductor Ltd. (m)(x)\* | 3601 | 15918 |
|  Huadian Power International Corp. Ltd., Class A | 13900 | 10611 |
|  Huadong Medicine Co. Ltd., Class A | 2300 | 12955 |
|  Huaneng Power International, Inc., Class H | 26775 | 17259 |
|  Huaneng Power International, Inc., Class A | 10000 | 9964 |
|  Huatai Securities Co. Ltd., Class A | 5300 | 13173 |
|  Huatai Securities Co. Ltd., Class H (m) | 10711 | 21695 |
|  Huayu Automotive Systems Co. Ltd., Class A | 3900 | 9606 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 700 | 9977 |
|  Hundsun Technologies, Inc., Class A | 2800 | 13106 |
|  Hygon Information Technology Co. Ltd., Class A | 1749 | 34487 |
|  Iflytek Co. Ltd., Class A | 1900 | 12696 |
|  Imeik Technology Development Co. Ltd., Class A | 420 | 10246 |
|  Industrial & Commercial Bank of China Ltd., Class A | 26100 | 27646 |
|  Industrial & Commercial Bank of China Ltd., Class H | 970069 | 768646 |
|  Industrial Bank Co. Ltd., Class A | 8600 | 28013 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 35900 | 8968 |
|  Innovent Biologics, Inc. (m)\* | 9939 | 99264 |
|  JA Solar Technology Co. Ltd., Class A\* | 7060 | 9833 |
|  JD Health International, Inc. (m)\* | 9566 | 52400 |
|  JD Logistics, Inc.(m)\* | 17101 | 28625 |
|  JD.com, Inc., Class A | 21666 | 353006 |
|  Jiangsu Expressway Co. Ltd., Class H | 13780 | 19450 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 1100 | 11053 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2600 | 18832 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 2100 | 11409 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 1600 | 14413 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 4100 | 8274 |
|  Jiangxi Copper Co. Ltd., Class H | 310623 | 603048 |

---

See Notes to Financial Statements.

657

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Jinko Solar Co. Ltd., Class A\* | 10288 | $7452 |
|  Kanzhun Ltd. (ADR)\* | 1948 | 34752 |
|  KE Holdings, Inc., Class A | 17656 | 106611 |
|  Kingdee International Software Group Co. Ltd.\* | 22327 | 43915 |
|  Kingsoft Corp. Ltd. | 8075 | 42073 |
|  Kuaishou Technology (m)\* | 23119 | 186426 |
|  Kunlun Energy Co. Ltd. | 35918 | 34866 |
|  Kweichow Moutai Co. Ltd., Class A | 600 | 118026 |
|  Lenovo Group Ltd. | 66278 | 79534 |
|  Lens Technology Co. Ltd., Class A | 4400 | 13693 |
|  Li Auto, Inc., Class A\* | 10456 | 142522 |
|  Li Ning Co. Ltd. | 20187 | 43512 |
|  Longfor Group Holdings Ltd. (m) | 14732 | 17378 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 3080 | 6456 |
|  Luxshare Precision Industry Co. Ltd., Class A | 2900 | 14040 |
|  Mango Excellent Media Co. Ltd., Class A | 2200 | 6699 |
|  Maxscend Microelectronics Co. Ltd., Class A | 480 | 4781 |
|  Meituan, Class B (m)\* | 42631 | 680471 |
|  Metallurgical Corp. of China Ltd., Class A | 31200 | 12975 |
|  Midea Group Co. Ltd., Class A | 2200 | 22168 |
|  Midea Group Co. Ltd., Class H | 3200 | 30349 |
|  MINISO Group Holding Ltd. | 3453 | 15660 |
|  Montage Technology Co. Ltd., Class A | 1153 | 13195 |
|  Muyuan Foods Co. Ltd., Class A | 2100 | 12312 |
|  NARI Technology Co. Ltd., Class A | 3456 | 10809 |
|  NAURA Technology Group Co. Ltd., Class A | 300 | 18514 |
|  NetEase, Inc. | 14902 | 400553 |
|  New China Life Insurance Co. Ltd., Class H | 6085 | 33138 |
|  New Hope Liuhe Co. Ltd., Class A\* | 6100 | 7985 |
|  New Oriental Education & Technology Group, Inc. | 13567 | 72847 |
|  Ninestar Corp., Class A\* | 2200 | 7043 |
|  Ningbo Deye Technology Co. Ltd., Class A | 2116 | 15551 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 5600 | 12614 |
|  NIO, Inc., Class A\* | 11887 | 41491 |
|  Nongfu Spring Co. Ltd., Class H (m) | 17805 | 90953 |
|  Oppein Home Group, Inc., Class A | 700 | 5515 |
|  PDD Holdings, Inc. (ADR)\* | 6090 | 637379 |
|  People's Insurance Co. Group of China Ltd. (The), Class A | 19700 | 23946 |
|  People's Insurance Co. Group of China Ltd. (The), Class H | 74868 | 56938 |
|  PetroChina Co. Ltd., Class A | 17200 | 20523 |
|  PetroChina Co. Ltd., Class H | 192170 | 165243 |
|  Pharmaron Beijing Co. Ltd., Class A\* | 1350 | 4623 |
|  PICC Property & Casualty Co. Ltd., Class H | 55754 | 107957 |
|  Ping An Bank Co. Ltd., Class A | 8000 | 13476 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 5600 | 43359 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 57361 | 364263 |
|  Poly Property Services Co. Ltd., Class H (m) | 142200 | 600504 |
|  Pop Mart International Group Ltd. (m) | 4597 | 156123 |
|  Postal Savings Bank of China Co. Ltd., Class A | 16600 | 12672 |
|  Postal Savings Bank of China Co. Ltd., Class H (m) | 68063 | 47514 |
|  Qifu Technology, Inc. (ADR), Class A | 1009 | 43750 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A\* | 3700 | 8819 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 15100 | 17449 |
|  Sanan Optoelectronics Co. Ltd., Class A\* | 7800 | 13520 |
|  Sany Heavy Industry Co. Ltd., Class A | 8900 | 22295 |
|  Satellite Chemical Co. Ltd., Class A | 4505 | 10895 |
|  Seres Group Co. Ltd., Class A | 1300 | 24369 |
|  SG Micro Corp., Class A | 1521 | 15447 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 5300 | 14231 |
|  Shandong Gold Mining Co. Ltd., Class A | 4600 | 20498 |
|  Shandong Gold Mining Co. Ltd., Class H (m)(x) | 8605 | 29871 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 3300 | 9980 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 27428 | 21349 |
|  Shanghai Baosight Software Co. Ltd., Class A | 3456 | 11392 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1800 | 6303 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(x) | 162000 | 348354 |
|  Shanghai International Airport Co. Ltd., Class A | 2700 | 11971 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 16900 | 32736 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1740 | 4560 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 18600 | 25179 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 925 | 16490 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 7000 | 6252 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 500 | 12308 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 18200 | 12751 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 1900 | 17121 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 500 | 15683 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 1428 | 15883 |
|  Shenzhou International Group Holdings Ltd. | 78785 | 560029 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 7500 | 16789 |

---

See Notes to Financial Statements.

658

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sichuan Road and Bridge Group Co. Ltd., Class A | 12740 | $| 17602 |
|  Silergy Corp. | 2576 |  | 31349 |
|  Sinopharm Group Co. Ltd., Class H | 234576 |  | 549240 |
|  Smoore International Holdings Ltd. (m) | 12083 |  | 28076 |
|  Sunny Optical Technology Group Co. Ltd. | 6110 |  | 53978 |
|  TAL Education Group (ADR)\* | 4182 |  | 42740 |
|  TCL Technology Group Corp., Class A\* | 26290 |  | 15887 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 2750 |  | 2947 |
|  Tencent Holdings Ltd. | 80504 |  | 5158442 |
|  Tencent Music Entertainment Group (ADR) | 6640 |  | 129414 |
|  Tianqi Lithium Corp., Class A\* | 2700 |  | 12073 |
|  Tingyi Cayman Islands Holding Corp. | 16474 |  | 24134 |
|  Tongcheng Travel Holdings Ltd. (m) | 7983 |  | 19912 |
|  TravelSky Technology Ltd., Class H | 597983 |  | 799855 |
|  Trina Solar Co. Ltd., Class A\* | 1157 |  | 2346 |
|  Trip.com Group Ltd. | 5341 |  | 310256 |
|  Tsingtao Brewery Co. Ltd., Class H | 5436 |  | 35490 |
|  Tsingtao Brewery Co. Ltd., Class A | 1000 |  | 9694 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 1959 |  | 18006 |
|  Unisplendour Corp. Ltd., Class A | 4600 |  | 15401 |
|  Vipshop Holdings Ltd. (ADR) | 3654 |  | 54993 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1300 |  | 9844 |
|  Want Want China Holdings Ltd. | 36211 |  | 25279 |
|  Weichai Power Co. Ltd., Class H | 288768 |  | 586368 |
|  Weichai Power Co. Ltd., Class A | 5400 |  | 11591 |
|  Wens Foodstuff Group Co. Ltd., Class A | 4700 |  | 11203 |
|  Wingtech Technology Co. Ltd., Class A | 2400 |  | 11230 |
|  Wuliangye Yibin Co. Ltd., Class A | 1900 |  | 31527 |
|  WuXi AppTec Co. Ltd., Class A | 1000 |  | 9706 |
|  WuXi AppTec Co. Ltd., Class H (m)(x) | 3043 |  | 30488 |
|  Wuxi Biologics Cayman, Inc. (m)\* | 32857 |  | 107361 |
|  XCMG Construction Machinery Co. Ltd., Class A | 19500 |  | 21145 |
|  Xiaomi Corp., Class B (m)\* | 146513 |  | 1118918 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A\* | 3122 |  | 9289 |
|  Xinyi Solar Holdings Ltd. (x) | 39532 |  | 12540 |
|  XPeng, Inc., Class A\* | 10728 |  | 96484 |
|  Yadea Group Holdings Ltd. (m) | 9032 |  | 14451 |
|  Yankuang Energy Group Co. Ltd., Class H (x) | 32978 |  | 32810 |
|  Yankuang Energy Group Co. Ltd., Class A | 5070 |  | 8611 |
|  Yealink Network Technology Corp. Ltd., Class A | 1540 |  | 7471 |
|  Yihai Kerry Arawana Holdings Co. Ltd., Class A | 4500 |  | 18545 |
|  Yonyou Network Technology Co. Ltd., Class A\* | 7500 |  | 13994 |
|  YTO Express Group Co. Ltd., Class A | 4500 |  | 8095 |
|  Yum China Holdings, Inc. | 19567 |  | 874841 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 1260 |  | 9810 |
|  Yunnan Energy New Material Co. Ltd., Class A\* | 900 |  | 3679 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 300 |  | 8374 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 11548 |  | 30010 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 5400 |  | 17084 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 4900 |  | 10859 |
|  Zhejiang Expressway Co. Ltd., Class H | 16432 |  | 15113 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 1040 |  | 5373 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1300 |  | 4926 |
|  Zhejiang Leapmotor Technology Co. Ltd. (m)\* | 4442 |  | 30953 |
|  Zhejiang NHU Co. Ltd., Class A | 3120 |  | 9261 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 4400 |  | 16199 |
|  Zhongsheng Group Holdings Ltd. | 7277 |  | 11217 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3789 |  | 15253 |
|  Zijin Mining Group Co. Ltd., Class A | 9400 |  | 25581 |
|  Zijin Mining Group Co. Ltd., Class H | 46361 |  | 118413 |
|  ZTE Corp., Class A | 2900 |  | 13149 |
|  ZTE Corp., Class H | 5230 |  | 16190 |
|  ZTO Express Cayman, Inc. | 3720 |  | 65634 |
|  |  |  | 29795811 |
|  **Colombia (1.3%)** | **Colombia (1.3%)** | **Colombia (1.3%)** | **Colombia (1.3%)** |
|  Ecopetrol SA | 533264 |  | 237572 |
|  Grupo Cibest SA | 2059 |  | 25704 |
|  Grupo Cibest SA (Preference)(q) | 3918 |  | 44270 |
|  Grupo Cibest SA (ADR) | 24169 |  | 1116366 |
|  Interconexion Electrica SA ESP | 4497 |  | 21774 |
|  |  |  | 1445686 |
|  **Czech Republic (1.1%)** | **Czech Republic (1.1%)** | **Czech Republic (1.1%)** | **Czech Republic (1.1%)** |
|  CEZ A/S | 1385 |  | 81357 |
|  Komercni Banka A/S | 22580 |  | 1091871 |
|  |  |  | 1173228 |
|  **Egypt (0.1%)** | **Egypt (0.1%)** | **Egypt (0.1%)** | **Egypt (0.1%)** |
|  Commercial International Bank – Egypt (CIB) | 20487 |  | 34820 |
|  Eastern Co. SAE | 36347 |  | 21984 |
|  |  |  | 56804 |
|  **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** | **Greece (0.4%)** |
|  Alpha Bank SA | 18515 |  | 65211 |
|  Eurobank Ergasias Services and Holdings SA | 20982 |  | 72071 |
|  Hellenic Telecommunications Organization SA | 1630 |  | 30990 |
|  JUMBO SA | 1066 |  | 36792 |
|  Metlen Energy & Metals SA | 987 |  | 53505 |
|  National Bank of Greece SA | 6874 |  | 87693 |
|  OPAP SA | 1568 |  | 35555 |
|  Piraeus Financial Holdings SA | 9215 |  | 63848 |

---

See Notes to Financial Statements.

659

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Public Power Corp. SA | 1606 | $| 26220 |
|  |  |  | 471885 |
|  **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** | **Hong Kong (0.1%)** |
|  Orient Overseas International Ltd. | 986 |  | 16756 |
|  Sino Biopharmaceutical Ltd. | 84712 |  | 56763 |
|  |  |  | 73519 |
|  **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** | **Hungary (0.2%)** |
|  MOL Hungarian Oil & Gas plc | 3803 |  | 33114 |
|  OTP Bank Nyrt. | 2131 |  | 170227 |
|  Richter Gedeon Nyrt. | 1130 |  | 33308 |
|  |  |  | 236649 |
|  **India (14.1%)** | **India (14.1%)** | **India (14.1%)** | **India (14.1%)** |
|  ABB India Ltd. | 452 |  | 32047 |
|  Adani Enterprises Ltd. | 1467 |  | 44807 |
|  Adani Ports & Special Economic Zone Ltd. | 4268 |  | 72172 |
|  Adani Power Ltd.\* | 6234 |  | 42579 |
|  Alkem Laboratories Ltd. | 361 |  | 20790 |
|  Ambuja Cements Ltd. | 4814 |  | 32414 |
|  APL Apollo Tubes Ltd. | 1471 |  | 29830 |
|  Apollo Hospitals Enterprise Ltd. | 813 |  | 68654 |
|  Ashok Leyland Ltd. | 12751 |  | 37306 |
|  Asian Paints Ltd. | 3435 |  | 93770 |
|  AU Small Finance Bank Ltd. (m) | 3155 |  | 30075 |
|  Aurobindo Pharma Ltd.\* | 2672 |  | 35357 |
|  Avenue Supermarts Ltd. (m)\* | 1333 |  | 67960 |
|  Axis Bank Ltd. | 20378 |  | 284950 |
|  Bajaj Auto Ltd. | 561 |  | 54792 |
|  Bajaj Finance Ltd. | 24830 |  | 271144 |
|  Bajaj Finserv Ltd. | 3952 |  | 94745 |
|  Bajaj Holdings & Investment Ltd. | 228 |  | 38228 |
|  Balkrishna Industries Ltd. | 625 |  | 17821 |
|  Bank of Baroda | 8875 |  | 25745 |
|  Bharat Electronics Ltd. | 29710 |  | 146021 |
|  Bharat Forge Ltd. | 2069 |  | 31559 |
|  Bharat Heavy Electricals Ltd. | 9087 |  | 28217 |
|  Bharat Petroleum Corp. Ltd. | 13348 |  | 51666 |
|  Bharti Airtel Ltd. | 22472 |  | 526583 |
|  Bosch Ltd. | 64 |  | 24388 |
|  Britannia Industries Ltd. | 876 |  | 59765 |
|  BSE Ltd. | 1702 |  | 54976 |
|  CG Power & Industrial Solutions Ltd. | 5242 |  | 41696 |
|  Cholamandalam Investment and Finance Co. Ltd. | 3330 |  | 63214 |
|  Cipla Ltd. | 5287 |  | 92837 |
|  Coal India Ltd. | 16235 |  | 74199 |
|  Colgate-Palmolive India Ltd. | 1111 |  | 31183 |
|  Coromandel International Ltd. | 1010 |  | 29504 |
|  Cummins India Ltd. | 1204 |  | 47725 |
|  Dabur India Ltd. | 5000 |  | 28291 |
|  Divi's Laboratories Ltd. | 1073 |  | 85198 |
|  Dixon Technologies India Ltd.(m) | 289 |  | 50491 |
|  DLF Ltd. | 6460 |  | 63109 |
|  Dr Reddy's Laboratories Ltd. | 4865 |  | 72799 |
|  Eicher Motors Ltd. | 1105 |  | 72883 |
|  Eternal Ltd.\* | 41298 |  | 127202 |
|  FSN E-Commerce Ventures Ltd.\* | 9779 |  | 23762 |
|  GAIL India Ltd. | 18839 |  | 41922 |
|  GMR Airports Ltd.\* | 21002 |  | 20862 |
|  Godrej Consumer Products Ltd. | 3305 |  | 45413 |
|  Godrej Properties Ltd.\* | 1011 |  | 27622 |
|  Grasim Industries Ltd. | 2123 |  | 70416 |
|  Havells India Ltd. | 2025 |  | 36625 |
|  HCL Technologies Ltd. | 8243 |  | 166148 |
|  HDFC Asset Management Co. Ltd. (m) | 742 |  | 44920 |
|  HDFC Bank Ltd. | 48759 |  | 1137956 |
|  HDFC Bank Ltd. (ADR) | 10421 |  | 798978 |
|  HDFC Life Insurance Co. Ltd. (m) | 9843 |  | 93460 |
|  Hero MotoCorp Ltd. | 1052 |  | 51976 |
|  Hindalco Industries Ltd. | 13286 |  | 107337 |
|  Hindustan Aeronautics Ltd. (m) | 1774 |  | 100735 |
|  Hindustan Petroleum Corp. Ltd. | 8424 |  | 43029 |
|  Hindustan Unilever Ltd. | 7085 |  | 189567 |
|  Hyundai Motor India Ltd.\* | 1408 |  | 36443 |
|  ICICI Bank Ltd. | 44923 |  | 757342 |
|  ICICI Bank Ltd. (ADR) | 27273 |  | 917464 |
|  ICICI Lombard General Insurance Co. Ltd.(m) | 1944 |  | 46247 |
|  ICICI Prudential Life Insurance Co. Ltd. (m) | 2904 |  | 22278 |
|  IDFC First Bank Ltd.\* | 28209 |  | 23959 |
|  Indian Hotels Co. Ltd. (The), Class A | 7274 |  | 64487 |
|  Indian Oil Corp. Ltd. | 22823 |  | 39110 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1939 |  | 17669 |
|  Indus Towers Ltd.\* | 10660 |  | 52343 |
|  IndusInd Bank Ltd.\* | 4995 |  | 50795 |
|  Info Edge India Ltd. | 2865 |  | 49720 |
|  Infosys Ltd. | 28691 |  | 535882 |
|  InterGlobe Aviation Ltd. (m)\* | 1506 |  | 104951 |
|  ITC Ltd. | 27117 |  | 131680 |
|  Jindal Steel & Power Ltd. | 3297 |  | 36203 |
|  Jio Financial Services Ltd.\* | 26609 |  | 101382 |
|  JSW Energy Ltd. | 3031 |  | 18452 |
|  JSW Steel Ltd. | 5842 |  | 69517 |
|  Jubilant Foodworks Ltd. | 3199 |  | 26178 |
|  Kalyan Jewellers India Ltd. | 3562 |  | 23087 |
|  Kotak Mahindra Bank Ltd. | 9956 |  | 251164 |
|  Larsen & Toubro Ltd. | 6137 |  | 262611 |
|  LTIMindtree Ltd. (m) | 765 |  | 47429 |
|  Lupin Ltd. | 1767 |  | 39931 |
|  Macrotech Developers Ltd. (m) | 3172 |  | 51197 |
|  Mahindra & Mahindra Ltd. | 8321 |  | 308855 |
|  Mankind Pharma Ltd.\* | 868 |  | 23479 |
|  Marico Ltd. | 4174 |  | 35157 |
|  Maruti Suzuki India Ltd. | 1104 |  | 159627 |
|  Max Healthcare Institute Ltd. | 6705 |  | 99762 |
|  Mphasis Ltd. | 683 |  | 22661 |
|  MRF Ltd. | 20 |  | 33200 |
|  Muthoot Finance Ltd. | 1044 |  | 31942 |
|  Nestle India Ltd. | 3350 |  | 96301 |
|  NHPC Ltd. | 26127 |  | 26142 |
|  NMDC Ltd. | 26766 |  | 21847 |
|  NTPC Ltd. | 39087 |  | 152638 |
|  Oberoi Realty Ltd. | 1089 |  | 24198 |
|  Oil & Natural Gas Corp. Ltd. | 27150 |  | 77312 |
|  Page Industries Ltd. | 50 |  | 28807 |
|  PB Fintech Ltd.\* | 2543 |  | 54083 |
|  Persistent Systems Ltd. | 884 |  | 62275 |
|  Petronet LNG Ltd. | 6061 |  | 21336 |

---

See Notes to Financial Statements.

660

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Phoenix Mills Ltd. (The) | 1704 | $| 31030 |
|  PI Industries Ltd. | 613 |  | 29340 |
|  Pidilite Industries Ltd. | 1232 |  | 43878 |
|  Polycab India Ltd. | 398 |  | 30402 |
|  Power Finance Corp. Ltd. | 12146 |  | 60532 |
|  Power Grid Corp. of India Ltd. | 41114 |  | 143774 |
|  Prestige Estates Projects Ltd. | 1237 |  | 23906 |
|  Punjab National Bank | 19156 |  | 24682 |
|  Rail Vikas Nigam Ltd. (m) | 4461 |  | 20687 |
|  REC Ltd. | 10919 |  | 51234 |
|  Reliance Industries Ltd. | 53182 |  | 930561 |
|  Samvardhana Motherson International Ltd. | 23500 |  | 42427 |
|  SBI Cards & Payment Services Ltd. | 2473 |  | 27484 |
|  SBI Life Insurance Co. Ltd. (m) | 3685 |  | 78989 |
|  Shree Cement Ltd. | 87 |  | 31479 |
|  Shriram Finance Ltd. | 12445 |  | 102574 |
|  Siemens Ltd. | 769 |  | 29156 |
|  Solar Industries India Ltd. | 235 |  | 48222 |
|  Sona Blw Precision Forgings Ltd. (m) | 3537 |  | 19852 |
|  SRF Ltd. | 1198 |  | 45290 |
|  State Bank of India | 16309 |  | 156006 |
|  Sun Pharmaceutical Industries Ltd. | 8901 |  | 173920 |
|  Sundaram Finance Ltd. | 578 |  | 34868 |
|  Supreme Industries Ltd. | 552 |  | 28266 |
|  Suzlon Energy Ltd.\* | 78004 |  | 61595 |
|  Tata Consultancy Services Ltd. | 8070 |  | 325774 |
|  Tata Consumer Products Ltd. | 5807 |  | 74409 |
|  Tata Elxsi Ltd. | 277 |  | 20381 |
|  Tata Motors Ltd. | 17107 |  | 137239 |
|  Tata Power Co. Ltd. (The) | 13796 |  | 65224 |
|  Tata Steel Ltd. | 70152 |  | 130684 |
|  Tech Mahindra Ltd. | 4625 |  | 90979 |
|  Titan Co. Ltd.\* | 3297 |  | 141868 |
|  Torrent Pharmaceuticals Ltd. | 821 |  | 32627 |
|  Torrent Power Ltd. | 1458 |  | 24951 |
|  Trent Ltd. | 1544 |  | 111938 |
|  Tube Investments of India Ltd. | 906 |  | 32845 |
|  TVS Motor Co. Ltd. | 2080 |  | 70772 |
|  UltraTech Cement Ltd. | 980 |  | 138190 |
|  Union Bank of India Ltd. | 13067 |  | 23404 |
|  United Spirits Ltd. | 2349 |  | 39116 |
|  UPL Ltd. | 3943 |  | 30402 |
|  Varun Beverages Ltd. | 11720 |  | 62529 |
|  Vedanta Ltd. | 11664 |  | 62679 |
|  Vodafone Idea Ltd.\* | 209033 |  | 18110 |
|  Voltas Ltd. | 1856 |  | 28439 |
|  Wipro Ltd. | 22080 |  | 68480 |
|  Yes Bank Ltd.\* | 153764 |  | 36469 |
|  Zydus Lifesciences Ltd. | 2216 |  | 25580 |
|  |  |  | 15319806 |
|  **Indonesia (1.9%)** | **Indonesia (1.9%)** | **Indonesia (1.9%)** | **Indonesia (1.9%)** |
|  Alamtri Resources Indonesia Tbk. PT | 127572 |  | 14380 |
|  Amman Mineral Internasional PT\* | 57619 |  | 29990 |
|  Astra International Tbk. PT | 183159 |  | 50768 |
|  Bank Central Asia Tbk. PT | 482549 |  | 257845 |
|  Bank Mandiri Persero Tbk. PT | 328096 |  | 98621 |
|  Bank Negara Indonesia Persero Tbk. PT | 120140 |  | 30488 |
|  Bank Rakyat Indonesia Persero Tbk. PT | 3521067 |  | 811136 |
|  Chandra Asri Pacific Tbk. PT | 67504 |  | 41059 |
|  Charoen Pokphand Indonesia Tbk. PT | 64683 |  | 18726 |
|  GoTo Gojek Tokopedia Tbk. PT, Class A\* | 7156883 |  | 25568 |
|  Indofood CBP Sukses Makmur Tbk. PT | 22879 |  | 14797 |
|  Indofood Sukses Makmur Tbk. PT | 1128204 |  | 564623 |
|  Kalbe Farma Tbk. PT | 184272 |  | 17309 |
|  Sumber Alfaria Trijaya Tbk. PT | 177863 |  | 26184 |
|  Telkom Indonesia Persero Tbk. PT | 432651 |  | 74085 |
|  United Tractors Tbk. PT | 14428 |  | 19062 |
|  |  |  | 2094641 |
|  **Kuwait (0.5%)** | **Kuwait (0.5%)** | **Kuwait (0.5%)** | **Kuwait (0.5%)** |
|  Boubyan Bank KSCP | 12474 |  | 29394 |
|  Gulf Bank KSCP | 16708 |  | 19630 |
|  Kuwait Finance House KSCP | 96116 |  | 252283 |
|  Mobile Telecommunications Co. KSCP | 17706 |  | 27989 |
|  National Bank of Kuwait SAKP | 77502 |  | 253394 |
|  |  |  | 582690 |
|  **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** |
|  Reinet Investments SCA | 1110 |  | 36124 |
|  **Malaysia (0.9%)** | **Malaysia (0.9%)** | **Malaysia (0.9%)** | **Malaysia (0.9%)** |
|  AMMB Holdings Bhd. | 19972 |  | 24191 |
|  Axiata Group Bhd. | 25967 |  | 14246 |
|  Celcomdigi Bhd. | 39934 |  | 37274 |
|  CIMB Group Holdings Bhd. | 64788 |  | 104479 |
|  Gamuda Bhd. | 34628 |  | 39394 |
|  Genting Bhd. | 16499 |  | 11952 |
|  Hong Leong Bank Bhd. | 7591 |  | 35336 |
|  IHH Healthcare Bhd. | 21971 |  | 35588 |
|  IOI Corp. Bhd. | 19549 |  | 17364 |
|  Kuala Lumpur Kepong Bhd. | 3372 |  | 16578 |
|  Malayan Banking Bhd. | 46826 |  | 107876 |
|  Maxis Bhd. | 18034 |  | 15462 |
|  MISC Bhd. | 10465 |  | 18865 |
|  MR DIY Group M Bhd. (m) | 33669 |  | 13114 |
|  Nestle Malaysia Bhd. | 550 |  | 10022 |
|  Petronas Chemicals Group Bhd. | 23324 |  | 19333 |
|  Petronas Dagangan Bhd. | 3152 |  | 16110 |
|  Petronas Gas Bhd. | 9344 |  | 39103 |
|  PPB Group Bhd. | 4905 |  | 11976 |
|  Press Metal Aluminium Holdings Bhd. | 30517 |  | 37544 |
|  Public Bank Bhd. | 124755 |  | 127703 |
|  RHB Bank Bhd. | 14181 |  | 21218 |
|  SD Guthrie Bhd. | 17851 |  | 19672 |
|  Sime Darby Bhd. | 29543 |  | 11577 |
|  Sunway Bhd. | 22652 |  | 25285 |
|  Telekom Malaysia Bhd. | 13795 |  | 21460 |
|  Tenaga Nasional Bhd. | 23207 |  | 79258 |
|  YTL Corp. Bhd. | 28680 |  | 15803 |
|  YTL Power International Bhd. | 21290 |  | 20124 |
|  |  |  | 967907 |
|  **Mexico (2.1%)** | **Mexico (2.1%)** | **Mexico (2.1%)** | **Mexico (2.1%)** |
|  Alfa SAB de CV, Class A | 31445 |  | 23210 |
|  America Movil SAB de CV | 162970 |  | 145908 |
|  Arca Continental SAB de CV | 4520 |  | 47887 |
|  Cemex SAB de CV | 136177 |  | 94271 |
|  Coca-Cola Femsa SAB de CV | 4244 |  | 41111 |
|  Fibra Uno Administracion SA de CV (REIT) (x) | 24588 |  | 33990 |

---

See Notes to Financial Statements.

661

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Fomento Economico Mexicano SAB de CV | 15752 | $| 162049 |
|  Gruma SAB de CV, Class B | 1820 |  | 31389 |
|  Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 2528 |  | 33250 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3282 |  | 75132 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 1628 |  | 51969 |
|  Grupo Bimbo SAB de CV, Class A | 12149 |  | 33887 |
|  Grupo Carso SAB de CV | 4856 |  | 34615 |
|  Grupo Comercial Chedraui SA de CV (x) | 2734 |  | 21650 |
|  Grupo Financiero Banorte SAB de CV, Class O | 101706 |  | 933292 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 19184 |  | 49574 |
|  Grupo Mexico SAB de CV | 26998 |  | 162942 |
|  Industrias Penoles SAB de CV\* | 1546 |  | 43225 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 13047 |  | 23918 |
|  Prologis Property Mexico SA de CV (REIT) | 6269 |  | 23637 |
|  Southern Copper Corp. | 839 |  | 84882 |
|  Wal-Mart de Mexico SAB de CV | 47712 |  | 157849 |
|  |  |  | 2309637 |
|  **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** |
|  Cia de Minas Buenaventura SAA (ADR) | 2366 |  | 38850 |
|  Credicorp Ltd. | 578 |  | 129194 |
|  |  |  | 168044 |
|  **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** |
|  Ayala Corp. | 3097 |  | 31338 |
|  Ayala Land, Inc. | 63229 |  | 30307 |
|  Bank of the Philippine Islands | 16379 |  | 37800 |
|  BDO Unibank, Inc. | 18897 |  | 51260 |
|  International Container Terminal Services, Inc. | 11430 |  | 83397 |
|  Manila Electric Co. | 2433 |  | 23259 |
|  Metropolitan Bank & Trust Co. | 15777 |  | 20306 |
|  SM Investments Corp. | 2687 |  | 41595 |
|  SM Prime Holdings, Inc. | 98339 |  | 40938 |
|  |  |  | 360200 |
|  **Poland (0.8%)** | **Poland (0.8%)** | **Poland (0.8%)** | **Poland (0.8%)** |
|  Allegro.eu SA (m)\* | 5040 |  | 48368 |
|  Bank Millennium SA\* | 5191 |  | 20595 |
|  Bank Polska Kasa Opieki SA | 1598 |  | 82020 |
|  CCC SA\* | 461 |  | 26156 |
|  CD Projekt SA | 561 |  | 43705 |
|  Dino Polska SA (m)\* | 396 |  | 57790 |
|  KGHM Polska Miedz SA\* | 1393 |  | 49817 |
|  LPP SA | 9 |  | 36631 |
|  mBank SA\* | 183 |  | 40516 |
|  ORLEN SA | 5334 |  | 121498 |
|  PGE Polska Grupa Energetyczna SA\* | 404 |  | 1278 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 7831 |  | 163470 |
|  Powszechny Zaklad Ubezpieczen SA | 5218 |  | 91205 |
|  Santander Bank Polska SA | 306 |  | 41905 |
|  |  |  | 824954 |
|  **Qatar (0.5%)** | **Qatar (0.5%)** | **Qatar (0.5%)** | **Qatar (0.5%)** |
|  Al Rayan Bank | 50968 |  | 32588 |
|  Barwa Real Estate Co. | 33504 |  | 25535 |
|  Commercial Bank PSQC (The) | 25888 |  | 32351 |
|  Industries Qatar QSC | 13744 |  | 46619 |
|  Mesaieed Petrochemical Holding Co. | 46863 |  | 17324 |
|  Ooredoo QPSC | 4608 |  | 16174 |
|  Qatar Electricity & Water Co. QSC | 5127 |  | 22812 |
|  Qatar Fuel QSC | 5099 |  | 20979 |
|  Qatar Gas Transport Co. Ltd. | 27866 |  | 37961 |
|  Qatar International Islamic Bank QSC | 8410 |  | 25154 |
|  Qatar Islamic Bank QPSC | 15864 |  | 96508 |
|  Qatar National Bank QPSC | 42063 |  | 200437 |
|  |  |  | 574442 |
|  **Romania (0.0%)†** | **Romania (0.0%)†** | **Romania (0.0%)†** | **Romania (0.0%)†** |
|  NEPI Rockcastle NV\* | 6189 |  | 47177 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Gazprom PJSC (r)\* | 80604 |  |  |
|  GMK Norilskiy Nickel PAO (ADR) (r)\* | 4277 |  |  |
|  LUKOIL PJSC (r)\* | 2799 |  |  |
|  Magnit PJSC (r)\* | 1475 |  |  |
|  Mobile TeleSystems PJSC (r)\* | 26722 |  |  |
|  Novatek PJSC (GDR) (m)(r)\* | 780 |  |  |
|  Novolipetsk Steel PJSC (r)\* | 12566 |  |  |
|  PhosAgro PJSC (GDR) (m)(r)\* | 4890 |  |  |
|  Rosneft Oil Co. PJSC (r)\* | 8744 |  |  |
|  Sberbank of Russia PJSC (r)\* | 73260 |  |  |
|  Severstal PAO (GDR) (m)(r)\* | 1815 |  |  |
|  Surgutneftegas PAO (ADR) (r)\* | 7330 |  |  |
|  Tatneft PJSC (ADR) (r)\* | 1723 |  |  |
|  VTB Bank PJSC (r)\* | 22126 |  |  |
|  **Saudi Arabia (2.4%)** | **Saudi Arabia (2.4%)** | **Saudi Arabia (2.4%)** | **Saudi Arabia (2.4%)** |
|  ACWA Power Co.\* | 1270 |  | 86687 |
|  Ades Holding Co. | 3523 |  | 12869 |
|  Al Rajhi Bank | 17049 |  | 430032 |
|  Alinma Bank | 10656 |  | 76202 |
|  Almarai Co. JSC | 4368 |  | 59048 |
|  Arab National Bank | 7829 |  | 45340 |
|  Arabian Internet & Communications Services Co. | 209 |  | 14845 |
|  Bank AlBilad | 6392 |  | 44857 |
|  Bank Al-Jazira\* | 5503 |  | 18854 |
|  Banque Saudi Fransi | 10652 |  | 50725 |
|  Bupa Arabia for Cooperative Insurance Co. | 718 |  | 34096 |
|  Co. for Cooperative Insurance (The) | 639 |  | 26920 |
|  Dallah Healthcare Co. | 379 |  | 13198 |
|  Dar Al Arkan Real Estate Development Co.\* | 4570 |  | 23395 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 761 |  | 55028 |
|  Elm Co. | 209 |  | 55809 |
|  Etihad Etisalat Co. | 3282 |  | 51892 |
|  Jabal Omar Development Co.\* | 4933 |  | 26464 |
|  Jarir Marketing Co. | 5115 |  | 17102 |
|  Makkah Construction & Development Co. | 836 |  | 20507 |
|  Mouwasat Medical Services Co. | 852 |  | 17140 |

---

See Notes to Financial Statements.

662

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Nahdi Medical Co. | 493 | $| 16786 |
|  Riyad Bank | 12787 |  | 97987 |
|  SABIC Agri-Nutrients Co. | 2029 |  | 57995 |
|  Sahara International Petrochemical Co. | 3126 |  | 16520 |
|  SAL Saudi Logistics Services | 259 |  | 12969 |
|  Saudi Arabian Mining Co.\* | 11240 |  | 160636 |
|  Saudi Arabian Oil Co. (m) | 51774 |  | 335727 |
|  Saudi Aramco Base Oil Co. | 440 |  | 11990 |
|  Saudi Awwal Bank | 8758 |  | 78695 |
|  Saudi Basic Industries Corp. | 7829 |  | 114079 |
|  Saudi Electricity Co. | 7249 |  | 28412 |
|  Saudi Industrial Investment Group | 2934 |  | 13119 |
|  Saudi National Bank (The) | 25574 |  | 246296 |
|  Saudi Research & Media Group\* | 313 |  | 16140 |
|  Saudi Tadawul Group Holding Co. | 418 |  | 19660 |
|  Saudi Telecom Co. | 17397 |  | 197325 |
|  Yanbu National Petrochemical Co. | 2398 |  | 19309 |
|  |  |  | 2624655 |
|  **South Africa (3.1%)** | **South Africa (3.1%)** | **South Africa (3.1%)** | **South Africa (3.1%)** |
|  Absa Group Ltd. | 7635 |  | 75903 |
|  Bid Corp. Ltd. | 3037 |  | 80186 |
|  Bidvest Group Ltd. | 2950 |  | 38912 |
|  Capitec Bank Holdings Ltd. | 746 |  | 149630 |
|  Clicks Group Ltd. | 1829 |  | 38329 |
|  Discovery Ltd. | 3986 |  | 48362 |
|  FirstRand Ltd. | 220254 |  | 941666 |
|  Gold Fields Ltd. | 7581 |  | 178043 |
|  Harmony Gold Mining Co. Ltd. | 4617 |  | 63844 |
|  Impala Platinum Holdings Ltd.\* | 7991 |  | 71737 |
|  MTN Group Ltd. | 13987 |  | 111272 |
|  Naspers Ltd., Class N | 1462 |  | 455468 |
|  Nedbank Group Ltd. | 4331 |  | 59459 |
|  Ninety One Ltd. | 164666 |  | 403207 |
|  Old Mutual Ltd. | 35801 |  | 24408 |
|  OUTsurance Group Ltd. | 7360 |  | 32564 |
|  Pepkor Holdings Ltd. (m) | 21278 |  | 32727 |
|  Remgro Ltd. | 3981 |  | 35574 |
|  Sanlam Ltd. | 18533 |  | 92823 |
|  Sasol Ltd.\* | 4953 |  | 22035 |
|  Shoprite Holdings Ltd. | 4620 |  | 72273 |
|  Standard Bank Group Ltd. | 11505 |  | 147863 |
|  Valterra Platinum Ltd. | 1821 |  | 81291 |
|  Vodacom Group Ltd. | 6142 |  | 47426 |
|  Woolworths Holdings Ltd. (x) | 7787 |  | 22767 |
|  |  |  | 3327769 |
|  **South Korea (10.3%)** | **South Korea (10.3%)** | **South Korea (10.3%)** | **South Korea (10.3%)** |
|  Alteogen, Inc.\* | 345 |  | 95095 |
|  Amorepacific Corp. | 217 |  | 21980 |
|  Celltrion, Inc. | 1487 |  | 175849 |
|  CJ CheilJedang Corp. | 56 |  | 10332 |
|  CJ Corp. | 3002 |  | 357010 |
|  Cosmax, Inc. | 8521 |  | 1764686 |
|  Coway Co. Ltd. | 373 |  | 26753 |
|  DB Insurance Co. Ltd. | 311 |  | 28413 |
|  Doosan Bobcat, Inc.\* | 386 |  | 16646 |
|  Doosan Enerbility Co. Ltd.\* | 4199 |  | 212812 |
|  Ecopro BM Co. Ltd.\* | 452 |  | 33692 |
|  Ecopro Co. Ltd. | 882 |  | 29507 |
|  Hana Financial Group, Inc. | 2776 |  | 177511 |
|  Hanjin Kal Corp. | 200 |  | 17516 |
|  Hankook Tire & Technology Co. Ltd. | 502 |  | 14786 |
|  Hanmi Semiconductor Co. Ltd. | 421 |  | 31818 |
|  Hanwha Aerospace Co. Ltd. | 293 |  | 184102 |
|  Hanwha Ocean Co. Ltd.\* | 855 |  | 50302 |
|  Hanwha Systems Co. Ltd. | 647 |  | 27805 |
|  HD Hyundai Co. Ltd. | 320 |  | 30705 |
|  HD Hyundai Electric Co. Ltd. | 188 |  | 70625 |
|  HD Hyundai Heavy Industries Co. Ltd. | 144 |  | 45720 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 372 |  | 100883 |
|  HLB, Inc.\* | 1119 |  | 40711 |
|  HMM Co. Ltd. | 2351 |  | 39195 |
|  HYBE Co. Ltd.\* | 224 |  | 51286 |
|  Hyundai Glovis Co. Ltd. | 254 |  | 25370 |
|  Hyundai Mobis Co. Ltd. | 515 |  | 109518 |
|  Hyundai Motor Co. | 1196 |  | 180339 |
|  Hyundai Motor Co. (Preference) (Korea Stock Exchange) (q) | 246 |  | 28964 |
|  Hyundai Motor Co. (Preference) (OTC US Exchange) (q) | 166 |  | 19003 |
|  Hyundai Rotem Co. Ltd. | 660 |  | 96095 |
|  Industrial Bank of Korea | 1761 |  | 23826 |
|  Kakao Corp. | 2876 |  | 127860 |
|  KakaoBank Corp. | 1644 |  | 36544 |
|  KB Financial Group, Inc. | 3228 |  | 265253 |
|  Kia Corp. | 2302 |  | 165281 |
|  Korea Aerospace Industries Ltd. | 507 |  | 33735 |
|  Korea Electric Power Corp. | 2726 |  | 79380 |
|  Korea Investment Holdings Co. Ltd. | 282 |  | 29170 |
|  Korean Air Lines Co. Ltd. | 1982 |  | 33631 |
|  Krafton, Inc.\* | 251 |  | 67511 |
|  KT&G Corp. | 899 |  | 85064 |
|  LG Chem Ltd. | 450 |  | 70521 |
|  LG Corp. | 944 |  | 55678 |
|  LG Display Co. Ltd.\* | 2065 |  | 13710 |
|  LG Electronics, Inc. | 1095 |  | 59878 |
|  LG Energy Solution Ltd.\* | 406 |  | 89347 |
|  LG H&H Co. Ltd. | 80 |  | 18939 |
|  LG Innotek Co. Ltd. | 96 |  | 10485 |
|  LG Uplus Corp. | 1446 |  | 15321 |
|  LS Electric Co. Ltd. | 130 |  | 28801 |
|  Meritz Financial Group, Inc. | 711 |  | 59268 |
|  Mirae Asset Securities Co. Ltd. | 1943 |  | 30881 |
|  NAVER Corp. | 1195 |  | 232430 |
|  Orion Corp. | 161 |  | 12979 |
|  POSCO Future M Co. Ltd.\* | 265 |  | 24819 |
|  POSCO Holdings, Inc. | 651 |  | 125897 |
|  Posco Interna<br> tional Corp. | 468 |  | 17234 |
|  Samsung Biologics Co. Ltd. (m)\* | 162 |  | 119075 |
|  Samsung C&T Corp. | 707 |  | 84551 |
|  Samsung Electro-Mechanics Co. Ltd. | 486 |  | 48506 |
|  Samsung Electronics Co. Ltd. | 62628 |  | 2775011 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 7495 |  | 274898 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 264 |  | 84896 |
|  Samsung Heavy Industries Co. Ltd.\* | 5732 |  | 71183 |
|  Samsung Life Insurance Co. Ltd. | 603 |  | 56922 |
|  Samsung SDI Co. Ltd. | 501 |  | 64147 |
|  Samsung SDS Co. Ltd. | 334 |  | 41973 |
|  Samyang Foods Co. Ltd. | 35 |  | 36177 |
|  Shinhan Financial Group Co. Ltd. | 3662 |  | 166603 |

---

See Notes to Financial Statements.

663

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SK Biopharmaceuticals Co. Ltd.\* | 274 | $| 18678 |
|  SK Hynix, Inc. | 4684 |  | 1013432 |
|  SK Innovation Co. Ltd. | 598 |  | 54235 |
|  SK Square Co. Ltd.\* | 912 |  | 123663 |
|  SK, Inc. | 283 |  | 42882 |
|  SKC Co. Ltd.\* | 48 |  | 3919 |
|  S-Oil Corp. | 304 |  | 13493 |
|  Woori Financial Group, Inc. | 5542 |  | 92189 |
|  Yuhan Corp. | 494 |  | 38141 |
|  |  |  | 11153046 |
|  **Taiwan (21.2%)** | **Taiwan (21.2%)** | **Taiwan (21.2%)** | **Taiwan (21.2%)** |
|  Accton Technology Corp. | 4710 |  | 117702 |
|  Acer, Inc. | 32515 |  | 33726 |
|  Advantech Co. Ltd. | 4455 |  | 51852 |
|  Alchip Technologies Ltd. | 655 |  | 69397 |
|  ASE Technology Holding Co. Ltd. | 292021 |  | 1474500 |
|  Asia Cement Corp. | 15725 |  | 22959 |
|  Asia Vital Components Co. Ltd. | 2825 |  | 71853 |
|  Asustek Computer, Inc. | 6027 |  | 132870 |
|  AUO Corp.\* | 66949 |  | 28304 |
|  Catcher Technology Co. Ltd. | 4883 |  | 35437 |
|  Cathay Financial Holding Co. Ltd. | 82317 |  | 176965 |
|  Chailease Holding Co. Ltd. | 15883 |  | 68780 |
|  Chang Hwa Commercial Bank Ltd. | 48382 |  | 30972 |
|  Cheng Shin Rubber Industry Co. Ltd. | 13228 |  | 17117 |
|  China Steel Corp. | 107475 |  | 69168 |
|  Chunghwa Telecom Co. Ltd. | 33116 |  | 153042 |
|  Compal Electronics, Inc. | 47199 |  | 46856 |
|  CTBC Financial Holding Co. Ltd. | 137717 |  | 206019 |
|  Delta Electronics, Inc. | 17744 |  | 250865 |
|  E Ink Holdings, Inc. | 6857 |  | 51876 |
|  E.Sun Financial Holding Co. Ltd. | 128238 |  | 144209 |
|  Eclat Textile Co. Ltd.\* | 1360 |  | 19088 |
|  Elite Material Co. Ltd. | 2543 |  | 76781 |
|  eMemory Technology, Inc. | 490 |  | 39587 |
|  Eva Airways Corp. | 20580 |  | 28110 |
|  Evergreen Marine Corp. Taiwan Ltd. | 9288 |  | 63272 |
|  Far Eastern New Century Corp. | 34411 |  | 38755 |
|  Far EasTone Telecommunications Co. Ltd. | 16092 |  | 49358 |
|  Feng TAY Enterprise Co. Ltd. | 85120 |  | 356949 |
|  First Financial Holding Co. Ltd. | 102685 |  | 102116 |
|  Formosa Chemicals & Fibre Corp. | 33062 |  | 25918 |
|  Formosa Plastics Corp. | 32974 |  | 39338 |
|  Fubon Financial Holding Co. Ltd. | 75912 |  | 226863 |
|  Gigabyte Technology Co. Ltd. | 4417 |  | 42791 |
|  Global Unichip Corp. | 752 |  | 33594 |
|  Globalwafers Co. Ltd. | 2457 |  | 25359 |
|  Hon Hai Precision Industry Co. Ltd. | 261535 |  | 1441433 |
|  Hotai Motor Co. Ltd.\* | 2895 |  | 55894 |
|  Hua Nan Financial Holdings Co. Ltd. | 79428 |  | 73957 |
|  Innolux Corp. | 70356 |  | 28179 |
|  International Games System Co. Ltd. | 2068 |  | 60740 |
|  Inventec Corp. | 19884 |  | 28793 |
|  Jentech Precision Industrial Co. Ltd. | 729 |  | 37683 |
|  KGI Financial Holding Co. Ltd. | 126808 |  | 64897 |
|  Largan Precision Co. Ltd. | 926 |  | 75444 |
|  Lite-On Technology Corp. | 17592 |  | 66545 |
|  Lotes Co. Ltd. | 731 |  | 33782 |
|  MediaTek, Inc. | 50055 |  | 2141885 |
|  Mega Financial Holding Co. Ltd. | 107652 |  | 151277 |
|  Micro-Star International Co. Ltd. | 159015 |  | 781140 |
|  Nan Ya Plastics Corp. | 47296 |  | 44200 |
|  Nien Made Enterprise Co. Ltd. | 1523 |  | 21245 |
|  Novatek Microelectronics Corp. | 4946 |  | 92276 |
|  Pegatron Corp. | 15898 |  | 41797 |
|  PharmaEssentia Corp.\* | 1651 |  | 30972 |
|  President Chain Store Corp. | 5487 |  | 48179 |
|  Quanta Computer, Inc. | 23573 |  | 221511 |
|  Realtek Semiconductor Corp. | 4073 |  | 79056 |
|  Shanghai Commercial & Savings Bank Ltd. (The) | 34168 |  | 54272 |
|  Shin Kong Financial Holding Co. Ltd.\* | 136202 |  | 52687 |
|  SinoPac Financial Holdings Co. Ltd. | 100902 |  | 83590 |
|  Synnex Technology International Corp. | 9642 |  | 21257 |
|  Taishin Financial Holding Co. Ltd. | 98204 |  | 52948 |
|  Taiwan Business Bank | 58683 |  | 30836 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 88837 |  | 75268 |
|  Taiwan Mobile Co. Ltd. | 15213 |  | 59890 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 306369 |  | 11117046 |
|  TCC Group Holdings Co. Ltd. | 60564 |  | 52868 |
|  Unimicron Technology Corp. | 11840 |  | 46206 |
|  Uni-President Enterprises Corp. | 258419 |  | 716553 |
|  United Microelectronics Corp. | 101617 |  | 153754 |
|  Vanguard International Semiconductor Corp. | 8530 |  | 29346 |
|  Voltronic Power Technology Corp. | 748 |  | 32263 |
|  Wan Hai Lines Ltd. | 6967 |  | 21226 |
|  Wistron Corp. | 22536 |  | 94504 |
|  Wiwynn Corp. | 970 |  | 84010 |
|  WPG Holdings Ltd. | 12093 |  | 29061 |
|  Yageo Corp. | 3790 |  | 62925 |
|  Yang Ming Marine Transport Corp. | 15133 |  | 36833 |
|  Yuanta Financial Holding Co. Ltd.\* | 89059 |  | 104114 |
|  |  |  | 23054690 |
|  **Thailand (1.6%)** | **Thailand (1.6%)** | **Thailand (1.6%)** | **Thailand (1.6%)** |
|  Advanced Info Service PCL | 10424 |  | 88821 |
|  Airports of Thailand PCL | 37552 |  | 34943 |
|  Bangkok Dusit Medical Services PCL, Class F | 97473 |  | 62366 |
|  Bumrungrad Hospital PCL | 5224 |  | 22417 |
|  Central Pattana PCL | 17696 |  | 25176 |
|  Charoen Pokphand Foods PCL | 33954 |  | 24022 |
|  CP ALL PCL | 51162 |  | 69247 |
|  Delta Electronics Thailand PCL | 27324 |  | 80689 |
|  Gulf Development PCL\* | 40643 |  | 48446 |
|  Kasikornbank PCL | 107390 |  | 502120 |
|  Krung Thai Bank PCL | 31032 |  | 20332 |
|  Minor International PCL | 27972 |  | 19962 |
|  PTT Exploration & Production PCL | 152078 |  | 512248 |
|  PTT Global Chemical PCL | 168400 |  | 103085 |
|  PTT PCL | 87053 |  | 80335 |
|  SCB X PCL | 7376 |  | 26433 |
|  Siam Cement PCL (The) | 6834 |  | 35317 |
|  True Corp. PCL\* | 90825 |  | 31012 |
|  |  |  | 1786971 |
|  **Turkiye (0.4%)** | **Turkiye (0.4%)** | **Turkiye (0.4%)** | **Turkiye (0.4%)** |
|  Akbank TAS | 25213 |  | 43185 |

---

See Notes to Financial Statements.

664

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Aselsan Elektronik Sanayi ve Ticaret A/S | 11792 | $44659 |
|  BIM Birlesik Magazalar A/S | 5030 | 62500 |
|  Coca-Cola Icecek A/S | 9185 | 11349 |
|  Eregli Demir ve Celik Fabrikalari TAS\* | 22628 | 15151 |
|  Haci Omer Sabanci Holding A/S | 8743 | 19685 |
|  KOC Holding A/S | 6608 | 25557 |
|  Pegasus Hava Tasimaciligi A/S\* | 2820 | 18201 |
|  Sasa Polyester Sanayi A/S\* | 220127 | 16917 |
|  Turk Hava Yollari AO | 4461 | 31762 |
|  Turkcell Iletisim Hizmetleri A/S | 11528 | 27837 |
|  Turkiye Is Bankasi A/S, Class C | 70706 | 23706 |
|  Turkiye Petrol Rafinerileri A/S | 7175 | 25228 |
|  Turkiye Sise ve Cam Fabrikalari A/S | 11139 | 10082 |
|  Yapi ve Kredi Bankasi A/S\* | 30053 | 23926 |
|  |  | 399745 |
|  **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** | **United Arab Emirates (1.1%)** |
|  Abu Dhabi Commercial Bank PJSC | 25127 | 92227 |
|  Abu Dhabi Islamic Bank PJSC | 12467 | 72984 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 26817 | 26798 |
|  ADNOC Drilling Co. PJSC | 29255 | 45405 |
|  Adnoc Gas plc | 52545 | 48931 |
|  Aldar Properties PJSC | 33061 | 80298 |
|  Americana Restaurants International plc – Foreign Co. | 22450 | 13754 |
|  Dubai Electricity & Water Authority PJSC | 51346 | 39426 |
|  Dubai Islamic Bank PJSC | 24854 | 61380 |
|  Emaar Development PJSC | 8665 | 31851 |
|  Emaar Properties PJSC | 56887 | 210658 |
|  Emirates NBD Bank PJSC | 16262 | 100957 |
|  Emirates Telecommunications Group Co. PJSC | 32256 | 154579 |
|  First Abu Dhabi Bank PJSC | 38158 | 172473 |
|  Multiply Group PJSC\* | 620 | 407 |
|  Salik Co. PJSC | 16046 | 26433 |
|  |  | 1178561 |
|  **United Kingdom (0.2%)** | **United Kingdom (0.2%)** | **United Kingdom (0.2%)** |
|  Anglogold Ashanti plc | 4104 | 185661 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  JBS NV (BDR)\* | 3103 | 45199 |
|  Legend Biotech Corp. (ADR)\* | 645 | 22891 |
|  |  | 68090 |
|  **Total Common Stocks (98.9%)** <br>*(Cost $91,943,062)* |  | 107512129 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** |
|  POSCO Future M Co. Ltd., expiring 7/22/25\* | 31 | 689 |
|  **Taiwan (0.0%)** | **Taiwan (0.0%)** | **Taiwan (0.0%)** |
|  Acer, Inc., expiring 8/15/25(r) | 16 |  |
|  **Total Rights (0.0%)†** |  |  |
|  (*Cost $—*) |  | 689 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Malaysia (0.0%)†** | **Malaysia (0.0%)†** | **Malaysia (0.0%)†** |
|  YTL Corp. Bhd., expiring 6/2/28\* <br>*(Cost $—)* | 5736 | 1117 |
|  YTL Power International Bhd., expiring 6/2/28\* <br>*(Cost $—)* | 4258 | 1547 |
|  **Total Warrants ($—)** <br>*(Cost $—)* |  | 2664 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 20000 | 20000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 20000 | 20000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 68589 | 68589 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 279723 | 279779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 388368 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $388,361)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $388,361)* | 388368 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $92,331,423)* | **Total Investments in Securities (99.2%)**<br> *(Cost $92,331,423)* | 107903850 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 837229 |
|  **Net Assets (100%)** |  | $108741079 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $5,897,474 or 5.4% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $807,620. This was collateralized by $767,071 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $108,589 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*BDR* *— Brazilian Depositary Receipt* 

*GDR* *— Global Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

665

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI Emerging Markets E-Mini Index | 13 | 9/2025 | USD | 801775 | 17717 |
|  |  |  |  |  | 17717 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Brazil | $6385837 | $— | $— | $6385837 |
|  Chile | 807900 |  |  | 807900 |
|  China | 2303348 | 27492463 |  | 29795811 |
|  Colombia | 1116366 | 329320 |  | 1445686 |
|  Czech Republic |  | 1173228 |  | 1173228 |
|  Egypt |  | 56804 |  | 56804 |
|  Greece |  | 471885 |  | 471885 |
|  Hong Kong |  | 73519 |  | 73519 |
|  Hungary |  | 236649 |  | 236649 |
|  India | 1716442 | 13603364 |  | 15319806 |
|  Indonesia |  | 2094641 |  | 2094641 |
|  Kuwait |  | 582690 |  | 582690 |
|  Luxembourg |  | 36124 |  | 36124 |
|  Malaysia |  | 967907 |  | 967907 |
|  Mexico | 2309637 |  |  | 2309637 |
|  Peru | 168044 |  |  | 168044 |
|  Philippines |  | 360200 |  | 360200 |
|  Poland |  | 824954 |  | 824954 |
|  Qatar |  | 574442 |  | 574442 |
|  Romania |  | 47177 |  | 47177 |
|  Russia |  |  | — (a) | — (a) |
|  Saudi Arabia |  | 2624655 |  | 2624655 |
|  South Africa |  | 3327769 |  | 3327769 |
|  South Korea |  | 11153046 |  | 11153046 |
|  Taiwan |  | 23054690 |  | 23054690 |
|  Thailand |  | 1786971 |  | 1786971 |
|  Turkiye |  | 399745 |  | 399745 |
|  United Arab Emirates |  | 1178561 |  | 1178561 |
|  United Kingdom |  | 185661 |  | 185661 |
|  United States | 68090 |  |  | 68090 |
|  **Futures** | 17717 |  |  | 17717 |
|  **Rights** |  |  |  |  |
|  South Korea |  | 689 |  | 689 |
|  Taiwan |  |  | — (a) | — (a) |

---

See Notes to Financial Statements.

666

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $388368 | $— | $— | $388368 |
|  **Warrants** |  |  |  |  |
|  Malaysia |  | 2664 |  | 2664 |
|  **Total Assets** | $**15281749** | $**92639818** | $**—** | $**107921567** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**15281749** | $**92639818** | $**—** | $**107921567** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $17717 \* |
|  **Total** |  | $17717 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(279) | $(279) |
|  Equity contracts | 38943 |  | 38943 |
|  **Total** | $38943 | $(279) | $38664 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $46852 | $46852 |
|  **Total** | $46852 | $46852 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $800000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $161000 |

---

See Notes to Financial Statements.

667

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $2392957.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $2325644.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $26911682 |
|  Aggregate gross unrealized depreciation | (12242982) |
|  Net unrealized appreciation | $14668700 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $93252867 |

---

See Notes to Financial Statements.

668

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EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $92,331,423) | $107903850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1086656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $210,857) | 211224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 42254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 427003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 52496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 109726756 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 626697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 108589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 81463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 48834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 11324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 10477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 98288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 985677 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $108741079 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $97360792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 11380287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $108741079 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $56,689,832 / 5,496,359 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.31 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $52,051,247 / 5,039,340 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.33 |

---

*(x)* *Includes value of securities on loan of $807,620.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $200,494 foreign withholding tax) | $1699370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 23939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1736109 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 345730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 88629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 63343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 61577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 8504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 618043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (85052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 532991 |
|  **NET INVESTMENT INCOME (LOSS)** | 1203118 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $66 on realized gain on investments) | (594163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 38943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 8397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (547102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $155,662 on unrealized appreciation on investments) | 13888086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 46852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 8632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13943570 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 13396468 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14599586 |

---

See Notes to Financial Statements.

669

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#### EQ ADVISORS TRUST
EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1203118 | $1773149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (547102) | (2057698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13943570 | 4068299 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 14599586 | 3783750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (1044027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1130054) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2174081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (9409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (10185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (19594) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 501,208 and 937,794 shares, respectively ] | 4721252 | 8493385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 113,964 shares, respectively ] |  | 1053436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (435082) and (964294) shares, respectively ] | (4076641) | (8727087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 644611 | 819734 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 144,664 and 826,464 shares, respectively ] | 1350321 | 7438224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 123,405 shares, respectively ] |  | 1140239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (339494) and (455521) shares, respectively ] | (3205728) | (4206807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1855407) | 4371656 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (1210796) | 5191390 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 13388790 | 6781465 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 95352289 | 88570824 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $108741079 | $95352289 |

---

See Notes to Financial Statements.

670

------

#### EQ ADVISORS TRUST
EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.94 | $8.78 | $8.16 | $10.68 | $11.16 | $10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.16 | 0.17 | 0.21 | 0.13 | 0.08 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.26 | 0.20 | 0.67 | (2.09) | (0.19) | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.37 | 0.36 | 0.84 | (1.88) | (0.06) | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.22) | (0.19) | (0.14) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.45) | (0.28) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.20) | (0.22) | (0.64) | (0.42) | (0.24) |
|  Net asset value, end of period | $10.31 | $8.94 | $8.78 | $8.16 | $10.68 | $11.16 |
|  Total return (b) | 15.32% | 4.01 | 10.34% | (17.63)% | (0.55)% | 14.10% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $56690 | $48548 | $46929 | $38799 | $41915 | $32396 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
|  After waivers (a)(f) | 1.20% | 1.20 | 1.20% | 1.20% | 1.20% | 1.20% |
|  Before waivers (a)(f) | 1.37% | 1.46 | 1.47% | 1.48% | 1.26% | 1.39% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
|  After waivers (a)(f) | 2.32% | 1.76 | 1.98% | 2.29% | 1.13% | 0.84 %(bb) |
|  Before waivers (a)(f) | 2.15% | 1.50 | 1.71% | 2.01% | 1.07% | 0.65 %(bb) |
|  Portfolio turnover rate^ | 2 %(z) | 8 | 5% | 73% | 13% | 29% |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.94 | $8.79 | $8.16 | $10.68 | $11.16 | $10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.18 | 0.19 | 0.24 | 0.15 | 0.10 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.27 | 0.19 | 0.68 | (2.09) | (0.19) | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 0.37 | 0.87 | (1.85) | (0.04) | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.24) | (0.22) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.45) | (0.28) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.22) | (0.24) | (0.67) | (0.44) | (0.26) |
|  Net asset value, end of period | $10.33 | $8.94 | $8.79 | $8.16 | $10.68 | $11.16 |
|  Total return (b) | 15.55% | 4.16 | 10.73% | (17.43)% | (0.31)% | 14.33% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $52051 | $46804 | $41642 | $37862 | $37195 | $42272 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
|  After waivers (a)(f) | 0.95% | 0.95 | 0.95% | 0.95% | 0.95% | 0.95% |
|  Before waivers (a)(f) | 1.12% | 1.21 | 1.21% | 1.24% | 1.01% | 1.14% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
|  After waivers (a)(f) | 2.55% | 2.01 | 2.24% | 2.57% | 1.26% | 1.04 %(bb) |
|  Before waivers (a)(f) | 2.38% | 1.76 | 1.97% | 2.28% | 1.20% | 0.85 %(bb) |
|  Portfolio turnover rate^ | 2 %(z) | 8 | 5% | 73% | 13% | 29% |

---

See Notes to Financial Statements.

671

------

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.07 and $0.09 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend the ratios for each class would have been 0.10% lower.* 

See Notes to Financial Statements.

672

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.7%)** | **Communication Services (9.7%)** | **Communication Services (9.7%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. | 1519100 | $43962754 |
|  Verizon Communications, Inc. | 890888 | 38548724 |
|  |  | 82511478 |
|  ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** |
|  Electronic Arts, Inc. | 50190 | 8015343 |
|  Live Nation Entertainment, Inc.\* | 33185 | 5020227 |
|  Netflix, Inc.\* | 90525 | 121224743 |
|  Take-Two Interactive Software, Inc.\* | 34737 | 8435881 |
|  TKO Group Holdings, Inc., Class A | 14092 | 2564039 |
|  Walt Disney Co. (The) | 382578 | 47443498 |
|  Warner Bros Discovery, Inc.\* | 472433 | 5414082 |
|  |  | 198117813 |
|  ***Interactive Media & Services (6.6%)*** | ***Interactive Media & Services (6.6%)*** | ***Interactive Media & Services (6.6%)*** |
|  Alphabet, Inc., Class A | 1234422 | 217542189 |
|  Alphabet, Inc., Class C | 1000451 | 177470003 |
|  Match Group, Inc. | 53138 | 1641433 |
|  Meta Platforms, Inc., Class A | 463442 | 342061905 |
|  |  | 738715530 |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** |
|  Charter Communications, Inc., Class A\* | 20427 | 8350762 |
|  Comcast Corp., Class A | 798169 | 28486652 |
|  Fox Corp., Class A | 46102 | 2583556 |
|  Fox Corp., Class B | 27919 | 1441458 |
|  Interpublic Group of Cos., Inc. (The) | 78834 | 1929856 |
|  News Corp., Class A | 80007 | 2377808 |
|  News Corp., Class B | 23641 | 811123 |
|  Omnicom Group, Inc. | 41583 | 2991481 |
|  Paramount Global, Class B | 125909 | 1624226 |
|  |  | 50596922 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  T-Mobile US, Inc. | 101482 | 24179101 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 1094120844 |
|  **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 48557 | 3312558 |
|  ***Automobiles (1.8%)*** | ***Automobiles (1.8%)*** | ***Automobiles (1.8%)*** |
|  Ford Motor Co. | 823780 | 8938013 |
|  General Motors Co. | 210570 | 10362150 |
|  Tesla, Inc.\* | 592212 | 188122064 |
|  |  | 207422227 |
|  ***Broadline Retail (4.0%)*** | ***Broadline Retail (4.0%)*** | ***Broadline Retail (4.0%)*** |
|  Amazon.com, Inc.\* | 1996065 | 437916701 |
|  eBay, Inc. | 101370 | 7548010 |
|  |  | 445464711 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 29424 | 3569425 |
|  LKQ Corp. (x) | 55015 | 2036105 |
|  Pool Corp. | 8054 | 2347580 |
|  |  | 7953110 |
|  ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** |
|  Airbnb, Inc., Class A\* | 91609 | 12123535 |
|  Booking Holdings, Inc. | 7004 | 40547837 |
|  Caesars Entertainment, Inc.\* | 44967 | 1276613 |
|  Carnival Corp.\* | 221739 | 6235301 |
|  Chipotle Mexican Grill, Inc.\* | 286826 | 16105280 |
|  Darden Restaurants, Inc. | 24792 | 5403912 |
|  Domino's Pizza, Inc. | 7308 | 3292985 |
|  DoorDash, Inc., Class A\* | 71796 | 17698432 |
|  Expedia Group, Inc. | 26101 | 4402717 |
|  Hilton Worldwide Holdings, Inc. | 50918 | 13561500 |
|  Las Vegas Sands Corp. | 72723 | 3164178 |
|  Marriott International, Inc., Class A | 48426 | 13230467 |
|  McDonald's Corp. | 151656 | 44309333 |
|  MGM Resorts International\* | 47346 | 1628229 |
|  Norwegian Cruise Line Holdings Ltd.\* | 93054 | 1887135 |
|  Royal Caribbean Cruises Ltd. | 52399 | 16408223 |
|  Starbucks Corp. | 240387 | 22026661 |
|  Wynn Resorts Ltd. | 18956 | 1775608 |
|  Yum! Brands, Inc. | 59059 | 8751363 |
|  |  | 233829309 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  DR Horton, Inc. | 60020 | 7737779 |
|  Garmin Ltd. | 32510 | 6785487 |
|  Lennar Corp., Class A | 49418 | 5466125 |
|  Mohawk Industries, Inc.\* | 11087 | 1162361 |
|  NVR, Inc.\* | 633 | 4675123 |
|  PulteGroup, Inc. | 42846 | 4518539 |
|  |  | 30345414 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 27751 | 2048579 |
|  ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** |
|  AutoZone, Inc.\* | 3552 | 13185841 |
|  Best Buy Co., Inc. | 41173 | 2763943 |
|  CarMax, Inc.\* | 32548 | 2187551 |
|  Home Depot, Inc. (The) | 210223 | 77076161 |
|  Lowe's Cos., Inc. | 119495 | 26512356 |
|  O'Reilly Automotive, Inc.\* | 182475 | 16446472 |
|  Ross Stores, Inc. | 69822 | 8907891 |
|  TJX Cos., Inc. (The) | 237902 | 29378518 |
|  Tractor Supply Co. | 113050 | 5965648 |
|  Ulta Beauty, Inc.\* | 9814 | 4591185 |
|  Williams-Sonoma, Inc. | 26051 | 4255952 |
|  |  | 191271518 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Deckers Outdoor Corp.\* | 32120 | 3310609 |
|  Lululemon Athletica, Inc.\* | 23711 | 5633259 |
|  NIKE, Inc., Class B | 249982 | 17758721 |
|  Ralph Lauren Corp. | 8440 | 2314923 |
|  Tapestry, Inc. | 43810 | 3846956 |
|  |  | 32864468 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 1154511894 |
|  **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** |
|  ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** |
|  Brown-Forman Corp., Class B | 38542 | 1037165 |
|  Coca-Cola Co. (The) | 819379 | 57971064 |

---

See Notes to Financial Statements.

673

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Constellation Brands, Inc., Class A | 32888 | $| 5350220 |
|  Keurig Dr Pepper, Inc. | 252671 |  | 8353303 |
|  Molson Coors Beverage Co., Class B | 36437 |  | 1752255 |
|  Monster Beverage Corp.\* | 148185 |  | 9282309 |
|  PepsiCo, Inc. | 290247 |  | 38324214 |
|  |  |  | 122070530 |
|  ***Consumer Staples Distribution & Retail (2.0%)*** | ***Consumer Staples Distribution & Retail (2.0%)*** | ***Consumer Staples Distribution & Retail (2.0%)*** | ***Consumer Staples Distribution & Retail (2.0%)*** |
|  Costco Wholesale Corp. | 93941 |  | 92995954 |
|  Dollar General Corp. | 46542 |  | 5323474 |
|  Dollar Tree, Inc.\* | 42778 |  | 4236733 |
|  Kroger Co. (The) | 140884 |  | 10105609 |
|  Sysco Corp. | 103534 |  | 7841665 |
|  Target Corp. | 96970 |  | 9566091 |
|  Walgreens Boots Alliance, Inc. | 151789 |  | 1742538 |
|  Walmart, Inc. | 920566 |  | 90012943 |
|  |  |  | 221825007 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Archer-Daniels-Midland Co. | 101271 |  | 5345083 |
|  Bunge Global SA | 28248 |  | 2267749 |
|  Campbell's Co. (The) | 41638 |  | 1276205 |
|  Conagra Brands, Inc. | 101014 |  | 2067757 |
|  General Mills, Inc. | 116656 |  | 6043947 |
|  Hershey Co. (The) | 31266 |  | 5188593 |
|  Hormel Foods Corp. | 61579 |  | 1862765 |
|  J M Smucker Co. (The) | 22521 |  | 2211562 |
|  Kellanova | 56899 |  | 4525177 |
|  Kraft Heinz Co. (The) | 184612 |  | 4766682 |
|  Lamb Weston Holdings, Inc. | 30187 |  | 1565196 |
|  McCormick & Co., Inc. (Non-Voting) | 53440 |  | 4051821 |
|  Mondelez International, Inc., Class A | 273745 |  | 18461363 |
|  Tyson Foods, Inc., Class A | 60565 |  | 3388006 |
|  |  |  | 63021906 |
|  ***Household Products (1.0%)*** | ***Household Products (1.0%)*** | ***Household Products (1.0%)*** | ***Household Products (1.0%)*** |
|  Church & Dwight Co., Inc. | 52054 |  | 5002910 |
|  Clorox Co. (The) | 26070 |  | 3130225 |
|  Colgate-Palmolive Co. | 171743 |  | 15611439 |
|  Kimberly-Clark Corp. | 70194 |  | 9049410 |
|  Procter & Gamble Co. (The) | 496235 |  | 79060160 |
|  |  |  | 111854144 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 49557 |  | 4004206 |
|  Kenvue, Inc. | 405744 |  | 8492222 |
|  |  |  | 12496428 |
|  ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** |
|  Altria Group, Inc. | 358669 |  | 21028763 |
|  Philip Morris International, Inc. | 329050 |  | 59929877 |
|  |  |  | 80958640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 612226655 |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** |
|  Baker Hughes Co. | 209535 |  | 8033572 |
|  Halliburton Co. | 183712 |  | 3744051 |
|  Schlumberger NV | 296458 |  | 10020280 |
|  |  |  | 21797903 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |
|  APA Corp. | 78291 |  | 1431942 |
|  Chevron Corp. | 353692 |  | 50645157 |
|  ConocoPhillips | 270008 |  | 24230518 |
|  Coterra Energy, Inc. | 155852 |  | 3955524 |
|  Devon Energy Corp. | 139018 |  | 4422163 |
|  Diamondback Energy, Inc. | 39547 |  | 5433758 |
|  EOG Resources, Inc. | 119030 |  | 14237178 |
|  EQT Corp. | 126275 |  | 7364358 |
|  Expand Energy Corp. | 44505 |  | 5204415 |
|  Exxon Mobil Corp.# | 921214 |  | 99306869 |
|  Hess Corp. | 58491 |  | 8103343 |
|  Kinder Morgan, Inc. | 409098 |  | 12027481 |
|  Marathon Petroleum Corp. | 66874 |  | 11108440 |
|  Occidental Petroleum Corp. | 142977 |  | 6006464 |
|  ONEOK, Inc. | 131301 |  | 10718101 |
|  Phillips 66 | 87400 |  | 10426820 |
|  Targa Resources Corp. | 46148 |  | 8033444 |
|  Texas Pacific Land Corp. | 3987 |  | 4211827 |
|  Valero Energy Corp. | 66998 |  | 9005871 |
|  Williams Cos., Inc. (The) | 257974 |  | 16203347 |
|  |  |  | 312077020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 333874923 |
|  **Financials (13.9%)** | **Financials (13.9%)** | **Financials (13.9%)** | **Financials (13.9%)** |
|  ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** |
|  Bank of America Corp. | 1401280 |  | 66308570 |
|  Citigroup, Inc. | 397246 |  | 33813579 |
|  Citizens Financial Group, Inc. | 92510 |  | 4139822 |
|  Fifth Third Bancorp | 141759 |  | 5830548 |
|  Huntington Bancshares, Inc. | 307655 |  | 5156298 |
|  JPMorgan Chase & Co. | 591732 |  | 171549024 |
|  KeyCorp | 210804 |  | 3672206 |
|  M&T Bank Corp. | 35113 |  | 6811571 |
|  PNC Financial Services Group, Inc. (The) | 83791 |  | 15620318 |
|  Regions Financial Corp. | 192369 |  | 4524519 |
|  Truist Financial Corp. | 278488 |  | 11972199 |
|  US Bancorp | 330139 |  | 14938790 |
|  Wells Fargo & Co. | 696021 |  | 55765202 |
|  |  |  | 400102646 |
|  ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** |
|  Ameriprise Financial, Inc. | 20359 |  | 10866209 |
|  Bank of New York Mellon Corp. (The) | 151881 |  | 13837878 |
|  Blackrock, Inc. | 30810 |  | 32327393 |
|  Blackstone, Inc. | 154895 |  | 23169194 |
|  Cboe Global Markets, Inc. | 22154 |  | 5166534 |
|  Charles Schwab Corp. (The) | 360637 |  | 32904520 |
|  CME Group, Inc. | 76262 |  | 21019332 |
|  Coinbase Global, Inc., Class A\* | 44412 |  | 15565962 |
|  FactSet Research Systems, Inc. | 8048 |  | 3599710 |
|  Franklin Resources, Inc. | 65601 |  | 1564584 |
|  Goldman Sachs Group, Inc. (The) | 66036 |  | 46736979 |
|  Intercontinental Exchange, Inc. | 121594 |  | 22308851 |
|  Invesco Ltd. | 94809 |  | 1495138 |

---

See Notes to Financial Statements.

674

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  KKR & Co., Inc. | 142860 | $| 19004666 |
|  MarketAxess Holdings, Inc. | 7979 |  | 1782030 |
|  Moody's Corp. | 32760 |  | 16432088 |
|  Morgan Stanley | 261865 |  | 36886304 |
|  MSCI, Inc. | 16433 |  | 9477568 |
|  Nasdaq, Inc. | 87577 |  | 7831135 |
|  Northern Trust Corp. | 41473 |  | 5258362 |
|  Raymond James Financial, Inc. | 39028 |  | 5985724 |
|  S&P Global, Inc. | 66663 |  | 35150733 |
|  State Street Corp. | 61048 |  | 6491844 |
| T. Rowe Price Group, Inc. | 47115 |  | 4546598 |
|  |  |  | 379409336 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  American Express Co. | 117453 |  | 37465158 |
|  Capital One Financial Corp. | 134809 |  | 28681963 |
|  Synchrony Financial | 82270 |  | 5490700 |
|  |  |  | 71637821 |
|  ***Financial Services (4.3%)*** | ***Financial Services (4.3%)*** | ***Financial Services (4.3%)*** | ***Financial Services (4.3%)*** |
|  Apollo Global Management, Inc. | 94596 |  | 13420334 |
|  Berkshire Hathaway, Inc., Class B\* | 387902 |  | 188431154 |
|  Corpay, Inc.\* | 14753 |  | 4895340 |
|  Fidelity National Information Services, Inc. | 112097 |  | 9125817 |
|  Fiserv, Inc.\* | 120399 |  | 20757992 |
|  Global Payments, Inc. | 52402 |  | 4194256 |
|  Jack Henry & Associates, Inc. | 15427 |  | 2779483 |
|  Mastercard, Inc., Class A | 172350 |  | 96850359 |
|  PayPal Holdings, Inc.\* | 209351 |  | 15558966 |
|  Visa, Inc., Class A | 364711 |  | 129490641 |
|  |  |  | 485504342 |
|  ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** |
|  Aflac, Inc. | 104749 |  | 11046829 |
|  Allstate Corp. (The) | 56081 |  | 11289666 |
|  American International Group, Inc. | 125565 |  | 10747108 |
|  Aon plc, Class A | 45768 |  | 16328192 |
|  Arch Capital Group Ltd. | 79334 |  | 7223361 |
|  Arthur J Gallagher & Co. | 53829 |  | 17231739 |
|  Assurant, Inc. | 10854 |  | 2143556 |
|  Brown & Brown, Inc. | 50224 |  | 5568335 |
|  Chubb Ltd. | 78864 |  | 22848478 |
|  Cincinnati Financial Corp. | 32902 |  | 4899766 |
|  Erie Indemnity Co., Class A | 5278 |  | 1830358 |
|  Everest Group Ltd. | 9096 |  | 3091275 |
|  Globe Life, Inc. | 17765 |  | 2208012 |
|  Hartford Insurance Group, Inc. (The) | 60864 |  | 7721816 |
|  Loews Corp. | 37389 |  | 3427076 |
|  Marsh & McLennan Cos., Inc. | 103937 |  | 22724786 |
|  MetLife, Inc. | 122517 |  | 9852817 |
|  Principal Financial Group, Inc. | 44532 |  | 3537177 |
|  Progressive Corp. (The) | 123974 |  | 33083702 |
|  Prudential Financial, Inc. | 74916 |  | 8048975 |
|  Travelers Cos., Inc. (The) | 47982 |  | 12837104 |
|  W.R. Berkley Corp. | 63542 |  | 4668431 |
|  Willis Towers Watson plc | 21122 |  | 6473893 |
|  |  |  | 228832452 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 1565486597 |
|  **Health Care (9.2%)** | **Health Care (9.2%)** | **Health Care (9.2%)** | **Health Care (9.2%)** |
|  ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** |
|  AbbVie, Inc. | 373597 |  | 69347075 |
|  Amgen, Inc. | 113687 |  | 31742547 |
|  Biogen, Inc.\* | 30977 |  | 3890402 |
|  Gilead Sciences, Inc. | 263744 |  | 29241297 |
|  Incyte Corp.\* | 33993 |  | 2314923 |
|  Moderna, Inc.\* | 71665 |  | 1977237 |
|  Regeneron Pharmaceuticals, Inc. | 22265 |  | 11689125 |
|  Vertex Pharmaceuticals, Inc.\* | 54344 |  | 24193949 |
|  |  |  | 174396555 |
|  ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** |
|  Abbott Laboratories | 367058 |  | 49923559 |
|  Align Technology, Inc.\* | 14851 |  | 2811740 |
|  Baxter International, Inc. | 108054 |  | 3271875 |
|  Becton Dickinson & Co. | 60766 |  | 10466944 |
|  Boston Scientific Corp.\* | 311902 |  | 33501394 |
|  Cooper Cos., Inc. (The)\* | 42237 |  | 3005585 |
|  Dexcom, Inc.\* | 82683 |  | 7217399 |
|  Edwards Lifesciences Corp.\* | 124818 |  | 9762016 |
|  GE HealthCare Technologies, Inc. (x) | 96777 |  | 7168272 |
|  Hologic, Inc.\* | 47487 |  | 3094253 |
|  IDEXX Laboratories, Inc.\* | 17329 |  | 9294236 |
|  Insulet Corp.\* | 14845 |  | 4664002 |
|  Intuitive Surgical, Inc.\* | 75478 |  | 41015500 |
|  Medtronic plc | 271367 |  | 23655061 |
|  ResMed, Inc. | 31081 |  | 8018898 |
|  Solventum Corp.\* | 29248 |  | 2218168 |
|  STERIS plc | 20793 |  | 4994894 |
|  Stryker Corp. | 72677 |  | 28753202 |
|  Zimmer Biomet Holdings, Inc. | 42129 |  | 3842586 |
|  |  |  | 256679584 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  Cardinal Health, Inc. | 51122 |  | 8588496 |
|  Cencora, Inc. | 36524 |  | 10951721 |
|  Centene Corp.\* | 104947 |  | 5696523 |
|  Cigna Group (The) | 57941 |  | 19154136 |
|  CVS Health Corp. | 266819 |  | 18405175 |
|  DaVita, Inc.\* | 9312 |  | 1326494 |
|  Elevance Health, Inc. | 49081 |  | 19090546 |
|  HCA Healthcare, Inc. | 37840 |  | 14496504 |
|  Henry Schein, Inc.\* | 26386 |  | 1927497 |
|  Humana, Inc. | 25531 |  | 6241819 |
|  Labcorp Holdings, Inc. | 17650 |  | 4633302 |
|  McKesson Corp. | 26522 |  | 19434791 |
|  Molina Healthcare, Inc.\* | 11745 |  | 3498836 |
|  Quest Diagnostics, Inc. | 23491 |  | 4219688 |
|  UnitedHealth Group, Inc. | 194757 |  | 60758341 |
|  Universal Health Services, Inc., Class B | 12426 |  | 2250970 |
|  |  |  | 200674839 |
|  ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** |
|  Agilent Technologies, Inc. | 60375 |  | 7124854 |
|  Bio-Techne Corp. | 33456 |  | 1721311 |
|  Charles River Laboratories International, Inc.\* | 10822 |  | 1642022 |
|  Danaher Corp. | 135441 |  | 26755015 |
|  IQVIA Holdings, Inc.\* | 35404 |  | 5579316 |

---

See Notes to Financial Statements.

675

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Mettler-Toledo International, Inc.\* | 4426 | $| 5199311 |
|  Revvity, Inc. | 25755 |  | 2491023 |
|  Thermo Fisher Scientific, Inc. | 80947 |  | 32820771 |
|  Waters Corp.\* | 12566 |  | 4386037 |
|  West Pharmaceutical Services, Inc. | 15326 |  | 3353329 |
|  |  |  | 91072989 |
|  ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** | ***Pharmaceuticals (2.8%)*** |
|  Bristol-Myers Squibb Co. | 429458 |  | 19879611 |
|  Eli Lilly & Co. | 166748 |  | 129985068 |
|  Johnson & Johnson | 509518 |  | 77828875 |
|  Merck & Co., Inc. | 535340 |  | 42377514 |
|  Pfizer, Inc. | 1199290 |  | 29070790 |
|  Viatris, Inc. | 252597 |  | 2255691 |
|  Zoetis, Inc. | 94765 |  | 14778602 |
|  |  |  | 316176151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 1039000118 |
|  **Industrials (8.5%)** | **Industrials (8.5%)** | **Industrials (8.5%)** | **Industrials (8.5%)** |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** |
|  Axon Enterprise, Inc.\* | 15331 |  | 12693148 |
|  Boeing Co. (The)\* | 158736 |  | 33259954 |
|  GE Aerospace | 227138 |  | 58463050 |
|  General Dynamics Corp. | 53700 |  | 15662142 |
|  Howmet Aerospace, Inc. | 85714 |  | 15953947 |
|  Huntington Ingalls Industries, Inc. | 8281 |  | 1999530 |
|  L3Harris Technologies, Inc. | 39852 |  | 9996476 |
|  Lockheed Martin Corp. | 44335 |  | 20533312 |
|  Northrop Grumman Corp. | 28796 |  | 14397424 |
|  RTX Corp. | 281914 |  | 41165082 |
|  Textron, Inc. | 38637 |  | 3102165 |
|  TransDigm Group, Inc. | 11869 |  | 18048476 |
|  |  |  | 245274706 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 25121 |  | 2410360 |
|  Expeditors International of Washington, Inc. | 29623 |  | 3384428 |
|  FedEx Corp. | 46893 |  | 10659248 |
|  United Parcel Service, Inc., Class B | 154778 |  | 15623291 |
|  |  |  | 32077327 |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  A.O. Smith Corp. | 24991 |  | 1638660 |
|  Allegion plc | 18397 |  | 2651376 |
|  Builders FirstSource, Inc.\* | 24355 |  | 2841985 |
|  Carrier Global Corp. | 170901 |  | 12508244 |
|  Johnson Controls International plc | 139082 |  | 14689841 |
|  Lennox International, Inc. | 6777 |  | 3884847 |
|  Masco Corp. | 44861 |  | 2887254 |
|  Trane Technologies plc | 47466 |  | 20762103 |
|  |  |  | 61864310 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  Cintas Corp. | 72591 |  | 16178356 |
|  Copart, Inc.\* | 185557 |  | 9105282 |
|  Republic Services, Inc. | 42957 |  | 10593626 |
|  Rollins, Inc. | 59436 |  | 3353379 |
|  Veralto Corp. | 52337 |  | 5283420 |
|  Waste Management, Inc. | 77295 |  | 17686642 |
|  |  |  | 62200705 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Quanta Services, Inc. | 31239 |  | 11810841 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  AMETEK, Inc. | 48951 |  | 8858173 |
|  Eaton Corp. plc | 83635 |  | 29856859 |
|  Emerson Electric Co. | 119337 |  | 15911202 |
|  GE Vernova, Inc. | 58388 |  | 30896010 |
|  Generac Holdings, Inc.\* | 12616 |  | 1806737 |
|  Hubbell, Inc., Class B | 11358 |  | 4638721 |
|  Rockwell Automation, Inc. | 23929 |  | 7948496 |
|  |  |  | 99916198 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  CSX Corp. | 408106 |  | 13316499 |
|  JB Hunt Transport Services, Inc. | 16811 |  | 2414060 |
|  Norfolk Southern Corp. | 47920 |  | 12266082 |
|  Old Dominion Freight Line, Inc. | 39760 |  | 6453048 |
|  Uber Technologies, Inc.\* | 442091 |  | 41247090 |
|  Union Pacific Corp. | 127883 |  | 29423321 |
|  |  |  | 105120100 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 114892 |  | 17491158 |
|  Honeywell International, Inc. | 137610 |  | 32046617 |
|  |  |  | 49537775 |
|  ***Machinery (1.5%)*** | ***Machinery (1.5%)*** | ***Machinery (1.5%)*** | ***Machinery (1.5%)*** |
|  Caterpillar, Inc. | 101143 |  | 39264724 |
|  Cummins, Inc. | 29095 |  | 9528613 |
|  Deere & Co. | 53602 |  | 27256081 |
|  Dover Corp. | 29041 |  | 5321182 |
|  Fortive Corp. | 72207 |  | 3764151 |
|  IDEX Corp. | 16025 |  | 2813509 |
|  Illinois Tool Works, Inc. | 56522 |  | 13975065 |
|  Ingersoll Rand, Inc. | 85260 |  | 7091927 |
|  Nordson Corp. | 11477 |  | 2460324 |
|  Otis Worldwide Corp. | 83914 |  | 8309164 |
|  PACCAR, Inc. | 110977 |  | 10549474 |
|  Parker-Hannifin Corp. | 27250 |  | 19033307 |
|  Pentair plc | 34967 |  | 3589712 |
|  Snap-on, Inc. | 11088 |  | 3450364 |
|  Stanley Black & Decker, Inc. | 32625 |  | 2210344 |
|  Westinghouse Air Brake Technologies Corp. | 36156 |  | 7569259 |
|  Xylem, Inc. | 51414 |  | 6650915 |
|  |  |  | 172838115 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 135788 |  | 6678054 |
|  Southwest Airlines Co. | 125423 |  | 4068722 |
|  United Airlines Holdings, Inc.\* | 69599 |  | 5542168 |
|  |  |  | 16288944 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  Automatic Data Processing, Inc. | 86105 |  | 26554782 |
|  Broadridge Financial Solutions, Inc. | 24764 |  | 6018395 |
|  Dayforce, Inc.\* | 33649 |  | 1863818 |
|  Equifax, Inc. (x) | 26242 |  | 6806388 |
|  Jacobs Solutions, Inc. | 25934 |  | 3409024 |
|  Leidos Holdings, Inc. | 27759 |  | 4379260 |
|  Paychex, Inc. | 67817 |  | 9864661 |
|  Paycom Software, Inc. | 9965 |  | 2305901 |

---

See Notes to Financial Statements.

676

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Verisk Analytics, Inc. | 29884 | $| 9308866 |
|  |  |  | 70511095 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Fastenal Co. | 242702 |  | 10193484 |
|  United Rentals, Inc. | 13821 |  | 10412741 |
|  W.W. Grainger, Inc. | 9379 |  | 9756411 |
|  |  |  | 30362636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 957802752 |
|  **Information Technology (32.8%)** | **Information Technology (32.8%)** | **Information Technology (32.8%)** | **Information Technology (32.8%)** |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** |
|  Arista Networks, Inc.\* | 218612 |  | 22366194 |
|  Cisco Systems, Inc. | 842860 |  | 58477627 |
|  F5, Inc.\* | 12201 |  | 3590998 |
|  Juniper Networks, Inc. | 70068 |  | 2797815 |
|  Motorola Solutions, Inc. | 35367 |  | 14870409 |
|  |  |  | 102103043 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Amphenol Corp., Class A | 256298 |  | 25309427 |
|  CDW Corp. | 28202 |  | 5036595 |
|  Corning, Inc. | 163145 |  | 8579796 |
|  Jabil, Inc. (x) | 23181 |  | 5055776 |
|  Keysight Technologies, Inc.\* | 36592 |  | 5995965 |
|  Ralliant Corp.\* | 24069 |  | 1167106 |
|  TE Connectivity plc | 63140 |  | 10649824 |
|  Teledyne Technologies, Inc.\* | 9862 |  | 5052401 |
|  Trimble, Inc.\* | 52016 |  | 3952176 |
|  Zebra Technologies Corp., Class A\* | 10873 |  | 3352798 |
|  |  |  | 74151864 |
|  ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** |
|  Accenture plc, Class A | 132369 |  | 39563770 |
|  Akamai Technologies, Inc. (x)\* | 31792 |  | 2535730 |
|  Cognizant Technology Solutions Corp., Class A | 104674 |  | 8167712 |
|  EPAM Systems, Inc.\* | 12004 |  | 2122547 |
|  Gartner, Inc.\* | 16257 |  | 6571405 |
|  GoDaddy, Inc., Class A\* | 29883 |  | 5380733 |
|  International Business Machines Corp. | 195680 |  | 57682550 |
|  VeriSign, Inc. | 17217 |  | 4972270 |
|  |  |  | 126996717 |
|  ***Semiconductors & Semiconductor Equipment (12.6%)*** | ***Semiconductors & Semiconductor Equipment (12.6%)*** | ***Semiconductors & Semiconductor Equipment (12.6%)*** | ***Semiconductors & Semiconductor Equipment (12.6%)*** |
|  Advanced Micro Devices, Inc.\* | 342937 |  | 48662760 |
|  Analog Devices, Inc. | 104990 |  | 24989720 |
|  Applied Materials, Inc. | 171990 |  | 31486209 |
|  Broadcom, Inc. | 991973 |  | 273437358 |
|  Enphase Energy, Inc.\* | 28034 |  | 1111548 |
|  First Solar, Inc.\* | 22656 |  | 3750474 |
|  Intel Corp. | 916346 |  | 20526150 |
|  KLA Corp. | 28123 |  | 25190896 |
|  Lam Research Corp. | 271658 |  | 26443190 |
|  Microchip Technology, Inc. | 113817 |  | 8009302 |
|  Micron Technology, Inc. | 235789 |  | 29060994 |
|  Monolithic Power Systems, Inc. | 10121 |  | 7402297 |
|  NVIDIA Corp. | 5182754 |  | 818823305 |
|  NXP Semiconductors NV | 53786 |  | 11751703 |
|  ON Semiconductor Corp.\* | 89184 |  | 4674133 |
|  QUALCOMM, Inc. | 234060 |  | 37276396 |
|  Skyworks Solutions, Inc. | 34017 |  | 2534947 |
|  Teradyne, Inc. | 34466 |  | 3099183 |
|  Texas Instruments, Inc. | 192651 |  | 39998201 |
|  |  |  | 1418228766 |
|  ***Software (11.3%)*** | ***Software (11.3%)*** | ***Software (11.3%)*** | ***Software (11.3%)*** |
|  Adobe, Inc.\* | 92123 |  | 35640546 |
|  ANSYS, Inc.\* | 18507 |  | 6500029 |
|  Autodesk, Inc.\* | 45500 |  | 14085435 |
|  Cadence Design Systems, Inc.\* | 58042 |  | 17885642 |
|  Crowdstrike Holdings, Inc., Class A\* | 52126 |  | 26548293 |
|  Fair Isaac Corp.\* | 5168 |  | 9446897 |
|  Fortinet, Inc.\* | 134628 |  | 14232872 |
|  Gen Digital, Inc. | 114775 |  | 3374385 |
|  Intuit, Inc. | 59238 |  | 46657626 |
|  Microsoft Corp. | 1573234 |  | 782542324 |
|  Oracle Corp. | 343309 |  | 75057647 |
|  Palantir Technologies, Inc., Class A\* | 433797 |  | 59135207 |
|  Palo Alto Networks, Inc.\* | 140118 |  | 28673747 |
|  PTC, Inc.\* | 25464 |  | 4388466 |
|  Roper Technologies, Inc. | 22693 |  | 12863300 |
|  Salesforce, Inc. | 202527 |  | 55227088 |
|  ServiceNow, Inc. (x)\* | 43595 |  | 44819148 |
|  Synopsys, Inc.\* | 32713 |  | 16771301 |
|  Tyler Technologies, Inc.\* | 9057 |  | 5369352 |
|  Workday, Inc., Class A\* | 45288 |  | 10869120 |
|  |  |  | 1270088425 |
|  ***Technology Hardware, Storage & Peripherals (6.2%)*** | ***Technology Hardware, Storage & Peripherals (6.2%)*** | ***Technology Hardware, Storage & Peripherals (6.2%)*** | ***Technology Hardware, Storage & Peripherals (6.2%)*** |
|  Apple, Inc. | 3179082 |  | 652252254 |
|  Dell Technologies, Inc., Class C | 66019 |  | 8093929 |
|  Hewlett Packard Enterprise Co. | 280198 |  | 5730049 |
|  HP, Inc. | 198464 |  | 4854429 |
|  NetApp, Inc. | 43025 |  | 4584314 |
|  Seagate Technology Holdings plc | 44803 |  | 6466417 |
|  Super Micro Computer, Inc.\* | 106573 |  | 5223143 |
|  Western Digital Corp. | 73609 |  | 4710240 |
|  |  |  | 691914775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 3683483590 |
|  **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |
|  ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** |
|  Air Products and Chemicals, Inc. | 47082 |  | 13279949 |
|  Albemarle Corp. (x) | 24882 |  | 1559355 |
|  CF Industries Holdings, Inc. | 36827 |  | 3388084 |
|  Corteva, Inc. | 145082 |  | 10812961 |
|  Dow, Inc. | 148950 |  | 3944196 |
|  DuPont de Nemours, Inc. | 88471 |  | 6068226 |
|  Eastman Chemical Co. | 24373 |  | 1819688 |
|  Ecolab, Inc. | 53333 |  | 14370044 |
|  International Flavors & Fragrances, Inc. | 54382 |  | 3999796 |
|  Linde plc | 100768 |  | 47278330 |
|  LyondellBasell Industries NV, Class A | 54854 |  | 3173852 |
|  Mosaic Co. (The) | 67222 |  | 2452259 |
|  PPG Industries, Inc. | 49098 |  | 5584897 |

---

See Notes to Financial Statements.

677

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Sherwin-Williams Co. (The) | 49035 | $| 16836658 |
|  |  |  | 134568295 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Martin Marietta Materials, Inc. | 12934 |  | 7100249 |
|  Vulcan Materials Co. | 27948 |  | 7289397 |
|  |  |  | 14389646 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Amcor plc | 305874 |  | 2810982 |
|  Avery Dennison Corp. | 17003 |  | 2983517 |
|  Ball Corp. | 63155 |  | 3542364 |
|  International Paper Co. | 111582 |  | 5225385 |
|  Packaging Corp. of America | 18871 |  | 3556240 |
|  Smurfit WestRock plc | 104633 |  | 4514914 |
|  |  |  | 22633402 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  Freeport-McMoRan, Inc. | 304124 |  | 13183775 |
|  Newmont Corp. | 240927 |  | 14036407 |
|  Nucor Corp. | 49693 |  | 6437231 |
|  Steel Dynamics, Inc. | 29964 |  | 3835692 |
|  |  |  | 37493105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 209084448 |
|  **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 32602 |  | 2367883 |
|  Healthpeak Properties, Inc. (REIT) | 148047 |  | 2592303 |
|  Ventas, Inc. (REIT) | 92511 |  | 5842070 |
|  Welltower, Inc. (REIT) | 128932 |  | 19820716 |
|  |  |  | 30622972 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 147934 |  | 2272266 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 196149 |  | 20619183 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 30796 |  | 2077806 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 62553 |  | 8764926 |
|  CoStar Group, Inc.\* | 89186 |  | 7170555 |
|  |  |  | 15935481 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 30065 |  | 6118228 |
|  Camden Property Trust (REIT) | 22577 |  | 2544202 |
|  Equity Residential (REIT) | 72320 |  | 4880877 |
|  Essex Property Trust, Inc. (REIT) | 13601 |  | 3854524 |
|  Invitation Homes, Inc. (REIT) | 120569 |  | 3954663 |
|  Mid-America Apartment Communities, Inc. (REIT) | 24740 |  | 3661767 |
|  UDR, Inc. (REIT) | 63717 |  | 2601565 |
|  |  |  | 27615826 |
|  ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** |
|  Federal Realty Investment Trust (REIT) | 16319 |  | 1550142 |
|  Kimco Realty Corp. (REIT) | 143800 |  | 3022676 |
|  Realty Income Corp. (REIT) | 185219 |  | 10670466 |
|  Regency Centers Corp. (REIT) | 34544 |  | 2460569 |
|  Simon Property Group, Inc. (REIT) | 64905 |  | 10434128 |
|  |  |  | 28137981 |
|  ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** |
|  American Tower Corp. (REIT) | 98891 |  | 21856889 |
|  Crown Castle, Inc. (REIT) | 91973 |  | 9448386 |
|  Digital Realty Trust, Inc. (REIT) | 66967 |  | 11674357 |
|  Equinix, Inc. (REIT) | 20598 |  | 16385091 |
|  Extra Space Storage, Inc. (REIT) | 44862 |  | 6614453 |
|  Iron Mountain, Inc. (REIT) | 62164 |  | 6376162 |
|  Public Storage (REIT) | 33352 |  | 9786144 |
|  SBA Communications Corp. (REIT) | 22755 |  | 5343784 |
|  VICI Properties, Inc. (REIT), Class A | 223092 |  | 7272799 |
|  Weyerhaeuser Co. (REIT) | 153552 |  | 3944751 |
|  |  |  | 98702816 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 225984331 |
|  **Utilities (2.4%)** | **Utilities (2.4%)** | **Utilities (2.4%)** | **Utilities (2.4%)** |
|  ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** |
|  Alliant Energy Corp. | 54303 |  | 3283702 |
|  American Electric Power Co., Inc. | 112842 |  | 11708486 |
|  Constellation Energy Corp. | 66205 |  | 21368326 |
|  Duke Energy Corp. | 164223 |  | 19378314 |
|  Edison International | 81932 |  | 4227691 |
|  Entergy Corp. | 90749 |  | 7543057 |
|  Evergy, Inc. | 48669 |  | 3354754 |
|  Eversource Energy | 77622 |  | 4938312 |
|  Exelon Corp. | 212731 |  | 9236780 |
|  FirstEnergy Corp. | 108548 |  | 4370142 |
|  NextEra Energy, Inc. | 435191 |  | 30210959 |
|  NRG Energy, Inc. | 42869 |  | 6883904 |
|  PG&E Corp. | 464221 |  | 6471241 |
|  Pinnacle West Capital Corp. | 24062 |  | 2152827 |
|  PPL Corp. | 156243 |  | 5295075 |
|  Southern Co. (The) | 231877 |  | 21293265 |
|  Xcel Energy, Inc. | 121525 |  | 8275853 |
|  |  |  | 169992688 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Atmos Energy Corp. (x) | 33591 |  | 5176709 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 150473 |  | 1582976 |
|  Vistra Corp. | 72001 |  | 13954514 |
|  |  |  | 15537490 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Ameren Corp. | 57118 |  | 5485613 |
|  CenterPoint Energy, Inc. | 137922 |  | 5067254 |
|  CMS Energy Corp. | 63233 |  | 4380782 |
|  Consolidated Edison, Inc. | 73320 |  | 7357662 |
|  Dominion Energy, Inc. | 177769 |  | 10047504 |
|  DTE Energy Co. | 43858 |  | 5809431 |
|  NiSource, Inc. (x) | 99452 |  | 4011894 |
|  Public Service Enterprise Group, Inc. | 105438 |  | 8875771 |
|  Sempra | 134045 |  | 10156589 |

---

See Notes to Financial Statements.

678

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  WEC Energy Group, Inc. | 67230 | $7005366 |
|  |  | 68197866 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 41245 | 5737592 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 264642345 |
|  **Total Common Stocks (99.1%)**<br> *(Cost $2,568,347,249)* |  | 11140218497 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 7816511 | 7816511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9816511 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $9,816,511)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $9,816,511)* | 9816511 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $2,578,163,760)* | **Total Investments in Securities (99.2%)**<br> *(Cost $2,578,163,760)* | 11150035008 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 89918488 |
|  **Net Assets (100%)** |  | $11239953496 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $27,704,600.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $11,264,368. This was collateralized by $1,689,063 of various U.S. Government Treasury Securities, ranging from 3.875% – 4.625%, maturing 3/31/27 – 2/15/35 and by cash of $9,816,511 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 275 | 9/2025 | USD | 85989063 | 3046282 |
|  |  |  |  |  | 3046282 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094120844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094120844 |
|  Consumer Discretionary | 1154511894 |  |  | 1154511894 |
|  Consumer Staples | 612226655 |  |  | 612226655 |
|  Energy | 333874923 |  |  | 333874923 |

---

See Notes to Financial Statements.

679

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Financials | $1565486597 | $— | $— | $1565486597 |
|  Health Care | 1039000118 |  |  | 1039000118 |
|  Industrials | 957802752 |  |  | 957802752 |
|  Information Technology | 3683483590 |  |  | 3683483590 |
|  Materials | 209084448 |  |  | 209084448 |
|  Real Estate | 225984331 |  |  | 225984331 |
|  Utilities | 264642345 |  |  | 264642345 |
|  **Futures** | 3046282 |  |  | 3046282 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9816511 |  |  | 9816511 |
|  **Total Assets** | $**11153081290** | $**—** | $**—** | $**11153081290** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**11153081290** | $**—** | $**—** | $**11153081290** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $3046282 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046282 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(842043) | $(842043) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842043) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842043) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $5832793 | $5832793 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832793 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $53088107 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141400006 |

---

See Notes to Financial Statements.

680

------

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8744101335 |
|  Aggregate gross unrealized depreciation | (181350832) |
|  Net unrealized appreciation | $8562750503 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590330787 |

---

See Notes to Financial Statements.

681

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EQ/EQUITY 500 INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $2,578,163,760) | $11150035008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 92122459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 12566746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5888110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 412500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 113700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 11261140603 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9816511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 6492616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1621828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1460566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 801021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 684196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 310369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 21187107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $11239953496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2481693436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 8758260060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11239953496 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $3,426,278,750 / 38,121,814 shares outstanding (unlimited amount authorized: $0.01 par value) | $89.88 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $7,341,700,090 / 82,218,282 shares outstanding (unlimited amount authorized: $0.01 par value) | $89.30 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $471,974,656 / 5,240,951 shares outstanding (unlimited amount authorized: $0.01 par value) | $90.06 |

---

*(x)* *Includes value of securities on loan of $11,264,368.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $5,509 foreign withholding tax) | $70465600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1902312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 8914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 72376826 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 10003590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 8486851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4743534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 4035907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 366446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 241774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 174705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 108149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 89153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 28250109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (179647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (499929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 27570533 |
|  **NET INVESTMENT INCOME (LOSS)** | 44806293 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 73375762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (842043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 72533719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 507681703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5832793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 513514496 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 586048215 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $630854508 |

---

See Notes to Financial Statements.

682

------

#### EQ ADVISORS TRUST
EQ/EQUITY 500 INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $44806293 | $86321499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 72533719 | 259445108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 513514496 | 1800576594 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 630854508 | 2146343201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (95241950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (194715441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (13793436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (303750827) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 929,688 and 1,630,073 shares, respectively ] | 77192947 | 129363927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,095,609 shares, respectively ] |  | 95241950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2668449) and (4343186) shares, respectively ] | (224025063) | (347623794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (146832116) | (123017917) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,116,262 and 7,925,857 shares, respectively ] | 341720406 | 627761933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,254,392 shares, respectively ] |  | 194715441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3980381) and (8179412) shares, respectively ] | (333053485) | (650394702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 8666921 | 172082672 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 331,432 and 436,183 shares, respectively ] | 27260510 | 34501022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 158,497 shares, respectively ] |  | 13793436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (449402) and (1129952) shares, respectively ] | (37921733) | (90812875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (10661223) | (42518417) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (148826418) | 6546338 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 482028090 | 1849138712 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 10757925406 | 8908786694 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11239953496 | $10757925406 |

---

See Notes to Financial Statements.

683

------

#### EQ ADVISORS TRUST
EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $84.86 | $70.17 | $56.92 | $71.75 | $58.15 | $51.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.35 | 0.68 | 0.67 | 0.65 | 0.55 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.67 | 16.44 | 13.86 | (13.91) | 15.63 | 8.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.02 | 17.12 | 14.53 | (13.26) | 16.18 | 9.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.71) | (0.71) | (0.66) | (0.57) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.57) | (0.91) | (2.01) | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.43) | (1.28) | (1.57) | (2.58) | (1.88) |
|  Net asset value, end of period | $89.88 | $84.86 | $70.17 | $56.92 | $71.75 | $58.15 |
|  Total return (b) | 5.92% | 24.33% | 25.57% | (18.55)% | 27.98% | 17.78% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $3426279 | $3382521 | $2910703 | $2436105 | $3111842 | $2567471 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.54 %(i) | 0.54 %(r) | 0.54% | 0.55% | 0.55% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.55% | 0.55% | 0.57% | 0.56% | 0.56% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.85% | 0.85% | 1.05% | 1.04% | 0.83% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.83% | 0.83% | 1.02% | 1.02% | 0.82% | 1.29% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 2% | 2% | 6% | 4% |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $84.31 | $69.73 | $56.57 | $71.32 | $57.81 | $50.75 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.35 | 0.67 | 0.67 | 0.64 | 0.55 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.64 | 16.34 | 13.77 | (13.82) | 15.54 | 8.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.99 | 17.01 | 14.44 | (13.18) | 16.09 | 8.94 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.71) | (0.71) | (0.66) | (0.57) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.57) | (0.91) | (2.01) | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.43) | (1.28) | (1.57) | (2.58) | (1.88) |
|  Net asset value, end of period | $89.30 | $84.31 | $69.73 | $56.57 | $71.32 | $57.81 |
|  Total return (b) | 5.92% | 24.32% | 25.57% | (18.55)% | 27.98% | 17.76% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $7341700 | $6920316 | $5584288 | $4448213 | $5434534 | $4318446 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.54 %(i) | 0.54 %(r) | 0.54% | 0.55% | 0.55% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.55% | 0.55% | 0.57% | 0.57% | 0.56% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.85% | 0.85% | 1.05% | 1.04% | 0.83% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.83% | 0.83% | 1.02% | 1.03% | 0.82% | 1.29% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 2% | 2% | 6% | 4% |

---

See Notes to Financial Statements.

684

------

EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $84.92 | $70.20 | $56.93 | $71.76 | $58.13 | $51.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.46 | 0.88 | 0.83 | 0.80 | 0.71 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.68 | 16.47 | 13.88 | (13.91) | 15.65 | 8.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.14 | 17.35 | 14.71 | (13.11) | 16.36 | 9.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.91) | (0.87) | (0.81) | (0.72) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.57) | (0.91) | (2.01) | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.63) | (1.44) | (1.72) | (2.73) | (2.00) |
|  Net asset value, end of period | $90.06 | $84.92 | $70.20 | $56.93 | $71.76 | $58.13 |
|  Total return (b) | 6.05% | 24.63% | 25.88% | (18.33)% | 28.30% | 18.06% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $471975 | $455088 | $413796 | $345809 | $439450 | $366179 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.29 %(i) | 0.29 %(r) | 0.29% | 0.30% | 0.30% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.30% | 0.31% | 0.32% | 0.31% | 0.31% | 0.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10% | 1.10% | 1.30% | 1.29% | 1.08% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.08% | 1.08% | 1.27% | 1.28% | 1.07% | 1.55% |
|  Portfolio turnover rate^ | 1 %(z) | 2% | 2% | 2% | 6% | 4% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.01%.* 

*(r)* *Includes voluntary waiver from investment manager of less than 0.005%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

685

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (10.6%)** | **Communication Services (10.6%)** | **Communication Services (10.6%)** |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** |
|  AT&T, Inc. | 285400 | $8259476 |
|  Cellnex Telecom SA (m) | 11300 | 438592 |
|  Zegona Communications plc\* | 31300 | 301607 |
|  |  | 8999675 |
|  ***Entertainment (3.0%)*** | ***Entertainment (3.0%)*** | ***Entertainment (3.0%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 15400 | 1609300 |
|  Live Nation Entertainment, Inc. (x)\* | 21600 | 3267648 |
|  Netflix, Inc.\* | 15002 | 20089628 |
|  ROBLOX Corp., Class A\* | 24000 | 2524800 |
|  Spotify Technology SA\* | 5600 | 4297104 |
|  Walt Disney Co. (The) | 59845 | 7421379 |
|  |  | 39209859 |
|  ***Interactive Media & Services (6.9%)*** | ***Interactive Media & Services (6.9%)*** | ***Interactive Media & Services (6.9%)*** |
|  Alphabet, Inc., Class A | 55367 | 9757326 |
|  Alphabet, Inc., Class C | 220340 | 39086112 |
|  Meta Platforms, Inc., Class A | 57929 | 42756816 |
|  |  | 91600254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 139809788 |
|  **Consumer Discretionary (10.2%)** | **Consumer Discretionary (10.2%)** | **Consumer Discretionary (10.2%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 24400 | 1664568 |
|  ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** |
|  Tesla, Inc.\* | 57960 | 18411574 |
|  ***Broadline Retail (4.7%)*** | ***Broadline Retail (4.7%)*** | ***Broadline Retail (4.7%)*** |
|  Amazon.com, Inc.\* | 280500 | 61538895 |
|  Etsy, Inc.\* | 9500 | 476520 |
|  Macy's, Inc. | 26600 | 310156 |
|  |  | 62325571 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  LKQ Corp. | 24300 | 899343 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Service Corp. International | 19400 | 1579160 |
|  ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** |
|  Airbnb, Inc., Class A\* | 18500 | 2448290 |
|  Booking Holdings, Inc. | 368 | 2130440 |
|  Caesars Entertainment, Inc.\* | 19900 | 564961 |
|  Chipotle Mexican Grill, Inc.\* | 19800 | 1111770 |
|  Churchill Downs, Inc. | 15200 | 1535200 |
|  Domino's Pizza, Inc. | 3380 | 1523028 |
|  DraftKings, Inc., Class A\* | 40900 | 1754201 |
|  Dutch Bros, Inc., Class A\* | 10600 | 724722 |
|  Marriott International, Inc., Class A | 15810 | 4319450 |
|  Restaurant Brands International, Inc. | 31900 | 2116047 |
|  Starbucks Corp. | 10200 | 934626 |
|  Yum! Brands, Inc. | 14250 | 2111565 |
|  |  | 21274300 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  PulteGroup, Inc. | 18300 | 1929918 |
|  Somnigroup International, Inc. | 10500 | 714525 |
|  |  | 2644443 |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** |
|  Dick's Sporting Goods, Inc. | 4100 | 811021 |
|  Floor & Decor Holdings, Inc., Class A\* | 6000 | 455760 |
|  Home Depot, Inc. (The) | 11420 | 4187029 |
|  Lowe's Cos., Inc. | 43200 | 9584784 |
|  Ross Stores, Inc. | 24100 | 3074678 |
|  TJX Cos., Inc. (The) | 4370 | 539651 |
|  |  | 18652923 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  Amer Sports, Inc.\* | 13000 | 503880 |
|  Birkenstock Holding plc\* | 3700 | 181966 |
|  Capri Holdings Ltd. (x)\* | 14100 | 249570 |
|  NIKE, Inc., Class B | 45250 | 3214560 |
|  PVH Corp. | 19400 | 1330840 |
|  Tapestry, Inc. | 21260 | 1866841 |
|  |  | 7347657 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 134799539 |
|  **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** |
|  ***Beverages (1.6%)*** | ***Beverages (1.6%)*** | ***Beverages (1.6%)*** |
|  Brown-Forman Corp., Class B | 6800 | 182988 |
|  Coca-Cola Co. (The) | 148506 | 10506800 |
|  Constellation Brands, Inc., Class A | 12803 | 2082792 |
|  Diageo plc | 13700 | 343761 |
|  Keurig Dr Pepper, Inc. | 120274 | 3976258 |
|  Monster Beverage Corp.\* | 17071 | 1069327 |
|  PepsiCo, Inc. | 22603 | 2984500 |
|  |  | 21146426 |
|  ***Consumer Staples Distribution & Retail (1.9%)*** | ***Consumer Staples Distribution & Retail (1.9%)*** | ***Consumer Staples Distribution & Retail (1.9%)*** |
|  Alimentation Couche-Tard, Inc. | 14320 | 711820 |
|  Costco Wholesale Corp. | 10497 | 10391400 |
|  Kroger Co. (The) | 21900 | 1570887 |
|  Target Corp. | 21150 | 2086448 |
|  Walmart, Inc. | 105063 | 10273060 |
|  |  | 25033615 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Archer-Daniels-Midland Co. | 12500 | 659750 |
|  Bunge Global SA | 13700 | 1099836 |
|  J M Smucker Co. (The) | 8600 | 844520 |
|  Lamb Weston Holdings, Inc. | 10041 | 520626 |
|  Mondelez International, Inc., Class A | 32031 | 2160170 |
|  |  | 5284902 |
|  ***Household Products (0.9%)*** | ***Household Products (0.9%)*** | ***Household Products (0.9%)*** |
|  Clorox Co. (The) | 1100 | 132077 |
|  Procter & Gamble Co. (The) | 69674 | 11100462 |
|  Reynolds Consumer Products, Inc. | 16700 | 357714 |
|  |  | 11590253 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 19737 | 1594750 |
|  Kenvue, Inc. | 56826 | 1189368 |
|  |  | 2784118 |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** |
|  British American Tobacco plc (ADR) | 30500 | 1443565 |

---

See Notes to Financial Statements.

686

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Philip Morris International, Inc. | 24800 | $| 4516824 |
|  |  |  | 5960389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 71799703 |
|  **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Weatherford International plc | 8970 |  | 451281 |
|  ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** |
|  Athabasca Oil Corp.\* | 345091 |  | 1429273 |
|  Cameco Corp. | 11340 |  | 841768 |
|  ConocoPhillips | 26170 |  | 2348496 |
|  Expand Energy Corp. | 10240 |  | 1197466 |
|  Exxon Mobil Corp. | 188265 |  | 20294967 |
|  Galp Energia SGPS SA | 23540 |  | 431740 |
|  Imperial Oil Ltd. | 43895 |  | 3487102 |
|  Marathon Petroleum Corp. | 10390 |  | 1725883 |
|  MEG Energy Corp. | 136106 |  | 2571696 |
|  Meren Energy, Inc. (x) | 254141 |  | 311669 |
|  Shell plc (ADR) | 48938 |  | 3445725 |
|  South Bow Corp. (x) | 20305 |  | 527102 |
|  Valero Energy Corp. | 20591 |  | 2767842 |
|  |  |  | 41380729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 41832010 |
|  **Financials (13.8%)** | **Financials (13.8%)** | **Financials (13.8%)** | **Financials (13.8%)** |
|  ***Banks (5.0%)*** | ***Banks (5.0%)*** | ***Banks (5.0%)*** | ***Banks (5.0%)*** |
|  AIB Group plc | 185130 |  | 1523246 |
|  Banco Santander SA | 312600 |  | 2587532 |
|  Bank of America Corp. | 342919 |  | 16226927 |
|  BNP Paribas SA | 29800 |  | 2679054 |
|  Comerica, Inc. | 35400 |  | 2111610 |
|  Eurobank Ergasias Services and Holdings SA | 647411 |  | 2223793 |
|  First Horizon Corp. | 105600 |  | 2238720 |
|  HDFC Bank Ltd. | 41983 |  | 979815 |
|  JPMorgan Chase & Co. | 24524 |  | 7109753 |
|  KeyCorp | 78907 |  | 1374560 |
|  M&T Bank Corp. | 9950 |  | 1930201 |
|  Pathward Financial, Inc. | 10763 |  | 851569 |
|  Piraeus Financial Holdings SA | 164192 |  | 1137637 |
|  Synovus Financial Corp. | 20600 |  | 1066050 |
|  Truist Financial Corp. | 70825 |  | 3044767 |
|  UMB Financial Corp. | 7692 |  | 808891 |
|  US Bancorp | 112770 |  | 5102843 |
|  Wells Fargo & Co. | 167351 |  | 13408162 |
|  |  |  | 66405130 |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** |
|  Bank of New York Mellon Corp. (The) | 36244 |  | 3302191 |
|  Blackrock, Inc. | 7004 |  | 7348947 |
|  Cboe Global Markets, Inc. | 8956 |  | 2088629 |
|  Charles Schwab Corp. (The) | 97405 |  | 8887232 |
|  DigitalBridge Group, Inc. | 25530 |  | 264235 |
|  Etoro Group Ltd., Class A\* | 2700 |  | 179793 |
|  Intercontinental Exchange, Inc. | 27591 |  | 5062121 |
|  London Stock Exchange Group plc | 9548 |  | 1393830 |
|  LPL Financial Holdings, Inc. | 4826 |  | 1809605 |
|  MarketAxess Holdings, Inc. | 18477 |  | 4126653 |
|  Northern Trust Corp. | 24600 |  | 3119034 |
|  State Street Corp. | 17615 |  | 1873179 |
|  Tradeweb Markets, Inc., Class A | 5934 |  | 868738 |
|  Virtu Financial, Inc., Class A | 45896 |  | 2055682 |
|  |  |  | 42379869 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  OneMain Holdings, Inc. | 16970 |  | 967290 |
|  SLM Corp. | 29900 |  | 980421 |
|  |  |  | 1947711 |
|  ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** |
|  Affirm Holdings, Inc., Class A\* | 16740 |  | 1157404 |
|  Apollo Global Management, Inc. | 20552 |  | 2915712 |
|  Berkshire Hathaway, Inc., Class A\* | 4 |  | 2915200 |
|  Block, Inc., Class A\* | 5862 |  | 398206 |
|  Fiserv, Inc.\* | 25369 |  | 4373869 |
|  Mastercard, Inc., Class A | 26478 |  | 14879047 |
|  PayPal Holdings, Inc.\* | 38200 |  | 2839024 |
|  UWM Holdings Corp., Class A (x) | 159003 |  | 658272 |
|  Visa, Inc., Class A | 5120 |  | 1817856 |
|  |  |  | 31954590 |
|  ***Insurance (3.0%)*** | ***Insurance (3.0%)*** | ***Insurance (3.0%)*** | ***Insurance (3.0%)*** |
|  American Financial Group, Inc. | 14503 |  | 1830424 |
|  Arthur J Gallagher & Co. | 15003 |  | 4802760 |
|  Brighthouse Financial, Inc.\* | 17300 |  | 930221 |
|  Chubb Ltd. | 28609 |  | 8288599 |
|  Fairfax Financial Holdings Ltd. | 1774 |  | 3202124 |
|  Hartford Insurance Group, Inc. (The) | 36903 |  | 4681884 |
|  Hiscox Ltd. | 86400 |  | 1488392 |
|  Marsh & McLennan Cos., Inc. | 26541 |  | 5802924 |
|  Travelers Cos., Inc. (The) | 18146 |  | 4854781 |
|  Unum Group | 15114 |  | 1220607 |
|  Willis Towers Watson plc | 9777 |  | 2996650 |
|  |  |  | 40099366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 182786666 |
|  **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** |
|  ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** |
|  AbbVie, Inc. | 57853 |  | 10738674 |
|  Alnylam Pharmaceuticals, Inc.\* | 10783 |  | 3516229 |
|  Argenx SE (ADR)\* | 5802 |  | 3198178 |
|  BeOne Medicines Ltd. (ADR)\* | 2931 |  | 709507 |
|  BioMarin Pharmaceutical, Inc.\* | 13612 |  | 748252 |
|  BioNTech SE (ADR) (x)\* | 5520 |  | 587714 |
|  Exact Sciences Corp.\* | 12300 |  | 653622 |
|  Gilead Sciences, Inc. | 82551 |  | 9152429 |
|  Insmed, Inc.\* | 6300 |  | 634032 |
|  Nuvalent, Inc., Class A\* | 8000 |  | 610400 |
|  Ultragenyx Pharmaceutical, Inc.\* | 6900 |  | 250884 |
|  Vertex Pharmaceuticals, Inc.\* | 3800 |  | 1691760 |
|  |  |  | 32491681 |
|  ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** |
|  Abbott Laboratories | 44842 |  | 6098960 |
|  Baxter International, Inc. | 95574 |  | 2893981 |
|  Boston Scientific Corp.\* | 109646 |  | 11777077 |
|  Insulet Corp.\* | 10072 |  | 3164421 |
|  Intuitive Surgical, Inc.\* | 7214 |  | 3920160 |
|  Masimo Corp.\* | 10700 |  | 1799954 |
|  Penumbra, Inc.\* | 7415 |  | 1902911 |

---

See Notes to Financial Statements.

687

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Stryker Corp. | 16208 | $| 6412371 |
|  |  |  | 37969835 |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** |
|  Cencora, Inc. | 20838 |  | 6248274 |
|  CVS Health Corp. | 71827 |  | 4954627 |
|  HealthEquity, Inc.\* | 6600 |  | 691416 |
|  Molina Healthcare, Inc.\* | 5742 |  | 1710542 |
|  Tenet Healthcare Corp.\* | 20270 |  | 3567520 |
|  UnitedHealth Group, Inc. | 10604 |  | 3308130 |
|  |  |  | 20480509 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Veeva Systems, Inc., Class A\* | 5192 |  | 1495192 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  Danaher Corp. | 29861 |  | 5898742 |
|  IQVIA Holdings, Inc.\* | 4700 |  | 740673 |
|  |  |  | 6639415 |
|  ***Pharmaceuticals (1.9%)*** | ***Pharmaceuticals (1.9%)*** | ***Pharmaceuticals (1.9%)*** | ***Pharmaceuticals (1.9%)*** |
|  Eli Lilly & Co. | 18303 |  | 14267737 |
|  Merck & Co., Inc. | 15761 |  | 1247641 |
|  Pfizer, Inc. | 131374 |  | 3184506 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 39630 |  | 664199 |
|  UCB SA | 27764 |  | 5460034 |
|  Verona Pharma plc (ADR)\* | 3300 |  | 312114 |
|  |  |  | 25136231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 124212863 |
|  **Industrials (8.7%)** | **Industrials (8.7%)** | **Industrials (8.7%)** | **Industrials (8.7%)** |
|  ***Aerospace & Defense (2.9%)*** | ***Aerospace & Defense (2.9%)*** | ***Aerospace & Defense (2.9%)*** | ***Aerospace & Defense (2.9%)*** |
|  Boeing Co. (The)\* | 32195 |  | 6745818 |
|  GE Aerospace | 43773 |  | 11266733 |
|  Howmet Aerospace, Inc. | 29580 |  | 5505725 |
|  Lockheed Martin Corp. | 12055 |  | 5583153 |
|  Northrop Grumman Corp. | 5729 |  | 2864385 |
|  RTX Corp. | 12999 |  | 1898114 |
|  TransDigm Group, Inc. | 3270 |  | 4972493 |
|  |  |  | 38836421 |
|  ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | ***Building Products (0.8%)*** |
|  Trane Technologies plc | 24299 |  | 10628626 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  Cintas Corp. | 13950 |  | 3109037 |
|  Republic Services, Inc. | 12110 |  | 2986447 |
|  |  |  | 6095484 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  Quanta Services, Inc. | 9190 |  | 3474555 |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** |
|  AMETEK, Inc. | 29527 |  | 5343206 |
|  Eaton Corp. plc | 11890 |  | 4244611 |
|  GE Vernova, Inc. | 14680 |  | 7767922 |
|  |  |  | 17355739 |
|  ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** |
|  CSX Corp. | 90410 |  | 2950078 |
|  Old Dominion Freight Line, Inc. | 14250 |  | 2312775 |
|  Uber Technologies, Inc.\* | 61440 |  | 5732352 |
|  Union Pacific Corp. | 11450 |  | 2634416 |
|  |  |  | 13629621 |
|  ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** |
|  Deere & Co. | 5840 |  | 2969582 |
|  Dover Corp. | 15840 |  | 2902363 |
|  Ingersoll Rand, Inc. | 34890 |  | 2902150 |
|  Parker-Hannifin Corp. | 10994 |  | 7678979 |
|  Westinghouse Air Brake Technologies Corp. | 12320 |  | 2579192 |
|  |  |  | 19032266 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Verisk Analytics, Inc. | 9650 |  | 3005975 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Fastenal Co. | 51020 |  | 2142840 |
|  United Rentals, Inc. | 1580 |  | 1190372 |
|  |  |  | 3333212 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 115391899 |
|  **Information Technology (31.7%)** | **Information Technology (31.7%)** | **Information Technology (31.7%)** | **Information Technology (31.7%)** |
|  ***Communications Equipment (1.8%)*** | ***Communications Equipment (1.8%)*** | ***Communications Equipment (1.8%)*** | ***Communications Equipment (1.8%)*** |
|  Arista Networks, Inc.\* | 52707 |  | 5392453 |
|  Cisco Systems, Inc. | 256412 |  | 17789865 |
|  Motorola Solutions, Inc. | 1900 |  | 798874 |
|  |  |  | 23981192 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Amphenol Corp., Class A | 31489 |  | 3109539 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Accenture plc, Class A | 2300 |  | 687447 |
|  Gartner, Inc.\* | 9800 |  | 3961356 |
|  |  |  | 4648803 |
|  ***Semiconductors & Semiconductor Equipment (13.1%)*** | ***Semiconductors & Semiconductor Equipment (13.1%)*** | ***Semiconductors & Semiconductor Equipment (13.1%)*** | ***Semiconductors & Semiconductor Equipment (13.1%)*** |
|  Advanced Micro Devices, Inc.\* | 1900 |  | 269610 |
|  Analog Devices, Inc. | 48600 |  | 11567772 |
|  Astera Labs, Inc.\* | 600 |  | 54252 |
|  Broadcom, Inc. | 95432 |  | 26305831 |
|  First Solar, Inc.\* | 1090 |  | 180439 |
|  Marvell Technology, Inc. | 61700 |  | 4775580 |
|  Micron Technology, Inc. | 69822 |  | 8605561 |
|  NVIDIA Corp. | 665345 |  | 105117856 |
|  NXP Semiconductors NV | 23437 |  | 5120750 |
|  SK Hynix, Inc. | 12310 |  | 2663397 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 131000 |  | 4753526 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 18200 |  | 4122118 |
|  |  |  | 173536692 |
|  ***Software (9.3%)*** | ***Software (9.3%)*** | ***Software (9.3%)*** | ***Software (9.3%)*** |
|  Cadence Design Systems, Inc.\* | 15200 |  | 4683880 |
|  HubSpot, Inc.\* | 4100 |  | 2282183 |
|  Intuit, Inc. | 800 |  | 630104 |
|  Microsoft Corp. | 223600 |  | 111220876 |
|  Oracle Corp. | 6171 |  | 1349165 |
|  Palantir Technologies, Inc., Class A\* | 4600 |  | 627072 |
|  ServiceNow, Inc.\* | 1300 |  | 1336504 |
|  Synopsys, Inc.\* | 1600 |  | 820288 |
|  |  |  | 122950072 |

---

See Notes to Financial Statements.

688

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** |
|  ***Technology Hardware, Storage & Peripherals (6.9%)*** | ***Technology Hardware, Storage & Peripherals (6.9%)*** | ***Technology Hardware, Storage & Peripherals (6.9%)*** |
|  Apple, Inc. | 441054 | $90491049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 418717347 |
|  **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  Air Products and Chemicals, Inc. | 6000 | 1692360 |
|  Axalta Coating Systems Ltd.\* | 18908 | 561378 |
|  Balchem Corp. | 4060 | 646352 |
|  Chemours Co. (The) (x) | 20506 | 234794 |
|  Corteva, Inc. | 21568 | 1607463 |
|  Dow, Inc. | 5650 | 149612 |
|  Ecolab, Inc. | 10099 | 2721075 |
|  Element Solutions, Inc. | 17000 | 385050 |
|  Linde plc | 12437 | 5835192 |
|  Mosaic Co. (The) | 37290 | 1360339 |
|  Nutrien Ltd. (x) | 7098 | 413387 |
|  Sherwin-Williams Co. (The) | 3019 | 1036604 |
|  |  | 16643606 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Martin Marietta Materials, Inc. | 2473 | 1357578 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  AptarGroup, Inc. | 3724 | 582545 |
|  International Paper Co. | 23197 | 1086316 |
|  |  | 1668861 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  First Quantum Minerals Ltd.\* | 47790 | 848937 |
|  Freeport-McMoRan, Inc. | 24087 | 1044171 |
|  Newmont Corp. | 24160 | 1407562 |
|  Nucor Corp. | 8937 | 1157699 |
|  Teck Resources Ltd., Class B | 10140 | 409453 |
|  Wheaton Precious Metals Corp. | 8975 | 805955 |
|  |  | 5673777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 25343822 |
|  **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  CareTrust REIT, Inc. (REIT) | 11406 | 349024 |
|  Ventas, Inc. (REIT) | 14645 | 924832 |
|  Welltower, Inc. (REIT) | 18858 | 2899040 |
|  |  | 4172896 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis, Inc. (REIT) | 13391 | 1407662 |
|  Terreno Realty Corp. (REIT) | 12635 | 708444 |
|  |  | 2116106 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  COPT Defense Properties (REIT) | 22906 | 631747 |
|  Kilroy Realty Corp. (REIT) (x) | 16000 | 548960 |
|  |  | 1180707 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 9311 | 1304657 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  Camden Property Trust (REIT) | 8500 | 957865 |
|  Invitation Homes, Inc. (REIT) | 46532 | 1526250 |
|  Sun Communities, Inc. (REIT) | 5000 | 632450 |
|  |  | 3116565 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Curbline Properties Corp. (REIT) | 23455 | 535478 |
|  Macerich Co. (The) (REIT) | 43284 | 700335 |
|  NNN REIT, Inc. (REIT) | 15575 | 672528 |
|  Tanger, Inc. (REIT) | 18313 | 560012 |
|  |  | 2468353 |
|  ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** | ***Specialized REITs (0.9%)*** |
|  American Tower Corp. (REIT) | 17951 | 3967530 |
|  CubeSmart (REIT) | 24428 | 1038190 |
|  Digital Realty Trust, Inc. (REIT) | 9816 | 1711223 |
|  Equinix, Inc. (REIT) | 2908 | 2313227 |
|  Extra Space Storage, Inc. (REIT) | 388 | 57207 |
|  Four Corners Property Trust, Inc. (REIT) | 11357 | 305617 |
|  Iron Mountain, Inc. (REIT) | 8400 | 861588 |
|  Public Storage (REIT) | 4767 | 1398733 |
|  |  | 11653315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 26012599 |
|  **Utilities (2.2%)** | **Utilities (2.2%)** | **Utilities (2.2%)** |
|  ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** |
|  Constellation Energy Corp. | 9706 | 3132708 |
|  Duke Energy Corp. | 24030 | 2835540 |
|  Entergy Corp. | 18870 | 1568474 |
|  Evergy, Inc. | 16110 | 1110462 |
|  Exelon Corp. | 42000 | 1823640 |
|  NextEra Energy, Inc. | 58230 | 4042327 |
|  NRG Energy, Inc. | 7360 | 1181869 |
|  PG&E Corp. | 74580 | 1039645 |
|  PPL Corp. | 35740 | 1211229 |
|  Southern Co. (The) | 9120 | 837490 |
|  TXNM Energy, Inc. | 6450 | 363264 |
|  Xcel Energy, Inc. | 18580 | 1265298 |
|  |  | 20411946 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  AES Corp. (The) | 6750 | 71010 |
|  Vistra Corp. | 13410 | 2598992 |
|  |  | 2670002 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Ameren Corp. | 13880 | 1333035 |
|  CenterPoint Energy, Inc. | 35290 | 1296555 |
|  NiSource, Inc. | 24250 | 978245 |
|  Sempra | 26410 | 2001086 |
|  |  | 5608921 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 28690869 |
|  **Total Common Stocks (99.1%)**<br> *(Cost $798,329,947)* |  | 1309397105 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (0.1%)** | **Equity (0.1%)** | **Equity (0.1%)** |
|  iShares Core S&P 500 ETF | 3300 | 2048970 |
|  **Total Exchange Traded Funds (0.1%)**<br> *(Cost $1,950,048)*  | **Total Exchange Traded Funds (0.1%)**<br> *(Cost $1,950,048)*  | 2048970 |

---

See Notes to Financial Statements.

689

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EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1150350 | $1150350 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $1,150,350)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $1,150,350)* | 1150350 |
|  **Total Investments in Securities (99.3%)**<br> *(Cost $801,430,345)* | **Total Investments in Securities (99.3%)**<br> *(Cost $801,430,345)* | 1312596425 |
|  **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | 8835312 |
|  **Net Assets (100%)** |  | $1321431737 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $438,592 or 0.0% of net assets.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $5,227,986. This was collateralized by $4,189,334 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 8/19/25 – 2/15/55 and by cash of $1,150,350 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $139069589 | $740199 | $— | $139809788 |
|  Consumer Discretionary | 134799539 |  |  | 134799539 |
|  Consumer Staples | 71455942 | 343761 |  | 71799703 |
|  Energy | 41400270 | 431740 |  | 41832010 |
|  Financials | 168773367 | 14013299 |  | 182786666 |
|  Health Care | 118752829 | 5460034 |  | 124212863 |
|  Industrials | 115391899 |  |  | 115391899 |
|  Information Technology | 411300424 | 7416923 |  | 418717347 |
|  Materials | 25343822 |  |  | 25343822 |
|  Real Estate | 26012599 |  |  | 26012599 |
|  Utilities | 28690869 |  |  | 28690869 |
|  **Exchange Traded Funds** | 2048970 |  |  | 2048970 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1150350 |  |  | 1150350 |
|  **Total Assets** | $**1284190469** | $**28405956** | $**—** | $**1312596425** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1284190469** | $**28405956** | $**—** | $**1312596425** |

---

See Notes to Financial Statements.

690

------

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5315) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5315) |
|  **Total** | $(5315) | $(5315) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
|  **Total** | $1687 | $1687 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $367075613 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405430620 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 4%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 4%)\*** | **Net Realized<br>Gain (Loss)** |
| $16160811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18237344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565491 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $527449545 |
|  Aggregate gross unrealized depreciation | (18007120) |
|  Net unrealized appreciation | $509442425 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803154000 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $21,121 as brokerage commissions with National Financial Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

691

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EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  ***ASSETS*** | ***ASSETS*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $801,430,345) | $1312596425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10511184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $170,029) | 194403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1506946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 917749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 551173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1326294829 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2318469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1150350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 525770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 399319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 262645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 94648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 33128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 78763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4863092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1321431737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $743993676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 577438061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1321431737 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,316,870,628 / 21,044,162 shares outstanding (unlimited amount authorized: $0.01 par value) | $62.58 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $4,561,109 / 69,891 shares outstanding (unlimited amount authorized: $0.01 par value) | $65.26 |

---

*(x)* *Includes value of securities on loan of $5,227,986.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $92,628 foreign withholding tax) | $7617236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 228738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 6068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7852042 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3261718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1550844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 564936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 68662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 47950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 20866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5584615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (173291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5411324 |
|  **NET INVESTMENT INCOME (LOSS)** | 2440718 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 33563954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (5315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 33562313 |
|  Change in unrealized appreciation (depreciation) on: | Change in unrealized appreciation (depreciation) on: |
|  Investments in securities (net of India tax of $19,845 on unrealized appreciation on investments) | 27531920 |
|  Forward foreign currency contracts | 1687 |
|  Foreign currency translations | 32574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27566181 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 61128494 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $63569212 |

---

See Notes to Financial Statements.

692

------

#### EQ ADVISORS TRUST
EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2440718 | $4154049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 33562313 | 110210151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27566181 | 152155649 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 63569212 | 266519849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (89899235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (320270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (90219505) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 458,471 and 1,129,444 shares, respectively ] | 26685690 | 66859082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,464,379 shares, respectively ] |  | 89899235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1204505) and (2500969) shares, respectively ] | (70033869) | (147216830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (43348179) | 9541487 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 17,662 shares, respectively ] |  | 1140248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,010 shares, respectively ] |  | 320270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5452) and (1802) shares, respectively ] | (341959) | (107924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (341959) | 1352594 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (43690138) | 10894081 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 19879074 | 187194425 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1301552663 | 1114358238 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1321431737 | $1301552663 |

---

See Notes to Financial Statements.

693

------

#### EQ ADVISORS TRUST
EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $59.52 | $51.23 | $40.04 | $54.08 | $48.20 | $39.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.20 | 0.20 | 0.21 | 0.18 (bb) | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.95 | 12.46 | 12.34 | (11.54) | 11.80 | 10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.06 | 12.66 | 12.54 | (11.33) | 11.98 | 10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.21) | (0.23) | (0.21) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.15) | (1.14) | (2.48) | (5.89) | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.37) | (1.35) | (2.71) | (6.10) | (2.09) |
|  Net asset value, end of period | $62.58 | $59.52 | $51.23 | $40.04 | $54.08 | $48.20 |
|  Total return (b) | 5.14% | 24.51% | 31.38% | (21.06)% | 25.22% | 26.32 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $1316871 | $1296882 | $1111461 | $892616 | $1133781 | $959968 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.90% | 0.90% | 0.91% | 0.91% | 0.90% | 0.92 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.39% | 0.33% | 0.44% | 0.46% | 0.33 %(cc) | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.36% | 0.30% | 0.40% | 0.43% | 0.30 %(cc) | 0.63 |
|  Portfolio turnover rate^ | 29 %(z) | 54% | 44% | 54% | 53% | 88 |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $61.99 | $53.19 | $41.52 | $55.96 | $49.68 | $41.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.36 | 0.34 | 0.33 | 0.33 (bb) | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.08 | 12.96 | 12.80 | (11.94) | 12.18 | 10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.27 | 13.32 | 13.14 | (11.61) | 12.51 | 10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.37) | (0.33) | (0.35) | (0.34) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.15) | (1.14) | (2.48) | (5.89) | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.52) | (1.47) | (2.83) | (6.23) | (2.19) |
|  Net asset value, end of period | $65.26 | $61.99 | $53.19 | $41.52 | $55.96 | $49.68 |
|  Total return (b) | 5.28% | 24.84% | 31.70% | (20.87)% | 25.53% | 26.64 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $4561 | $4671 | $2898 | $1527 | $2802 | $2283 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.62 %(j) | 0.62 %(j) | 0.62 %(j) | 0.62 %(j) | 0.62 %(j) | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.65% | 0.65% | 0.66% | 0.66% | 0.65% | 0.67 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.64% | 0.59% | 0.71% | 0.70% | 0.58 %(cc) | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.61% | 0.56% | 0.66% | 0.66% | 0.55 %(cc) | 0.88 |
|  Portfolio turnover rate^ | 29 %(z) | 54% | 44% | 54% | 53% | 88 |

---

See Notes to Financial Statements.

694

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EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.23 and $0.34 for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB and 0.62% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.13% lower.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.13 and $0.28 for Class IB and Class K, respectively.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.09% lower.* 

See Notes to Financial Statements.

695

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.2%)** | **Communication Services (2.2%)** | **Communication Services (2.2%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 9592 | $277593 |
|  Verizon Communications, Inc. | 5620 | 243177 |
|  |  | 520770 |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** |
|  Electronic Arts, Inc. | 306 | 48868 |
|  Live Nation Entertainment, Inc. (x)\* | 214 | 32374 |
|  Netflix, Inc.\* | 566 | 757948 |
|  Take-Two Interactive Software, Inc.\* | 220 | 53427 |
|  TKO Group Holdings, Inc., Class A | 91 | 16557 |
|  Walt Disney Co. (The) | 2371 | 294028 |
|  Warner Bros Discovery, Inc.\* | 2977 | 34116 |
|  |  | 1237318 |
|  ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** |
|  Alphabet, Inc., Class A | 7725 | 1361377 |
|  Alphabet, Inc., Class C | 6222 | 1103721 |
|  Match Group, Inc. | 297 | 9174 |
|  Meta Platforms, Inc., Class A | 2878 | 2124223 |
|  |  | 4598495 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications, Inc., Class A\* | 129 | 52737 |
|  Comcast Corp., Class A | 4886 | 174381 |
|  Fox Corp., Class A | 249 | 13954 |
|  Fox Corp., Class B | 180 | 9293 |
|  Interpublic Group of Cos., Inc. (The) | 480 | 11750 |
|  News Corp., Class A | 513 | 15246 |
|  News Corp., Class B | 153 | 5250 |
|  Omnicom Group, Inc. | 259 | 18633 |
|  Paramount Global, Class B | 779 | 10049 |
|  |  | 311293 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  T-Mobile US, Inc. | 631 | 150342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 6818218 |
|  **Consumer Discretionary (2.4%)** | **Consumer Discretionary (2.4%)** | **Consumer Discretionary (2.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 301 | 20534 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  Ford Motor Co. | 5268 | 57158 |
|  General Motors Co. | 1276 | 62792 |
|  Tesla, Inc.\* | 3717 | 1180742 |
|  |  | 1300692 |
|  ***Broadline Retail (0.9%)*** | ***Broadline Retail (0.9%)*** | ***Broadline Retail (0.9%)*** |
|  Amazon.com, Inc.\* | 12535 | 2750054 |
|  eBay, Inc. | 597 | 44452 |
|  |  | 2794506 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 191 | 23170 |
|  LKQ Corp. | 354 | 13102 |
|  Pool Corp. | 53 | 15448 |
|  |  | 51720 |
|  ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** |
|  Airbnb, Inc., Class A\* | 583 | 77154 |
|  Booking Holdings, Inc. | 43 | 248937 |
|  Caesars Entertainment, Inc.\* | 275 | 7807 |
|  Carnival Corp.\* | 1448 | 40718 |
|  Chipotle Mexican Grill, Inc.\* | 1814 | 101856 |
|  Darden Restaurants, Inc. | 148 | 32260 |
|  Domino's Pizza, Inc. | 47 | 21178 |
|  DoorDash, Inc., Class A\* | 457 | 112655 |
|  Expedia Group, Inc. | 150 | 25302 |
|  Hilton Worldwide Holdings, Inc. | 310 | 82565 |
|  Las Vegas Sands Corp. | 446 | 19406 |
|  Marriott International, Inc., Class A | 295 | 80597 |
|  McDonald's Corp. | 953 | 278438 |
|  MGM Resorts International\* | 262 | 9010 |
|  Norwegian Cruise Line Holdings Ltd.\* | 611 | 12391 |
|  Royal Caribbean Cruises Ltd. | 332 | 103963 |
|  Starbucks Corp. | 1515 | 138820 |
|  Wynn Resorts Ltd. | 121 | 11334 |
|  Yum! Brands, Inc. | 378 | 56012 |
|  |  | 1460403 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 357 | 46024 |
|  Garmin Ltd. | 207 | 43205 |
|  Lennar Corp., Class A | 315 | 34842 |
|  Mohawk Industries, Inc.\* | 66 | 6919 |
|  NVR, Inc.\* | 4 | 29543 |
|  PulteGroup, Inc. | 269 | 28369 |
|  |  | 188902 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 164 | 12107 |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** |
|  AutoZone, Inc.\* | 22 | 81669 |
|  Best Buy Co., Inc. | 264 | 17722 |
|  CarMax, Inc.\* | 213 | 14316 |
|  Home Depot, Inc. (The) | 1321 | 484331 |
|  Lowe's Cos., Inc. | 733 | 162631 |
|  O'Reilly Automotive, Inc.\* | 1122 | 101126 |
|  Ross Stores, Inc. | 444 | 56646 |
|  TJX Cos., Inc. (The) | 1471 | 181654 |
|  Tractor Supply Co. | 722 | 38100 |
|  Ulta Beauty, Inc.\* | 57 | 26666 |
|  Williams-Sonoma, Inc. | 166 | 27119 |
|  |  | 1191980 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 207 | 21335 |
|  Lululemon Athletica, Inc.\* | 139 | 33024 |
|  NIKE, Inc., Class B | 1584 | 112527 |
|  Ralph Lauren Corp. | 53 | 14537 |
|  Tapestry, Inc. | 279 | 24499 |
|  |  | 205922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 7226766 |
|  **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** |
|  Brown-Forman Corp., Class B | 231 | 6216 |
|  Coca-Cola Co. (The) | 5159 | 364999 |

---

See Notes to Financial Statements.

696

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Constellation Brands, Inc., Class A | 193 | $| 31397 |
|  Keurig Dr Pepper, Inc. | 1826 |  | 60368 |
|  Molson Coors Beverage Co., Class B | 210 |  | 10099 |
|  Monster Beverage Corp.\* | 952 |  | 59634 |
|  PepsiCo, Inc. | 1822 |  | 240577 |
|  |  |  | 773290 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Costco Wholesale Corp. | 590 |  | 584065 |
|  Dollar General Corp. | 291 |  | 33285 |
|  Dollar Tree, Inc.\* | 247 |  | 24463 |
|  Kroger Co. (The) | 835 |  | 59894 |
|  Sysco Corp. | 618 |  | 46807 |
|  Target Corp. | 587 |  | 57908 |
|  Walgreens Boots Alliance, Inc. | 925 |  | 10619 |
|  Walmart, Inc. | 5748 |  | 562039 |
|  |  |  | 1379080 |
|  ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** |
|  Archer-Daniels-Midland Co. | 663 |  | 34993 |
|  Bunge Global SA | 191 |  | 15333 |
|  Campbell's Co. (The) | 246 |  | 7540 |
|  Conagra Brands, Inc. | 640 |  | 13101 |
|  General Mills, Inc. | 695 |  | 36008 |
|  Hershey Co. (The) | 198 |  | 32858 |
|  Hormel Foods Corp. | 363 |  | 10981 |
|  J M Smucker Co. (The) | 142 |  | 13944 |
|  Kellanova | 354 |  | 28154 |
|  Kraft Heinz Co. (The) | 1190 |  | 30726 |
|  Lamb Weston Holdings, Inc. | 183 |  | 9489 |
|  McCormick & Co., Inc. (Non-Voting) | 331 |  | 25096 |
|  Mondelez International, Inc., Class A | 1730 |  | 116671 |
|  Tyson Foods, Inc., Class A | 380 |  | 21257 |
|  |  |  | 396151 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Church & Dwight Co., Inc. | 328 |  | 31524 |
|  Clorox Co. (The) | 166 |  | 19932 |
|  Colgate-Palmolive Co. | 1055 |  | 95899 |
|  Kimberly-Clark Corp. | 426 |  | 54920 |
|  Procter & Gamble Co. (The) | 3118 |  | 496760 |
|  |  |  | 699035 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 313 |  | 25290 |
|  Kenvue, Inc. | 2573 |  | 53853 |
|  |  |  | 79143 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. | 2227 |  | 130569 |
|  Philip Morris International, Inc. | 2071 |  | 377191 |
|  |  |  | 507760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 3834459 |
|  **Energy (0.7%)** | **Energy (0.7%)** | **Energy (0.7%)** | **Energy (0.7%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 1340 |  | 51376 |
|  Halliburton Co. | 1190 |  | 24252 |
|  Schlumberger NV | 1831 |  | 61888 |
|  |  |  | 137516 |
|  ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** |
|  APA Corp. (x) | 458 |  | 8377 |
|  Chevron Corp. | 2162 |  | 309577 |
|  ConocoPhillips | 1663 |  | 149238 |
|  Coterra Energy, Inc. | 1022 |  | 25938 |
|  Devon Energy Corp. | 804 |  | 25575 |
|  Diamondback Energy, Inc. | 249 |  | 34212 |
|  EOG Resources, Inc. | 726 |  | 86837 |
|  EQT Corp. | 802 |  | 46773 |
|  Expand Energy Corp. | 287 |  | 33562 |
|  Exxon Mobil Corp. | 5703 |  | 614783 |
|  Hess Corp. | 369 |  | 51121 |
|  Kinder Morgan, Inc. | 2589 |  | 76117 |
|  Marathon Petroleum Corp. | 400 |  | 66444 |
|  Occidental Petroleum Corp. | 956 |  | 40161 |
|  ONEOK, Inc. | 844 |  | 68896 |
|  Phillips 66 | 527 |  | 62871 |
|  Targa Resources Corp. | 277 |  | 48220 |
|  Texas Pacific Land Corp. | 25 |  | 26410 |
|  Valero Energy Corp. | 424 |  | 56994 |
|  Williams Cos., Inc. (The) | 1637 |  | 102820 |
|  |  |  | 1934926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 2072442 |
|  **Financials (3.2%)** | **Financials (3.2%)** | **Financials (3.2%)** | **Financials (3.2%)** |
|  ***Banks (0.8%)*** | ***Banks (0.8%)*** | ***Banks (0.8%)*** | ***Banks (0.8%)*** |
|  Bank of America Corp. | 8700 |  | 411684 |
|  Citigroup, Inc. | 2458 |  | 209225 |
|  Citizens Financial Group, Inc. | 605 |  | 27074 |
|  Fifth Third Bancorp | 901 |  | 37058 |
|  Huntington Bancshares, Inc. | 1981 |  | 33201 |
|  JPMorgan Chase & Co. | 3681 |  | 1067159 |
|  KeyCorp | 1388 |  | 24179 |
|  M&T Bank Corp. | 205 |  | 39768 |
|  PNC Financial Services Group, Inc. (The) | 514 |  | 95820 |
|  Regions Financial Corp. | 1234 |  | 29024 |
|  Truist Financial Corp. | 1696 |  | 72911 |
|  US Bancorp | 2084 |  | 94301 |
|  Wells Fargo & Co. | 4322 |  | 346278 |
|  |  |  | 2487682 |
|  ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** |
|  Ameriprise Financial, Inc. | 123 |  | 65649 |
|  Bank of New York Mellon Corp. (The) | 968 |  | 88194 |
|  Blackrock, Inc. | 192 |  | 201456 |
|  Blackstone, Inc. | 980 |  | 146588 |
|  Cboe Global Markets, Inc. | 143 |  | 33349 |
|  Charles Schwab Corp. (The) | 2279 |  | 207936 |
|  CME Group, Inc. | 474 |  | 130644 |
|  Coinbase Global, Inc., Class A\* | 281 |  | 98488 |
|  FactSet Research Systems, Inc. | 52 |  | 23259 |
|  Goldman Sachs Group, Inc. (The) | 405 |  | 286639 |
|  Intercontinental Exchange, Inc. | 756 |  | 138703 |
|  Invesco Ltd. | 581 |  | 9162 |
|  KKR & Co., Inc. | 906 |  | 120525 |
|  MarketAxess Holdings, Inc. | 48 |  | 10720 |
|  Moody's Corp. | 202 |  | 101321 |
|  Morgan Stanley | 1652 |  | 232701 |
|  MSCI, Inc. | 100 |  | 57674 |
|  Nasdaq, Inc. | 554 |  | 49539 |

---

See Notes to Financial Statements.

697

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Northern Trust Corp. | 245 | $| 31064 |
|  Raymond James Financial, Inc. | 251 |  | 38496 |
|  S&P Global, Inc. | 414 |  | 218298 |
|  State Street Corp. | 395 |  | 42004 |
| T. Rowe Price Group, Inc. | 297 |  | 28661 |
|  |  |  | 2361070 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  American Express Co. | 738 |  | 235407 |
|  Capital One Financial Corp. | 853 |  | 181484 |
|  Synchrony Financial | 485 |  | 32369 |
|  |  |  | 449260 |
|  ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** |
|  Apollo Global Management, Inc. | 600 |  | 85122 |
|  Berkshire Hathaway, Inc., Class B\* | 2436 |  | 1183336 |
|  Corpay, Inc.\* | 95 |  | 31523 |
|  Fidelity National Information Services, Inc. | 678 |  | 55196 |
|  Fiserv, Inc.\* | 733 |  | 126376 |
|  Global Payments, Inc. | 341 |  | 27294 |
|  Jack Henry & Associates, Inc. | 98 |  | 17657 |
|  Mastercard, Inc., Class A | 1073 |  | 602962 |
|  PayPal Holdings, Inc.\* | 1283 |  | 95352 |
|  Visa, Inc., Class A | 2269 |  | 805608 |
|  |  |  | 3030426 |
|  ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | ***Insurance (0.5%)*** |
|  Aflac, Inc. | 639 |  | 67389 |
|  Allstate Corp. (The) | 355 |  | 71465 |
|  American International Group, Inc. | 765 |  | 65476 |
|  Aon plc, Class A | 281 |  | 100250 |
|  Arch Capital Group Ltd. | 503 |  | 45798 |
|  Arthur J Gallagher & Co. | 343 |  | 109801 |
|  Assurant, Inc. | 65 |  | 12837 |
|  Brown & Brown, Inc. | 317 |  | 35146 |
|  Chubb Ltd. | 500 |  | 144860 |
|  Cincinnati Financial Corp. | 196 |  | 29188 |
|  Erie Indemnity Co., Class A | 32 |  | 11097 |
|  Everest Group Ltd. | 58 |  | 19711 |
|  Globe Life, Inc. | 113 |  | 14045 |
|  Hartford Insurance Group, Inc. (The) | 394 |  | 49987 |
|  Loews Corp. | 244 |  | 22365 |
|  Marsh & McLennan Cos., Inc. | 660 |  | 144303 |
|  MetLife, Inc. | 741 |  | 59591 |
|  Principal Financial Group, Inc. | 290 |  | 23035 |
|  Progressive Corp. (The) | 771 |  | 205749 |
|  Prudential Financial, Inc. | 484 |  | 52001 |
|  Travelers Cos., Inc. (The) | 306 |  | 81867 |
|  W.R. Berkley Corp. | 407 |  | 29902 |
|  Willis Towers Watson plc | 125 |  | 38313 |
|  |  |  | 1434176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 9762614 |
|  **Health Care (2.1%)** | **Health Care (2.1%)** | **Health Care (2.1%)** | **Health Care (2.1%)** |
|  ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** |
|  AbbVie, Inc. | 2346 |  | 435465 |
|  Amgen, Inc. | 717 |  | 200194 |
|  Biogen, Inc.\* | 195 |  | 24490 |
|  Gilead Sciences, Inc. | 1637 |  | 181494 |
|  Incyte Corp.\* | 230 |  | 15663 |
|  Moderna, Inc.\* | 449 |  | 12388 |
|  Regeneron Pharmaceuticals, Inc. | 135 |  | 70875 |
|  Vertex Pharmaceuticals, Inc.\* | 337 |  | 150032 |
|  |  |  | 1090601 |
|  ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** |
|  Abbott Laboratories | 2318 |  | 315271 |
|  Align Technology, Inc.\* | 94 |  | 17797 |
|  Baxter International, Inc. | 689 |  | 20863 |
|  Becton Dickinson & Co. | 369 |  | 63560 |
|  Boston Scientific Corp.\* | 1978 |  | 212457 |
|  Cooper Cos., Inc. (The)\* | 267 |  | 19000 |
|  Dexcom, Inc.\* | 534 |  | 46613 |
|  Edwards Lifesciences Corp.\* | 763 |  | 59674 |
|  GE HealthCare Technologies, Inc. | 613 |  | 45405 |
|  Hologic, Inc.\* | 266 |  | 17333 |
|  IDEXX Laboratories, Inc.\* | 106 |  | 56852 |
|  Insulet Corp.\* | 94 |  | 29533 |
|  Intuitive Surgical, Inc.\* | 476 |  | 258663 |
|  Medtronic plc | 1710 |  | 149061 |
|  ResMed, Inc. | 197 |  | 50826 |
|  Solventum Corp.\* | 191 |  | 14485 |
|  STERIS plc | 131 |  | 31469 |
|  Stryker Corp. | 459 |  | 181594 |
|  Zimmer Biomet Holdings, Inc. | 240 |  | 21890 |
|  |  |  | 1612346 |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  Cardinal Health, Inc. | 308 |  | 51744 |
|  Cencora, Inc. | 231 |  | 69265 |
|  Centene Corp.\* | 625 |  | 33925 |
|  Cigna Group (The) | 357 |  | 118017 |
|  CVS Health Corp. | 1699 |  | 117197 |
|  DaVita, Inc.\* | 54 |  | 7692 |
|  Elevance Health, Inc. | 301 |  | 117077 |
|  HCA Healthcare, Inc. | 233 |  | 89262 |
|  Henry Schein, Inc.\* | 169 |  | 12346 |
|  Humana, Inc. | 161 |  | 39361 |
|  Labcorp Holdings, Inc. | 114 |  | 29926 |
|  McKesson Corp. | 164 |  | 120176 |
|  Molina Healthcare, Inc.\* | 67 |  | 19959 |
|  Quest Diagnostics, Inc. | 150 |  | 26945 |
|  UnitedHealth Group, Inc. | 1208 |  | 376860 |
|  Universal Health Services, Inc., Class B | 80 |  | 14492 |
|  |  |  | 1244244 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Agilent Technologies, Inc. | 390 |  | 46024 |
|  Bio-Techne Corp. | 201 |  | 10342 |
|  Charles River Laboratories International, Inc.\* | 65 |  | 9862 |
|  Danaher Corp. | 837 |  | 165341 |
|  IQVIA Holdings, Inc.\* | 208 |  | 32779 |
|  Mettler-Toledo International, Inc.\* | 28 |  | 32892 |
|  Revvity, Inc. | 169 |  | 16346 |
|  Thermo Fisher Scientific, Inc. | 500 |  | 202730 |
|  Waters Corp.\* | 79 |  | 27574 |
|  West Pharmaceutical Services, Inc. | 98 |  | 21442 |
|  |  |  | 565332 |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** |
|  Bristol-Myers Squibb Co. | 2726 |  | 126187 |
|  Eli Lilly & Co. | 1044 |  | 813829 |

---

See Notes to Financial Statements.

698

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Johnson & Johnson | 3201 | $| 488953 |
|  Merck & Co., Inc. | 3319 |  | 262732 |
|  Pfizer, Inc. | 7556 |  | 183157 |
|  Viatris, Inc. | 1643 |  | 14672 |
|  Zoetis, Inc. | 585 |  | 91231 |
|  |  |  | 1980761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 6493284 |
|  **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** |
|  ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** |
|  Axon Enterprise, Inc.\* | 99 |  | 81966 |
|  Boeing Co. (The)\* | 1002 |  | 209949 |
|  GE Aerospace | 1413 |  | 363692 |
|  General Dynamics Corp. | 331 |  | 96539 |
|  Howmet Aerospace, Inc. | 528 |  | 98277 |
|  Huntington Ingalls Industries, Inc. | 50 |  | 12073 |
|  L3Harris Technologies, Inc. | 242 |  | 60703 |
|  Lockheed Martin Corp. | 274 |  | 126900 |
|  Northrop Grumman Corp. | 177 |  | 88496 |
|  RTX Corp. | 1788 |  | 261084 |
|  Textron, Inc. | 212 |  | 17022 |
|  TransDigm Group, Inc. | 76 |  | 115569 |
|  |  |  | 1532270 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 157 |  | 15064 |
|  Expeditors International of Washington, Inc. | 190 |  | 21708 |
|  FedEx Corp. | 298 |  | 67738 |
|  United Parcel Service, Inc., Class B | 980 |  | 98921 |
|  |  |  | 203431 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  A.O. Smith Corp. | 161 |  | 10557 |
|  Allegion plc | 122 |  | 17583 |
|  Builders FirstSource, Inc.\* | 132 |  | 15403 |
|  Carrier Global Corp. | 1039 |  | 76044 |
|  Johnson Controls International plc | 854 |  | 90199 |
|  Lennox International, Inc. | 44 |  | 25223 |
|  Masco Corp. | 296 |  | 19051 |
|  Trane Technologies plc | 291 |  | 127286 |
|  |  |  | 381346 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** |
|  Cintas Corp. | 446 |  | 99400 |
|  Copart, Inc.\* | 1175 |  | 57657 |
|  Republic Services, Inc. | 261 |  | 64365 |
|  Rollins, Inc. | 376 |  | 21214 |
|  Veralto Corp. | 328 |  | 33112 |
|  Waste Management, Inc. | 500 |  | 114410 |
|  |  |  | 390158 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  Quanta Services, Inc. | 199 |  | 75238 |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** |
|  AMETEK, Inc. | 309 |  | 55917 |
|  Eaton Corp. plc | 516 |  | 184207 |
|  Emerson Electric Co. | 731 |  | 97464 |
|  GE Vernova, Inc. | 362 |  | 191552 |
|  Generac Holdings, Inc.\* | 79 |  | 11314 |
|  Hubbell, Inc., Class B | 72 |  | 29405 |
|  Rockwell Automation, Inc. | 152 |  | 50490 |
|  |  |  | 620349 |
|  ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** |
|  CSX Corp. | 2437 |  | 79519 |
|  JB Hunt Transport Services, Inc. | 110 |  | 15796 |
|  Norfolk Southern Corp. | 303 |  | 77559 |
|  Old Dominion Freight Line, Inc. | 254 |  | 41224 |
|  Uber Technologies, Inc.\* | 2786 |  | 259934 |
|  Union Pacific Corp. | 787 |  | 181073 |
|  |  |  | 655105 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 706 |  | 107481 |
|  Honeywell International, Inc. | 852 |  | 198414 |
|  |  |  | 305895 |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** |
|  Caterpillar, Inc. | 625 |  | 242631 |
|  Cummins, Inc. | 185 |  | 60588 |
|  Deere & Co. | 332 |  | 168819 |
|  Dover Corp. | 181 |  | 33165 |
|  Fortive Corp. | 457 |  | 23823 |
|  IDEX Corp. | 101 |  | 17733 |
|  Illinois Tool Works, Inc. | 359 |  | 88763 |
|  Ingersoll Rand, Inc. | 543 |  | 45167 |
|  Nordson Corp. | 73 |  | 15649 |
|  Otis Worldwide Corp. | 502 |  | 49708 |
|  PACCAR, Inc. | 704 |  | 66922 |
|  Parker-Hannifin Corp. | 167 |  | 116644 |
|  Pentair plc | 221 |  | 22688 |
|  Snap-on, Inc. | 71 |  | 22094 |
|  Stanley Black & Decker, Inc. | 207 |  | 14024 |
|  Westinghouse Air Brake Technologies Corp. | 228 |  | 47732 |
|  Xylem, Inc. | 326 |  | 42171 |
|  |  |  | 1078321 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Delta Air Lines, Inc. | 867 |  | 42639 |
|  Southwest Airlines Co. | 712 |  | 23097 |
|  United Airlines Holdings, Inc.\* | 438 |  | 34878 |
|  |  |  | 100614 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Automatic Data Processing, Inc. | 532 |  | 164069 |
|  Broadridge Financial Solutions, Inc. | 159 |  | 38642 |
|  Dayforce, Inc.\* | 195 |  | 10801 |
|  Equifax, Inc. | 166 |  | 43055 |
|  Jacobs Solutions, Inc. | 143 |  | 18797 |
|  Leidos Holdings, Inc. | 159 |  | 25084 |
|  Paychex, Inc. | 431 |  | 62693 |
|  Paycom Software, Inc. | 62 |  | 14347 |
|  Verisk Analytics, Inc. | 180 |  | 56070 |
|  |  |  | 433558 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 1538 |  | 64596 |
|  United Rentals, Inc. | 88 |  | 66299 |
|  W.W. Grainger, Inc. | 57 |  | 59294 |
|  |  |  | 190189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 5966474 |

---

See Notes to Financial Statements.

699

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Information Technology (7.5%)** | **Information Technology (7.5%)** | **Information Technology (7.5%)** |
|  ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** |
|  Arista Networks, Inc.\* | 1355 | $138630 |
|  Cisco Systems, Inc. | 5298 | 367575 |
|  F5, Inc.\* | 80 | 23546 |
|  Juniper Networks, Inc. | 439 | 17529 |
|  Motorola Solutions, Inc. | 218 | 91660 |
|  |  | 638940 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Amphenol Corp., Class A | 1586 | 156634 |
|  CDW Corp. | 181 | 32325 |
|  Corning, Inc. | 1035 | 54431 |
|  Jabil, Inc. | 148 | 32279 |
|  Keysight Technologies, Inc.\* | 234 | 38343 |
|  TE Connectivity plc | 395 | 66625 |
|  Teledyne Technologies, Inc.\* | 64 | 32788 |
|  Trimble, Inc.\* | 328 | 24921 |
|  Zebra Technologies Corp., Class A\* | 68 | 20968 |
|  |  | 459314 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Accenture plc, Class A | 834 | 249274 |
|  Akamai Technologies, Inc.\* | 211 | 16829 |
|  Cognizant Technology Solutions Corp., Class A | 666 | 51968 |
|  EPAM Systems, Inc.\* | 74 | 13085 |
|  Gartner, Inc.\* | 104 | 42039 |
|  GoDaddy, Inc., Class A\* | 190 | 34212 |
|  International Business Machines Corp. | 1236 | 364348 |
|  VeriSign, Inc. | 109 | 31479 |
|  |  | 803234 |
|  ***Semiconductors & Semiconductor Equipment (2.9%)*** | ***Semiconductors & Semiconductor Equipment (2.9%)*** | ***Semiconductors & Semiconductor Equipment (2.9%)*** |
|  Advanced Micro Devices, Inc.\* | 2151 | 305227 |
|  Analog Devices, Inc. | 662 | 157569 |
|  Applied Materials, Inc. | 1084 | 198448 |
|  Broadcom, Inc. | 6235 | 1718678 |
|  Enphase Energy, Inc.\* | 175 | 6939 |
|  First Solar, Inc.\* | 143 | 23672 |
|  Intel Corp. | 5817 | 130301 |
|  KLA Corp. | 175 | 156754 |
|  Lam Research Corp. | 1683 | 163823 |
|  Microchip Technology, Inc. | 725 | 51018 |
|  Micron Technology, Inc. | 1487 | 183273 |
|  Monolithic Power Systems, Inc. | 65 | 47540 |
|  NVIDIA Corp. | 32346 | 5110344 |
|  NXP Semiconductors NV | 342 | 74724 |
|  ON Semiconductor Corp.\* | 576 | 30188 |
|  QUALCOMM, Inc. | 1450 | 230927 |
|  Skyworks Solutions, Inc. | 215 | 16022 |
|  Teradyne, Inc. | 193 | 17354 |
|  Texas Instruments, Inc. | 1211 | 251428 |
|  |  | 8874229 |
|  ***Software (2.6%)*** | ***Software (2.6%)*** | ***Software (2.6%)*** |
|  Adobe, Inc.\* | 564 | 218200 |
|  ANSYS, Inc.\* | 118 | 41444 |
|  Autodesk, Inc.\* | 281 | 86989 |
|  Cadence Design Systems, Inc.\* | 359 | 110626 |
|  Crowdstrike Holdings, Inc., Class A\* | 331 | 168582 |
|  Fair Isaac Corp.\* | 33 | 60323 |
|  Fortinet, Inc.\* | 835 | 88276 |
|  Gen Digital, Inc. | 741 | 21785 |
|  Intuit, Inc. | 369 | 290636 |
|  Microsoft Corp. | 9862 | 4905457 |
|  Oracle Corp. | 2159 | 472022 |
|  Palantir Technologies, Inc., Class A\* | 2824 | 384968 |
|  Palo Alto Networks, Inc.\* | 871 | 178242 |
|  PTC, Inc.\* | 159 | 27402 |
|  Roper Technologies, Inc. | 139 | 78791 |
|  Salesforce, Inc. | 1276 | 347952 |
|  ServiceNow, Inc.\* | 275 | 282722 |
|  Synopsys, Inc.\* | 202 | 103561 |
|  Tyler Technologies, Inc.\* | 57 | 33792 |
|  Workday, Inc., Class A\* | 294 | 70560 |
|  |  | 7972330 |
|  ***Technology Hardware, Storage & Peripherals (1.4%)*** | ***Technology Hardware, Storage & Peripherals (1.4%)*** | ***Technology Hardware, Storage & Peripherals (1.4%)*** |
|  Apple, Inc. | 19812 | 4064828 |
|  Dell Technologies, Inc., Class C | 399 | 48917 |
|  Hewlett Packard Enterprise Co. | 1750 | 35787 |
|  HP, Inc. | 1274 | 31162 |
|  NetApp, Inc. | 278 | 29621 |
|  Seagate Technology Holdings plc | 278 | 40124 |
|  Super Micro Computer, Inc. (x)\* | 680 | 33327 |
|  Western Digital Corp. | 431 | 27580 |
|  |  | 4311346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 23059393 |
|  **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Air Products and Chemicals, Inc. | 298 | 84054 |
|  Albemarle Corp. (x) | 150 | 9401 |
|  CF Industries Holdings, Inc. | 213 | 19596 |
|  Corteva, Inc. | 921 | 68642 |
|  Dow, Inc. | 945 | 25024 |
|  DuPont de Nemours, Inc. | 562 | 38548 |
|  Eastman Chemical Co. | 153 | 11423 |
|  Ecolab, Inc. | 327 | 88107 |
|  International Flavors & Fragrances, Inc. | 344 | 25301 |
|  Linde plc | 624 | 292768 |
|  LyondellBasell Industries NV, Class A (x) | 347 | 20077 |
|  Mosaic Co. (The) | 408 | 14884 |
|  PPG Industries, Inc. | 286 | 32532 |
|  Sherwin-Williams Co. (The) | 300 | 103008 |
|  |  | 833365 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. | 77 | 42270 |
|  Vulcan Materials Co. | 178 | 46426 |
|  |  | 88696 |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** |
|  Amcor plc | 3103 | 28517 |
|  Avery Dennison Corp. | 109 | 19126 |
|  Ball Corp. | 356 | 19968 |
|  International Paper Co. | 698 | 32687 |
|  Packaging Corp. of America | 120 | 22614 |

---

See Notes to Financial Statements.

700

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Smurfit WestRock plc | 686 | $| 29601 |
|  |  |  | 152513 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 1929 |  | 83622 |
|  Newmont Corp. | 1481 |  | 86283 |
|  Nucor Corp. | 295 |  | 38214 |
|  Steel Dynamics, Inc. | 172 |  | 22018 |
|  |  |  | 230137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 1304711 |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 211 |  | 15325 |
|  Healthpeak Properties, Inc. (REIT) | 945 |  | 16547 |
|  Ventas, Inc. (REIT) | 596 |  | 37637 |
|  Welltower, Inc. (REIT) | 828 |  | 127289 |
|  |  |  | 196798 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 892 |  | 13701 |
|  ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** |
|  Prologis, Inc. (REIT) | 1236 |  | 129928 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 184 |  | 12414 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 396 |  | 55488 |
|  CoStar Group, Inc.\* | 575 |  | 46230 |
|  |  |  | 101718 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 191 |  | 38868 |
|  Camden Property Trust (REIT) | 143 |  | 16115 |
|  Equity Residential (REIT) | 463 |  | 31248 |
|  Essex Property Trust, Inc. (REIT) | 86 |  | 24372 |
|  Invitation Homes, Inc. (REIT) | 769 |  | 25223 |
|  Mid-America Apartment Communities, Inc. (REIT) | 157 |  | 23238 |
|  UDR, Inc. (REIT) | 406 |  | 16577 |
|  |  |  | 175641 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 95 |  | 9024 |
|  Kimco Realty Corp. (REIT) | 902 |  | 18960 |
|  Realty Income Corp. (REIT) | 1186 |  | 68326 |
|  Regency Centers Corp. (REIT) | 220 |  | 15671 |
|  Simon Property Group, Inc. (REIT) | 411 |  | 66072 |
|  |  |  | 178053 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  American Tower Corp. (REIT) | 626 |  | 138359 |
|  Crown Castle, Inc. (REIT) | 584 |  | 59994 |
|  Digital Realty Trust, Inc. (REIT) | 411 |  | 71650 |
|  Equinix, Inc. (REIT) | 131 |  | 104207 |
|  Extra Space Storage, Inc. (REIT) | 285 |  | 42020 |
|  Iron Mountain, Inc. (REIT) | 394 |  | 40413 |
|  Public Storage (REIT) | 201 |  | 58977 |
|  SBA Communications Corp. (REIT) | 144 |  | 33817 |
|  VICI Properties, Inc. (REIT), Class A | 1400 |  | 45640 |
|  Weyerhaeuser Co. (REIT) | 980 |  | 25176 |
|  |  |  | 620253 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1428506 |
|  ***Utilities (0.5%)*** | ***Utilities (0.5%)*** | ***Utilities (0.5%)*** | ***Utilities (0.5%)*** |
|  ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** |
|  Alliant Energy Corp. | 344 |  | 20802 |
|  American Electric Power Co., Inc. | 692 |  | 71802 |
|  Constellation Energy Corp. | 411 |  | 132654 |
|  Duke Energy Corp. | 1023 |  | 120714 |
|  Edison International | 518 |  | 26729 |
|  Entergy Corp. | 612 |  | 50869 |
|  Evergy, Inc. | 309 |  | 21299 |
|  Eversource Energy | 504 |  | 32064 |
|  Exelon Corp. | 1294 |  | 56185 |
|  FirstEnergy Corp. | 695 |  | 27981 |
|  NextEra Energy, Inc. | 2752 |  | 191044 |
|  NRG Energy, Inc. | 258 |  | 41430 |
|  PG&E Corp. | 3003 |  | 41862 |
|  Pinnacle West Capital Corp. | 153 |  | 13689 |
|  PPL Corp. | 993 |  | 33653 |
|  Southern Co. (The) | 1447 |  | 132878 |
|  Xcel Energy, Inc. | 768 |  | 52301 |
|  |  |  | 1067956 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 214 |  | 32979 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  AES Corp. (The) | 896 |  | 9426 |
|  Vistra Corp. | 444 |  | 86052 |
|  |  |  | 95478 |
|  ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** |
|  Ameren Corp. | 375 |  | 36015 |
|  CenterPoint Energy, Inc. | 820 |  | 30127 |
|  CMS Energy Corp. | 423 |  | 29305 |
|  Consolidated Edison, Inc. | 465 |  | 46663 |
|  Dominion Energy, Inc. | 1125 |  | 63585 |
|  DTE Energy Co. | 275 |  | 36426 |
|  NiSource, Inc. | 666 |  | 26866 |
|  Public Service Enterprise Group, Inc. | 666 |  | 56064 |
|  Sempra | 850 |  | 64405 |
|  WEC Energy Group, Inc. | 425 |  | 44285 |
|  |  |  | 433741 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 260 |  | 36169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 1666323 |
|  **Total Common Stocks (22.6%)**<br> *(Cost $35,884,482)* |  |  | 69633190 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  ***Equity (32.6%)*** | ***Equity (32.6%)*** | ***Equity (32.6%)*** | ***Equity (32.6%)*** |
|  iShares Core MSCI EAFE ETF | 910500 |  | 76008540 |
|  iShares Core S&P Mid-Cap ETF (x) | 195370 |  | 12116847 |
|  iShares Russell 2000 ETF (x) | 55773 |  | 12035256 |
|  **Total Exchange Traded Funds (32.6%)**<br> *(Cost $72,000,029)* | **Total Exchange Traded Funds (32.6%)**<br> *(Cost $72,000,029)* |  | 100160643 |

---

See Notes to Financial Statements.

701

------

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  ***U.S. Treasury Obligations (43.4%)*** | ***U.S. Treasury Obligations (43.4%)*** | ***U.S. Treasury Obligations (43.4%)*** |
|  U.S. Treasury Notes 2.375%, 5/15/27 | $2020700 | $1970416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/31/27 | 5051200 | 4690689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 7/31/28 | 10131900 | 9338924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 15503300 | 15119793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 13609800 | 12588819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/31/28 | 11742000 | 10883371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/29 | 9313000 | 9086517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/29 | 9250800 | 9291093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 23645000 | 20157786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 10529300 | 9106733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 16313500 | 14381910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 19320500 | 16972456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 133588507 |
|  **Total Long-Term Debt Securities (43.4%)**<br> (Cost $131,665,702) |  | 133588507 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 166303 | 166303 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 542178 | $542286 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 708589 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $708,589)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $708,589)* | 708589 |
|  **Total Investments in Securities (98.8%)**<br> *(Cost $240,258,802)* | **Total Investments in Securities (98.8%)**<br> *(Cost $240,258,802)* | 304090929 |
|  **Other Assets Less Liabilities (1.2%)** | **Other Assets Less Liabilities (1.2%)** | 3833578 |
|  **Net Assets (100%)** |  | $307924507 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $11,069,717. This was collateralized by $11,152,942 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $166,303 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 Micro E-Mini Index | 7 | 9/2025 | USD | 218881 | 7683 |
|  |  |  |  |  | 7683 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $6818218 | $— | $— | $6818218 |
|  Consumer Discretionary | 7226766 |  |  | 7226766 |
|  Consumer Staples | 3834459 |  |  | 3834459 |
|  Energy | 2072442 |  |  | 2072442 |
|  Financials | 9762614 |  |  | 9762614 |

---

See Notes to Financial Statements.

702

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EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Health Care | $6493284 | $— | $— | $6493284 |
|  Industrials | 5966474 |  |  | 5966474 |
|  Information Technology | 23059393 |  |  | 23059393 |
|  Materials | 1304711 |  |  | 1304711 |
|  Real Estate | 1428506 |  |  | 1428506 |
|  Utilities | 1666323 |  |  | 1666323 |
|  **Exchange Traded Funds** | 100160643 |  |  | 100160643 |
|  **Futures** | 7683 |  |  | 7683 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 708589 |  |  | 708589 |
|  **U.S. Treasury Obligations** |  | 133588507 |  | 133588507 |
|  **Total Assets** | $**170510105** | $**133588507** | $**—** | $**304098612** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**170510105** | $**133588507** | $**—** | $**304098612** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $7683 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(7634285) | $(7634285) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7634285) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7634285) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $32946 | $32946 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32946 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

#### Average Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $459000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 43937000.0 |

---

See Notes to Financial Statements.

703

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $11389727.0 |
|  Long-term U.S. government debt securities | 27737432.0 |
|  | $39127159.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $18474533.0 |
|  Long-term U.S. government debt securities | 25420298.0 |
|  | $43894831.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $66632387 |
|  Aggregate gross unrealized depreciation | (2859796) |
|  Net unrealized appreciation | $63772591 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $240326021 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $131 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

704

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EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $240,258,802) | $304090929.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3706999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 798078.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 16125.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 7367.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3712.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 308628345.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 226666.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 176418.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 166303.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 62538.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 30257.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 41656.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 703838.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $307924507.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $278958858.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 28965649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $307924507.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $307,924,507 / 24,949,236 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.34 |

---

*(x)* *Includes value of securities on loan of $11,069,717.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $2628326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $116 foreign withholding tax) | 1905992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 10783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4545101 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1180347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 368858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 184162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 15308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1802726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (145135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1657591 |
|  **NET INVESTMENT INCOME (LOSS)** | 2887510 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3109252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7634285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4525033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 16676837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 32946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16709783 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 12184750 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15072260 |

---

See Notes to Financial Statements.

705

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025 (Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2887510 | $4983414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4525033) | (625284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16709783 | 14677631 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 15072260 | 19035761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (4869698) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,987,671 and 3,770,067 shares, respectively ] | 23710048 | 43753393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 406,915 shares, respectively ] |  | 4869698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1788497) and (2873689) shares, respectively ] | (21255194) | (33552523) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2454854 | 15070568 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 17527114 | 29236631 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 290397393 | 261160762 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $307924507 | $290397393 |

---

See Notes to Financial Statements.

706

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.73 | $11.14 | $10.07 | $11.87 | $11.85 | $11.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.21 | 0.18 | 0.07 | 0.05 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.49 | 0.58 | 1.05 | (1.75) | 0.92 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.79 | 1.23 | (1.68) | 0.97 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.16) | (0.11) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.92) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.20) | (0.16) | (0.12) | (0.95) | (0.11) |
|  Net asset value, end of period | $12.34 | $11.73 | $11.14 | $10.07 | $11.87 | $11.85 |
|  Total return (b) | 5.20% | 7.05% | 12.27% | (14.22)% | 8.27% | 2.85% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $307925 | $290397 | $261161 | $212262 | $242594 | $219152 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.12 %(j) | 1.12 %(j) | 1.12 %(j) | 1.16 %(k) | 1.17 %(o) | 1.17 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.22% | 1.23% | 1.23% | 1.22% | 1.21% | 1.24% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.96% | 1.76% | 1.65% | 0.70% | 0.41% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.86% | 1.66% | 1.54% | 0.63% | 0.36% | 0.33% |
|  Portfolio turnover rate^ | 13 %(z) | 11% | 69% | 61% | 69% | 77% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

707

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Consumer Discretionary (6.3%)** | **Consumer Discretionary (6.3%)** | **Consumer Discretionary (6.3%)** |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** |
|  McDonald's Corp. | 22874 | $6683096 |
|  ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** |
|  DR Horton, Inc. | 14341 | 1848842 |
|  ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** | ***Specialty Retail (3.4%)*** |
|  Lowe's Cos., Inc. | 25192 | 5589349 |
|  Ross Stores, Inc. | 33641 | 4291919 |
|  Tractor Supply Co. | 33042 | 1743626 |
|  |  | 11624894 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  NIKE, Inc., Class B | 22025 | 1564656 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 21721488 |
|  **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** | **Consumer Staples (8.5%)** |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** |
|  PepsiCo, Inc. | 30461 | 4022070 |
|  ***Consumer Staples Distribution & Retail (4.0%)*** | ***Consumer Staples Distribution & Retail (4.0%)*** | ***Consumer Staples Distribution & Retail (4.0%)*** |
|  Casey's General Stores, Inc. | 6282 | 3205516 |
|  Target Corp. | 13740 | 1355451 |
|  Walmart, Inc. | 94425 | 9232877 |
|  |  | 13793844 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  McCormick & Co., Inc. (Non-Voting) | 34553 | 2619809 |
|  ***Household Products (2.6%)*** | ***Household Products (2.6%)*** | ***Household Products (2.6%)*** |
|  Colgate-Palmolive Co. | 29152 | 2649917 |
|  Procter & Gamble Co. (The) | 39561 | 6302858 |
|  |  | 8952775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 29388498 |
|  ***Energy (2.6%)*** | ***Energy (2.6%)*** | ***Energy (2.6%)*** |
|  ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** |
|  Chevron Corp. | 27932 | 3999583 |
|  EOG Resources, Inc. | 18469 | 2209077 |
|  Exxon Mobil Corp. | 27076 | 2918793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 9127453 |
|  **Financials (15.5%)** | **Financials (15.5%)** | **Financials (15.5%)** |
|  ***Banks (3.0%)*** | ***Banks (3.0%)*** | ***Banks (3.0%)*** |
|  JPMorgan Chase & Co. | 35405 | 10264264 |
|  ***Capital Markets (7.4%)*** | ***Capital Markets (7.4%)*** | ***Capital Markets (7.4%)*** |
|  Ares Management Corp., Class A | 26084 | 4517749 |
|  Charles Schwab Corp. (The) | 70285 | 6412803 |
|  Morgan Stanley | 51015 | 7185973 |
|  Nasdaq, Inc. | 81682 | 7304004 |
|  |  | 25420529 |
|  ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** |
|  Visa, Inc., Class A | 33077 | 11743989 |
|  ***Insurance (1.7%)*** | ***Insurance (1.7%)*** | ***Insurance (1.7%)*** |
|  Erie Indemnity Co., Class A | 7592 | 2632830 |
|  Marsh & McLennan Cos., Inc. | 15214 | 3326389 |
|  |  | 5959219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 53388001 |
|  **Health Care (13.2%)** | **Health Care (13.2%)** | **Health Care (13.2%)** |
|  ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** |
|  AbbVie, Inc. | 26449 | 4909463 |
|  ***Health Care Equipment & Supplies (6.9%)*** | ***Health Care Equipment & Supplies (6.9%)*** | ***Health Care Equipment & Supplies (6.9%)*** |
|  Abbott Laboratories | 56543 | 7690414 |
|  Becton Dickinson & Co. | 18380 | 3165955 |
|  STERIS plc | 13378 | 3213663 |
|  Stryker Corp. | 24686 | 9766522 |
|  |  | 23836554 |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |
|  UnitedHealth Group, Inc. | 2244 | 700061 |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** |
|  Danaher Corp. | 20292 | 4008482 |
|  West Pharmaceutical Services, Inc. | 10787 | 2360195 |
|  |  | 6368677 |
|  ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** |
|  Eli Lilly & Co. | 5731 | 4467487 |
|  Johnson & Johnson | 35580 | 5434845 |
|  |  | 9902332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 45717087 |
|  **Industrials (14.5%)** | **Industrials (14.5%)** | **Industrials (14.5%)** |
|  ***Aerospace & Defense (3.6%)*** | ***Aerospace & Defense (3.6%)*** | ***Aerospace & Defense (3.6%)*** |
|  General Dynamics Corp. | 18094 | 5277296 |
|  RTX Corp. | 49256 | 7192361 |
|  |  | 12469657 |
|  ***Building Products (3.2%)*** | ***Building Products (3.2%)*** | ***Building Products (3.2%)*** |
|  Carlisle Cos., Inc. | 11569 | 4319865 |
|  Johnson Controls International plc | 62949 | 6648673 |
|  |  | 10968538 |
|  ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** | ***Commercial Services & Supplies (1.7%)*** |
|  Cintas Corp. | 25667 | 5720404 |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** |
|  nVent Electric plc | 76421 | 5597838 |
|  ***Industrial Conglomerates (1.8%)*** | ***Industrial Conglomerates (1.8%)*** | ***Industrial Conglomerates (1.8%)*** |
|  Honeywell International, Inc. | 26197 | 6100758 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  Parker-Hannifin Corp. | 5591 | 3905146 |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** |
|  W.W. Grainger, Inc. | 5007 | 5208482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 49970823 |
|  **Information Technology (30.4%)** | **Information Technology (30.4%)** | **Information Technology (30.4%)** |
|  ***IT Services (2.2%)*** | ***IT Services (2.2%)*** | ***IT Services (2.2%)*** |
|  Accenture plc, Class A | 25004 | 7473446 |
|  ***Semiconductors & Semiconductor Equipment (10.0%)*** | ***Semiconductors & Semiconductor Equipment (10.0%)*** | ***Semiconductors & Semiconductor Equipment (10.0%)*** |
|  Analog Devices, Inc. | 28252 | 6724541 |
|  Applied Materials, Inc. | 12251 | 2242791 |
|  Broadcom, Inc. | 57234 | 15776552 |
|  Texas Instruments, Inc. | 46523 | 9659105 |
|  |  | 34402989 |
|  ***Software (15.3%)*** | ***Software (15.3%)*** | ***Software (15.3%)*** |
|  Microsoft Corp. | 68012 | 33829849 |
|  Oracle Corp. | 46601 | 10188376 |

---

See Notes to Financial Statements.

708

------

EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Roper Technologies, Inc. | 15863 | $8991783 |
|  |  | 53010008 |
|  ***Technology Hardware, Storage & Peripherals (2.9%)*** | ***Technology Hardware, Storage & Peripherals (2.9%)*** | ***Technology Hardware, Storage & Peripherals (2.9%)*** |
|  Apple, Inc. | 49443 | 10144220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 105030663 |
|  **Materials (6.2%)** | **Materials (6.2%)** | **Materials (6.2%)** |
|  ***Chemicals (6.2%)*** | ***Chemicals (6.2%)*** | ***Chemicals (6.2%)*** |
|  Air Products and Chemicals, Inc. | 14324 | 4040227 |
|  Ecolab, Inc. | 16532 | 4454382 |
|  Linde plc | 21397 | 10039045 |
|  Sherwin-Williams Co. (The) | 8065 | 2769198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 21302852 |
|  **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** |
|  ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** |
|  NextEra Energy, Inc. | 56289 | 3907582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 3907582 |
|  **Total Common Stocks (98.3%)**<br> *(Cost $203,777,696)* |  | 339554447 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%**) | **Investment Companies (0.5%**) |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 1653713 | 1654044 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $1,654,099)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $1,654,099)* | 1654044 |
|  **Total Investments in Securities (98.8%)**<br> *(Cost $205,431,795)* | **Total Investments in Securities (98.8%)**<br> *(Cost $205,431,795)* | 341208491 |
|  **Other Assets Less Liabilities (1.2%)** | **Other Assets Less Liabilities (1.2%)** | 4044850 |
|  **Net Assets (100%)** |  | $345253341 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $21721488 | $— | $— | $21721488 |
|  Consumer Staples | 29388498 |  |  | 29388498 |
|  Energy | 9127453 |  |  | 9127453 |
|  Financials | 53388001 |  |  | 53388001 |
|  Health Care | 45717087 |  |  | 45717087 |
|  Industrials | 49970823 |  |  | 49970823 |
|  Information Technology | 105030663 |  |  | 105030663 |
|  Materials | 21302852 |  |  | 21302852 |
|  Utilities | 3907582 |  |  | 3907582 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1654044 |  |  | 1654044 |
|  **Total Assets** | $**341208491** | $**—** | $**—** | $**341208491** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**341208491** | $**—** | $**—** | $**341208491** |

---

See Notes to Financial Statements.

709

------

EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $26106406.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $37058847.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $139520718 |
|  Aggregate gross unrealized depreciation | (3754536) |
|  Net unrealized appreciation | $135766182 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $205442309 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $845 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

710

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $205,431,795) | $341208491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 91522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 55131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 42278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 345701600 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 172058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 136225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 69596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 24993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 45387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 448259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $345253341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $196704497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 148548844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $345253341 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $345,253,341 / 6,794,463 shares outstanding (unlimited amount authorized: $0.01 par value) | $50.81 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2731093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 89706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2821501 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 992563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 413566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 150114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 16533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 11218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1627109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (189342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1437767 |
|  **NET INVESTMENT INCOME (LOSS)** | 1383734 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 5548256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 12406541 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 17954797 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19338531 |

---

See Notes to Financial Statements.

711

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1383734 | $2930063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5548256 | 14851617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12406541 | 16659537 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 19338531 | 34441217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (12966507) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 257,170 and 621,206 shares, respectively ] | 12378618 | 29876222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 261,235 shares, respectively ] |  | 12966507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (510543) and (1032878) shares, respectively ] | (24493439) | (49876138) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (12114821) | (7033409) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 7223710 | 14441301 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 338029631 | 323588330 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $345253341 | $338029631 |

---

See Notes to Financial Statements.

712

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $47.96 | $44.95 | $40.67 | $46.42 | $36.85 | $31.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.42 | 0.47 | 0.39 | 0.28 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.65 | 4.49 | 4.46 | (5.30) | 9.58 | 4.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.85 | 4.91 | 4.93 | (4.91) | 9.86 | 5.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.43) | (0.48) | (0.31) | (0.29) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.47) | (0.17) | (0.53) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.90) | (0.65) | (0.84) | (0.29) | (0.31) |
|  Net asset value, end of period | $50.81 | $47.96 | $44.95 | $40.67 | $46.42 | $36.85 |
|  Total return (b) | 5.94% | 10.80% | 12.10% | (10.60)% | 26.76% | 16.19% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $345253 | $338030 | $323588 | $303252 | $263897 | $213660 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.98% | 0.99% | 0.99% | 0.99% | 0.99% | 1.01% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.84% | 0.87% | 1.10% | 0.96% | 0.67% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.72% | 0.75% | 0.98% | 0.84% | 0.55% | 0.83% |
|  Portfolio turnover rate^ | 8 %(z) | 16% | 4% | 5% | 4% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

713

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.0%)** | **Communication Services (1.0%)** | **Communication Services (1.0%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  Anterix, Inc.\* | 415 | $10645 |
|  AST SpaceMobile, Inc., Class A\* | 355 | 16589 |
|  ATN International, Inc. | 332 | 5395 |
|  Bandwidth, Inc., Class A\* | 960 | 15264 |
|  Cogent Communications Holdings, Inc. | 1597 | 76991 |
|  Globalstar, Inc.\* | 1823 | 42932 |
|  IDT Corp., Class B | 570 | 38942 |
|  Liberty Latin America Ltd., Class A\* | 663 | 4044 |
|  Liberty Latin America Ltd., Class C\* | 4599 | 28606 |
|  Lumen Technologies, Inc.\* | 34520 | 151198 |
|  Shenandoah Telecommunications Co. | 1694 | 23140 |
|  |  | 413746 |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 14545 | 45090 |
|  Atlanta Braves Holdings, Inc., Class A\* | 206 | 10137 |
|  Atlanta Braves Holdings, Inc., Class C\* | 1735 | 81146 |
|  Cinemark Holdings, Inc. | 3909 | 117974 |
|  CuriosityStream, Inc. | 1093 | 6154 |
|  Eventbrite, Inc., Class A\* | 3272 | 8605 |
|  Gaia, Inc., Class A\* | 957 | 4201 |
|  Golden Matrix Group, Inc. (x)\* | 1009 | 1715 |
|  IMAX Corp. (x)\* | 1599 | 44708 |
|  Lionsgate Studios Corp.\* | 6682 | 38823 |
|  Madison Square Garden Entertainment Corp., Class A\* | 1427 | 57037 |
|  Marcus Corp. (The) | 697 | 11751 |
|  Playstudios, Inc.\* | 3467 | 4542 |
|  Playtika Holding Corp. | 1997 | 9446 |
|  Reservoir Media, Inc.\* | 816 | 6259 |
|  Sphere Entertainment Co. (x)\* | 1044 | 43639 |
|  Starz Entertainment Corp. | 487 | 7826 |
|  Vivid Seats, Inc., Class A\* | 2977 | 5031 |
|  |  | 504084 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  Angi, Inc., Class A\* | 1534 | 23409 |
|  Arena Group Holdings, Inc. (The)\* | 695 | 4309 |
|  Bumble, Inc., Class A\* | 2807 | 18498 |
|  Cargurus, Inc., Class A\* | 2947 | 98636 |
|  Cars.com, Inc.\* | 2045 | 24233 |
|  EverQuote, Inc., Class A\* | 959 | 23189 |
|  fuboTV, Inc. (x)\* | 11903 | 45946 |
|  Getty Images Holdings, Inc. (x)\* | 4250 | 7055 |
|  Grindr, Inc.\* | 1206 | 27376 |
|  MediaAlpha, Inc., Class A\* | 1235 | 13523 |
|  Nextdoor Holdings, Inc.\* | 7332 | 12171 |
|  QuinStreet, Inc.\* | 1908 | 30719 |
|  Rumble, Inc. (x)\* | 2806 | 25198 |
|  Shutterstock, Inc. | 936 | 17747 |
|  System1, Inc.\* | 48 | 265 |
|  Teads Holding Co. (x)\* | 1596 | 3958 |
|  Travelzoo\* | 356 | 4532 |
|  TripAdvisor, Inc.\* | 4178 | 54523 |
|  TrueCar, Inc.\* | 3824 | 7266 |
|  Vimeo, Inc.\* | 5513 | 22272 |
|  VTEX, Class A\* | 2039 | 13457 |
|  Webtoon Entertainment, Inc. (x)\* | 617 | 5602 |
|  Yelp, Inc., Class A\* | 2295 | 78650 |
|  Ziff Davis, Inc.\* | 1510 | 45708 |
|  ZipRecruiter, Inc., Class A\* | 2224 | 11142 |
|  |  | 619384 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Advantage Solutions, Inc. (x)\* | 4429 | 5846 |
|  Altice USA, Inc., Class A\* | 9381 | 20075 |
|  AMC Networks, Inc., Class A\* | 1313 | 8233 |
|  Boston Omaha Corp., Class A (x)\* | 657 | 9224 |
|  Cable One, Inc. (x) | 202 | 27434 |
|  Cardlytics, Inc. (x)\* | 189 | 311 |
|  EchoStar Corp., Class A\* | 4910 | 136007 |
|  Emerald Holding, Inc. (x) | 687 | 3332 |
|  Entravision Communications Corp., Class A | 2600 | 6032 |
|  EW Scripps Co. (The), Class A\* | 2577 | 7576 |
|  Gambling.com Group Ltd.\* | 684 | 8133 |
|  Gannett Co., Inc.\* | 5210 | 18652 |
|  Gray Media, Inc. | 3418 | 15484 |
|  Ibotta, Inc., Class A\* | 463 | 16946 |
|  iHeartMedia, Inc., Class A\* | 4455 | 7841 |
|  Integral Ad Science Holding Corp.\* | 2865 | 23808 |
|  John Wiley & Sons, Inc., Class A | 1435 | 64044 |
|  Magnite, Inc.\* | 5055 | 121927 |
|  National CineMedia, Inc. | 2760 | 13372 |
|  Newsmax, Inc., Class B (x)\* | 356 | 5386 |
|  Nexxen International Ltd.\* | 1246 | 12971 |
|  PubMatic, Inc., Class A\* | 1391 | 17304 |
|  Scholastic Corp. | 762 | 15987 |
|  Sinclair, Inc. | 1482 | 20481 |
|  Stagwell, Inc., Class A (x)\* | 4253 | 19138 |
|  TechTarget, Inc.\* | 1069 | 8306 |
|  TEGNA, Inc. | 5683 | 95247 |
|  Thryv Holdings, Inc.\* | 1291 | 15699 |
|  WideOpenWest, Inc.\* | 1574 | 6390 |
|  |  | 731186 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 2359 | 34630 |
|  Spok Holdings, Inc. | 601 | 10626 |
|  Telephone and Data Systems, Inc. | 3602 | 128159 |
|  |  | 173415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2441815 |
|  **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** |
|  ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** |
|  Adient plc\* | 2942 | 57251 |
|  American Axle & Manufacturing Holdings, Inc.\* | 4074 | 16622 |
|  Cooper-Standard Holdings, Inc.\* | 597 | 12836 |
|  Dana, Inc. | 4766 | 81737 |
|  Dorman Products, Inc.\* | 1000 | 122670 |
|  Fox Factory Holding Corp.\* | 1564 | 40570 |
|  Garrett Motion, Inc. | 4567 | 47999 |
|  Gentherm, Inc.\* | 1042 | 29478 |
|  Goodyear Tire & Rubber Co. (The)\* | 9448 | 97976 |
|  Holley, Inc. (x)\* | 2154 | 4308 |
|  LCI Industries | 895 | 81615 |

---

See Notes to Financial Statements.

714

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Luminar Technologies, Inc., Class A (x)\* | 955 | $| 2741 |
|  Modine Manufacturing Co.\* | 1894 |  | 186559 |
|  Motorcar Parts of America, Inc.\* | 636 |  | 7123 |
|  Patrick Industries, Inc. | 1192 |  | 109986 |
|  Phinia, Inc. | 1404 |  | 62464 |
|  Solid Power, Inc. (x)\* | 4906 |  | 10744 |
|  Standard Motor Products, Inc. | 801 |  | 24607 |
|  Stoneridge, Inc.\* | 157 |  | 1105 |
|  Strattec Security Corp.\* | 112 |  | 6968 |
|  Visteon Corp.\* | 988 |  | 92180 |
|  XPEL, Inc. (m)\* | 848 |  | 30443 |
|  |  |  | 1127982 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Faraday Future Intelligent Electric, Inc., Class A\* | 3214 |  | 5399 |
|  Livewire Group, Inc. (x)\* | 1343 |  | 6178 |
|  Winnebago Industries, Inc. | 953 |  | 27637 |
|  |  |  | 39214 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  1stdibs.com, Inc.\* | 120 |  | 330 |
|  Groupon, Inc. (x)\* | 833 |  | 27864 |
|  Kohl's Corp. (x) | 3907 |  | 33131 |
|  Savers Value Village, Inc.\* | 805 |  | 8211 |
|  |  |  | 69536 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  A-Mark Precious Metals, Inc. | 651 |  | 14439 |
|  GigaCloud Technology, Inc.,<br>Class A (x)\* | 914 |  | 18079 |
|  Weyco Group, Inc. | 214 |  | 7096 |
|  |  |  | 39614 |
|  ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** |
|  Adtalem Global Education, Inc.\* | 1342 |  | 170743 |
|  American Public Education, Inc.\* | 558 |  | 16997 |
|  Carriage Services, Inc., Class A | 455 |  | 20812 |
|  Chegg, Inc.\* | 359 |  | 434 |
|  Coursera, Inc.\* | 4953 |  | 43388 |
|  European Wax Center, Inc., Class A\* | 1381 |  | 7775 |
|  Frontdoor, Inc.\* | 2666 |  | 157134 |
|  Graham Holdings Co., Class B | 114 |  | 107863 |
|  KinderCare Learning Cos., Inc.\* | 992 |  | 10019 |
|  Laureate Education, Inc.\* | 4584 |  | 107174 |
|  Lincoln Educational Services Corp.\* | 1116 |  | 25724 |
|  Matthews International Corp., Class A | 1018 |  | 24340 |
|  Mister Car Wash, Inc.\* | 3325 |  | 19983 |
|  Nerdy, Inc.\* | 2323 |  | 3787 |
|  OneSpaWorld Holdings Ltd. | 3439 |  | 70121 |
|  Perdoceo Education Corp. | 2192 |  | 71657 |
|  Strategic Education, Inc. | 869 |  | 73978 |
|  Stride, Inc.\* | 1557 |  | 226061 |
|  Udemy, Inc.\* | 3505 |  | 24640 |
|  Universal Technical Institute, Inc.\* | 1700 |  | 57613 |
|  |  |  | 1240243 |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** |
|  Accel Entertainment, Inc., Class A\* | 2028 |  | 23870 |
|  Bally's Corp.\* | 456 |  | 4369 |
|  Biglari Holdings, Inc., Class B\* | 32 |  | 9351 |
|  BJ's Restaurants, Inc.\* | 767 |  | 34208 |
|  Bloomin' Brands, Inc. | 2833 |  | 24392 |
|  Boyd Gaming Corp. | 17902 |  | 1400473 |
|  Brinker International, Inc.\* | 1607 |  | 289790 |
|  Cheesecake Factory, Inc. (The) (x) | 1681 |  | 105331 |
|  Cracker Barrel Old Country Store, Inc. (x) | 800 |  | 48864 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 978 |  | 29418 |
|  Denny's Corp.\* | 1963 |  | 8048 |
|  Dine Brands Global, Inc. (x) | 579 |  | 14087 |
|  El Pollo Loco Holdings, Inc.\* | 919 |  | 10118 |
|  Everi Holdings, Inc.\* | 3021 |  | 43019 |
|  First Watch Restaurant Group, Inc.\* | 1363 |  | 21863 |
|  Full House Resorts, Inc.\* | 204 |  | 747 |
|  Genius Sports Ltd.\* | 7963 |  | 82815 |
|  Global Business Travel Group I (x)\* | 3330 |  | 20979 |
|  Golden Entertainment, Inc. | 658 |  | 19365 |
|  Hilton Grand Vacations, Inc.\* | 47528 |  | 1973838 |
|  Inspired Entertainment, Inc.\* | 947 |  | 7737 |
|  International Game Technology plc | 4127 |  | 65248 |
|  Jack in the Box, Inc. (x) | 695 |  | 12135 |
|  Krispy Kreme, Inc. (x) | 3312 |  | 9638 |
|  Kura Sushi USA, Inc., Class A (x)\* | 238 |  | 20487 |
|  Life Time Group Holdings, Inc.\* | 4902 |  | 148678 |
|  Lindblad Expeditions Holdings, Inc.\* | 1444 |  | 16851 |
|  Marriott Vacations Worldwide Corp. | 1149 |  | 83084 |
|  Monarch Casino & Resort, Inc. | 452 |  | 39071 |
|  Nathan's Famous, Inc. | 92 |  | 10173 |
|  ONE Group Hospitality, Inc. (The) (x)\* | 104 |  | 421 |
|  Papa John's International, Inc. | 1142 |  | 55890 |
|  PlayAGS, Inc.\* | 1392 |  | 17386 |
|  Portillo's, Inc., Class A (x)\* | 2083 |  | 24309 |
|  Potbelly Corp.\* | 1058 |  | 12961 |
|  Pursuit Attractions and Hospitality, Inc.\* | 810 |  | 23352 |
|  RCI Hospitality Holdings, Inc. | 251 |  | 9568 |
|  Red Rock Resorts, Inc., Class A | 1783 |  | 92770 |
|  Rush Street Interactive, Inc.\* | 3186 |  | 47471 |
|  Sabre Corp.\* | 12775 |  | 40369 |
|  Serve Robotics, Inc. (x)\* | 1259 |  | 14403 |
|  Shake Shack, Inc., Class A\* | 1404 |  | 197402 |
|  Six Flags Entertainment Corp. (x)\* | 3462 |  | 105349 |
|  Super Group SGHC Ltd. | 5727 |  | 62825 |
|  Sweetgreen, Inc., Class A\* | 3690 |  | 54907 |
|  Target Hospitality Corp.\* | 1297 |  | 9235 |
|  United Parks & Resorts, Inc.\* | 975 |  | 45971 |
|  Xponential Fitness, Inc., Class A\* | 944 |  | 7071 |
|  |  |  | 5399707 |
|  ***Household Durables (2.1%)*** | ***Household Durables (2.1%)*** | ***Household Durables (2.1%)*** | ***Household Durables (2.1%)*** |
|  Bassett Furniture Industries, Inc. | 314 |  | 4773 |
|  Beazer Homes USA, Inc.\* | 1005 |  | 22482 |
|  Cavco Industries, Inc.\* | 283 |  | 122944 |
|  Century Communities, Inc. | 7084 |  | 398971 |
|  Champion Homes, Inc.\* | 1958 |  | 122590 |
|  Cricut, Inc., Class A | 1863 |  | 12612 |
|  Dream Finders Homes, Inc., Class A (x)\* | 1007 |  | 25306 |
|  Ethan Allen Interiors, Inc. | 861 |  | 23979 |
|  Flexsteel Industries, Inc. | 181 |  | 6521 |
|  Green Brick Partners, Inc.\* | 1147 |  | 72123 |

---

See Notes to Financial Statements.

715

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hamilton Beach Brands Holding Co., Class A | 321 | $| 5743 |
|  Helen of Troy Ltd.\* | 816 |  | 23158 |
|  Hooker Furnishings Corp. | 66 |  | 698 |
|  Hovnanian Enterprises, Inc., Class A\* | 194 |  | 20283 |
|  Installed Building Products, Inc. | 838 |  | 151108 |
|  KB Home | 2492 |  | 132001 |
|  La-Z-Boy, Inc. | 9253 |  | 343934 |
|  Legacy Housing Corp.\* | 385 |  | 8724 |
|  Leggett & Platt, Inc. | 4770 |  | 42548 |
|  LGI Homes, Inc.\* | 780 |  | 40186 |
|  Lovesac Co. (The)\* | 553 |  | 10065 |
|  M/I Homes, Inc.\* | 7694 |  | 862651 |
|  Meritage Homes Corp. | 14028 |  | 939455 |
|  Purple Innovation, Inc., Class A\* | 650 |  | 474 |
|  Sonos, Inc.\* | 4221 |  | 45629 |
|  Taylor Morrison Home Corp., Class A\* | 22056 |  | 1354680 |
|  Traeger, Inc.\* | 1512 |  | 2586 |
|  Tri Pointe Homes, Inc.\* | 3235 |  | 103358 |
|  United Homes Group, Inc.\* | 100 |  | 290 |
|  |  |  | 4899872 |
|  ***Leisure Products (1.6%)*** | ***Leisure Products (1.6%)*** | ***Leisure Products (1.6%)*** | ***Leisure Products (1.6%)*** |
|  Acushnet Holdings Corp. (x) | 1024 |  | 74568 |
|  American Outdoor Brands, Inc.\* | 338 |  | 3532 |
|  BRP, Inc. (x) | 3862 |  | 187463 |
|  Brunswick Corp. | 11841 |  | 654097 |
|  Escalade, Inc. | 438 |  | 6123 |
|  Funko, Inc., Class A\* | 1271 |  | 6050 |
|  JAKKS Pacific, Inc. | 318 |  | 6608 |
|  Johnson Outdoors, Inc., Class A | 80 |  | 2422 |
|  Latham Group, Inc.\* | 1677 |  | 10699 |
|  Malibu Boats, Inc., Class A\* | 654 |  | 20496 |
|  Marine Products Corp. | 412 |  | 3506 |
|  MasterCraft Boat Holdings, Inc.\* | 524 |  | 9736 |
|  Mattel, Inc.\* | 134068 |  | 2643821 |
|  Outdoor Holding Co. (x)\* | 2920 |  | 3738 |
|  Peloton Interactive, Inc., Class A\* | 13535 |  | 93933 |
|  Polaris, Inc. (x) | 1926 |  | 78292 |
|  Smith & Wesson Brands, Inc. | 1482 |  | 12864 |
|  Sturm Ruger & Co., Inc. | 581 |  | 20858 |
|  Topgolf Callaway Brands Corp.\* | 5009 |  | 40322 |
|  |  |  | 3879128 |
|  ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** | ***Specialty Retail (2.1%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 1073 |  | 5279 |
|  Abercrombie & Fitch Co., Class A\* | 1697 |  | 140596 |
|  Academy Sports & Outdoors, Inc. | 2379 |  | 106603 |
|  Advance Auto Parts, Inc. (x) | 2169 |  | 100837 |
|  American Eagle Outfitters, Inc. | 5838 |  | 56162 |
|  America's Car-Mart, Inc.\* | 253 |  | 14178 |
|  Arhaus, Inc., Class A\* | 1977 |  | 17141 |
|  Arko Corp. | 3204 |  | 13553 |
|  Asbury Automotive Group, Inc.\* | 718 |  | 171272 |
|  BARK, Inc.\* | 5208 |  | 4580 |
|  Barnes & Noble Education, Inc.\* | 522 |  | 6144 |
|  Bath & Body Works, Inc. | 34476 |  | 1032901 |
|  Beyond, Inc.\* | 1836 |  | 12632 |
|  Boot Barn Holdings, Inc.\* | 1110 |  | 168720 |
|  Buckle, Inc. (The) | 1091 |  | 49477 |
|  Build-A-Bear Workshop, Inc. | 457 |  | 23563 |
|  Caleres, Inc. (x) | 1151 |  | 14065 |
|  Camping World Holdings, Inc., Class A | 2189 |  | 37629 |
|  Citi Trends, Inc.\* | 112 |  | 3740 |
|  Designer Brands, Inc., Class A (x) | 571 |  | 1359 |
|  EVgo, Inc., Class A\* | 4366 |  | 15936 |
|  Foot Locker, Inc.\* | 3158 |  | 77371 |
|  Gap, Inc. (The) | 79235 |  | 1728115 |
|  Genesco, Inc.\* | 438 |  | 8624 |
|  Group 1 Automotive, Inc. | 456 |  | 199140 |
|  GrowGeneration Corp.\* | 711 |  | 665 |
|  Haverty Furniture Cos., Inc. | 558 |  | 11355 |
|  J Jill, Inc. (x) | 200 |  | 2928 |
|  Lands' End, Inc.\* | 366 |  | 3920 |
|  Leslie's, Inc. (x)\* | 719 |  | 302 |
|  MarineMax, Inc.\* | 764 |  | 19207 |
|  Monro, Inc. | 917 |  | 13673 |
|  National Vision Holdings, Inc.\* | 2826 |  | 65026 |
|  ODP Corp. (The)\* | 1030 |  | 18674 |
|  OneWater Marine, Inc., Class A\* | 475 |  | 6360 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 2284 |  | 6464 |
|  RealReal, Inc. (The) (x)\* | 3883 |  | 18600 |
|  Revolve Group, Inc., Class A\* | 1368 |  | 27428 |
|  Sally Beauty Holdings, Inc.\* | 3624 |  | 33558 |
|  Shoe Carnival, Inc. | 689 |  | 12891 |
|  Signet Jewelers Ltd. | 1527 |  | 121473 |
|  Sleep Number Corp.\* | 878 |  | 5931 |
|  Sonic Automotive, Inc., Class A | 537 |  | 42922 |
|  Stitch Fix, Inc., Class A\* | 3918 |  | 14497 |
|  ThredUp, Inc., Class A\* | 3255 |  | 24380 |
|  Tile Shop Holdings, Inc.\* | 1175 |  | 7473 |
|  Tilly's, Inc., Class A (x)\* | 243 |  | 335 |
|  Torrid Holdings, Inc.\* | 861 |  | 2540 |
|  Upbound Group, Inc. | 1826 |  | 45833 |
|  Urban Outfitters, Inc.\* | 2258 |  | 163795 |
|  Victoria's Secret & Co.\* | 2468 |  | 45707 |
|  Warby Parker, Inc., Class A\* | 3544 |  | 77720 |
|  Winmark Corp. | 107 |  | 40404 |
|  Zumiez, Inc.\* | 671 |  | 8897 |
|  |  |  | 4852575 |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** |
|  Capri Holdings Ltd.\* | 4168 |  | 73774 |
|  Carter's, Inc. | 1268 |  | 38205 |
|  Crocs, Inc.\* | 6916 |  | 700453 |
|  Dr Martens plc | 863255 |  | 889303 |
|  Ermenegildo Zegna NV (x) | 2153 |  | 18408 |
|  Figs, Inc., Class A\* | 3157 |  | 17805 |
|  G-III Apparel Group Ltd.\* | 1418 |  | 31763 |
|  Hanesbrands, Inc.\* | 12710 |  | 58212 |
|  Kontoor Brands, Inc. | 1949 |  | 128576 |
|  Lakeland Industries, Inc. | 325 |  | 4423 |
|  Movado Group, Inc. | 625 |  | 9531 |
|  Oxford Industries, Inc. (x) | 545 |  | 21936 |
|  Rocky Brands, Inc. | 317 |  | 7034 |
|  Steven Madden Ltd. | 2566 |  | 61533 |
|  Superior Group of Cos., Inc. | 551 |  | 5675 |
|  Wolverine World Wide, Inc. | 2890 |  | 52251 |
|  |  |  | 2118882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 23666753 |

---

See Notes to Financial Statements.

716

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  MGP Ingredients, Inc. | 487 | $14595 |
|  National Beverage Corp.\* | 854 | 36927 |
|  Vita Coco Co., Inc. (The)\* | 1424 | 51406 |
|  Zevia PBC, Class A\* | 1330 | 4283 |
|  |  | 107211 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Andersons, Inc. (The) | 1172 | 43071 |
|  Chefs' Warehouse, Inc. (The)\* | 1294 | 82570 |
|  Grocery Outlet Holding Corp.\* | 3423 | 42514 |
|  Guardian Pharmacy Services, Inc., Class A\* | 493 | 10506 |
|  HF Foods Group, Inc.\* | 1470 | 4675 |
|  Ingles Markets, Inc., Class A | 512 | 32451 |
|  Natural Grocers by Vitamin Cottage, Inc. | 472 | 18526 |
|  PriceSmart, Inc. | 936 | 98317 |
|  SpartanNash Co. | 1106 | 29298 |
|  Sprouts Farmers Market, Inc.\* | 51 | 8397 |
|  United Natural Foods, Inc.\* | 2137 | 49813 |
|  Village Super Market, Inc., Class A | 307 | 11819 |
|  Weis Markets, Inc. | 611 | 44291 |
|  |  | 476248 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Alico, Inc. | 176 | 5752 |
|  B&G Foods, Inc. (x) | 2819 | 11924 |
|  Beyond Meat, Inc. (x)\* | 2427 | 8470 |
|  BRC, Inc., Class A (x)\* | 2395 | 3138 |
|  Calavo Growers, Inc. | 652 | 17337 |
|  Cal-Maine Foods, Inc. | 1665 | 165884 |
|  Dole plc | 2453 | 34318 |
|  Forafric Global plc (x)\* | 233 | 1817 |
|  Fresh Del Monte Produce, Inc. | 1254 | 40655 |
|  Hain Celestial Group, Inc. (The)\* | 3458 | 5256 |
|  J & J Snack Foods Corp. | 551 | 62489 |
|  John B Sanfilippo & Son, Inc. | 268 | 16948 |
|  Lancaster Colony Corp. | 714 | 123358 |
|  Lifeway Foods, Inc.\* | 184 | 4536 |
|  Limoneira Co. | 685 | 10720 |
|  Mama's Creations, Inc.\* | 1410 | 11703 |
|  Mission Produce, Inc.\* | 1683 | 19725 |
|  Seneca Foods Corp., Class A\* | 162 | 16432 |
|  Simply Good Foods Co. (The)\* | 3399 | 107374 |
|  SunOpta, Inc.\* | 2959 | 17162 |
|  Tootsie Roll Industries, Inc. | 605 | 20237 |
|  TreeHouse Foods, Inc.\* | 1858 | 36082 |
|  Utz Brands, Inc. | 2613 | 32793 |
|  Vital Farms, Inc.\* | 1275 | 49113 |
|  Westrock Coffee Co. (x)\* | 1249 | 7157 |
|  WK Kellogg Co. (x) | 2366 | 37714 |
|  |  | 868094 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Central Garden & Pet Co.\* | 285 | 10026 |
|  Central Garden & Pet Co., Class A\* | 1931 | 60421 |
|  Energizer Holdings, Inc. | 2371 | 47799 |
|  Oil-Dri Corp. of America | 377 | 22239 |
|  Spectrum Brands Holdings, Inc. | 915 | 48495 |
|  WD-40 Co. | 494 | 112677 |
|  |  | 301657 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Beauty Health Co. (The)\* | 3549 | 6779 |
|  Edgewell Personal Care Co. | 1686 | 39469 |
|  FitLife Brands, Inc.\* | 355 | 4622 |
|  Herbalife Ltd.\* | 3866 | 33325 |
|  Honest Co., Inc. (The)\* | 3817 | 19429 |
|  Interparfums, Inc. | 665 | 87321 |
|  Lifevantage Corp. | 280 | 3662 |
|  Medifast, Inc.\* | 434 | 6098 |
|  Nature's Sunshine Products, Inc.\* | 593 | 8770 |
|  Nu Skin Enterprises, Inc., Class A | 1492 | 11921 |
|  Olaplex Holdings, Inc.\* | 5874 | 8224 |
|  USANA Health Sciences, Inc.\* | 319 | 9739 |
|  Waldencast plc, Class A\* | 765 | 1874 |
|  |  | 241233 |
|  ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** |
|  Ispire Technology, Inc.\* | 757 | 1938 |
|  Turning Point Brands, Inc. | 627 | 47508 |
|  Universal Corp. | 876 | 51018 |
|  |  | 100464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 2094907 |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  ***Energy Equipment & Services (1.5%)*** | ***Energy Equipment & Services (1.5%)*** | ***Energy Equipment & Services (1.5%)*** |
|  Archrock, Inc. | 5968 | 148185 |
|  Aris Water Solutions, Inc., Class A | 1038 | 24549 |
|  Atlas Energy Solutions, Inc. (x) | 2639 | 35283 |
|  Borr Drilling Ltd. (x) | 8590 | 15720 |
|  Bristow Group, Inc., Class A\* | 926 | 30530 |
|  Cactus, Inc., Class A | 2411 | 105409 |
|  ChampionX Corp. | 6799 | 168887 |
|  Core Laboratories, Inc. (x) | 1616 | 18616 |
|  DMC Global, Inc.\* | 848 | 6835 |
|  Energy Services of America Corp. | 432 | 4294 |
|  Expro Group Holdings NV\* | 3581 | 30761 |
|  Flowco Holdings, Inc., Class A | 699 | 12449 |
|  Forum Energy Technologies, Inc.\* | 432 | 8411 |
|  Geospace Technologies Corp. (x)\* | 146 | 2082 |
|  Helix Energy Solutions Group, Inc.\* | 5446 | 33983 |
|  Helmerich & Payne, Inc. | 3565 | 54045 |
|  Hunting plc | 205515 | 849121 |
|  Innovex International, Inc.\* | 1325 | 20697 |
|  Kodiak Gas Services, Inc. | 1950 | 66827 |
|  Liberty Energy, Inc., Class A | 55154 | 633168 |
|  Mammoth Energy Services, Inc.\* | 1025 | 2870 |
|  Nabors Industries Ltd. (x)\* | 498 | 13954 |
|  National Energy Services Reunited Corp.\* | 1958 | 11787 |
|  Natural Gas Services Group, Inc.\* | 445 | 11485 |
|  Noble Corp. plc | 4515 | 119873 |
|  Oceaneering International, Inc.\* | 3400 | 70448 |
|  Oil States International, Inc.\* | 2450 | 13132 |
|  Patterson-UTI Energy, Inc. | 12784 | 75809 |
|  ProFrac Holding Corp., Class A (x)\* | 468 | 3632 |
|  ProPetro Holding Corp.\* | 2605 | 15552 |
|  Ranger Energy Services, Inc., Class A | 516 | 6161 |
|  RPC, Inc. | 3248 | 15363 |

---

See Notes to Financial Statements.

717

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SEACOR Marine Holdings, Inc.\* | 1060 | $| 5406 |
|  Seadrill Ltd.\* | 2351 |  | 61714 |
|  Select Water Solutions, Inc., Class A | 58023 |  | 501319 |
|  Solaris Energy Infrastructure, Inc., Class A (x) | 1319 |  | 37315 |
|  TechnipFMC plc | 3700 |  | 127428 |
|  TETRA Technologies, Inc.\* | 4274 |  | 14361 |
|  Tidewater, Inc.\* | 1876 |  | 86540 |
|  Transocean Ltd.\* | 25808 |  | 66843 |
|  Valaris Ltd. (x)\* | 2257 |  | 95042 |
|  |  |  | 3625886 |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |
|  Ardmore Shipping Corp. | 1459 |  | 14006 |
|  Berry Corp. | 3109 |  | 8612 |
|  BKV Corp.\* | 535 |  | 12904 |
|  California Resources Corp. | 2357 |  | 107644 |
|  Calumet, Inc.\* | 2232 |  | 35165 |
|  Centrus Energy Corp., Class A (x)\* | 535 |  | 98001 |
|  Clean Energy Fuels Corp.\* | 6679 |  | 13024 |
|  CNX Resources Corp.\* | 5088 |  | 171364 |
|  Comstock Resources, Inc.\* | 2677 |  | 74073 |
|  Core Natural Resources, Inc. | 1936 |  | 135017 |
|  Crescent Energy Co., Class A | 6476 |  | 55694 |
|  CVR Energy, Inc. | 1134 |  | 30448 |
|  Delek US Holdings, Inc. | 2184 |  | 46257 |
|  DHT Holdings, Inc. | 4540 |  | 49077 |
|  Diversified Energy Co. plc (m) | 1797 |  | 26362 |
|  Dorian LPG Ltd. | 1294 |  | 31548 |
|  Empire Petroleum Corp.\* | 421 |  | 2223 |
|  Encore Energy Corp. (x)\* | 6232 |  | 17824 |
|  Energy Fuels, Inc. (x)\* | 7561 |  | 43476 |
|  Epsilon Energy Ltd. | 584 |  | 4310 |
|  Evolution Petroleum Corp. (x) | 1387 |  | 6519 |
|  Excelerate Energy, Inc., Class A | 825 |  | 24189 |
|  FLEX LNG Ltd. (x) | 1117 |  | 24552 |
|  FutureFuel Corp. | 1238 |  | 4803 |
|  Gevo, Inc.\* | 8037 |  | 10609 |
|  Golar LNG Ltd. (x) | 3617 |  | 148984 |
|  Granite Ridge Resources, Inc. | 2103 |  | 13396 |
|  Green Plains, Inc.\* | 2354 |  | 14195 |
|  Gulfport Energy Corp.\* | 548 |  | 110241 |
|  Hallador Energy Co.\* | 1107 |  | 17524 |
|  HighPeak Energy, Inc. (x) | 468 |  | 4586 |
|  Infinity Natural Resources, Inc., Class A\* | 452 |  | 8276 |
|  International Seaways, Inc. | 1474 |  | 53772 |
|  Kinetik Holdings, Inc., Class A | 1561 |  | 68762 |
|  Kolibri Global Energy, Inc.\* | 1177 |  | 8062 |
|  Kosmos Energy Ltd.\* | 17325 |  | 29799 |
|  Lightbridge Corp.\* | 527 |  | 7046 |
|  Magnolia Oil & Gas Corp., Class A | 6649 |  | 149470 |
|  Murphy Oil Corp. | 4814 |  | 108315 |
|  NACCO Industries, Inc., Class A | 181 |  | 8020 |
|  Navigator Holdings Ltd. | 1044 |  | 14773 |
|  New Fortress Energy, Inc. (x)\* | 5956 |  | 19774 |
|  NextDecade Corp.\* | 4821 |  | 42955 |
|  NextNRG, Inc. (x)\* | 1364 |  | 3778 |
|  Nordic American Tankers Ltd. | 6923 |  | 18208 |
|  Northern Oil & Gas, Inc. (x) | 3321 |  | 94150 |
|  OPAL Fuels, Inc., Class A\* | 1669 |  | 4039 |
|  Par Pacific Holdings, Inc.\* | 1940 |  | 51468 |
|  PBF Energy, Inc., Class A | 3015 |  | 65335 |
|  Peabody Energy Corp. | 4477 |  | 60081 |
|  Prairie Operating Co.\* | 1364 |  | 4085 |
|  PrimeEnergy Resources Corp.\* | 30 |  | 4391 |
|  REX American Resources Corp.\* | 496 |  | 24160 |
|  Riley Exploration Permian, Inc. | 472 |  | 12381 |
|  Sable Offshore Corp. (x)\* | 2462 |  | 54115 |
|  SandRidge Energy, Inc. | 1017 |  | 11004 |
|  Scorpio Tankers, Inc. | 1622 |  | 63469 |
|  SFL Corp. Ltd. | 4213 |  | 35094 |
|  Sitio Royalties Corp., Class A | 2817 |  | 51776 |
|  SM Energy Co. | 4143 |  | 102374 |
|  Summit Midstream Corp.\* | 308 |  | 7555 |
|  Talos Energy, Inc.\* | 4261 |  | 36133 |
|  Teekay Corp. Ltd. | 1616 |  | 13332 |
|  Teekay Tankers Ltd., Class A | 919 |  | 38341 |
|  Uranium Energy Corp. (x)\* | 15675 |  | 106590 |
|  Ur-Energy, Inc.\* | 646 |  | 678 |
|  VAALCO Energy, Inc. | 4138 |  | 14938 |
|  Vital Energy, Inc.\* | 1111 |  | 17876 |
|  Vitesse Energy, Inc. (x) | 1043 |  | 23040 |
|  W&T Offshore, Inc. (x) | 4166 |  | 6874 |
|  Whitecap Resources, Inc. (x) | 86238 |  | 579459 |
|  World Kinect Corp. (x) | 2118 |  | 60045 |
|  |  |  | 3440420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 7066306 |
|  **Financials (24.1%)** | **Financials (24.1%)** | **Financials (24.1%)** | **Financials (24.1%)** |
|  ***Banks (14.3%)*** | ***Banks (14.3%)*** | ***Banks (14.3%)*** | ***Banks (14.3%)*** |
|  1st Source Corp. | 707 |  | 43883 |
|  ACNB Corp. | 331 |  | 14180 |
|  Amalgamated Financial Corp. | 856 |  | 26707 |
|  Amerant Bancorp, Inc., Class A | 1381 |  | 25176 |
|  Ameris Bancorp | 2342 |  | 151527 |
|  Ames National Corp. | 379 |  | 6750 |
|  Arrow Financial Corp. | 521 |  | 13765 |
|  Associated Banc-Corp. | 6087 |  | 148462 |
|  Atlantic Union Bankshares Corp. | 70208 |  | 2196106 |
|  Axos Financial, Inc.\* | 1879 |  | 142879 |
|  Banc of California, Inc. | 5023 |  | 70573 |
|  BancFirst Corp. | 767 |  | 94817 |
|  Bancorp, Inc. (The)\* | 1674 |  | 95368 |
|  Bank First Corp. | 328 |  | 38589 |
|  Bank of Hawaii Corp. | 1472 |  | 99404 |
|  Bank of Marin Bancorp | 498 |  | 11374 |
|  Bank of NT Butterfield & Son Ltd. (The) | 1577 |  | 69830 |
|  Bank7 Corp. | 164 |  | 6860 |
|  BankFinancial Corp. | 397 |  | 4593 |
|  BankUnited, Inc. | 2734 |  | 97303 |
|  Bankwell Financial Group, Inc. | 248 |  | 8935 |
|  Banner Corp. | 1259 |  | 80765 |
|  Bar Harbor Bankshares | 484 |  | 14501 |
|  BayCom Corp. | 341 |  | 9449 |
|  BCB Bancorp, Inc. | 663 |  | 5582 |
|  Berkshire Hills Bancorp, Inc. | 1523 |  | 38136 |
|  Blue Foundry Bancorp\* | 558 |  | 5340 |
|  Blue Ridge Bankshares, Inc.\* | 2117 |  | 7600 |
|  Bridgewater Bancshares, Inc.\* | 801 |  | 12744 |
|  Brookline Bancorp, Inc. | 3094 |  | 32642 |
|  Burke & Herbert Financial Services Corp. | 443 |  | 26460 |

---

See Notes to Financial Statements.

718

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Business First Bancshares, Inc. | 1043 | $25710 |
|  BV Financial, Inc.\* | 308 | 4691 |
|  Byline Bancorp, Inc. | 1120 | 29938 |
|  C&F Financial Corp. | 102 | 6296 |
|  Cadence Bank | 6483 | 207326 |
|  California Bancorp\* | 838 | 13207 |
|  Camden National Corp. | 29834 | 1210664 |
|  Capital Bancorp, Inc. | 347 | 11652 |
|  Capital City Bank Group, Inc. | 494 | 19439 |
|  Capitol Federal Financial, Inc. | 4751 | 28981 |
|  Carter Bankshares, Inc.\* | 792 | 13733 |
|  Cathay General Bancorp | 2415 | 109955 |
|  CB Financial Services, Inc. | 165 | 4703 |
|  Central Pacific Financial Corp. | 898 | 25171 |
|  CF Bankshares, Inc. | 193 | 4626 |
|  Chain Bridge Bancorp, Inc., Class A\* | 182 | 4690 |
|  Chemung Financial Corp. | 156 | 7561 |
|  ChoiceOne Financial Services, Inc. | 510 | 14637 |
|  Citizens & Northern Corp. | 580 | 10985 |
|  Citizens Community Bancorp, Inc. | 341 | 4706 |
|  Citizens Financial Services, Inc. | 188 | 11039 |
|  City Holding Co. | 532 | 65127 |
|  Civista Bancshares, Inc. | 436 | 10115 |
|  CNB Financial Corp. | 797 | 18219 |
|  Coastal Financial Corp.\* | 458 | 44366 |
|  Colony Bankcorp, Inc. | 685 | 11282 |
|  Columbia Banking System, Inc. | 129867 | 3036290 |
|  Columbia Financial, Inc.\* | 916 | 13291 |
|  Community Financial System, Inc. | 1840 | 104641 |
|  Community Trust Bancorp, Inc. | 561 | 29688 |
|  Community West Bancshares | 507 | 9892 |
|  ConnectOne Bancorp, Inc. | 1763 | 40831 |
|  Customers Bancorp, Inc.\* | 1088 | 63909 |
|  CVB Financial Corp. | 4835 | 95685 |
|  Dime Community Bancshares, Inc. | 1400 | 37716 |
|  Eagle Bancorp Montana, Inc. | 287 | 4784 |
|  Eagle Bancorp, Inc. | 1143 | 22266 |
|  Eagle Financial Services, Inc. | 155 | 4746 |
|  Eastern Bankshares, Inc. | 7284 | 111227 |
|  ECB Bancorp, Inc.\* | 303 | 4678 |
|  Enterprise Bancorp, Inc. | 348 | 13795 |
|  Enterprise Financial Services Corp. | 1376 | 75818 |
|  Equity Bancshares, Inc., Class A | 596 | 24317 |
|  Esquire Financial Holdings, Inc. | 265 | 25085 |
|  ESSA Bancorp, Inc. | 382 | 7411 |
|  Farmers & Merchants Bancorp, Inc. | 394 | 9960 |
|  Farmers National Banc Corp. | 1249 | 17224 |
|  FB Bancorp, Inc.\* | 563 | 6334 |
|  FB Financial Corp. | 1316 | 59615 |
|  Fidelity D&D Bancorp, Inc. | 205 | 9430 |
|  Financial Institutions, Inc. | 659 | 16923 |
|  Finward Bancorp | 162 | 4474 |
|  Finwise Bancorp\* | 293 | 4398 |
|  First Bancorp (Nasdaq Stock Exchange) | 48840 | 2153356 |
|  First Bancorp (New York Stock Exchange) | 5860 | 122064 |
|  First Bancorp, Inc. (The) | 426 | 10825 |
|  First Bank | 872 | 13490 |
|  First Busey Corp. | 3045 | 69685 |
|  First Business Financial Services, Inc. | 227 | 11500 |
|  First Capital, Inc. | 110 | 4542 |
|  First Commonwealth Financial Corp. | 68644 | 1114092 |
|  First Community Bankshares, Inc. | 539 | 21113 |
|  First Community Corp. | 240 | 5851 |
|  First Financial Bancorp | 3431 | 83236 |
|  First Financial Bankshares, Inc. | 4876 | 175438 |
|  First Financial Corp. | 433 | 23464 |
|  First Foundation, Inc.\* | 2122 | 10822 |
|  First Internet Bancorp | 344 | 9254 |
|  First Interstate BancSystem, Inc., Class A | 115634 | 3332572 |
|  First Merchants Corp. | 2160 | 82728 |
|  First Mid Bancshares, Inc. | 816 | 30592 |
|  First National Corp. | 253 | 4926 |
|  First Savings Financial Group, Inc. | 191 | 4783 |
|  First United Corp. | 204 | 6326 |
|  First Western Financial, Inc.\* | 305 | 6881 |
|  Firstsun Capital Bancorp\* | 442 | 15360 |
|  Five Star Bancorp | 600 | 17124 |
|  Flagstar Financial, Inc. | 10976 | 116346 |
|  Flushing Financial Corp. | 977 | 11607 |
|  Franklin Financial Services Corp. | 144 | 4986 |
|  FS Bancorp, Inc. | 223 | 8782 |
|  Fulton Financial Corp. | 6462 | 116574 |
|  FVCBankcorp, Inc.\* | 705 | 8319 |
|  GBank Financial Holdings, Inc.\* | 296 | 10481 |
|  German American Bancorp, Inc. | 39562 | 1523533 |
|  Glacier Bancorp, Inc. | 4159 | 179170 |
|  Great Southern Bancorp, Inc. | 336 | 19750 |
|  Greene County Bancorp, Inc. | 298 | 6622 |
|  Guaranty Bancshares, Inc. | 276 | 11713 |
|  Hancock Whitney Corp. | 3115 | 178801 |
|  Hanmi Financial Corp. | 1091 | 26926 |
|  Hanover Bancorp, Inc. | 215 | 4921 |
|  HarborOne Bancorp, Inc. | 1478 | 17263 |
|  Hawthorn Bancshares, Inc. | 175 | 5100 |
|  HBT Financial, Inc. | 513 | 12933 |
|  Heritage Commerce Corp. | 2323 | 23067 |
|  Heritage Financial Corp. | 1114 | 26558 |
|  Hilltop Holdings, Inc. | 1715 | 52050 |
|  Hingham Institution For Savings (The) (x) | 53 | 13163 |
|  Home Bancorp, Inc. | 289 | 14964 |
|  Home BancShares, Inc. | 6919 | 196915 |
|  HomeStreet, Inc.\* | 743 | 9711 |
|  HomeTrust Bancshares, Inc. | 523 | 19565 |
|  Hope Bancorp, Inc. | 4142 | 44444 |
|  Horizon Bancorp, Inc. | 1498 | 23039 |
|  Independent Bank Corp. | 653 | 21164 |
|  Independent Bank Corp./MA | 1556 | 97849 |
|  International Bancshares Corp. | 1997 | 132920 |
|  Investar Holding Corp. | 305 | 5893 |
|  John Marshall Bancorp, Inc. | 296 | 5485 |
|  Kearny Financial Corp. | 2196 | 14186 |
|  Lakeland Financial Corp. | 909 | 55858 |
|  Landmark Bancorp, Inc. | 189 | 4997 |
|  LCNB Corp. | 465 | 6756 |
|  LINKBANCORP, Inc. | 414 | 3026 |
|  Live Oak Bancshares, Inc. | 1311 | 39068 |
|  MainStreet Bancshares, Inc. | 245 | 4631 |
|  Mercantile Bank Corp. | 518 | 24040 |

---

See Notes to Financial Statements.

719

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Meridian Corp. | 384 | $| 4950 |
|  Metrocity Bankshares, Inc. | 623 |  | 17805 |
|  Metropolitan Bank Holding Corp.\* | 385 |  | 26950 |
|  Mid Penn Bancorp, Inc. | 771 |  | 21742 |
|  Middlefield Banc Corp. | 246 |  | 7407 |
|  Midland States Bancorp, Inc. | 735 |  | 12730 |
|  MidWestOne Financial Group, Inc. | 764 |  | 21980 |
|  MVB Financial Corp. | 499 |  | 11242 |
|  National Bank Holdings Corp., Class A | 1335 |  | 50209 |
|  National Bankshares, Inc. | 254 |  | 6909 |
|  NB Bancorp, Inc.\* | 1243 |  | 22200 |
|  NBT Bancorp, Inc. | 1864 |  | 77449 |
|  Nicolet Bankshares, Inc. | 477 |  | 58900 |
|  Northeast Bank | 254 |  | 22603 |
|  Northeast Community Bancorp, Inc. | 510 |  | 11855 |
|  Northfield Bancorp, Inc. | 1492 |  | 17128 |
|  Northpointe Bancshares, Inc. | 334 |  | 4579 |
|  Northrim Bancorp, Inc. | 213 |  | 19864 |
|  Northwest Bancshares, Inc. | 4672 |  | 59708 |
|  Norwood Financial Corp. | 325 |  | 8379 |
|  Oak Valley Bancorp | 296 |  | 8063 |
|  OceanFirst Financial Corp. | 2003 |  | 35273 |
|  OFG Bancorp | 1575 |  | 67410 |
|  Ohio Valley Banc Corp. | 119 |  | 3835 |
|  Old National Bancorp | 11694 |  | 249550 |
|  Old Point Financial Corp. | 143 |  | 5613 |
|  Old Second Bancorp, Inc. | 1556 |  | 27603 |
|  OP Bancorp | 379 |  | 4923 |
|  Orange County Bancorp, Inc. | 347 |  | 8966 |
|  Origin Bancorp, Inc. | 1062 |  | 37956 |
|  Orrstown Financial Services, Inc. | 654 |  | 20817 |
|  Pacific Premier Bancorp, Inc. | 3468 |  | 73140 |
|  Park National Corp. | 545 |  | 91157 |
|  Parke Bancorp, Inc. | 460 |  | 9370 |
|  Pathward Financial, Inc. | 860 |  | 68043 |
|  Patriot National Bancorp, Inc.\* | 3771 |  | 5732 |
|  PCB Bancorp | 419 |  | 8791 |
|  Peapack-Gladstone Financial Corp. | 577 |  | 16300 |
|  Penns Woods Bancorp, Inc. | 259 |  | 7863 |
|  Peoples Bancorp of North Carolina, Inc. | 64 |  | 1846 |
|  Peoples Bancorp, Inc. | 32625 |  | 996368 |
|  Peoples Financial Services Corp. | 299 |  | 14762 |
|  Pioneer Bancorp, Inc.\* | 535 |  | 6436 |
|  Plumas Bancorp | 187 |  | 8314 |
|  Ponce Financial Group, Inc.\* | 793 |  | 10975 |
|  Preferred Bank | 431 |  | 37301 |
|  Primis Financial Corp. | 828 |  | 8984 |
|  Princeton Bancorp, Inc. | 224 |  | 6841 |
|  Provident Bancorp, Inc.\* | 664 |  | 8293 |
|  Provident Financial Services, Inc. | 4481 |  | 78552 |
|  QCR Holdings, Inc. | 585 |  | 39722 |
|  RBB Bancorp | 436 |  | 7504 |
|  Red River Bancshares, Inc. | 191 |  | 11212 |
|  Renasant Corp. | 3409 |  | 122485 |
|  Republic Bancorp, Inc., Class A | 309 |  | 22591 |
|  Rhinebeck Bancorp, Inc.\* | 381 |  | 4469 |
|  Richmond Mutual Bancorp, Inc. | 344 |  | 4747 |
|  Riverview Bancorp, Inc. | 831 |  | 4571 |
|  S&T Bancorp, Inc. | 1397 |  | 52835 |
|  SB Financial Group, Inc. | 258 |  | 4928 |
|  Seacoast Banking Corp. of Florida | 52002 |  | 1436295 |
|  ServisFirst Bancshares, Inc. | 1865 |  | 144556 |
|  Shore Bancshares, Inc. | 1018 |  | 16003 |
|  Sierra Bancorp | 374 |  | 11104 |
|  Simmons First National Corp., Class A | 4511 |  | 85529 |
|  SmartFinancial, Inc. | 491 |  | 16586 |
|  Sound Financial Bancorp, Inc. | 98 |  | 4508 |
|  South Plains Financial, Inc. | 427 |  | 15389 |
|  Southern First Bancshares, Inc.\* | 250 |  | 9508 |
|  Southern Missouri Bancorp, Inc. | 326 |  | 17858 |
|  Southern States Bancshares, Inc. | 330 |  | 12002 |
|  Southside Bancshares, Inc. | 1016 |  | 29901 |
|  SouthState Corp. | 35085 |  | 3228873 |
|  SR Bancorp, Inc. | 347 |  | 4685 |
|  Stellar Bancorp, Inc. | 1774 |  | 49637 |
|  Sterling Bancorp, Inc. (r)\* | 817 |  |  |
|  Stock Yards Bancorp, Inc. | 967 |  | 76374 |
|  Texas Capital Bancshares, Inc.\* | 1648 |  | 130851 |
|  Third Coast Bancshares, Inc.\* | 408 |  | 13329 |
|  Timberland Bancorp, Inc. | 189 |  | 5897 |
|  Tompkins Financial Corp. | 442 |  | 27727 |
|  Towne Bank | 2626 |  | 89757 |
|  TriCo Bancshares | 33228 |  | 1345402 |
|  Triumph Financial, Inc.\* | 775 |  | 42710 |
|  TrustCo Bank Corp. | 681 |  | 22759 |
|  Trustmark Corp. | 2102 |  | 76639 |
|  UMB Financial Corp. | 2646 |  | 278253 |
|  Union Bankshares, Inc. | 176 |  | 4685 |
|  United Bankshares, Inc. | 5118 |  | 186449 |
|  United Community Banks, Inc. | 4257 |  | 126816 |
|  United Security Bancshares | 541 |  | 4680 |
|  Unity Bancorp, Inc. | 246 |  | 11582 |
|  Univest Financial Corp. | 1086 |  | 32623 |
|  USCB Financial Holdings, Inc. | 400 |  | 6616 |
|  Valley National Bancorp | 17585 |  | 157034 |
|  Veritex Holdings, Inc. | 1923 |  | 50190 |
|  Virginia National Bankshares Corp. | 208 |  | 7696 |
|  WaFd, Inc. | 2828 |  | 82804 |
|  Washington Trust Bancorp, Inc. | 5182 |  | 146547 |
|  WesBanco, Inc. | 3477 |  | 109978 |
|  West Bancorp, Inc. | 656 |  | 12877 |
|  Westamerica Bancorp | 942 |  | 45630 |
|  Western New England Bancorp, Inc. | 583 |  | 5381 |
|  WSFS Financial Corp. | 54371 |  | 2990405 |
|  |  |  | 33669602 |
|  ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** |
|  Acadian Asset Management, Inc. | 990 |  | 34888 |
|  AlTi Global, Inc. (x)\* | 1396 |  | 5793 |
|  Artisan Partners Asset Management, Inc., Class A | 2310 |  | 102402 |
|  Bakkt Holdings, Inc., Class A\* | 260 |  | 3627 |
|  BGC Group, Inc., Class A | 12647 |  | 129379 |
|  Cohen & Steers, Inc. | 1011 |  | 76179 |
|  Diamond Hill Investment Group, Inc. | 103 |  | 14967 |
|  DigitalBridge Group, Inc. | 6173 |  | 63890 |
|  Donnelley Financial Solutions, Inc.\* | 952 |  | 58691 |
|  Forge Global Holdings, Inc. (x)\* | 321 |  | 6112 |
|  GCM Grosvenor, Inc., Class A | 1737 |  | 20080 |
|  Hamilton Lane, Inc., Class A | 57 |  | 8101 |

---

See Notes to Financial Statements.

720

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Marex Group plc | 1156 | $| 45627 |
|  MarketWise, Inc. | 46 |  | 910 |
|  Moelis & Co., Class A | 2485 |  | 154865 |
|  Open Lending Corp.\* | 4059 |  | 7874 |
|  P10, Inc., Class A | 1411 |  | 14420 |
|  Patria Investments Ltd., Class A | 2151 |  | 30243 |
|  Perella Weinberg Partners, Class A | 2207 |  | 42860 |
|  Piper Sandler Cos. | 3720 |  | 1033937 |
|  PJT Partners, Inc., Class A | 831 |  | 137123 |
|  Siebert Financial Corp.\* | 1049 |  | 4637 |
|  Silvercrest Asset Management Group, Inc., Class A | 360 |  | 5710 |
|  StepStone Group, Inc., Class A | 2272 |  | 126096 |
|  StoneX Group, Inc.\* | 1644 |  | 149834 |
|  Value Line, Inc. | 34 |  | 1331 |
|  Victory Capital Holdings, Inc., Class A | 40906 |  | 2604485 |
|  Virtus Investment Partners, Inc. | 234 |  | 42448 |
|  Westwood Holdings Group, Inc. | 216 |  | 3370 |
|  WisdomTree, Inc. (x) | 4407 |  | 50725 |
|  |  |  | 4980604 |
|  ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** |
|  Atlanticus Holdings Corp.\* | 220 |  | 12045 |
|  Bread Financial Holdings, Inc. | 29944 |  | 1710401 |
|  Consumer Portfolio Services, Inc.\* | 337 |  | 3313 |
|  Dave, Inc.\* | 335 |  | 89917 |
|  Encore Capital Group, Inc.\* | 832 |  | 32207 |
|  Enova International, Inc.\* | 888 |  | 99030 |
|  FirstCash Holdings, Inc. | 1437 |  | 194196 |
|  Green Dot Corp., Class A\* | 1919 |  | 20687 |
|  LendingClub Corp.\* | 3999 |  | 48108 |
|  LendingTree, Inc.\* | 389 |  | 14420 |
|  Medallion Financial Corp. | 767 |  | 7309 |
|  Navient Corp. | 2768 |  | 39029 |
|  Nelnet, Inc., Class A | 491 |  | 59470 |
|  NerdWallet, Inc., Class A\* | 1231 |  | 13504 |
|  Oportun Financial Corp.\* | 1175 |  | 8413 |
|  OppFi, Inc. (x) | 730 |  | 10213 |
|  PRA Group, Inc.\* | 1491 |  | 21992 |
|  PROG Holdings, Inc. | 1493 |  | 43820 |
|  Regional Management Corp. | 354 |  | 10340 |
|  Upstart Holdings, Inc.\* | 3042 |  | 196757 |
|  World Acceptance Corp.\* | 119 |  | 19649 |
|  |  |  | 2654820 |
|  ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** | ***Financial Services (1.0%)*** |
|  Acacia Research Corp.\* | 1672 |  | 5986 |
|  Alerus Financial Corp. | 814 |  | 17615 |
|  AvidXchange Holdings, Inc.\* | 6337 |  | 62039 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 1072 |  | 43202 |
|  Better Home & Finance Holding Co.\* | 370 |  | 4584 |
|  Burford Capital Ltd. | 6941 |  | 98979 |
|  Cannae Holdings, Inc. | 2026 |  | 42242 |
|  Cantaloupe, Inc.\* | 1766 |  | 19408 |
|  Cass Information Systems, Inc. | 493 |  | 21421 |
|  Compass Diversified Holdings | 2353 |  | 14777 |
|  Enact Holdings, Inc. | 1001 |  | 37187 |
|  Essent Group Ltd. | 3613 |  | 219418 |
|  Evertec, Inc. | 2364 |  | 85222 |
|  Federal Agricultural Mortgage Corp., Class C | 338 |  | 65667 |
|  Finance of America Cos., Inc., Class A\* | 207 |  | 4827 |
|  Flywire Corp.\* | 4389 |  | 51351 |
|  HA Sustainable Infrastructure Capital, Inc. (x) | 4464 |  | 119903 |
|  International Money Express, Inc.\* | 1037 |  | 10463 |
|  Jackson Financial, Inc., Class A | 2603 |  | 231120 |
|  loanDepot, Inc., Class A\* | 3307 |  | 4200 |
|  Marqeta, Inc., Class A\* | 13888 |  | 80967 |
|  Merchants Bancorp | 934 |  | 30887 |
|  Mr Cooper Group, Inc.\* | 97 |  | 14473 |
|  NCR Atleos Corp.\* | 2655 |  | 75747 |
|  NewtekOne, Inc. | 1048 |  | 11822 |
|  NMI Holdings, Inc., Class A\* | 2814 |  | 118723 |
|  Onity Group, Inc.\* | 228 |  | 8703 |
|  Pagseguro Digital Ltd., Class A | 6299 |  | 60722 |
|  Payoneer Global, Inc.\* | 9644 |  | 66061 |
|  Paysafe Ltd. (x)\* | 1264 |  | 15952 |
|  Paysign, Inc.\* | 1436 |  | 10339 |
|  PennyMac Financial Services, Inc. | 1062 |  | 105818 |
|  Priority Technology Holdings, Inc.\* | 766 |  | 5960 |
|  Radian Group, Inc. | 5156 |  | 185719 |
|  Remitly Global, Inc.\* | 5596 |  | 105037 |
|  Repay Holdings Corp., Class A\* | 3196 |  | 15405 |
|  Security National Financial Corp., Class A\* | 450 |  | 4433 |
|  Sezzle, Inc.\* | 542 |  | 97154 |
|  StoneCo Ltd., Class A\* | 8759 |  | 140494 |
|  SWK Holdings Corp. | 160 |  | 2358 |
|  Triller Group, Inc.\* | 5980 |  | 5564 |
|  Velocity Financial, Inc.\* | 373 |  | 6915 |
|  Walker & Dunlop, Inc. | 1175 |  | 82814 |
|  Waterstone Financial, Inc. | 630 |  | 8700 |
|  |  |  | 2420378 |
|  ***Insurance (5.2%)*** | ***Insurance (5.2%)*** | ***Insurance (5.2%)*** | ***Insurance (5.2%)*** |
|  Ambac Financial Group, Inc.\* | 1741 |  | 12361 |
|  American Coastal Insurance Corp. | 892 |  | 9919 |
|  AMERISAFE, Inc. | 690 |  | 30174 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 2568 |  | 109936 |
|  Bowhead Specialty Holdings, Inc.\* | 580 |  | 21767 |
|  Citizens, Inc., Class A\* | 1539 |  | 5371 |
|  CNO Financial Group, Inc. | 88601 |  | 3418227 |
|  Crawford & Co., Class A | 556 |  | 5882 |
|  Donegal Group, Inc., Class A | 633 |  | 12676 |
|  eHealth, Inc.\* | 1051 |  | 4572 |
|  Employers Holdings, Inc. | 852 |  | 40197 |
|  Enstar Group Ltd.\* | 436 |  | 146653 |
|  F&G Annuities & Life, Inc. | 719 |  | 22994 |
|  Fidelis Insurance Holdings Ltd. | 2175 |  | 36062 |
|  Genworth Financial, Inc., Class A\* | 15075 |  | 117284 |
|  GoHealth, Inc., Class A\* | 172 |  | 955 |
|  Goosehead Insurance, Inc., Class A | 865 |  | 91266 |
|  Greenlight Capital Re Ltd., Class A\* | 1005 |  | 14442 |
|  Hamilton Insurance Group Ltd., Class B\* | 1561 |  | 33749 |
|  Hanover Insurance Group, Inc. (The) | 18797 |  | 3193046 |
|  HCI Group, Inc. | 307 |  | 46725 |
|  Heritage Insurance Holdings, Inc.\* | 847 |  | 21124 |
|  Hippo Holdings, Inc.\* | 699 |  | 19523 |
|  Horace Mann Educators Corp. | 75045 |  | 3224684 |

---

See Notes to Financial Statements.

721

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Investors Title Co. | 53 | $| 11199 |
|  James River Group Holdings Ltd. | 1303 |  | 7636 |
|  Kingstone Cos., Inc.\* | 300 |  | 4623 |
|  Kingsway Financial Services, Inc. (x)\* | 801 |  | 10846 |
|  Lemonade, Inc. (x)\* | 2013 |  | 88190 |
|  MBIA, Inc.\* | 1772 |  | 7690 |
|  Mercury General Corp. | 992 |  | 66801 |
|  NI Holdings, Inc.\* | 358 |  | 4561 |
|  Oscar Health, Inc., Class A (x)\* | 6620 |  | 141933 |
|  Palomar Holdings, Inc.\* | 962 |  | 148389 |
|  ProAssurance Corp.\* | 1864 |  | 42555 |
|  Root, Inc., Class A\* | 385 |  | 49268 |
|  Safety Insurance Group, Inc. | 542 |  | 43029 |
|  Selective Insurance Group, Inc. | 8505 |  | 736958 |
|  Selectquote, Inc.\* | 5223 |  | 12431 |
|  SiriusPoint Ltd.\* | 2639 |  | 53809 |
|  Skyward Specialty Insurance Group, Inc.\* | 1314 |  | 75936 |
|  Stewart Information Services Corp. | 1024 |  | 66662 |
|  Tiptree, Inc., Class A | 938 |  | 22118 |
|  Trupanion, Inc.\* | 1343 |  | 74335 |
|  TWFG, Inc., Class A\* | 229 |  | 8015 |
|  United Fire Group, Inc. | 769 |  | 22070 |
|  Universal Insurance Holdings, Inc. | 937 |  | 25983 |
|  |  |  | 12364626 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** |
|  ACRES Commercial Realty Corp. (REIT)\* | 256 |  | 4593 |
|  Advanced Flower Capital, Inc. (REIT) (x) | 711 |  | 3185 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 1219 |  | 9203 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 418 |  | 3938 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 4740 |  | 45883 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 6526 |  | 69828 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 2247 |  | 10718 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 2942 |  | 49455 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 5958 |  | 114692 |
|  BrightSpire Capital, Inc. (REIT), Class A | 4339 |  | 21912 |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 720 |  | 10051 |
|  Chimera Investment Corp. (REIT) | 2713 |  | 37629 |
|  Claros Mortgage Trust, Inc. (REIT) | 3688 |  | 10511 |
|  Dynex Capital, Inc. (REIT) (x) | 3842 |  | 46949 |
|  Ellington Financial, Inc. (REIT) (x) | 3311 |  | 43010 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 2942 |  | 31450 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 2531 |  | 19843 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 1993 |  | 17479 |
|  Ladder Capital Corp. (REIT) | 4183 |  | 44967 |
|  Lument Finance Trust, Inc. (REIT) | 1959 |  | 4329 |
|  MFA Financial, Inc. (REIT) | 3682 |  | 34832 |
|  New York Mortgage Trust, Inc. (REIT) | 3198 |  | 21427 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 352 |  | 4854 |
|  Orchid Island Capital, Inc. (REIT) (x) | 3787 |  | 26547 |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 3061 |  | 39364 |
|  Ready Capital Corp. (REIT) (x) | 5626 |  | 24586 |
|  Redwood Trust, Inc. (REIT) | 4806 |  | 28403 |
|  Rithm Property Trust, Inc. (REIT) | 1735 |  | 4684 |
|  Seven Hills Realty Trust (REIT) | 542 |  | 6542 |
|  Sunrise Realty Trust, Inc. (REIT) | 328 |  | 3477 |
|  TPG RE Finance Trust, Inc. (REIT) | 2644 |  | 20412 |
|  Two Harbors Investment Corp. (REIT) | 3835 |  | 41303 |
|  |  |  | 856056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 56946086 |
|  **Health Care (7.5%)** | **Health Care (7.5%)** | **Health Care (7.5%)** | **Health Care (7.5%)** |
|  ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** |
|  4D Molecular Therapeutics, Inc.\* | 1398 |  | 5187 |
|  89bio, Inc.\* | 4508 |  | 44269 |
|  Abeona Therapeutics, Inc.\* | 1554 |  | 8827 |
|  Absci Corp. (x)\* | 3383 |  | 8694 |
|  ACADIA Pharmaceuticals, Inc.\* | 4558 |  | 98316 |
|  Actinium Pharmaceuticals, Inc.\* | 212 |  | 297 |
|  Actuate Therapeutics, Inc.\* | 506 |  | 3092 |
|  ADC Therapeutics SA (x)\* | 2966 |  | 7949 |
|  ADMA Biologics, Inc.\* | 8453 |  | 153929 |
|  Agenus, Inc.\* | 76 |  | 347 |
|  Agios Pharmaceuticals, Inc.\* | 2065 |  | 68682 |
|  Akebia Therapeutics, Inc.\* | 8995 |  | 32742 |
|  Akero Therapeutics, Inc.\* | 2527 |  | 134841 |
|  Aldeyra Therapeutics, Inc.\* | 2048 |  | 7844 |
|  Alector, Inc.\* | 3340 |  | 4676 |
|  Alkermes plc\* | 5910 |  | 169085 |
|  Allogene Therapeutics, Inc. (x)\* | 5657 |  | 6392 |
|  Altimmune, Inc. (x)\* | 2507 |  | 9702 |
|  ALX Oncology Holdings, Inc.\* | 740 |  | 307 |
|  Amicus Therapeutics, Inc.\* | 9753 |  | 55885 |
|  AnaptysBio, Inc.\* | 655 |  | 14541 |
|  Anavex Life Sciences Corp. (x)\* | 3186 |  | 29375 |
|  Anika Therapeutics, Inc.\* | 323 |  | 3417 |
|  Annexon, Inc.\* | 3568 |  | 8563 |
|  Apogee Therapeutics, Inc.\* | 1156 |  | 50205 |
|  Applied Therapeutics, Inc. (x)\* | 1028 |  | 320 |
|  Arbutus Biopharma Corp. (x)\* | 5027 |  | 15533 |
|  Arcellx, Inc.\* | 1326 |  | 87317 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 941 |  | 12242 |
|  Arcus Biosciences, Inc.\* | 2457 |  | 20000 |
|  Arcutis Biotherapeutics, Inc.\* | 3918 |  | 54930 |
|  Ardelyx, Inc.\* | 8452 |  | 33132 |
|  ArriVent Biopharma, Inc.\* | 805 |  | 17525 |
|  Arrowhead Pharmaceuticals, Inc.\* | 4295 |  | 67861 |
|  ARS Pharmaceuticals, Inc. (x)\* | 2059 |  | 35930 |
|  Artiva Biotherapeutics, Inc. (x)\* | 205 |  | 310 |
|  Astria Therapeutics, Inc.\* | 1887 |  | 10114 |
|  aTyr Pharma, Inc.\* | 2832 |  | 14358 |
|  Aura Biosciences, Inc. (x)\* | 1195 |  | 7481 |
|  Aurinia Pharmaceuticals, Inc.\* | 4260 |  | 36082 |
|  Avidity Biosciences, Inc.\* | 4164 |  | 118258 |
|  Avita Medical, Inc. (x)\* | 1033 |  | 5465 |
|  Beam Therapeutics, Inc.\* | 3317 |  | 56422 |
|  Benitec Biopharma, Inc.\* | 386 |  | 4516 |
|  Bicara Therapeutics, Inc. (x)\* | 1215 |  | 11287 |

---

See Notes to Financial Statements.

722

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  BioCryst Pharmaceuticals, Inc.\* | 7550 | $67648 |
|  Biohaven Ltd.\* | 3102 | 43769 |
|  Biomea Fusion, Inc.\* | 166 | 299 |
|  Blueprint Medicines Corp.\* | 2313 | 296480 |
|  Bridgebio Pharma, Inc.\* | 5647 | 243837 |
|  Bright Minds Biosciences, Inc.\* | 163 | 4256 |
|  C4 Therapeutics, Inc.\* | 292 | 418 |
|  CAMP4 Therapeutics Corp.\* | 198 | 287 |
|  Candel Therapeutics, Inc. (x)\* | 891 | 4508 |
|  Capricor Therapeutics, Inc. (x)\* | 1261 | 12522 |
|  Cardiff Oncology, Inc. (x)\* | 1845 | 5812 |
|  CareDx, Inc.\* | 1950 | 38103 |
|  Cargo Therapeutics, Inc.\* | 1381 | 5690 |
|  Caribou Biosciences, Inc. (x)\* | 325 | 410 |
|  Cartesian Therapeutics, Inc.\* | 384 | 3990 |
|  Catalyst Pharmaceuticals, Inc.\* | 4187 | 90858 |
|  Celcuity, Inc.\* | 1109 | 14805 |
|  Celldex Therapeutics, Inc.\* | 2316 | 47131 |
|  Century Therapeutics, Inc. (x)\* | 730 | 408 |
|  CervoMed, Inc.\* | 65 | 409 |
|  CG oncology, Inc.\* | 1957 | 50882 |
|  Cibus, Inc., Class A\* | 213 | 294 |
|  Cidara Therapeutics, Inc. (x)\* | 367 | 17877 |
|  Climb Bio, Inc.\* | 255 | 316 |
|  Cogent Biosciences, Inc.\* | 3817 | 27406 |
|  Coherus Oncology, Inc.\* | 3363 | 2459 |
|  Compass Therapeutics, Inc.\* | 4014 | 10436 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 108 | 745 |
|  Corvus Pharmaceuticals, Inc.\* | 1873 | 7492 |
|  Crinetics Pharmaceuticals, Inc.\* | 3337 | 95972 |
|  CRISPR Therapeutics AG (x)\* | 2266 | 110218 |
|  Cullinan Therapeutics, Inc.\* | 1551 | 11679 |
|  Cytokinetics, Inc.\* | 4168 | 137711 |
|  Day One Biopharmaceuticals, Inc.\* | 2852 | 18538 |
|  Denali Therapeutics, Inc.\* | 4819 | 67418 |
|  Design Therapeutics, Inc. (x)\* | 1307 | 4405 |
|  DiaMedica Therapeutics, Inc.\* | 1223 | 4770 |
|  Dianthus Therapeutics, Inc.\* | 595 | 11085 |
|  Disc Medicine, Inc.\* | 912 | 48300 |
|  Dynavax Technologies Corp.\* | 3820 | 37894 |
|  Dyne Therapeutics, Inc.\* | 3582 | 34101 |
|  Editas Medicine, Inc.\* | 3056 | 6723 |
|  Eledon Pharmaceuticals, Inc.\* | 2044 | 5539 |
|  Elevation Oncology, Inc.\* | 829 | 304 |
|  Emergent BioSolutions, Inc.\* | 1700 | 10846 |
|  Enanta Pharmaceuticals, Inc.\* | 867 | 6555 |
|  Entrada Therapeutics, Inc.\* | 941 | 6324 |
|  Erasca, Inc.\* | 7069 | 8978 |
|  Fate Therapeutics, Inc.\* | 4143 | 4640 |
|  Fennec Pharmaceuticals, Inc.\* | 798 | 6623 |
|  Fibrobiologics, Inc.\* | 486 | 302 |
|  Foghorn Therapeutics, Inc.\* | 1017 | 4780 |
|  Generation Bio Co.\* | 999 | 320 |
|  Geron Corp.\* | 20980 | 29582 |
|  Gossamer Bio, Inc.\* | 6688 | 8226 |
|  GRAIL, Inc. (x)\* | 1040 | 53477 |
|  Greenwich Lifesciences, Inc. (x)\* | 334 | 3029 |
|  Gyre Therapeutics, Inc. (x)\* | 289 | 2124 |
|  Heron Therapeutics, Inc. (x)\* | 4710 | 9750 |
|  Humacyte, Inc. (x)\* | 3500 | 7315 |
|  Ideaya Biosciences, Inc.\* | 3088 | 64910 |
|  IGM Biosciences, Inc. (x)\* | 278 | 311 |
|  ImmunityBio, Inc. (x)\* | 8220 | 21701 |
|  Immunome, Inc.\* | 2641 | 24561 |
|  Immunovant, Inc.\* | 2465 | 39440 |
|  Inhibikase Therapeutics, Inc.\* | 2749 | 5361 |
|  Inhibrx Biosciences, Inc.\* | 360 | 5137 |
|  Inmune Bio, Inc. (x)\* | 808 | 1866 |
|  Intellia Therapeutics, Inc.\* | 3599 | 33759 |
|  Invivyd, Inc.\* | 1027 | 734 |
|  Iovance Biotherapeutics, Inc. (x)\* | 9618 | 16543 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 5617 | 4029 |
|  iTeos Therapeutics, Inc.\* | 876 | 8734 |
|  Jade Biosciences, Inc. | 923 | 9221 |
|  Janux Therapeutics, Inc.\* | 1418 | 32756 |
|  KalVista Pharmaceuticals, Inc.\* | 1391 | 15725 |
|  Keros Therapeutics, Inc.\* | 1175 | 15686 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 144 | 3984 |
|  Kodiak Sciences, Inc.\* | 1411 | 5263 |
|  Korro Bio, Inc. (x)\* | 258 | 3222 |
|  Krystal Biotech, Inc.\* | 903 | 124126 |
|  Kura Oncology, Inc.\* | 2838 | 16375 |
|  Kymera Therapeutics, Inc.\* | 1703 | 74319 |
|  Kyverna Therapeutics, Inc. (x)\* | 131 | 402 |
|  Larimar Therapeutics, Inc.\* | 1858 | 5370 |
|  Lexeo Therapeutics, Inc.\* | 977 | 3928 |
|  Madrigal Pharmaceuticals, Inc.\* | 610 | 184610 |
|  MannKind Corp.\* | 10091 | 37740 |
|  MeiraGTx Holdings plc\* | 1610 | 10497 |
|  Mersana Therapeutics, Inc.\* | 1092 | 323 |
|  Metagenomi, Inc.\* | 206 | 305 |
|  Metsera, Inc. (x)\* | 716 | 20370 |
|  MiMedx Group, Inc.\* | 4252 | 25980 |
|  Mineralys Therapeutics, Inc.\* | 1411 | 19091 |
|  Mirum Pharmaceuticals, Inc.\* | 1564 | 79592 |
|  Monopar Therapeutics, Inc. (x)\* | 142 | 5081 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 1384 | 6242 |
|  Myriad Genetics, Inc.\* | 3309 | 17571 |
|  Neurogene, Inc. (x)\* | 436 | 6518 |
|  Nkarta, Inc.\* | 2241 | 3720 |
|  Novavax, Inc. (x)\* | 5232 | 32962 |
|  Nurix Therapeutics, Inc.\* | 2704 | 30799 |
|  Nuvalent, Inc., Class A\* | 1555 | 118647 |
|  Nuvectis Pharma, Inc.\* | 572 | 4273 |
|  Ocugen, Inc. (x)\* | 1085 | 1053 |
|  Olema Pharmaceuticals, Inc.\* | 2101 | 8950 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 2386 | 8733 |
|  ORIC Pharmaceuticals, Inc.\* | 1414 | 14352 |
|  Oruka Therapeutics, Inc. | 871 | 9764 |
|  Ovid therapeutics, Inc.\* | 994 | 328 |
|  Palvella Therapeutics, Inc.\* | 224 | 5049 |
|  Perspective Therapeutics, Inc.\* | 2407 | 8280 |
|  Praxis Precision Medicines, Inc.\* | 655 | 27543 |
|  Precigen, Inc. (x)\* | 4941 | 7016 |
|  Prime Medicine, Inc. (x)\* | 2612 | 6452 |
|  ProKidney Corp., Class A (x)\* | 514 | 304 |
|  Protagonist Therapeutics, Inc.\* | 2083 | 115127 |
|  Protalix BioTherapeutics, Inc.\* | 2983 | 4415 |

---

See Notes to Financial Statements.

723

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Protara Therapeutics, Inc.\* | 1491 | $| 4518 |
|  Prothena Corp. plc\* | 1412 |  | 8571 |
|  PTC Therapeutics, Inc.\* | 2800 |  | 136752 |
|  Puma Biotechnology, Inc.\* | 1347 |  | 4620 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 12245 |  | 61960 |
|  REGENXBIO, Inc.\* | 1607 |  | 13193 |
|  Relay Therapeutics, Inc.\* | 4388 |  | 15182 |
|  Renovaro, Inc.\* | 1025 |  | 296 |
|  Replimune Group, Inc.\* | 2428 |  | 22556 |
|  Revolution Medicines, Inc.\* | 284 |  | 10448 |
|  Rezolute, Inc.\* | 2384 |  | 10633 |
|  Rhythm Pharmaceuticals, Inc.\* | 1994 |  | 126001 |
|  Rigel Pharmaceuticals, Inc.\* | 605 |  | 11332 |
|  Rocket Pharmaceuticals, Inc.\* | 2723 |  | 6671 |
|  Sage Therapeutics, Inc.\* | 2132 |  | 19444 |
|  Sana Biotechnology, Inc. (x)\* | 5192 |  | 14174 |
|  Savara, Inc. (x)\* | 4022 |  | 9170 |
|  Scholar Rock Holding Corp.\* | 2936 |  | 103993 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 2827 |  | 6191 |
|  Shattuck Labs, Inc. (x)\* | 452 |  | 358 |
|  Sionna Therapeutics, Inc. (x)\* | 327 |  | 5673 |
|  Skye Bioscience, Inc.\* | 149 |  | 623 |
|  Soleno Therapeutics, Inc.\* | 1452 |  | 121649 |
|  Solid Biosciences, Inc.\* | 2290 |  | 11152 |
|  SpringWorks Therapeutics, Inc.\* | 2628 |  | 123490 |
|  Spyre Therapeutics, Inc.\* | 1791 |  | 26811 |
|  Stoke Therapeutics, Inc.\* | 1428 |  | 16208 |
|  Sutro Biopharma, Inc.\* | 409 |  | 292 |
|  Syndax Pharmaceuticals, Inc.\* | 2915 |  | 27299 |
|  Tango Therapeutics, Inc. (x)\* | 2768 |  | 14172 |
|  Taysha Gene Therapies, Inc.\* | 6776 |  | 15653 |
|  Tectonic Therapeutic, Inc.\* | 347 |  | 6895 |
|  Tenaya Therapeutics, Inc.\* | 493 |  | 301 |
|  Tevogen Bio Holdings, Inc.\* | 242 |  | 302 |
|  TG Therapeutics, Inc.\* | 5240 |  | 188588 |
|  Tonix Pharmaceuticals Holding Corp.\* | 203 |  | 7304 |
|  Tourmaline Bio, Inc.\* | 814 |  | 13016 |
|  Travere Therapeutics, Inc.\* | 3072 |  | 45466 |
|  TriSalus Life Sciences, Inc.\* | 873 |  | 4758 |
|  TScan Therapeutics, Inc.\* | 215 |  | 312 |
|  TuHURA Biosciences, Inc.\* | 1747 |  | 3896 |
|  Twist Bioscience Corp.\* | 2150 |  | 79099 |
|  Tyra Biosciences, Inc. (x)\* | 657 |  | 6287 |
|  Upstream Bio, Inc. (x)\* | 1250 |  | 13725 |
|  UroGen Pharma Ltd.\* | 1455 |  | 19933 |
|  Vanda Pharmaceuticals, Inc.\* | 1879 |  | 8869 |
|  Vaxcyte, Inc.\* | 4542 |  | 147660 |
|  Vera Therapeutics, Inc., Class A\* | 1856 |  | 43727 |
|  Veracyte, Inc.\* | 2841 |  | 76792 |
|  Verastem, Inc. (x)\* | 1323 |  | 5490 |
|  Vericel Corp.\* | 1787 |  | 76037 |
|  Verve Therapeutics, Inc.\* | 2626 |  | 29490 |
|  Vir Biotechnology, Inc.\* | 3231 |  | 16284 |
|  Viridian Therapeutics, Inc.\* | 2513 |  | 35132 |
|  Voyager Therapeutics, Inc.\* | 2054 |  | 6388 |
|  Werewolf Therapeutics, Inc.\* | 298 |  | 325 |
|  Xencor, Inc.\* | 2592 |  | 20373 |
|  Xenon Pharmaceuticals, Inc.\* | 2744 |  | 85887 |
|  XOMA Royalty Corp.\* | 322 |  | 8114 |
|  Y-mAbs Therapeutics, Inc.\* | 1522 |  | 6864 |
|  Zenas Biopharma, Inc. (x)\* | 631 |  | 6114 |
|  Zentalis Pharmaceuticals, Inc.\* | 358 |  | 415 |
|  Zura Bio Ltd., Class A\* | 286 |  | 300 |
|  Zymeworks, Inc.\* | 1911 |  | 23983 |
|  |  |  | 6589683 |
|  ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** | ***Health Care Equipment & Supplies (2.4%)*** |
|  Accuray, Inc. (x)\* | 4103 |  | 5621 |
|  Alphatec Holdings, Inc.\* | 4182 |  | 46420 |
|  AngioDynamics, Inc.\* | 1364 |  | 13531 |
|  Anteris Technologies Global Corp.\* | 446 |  | 1690 |
|  Artivion, Inc.\* | 1434 |  | 44597 |
|  AtriCure, Inc.\* | 1715 |  | 56201 |
|  Avanos Medical, Inc.\* | 1429 |  | 17491 |
|  Axogen, Inc.\* | 1635 |  | 17740 |
|  Beta Bionics, Inc. (x)\* | 471 |  | 6858 |
|  Bioventus, Inc., Class A\* | 1590 |  | 10526 |
|  Butterfly Network, Inc., Class A\* | 6789 |  | 13578 |
|  Ceribell, Inc.\* | 886 |  | 16595 |
|  Cerus Corp.\* | 7555 |  | 10653 |
|  ClearPoint Neuro, Inc.\* | 873 |  | 10424 |
|  CONMED Corp. | 1123 |  | 58486 |
|  CVRx, Inc.\* | 489 |  | 2875 |
|  Delcath Systems, Inc.\* | 1026 |  | 13954 |
|  Electromed, Inc.\* | 236 |  | 5190 |
|  Embecta Corp. | 2082 |  | 20175 |
|  Enovis Corp.\* | 2034 |  | 63786 |
|  Envista Holdings Corp.\* | 158319 |  | 3093553 |
|  Glaukos Corp.\* | 2017 |  | 208336 |
|  Haemonetics Corp.\* | 1819 |  | 135716 |
|  ICU Medical, Inc.\* | 871 |  | 115103 |
|  Inmode Ltd.\* | 122 |  | 1762 |
|  Inogen, Inc.\* | 950 |  | 6678 |
|  Integer Holdings Corp.\* | 1245 |  | 153098 |
|  Integra LifeSciences Holdings Corp.\* | 2437 |  | 29902 |
|  iRadimed Corp. | 315 |  | 18834 |
|  iRhythm Technologies, Inc.\* | 1150 |  | 177054 |
|  Kestra Medical Technologies Ltd.\* | 446 |  | 7395 |
|  KORU Medical Systems, Inc.\* | 1413 |  | 5059 |
|  Lantheus Holdings, Inc.\* | 2464 |  | 201703 |
|  LeMaitre Vascular, Inc. | 736 |  | 61125 |
|  LENSAR, Inc.\* | 329 |  | 4333 |
|  LivaNova plc\* | 1987 |  | 89455 |
|  Lucid Diagnostics, Inc.\* | 3835 |  | 4410 |
|  Merit Medical Systems, Inc.\* | 2111 |  | 197336 |
|  Myomo, Inc.\* | 1934 |  | 4177 |
|  Neogen Corp.\* | 7847 |  | 37509 |
|  Neuronetics, Inc.\* | 1289 |  | 4499 |
|  NeuroPace, Inc.\* | 930 |  | 10360 |
|  Novocure Ltd.\* | 3604 |  | 64151 |
|  Omnicell, Inc.\* | 1656 |  | 48686 |
|  OraSure Technologies, Inc.\* | 2772 |  | 8316 |
|  Orthofix Medical, Inc.\* | 1356 |  | 15119 |
|  OrthoPediatrics Corp.\* | 659 |  | 14155 |
|  Outset Medical, Inc.\* | 463 |  | 8894 |
|  PROCEPT BioRobotics Corp.\* | 1896 |  | 109210 |
|  Pro-Dex, Inc.\* | 108 |  | 4713 |
|  Pulmonx Corp.\* | 1522 |  | 3942 |
|  Pulse Biosciences, Inc. (x)\* | 723 |  | 10910 |
|  QuidelOrtho Corp.\* | 2421 |  | 69773 |
|  RxSight, Inc.\* | 1273 |  | 16549 |

---

See Notes to Financial Statements.

724

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sanara Medtech, Inc.\* | 167 | $| 4741 |
|  SANUWAVE Health, Inc.\* | 185 |  | 6079 |
|  Semler Scientific, Inc. (x)\* | 253 |  | 9801 |
|  SI-BONE, Inc.\* | 1372 |  | 25821 |
|  Sight Sciences, Inc.\* | 1454 |  | 6005 |
|  STAAR Surgical Co. (x)\* | 1817 |  | 30489 |
|  Stereotaxis, Inc. (x)\* | 853 |  | 1808 |
|  Surmodics, Inc.\* | 462 |  | 13726 |
|  Tactile Systems Technology, Inc.\* | 958 |  | 9714 |
|  Tandem Diabetes Care, Inc.\* | 2386 |  | 44475 |
|  TransMedics Group, Inc.\* | 1200 |  | 160812 |
|  Treace Medical Concepts, Inc.\* | 1841 |  | 10825 |
|  UFP Technologies, Inc. (x)\* | 264 |  | 64458 |
|  Utah Medical Products, Inc. | 120 |  | 6830 |
|  Varex Imaging Corp.\* | 1530 |  | 13265 |
|  Zimvie, Inc.\* | 1053 |  | 9846 |
|  Zynex, Inc. (x)\* | 123 |  | 317 |
|  |  |  | 5797218 |
|  ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** |
|  AdaptHealth Corp., Class A\* | 3164 |  | 29836 |
|  Addus HomeCare Corp.\* | 638 |  | 73491 |
|  agilon health, Inc.\* | 11419 |  | 26264 |
|  AirSculpt Technologies, Inc. (x)\* | 535 |  | 2584 |
|  Alignment Healthcare, Inc.\* | 4601 |  | 64414 |
|  AMN Healthcare Services, Inc.\* | 1460 |  | 30178 |
|  Ardent Health, Inc.\* | 851 |  | 11625 |
|  Astrana Health, Inc.\* | 1554 |  | 38663 |
|  Aveanna Healthcare Holdings, Inc.\* | 1808 |  | 9456 |
|  BrightSpring Health Services, Inc.\* | 3054 |  | 72044 |
|  Brookdale Senior Living, Inc.\* | 8243 |  | 57371 |
|  Castle Biosciences, Inc.\* | 1002 |  | 20461 |
|  Clover Health Investments Corp., Class A\* | 14492 |  | 40433 |
|  Community Health Systems, Inc.\* | 5301 |  | 18023 |
|  Concentra Group Holdings Parent, Inc. | 4222 |  | 86847 |
|  CorVel Corp.\* | 1050 |  | 107919 |
|  Cross Country Healthcare, Inc.\* | 1248 |  | 16286 |
|  DocGo, Inc.\* | 3984 |  | 6255 |
|  Enhabit, Inc.\* | 1610 |  | 15520 |
|  Ensign Group, Inc. (The) | 2037 |  | 314228 |
|  Fulgent Genetics, Inc.\* | 738 |  | 14671 |
|  GeneDx Holdings Corp., Class A\* | 677 |  | 62494 |
|  Guardant Health, Inc.\* | 4351 |  | 226426 |
|  HealthEquity, Inc.\* | 3081 |  | 322766 |
|  Hims & Hers Health, Inc.\* | 6940 |  | 345959 |
|  InfuSystem Holdings, Inc.\* | 90 |  | 562 |
|  Innovage Holding Corp.\* | 953 |  | 3517 |
|  Joint Corp. (The)\* | 451 |  | 5204 |
|  LifeStance Health Group, Inc.\* | 4922 |  | 25447 |
|  ModivCare, Inc. (x)\* | 88 |  | 275 |
|  Nano-X Imaging Ltd. (x)\* | 1963 |  | 10149 |
|  National HealthCare Corp. | 467 |  | 49974 |
|  National Research Corp. | 634 |  | 10651 |
|  NeoGenomics, Inc.\* | 4556 |  | 33304 |
|  Nutex Health, Inc.\* | 122 |  | 15188 |
|  Oncology Institute, Inc. (The)\* | 2023 |  | 4147 |
|  OPKO Health, Inc.\* | 14645 |  | 19331 |
|  Option Care Health, Inc.\* | 5958 |  | 193516 |
|  Owens & Minor, Inc.\* | 2909 |  | 26472 |
|  PACS Group, Inc.\* | 1487 |  | 19212 |
|  Pediatrix Medical Group, Inc.\* | 2943 |  | 42232 |
|  Pennant Group, Inc. (The)\* | 1168 |  | 34865 |
|  Performant Healthcare, Inc.\* | 2960 |  | 11840 |
|  Premier, Inc., Class A | 3298 |  | 72325 |
|  Privia Health Group, Inc.\* | 4148 |  | 95404 |
|  Progyny, Inc.\* | 2476 |  | 54472 |
|  Quipt Home Medical Corp.\* | 262 |  | 469 |
|  RadNet, Inc.\* | 2421 |  | 137779 |
|  Select Medical Holdings Corp. | 3937 |  | 59764 |
|  Sonida Senior Living, Inc.\* | 154 |  | 3842 |
|  Surgery Partners, Inc.\* | 2778 |  | 61755 |
|  Talkspace, Inc.\* | 4287 |  | 11918 |
|  US Physical Therapy, Inc. | 561 |  | 43870 |
|  Viemed Healthcare, Inc.\* | 1017 |  | 7027 |
|  |  |  | 3068725 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Claritev Corp.\* | 243 |  | 10967 |
|  Definitive Healthcare Corp., Class A\* | 845 |  | 3295 |
|  Evolent Health, Inc., Class A\* | 4279 |  | 48182 |
|  Health Catalyst, Inc.\* | 2421 |  | 9127 |
|  HealthStream, Inc. | 888 |  | 24571 |
|  LifeMD, Inc.\* | 1411 |  | 19218 |
|  OptimizeRx Corp.\* | 561 |  | 7573 |
|  Phreesia, Inc.\* | 2027 |  | 57688 |
|  Schrodinger, Inc. (x)\* | 2028 |  | 40803 |
|  Simulations Plus, Inc. | 616 |  | 10749 |
|  Teladoc Health, Inc.\* | 6184 |  | 53863 |
|  TruBridge, Inc.\* | 343 |  | 8033 |
|  Waystar Holding Corp.\* | 3232 |  | 132092 |
|  |  |  | 426161 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  10X Genomics, Inc., Class A\* | 3777 |  | 43738 |
|  Adaptive Biotechnologies Corp.\* | 5392 |  | 62817 |
|  Akoya Biosciences, Inc. (x)\* | 242 |  | 315 |
|  Alpha Teknova, Inc.\* | 847 |  | 4159 |
|  Azenta, Inc.\* | 1287 |  | 39614 |
|  BioLife Solutions, Inc.\* | 1286 |  | 27700 |
|  Codexis, Inc.\* | 2907 |  | 7093 |
|  CryoPort, Inc.\* | 1749 |  | 13047 |
|  Cytek Biosciences, Inc.\* | 3911 |  | 13297 |
|  Fortrea Holdings, Inc.\* | 3267 |  | 16139 |
|  Harvard Bioscience, Inc. (x)\* | 648 |  | 288 |
|  Lifecore Biomedical, Inc.\* | 1093 |  | 8875 |
|  Maravai LifeSciences Holdings, Inc., Class A (x)\* | 4863 |  | 11720 |
|  MaxCyte, Inc.\* | 4124 |  | 8990 |
|  Mesa Laboratories, Inc. | 200 |  | 18844 |
|  Nautilus Biotechnology, Inc., Class A\* | 457 |  | 331 |
|  Niagen Bioscience, Inc.\* | 1791 |  | 25808 |
|  OmniAb, Inc. (Earn Out Shares) (r)\* | 530 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 3388 |  | 5895 |
|  Pacific Biosciences of California, Inc. (x)\* | 10163 |  | 12602 |
|  Personalis, Inc.\* | 1426 |  | 9355 |
|  Quanterix Corp.\* | 1430 |  | 9509 |
|  Quantum-Si, Inc. (x)\* | 3948 |  | 7738 |
|  Standard BioTools, Inc.\* | 11628 |  | 13954 |
|  |  |  | 361828 |

---

See Notes to Financial Statements.

725

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** |
|  Aardvark Therapeutics, Inc.\* | 218 | $2947 |
|  Aclaris Therapeutics, Inc.\* | 3120 | 4430 |
|  Alto Neuroscience, Inc.\* | 184 | 405 |
|  Alumis, Inc. (x)\* | 2053 | 6159 |
|  Amneal Pharmaceuticals, Inc.\* | 5306 | 42926 |
|  Amphastar Pharmaceuticals, Inc.\* | 1319 | 30284 |
|  Amylyx Pharmaceuticals, Inc.\* | 2286 | 14653 |
|  ANI Pharmaceuticals, Inc.\* | 685 | 44696 |
|  Aquestive Therapeutics, Inc.\* | 3146 | 10413 |
|  Arvinas, Inc.\* | 2367 | 17421 |
|  Atea Pharmaceuticals, Inc.\* | 2282 | 8215 |
|  Avadel Pharmaceuticals plc (ADR) (x)\* | 3408 | 30161 |
|  Axsome Therapeutics, Inc.\* | 1461 | 152514 |
|  BioAge Labs, Inc.\* | 580 | 2395 |
|  Biote Corp., Class A\* | 1326 | 5331 |
|  Collegium Pharmaceutical, Inc.\* | 1168 | 34538 |
|  Corcept Therapeutics, Inc.\* | 90 | 6606 |
|  CorMedix, Inc.\* | 2206 | 27178 |
|  Edgewise Therapeutics, Inc.\* | 2669 | 34991 |
|  Enliven Therapeutics, Inc.\* | 1154 | 23149 |
|  Esperion Therapeutics, Inc. (x)\* | 8005 | 7880 |
|  Eton Pharmaceuticals, Inc.\* | 826 | 11770 |
|  Evolus, Inc.\* | 2134 | 19654 |
|  EyePoint Pharmaceuticals, Inc.\* | 2380 | 22396 |
|  Fulcrum Therapeutics, Inc.\* | 1891 | 13010 |
|  Harmony Biosciences Holdings, Inc.\* | 1558 | 49233 |
|  Harrow, Inc.\* | 1161 | 35457 |
|  Indivior plc (x)\* | 3930 | 57928 |
|  Innoviva, Inc.\* | 2232 | 44841 |
|  Journey Medical Corp.\* | 601 | 4315 |
|  LENZ Therapeutics, Inc. (x)\* | 641 | 18788 |
|  Ligand Pharmaceuticals, Inc.\* | 698 | 79349 |
|  Liquidia Corp.\* | 2295 | 28596 |
|  Maze Therapeutics, Inc. (x)\* | 264 | 3239 |
|  MBX Biosciences, Inc. (x)\* | 715 | 8158 |
|  MediWound Ltd. (x)\* | 306 | 5927 |
|  Mind Medicine MindMed, Inc. (x)\* | 2598 | 16861 |
|  Nektar Therapeutics\* | 37 | 956 |
|  Neumora Therapeutics, Inc.\* | 764 | 560 |
|  Nuvation Bio, Inc. (x)\* | 9384 | 18299 |
|  Ocular Therapeutix, Inc.\* | 5068 | 47031 |
|  Omeros Corp. (x)\* | 2142 | 6426 |
|  Pacira BioSciences, Inc.\* | 1664 | 39770 |
|  Phathom Pharmaceuticals, Inc.\* | 1412 | 13541 |
|  Phibro Animal Health Corp., Class A | 816 | 20841 |
|  Pliant Therapeutics, Inc.\* | 564 | 654 |
|  Prestige Consumer Healthcare, Inc.\* | 1760 | 140536 |
|  Rapport Therapeutics, Inc. (x)\* | 554 | 6299 |
|  scPharmaceuticals, Inc. (x)\* | 1270 | 4839 |
|  Septerna, Inc. (x)\* | 603 | 6374 |
|  SIGA Technologies, Inc. | 1793 | 11690 |
|  Supernus Pharmaceuticals, Inc.\* | 1974 | 62220 |
|  Tarsus Pharmaceuticals, Inc.\* | 1358 | 55013 |
|  Telomir Pharmaceuticals, Inc.\* | 197 | 246 |
|  Terns Pharmaceuticals, Inc.\* | 2594 | 9676 |
|  Theravance Biopharma, Inc.\* | 1240 | 13677 |
|  Third Harmonic Bio, Inc.\* | 857 | 4654 |
|  Trevi Therapeutics, Inc.\* | 2681 | 14665 |
|  Tvardi Therapeutics, Inc.\* | 160 | 3733 |
|  Ventyx Biosciences, Inc.\* | 205 | 439 |
|  Veru, Inc.\* | 656 | 382 |
|  WaVe Life Sciences Ltd.\* | 4254 | 27651 |
|  Xeris Biopharma Holdings, Inc.\* | 5030 | 23490 |
|  Zevra Therapeutics, Inc.\* | 1856 | 16351 |
|  |  | 1476827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 17720442 |
|  **Industrials (20.8%)** | **Industrials (20.8%)** | **Industrials (20.8%)** |
|  ***Aerospace & Defense (4.6%)*** | ***Aerospace & Defense (4.6%)*** | ***Aerospace & Defense (4.6%)*** |
|  AAR Corp.\* | 1281 | 88120 |
|  AeroVironment, Inc.\* | 1025 | 292074 |
|  AerSale Corp.\* | 1291 | 7759 |
|  Archer Aviation, Inc., Class A (x)\* | 19694 | 213680 |
|  Astronics Corp.\* | 1071 | 35857 |
|  Babcock International Group plc | 81991 | 1292016 |
|  Byrna Technologies, Inc.\* | 674 | 20813 |
|  Cadre Holdings, Inc. | 952 | 30321 |
|  Ducommun, Inc.\* | 499 | 41232 |
|  Eve Holding, Inc.\* | 1734 | 11895 |
|  Intuitive Machines, Inc. (x)\* | 3944 | 42871 |
|  Kratos Defense & Security Solutions, Inc.\* | 5956 | 276656 |
|  Melrose Industries plc | 307705 | 2241947 |
|  Mercury Systems, Inc.\* | 1905 | 102603 |
|  Moog, Inc., Class A | 1004 | 181694 |
|  National Presto Industries, Inc. | 186 | 18221 |
|  Park Aerospace Corp. | 557 | 8227 |
|  QinetiQ Group plc | 529731 | 3748382 |
|  Redwire Corp.\* | 1217 | 19837 |
|  Satellogic, Inc., Class A (x)\* | 2414 | 8739 |
|  Senior plc | 823110 | 2078909 |
|  Triumph Group, Inc.\* | 2681 | 69036 |
|  V2X, Inc.\* | 609 | 29567 |
|  VirTra, Inc.\* | 86 | 608 |
|  |  | 10861064 |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** |
|  Forward Air Corp. (x)\* | 961 | 23583 |
|  Hub Group, Inc., Class A | 2176 | 72743 |
|  Radiant Logistics, Inc.\* | 885 | 5381 |
|  |  | 101707 |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** |
|  American Woodmark Corp.\* | 8183 | 436727 |
|  Apogee Enterprises, Inc. | 813 | 33008 |
|  AZZ, Inc. | 1088 | 102794 |
|  Caesarstone Ltd.\* | 212 | 418 |
|  CSW Industrials, Inc. | 598 | 171524 |
|  Gibraltar Industries, Inc.\* | 1108 | 65372 |
|  Griffon Corp. | 1437 | 103996 |
|  Insteel Industries, Inc. | 683 | 25414 |
|  Janus International Group, Inc.\* | 4919 | 40041 |
|  JELD-WEN Holding, Inc.\* | 3265 | 12799 |
|  Masterbrand, Inc.\* | 4554 | 49775 |
|  Quanex Building Products Corp. | 1759 | 33245 |
|  Resideo Technologies, Inc.\* | 5322 | 117403 |
|  Tecnoglass, Inc. | 880 | 68077 |
|  UFP Industries, Inc. | 13186 | 1310161 |
|  Zurn Elkay Water Solutions Corp. | 5419 | 198173 |
|  |  | 2768927 |

---

See Notes to Financial Statements.

726

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** |
|  ABM Industries, Inc. | 2208 | $104240 |
|  ACCO Brands Corp. | 3613 | 12935 |
|  Acme United Corp. | 99 | 4104 |
|  ACV Auctions, Inc., Class A\* | 6023 | 97693 |
|  BrightView Holdings, Inc.\* | 2221 | 36980 |
|  Brink's Co. (The) | 1566 | 139828 |
|  Casella Waste Systems, Inc., Class A\* | 2281 | 263182 |
|  CECO Environmental Corp. (x)\* | 964 | 27291 |
|  Cimpress plc\* | 534 | 25098 |
|  CompX International, Inc. | 68 | 1807 |
|  CoreCivic, Inc.\* | 3998 | 84238 |
|  Deluxe Corp. | 1700 | 27047 |
|  Driven Brands Holdings, Inc.\* | 2183 | 38333 |
|  Ennis, Inc. | 866 | 15709 |
|  Enviri Corp.\* | 2826 | 24530 |
|  GEO Group, Inc. (The)\* | 4937 | 118241 |
|  Healthcare Services Group, Inc.\* | 2698 | 40551 |
|  HNI Corp. | 16141 | 793814 |
|  Interface, Inc., Class A | 2153 | 45062 |
|  LanzaTech Global, Inc. (x)\* | 1276 | 346 |
|  Liquidity Services, Inc.\* | 824 | 19438 |
|  MillerKnoll, Inc. | 2363 | 45889 |
|  Mobile Infrastructure Corp., Class A\* | 1004 | 4548 |
|  Montrose Environmental Group, Inc.\* | 1233 | 26990 |
|  NL Industries, Inc. | 460 | 2944 |
|  OPENLANE, Inc.\* | 3860 | 94377 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 555 | 5839 |
|  Pitney Bowes, Inc. | 6063 | 66147 |
|  Quad/Graphics, Inc. | 1010 | 5706 |
|  Quest Resource Holding Corp.\* | 139 | 281 |
|  Steelcase, Inc., Class A | 3281 | 34221 |
|  UniFirst Corp. | 554 | 104274 |
|  Vestis Corp. | 4119 | 23602 |
|  Virco Mfg. Corp. | 456 | 3639 |
|  VSE Corp. | 736 | 96401 |
|  |  | 2435325 |
|  ***Construction & Engineering (3.4%)*** | ***Construction & Engineering (3.4%)*** | ***Construction & Engineering (3.4%)*** |
|  Ameresco, Inc., Class A\* | 1306 | 19838 |
|  Arcosa, Inc. | 1721 | 149228 |
|  Argan, Inc. | 480 | 105830 |
|  Bowman Consulting Group Ltd., Class A\* | 458 | 13167 |
|  Centuri Holdings, Inc.\* | 620 | 13913 |
|  Concrete Pumping Holdings, Inc. | 789 | 4852 |
|  Construction Partners, Inc., Class A\* | 1696 | 180251 |
|  Dycom Industries, Inc.\* | 1020 | 249278 |
|  Fluor Corp.\* | 6041 | 309722 |
|  Granite Construction, Inc. (x) | 1578 | 147559 |
|  Great Lakes Dredge & Dock Corp.\* | 2537 | 30926 |
|  IES Holdings, Inc.\* | 327 | 96867 |
|  Limbach Holdings, Inc.\* | 376 | 52678 |
|  Matrix Service Co.\* | 867 | 11713 |
|  MYR Group, Inc.\* | 558 | 101249 |
|  NWPX Infrastructure, Inc.\* | 382 | 15666 |
|  Orion Group Holdings, Inc.\* | 1299 | 11782 |
|  Primoris Services Corp. | 1970 | 153542 |
|  Southland Holdings, Inc.\* | 165 | 690 |
|  Sterling Infrastructure, Inc.\* | 1085 | 250342 |
|  Tutor Perini Corp.\* | 1581 | 73959 |
|  Valmont Industries, Inc. | 9831 | 3210510 |
|  WillScot Holdings Corp. | 98798 | 2707065 |
|  |  | 7910627 |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** |
|  Allient, Inc. | 541 | 19644 |
|  American Superconductor Corp.\* | 1376 | 50485 |
|  Amprius Technologies, Inc. (x)\* | 3300 | 13893 |
|  Array Technologies, Inc.\* | 5722 | 33760 |
|  Atkore, Inc. | 1262 | 89034 |
|  Blink Charging Co. (x)\* | 603 | 567 |
|  Bloom Energy Corp., Class A (x)\* | 7390 | 176769 |
|  Complete Solaria, Inc.\* | 2593 | 4771 |
|  EnerSys | 1395 | 119649 |
|  Enovix Corp. (x)\* | 5903 | 61037 |
|  Eos Energy Enterprises, Inc.\* | 7971 | 40812 |
|  Fluence Energy, Inc., Class A (x)\* | 2520 | 16909 |
|  FuelCell Energy, Inc. (x)\* | 54 | 303 |
|  GrafTech International Ltd. (x)\* | 861 | 837 |
|  Hyliion Holdings Corp. (x)\* | 3025 | 3993 |
|  KULR Technology Group, Inc. (x)\* | 1135 | 8093 |
|  LSI Industries, Inc. | 953 | 16211 |
|  NANO Nuclear Energy, Inc. (x)\* | 879 | 30317 |
|  Net Power, Inc.\* | 896 | 2213 |
|  NEXTracker, Inc., Class A\* | 5098 | 277178 |
|  NuScale Power Corp., Class A (x)\* | 4419 | 174816 |
|  Plug Power, Inc. (x)\* | 34500 | 51405 |
|  Powell Industries, Inc. | 341 | 71763 |
|  Power Solutions International, Inc.\* | 237 | 15329 |
|  Preformed Line Products Co. | 97 | 15502 |
|  Regal Rexnord Corp. | 16057 | 2327623 |
|  Shoals Technologies Group, Inc., Class A\* | 6468 | 27489 |
|  SKYX Platforms Corp.\* | 3803 | 3974 |
|  SolarMax Technology, Inc.\* | 284 | 310 |
|  Stem, Inc. (x)\* | 84 | 523 |
|  Sunrun, Inc.\* | 7425 | 60736 |
|  T1 Energy, Inc. (x)\* | 4749 | 5841 |
|  Thermon Group Holdings, Inc.\* | 1194 | 33527 |
|  TPI Composites, Inc.\* | 335 | 288 |
|  Vicor Corp.\* | 822 | 37286 |
|  |  | 3792887 |
|  ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** |
|  ArcBest Corp. | 842 | 64842 |
|  Covenant Logistics Group, Inc., Class A | 461 | 11115 |
|  FTAI Infrastructure, Inc. | 3446 | 21262 |
|  Heartland Express, Inc. | 1818 | 15707 |
|  Hertz Global Holdings, Inc.\* | 4459 | 30455 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 33996 | 1503643 |
|  Marten Transport Ltd. | 2197 | 28539 |
|  PAMT Corp.\* | 268 | 3449 |
|  Proficient Auto Logistics, Inc. (x)\* | 686 | 4980 |
|  RXO, Inc.\* | 11298 | 177605 |
|  Universal Logistics Holdings, Inc. (x) | 234 | 5939 |
|  Werner Enterprises, Inc. | 2227 | 60931 |
|  |  | 1928467 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 923 | 28798 |

---

See Notes to Financial Statements.

727

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Machinery (5.5%)*** | ***Machinery (5.5%)*** | ***Machinery (5.5%)*** |
|  374Water, Inc.\* | 873 | $283 |
|  3D Systems Corp.\* | 5273 | 8120 |
|  AirJoule Technologies Corp.\* | 900 | 4167 |
|  Alamo Group, Inc. | 377 | 82329 |
|  Albany International Corp., Class A | 1066 | 74759 |
|  Astec Industries, Inc. | 820 | 34186 |
|  Atmus Filtration Technologies, Inc. | 3066 | 111664 |
|  Blue Bird Corp.\* | 1171 | 50540 |
|  Chart Industries, Inc.\* | 23747 | 3909943 |
|  Columbus McKinnon Corp. | 1017 | 15530 |
|  Douglas Dynamics, Inc. | 871 | 25668 |
|  Eastern Co. (The) | 217 | 4952 |
|  Energy Recovery, Inc.\* | 2018 | 25790 |
|  Enerpac Tool Group Corp., Class A | 1986 | 80552 |
|  Enpro, Inc. | 769 | 147302 |
|  ESCO Technologies, Inc. | 948 | 181893 |
|  Federal Signal Corp. | 2157 | 229548 |
|  Franklin Electric Co., Inc. | 1457 | 130751 |
|  Gates Industrial Corp. plc\* | 111842 | 2575721 |
|  Gencor Industries, Inc.\* | 464 | 6496 |
|  Gorman-Rupp Co. (The) | 720 | 26438 |
|  Graham Corp.\* | 359 | 17774 |
|  Greenbrier Cos., Inc. (The) | 1106 | 50931 |
|  Helios Technologies, Inc. | 1121 | 37408 |
|  Hillenbrand, Inc. | 2488 | 49934 |
|  Hillman Solutions Corp.\* | 6898 | 49252 |
|  Hyster-Yale, Inc. | 442 | 17583 |
|  JBT Marel Corp. | 1888 | 227051 |
|  Kadant, Inc. | 429 | 136186 |
|  Kennametal, Inc. | 2741 | 62933 |
|  L B Foster Co., Class A\* | 384 | 8398 |
|  Lindsay Corp. | 371 | 53517 |
|  Luxfer Holdings plc | 1050 | 12789 |
|  Manitowoc Co., Inc. (The)\* | 1000 | 12020 |
|  Mayville Engineering Co., Inc.\* | 486 | 7757 |
|  Microvast Holdings, Inc.\* | 7120 | 25846 |
|  Middleby Corp. (The)\* | 10919 | 1572336 |
|  Miller Industries, Inc. | 427 | 18984 |
|  Mueller Water Products, Inc., Class A | 76400 | 1836656 |
|  Omega Flex, Inc. | 149 | 4825 |
|  Palladyne AI Corp.\* | 913 | 7907 |
|  Park-Ohio Holdings Corp. | 369 | 6590 |
|  Proto Labs, Inc.\* | 812 | 32512 |
|  REV Group, Inc. | 1886 | 89755 |
|  Richtech Robotics, Inc., Class B (x)\* | 2352 | 4586 |
|  Shyft Group, Inc. (The) | 1332 | 16703 |
|  SPX Technologies, Inc.\* | 1651 | 276840 |
|  Standex International Corp. | 418 | 65409 |
|  Tennant Co. | 650 | 50362 |
|  Terex Corp. | 2331 | 108834 |
|  Titan International, Inc.\* | 1699 | 17449 |
|  Trinity Industries, Inc. | 2968 | 80166 |
|  Wabash National Corp. | 1593 | 16934 |
|  Watts Water Technologies, Inc., Class A | 983 | 241710 |
|  Worthington Enterprises, Inc. | 1154 | 73441 |
|  |  | 13018010 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 325 | 2818 |
|  Costamare, Inc. | 1629 | 14840 |
|  Genco Shipping & Trading Ltd. | 1277 | 16690 |
|  Golden Ocean Group Ltd. (x) | 3706 | 27128 |
|  Himalaya Shipping Ltd. (x) | 1210 | 6982 |
|  Matson, Inc. | 1159 | 129055 |
|  Pangaea Logistics Solutions Ltd. | 996 | 4681 |
|  Safe Bulkers, Inc. | 2395 | 8646 |
|  |  | 210840 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Allegiant Travel Co.\* | 500 | 27475 |
|  Blade Air Mobility, Inc.\* | 2500 | 10075 |
|  Frontier Group Holdings, Inc. (x)\* | 2999 | 10886 |
|  JetBlue Airways Corp.\* | 11267 | 47659 |
|  Joby Aviation, Inc. (x)\* | 16673 | 175900 |
|  SkyWest, Inc.\* | 1485 | 152910 |
|  Spirit Aviation Holdings, Inc.\* | 808 | 4032 |
|  Sun Country Airlines Holdings, Inc.\* | 1942 | 22819 |
|  Wheels Up Experience, Inc. (x)\* | 381 | 408 |
|  |  | 452164 |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** |
|  Acuren Corp. (x)\* | 3661 | 40417 |
|  Alight, Inc., Class A | 15091 | 85415 |
|  Asure Software, Inc.\* | 830 | 8101 |
|  Barrett Business Services, Inc. | 861 | 35895 |
|  BlackSky Technology, Inc., Class A (x)\* | 877 | 18049 |
|  CBIZ, Inc.\* | 1892 | 135675 |
|  Conduent, Inc.\* | 6227 | 16439 |
|  CRA International, Inc. | 225 | 42158 |
|  CSG Systems International, Inc. | 1014 | 66224 |
|  ExlService Holdings, Inc.\* | 199 | 8714 |
|  Exponent, Inc. | 1839 | 137392 |
|  First Advantage Corp. (x)\* | 2847 | 47289 |
|  Forrester Research, Inc.\* | 473 | 4683 |
|  Franklin Covey Co.\* | 446 | 10178 |
|  Heidrick & Struggles International, Inc. | 743 | 34000 |
|  HireQuest, Inc. | 236 | 2362 |
|  Huron Consulting Group, Inc.\* | 617 | 84862 |
|  IBEX Holdings Ltd.\* | 343 | 9981 |
|  ICF International, Inc. | 679 | 57518 |
|  Innodata, Inc.\* | 1095 | 56086 |
|  Insperity, Inc. | 1315 | 79058 |
|  Kelly Services, Inc., Class A | 1215 | 14228 |
|  Kforce, Inc. | 698 | 28709 |
|  Korn Ferry | 1838 | 134781 |
|  Legalzoom.com, Inc.\* | 3963 | 35310 |
|  Maximus, Inc. | 2039 | 143138 |
|  Mistras Group, Inc.\* | 916 | 7337 |
|  NV5 Global, Inc.\* | 2028 | 46827 |
|  Planet Labs PBC\* | 7921 | 48318 |
|  RCM Technologies, Inc.\* | 178 | 4195 |
|  Resolute Holdings Management, Inc.\* | 180 | 5737 |
|  Resources Connection, Inc. | 1162 | 6240 |
|  Skillsoft Corp.\* | 301 | 4807 |
|  Spire Global, Inc. (x)\* | 945 | 11246 |
|  TriNet Group, Inc. | 1059 | 77455 |
|  TrueBlue, Inc.\* | 1267 | 8210 |
|  TTEC Holdings, Inc.\* | 825 | 3968 |
|  Upwork, Inc.\* | 4541 | 61031 |
|  Verra Mobility Corp., Class A\* | 5855 | 148658 |
|  Willdan Group, Inc.\* | 462 | 28880 |

---

See Notes to Financial Statements.

728

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  WNS Holdings Ltd.\* | 1464 | $| 92583 |
|  |  |  | 1892154 |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** |
|  Alta Equipment Group, Inc. (x) | 939 |  | 5935 |
|  BlueLinx Holdings, Inc.\* | 308 |  | 22909 |
|  Boise Cascade Co. | 1403 |  | 121808 |
|  Custom Truck One Source, Inc.\* | 1990 |  | 9831 |
|  Distribution Solutions Group, Inc.\* | 434 |  | 11922 |
|  DNOW, Inc.\* | 3847 |  | 57051 |
|  DXP Enterprises, Inc.\* | 448 |  | 39267 |
|  EVI Industries, Inc. | 209 |  | 4562 |
|  FTAI Aviation Ltd. | 400 |  | 46016 |
|  GATX Corp. | 1304 |  | 200242 |
|  Global Industrial Co. | 539 |  | 14558 |
|  GMS, Inc.\* | 1370 |  | 148988 |
|  Herc Holdings, Inc. | 1179 |  | 155263 |
|  Hudson Technologies, Inc.\* | 1218 |  | 9890 |
|  Karat Packaging, Inc. | 208 |  | 5857 |
|  McGrath RentCorp | 22134 |  | 2566659 |
|  MRC Global, Inc.\* | 2991 |  | 41007 |
|  NPK International, Inc.\* | 3077 |  | 26185 |
|  Rush Enterprises, Inc., Class A | 2275 |  | 117185 |
|  Rush Enterprises, Inc., Class B | 317 |  | 16636 |
|  Titan Machinery, Inc.\* | 794 |  | 15729 |
|  Transcat, Inc.\* | 346 |  | 29742 |
|  Willis Lease Finance Corp. | 143 |  | 20418 |
|  Xometry, Inc., Class A (x)\* | 1601 |  | 54098 |
|  |  |  | 3741758 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 929 |  | 9076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 49151804 |
|  **Information Technology (11.0%)** | **Information Technology (11.0%)** | **Information Technology (11.0%)** | **Information Technology (11.0%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  ADTRAN Holdings, Inc.\* | 2755 |  | 24712 |
|  Applied Optoelectronics, Inc.\* | 1932 |  | 49633 |
|  Aviat Networks, Inc.\* | 434 |  | 10438 |
|  BK Technologies Corp.\* | 97 |  | 4572 |
|  Calix, Inc.\* | 2089 |  | 111114 |
|  Clearfield, Inc.\* | 366 |  | 15888 |
|  CommScope Holding Co., Inc.\* | 7828 |  | 64816 |
|  Digi International, Inc.\* | 1321 |  | 46050 |
|  Extreme Networks, Inc.\* | 4701 |  | 84383 |
|  Harmonic, Inc.\* | 4158 |  | 39376 |
|  Inseego Corp.\* | 554 |  | 4565 |
|  NETGEAR, Inc.\* | 1024 |  | 29768 |
|  NetScout Systems, Inc.\* | 2497 |  | 61950 |
|  Ribbon Communications, Inc.\* | 3619 |  | 14512 |
|  Viasat, Inc.\* | 4094 |  | 59772 |
|  Viavi Solutions, Inc.\* | 8013 |  | 80691 |
|  |  |  | 702240 |
|  ***Electronic Equipment, Instruments & Components (5.1%)*** | ***Electronic Equipment, Instruments & Components (5.1%)*** | ***Electronic Equipment, Instruments & Components (5.1%)*** | ***Electronic Equipment, Instruments & Components (5.1%)*** |
|  908 Devices, Inc.\* | 903 |  | 6438 |
|  Advanced Energy Industries, Inc. | 1365 |  | 180863 |
|  Aeva Technologies, Inc.\* | 1094 |  | 41342 |
|  Arlo Technologies, Inc.\* | 3520 |  | 59699 |
|  Badger Meter, Inc. | 1072 |  | 262586 |
|  Bel Fuse, Inc., Class A | 83 |  | 7458 |
|  Bel Fuse, Inc., Class B (x) | 395 |  | 38587 |
|  Belden, Inc. | 1440 |  | 166752 |
|  Benchmark Electronics, Inc. | 49291 |  | 1913970 |
|  Climb Global Solutions, Inc. | 126 |  | 13471 |
|  CTS Corp. | 1021 |  | 43505 |
|  Daktronics, Inc.\* | 1532 |  | 23164 |
|  ePlus, Inc.\* | 969 |  | 69865 |
|  Evolv Technologies Holdings, Inc.\* | 3981 |  | 24841 |
|  Fabrinet\* | 1309 |  | 385736 |
|  FARO Technologies, Inc.\* | 686 |  | 30129 |
|  Frequency Electronics, Inc. | 230 |  | 5223 |
|  Insight Enterprises, Inc.\* | 1003 |  | 138499 |
|  Itron, Inc.\* | 1651 |  | 217321 |
|  Kimball Electronics, Inc.\* | 964 |  | 18538 |
|  Knowles Corp.\* | 78366 |  | 1380809 |
|  Lightwave Logic, Inc.\* | 497 |  | 616 |
|  Methode Electronics, Inc. | 1199 |  | 11403 |
|  MicroVision, Inc. (x)\* | 7782 |  | 8872 |
|  Mirion Technologies, Inc., Class A\* | 7520 |  | 161906 |
|  M-Tron Industries, Inc.\* | 105 |  | 4410 |
|  Napco Security Technologies, Inc. | 1180 |  | 35034 |
|  Neonode, Inc.\* | 278 |  | 7089 |
|  nLight, Inc.\* | 1790 |  | 35227 |
|  Novanta, Inc.\* | 1287 |  | 165933 |
|  OSI Systems, Inc.\* | 584 |  | 131318 |
|  Ouster, Inc.\* | 1833 |  | 44450 |
|  PAR Technology Corp.\* | 1439 |  | 99823 |
|  PC Connection, Inc. | 422 |  | 27759 |
|  Plexus Corp.\* | 984 |  | 133145 |
|  Powerfleet, Inc.\* | 4832 |  | 20826 |
|  Red Cat Holdings, Inc. (x)\* | 2704 |  | 19685 |
|  Richardson Electronics Ltd. | 526 |  | 5076 |
|  Rogers Corp.\* | 662 |  | 45334 |
|  Sanmina Corp.\* | 34418 |  | 3367113 |
|  ScanSource, Inc.\* | 844 |  | 35288 |
|  SmartRent, Inc., Class A\* | 302 |  | 299 |
|  TTM Technologies, Inc.\* | 38736 |  | 1581204 |
|  Vishay Intertechnology, Inc. | 4510 |  | 71619 |
|  Vishay Precision Group, Inc. (x)\* | 431 |  | 12111 |
|  Vontier Corp. | 24978 |  | 921688 |
|  Vuzix Corp.\* | 2210 |  | 6453 |
|  |  |  | 11982477 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  Applied Digital Corp. (x)\* | 6387 |  | 64317 |
|  ASGN, Inc.\* | 1580 |  | 78889 |
|  Backblaze, Inc., Class A\* | 1691 |  | 9301 |
|  BigBear.ai Holdings, Inc. (x)\* | 10404 |  | 70643 |
|  BigCommerce Holdings, Inc.\* | 2000 |  | 10000 |
|  Couchbase, Inc.\* | 1467 |  | 35766 |
|  Crexendo, Inc.\* | 699 |  | 4243 |
|  CSP, Inc. | 373 |  | 4827 |
|  DigitalOcean Holdings, Inc.\* | 2414 |  | 68944 |
|  Fastly, Inc., Class A\* | 5157 |  | 36408 |
|  Grid Dynamics Holdings, Inc.\* | 2299 |  | 26553 |
|  Hackett Group, Inc. (The) | 930 |  | 23641 |
|  Information Services Group, Inc. | 1731 |  | 8309 |
|  Rackspace Technology, Inc.\* | 2744 |  | 3512 |
|  TSS, Inc.\* | 657 |  | 18941 |
|  Tucows, Inc., Class A (x)\* | 330 |  | 6504 |
|  Unisys Corp.\* | 2335 |  | 10578 |
|  |  |  | 481376 |

---

See Notes to Financial Statements.

729

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** |
|  ACM Research, Inc., Class A\* | 1902 | $49262 |
|  Aehr Test Systems (x)\* | 1138 | 14714 |
|  Aeluma, Inc.\* | 245 | 4011 |
|  Alpha & Omega Semiconductor Ltd.\* | 912 | 23402 |
|  Ambarella, Inc.\* | 1474 | 97380 |
|  Atomera, Inc.\* | 899 | 4531 |
|  Axcelis Technologies, Inc.\* | 1183 | 82443 |
|  CEVA, Inc.\* | 902 | 19826 |
|  Cohu, Inc.\* | 1682 | 32362 |
|  Credo Technology Group Holding Ltd.\* | 5294 | 490171 |
|  Diodes, Inc.\* | 1634 | 86422 |
|  Everspin Technologies, Inc.\* | 186 | 1170 |
|  FormFactor, Inc.\* | 2800 | 96348 |
|  Ichor Holdings Ltd.\* | 1247 | 24491 |
|  Impinj, Inc.\* | 935 | 103850 |
|  indie Semiconductor, Inc., Class A (x)\* | 5874 | 20911 |
|  Kopin Corp.\* | 5171 | 7912 |
|  Kulicke & Soffa Industries, Inc. | 1860 | 64356 |
|  MaxLinear, Inc., Class A\* | 2878 | 40896 |
|  MKS, Inc. | 5528 | 549262 |
|  Navitas Semiconductor Corp., Class A (x)\* | 4929 | 32285 |
|  NVE Corp. | 179 | 13176 |
|  PDF Solutions, Inc.\* | 1199 | 25635 |
|  Penguin Solutions, Inc. (x)\* | 1907 | 37778 |
|  Photronics, Inc.\* | 2223 | 41859 |
|  Power Integrations, Inc. | 2049 | 114539 |
|  QuickLogic Corp. (x)\* | 134 | 825 |
|  Rambus, Inc.\* | 3895 | 249358 |
|  Rigetti Computing, Inc. (x)\* | 10201 | 120984 |
|  Semtech Corp.\* | 3145 | 141965 |
|  Silicon Laboratories, Inc.\* | 1167 | 171969 |
|  SiTime Corp.\* | 761 | 162154 |
|  SkyWater Technology, Inc. (x)\* | 1127 | 11090 |
|  Synaptics, Inc.\* | 1434 | 92952 |
|  Ultra Clean Holdings, Inc.\* | 1582 | 35706 |
|  Veeco Instruments, Inc.\* | 1886 | 38324 |
|  Wolfspeed, Inc. (x)\* | 7267 | 2898 |
|  |  | 3107217 |
|  ***Software (3.9%)*** | ***Software (3.9%)*** | ***Software (3.9%)*** |
|  8x8, Inc.\* | 4741 | 9292 |
|  A10 Networks, Inc. | 2613 | 50562 |
|  ACI Worldwide, Inc.\* | 77029 | 3536401 |
|  Adeia, Inc. | 3979 | 56263 |
|  Agilysys, Inc.\* | 936 | 107303 |
|  Airship AI Holdings, Inc. (x)\* | 966 | 5690 |
|  Alarm.com Holdings, Inc.\* | 1669 | 94415 |
|  Alkami Technology, Inc.\* | 2464 | 74265 |
|  Amplitude, Inc., Class A\* | 3226 | 40002 |
|  Appian Corp., Class A\* | 1448 | 43237 |
|  Arteris, Inc.\* | 1169 | 11141 |
|  Asana, Inc., Class A\* | 3364 | 45414 |
|  AudioEye, Inc.\* | 271 | 3157 |
|  AvePoint, Inc.\* | 4815 | 92978 |
|  Bit Digital, Inc. (x)\* | 6941 | 15201 |
|  Bitdeer Technologies Group, Class A\* | 2911 | 33418 |
|  Blackbaud, Inc.\* | 1368 | 87839 |
|  BlackLine, Inc.\* | 1906 | 107918 |
|  Blend Labs, Inc., Class A\* | 7942 | 26209 |
|  Box, Inc., Class A\* | 5045 | 172388 |
|  Braze, Inc., Class A\* | 2752 | 77331 |
|  C3.ai, Inc., Class A\* | 4369 | 107346 |
|  Cerence, Inc.\* | 1633 | 16673 |
|  Cipher Mining, Inc. (x)\* | 9526 | 45534 |
|  Cleanspark, Inc. (x)\* | 10066 | 111028 |
|  Clear Secure, Inc., Class A | 3027 | 84030 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 8911 | 195418 |
|  Commvault Systems, Inc.\* | 1601 | 279102 |
|  Consensus Cloud Solutions, Inc.\* | 653 | 15058 |
|  Core Scientific, Inc.\* | 9968 | 170154 |
|  CoreCard Corp.\* | 164 | 4751 |
|  CS Disco, Inc.\* | 1040 | 4545 |
|  Daily Journal Corp.\* | 49 | 20690 |
|  Digimarc Corp.\* | 578 | 7635 |
|  Digital Turbine, Inc.\* | 3461 | 20420 |
|  Domo, Inc., Class B\* | 1316 | 18385 |
|  D-Wave Quantum, Inc.\* | 10408 | 152373 |
|  E2open Parent Holdings, Inc.\* | 6903 | 22297 |
|  eGain Corp.\* | 715 | 4469 |
|  EverCommerce, Inc.\* | 742 | 7791 |
|  Expensify, Inc., Class A\* | 2056 | 5325 |
|  Five9, Inc.\* | 2723 | 72105 |
|  Freshworks, Inc., Class A\* | 7235 | 107874 |
|  Hut 8 Corp. (x)\* | 3396 | 63166 |
|  I3 Verticals, Inc., Class A (x)\* | 823 | 22616 |
|  Intapp, Inc.\* | 2034 | 104995 |
|  InterDigital, Inc. (x) | 938 | 210328 |
|  Jamf Holding Corp.\* | 2392 | 22748 |
|  Kaltura, Inc.\* | 3651 | 7339 |
|  Life360, Inc.\* | 583 | 38041 |
|  LiveRamp Holdings, Inc.\* | 2338 | 77248 |
|  MARA Holdings, Inc. (x)\* | 12523 | 196361 |
|  Mercurity Fintech Holding, Inc.\* | 1176 | 4528 |
|  Meridianlink, Inc.\* | 1177 | 19103 |
|  Mitek Systems, Inc.\* | 1587 | 15711 |
|  N-able, Inc.\* | 2827 | 22899 |
|  NCR Voyix Corp.\* | 5172 | 60668 |
|  NextNav, Inc. (x)\* | 3288 | 49978 |
|  Olo, Inc., Class A\* | 4368 | 38875 |
|  ON24, Inc.\* | 1375 | 7466 |
|  OneSpan, Inc. | 1361 | 22715 |
|  Ooma, Inc.\* | 1003 | 12939 |
|  Pagaya Technologies Ltd., Class A\* | 1526 | 32534 |
|  PagerDuty, Inc.\* | 3090 | 47215 |
|  Porch Group, Inc.\* | 2870 | 33837 |
|  Progress Software Corp. | 1525 | 97356 |
|  PROS Holdings, Inc.\* | 1646 | 25776 |
|  Q2 Holdings, Inc.\* | 2250 | 210577 |
|  Qualys, Inc.\* | 1324 | 189160 |
|  Rapid7, Inc.\* | 2244 | 51904 |
|  Red Violet, Inc. | 433 | 21304 |
|  Rekor Systems, Inc.\* | 357 | 414 |
|  ReposiTrak, Inc. (x) | 296 | 5816 |
|  Rezolve AI plc (x)\* | 3171 | 9751 |
|  Rimini Street, Inc.\* | 2281 | 8599 |
|  Riot Platforms, Inc. (x)\* | 11927 | 134775 |
|  Roadzen, Inc.\* | 531 | 520 |
|  Sapiens International Corp. NV | 1180 | 34515 |
|  SEMrush Holdings, Inc., Class A\* | 1421 | 12860 |
|  Silvaco Group, Inc. (x)\* | 361 | 1704 |

---

See Notes to Financial Statements.

730

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SoundHound AI, Inc., Class A (x)\* | 13218 | $| 141829 |
|  SoundThinking, Inc.\* | 440 |  | 5744 |
|  Sprinklr, Inc., Class A\* | 4186 |  | 35414 |
|  Sprout Social, Inc., Class A\* | 1908 |  | 39896 |
|  SPS Commerce, Inc.\* | 1379 |  | 187668 |
|  Synchronoss Technologies, Inc.\* | 743 |  | 5090 |
|  Telos Corp.\* | 2384 |  | 7557 |
|  Tenable Holdings, Inc.\* | 4337 |  | 146504 |
|  Terawulf, Inc. (x)\* | 9648 |  | 42258 |
|  Varonis Systems, Inc.\* | 3939 |  | 199904 |
|  Verint Systems, Inc.\* | 2206 |  | 43392 |
|  Vertex, Inc., Class A (x)\* | 2349 |  | 83002 |
|  Viant Technology, Inc., Class A\* | 614 |  | 8123 |
|  Weave Communications, Inc.\* | 2064 |  | 17172 |
|  WM Technology, Inc.\* | 3549 |  | 3180 |
|  Workiva, Inc., Class A\* | 1803 |  | 123415 |
|  Xperi, Inc.\* | 1283 |  | 10149 |
|  Yext, Inc.\* | 3776 |  | 32096 |
|  Zeta Global Holdings Corp., Class A\* | 6819 |  | 105626 |
|  |  |  | 9317787 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** |
|  CompoSecure, Inc., Class A (x)\* | 1578 |  | 22234 |
|  Corsair Gaming, Inc.\* | 1529 |  | 14418 |
|  CPI Card Group, Inc.\* | 187 |  | 4436 |
|  Diebold Nixdorf, Inc.\* | 949 |  | 52575 |
|  Eastman Kodak Co.\* | 2333 |  | 13181 |
|  Immersion Corp. | 1086 |  | 8558 |
|  IonQ, Inc. (x)\* | 8572 |  | 368339 |
|  Quantum Computing, Inc. (x)\* | 3125 |  | 59906 |
|  Turtle Beach Corp. (x)\* | 714 |  | 9875 |
|  Xerox Holdings Corp. (x) | 4504 |  | 23736 |
|  |  |  | 577258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 26168355 |
|  **Materials (5.8%)** | **Materials (5.8%)** | **Materials (5.8%)** | **Materials (5.8%)** |
|  ***Chemicals (2.9%)*** | ***Chemicals (2.9%)*** | ***Chemicals (2.9%)*** | ***Chemicals (2.9%)*** |
|  AdvanSix, Inc. | 903 |  | 21446 |
|  American Vanguard Corp.\* | 1172 |  | 4594 |
|  Arq, Inc.\* | 1204 |  | 6466 |
|  Ashland, Inc. | 2516 |  | 126505 |
|  ASP Isotopes, Inc. (x)\* | 2098 |  | 15441 |
|  Aspen Aerogels, Inc.\* | 2243 |  | 13279 |
|  Avient Corp. | 75083 |  | 2425932 |
|  Balchem Corp. | 1188 |  | 189130 |
|  Cabot Corp. | 1961 |  | 147075 |
|  Chemours Co. (The) | 5406 |  | 61899 |
|  Core Molding Technologies, Inc.\* | 341 |  | 5657 |
|  Ecovyst, Inc.\* | 4209 |  | 34640 |
|  Elementis plc | 1342387 |  | 2948204 |
|  Flotek Industries, Inc.\* | 454 |  | 6701 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 1245 |  | 14006 |
|  Hawkins, Inc. | 710 |  | 100891 |
|  HB Fuller Co. | 1991 |  | 119759 |
|  Ingevity Corp.\* | 1314 |  | 56620 |
|  Innospec, Inc. | 891 |  | 74924 |
|  Intrepid Potash, Inc.\* | 386 |  | 13792 |
|  Koppers Holdings, Inc. | 640 |  | 20576 |
|  Kronos Worldwide, Inc. | 966 |  | 5989 |
|  LSB Industries, Inc.\* | 1920 |  | 14976 |
|  Mativ Holdings, Inc. | 2211 |  | 15079 |
|  Minerals Technologies, Inc. | 1143 |  | 62945 |
|  Northern Technologies International Corp. | 103 |  | 763 |
|  Orion SA | 1805 |  | 18935 |
|  Perimeter Solutions, Inc.\* | 4847 |  | 67470 |
|  PureCycle Technologies, Inc. (x)\* | 4689 |  | 64239 |
|  Quaker Chemical Corp. | 489 |  | 54739 |
|  Rayonier Advanced Materials, Inc.\* | 2486 |  | 9571 |
|  Sensient Technologies Corp. | 1505 |  | 148273 |
|  Solesence, Inc.\* | 790 |  | 3444 |
|  Stepan Co. | 780 |  | 42572 |
|  Trinseo plc | 1366 |  | 4262 |
|  Tronox Holdings plc | 4577 |  | 23205 |
|  Valhi, Inc. | 115 |  | 1858 |
|  |  |  | 6945857 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Knife River Corp.\* | 2038 |  | 166382 |
|  Smith-Midland Corp.\* | 40 |  | 1342 |
|  Titan America SA | 841 |  | 10496 |
|  United States Lime & Minerals, Inc. | 383 |  | 38224 |
|  |  |  | 216444 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Ardagh Metal Packaging SA | 5271 |  | 22560 |
|  Greif, Inc., Class A | 943 |  | 61286 |
|  Greif, Inc., Class B | 152 |  | 10489 |
|  Myers Industries, Inc. | 1413 |  | 20474 |
|  O-I Glass, Inc.\* | 5656 |  | 83370 |
|  Ranpak Holdings Corp., Class A\* | 1818 |  | 6490 |
|  TriMas Corp. | 1212 |  | 34675 |
|  |  |  | 239344 |
|  ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 400 |  | 44992 |
|  American Battery Technology Co.\* | 3651 |  | 5915 |
|  Ascent Industries Co.\* | 361 |  | 4552 |
|  Caledonia Mining Corp. plc | 595 |  | 11495 |
|  Carpenter Technology Corp. | 66 |  | 18241 |
|  Century Aluminum Co.\* | 1912 |  | 34454 |
|  Coeur Mining, Inc.\* | 23178 |  | 205357 |
|  Commercial Metals Co. | 68048 |  | 3328228 |
|  Compass Minerals International, Inc.\* | 1251 |  | 25133 |
|  Constellium SE\* | 5164 |  | 68681 |
|  Contango ORE, Inc. (x)\* | 350 |  | 6818 |
|  Critical Metals Corp.\* | 857 |  | 3068 |
|  Dakota Gold Corp.\* | 2351 |  | 8675 |
|  Ferroglobe plc | 4418 |  | 16214 |
|  Friedman Industries, Inc. | 258 |  | 4272 |
|  Hecla Mining Co. | 21828 |  | 130750 |
|  i-80 Gold Corp.\* | 545 |  | 326 |
|  Idaho Strategic Resources, Inc.\* | 423 |  | 5533 |
|  Ivanhoe Electric, Inc.\* | 2927 |  | 26548 |
|  Kaiser Aluminum Corp. | 581 |  | 46422 |
|  Lifezone Metals Ltd. (x)\* | 592 |  | 2439 |
|  MAC Copper Ltd.\* | 2607 |  | 31519 |
|  Materion Corp. | 745 |  | 59131 |
|  Metallus, Inc.\* | 1445 |  | 22267 |
|  NioCorp Developments Ltd.\* | 1908 |  | 4446 |
|  Novagold Resources, Inc.\* | 8889 |  | 36356 |
|  Olympic Steel, Inc. | 367 |  | 11961 |

---

See Notes to Financial Statements.

731

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Perpetua Resources Corp.\* | 1554 | $| 18866 |
|  Piedmont Lithium, Inc.\* | 773 |  | 4499 |
|  Radius Recycling, Inc. | 948 |  | 28146 |
|  Ramaco Resources, Inc., Class A | 1436 |  | 18869 |
|  Ramaco Resources, Inc., Class B | 62 |  | 507 |
|  Ryerson Holding Corp. | 60318 |  | 1301059 |
|  SSR Mining, Inc.\* | 7435 |  | 94722 |
|  SunCoke Energy, Inc. | 3236 |  | 27797 |
|  Tredegar Corp.\* | 1082 |  | 9522 |
|  United States Antimony Corp.\* | 3390 |  | 7390 |
|  US Gold Corp.\* | 422 |  | 5148 |
|  Vox Royalty Corp. | 1593 |  | 5034 |
|  Warrior Met Coal, Inc. | 1903 |  | 87214 |
|  Worthington Steel, Inc. | 1189 |  | 35468 |
|  |  |  | 5808034 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Clearwater Paper Corp.\* | 626 |  | 17052 |
|  Louisiana-Pacific Corp. | 5683 |  | 488681 |
|  Magnera Corp.\* | 1170 |  | 14134 |
|  Sylvamo Corp. | 1269 |  | 63577 |
|  |  |  | 583444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 13793123 |
|  **Real Estate (3.2%)** | **Real Estate (3.2%)** | **Real Estate (3.2%)** | **Real Estate (3.2%)** |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 40170 |  | 716231 |
|  Alpine Income Property Trust, Inc. (REIT) | 334 |  | 4913 |
|  American Assets Trust, Inc. (REIT) | 1903 |  | 37584 |
|  Armada Hoffler Properties, Inc. (REIT) | 2784 |  | 19126 |
|  Broadstone Net Lease, Inc. (REIT) | 6772 |  | 108691 |
|  CTO Realty Growth, Inc. (REIT) | 1033 |  | 17830 |
|  Essential Properties Realty Trust, Inc. (REIT) | 7256 |  | 231539 |
|  Gladstone Commercial Corp. (REIT) | 1530 |  | 21925 |
|  Global Net Lease, Inc. (REIT) | 7256 |  | 54783 |
|  Modiv Industrial, Inc. (REIT), Class C | 320 |  | 4506 |
|  NexPoint Diversified Real Estate Trust (REIT) | 1524 |  | 6385 |
|  One Liberty Properties, Inc. (REIT) | 547 |  | 13051 |
|  |  |  | 1236564 |
|  ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** |
|  American Healthcare REIT, Inc. (REIT) | 5788 |  | 212651 |
|  CareTrust REIT, Inc. (REIT) | 6749 |  | 206519 |
|  Community Healthcare Trust, Inc. (REIT) | 962 |  | 15998 |
|  Diversified Healthcare Trust (REIT) | 8380 |  | 30001 |
|  Global Medical REIT, Inc. (REIT) | 2135 |  | 14796 |
|  LTC Properties, Inc. (REIT) | 1601 |  | 55411 |
|  National Health Investors, Inc. (REIT) | 1693 |  | 118713 |
|  Sabra Health Care REIT, Inc. (REIT) | 8737 |  | 161110 |
|  Sila Realty Trust, Inc. (REIT) | 2015 |  | 47695 |
|  Strawberry Fields REIT, Inc. (REIT) | 293 |  | 3088 |
|  Universal Health Realty Income Trust (REIT) | 462 |  | 18466 |
|  |  |  | 884448 |
|  ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 8335 |  | 97269 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 2943 |  | 7210 |
|  Chatham Lodging Trust (REIT) | 1459 |  | 10169 |
|  DiamondRock Hospitality Co. (REIT) | 7399 |  | 56676 |
|  Pebblebrook Hotel Trust (REIT) | 4215 |  | 42108 |
|  RLJ Lodging Trust (REIT) | 5316 |  | 38700 |
|  Ryman Hospitality Properties, Inc. (REIT) | 2151 |  | 212239 |
|  Service Properties Trust (REIT) | 6604 |  | 15784 |
|  Summit Hotel Properties, Inc. (REIT) | 4063 |  | 20681 |
|  Sunstone Hotel Investors, Inc. (REIT) | 7239 |  | 62835 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 3647 |  | 45843 |
|  |  |  | 609514 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 1772 |  | 8063 |
|  Innovative Industrial Properties, Inc. (REIT) | 1023 |  | 56490 |
|  LXP Industrial Trust (REIT) | 10590 |  | 87473 |
|  Plymouth Industrial REIT, Inc. (REIT) | 1418 |  | 22773 |
|  STAG Industrial, Inc. (REIT) | 13789 |  | 500265 |
|  Terreno Realty Corp. (REIT) | 3714 |  | 208244 |
|  |  |  | 883308 |
|  ***Office REITs (0.3%)*** | ***Office REITs (0.3%)*** | ***Office REITs (0.3%)*** | ***Office REITs (0.3%)*** |
|  Brandywine Realty Trust (REIT) | 6631 |  | 28447 |
|  City Office REIT, Inc. (REIT) | 1704 |  | 9099 |
|  COPT Defense Properties (REIT) | 4179 |  | 115257 |
|  Douglas Emmett, Inc. (REIT) | 4645 |  | 69861 |
|  Easterly Government Properties, Inc. (REIT), Class A | 1499 |  | 33278 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 4908 |  | 39706 |
|  Franklin Street Properties Corp. (REIT) | 4251 |  | 6972 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 11871 |  | 32526 |
|  JBG SMITH Properties (REIT) | 2625 |  | 45412 |
|  NET Lease Office Properties (REIT)\* | 583 |  | 18977 |
|  Paramount Group, Inc. (REIT)\* | 6551 |  | 39961 |
|  Peakstone Realty Trust (REIT) | 1420 |  | 18758 |
|  Piedmont Realty Trust, Inc. (REIT) | 4275 |  | 31165 |
|  Postal Realty Trust, Inc. (REIT), Class A | 804 |  | 11843 |
|  SL Green Realty Corp. (REIT) | 2625 |  | 162487 |
|  |  |  | 663749 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  American Realty Investors, Inc.\* | 2 |  | 28 |
|  Anywhere Real Estate, Inc.\* | 3437 |  | 12442 |
|  Compass, Inc., Class A\* | 16454 |  | 103331 |
|  Cushman & Wakefield plc\* | 6741 |  | 74623 |
|  Douglas Elliman, Inc.\* | 2600 |  | 6032 |
|  eXp World Holdings, Inc. (x) | 2891 |  | 26308 |
|  Forestar Group, Inc.\* | 625 |  | 12500 |
|  FRP Holdings, Inc.\* | 447 |  | 12020 |
|  Kennedy-Wilson Holdings, Inc. | 4267 |  | 29016 |
|  Marcus & Millichap, Inc. | 825 |  | 25336 |
|  Maui Land & Pineapple Co., Inc.\* | 332 |  | 6039 |
|  Newmark Group, Inc., Class A | 4805 |  | 58381 |
|  Offerpad Solutions, Inc. (x)\* | 317 |  | 288 |
|  RE/MAX Holdings, Inc., Class A\* | 778 |  | 6364 |
|  Real Brokerage, Inc. (The)\* | 4091 |  | 18450 |
|  RMR Group, Inc. (The), Class A | 654 |  | 10693 |
|  Seaport Entertainment Group, Inc. (x)\* | 240 |  | 4476 |

---

See Notes to Financial Statements.

732

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  St Joe Co. (The) | 1409 | $| 67209 |
|  Star Holdings\* | 84 |  | 656 |
|  Stratus Properties, Inc.\* | 244 |  | 4607 |
|  Tejon Ranch Co. (x)\* | 772 |  | 13093 |
|  Transcontinental Realty Investors, Inc.\* | 56 |  | 2386 |
|  |  |  | 494278 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 4949 |  | 42809 |
|  BRT Apartments Corp. (REIT) | 500 |  | 7820 |
|  Centerspace (REIT) | 623 |  | 37498 |
|  Clipper Realty, Inc. (REIT) | 606 |  | 2224 |
|  Elme Communities (REIT) | 3214 |  | 51103 |
|  Independence Realty Trust, Inc. (REIT) | 8454 |  | 149551 |
|  NexPoint Residential Trust, Inc. (REIT) | 793 |  | 26423 |
|  UMH Properties, Inc. (REIT) | 2834 |  | 47583 |
|  Veris Residential, Inc. (REIT) | 2801 |  | 41707 |
|  |  |  | 406718 |
|  ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** | ***Retail REITs (0.8%)*** |
|  Acadia Realty Trust (REIT) | 4807 |  | 89266 |
|  Alexander's, Inc. (REIT) (x) | 82 |  | 18476 |
|  CBL & Associates Properties, Inc. (REIT) | 600 |  | 15234 |
|  Curbline Properties Corp. (REIT) | 3458 |  | 78946 |
|  FrontView REIT, Inc. (REIT) | 387 |  | 4644 |
|  Getty Realty Corp. (REIT) (x) | 1962 |  | 54230 |
|  InvenTrust Properties Corp. (REIT) | 2890 |  | 79186 |
|  Kite Realty Group Trust (REIT) | 47115 |  | 1067155 |
|  Macerich Co. (The) (REIT) | 9085 |  | 146995 |
|  NETSTREIT Corp. (REIT) (x) | 3021 |  | 51146 |
|  Phillips Edison & Co., Inc. (REIT) | 4608 |  | 161418 |
|  Saul Centers, Inc. (REIT) | 340 |  | 11608 |
|  SITE Centers Corp. (REIT) | 1752 |  | 19815 |
|  Tanger, Inc. (REIT) | 4069 |  | 124430 |
|  Urban Edge Properties (REIT) | 4618 |  | 86172 |
|  Whitestone REIT (REIT) | 1778 |  | 22189 |
|  |  |  | 2030910 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  Farmland Partners, Inc. (REIT) | 1718 |  | 19774 |
|  Four Corners Property Trust, Inc. (REIT) | 3728 |  | 100321 |
|  Gladstone Land Corp. (REIT) (x) | 972 |  | 9885 |
|  Outfront Media, Inc. (REIT) | 5072 |  | 82775 |
|  PotlatchDeltic Corp. (REIT) | 2790 |  | 107052 |
|  Safehold, Inc. (REIT) | 1836 |  | 28568 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 1015 |  | 36774 |
|  Uniti Group, Inc. (REIT)\* | 8805 |  | 38038 |
|  |  |  | 423187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 7632676 |
|  **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  ALLETE, Inc. | 2140 |  | 137110 |
|  Genie Energy Ltd., Class B | 768 |  | 20644 |
|  Hawaiian Electric Industries, Inc.\* | 6327 |  | 67256 |
|  IDACORP, Inc. | 8694 |  | 1003722 |
|  MGE Energy, Inc. | 1335 |  | 118067 |
|  Oklo, Inc., Class A (x)\* | 3711 |  | 207779 |
|  Otter Tail Corp. | 1399 |  | 107849 |
|  Portland General Electric Co. | 4013 |  | 163048 |
|  TXNM Energy, Inc. | 3362 |  | 189348 |
|  |  |  | 2014823 |
|  ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** |
|  Brookfield Infrastructure Corp., Class A | 4365 |  | 181584 |
|  Chesapeake Utilities Corp. | 830 |  | 99782 |
|  New Jersey Resources Corp. | 3663 |  | 164176 |
|  Northwest Natural Holding Co. | 1454 |  | 57753 |
|  ONE Gas, Inc. | 2171 |  | 156008 |
|  RGC Resources, Inc. | 352 |  | 7878 |
|  Southwest Gas Holdings, Inc. | 2345 |  | 174444 |
|  Spire, Inc. | 2102 |  | 153425 |
|  |  |  | 995050 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Montauk Renewables, Inc.\* | 2861 |  | 6351 |
|  Ormat Technologies, Inc. | 2205 |  | 184691 |
|  |  |  | 191042 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Avista Corp. | 2946 |  | 111801 |
|  Black Hills Corp. | 19474 |  | 1092491 |
|  Northwestern Energy Group, Inc. | 2199 |  | 112809 |
|  Unitil Corp. | 552 |  | 28787 |
|  |  |  | 1345888 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American States Water Co. | 1403 |  | 107554 |
|  Cadiz, Inc. (x)\* | 1784 |  | 5334 |
|  California Water Service Group | 2190 |  | 99601 |
|  Consolidated Water Co. Ltd. (x) | 599 |  | 17982 |
|  Global Water Resources, Inc. | 500 |  | 5095 |
|  H2O America | 1207 |  | 62728 |
|  Middlesex Water Co. | 635 |  | 34404 |
|  Pure Cycle Corp.\* | 795 |  | 8523 |
|  York Water Co. (The) | 440 |  | 13904 |
|  |  |  | 355125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 4901928 |
|  **Total Common Stocks (89.4%)**<br> *(Cost $168,935,862)* |  |  | 211584195 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 1038 |  |  |
|  Chinook Therapeutics, Inc., CVR\* | 2552 |  |  |
|  Icosavax, Inc., CVR\* | 1211 |  | 364 |
|  Sanofi Aatd, Inc., CVR (r)\* | 1372 |  | 666 |
|  **Total Rights (0.0%)†**<br> *(Cost $948)* |  |  | 1030 |

---

See Notes to Financial Statements.

733

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29 (x)\* <br>*(Cost $—)* | 76 | $155 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (7.4%)** | **Investment Companies (7.4%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 800000 | 800000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 800000 | 800000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 2833632 | 2833632 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 13048751 | 13051361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 17484993 |
|  **Total Short-Term Investments (7.4%)**<br> *(Cost $17,484,078)* | **Total Short-Term Investments (7.4%)**<br> *(Cost $17,484,078)* | 17484993 |
|  **Total Investments in Securities (96.8%)**<br> *(Cost $186,420,888)* | **Total Investments in Securities (96.8%)**<br> *(Cost $186,420,888)* | 229070373 |
|  **Other Assets Less Liabilities (3.2%)** | **Other Assets Less Liabilities (3.2%)** | 7536332 |
|  **Net Assets (100%)** |  | $236606705 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $56,805 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $6,562,076. This was collateralized by $2,158,623 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $4,495,228 of which $4,433,632 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 209 | 9/2025 | USD | 22903265 | 546050 |
|  |  |  |  |  | 546050 |

---

See Notes to Financial Statements.

734

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EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $2441815 | $— | $— | $2441815 |
|  Consumer Discretionary | 22777450 | 889303 |  | 23666753 |
|  Consumer Staples | 2094907 |  |  | 2094907 |
|  Energy | 6217185 | 849121 |  | 7066306 |
|  Financials | 56946086 |  | — (a) | 56946086 |
|  Health Care | 17720442 |  | — (a) | 17720442 |
|  Industrials | 39790550 | 9361254 |  | 49151804 |
|  Information Technology | 26168355 |  |  | 26168355 |
|  Materials | 10844919 | 2948204 |  | 13793123 |
|  Real Estate | 7632676 |  |  | 7632676 |
|  Utilities | 4901928 |  |  | 4901928 |
|  **Futures** | 546050 |  |  | 546050 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 364 | 666 | 1030 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 17484993 |  |  | 17484993 |
|  **Warrants** |  |  |  |  |
|  Health Care |  | 155 |  | 155 |
|  **Total Assets** | $**215567356** | $**14048401** | $**666** | $**229616423** |
|  **Total Liabilities** | $**—** | $**—** | $**–** | $**–** |
|  **Total** | $**215567356** | $**14048401** | $**666** | $**229616423** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets - Unrealized appreciation | $546050 \* |
|  **Total** |  | $546050 |

---

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

See Notes to Financial Statements.

735

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Equity contracts | $(8399989) | $— | $(8399989) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8399989) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(8399989) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $2041371 | $2041371 |
|  **Total** | $2041371 | $2041371 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $23366000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 11228000.0 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $32015863.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $56100986.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 3%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 5%)\*** | **Net Realized<br>Gain (Loss)** |
| $1009012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223695 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $66883161 |
|  Aggregate gross unrealized depreciation | (23002833) |
|  Net unrealized appreciation | $43880328 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $185736095 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $2,904 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

736

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $186,420,888) | $229070373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10178165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $109) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1944600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 264976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 147766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 55142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 30034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 15623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 6394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 241715670 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4433632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 232545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 188481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 109861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 22622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 20120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 101704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5108965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $236606705 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $205711454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 30895251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $236606705 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $100,068,967 / 7,378,606 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.56 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $136,537,738 / 10,065,479 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.56 |

---

*(x)* *Includes value of securities on loan of $6,562,076.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $4,376 foreign withholding tax) | $2150682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 247082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 34706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2432470 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 846416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 150548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 126024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 72283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 31315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1256108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (163024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1093084 |
|  **NET INVESTMENT INCOME (LOSS)** | 1339386 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 8685606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8399989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 287882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (14964574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2041371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12921228) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (12633346) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(11293960) |

---

See Notes to Financial Statements.

737

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1339386 | $2993999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 287882 | 24518868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12921228) | 1858163 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (11293960) | 29371030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (10736229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (15428336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (26164565) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 1,592 shares, respectively ] |  | 22219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (103669) shares, respectively ] |  | (1452286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (36386) shares, respectively ] |  | (507869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (1937936) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 246,042 and 482,542 shares, respectively ] | 3272719 | 7091772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 103,483 shares, respectively ] |  | 1452286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 719,483 shares, respectively ] |  | 10736229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (810058) and (1586511) shares, respectively ] | (10879654) | (23154767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (7606935) | (3874480) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,035 and 907,400 shares, respectively ] | 25957 | 12899650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,034,699 shares, respectively ] |  | 15428336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1011836) and (2033296) shares, respectively ] | (13326869) | (29843400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (13300912) | (1515414) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (20907847) | (7327830) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (32201807) | (4121365) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 268808512 | 272929877 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $236606705 | $268808512 |

---

See Notes to Financial Statements.

738

------

#### EQ ADVISORS TRUST
EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.14 | $13.99 | $12.79 | $16.05 | $16.46 | $15.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.14 | 0.12 | 0.06 | 0.05 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.64) | 1.46 | 1.65 | (2.80) | 3.09 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.58) | 1.60 | 1.77 | (2.74) | 3.14 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.15) | (0.06) | (0.07) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.27) | (0.42) | (0.46) | (3.48) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.45) | (0.57) | (0.52) | (3.55) | (0.99) |
|  Net asset value, end of period | $13.56 | $14.14 | $13.99 | $12.79 | $16.05 | $16.46 |
|  Total return (b) | (4.10)% | 11.03% | 14.07% | (17.06)% | 19.61 | 12.31% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $100069 | $112332 | $115012 | $112095 | $149168 | $140170 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.18% | 1.17% | 1.17% | 1.16% | 1.13 | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.96% | 0.96% | 0.91% | 0.41% | 0.28 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.83% | 0.84% | 0.79% | 0.31% | 0.20 | 0.56% |
|  Portfolio turnover rate^ | 14 %(z) | 39% | 39% | 34% | 37 | 55% |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.13 | $13.97 | $12.77 | $16.03 | $16.44 | $15.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.18 | 0.15 | 0.09 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.65) | 1.47 | 1.65 | (2.79) | 3.08 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.57) | 1.65 | 1.80 | (2.70) | 3.18 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.18) | (0.10) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.27) | (0.42) | (0.46) | (3.48) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.49) | (0.60) | (0.56) | (3.59) | (1.02) |
|  Net asset value, end of period | $13.56 | $14.13 | $13.97 | $12.77 | $16.03 | $16.44 |
|  Total return (b) | (4.03)% | 11.37% | 14.35% | (16.87)% | 19.91 | 12.63% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $136538 | $156476 | $155985 | $153988 | $205957 | $218265 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.93% | 0.92% | 0.92% | 0.91% | 0.88 | 0.90% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.21% | 1.21% | 1.16% | 0.66% | 0.53 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.08% | 1.09% | 1.04% | 0.55% | 0.45 | 0.80% |
|  Portfolio turnover rate^ | 14 %(z) | 39% | 39% | 34% | 37 | 55% |

---

See Notes to Financial Statements.

739

------

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.04 and $0.09 for Class IB and Class K, respectively* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.07% lower.* 

See Notes to Financial Statements.

740

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (1.6%)** | **Australia (1.6%)** | **Australia (1.6%)** |
|  ANZ Group Holdings Ltd. | 61565 | $1181534 |
|  APA Group | 26662 | 143364 |
|  Aristocrat Leisure Ltd. | 11861 | 508738 |
|  ASX Ltd. | 4073 | 187002 |
|  BHP Group Ltd. | 105197 | 2544401 |
|  BlueScope Steel Ltd. | 9648 | 146745 |
|  Brambles Ltd. | 29050 | 447773 |
|  CAR Group Ltd. | 8154 | 200817 |
|  Cochlear Ltd. | 1375 | 271867 |
|  Coles Group Ltd. | 28156 | 386183 |
|  Commonwealth Bank of Australia | 34831 | 4235213 |
|  Computershare Ltd. | 11075 | 290759 |
|  Evolution Mining Ltd. | 40972 | 210063 |
|  Fortescue Ltd. | 35575 | 357761 |
|  Glencore plc | 212597 | 827605 |
|  Goodman Group (REIT) | 42059 | 947802 |
|  Insurance Australia Group Ltd. | 48055 | 285595 |
|  Lottery Corp. Ltd. (The) | 44219 | 155118 |
|  Macquarie Group Ltd. | 7606 | 1144997 |
|  Medibank Pvt Ltd. | 58634 | 194879 |
|  National Australia Bank Ltd. | 63659 | 1649073 |
|  Northern Star Resources Ltd. | 28533 | 348350 |
|  Origin Energy Ltd. | 34850 | 247485 |
|  Pro Medicus Ltd. | 1224 | 229654 |
|  Qantas Airways Ltd. | 15492 | 109506 |
|  QBE Insurance Group Ltd. | 31625 | 486839 |
|  REA Group Ltd. | 1110 | 175689 |
|  Reece Ltd. (x) | 3336 | 31507 |
|  Rio Tinto Ltd. | 7477 | 527185 |
|  Rio Tinto plc | 23689 | 1380334 |
|  Santos Ltd. | 67708 | 341345 |
|  Scentre Group (REIT) | 101224 | 237169 |
|  SGH Ltd. | 4388 | 156152 |
|  Sigma Healthcare Ltd. | 133780 | 263261 |
|  Sonic Healthcare Ltd. | 9042 | 159427 |
|  South32 Ltd. | 92580 | 177311 |
|  Stockland (REIT) | 47469 | 167456 |
|  Suncorp Group Ltd. | 22748 | 323536 |
|  Telstra Group Ltd. | 84097 | 267886 |
|  Transurban Group | 65208 | 599975 |
|  Vicinity Ltd. (REIT) | 67123 | 109117 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 4817 | 133185 |
|  Wesfarmers Ltd. | 23481 | 1309728 |
|  Westpac Banking Corp. | 71101 | 1584483 |
|  WiseTech Global Ltd. | 4159 | 298442 |
|  Woodside Energy Group Ltd. | 39888 | 620342 |
|  Woolworths Group Ltd. | 25663 | 525451 |
|  |  | 27128104 |
|  **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
|  Erste Group Bank AG | 6468 | 550852 |
|  Mondi plc | 9128 | 149039 |
|  OMV AG | 3155 | 171625 |
|  Verbund AG | 1371 | 105215 |
|  |  | 976731 |
|  **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
|  Ageas SA/NV | 3134 | 211719 |
|  Anheuser-Busch InBev SA/NV | 20391 | 1398900 |
|  D'ieteren Group | 428 | 91959 |
|  Elia Group SA/NV, Class B | 996 | 114684 |
|  Groupe Bruxelles Lambert NV | 1744 | 148529 |
|  KBC Group NV | 4824 | 498122 |
|  Lotus Bakeries NV | 8 | 76991 |
|  Sofina SA | 315 | 103895 |
|  Syensqo SA | 1410 | 108756 |
|  UCB SA | 2656 | 522326 |
|  |  | 3275881 |
|  **Brazil (0.9%)** | **Brazil (0.9%)** | **Brazil (0.9%)** |
|  Banco BTG Pactual SA | 85619 | 665808 |
|  Itau Unibanco Holding SA (Preference) (q) | 454998 | 3087699 |
|  MercadoLibre, Inc.\* | 834 | 2179767 |
|  Raia Drogasil SA | 555736 | 1549650 |
|  Rede D'Or Sao Luiz SA (m)\* | 373181 | 2430818 |
|  Vale SA | 137834 | 1336963 |
|  WEG SA | 543543 | 4275833 |
|  Yara International ASA | 3478 | 128362 |
|  |  | 15654900 |
|  **Canada (0.2%)** | **Canada (0.2%)** | **Canada (0.2%)** |
|  Shopify, Inc., Class A\* | 34444 | 3973115 |
|  **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** |
|  Antofagasta plc | 113149 | 2810407 |
|  Banco de Chile | 12369495 | 1870776 |
|  |  | 4681183 |
|  **China (3.9%)** | **China (3.9%)** | **China (3.9%)** |
|  Airtac International Group | 40109 | 1195911 |
|  Alibaba Group Holding Ltd. | 426800 | 5969801 |
|  Bank of Jiangsu Co. Ltd., Class A | 1152200 | 1919931 |
|  BOC Hong Kong Holdings Ltd. | 77500 | 336658 |
|  BYD Co. Ltd., Class H | 307500 | 4798597 |
|  China Construction Bank Corp., Class H | 6309420 | 6365723 |
|  China International Capital Corp. Ltd., Class H (m) | 430400 | 970462 |
|  China Merchants Bank Co. Ltd., Class H | 579500 | 4049144 |
|  JD.com, Inc., Class A | 41304 | 672970 |
|  JD.com, Inc. (ADR) | 184169 | 6011276 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 199804 | 1447188 |
|  Kweichow Moutai Co. Ltd., Class A | 2447 | 481347 |
|  Meituan, Class B (m)\* | 99880 | 1594273 |
|  NARI Technology Co. Ltd., Class A | 474740 | 1484743 |
|  NAURA Technology Group Co. Ltd., Class A | 20200 | 1246618 |
|  NetEase, Inc. | 74700 | 2007873 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 188500 | 1197043 |
|  Prosus NV | 27245 | 1523466 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 167900 | 1512986 |
|  SITC International Holdings Co. Ltd. | 28000 | 89708 |

---

See Notes to Financial Statements.

741

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tencent Holdings Ltd. | 231200 | $| 14814566 |
|  Trip.com Group Ltd. (ADR) (x) | 54189 |  | 3177643 |
|  Wharf Holdings Ltd. (The) | 19000 |  | 57848 |
|  Wilmar International Ltd. | 44100 |  | 99541 |
|  Xiaomi Corp., Class B (m)\* | 223800 |  | 1709159 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 51000 |  | 89044 |
|  Yum China Holdings, Inc. | 37180 |  | 1662318 |
|  |  |  | 66485837 |
|  **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
|  Komercni Banka A/S | 33095 |  | 1600331 |
|  **Denmark (0.7%)** | **Denmark (0.7%)** | **Denmark (0.7%)** | **Denmark (0.7%)** |
|  AP Moller - Maersk A/S, Class A | 48 |  | 88668 |
|  AP Moller - Maersk A/S, Class B | 101 |  | 187768 |
|  Carlsberg A/S, Class B | 1988 |  | 281670 |
|  Coloplast A/S, Class B | 2644 |  | 251136 |
|  Danske Bank A/S | 13994 |  | 570697 |
|  Demant A/S\* | 2075 |  | 86554 |
|  DSV A/S | 4293 |  | 1031608 |
|  Genmab A/S\* | 1321 |  | 274263 |
|  Novo Nordisk A/S, Class B | 108079 |  | 7501327 |
|  Novonesis Novozymes B | 7402 |  | 530688 |
|  Orsted A/S (m)\* | 3252 |  | 139656 |
|  Pandora A/S | 1711 |  | 300396 |
|  ROCKWOOL A/S, Class B | 1975 |  | 92424 |
|  Tryg A/S | 7073 |  | 182695 |
|  Vestas Wind Systems A/S | 21215 |  | 318271 |
|  |  |  | 11837821 |
|  **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** |
|  Elisa OYJ | 2896 |  | 160606 |
|  Fortum OYJ | 9425 |  | 176414 |
|  Kesko OYJ, Class B | 5738 |  | 141535 |
|  Kone OYJ, Class B | 7140 |  | 469982 |
|  Metso OYJ | 13409 |  | 173431 |
|  Neste OYJ | 8428 |  | 114368 |
|  Nokia OYJ | 110495 |  | 573474 |
|  Nordea Bank Abp | 66223 |  | 983673 |
|  Orion OYJ, Class B | 2277 |  | 171258 |
|  Sampo OYJ, Class A | 50864 |  | 547026 |
|  Stora Enso OYJ, Class R | 12432 |  | 135079 |
|  UPM-Kymmene OYJ | 10506 |  | 286618 |
|  Wartsila OYJ Abp | 10566 |  | 249422 |
|  |  |  | 4182886 |
|  **France (3.1%)** | **France (3.1%)** | **France (3.1%)** | **France (3.1%)** |
|  Accor SA | 3898 |  | 203548 |
|  Aeroports de Paris SA | 731 |  | 91619 |
|  Air Liquide SA | 12047 |  | 2485370 |
|  Airbus SE | 54652 |  | 11411524 |
|  Alstom SA\* | 7237 |  | 168792 |
|  Amundi SA (m) | 1281 |  | 103665 |
|  Arkema SA | 1228 |  | 90480 |
|  AXA SA | 37222 |  | 1827048 |
|  BioMerieux | 915 |  | 126537 |
|  BNP Paribas SA | 21161 |  | 1902398 |
|  Bollore SE | 15997 |  | 100437 |
|  Bouygues SA | 3915 |  | 177088 |
|  Bureau Veritas SA | 6461 |  | 220255 |
|  Capgemini SE | 3353 |  | 572899 |
|  Carrefour SA | 11374 |  | 160374 |
|  Cie de Saint-Gobain SA | 9435 |  | 1107395 |
|  Cie Generale des Etablissements Michelin SCA | 14085 |  | 523294 |
|  Covivio SA (REIT) | 1249 |  | 78786 |
|  Credit Agricole SA | 22360 |  | 423135 |
|  Danone SA | 13562 |  | 1108051 |
|  Dassault Aviation SA | 398 |  | 140741 |
|  Dassault Systemes SE | 14059 |  | 508913 |
|  Edenred SE | 4879 |  | 151094 |
|  Eiffage SA | 1441 |  | 202418 |
|  Engie SA | 38369 |  | 900546 |
|  EssilorLuxottica SA | 15335 |  | 4207074 |
|  Eurazeo SE | 936 |  | 66760 |
|  FDJ United (m) | 2399 |  | 94103 |
|  Gecina SA (REIT) | 880 |  | 96714 |
|  Getlink SE | 6355 |  | 122694 |
|  Hermes International SCA | 658 |  | 1781934 |
|  Ipsen SA | 829 |  | 98726 |
|  Kering SA | 1564 |  | 340017 |
|  Klepierre SA (REIT) | 4337 |  | 170837 |
|  Legrand SA | 5509 |  | 736539 |
|  L'Oreal SA | 5006 |  | 2141135 |
|  LVMH Moet Hennessy Louis Vuitton SE | 12411 |  | 6499846 |
|  Orange SA | 37853 |  | 575866 |
|  Pernod Ricard SA | 4240 |  | 422535 |
|  Publicis Groupe SA | 4808 |  | 541892 |
|  Renault SA | 4038 |  | 186124 |
|  Rexel SA | 4333 |  | 133420 |
|  Safran SA | 7565 |  | 2458598 |
|  Sartorius Stedim Biotech | 631 |  | 150739 |
|  Societe Generale SA | 15131 |  | 865334 |
|  Sodexo SA | 1725 |  | 106069 |
|  Teleperformance SE | 1180 |  | 114423 |
|  Thales SA | 1947 |  | 572450 |
|  TotalEnergies SE | 42497 |  | 2608092 |
|  Unibail-Rodamco-Westfield (REIT) | 2547 |  | 243439 |
|  Veolia Environnement SA | 13075 |  | 465901 |
|  Vinci SA | 10389 |  | 1530939 |
|  |  |  | 52118607 |
|  **Germany (3.2%)** | **Germany (3.2%)** | **Germany (3.2%)** | **Germany (3.2%)** |
|  adidas AG | 3592 |  | 837565 |
|  Allianz SE (Registered) | 13091 |  | 5306209 |
|  BASF SE | 18352 |  | 904919 |
|  Bayer AG (Registered) | 19954 |  | 600195 |
|  Bayerische Motoren Werke AG | 6090 |  | 541329 |
|  Bayerische Motoren Werke AG (Preference) (q) | 1253 |  | 103761 |
|  Beiersdorf AG | 2084 |  | 261687 |
|  Brenntag SE | 2578 |  | 170666 |
|  Commerzbank AG | 18472 |  | 582708 |
|  Continental AG | 2189 |  | 191069 |
|  Covestro AG\* | 3740 |  | 266094 |
|  CTS Eventim AG & Co. KGaA | 1384 |  | 171832 |
|  Daimler Truck Holding AG | 9981 |  | 472283 |
|  Deutsche Bank AG (Registered) | 38881 |  | 1152783 |
|  Deutsche Boerse AG | 3898 |  | 1271428 |
|  Deutsche Lufthansa AG (Registered) | 11720 |  | 99124 |
|  Deutsche Post AG | 20167 |  | 931462 |

---

See Notes to Financial Statements.

742

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Deutsche Telekom AG (Registered) | 72651 | $| 2650389 |
|  Dr Ing hc F Porsche AG (Preference) (m)(q)(x) | 2506 |  | 123804 |
|  E.ON SE | 46099 |  | 848474 |
|  Evonik Industries AG | 5509 |  | 113563 |
|  Fresenius Medical Care AG | 4620 |  | 264760 |
|  Fresenius SE & Co. KGaA | 8874 |  | 446139 |
|  GEA Group AG | 2969 |  | 207742 |
|  Hannover Rueck SE | 1207 |  | 379901 |
|  Heidelberg Materials AG | 2774 |  | 651729 |
|  Henkel AG & Co. KGaA | 2326 |  | 168505 |
|  Henkel AG & Co. KGaA (Preference) (q) | 3556 |  | 279225 |
|  Infineon Technologies AG | 27434 |  | 1167088 |
|  Knorr-Bremse AG | 1488 |  | 143816 |
|  LEG Immobilien SE | 1576 |  | 139883 |
|  Mercedes-Benz Group AG | 14833 |  | 868210 |
|  Merck KGaA | 2715 |  | 351795 |
|  MTU Aero Engines AG | 1131 |  | 502529 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 2779 |  | 1802402 |
|  Nemetschek SE | 1213 |  | 175749 |
|  Porsche Automobil Holding SE (Preference) (q) | 3217 |  | 127667 |
|  Rational AG | 104 |  | 87225 |
|  Rheinmetall AG | 929 |  | 1966485 |
|  RWE AG | 13282 |  | 554321 |
|  SAP SE | 61567 |  | 18721773 |
|  Sartorius AG (Preference) (q) | 545 |  | 138668 |
|  Scout24 SE (m) | 1576 |  | 217390 |
|  Siemens AG (Registered) | 15792 |  | 4048766 |
|  Siemens Energy AG\* | 14120 |  | 1630998 |
|  Siemens Healthineers AG (m) | 6902 |  | 382608 |
|  Symrise AG, Class A | 2789 |  | 292852 |
|  Talanx AG | 1336 |  | 172954 |
|  Volkswagen AG (Preference) (q) | 4332 |  | 457320 |
|  Vonovia SE | 15557 |  | 548112 |
|  Zalando SE (m)\* | 4706 |  | 154939 |
|  |  |  | 54652895 |
|  **Hong Kong (0.4%)** | **Hong Kong (0.4%)** | **Hong Kong (0.4%)** | **Hong Kong (0.4%)** |
|  AIA Group Ltd. | 223200 |  | 2001705 |
|  CK Asset Holdings Ltd. | 40264 |  | 177471 |
|  CK Infrastructure Holdings Ltd. | 12000 |  | 79415 |
|  CLP Holdings Ltd. | 34500 |  | 290505 |
|  Futu Holdings Ltd. (ADR) | 1154 |  | 142623 |
|  Hang Seng Bank Ltd. | 15800 |  | 236700 |
|  Henderson Land Development Co. Ltd. | 31474 |  | 110059 |
|  HKT Trust & HKT Ltd. | 84260 |  | 125800 |
|  Hong Kong & China Gas Co. Ltd. | 228856 |  | 192124 |
|  Hong Kong Exchanges & Clearing Ltd. | 24928 |  | 1329925 |
|  Hongkong Land Holdings Ltd. | 22400 |  | 129248 |
|  Jardine Matheson Holdings Ltd. | 3600 |  | 164052 |
|  Link REIT (REIT) | 54600 |  | 291434 |
|  MTR Corp. Ltd. | 32000 |  | 114956 |
|  Power Assets Holdings Ltd. | 28000 |  | 179950 |
|  Prudential plc | 53945 |  | 675758 |
|  Sino Land Co. Ltd. | 93001 |  | 98925 |
|  Sun Hung Kai Properties Ltd. | 30500 |  | 349878 |
|  Swire Pacific Ltd., Class A | 7500 |  | 64252 |
|  Techtronic Industries Co. Ltd. | 30500 |  | 335308 |
|  WH Group Ltd. (m) | 172966 |  | 166357 |
|  Wharf Real Estate Investment Co. Ltd. | 35100 |  | 99264 |
|  |  |  | 7355709 |
|  **India (4.7%)** | **India (4.7%)** | **India (4.7%)** | **India (4.7%)** |
|  360 ONE WAM Ltd. | 106546 |  | 1484016 |
|  Axis Bank Ltd. | 167277 |  | 2339069 |
|  Bajaj Auto Ltd. | 20181 |  | 1971036 |
|  Bajaj Finance Ltd. | 238940 |  | 2609227 |
|  CG Power & Industrial Solutions Ltd. | 102037 |  | 811620 |
|  Colgate-Palmolive India Ltd. | 20946 |  | 587910 |
|  DLF Ltd. | 1138769 |  | 11124775 |
|  Grasim Industries Ltd. | 62758 |  | 2081566 |
|  HDFC Asset Management Co. Ltd. (m) | 41167 |  | 2492197 |
|  HDFC Bank Ltd. | 141082 |  | 3292626 |
|  HDFC Bank Ltd. (ADR) | 36390 |  | 2790021 |
|  Hindalco Industries Ltd. | 147856 |  | 1194520 |
|  Hitachi Energy India Ltd. | 12233 |  | 2853844 |
|  ICICI Bank Ltd. | 309465 |  | 5217170 |
|  ICICI Bank Ltd. (ADR) | 142600 |  | 4797064 |
|  IDFC First Bank Ltd.\* | 2909831 |  | 2471456 |
|  Infosys Ltd. (ADR) (x) | 169482 |  | 3140501 |
|  Larsen & Toubro Ltd. | 39880 |  | 1706526 |
|  Macrotech Developers Ltd. (m) | 135461 |  | 2186394 |
|  Mahindra & Mahindra Ltd. | 101829 |  | 3779642 |
|  MakeMyTrip Ltd.\* | 11665 |  | 1143403 |
|  Max Healthcare Institute Ltd. | 180281 |  | 2682353 |
|  Pidilite Industries Ltd. | 51762 |  | 1843538 |
|  Reliance Industries Ltd. | 313522 |  | 5485904 |
|  Samvardhana Motherson International Ltd. | 672694 |  | 1214473 |
|  Shriram Finance Ltd. | 172444 |  | 1421316 |
|  State Bank of India | 352646 |  | 3373288 |
|  Swiggy Ltd.\* | 170749 |  | 797200 |
|  United Breweries Ltd. | 73905 |  | 1681390 |
|  |  |  | 78574045 |
|  **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |
|  Cisarua Mountain Dairy PT Tbk. | 3884000 |  | 1165080 |
|  **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** |
|  Accenture plc, Class A | 5339 |  | 1595774 |
|  AerCap Holdings NV | 3798 |  | 444366 |
|  AIB Group plc | 43065 |  | 354338 |
|  Bank of Ireland Group plc | 20895 |  | 297451 |
|  Kerry Group plc, Class A | 3142 |  | 346980 |
|  Kingspan Group plc | 3241 |  | 275640 |
|  |  |  | 3314549 |
|  **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
|  Azrieli Group Ltd. | 972 |  | 89371 |
|  Bank Hapoalim BM | 26445 |  | 507341 |
|  Bank Leumi Le-Israel BM | 31566 |  | 586843 |
|  Check Point Software Technologies Ltd.\* | 1764 |  | 390285 |
|  Elbit Systems Ltd. | 562 |  | 249941 |

---

See Notes to Financial Statements.

743

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ICL Group Ltd. | 15080 | $| 103375 |
|  Israel Discount Bank Ltd., Class A | 23593 |  | 235069 |
|  Mizrahi Tefahot Bank Ltd. | 3259 |  | 212377 |
|  Nice Ltd.\* | 1353 |  | 229564 |
|  Nice Ltd. (ADR) (x)\* | 14788 |  | 2497841 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 24669 |  | 413452 |
|  Wix.com Ltd.\* | 1064 |  | 168601 |
|  |  |  | 5684060 |
|  **Italy (1.0%)** | **Italy (1.0%)** | **Italy (1.0%)** | **Italy (1.0%)** |
|  Banca Mediolanum SpA | 3381 |  | 58226 |
|  Banco BPM SpA | 23716 |  | 276904 |
|  BPER Banca SpA | 20881 |  | 189789 |
|  Brunello Cucinelli SpA | 21907 |  | 2663112 |
|  Coca-Cola HBC AG | 4480 |  | 233926 |
|  Davide Campari-Milano NV (x) | 12948 |  | 87089 |
|  DiaSorin SpA | 374 |  | 40029 |
|  Enel SpA | 170861 |  | 1621397 |
|  Eni SpA | 44849 |  | 726939 |
|  Ferrari NV | 4825 |  | 2364950 |
|  FinecoBank Banca Fineco SpA | 12712 |  | 282037 |
|  Generali | 17980 |  | 639834 |
|  Infrastrutture Wireless Italiane SpA (m) | 5172 |  | 63239 |
|  Intesa Sanpaolo SpA | 317909 |  | 1831773 |
|  Leonardo SpA | 8502 |  | 478513 |
|  Mediobanca Banca di Credito Finanziario SpA (x) | 10175 |  | 236537 |
|  Moncler SpA | 13758 |  | 784220 |
|  Nexi SpA (m) | 11018 |  | 65854 |
|  Poste Italiane SpA (m) (x) | 9310 |  | 200033 |
|  Prysmian SpA | 5903 |  | 417484 |
|  Recordati Industria Chimica e Farmaceutica SpA | 2443 |  | 153671 |
|  Ryanair Holdings plc | 16625 |  | 470394 |
|  Snam SpA | 42362 |  | 256587 |
|  Telecom Italia SpA\* | 209172 |  | 103141 |
|  Terna - Rete Elettrica Nazionale (x) | 29473 |  | 302947 |
|  UniCredit SpA | 29332 |  | 1966333 |
|  Unipol Assicurazioni SpA | 7536 |  | 149356 |
|  |  |  | 16664314 |
|  **Japan (5.6%)** | **Japan (5.6%)** | **Japan (5.6%)** | **Japan (5.6%)** |
|  Advantest Corp. | 16100 |  | 1191247 |
|  Aeon Co. Ltd. (x) | 15500 |  | 475747 |
|  AGC, Inc. (x) | 4000 |  | 117413 |
|  Aisin Corp. | 10200 |  | 130825 |
|  Ajinomoto Co., Inc. | 18400 |  | 499466 |
|  ANA Holdings, Inc. | 3300 |  | 64680 |
|  Asahi Group Holdings Ltd. (x) | 30400 |  | 406903 |
|  Asahi Kasei Corp. | 26400 |  | 188277 |
|  Asics Corp. | 13500 |  | 344988 |
|  Astellas Pharma, Inc. | 36000 |  | 354113 |
|  Bandai Namco Holdings, Inc. | 12500 |  | 448856 |
|  Bridgestone Corp. (x) | 12000 |  | 491650 |
|  Canon, Inc. (x) | 19600 |  | 570150 |
|  Capcom Co. Ltd. | 82300 |  | 2819249 |
|  Central Japan Railway Co. | 16200 |  | 363587 |
|  Chiba Bank Ltd. (The) (x) | 13100 |  | 121398 |
|  Chubu Electric Power Co., Inc. | 12600 |  | 155832 |
|  Chugai Pharmaceutical Co. Ltd. | 14100 |  | 736797 |
|  Concordia Financial Group Ltd. | 21200 |  | 137972 |
|  Dai Nippon Printing Co. Ltd. | 7500 |  | 114059 |
|  Daifuku Co. Ltd. | 6600 |  | 170586 |
|  Dai-ichi Life Holdings, Inc. | 73100 |  | 556353 |
|  Daiichi Sankyo Co. Ltd. | 35700 |  | 834211 |
|  Daikin Industries Ltd. | 5500 |  | 650238 |
|  Daito Trust Construction Co. Ltd. | 1300 |  | 141505 |
|  Daiwa House Industry Co. Ltd. | 11800 |  | 405939 |
|  Daiwa Securities Group, Inc. | 28000 |  | 199201 |
|  Denso Corp. | 38200 |  | 517406 |
|  Dentsu Group, Inc. (x) | 4386 |  | 97341 |
|  Disco Corp. | 1900 |  | 562460 |
|  East Japan Railway Co. | 19111 |  | 412465 |
|  Eisai Co. Ltd. | 5300 |  | 152664 |
|  ENEOS Holdings, Inc. | 57333 |  | 284704 |
|  FANUC Corp. | 19200 |  | 525315 |
|  Fast Retailing Co. Ltd. | 4000 |  | 1375508 |
|  Fuji Electric Co. Ltd. | 2800 |  | 129379 |
|  FUJIFILM Holdings Corp. | 23500 |  | 512739 |
|  Fujikura Ltd. | 5100 |  | 268130 |
|  Fujitsu Ltd. | 36100 |  | 881160 |
|  Hankyu Hanshin Holdings, Inc. | 4800 |  | 130662 |
|  Hikari Tsushin, Inc. | 400 |  | 118218 |
|  Hitachi Ltd. | 95400 |  | 2785716 |
|  Honda Motor Co. Ltd. | 87900 |  | 851196 |
|  Hoshizaki Corp. (x) | 2300 |  | 79475 |
|  Hoya Corp. | 17100 |  | 2037086 |
|  Hulic Co. Ltd. (x) | 9400 |  | 94813 |
|  Idemitsu Kosan Co. Ltd. | 18295 |  | 111164 |
|  IHI Corp. | 3100 |  | 336683 |
|  Inpex Corp. (x) | 18500 |  | 260147 |
|  Isuzu Motors Ltd. | 10900 |  | 138554 |
|  ITOCHU Corp. | 24600 |  | 1290772 |
|  Japan Airlines Co. Ltd. | 3588 |  | 73290 |
|  Japan Exchange Group, Inc. | 20500 |  | 207911 |
|  Japan Post Bank Co. Ltd. | 38000 |  | 410333 |
|  Japan Post Holdings Co. Ltd. | 37000 |  | 343137 |
|  Japan Post Insurance Co. Ltd. | 4200 |  | 95109 |
|  Japan Tobacco, Inc. (x) | 25200 |  | 743374 |
|  JFE Holdings, Inc. (x) | 11200 |  | 130429 |
|  Kajima Corp. | 8900 |  | 232566 |
|  Kansai Electric Power Co., Inc. (The) | 19800 |  | 234979 |
|  Kao Corp. (x) | 9800 |  | 439419 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 7100 |  | 100777 |
|  KDDI Corp. | 63400 |  | 1091851 |
|  Keyence Corp. | 13572 |  | 5451231 |
|  Kikkoman Corp. (x) | 14100 |  | 131008 |
|  Kirin Holdings Co. Ltd. (x) | 16300 |  | 228588 |
|  Kobe Bussan Co. Ltd. | 3200 |  | 99508 |
|  Komatsu Ltd. | 19000 |  | 624999 |
|  Konami Group Corp. | 2000 |  | 316864 |
|  Kubota Corp. (x) | 20600 |  | 232028 |
|  Kyocera Corp. | 26800 |  | 322612 |
|  Kyowa Kirin Co. Ltd. (x) | 5800 |  | 99301 |
|  Lasertec Corp. (x) | 1700 |  | 229138 |
|  LY Corp. | 56000 |  | 206259 |
|  M3, Inc. | 9000 |  | 124089 |
|  Makita Corp. | 4600 |  | 142244 |
|  Marubeni Corp. | 29700 |  | 600785 |
|  MatsukiyoCocokara & Co. | 7400 |  | 152491 |

---

See Notes to Financial Statements.

744

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Meiji Holdings Co. Ltd. | 4588 | $| 101538 |
|  Minebea Mitsumi, Inc. | 7400 |  | 108761 |
|  Mitsubishi Chemical Group Corp. | 28100 |  | 147910 |
|  Mitsubishi Corp. | 70800 |  | 1419884 |
|  Mitsubishi Electric Corp. | 39000 |  | 842533 |
|  Mitsubishi Estate Co. Ltd. | 22300 |  | 418575 |
|  Mitsubishi HC Capital, Inc. | 18300 |  | 134767 |
|  Mitsubishi Heavy Industries Ltd. | 66400 |  | 1664553 |
|  Mitsubishi UFJ Financial Group, Inc. | 238600 |  | 3285607 |
|  Mitsui & Co. Ltd. | 51500 |  | 1053925 |
|  Mitsui Fudosan Co. Ltd. | 55500 |  | 537638 |
|  Mitsui OSK Lines Ltd. (x) | 7200 |  | 240992 |
|  Mizuho Financial Group, Inc. | 49653 |  | 1376788 |
|  MonotaRO Co. Ltd. | 5100 |  | 100757 |
|  MS&AD Insurance Group Holdings, Inc. | 27021 |  | 606075 |
|  Murata Manufacturing Co. Ltd. | 35100 |  | 525019 |
|  NEC Corp. | 25800 |  | 755878 |
|  Nexon Co. Ltd. (x) | 7500 |  | 151557 |
|  Nidec Corp. | 17500 |  | 340874 |
|  Nintendo Co. Ltd. | 22900 |  | 2207229 |
|  Nippon Building Fund, Inc. (REIT) (x) | 166 |  | 153199 |
|  Nippon Paint Holdings Co. Ltd. (x) | 21600 |  | 173994 |
|  Nippon Sanso Holdings Corp. | 3400 |  | 128983 |
|  Nippon Steel Corp. | 20291 |  | 385093 |
|  Nippon Telegraph & Telephone Corp. | 627700 |  | 671267 |
|  Nippon Yusen KK (x) | 8600 |  | 309828 |
|  Nissan Motor Co. Ltd.\* | 46600 |  | 113325 |
|  Nissin Foods Holdings Co. Ltd. | 4100 |  | 85286 |
|  Nitori Holdings Co. Ltd. | 1600 |  | 154661 |
|  Nitto Denko Corp. | 14600 |  | 283017 |
|  Nomura Holdings, Inc. | 63200 |  | 417808 |
|  Nomura Research Institute Ltd. | 7854 |  | 315404 |
|  NTT Data Group Corp. | 5040 |  | 139960 |
|  Obayashi Corp. | 13600 |  | 206401 |
|  Obic Co. Ltd. | 7200 |  | 280540 |
|  Olympus Corp. | 23500 |  | 279869 |
|  Omron Corp. | 4000 |  | 108163 |
|  Ono Pharmaceutical Co. Ltd. (x) | 7500 |  | 81195 |
|  Oracle Corp. | 700 |  | 83535 |
|  Oriental Land Co. Ltd. | 22700 |  | 523973 |
|  ORIX Corp. | 24200 |  | 547842 |
|  Osaka Gas Co. Ltd. | 8200 |  | 210289 |
|  Otsuka Corp. | 4800 |  | 97880 |
|  Otsuka Holdings Co. Ltd. (x) | 9300 |  | 461819 |
|  Pan Pacific International Holdings Corp. | 8300 |  | 285821 |
|  Panasonic Holdings Corp. | 49000 |  | 529284 |
|  Rakuten Group, Inc.\* | 31700 |  | 175313 |
|  Recruit Holdings Co. Ltd. | 29500 |  | 1748429 |
|  Renesas Electronics Corp. | 35400 |  | 439781 |
|  Resona Holdings, Inc. | 43905 |  | 406107 |
|  Ricoh Co. Ltd. | 11000 |  | 104305 |
|  Sanrio Co. Ltd. | 3700 |  | 179033 |
|  SBI Holdings, Inc. | 5060 |  | 176742 |
|  SCREEN Holdings Co. Ltd. | 1800 |  | 146995 |
|  SCSK Corp. | 3000 |  | 90580 |
|  Secom Co. Ltd. | 8800 |  | 316728 |
|  Sekisui Chemical Co. Ltd. | 7700 |  | 139665 |
|  Sekisui House Ltd. | 12500 |  | 276292 |
|  Seven & i Holdings Co. Ltd. | 45200 |  | 729139 |
|  SG Holdings Co. Ltd. (x) | 7200 |  | 80322 |
|  Shimadzu Corp. | 4200 |  | 104180 |
|  Shimano, Inc. | 1500 |  | 217753 |
|  Shin-Etsu Chemical Co. Ltd. | 37500 |  | 1242665 |
|  Shionogi & Co. Ltd. | 15900 |  | 286411 |
|  Shiseido Co. Ltd. (x) | 8300 |  | 148329 |
|  SMC Corp. | 1200 |  | 433652 |
|  SoftBank Corp. | 601200 |  | 930993 |
|  SoftBank Group Corp. | 19700 |  | 1438460 |
|  Sompo Holdings, Inc. | 18743 |  | 565524 |
|  Sony Group Corp. | 128000 |  | 3315440 |
|  Subaru Corp. | 11900 |  | 207871 |
|  Sumitomo Corp. | 22900 |  | 592994 |
|  Sumitomo Electric Industries Ltd. | 15000 |  | 322385 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 5700 |  | 140912 |
|  Sumitomo Mitsui Financial Group, Inc. | 76721 |  | 1936072 |
|  Sumitomo Mitsui Trust Group, Inc. | 13604 |  | 362666 |
|  Sumitomo Realty & Development Co. Ltd. | 6500 |  | 251279 |
|  Suntory Beverage & Food Ltd. (x) | 3000 |  | 96038 |
|  Suzuki Motor Corp. | 33000 |  | 399424 |
|  Sysmex Corp. | 10600 |  | 185052 |
|  T&D Holdings, Inc. | 10000 |  | 220131 |
|  Taisei Corp. | 3100 |  | 180827 |
|  Takeda Pharmaceutical Co. Ltd. | 32590 |  | 1001429 |
|  TDK Corp. | 112600 |  | 1325741 |
|  Terumo Corp. | 28000 |  | 515260 |
|  TIS, Inc. | 4200 |  | 141103 |
|  Toho Co. Ltd. | 2300 |  | 135919 |
|  Tokio Marine Holdings, Inc. | 38200 |  | 1621056 |
|  Tokyo Electron Ltd. | 9400 |  | 1806826 |
|  Tokyo Gas Co. Ltd. | 6800 |  | 226281 |
|  Tokyo Metro Co. Ltd. (x) | 4900 |  | 57080 |
|  Tokyu Corp. | 10500 |  | 124975 |
|  TOPPAN Holdings, Inc. | 5300 |  | 144457 |
|  Toray Industries, Inc. | 29400 |  | 201669 |
|  Toyota Industries Corp. | 3400 |  | 384848 |
|  Toyota Motor Corp. | 197270 |  | 3415118 |
|  Toyota Tsusho Corp. | 13000 |  | 295108 |
|  Trend Micro, Inc. | 2700 |  | 187062 |
|  Unicharm Corp. | 23500 |  | 169798 |
|  West Japan Railway Co. | 9800 |  | 224712 |
|  Yakult Honsha Co. Ltd. | 5400 |  | 101715 |
|  Yamaha Motor Co. Ltd. (x) | 18100 |  | 135682 |
|  Yokogawa Electric Corp. | 4400 |  | 117788 |
|  Zensho Holdings Co. Ltd. | 2000 |  | 121357 |
|  ZOZO, Inc. | 9300 |  | 100553 |
|  |  |  | 93902641 |
|  **Jersey (0.0%)†** | **Jersey (0.0%)†** | **Jersey (0.0%)†** | **Jersey (0.0%)†** |
|  Aptiv plc\* | 1827 |  | 124638 |
|  **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** |
|  ArcelorMittal SA | 9853 |  | 311862 |
|  CVC Capital Partners plc (m) | 4911 |  | 100542 |
|  Eurofins Scientific SE | 2492 |  | 177419 |
|  |  |  | 589823 |

---

See Notes to Financial Statements.

745

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Macau (0.0%)†** | **Macau (0.0%)†** | **Macau (0.0%)†** |
|  Galaxy Entertainment Group Ltd. | 43000 | $190899 |
|  Sands China Ltd. | 51187 | 106548 |
|  |  | 297447 |
|  **Malaysia (0.2%)** | **Malaysia (0.2%)** | **Malaysia (0.2%)** |
|  CIMB Group Holdings Bhd. | 1064400 | 1716489 |
|  Malayan Banking Bhd. | 639500 | 1473257 |
|  |  | 3189746 |
|  **Mexico (0.8%)** | **Mexico (0.8%)** | **Mexico (0.8%)** |
|  Gruma SAB de CV, Class B | 84683 | 1460522 |
|  Grupo Financiero Banorte SAB de CV, Class O | 423979 | 3890588 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 1492626 | 2736355 |
|  Prologis Property Mexico SA de CV (REIT) | 334069 | 1259579 |
|  Wal-Mart de Mexico SAB de CV | 1003774 | 3320861 |
|  |  | 12667905 |
|  **Netherlands (1.4%)** | **Netherlands (1.4%)** | **Netherlands (1.4%)** |
|  ABN AMRO Bank NV (CVA) (m) | 9625 | 263490 |
|  Adyen NV (m)\* | 2671 | 4903201 |
|  Aegon Ltd. | 27157 | 196672 |
|  Akzo Nobel NV | 3588 | 251053 |
|  Argenx SE\* | 1268 | 701712 |
|  ASM International NV | 949 | 607453 |
|  ASML Holding NV | 9019 | 7198776 |
|  ASR Nederland NV | 2967 | 197047 |
|  BE Semiconductor Industries NV | 9780 | 1463661 |
|  Euronext NV (m) | 1639 | 280139 |
|  EXOR NV | 1857 | 187246 |
|  Heineken Holding NV | 2723 | 202878 |
|  Heineken NV | 6050 | 527511 |
|  IMCD NV | 1193 | 160274 |
|  ING Groep NV | 65223 | 1431025 |
|  JDE Peet's NV | 3692 | 105419 |
|  Koninklijke Ahold Delhaize NV | 18889 | 789886 |
|  Koninklijke KPN NV | 81697 | 398028 |
|  Koninklijke Philips NV | 17610 | 423379 |
|  NN Group NV | 5651 | 375565 |
|  NXP Semiconductors NV | 2194 | 479367 |
|  Randstad NV (x) | 2382 | 109990 |
|  Universal Music Group NV | 46525 | 1506017 |
|  Wolters Kluwer NV | 4907 | 820499 |
|  |  | 23580288 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  Auckland International Airport Ltd. | 34873 | 164634 |
|  Contact Energy Ltd. | 16763 | 91961 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 12181 | 267669 |
|  Infratil Ltd. | 19272 | 124521 |
|  Meridian Energy Ltd. | 27587 | 99212 |
|  Xero Ltd.\* | 3054 | 361396 |
|  |  | 1109393 |
|  **Norway (0.1%)** | **Norway (0.1%)** | **Norway (0.1%)** |
|  Aker BP ASA | 6267 | 160291 |
|  DNB Bank ASA | 18813 | 520001 |
|  Equinor ASA | 17601 | 445465 |
|  Gjensidige Forsikring ASA | 3885 | 98441 |
|  Kongsberg Gruppen ASA | 8985 | 348412 |
|  Mowi ASA | 10327 | 199380 |
|  Norsk Hydro ASA | 28835 | 164610 |
|  Orkla ASA | 14166 | 154036 |
|  Salmar ASA | 1438 | 62317 |
|  Telenor ASA | 12534 | 194861 |
|  |  | 2347814 |
|  **Poland (0.4%)** | **Poland (0.4%)** | **Poland (0.4%)** |
|  Allegro.eu SA (m)\* | 387559 | 3719302 |
|  Budimex SA | 10089 | 1559668 |
|  InPost SA\* | 5043 | 83760 |
|  Powszechny Zaklad Ubezpieczen SA | 106103 | 1854562 |
|  |  | 7217292 |
|  **Portugal (0.0%)†** | **Portugal (0.0%)†** | **Portugal (0.0%)†** |
|  EDP SA | 60372 | 261846 |
|  Galp Energia SGPS SA | 9041 | 165818 |
|  Jeronimo Martins SGPS SA | 6198 | 156824 |
|  |  | 584488 |
|  **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** |
|  CapitaLand Ascendas REIT (REIT) | 81315 | 171391 |
|  CapitaLand Integrated Commercial Trust (REIT) | 122698 | 209402 |
|  CapitaLand Investment Ltd. | 46200 | 96288 |
|  DBS Group Holdings Ltd. | 43940 | 1551982 |
|  Genting Singapore Ltd. | 126857 | 71335 |
|  Grab Holdings Ltd., Class A\* | 49095 | 246948 |
|  Keppel Ltd. | 29400 | 171568 |
|  Oversea-Chinese Banking Corp. Ltd. | 71178 | 913027 |
|  Sea Ltd. (ADR)\* | 7962 | 1273442 |
|  Sembcorp Industries Ltd. | 18800 | 101282 |
|  Singapore Airlines Ltd. | 32750 | 179526 |
|  Singapore Exchange Ltd. | 17500 | 204798 |
|  Singapore Technologies Engineering Ltd. | 32800 | 200953 |
|  Singapore Telecommunications Ltd. | 156100 | 468975 |
|  STMicroelectronics NV | 14224 | 434545 |
|  United Overseas Bank Ltd. | 25867 | 732373 |
|  |  | 7027835 |
|  **South Africa (0.6%)** | **South Africa (0.6%)** | **South Africa (0.6%)** |
|  Anglo American plc | 23510 | 693827 |
|  AVI Ltd. | 375404 | 1996005 |
|  Capitec Bank Holdings Ltd. | 20622 | 4136293 |
|  Clicks Group Ltd. (x) | 87318 | 1829837 |
|  OUTsurance Group Ltd. | 144149 | 637785 |
|  |  | 9293747 |
|  **South Korea (1.3%)** | **South Korea (1.3%)** | **South Korea (1.3%)** |
|  Delivery Hero SE (m)\* | 3687 | 99761 |
|  HYBE Co. Ltd.\* | 3604 | 825160 |
|  KB Financial Group, Inc. | 32435 | 2665265 |
|  Kia Corp. | 19691 | 1413795 |
|  KT&G Corp. | 15355 | 1452900 |
|  NAVER Corp. | 8461 | 1645682 |
|  Samsung Electronics Co. Ltd. | 273993 | 12140472 |

---

See Notes to Financial Statements.

746

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  SK Hynix, Inc. | 8127 | $| 1758361 |
|  |  |  | 22001396 |
|  **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** | **Spain (1.0%)** |
|  Acciona SA (x) | 464 |  | 83516 |
|  ACS Actividades de Construccion y Servicios SA (x) | 3745 |  | 260053 |
|  Aena SME SA (m) | 15760 |  | 420671 |
|  Amadeus IT Group SA | 55380 |  | 4662989 |
|  Banco Bilbao Vizcaya Argentaria SA | 119816 |  | 1842547 |
|  Banco de Sabadell SA | 114285 |  | 363883 |
|  Banco Santander SA | 315466 |  | 2611255 |
|  Bankinter SA (x) | 12898 |  | 168341 |
|  CaixaBank SA (x) | 82900 |  | 718133 |
|  Cellnex Telecom SA (m) | 10333 |  | 401059 |
|  EDP Renovaveis SA | 7212 |  | 80494 |
|  Endesa SA (x) | 6397 |  | 202625 |
|  Grifols SA\* | 5584 |  | 68079 |
|  Iberdrola SA | 120790 |  | 2317816 |
|  Industria de Diseno Textil SA | 22916 |  | 1192591 |
|  Redeia Corp. SA (x) | 8169 |  | 174652 |
|  Repsol SA (x) | 24207 |  | 354579 |
|  Telefonica SA | 77885 |  | 408998 |
|  |  |  | 16332281 |
|  **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** |
|  AddTech AB, Class B | 5353 |  | 182188 |
|  Alfa Laval AB | 5631 |  | 236765 |
|  Assa Abloy AB, Class B | 76119 |  | 2375073 |
|  Atlas Copco AB, Class A | 218327 |  | 3527284 |
|  Atlas Copco AB, Class B | 31434 |  | 446713 |
|  Beijer Ref AB, Class B (x) | 8032 |  | 126793 |
|  Boliden AB\* | 6099 |  | 190237 |
|  Epiroc AB, Class A | 13844 |  | 300559 |
|  Epiroc AB, Class B | 7648 |  | 146317 |
|  EQT AB (x) | 7617 |  | 254332 |
|  Essity AB, Class B | 12820 |  | 355023 |
|  Evolution AB (m) | 3027 |  | 240473 |
|  Fastighets AB Balder, Class B\* | 16094 |  | 119520 |
|  H & M Hennes & Mauritz AB, Class B (x) | 11346 |  | 159381 |
|  Hexagon AB, Class B | 43615 |  | 438690 |
|  Holmen AB, Class B (x) | 1818 |  | 72098 |
|  Industrivarden AB, Class C (x) | 2857 |  | 103186 |
|  Industrivarden AB, Class A | 2720 |  | 98670 |
|  Indutrade AB | 5055 |  | 137957 |
|  Investment AB Latour, Class B | 2908 |  | 76597 |
|  Investor AB, Class B | 35641 |  | 1053871 |
|  L E Lundbergforetagen AB, Class B | 1437 |  | 71631 |
|  Lifco AB, Class B | 4897 |  | 198139 |
|  Nibe Industrier AB, Class B | 29491 |  | 125746 |
|  Saab AB, Class B | 6729 |  | 375252 |
|  Sagax AB, Class B | 4794 |  | 109451 |
|  Sandvik AB | 22399 |  | 513518 |
|  Securitas AB, Class B | 10265 |  | 153526 |
|  Skandinaviska Enskilda Banken AB, Class A | 33336 |  | 581739 |
|  Skanska AB, Class B | 7149 |  | 166391 |
|  SKF AB, Class B | 7166 |  | 164439 |
|  Svenska Cellulosa AB SCA, Class B | 13165 |  | 171157 |
|  Svenska Handelsbanken AB, Class A | 30641 |  | 409533 |
|  Swedbank AB, Class A | 17835 |  | 472224 |
|  Swedish Orphan Biovitrum AB\* | 4072 |  | 124042 |
|  Tele2 AB, Class B | 11483 |  | 167799 |
|  Telefonaktiebolaget LM Ericsson, Class B | 58356 |  | 499248 |
|  Telia Co. AB | 47731 |  | 171381 |
|  Trelleborg AB, Class B | 4384 |  | 163156 |
|  Volvo AB, Class B | 32694 |  | 917142 |
|  |  |  | 16197241 |
|  **Switzerland (1.4%)** | **Switzerland (1.4%)** | **Switzerland (1.4%)** | **Switzerland (1.4%)** |
|  ABB Ltd. (Registered) | 32814 |  | 1956557 |
|  Avolta AG | 1798 |  | 97486 |
|  Baloise Holding AG (Registered) | 858 |  | 202429 |
|  Banque Cantonale Vaudoise (Registered) | 572 |  | 65927 |
|  Barry Callebaut AG (Registered) (x) | 66 |  | 71868 |
|  BKW AG | 421 |  | 91952 |
|  Chocoladefabriken Lindt & Spruengli AG | 20 |  | 336505 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 2 |  | 333228 |
|  Cie Financiere Richemont SA (Registered) | 11185 |  | 2106747 |
|  DSM-Firmenich AG | 3907 |  | 415399 |
|  EMS-Chemie Holding AG (Registered) | 140 |  | 105690 |
|  Galderma Group AG (x) | 2464 |  | 357124 |
|  Geberit AG (Registered) | 702 |  | 552080 |
|  Givaudan SA (Registered) | 190 |  | 919768 |
|  Helvetia Holding AG (Registered) | 780 |  | 182945 |
|  Julius Baer Group Ltd. | 4328 |  | 292588 |
|  Kuehne + Nagel International AG (Registered) (x) | 973 |  | 210493 |
|  Logitech International SA (Registered) | 3163 |  | 284788 |
|  Lonza Group AG (Registered) | 6447 |  | 4590781 |
|  Partners Group Holding AG | 477 |  | 622213 |
|  Sandoz Group AG | 8396 |  | 459455 |
|  Schindler Holding AG | 855 |  | 317884 |
|  Schindler Holding AG (Registered) | 493 |  | 178635 |
|  SGS SA (Registered) | 3367 |  | 341601 |
|  SIG Group AG | 6696 |  | 123717 |
|  Sika AG (Registered) | 3203 |  | 869527 |
|  Sonova Holding AG (Registered) | 1065 |  | 317305 |
|  Straumann Holding AG (Registered) | 2345 |  | 306037 |
|  Swatch Group AG (The) (x) | 652 |  | 106085 |
|  Swiss Life Holding AG (Registered) | 603 |  | 609954 |
|  Swiss Prime Site AG (Registered) | 1614 |  | 241658 |
|  Swisscom AG (Registered) | 539 |  | 382113 |
|  TE Connectivity plc | 2495 |  | 420832 |
|  Temenos AG (Registered) | 1073 |  | 76744 |
|  UBS Group AG (Registered) | 68492 |  | 2317739 |
|  VAT Group AG (m) | 589 |  | 248457 |
|  Zurich Insurance Group AG | 3048 |  | 2130469 |
|  |  |  | 23244780 |
|  **Taiwan (3.3%)** | **Taiwan (3.3%)** | **Taiwan (3.3%)** | **Taiwan (3.3%)** |
|  Alchip Technologies Ltd. | 33000 |  | 3496337 |
|  ASE Technology Holding Co. Ltd. | 492000 |  | 2484253 |
|  Chailease Holding Co. Ltd. | 306000 |  | 1325106 |

---

See Notes to Financial Statements.

747

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Delta Electronics, Inc. | 114000 | $| 1611735 |
|  Hon Hai Precision Industry Co. Ltd. | 692000 |  | 3813912 |
|  MediaTek, Inc. | 27000 |  | 1155347 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1017133 |  | 36908154 |
|  Unimicron Technology Corp. | 388000 |  | 1514172 |
|  Wiwynn Corp. | 37127 |  | 3215504 |
|  |  |  | 55524520 |
|  **United Kingdom (2.6%)** | **United Kingdom (2.6%)** | **United Kingdom (2.6%)** | **United Kingdom (2.6%)** |
|  3i Group plc | 20448 |  | 1156399 |
|  Admiral Group plc | 5469 |  | 245480 |
|  Ashtead Group plc | 9164 |  | 587312 |
|  Associated British Foods plc | 6781 |  | 191557 |
|  AstraZeneca plc | 32283 |  | 4484502 |
|  Auto Trader Group plc (m) | 18661 |  | 211170 |
|  Aviva plc | 56251 |  | 478102 |
|  BAE Systems plc | 62461 |  | 1617430 |
|  Barclays plc | 298538 |  | 1382215 |
|  Barratt Redrow plc | 27754 |  | 173682 |
|  British American Tobacco plc | 41290 |  | 1962715 |
|  BT Group plc | 125655 |  | 334181 |
|  Bunzl plc | 6925 |  | 220530 |
|  Centrica plc | 106448 |  | 236050 |
|  CK Hutchison Holdings Ltd. | 56264 |  | 346187 |
|  Coca-Cola Europacific Partners plc | 4705 |  | 436248 |
|  Compass Group plc | 35659 |  | 1207530 |
|  Croda International plc | 2969 |  | 119165 |
|  DCC plc | 2136 |  | 138624 |
|  Diageo plc | 46745 |  | 1172927 |
|  Entain plc | 11649 |  | 144070 |
|  Halma plc | 7918 |  | 347797 |
|  Hikma Pharmaceuticals plc | 3590 |  | 97965 |
|  HSBC Holdings plc | 368412 |  | 4459269 |
|  Imperial Brands plc | 16155 |  | 637979 |
|  Informa plc | 27920 |  | 308818 |
|  InterContinental Hotels Group plc | 3116 |  | 355177 |
|  International Consolidated Airlines Group SA (x) | 23424 |  | 109983 |
|  Intertek Group plc | 3546 |  | 230716 |
|  J Sainsbury plc | 34539 |  | 137394 |
|  JD Sports Fashion plc | 51464 |  | 62688 |
|  Kingfisher plc | 39980 |  | 159587 |
|  Land Securities Group plc (REIT) | 14674 |  | 127098 |
|  Legal & General Group plc | 123801 |  | 432656 |
|  Lloyds Banking Group plc | 1255203 |  | 1321506 |
|  London Stock Exchange Group plc | 9925 |  | 1448865 |
|  M&G plc | 47013 |  | 165848 |
|  Marks & Spencer Group plc | 42742 |  | 207926 |
|  Melrose Industries plc | 26837 |  | 195535 |
|  National Grid plc | 102772 |  | 1497458 |
|  NatWest Group plc | 164206 |  | 1152682 |
|  Next plc | 2469 |  | 421601 |
|  Pearson plc | 12597 |  | 185276 |
|  Phoenix Group Holdings plc | 14545 |  | 131471 |
|  Reckitt Benckiser Group plc | 14123 |  | 960573 |
|  RELX plc | 38580 |  | 2084911 |
|  Rentokil Initial plc | 51438 |  | 248605 |
|  Rolls-Royce Holdings plc | 176267 |  | 2341136 |
|  Sage Group plc (The) | 19915 |  | 341841 |
|  Schroders plc | 14730 |  | 73072 |
|  Segro plc (REIT) | 26711 |  | 249174 |
|  Severn Trent plc | 5631 |  | 211322 |
|  Smith & Nephew plc | 17450 |  | 266594 |
|  Smiths Group plc | 6757 |  | 208316 |
|  Spirax Group plc | 1605 |  | 131195 |
|  SSE plc | 23182 |  | 582638 |
|  Standard Chartered plc | 41974 |  | 695420 |
|  Tesco plc | 141609 |  | 780045 |
|  Unilever plc | 52055 |  | 3161808 |
|  United Utilities Group plc | 15003 |  | 235079 |
|  Vodafone Group plc | 427182 |  | 456080 |
|  Whitbread plc | 3531 |  | 136826 |
|  Wise plc, Class A\* | 13996 |  | 199801 |
|  WPP plc | 22663 |  | 159461 |
|  |  |  | 44565268 |
|  **United States (38.8%)** | **United States (38.8%)** | **United States (38.8%)** | **United States (38.8%)** |
|  3M Co. | 4558 |  | 693910 |
|  A.O. Smith Corp. | 934 |  | 61242 |
|  Abbott Laboratories | 14836 |  | 2017844 |
|  AbbVie, Inc. | 15079 |  | 2798964 |
|  Adobe, Inc.\* | 3638 |  | 1407469 |
|  Advanced Micro Devices, Inc.\* | 13829 |  | 1962335 |
|  AES Corp. (The) | 6277 |  | 66034 |
|  Aflac, Inc. | 4094 |  | 431753 |
|  Agilent Technologies, Inc. | 2462 |  | 290541 |
|  Air Products and Chemicals, Inc. | 1920 |  | 541555 |
|  Airbnb, Inc., Class A\* | 3736 |  | 494422 |
|  Akamai Technologies, Inc. (x)\* | 1301 |  | 103768 |
|  Albemarle Corp. (x) | 1024 |  | 64174 |
|  Alcon AG | 10279 |  | 909428 |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1253 |  | 91005 |
|  Align Technology, Inc.\* | 614 |  | 116249 |
|  Allegion plc | 739 |  | 106505 |
|  Alliant Energy Corp. | 2097 |  | 126806 |
|  Allstate Corp. (The) | 2287 |  | 460396 |
|  Alphabet, Inc., Class C | 40078 |  | 7109436 |
|  Alphabet, Inc., Class A | 177860 |  | 31344268 |
|  Altria Group, Inc. | 14319 |  | 839523 |
|  Amazon.com, Inc.\* | 101281 |  | 22220039 |
|  Amcor plc | 19996 |  | 183763 |
|  Ameren Corp. | 2329 |  | 223677 |
|  American Electric Power Co., Inc. | 4602 |  | 477503 |
|  American Express Co. | 4725 |  | 1507180 |
|  American International Group, Inc. | 4906 |  | 419905 |
|  American Tower Corp. (REIT) | 3972 |  | 877891 |
|  American Water Works Co., Inc. | 1682 |  | 233983 |
|  Ameriprise Financial, Inc. | 804 |  | 429119 |
|  AMETEK, Inc. | 1996 |  | 361196 |
|  Amgen, Inc. | 4575 |  | 1277386 |
|  Amphenol Corp., Class A | 10256 |  | 1012780 |
|  Amrize Ltd.\* | 10949 |  | 546174 |
|  Analog Devices, Inc. | 40522 |  | 9645046 |
|  ANSYS, Inc.\* | 755 |  | 265171 |
|  Aon plc, Class A | 1830 |  | 652871 |
|  APA Corp. (x) | 3278 |  | 59955 |
|  Apollo Global Management, Inc. | 3858 |  | 547334 |
|  Apple, Inc. | 127503 |  | 26159790 |
|  Applied Materials, Inc. | 6907 |  | 1264464 |
|  Arch Capital Group Ltd. | 3236 |  | 294638 |

---

See Notes to Financial Statements.

748

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Archer-Daniels-Midland Co. | 4050 | $213759 |
|  Arista Networks, Inc.\* | 8719 | 892041 |
|  ARM Holdings plc (ADR) (x)\* | 11180 | 1808253 |
|  Arthur J Gallagher & Co. | 2195 | 702663 |
|  Assurant, Inc. | 424 | 83736 |
|  AT&T, Inc. | 61310 | 1774311 |
|  Atmos Energy Corp. | 1385 | 213442 |
|  Autodesk, Inc.\* | 1811 | 560631 |
|  Automatic Data Processing, Inc. | 3452 | 1064597 |
|  AutoZone, Inc.\* | 141 | 523424 |
|  AvalonBay Communities, Inc. (REIT) | 1226 | 249491 |
|  Avery Dennison Corp. | 638 | 111950 |
|  Axon Enterprise, Inc.\* | 625 | 517462 |
|  Baker Hughes Co. | 8546 | 327654 |
|  Ball Corp. | 2319 | 130073 |
|  Bank of America Corp. | 55939 | 2647033 |
|  Bank of New York Mellon Corp. (The) | 6048 | 551033 |
|  Baxter International, Inc. | 4539 | 137441 |
|  Becton Dickinson & Co. | 2478 | 426835 |
|  Berkshire Hathaway, Inc., Class B\* | 15654 | 7604244 |
|  Best Buy Co., Inc. | 1636 | 109825 |
|  Biogen, Inc.\* | 1218 | 152969 |
|  Bio-Techne Corp. | 1435 | 73831 |
|  BlackRock, Inc.‡ | 1237 | 1297922 |
|  Blackstone, Inc. | 6184 | 925003 |
|  Boeing Co. (The)\* | 6474 | 1356497 |
|  Booking Holdings, Inc. | 278 | 1609409 |
|  Boston Scientific Corp.\* | 39412 | 4233243 |
|  BP plc | 333562 | 1674408 |
|  Bristol-Myers Squibb Co. | 17515 | 810769 |
|  Broadcom, Inc. | 62433 | 17209656 |
|  Broadridge Financial Solutions, Inc. | 1010 | 245460 |
|  Brown & Brown, Inc. | 2410 | 267197 |
|  Brown-Forman Corp., Class B | 1502 | 40419 |
|  Builders FirstSource, Inc.\* | 892 | 104087 |
|  Bunge Global SA | 1103 | 88549 |
|  BXP, Inc. (REIT) | 1210 | 81639 |
|  Cadence Design Systems, Inc.\* | 2306 | 710594 |
|  Caesars Entertainment, Inc.\* | 2035 | 57774 |
|  Camden Property Trust (REIT) | 940 | 105929 |
|  Campbell's Co. (The) | 1625 | 49806 |
|  Capital One Financial Corp. | 5497 | 1169542 |
|  Cardinal Health, Inc. | 2062 | 346416 |
|  CarMax, Inc.\* | 1283 | 86230 |
|  Carnival Corp.\* | 8805 | 247597 |
|  Carrier Global Corp. | 6715 | 491471 |
|  Caterpillar, Inc. | 4015 | 1558663 |
|  Cboe Global Markets, Inc. | 871 | 203126 |
|  CBRE Group, Inc., Class A\* | 2542 | 356185 |
|  CDW Corp. | 1150 | 205378 |
|  Cencora, Inc. | 1490 | 446776 |
|  Centene Corp.\* | 4280 | 232318 |
|  CenterPoint Energy, Inc. | 5521 | 202842 |
|  CF Industries Holdings, Inc. | 1383 | 127236 |
|  CH Robinson Worldwide, Inc. | 1048 | 100556 |
|  Charles River Laboratories International, Inc.\* | 449 | 68127 |
|  Charles Schwab Corp. (The) | 14500 | 1322980 |
|  Charter Communications, Inc., Class A\* | 799 | 326639 |
|  Chevron Corp. | 13865 | 1985329 |
|  Chipotle Mexican Grill, Inc.\* | 11440 | 642356 |
|  Chubb Ltd. | 3170 | 918412 |
|  Church & Dwight Co., Inc. | 2078 | 199717 |
|  Cigna Group (The) | 2281 | 754053 |
|  Cincinnati Financial Corp. | 1350 | 201042 |
|  Cintas Corp. | 2961 | 659918 |
|  Cisco Systems, Inc. | 33961 | 2356214 |
|  Citigroup, Inc. | 15944 | 1357153 |
|  Citizens Financial Group, Inc. | 3849 | 172243 |
|  Clorox Co. (The) | 1036 | 124392 |
|  CME Group, Inc. | 3061 | 843673 |
|  CMS Energy Corp. | 2563 | 177565 |
|  Coca-Cola Co. (The) | 33068 | 2339561 |
|  Cognizant Technology Solutions Corp., Class A | 4269 | 333110 |
|  Coinbase Global, Inc., Class A\* | 1812 | 635088 |
|  Colgate-Palmolive Co. | 7004 | 636664 |
|  Comcast Corp., Class A | 31793 | 1134692 |
|  Conagra Brands, Inc. | 4300 | 88021 |
|  ConocoPhillips | 10777 | 967128 |
|  Consolidated Edison, Inc. | 2990 | 300046 |
|  Constellation Brands, Inc., Class A | 1317 | 214250 |
|  Constellation Energy Corp. | 2700 | 871452 |
|  Cooper Cos., Inc. (The)\* | 1683 | 119762 |
|  Copart, Inc.\* | 7568 | 371362 |
|  Corning, Inc. | 6654 | 349934 |
|  Corpay, Inc.\* | 621 | 206060 |
|  Corteva, Inc. | 5738 | 427653 |
|  CoStar Group, Inc.\* | 3607 | 290003 |
|  Costco Wholesale Corp. | 3788 | 3749893 |
|  Coterra Energy, Inc. | 6523 | 165554 |
|  Crowdstrike Holdings, Inc., Class A\* | 2126 | 1082793 |
|  Crown Castle, Inc. (REIT) | 3751 | 385340 |
|  CSL Ltd. | 10052 | 1584334 |
|  CSX Corp. | 16037 | 523287 |
|  Cummins, Inc. | 1187 | 388742 |
|  CVS Health Corp. | 10882 | 750640 |
|  CyberArk Software Ltd.\* | 984 | 400370 |
|  Danaher Corp. | 5433 | 1073235 |
|  Darden Restaurants, Inc. | 1011 | 220368 |
|  DaVita, Inc.\* | 397 | 56553 |
|  Dayforce, Inc.\* | 1368 | 75774 |
|  Deckers Outdoor Corp.\* | 1310 | 135022 |
|  Deere & Co. | 2150 | 1093253 |
|  Dell Technologies, Inc., Class C | 2496 | 306010 |
|  Delta Air Lines, Inc. | 5538 | 272359 |
|  Devon Energy Corp. | 5369 | 170788 |
|  Dexcom, Inc.\* | 3372 | 294342 |
|  Diamondback Energy, Inc. | 1613 | 221626 |
|  Digital Realty Trust, Inc. (REIT) | 2731 | 476095 |
|  Dollar General Corp. | 1894 | 216636 |
|  Dollar Tree, Inc.\* | 1742 | 172528 |
|  Dominion Energy, Inc. | 7250 | 409770 |
|  Domino's Pizza, Inc. | 279 | 125717 |
|  DoorDash, Inc., Class A\* | 2928 | 721781 |
|  Dover Corp. | 1172 | 214746 |
|  Dow, Inc. | 5973 | 158165 |
|  DR Horton, Inc. | 2412 | 310955 |
|  DTE Energy Co. | 1789 | 236971 |
|  Duke Energy Corp. | 6698 | 790364 |

---

See Notes to Financial Statements.

749

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  DuPont de Nemours, Inc. | 3605 | $247267 |
|  Eastman Chemical Co. | 1029 | 76825 |
|  Eaton Corp. plc | 3340 | 1192347 |
|  eBay, Inc. | 3899 | 290320 |
|  Ecolab, Inc. | 7983 | 2150939 |
|  Edison International | 3334 | 172034 |
|  Edwards Lifesciences Corp.\* | 5091 | 398167 |
|  Electronic Arts, Inc. | 1921 | 306784 |
|  Elevance Health, Inc. | 1929 | 750304 |
|  Eli Lilly & Co. | 16317 | 12719591 |
|  Emerson Electric Co. | 4763 | 635051 |
|  Enphase Energy, Inc.\* | 1060 | 42029 |
|  Entergy Corp. | 3701 | 307627 |
|  EOG Resources, Inc. | 4659 | 557263 |
|  EPAM Systems, Inc.\* | 489 | 86465 |
|  EQT Corp. | 5150 | 300348 |
|  Equifax, Inc. | 13635 | 3536510 |
|  Equinix, Inc. (REIT) | 840 | 668195 |
|  Equity Residential (REIT) | 2949 | 199028 |
|  Erie Indemnity Co., Class A | 205 | 71092 |
|  Essex Property Trust, Inc. (REIT) | 574 | 162672 |
|  Estee Lauder Cos., Inc. (The), Class A | 1933 | 156186 |
|  Everest Group Ltd. | 362 | 123026 |
|  Evergy, Inc. | 1911 | 131725 |
|  Eversource Energy | 3159 | 200976 |
|  Exelon Corp. | 8676 | 376712 |
|  Expand Energy Corp. | 1769 | 206867 |
|  Expedia Group, Inc. | 1064 | 179476 |
|  Expeditors International of Washington, Inc. | 1161 | 132644 |
|  Experian plc | 18948 | 975857 |
|  Extra Space Storage, Inc. (REIT) | 1830 | 269815 |
|  Exxon Mobil Corp. | 36793 | 3966285 |
|  F5, Inc.\* | 509 | 149809 |
|  FactSet Research Systems, Inc. | 321 | 143577 |
|  Fair Isaac Corp.\* | 211 | 385700 |
|  Fastenal Co. | 9898 | 415716 |
|  Federal Realty Investment Trust (REIT) | 713 | 67728 |
|  FedEx Corp. | 1854 | 421433 |
|  Ferrovial SE | 10326 | 550521 |
|  Fidelity National Information Services, Inc. | 4408 | 358855 |
|  Fifth Third Bancorp | 5738 | 236004 |
|  First Solar, Inc.\* | 884 | 146337 |
|  FirstEnergy Corp. | 4229 | 170260 |
|  Fiserv, Inc.\* | 4733 | 816017 |
|  Ford Motor Co. | 33597 | 364527 |
|  Fortinet, Inc.\* | 5491 | 580508 |
|  Fortive Corp. | 2863 | 149248 |
|  Fox Corp., Class A | 1947 | 109110 |
|  Fox Corp., Class B | 1150 | 59374 |
|  Franklin Resources, Inc. (x) | 2857 | 68139 |
|  Freeport-McMoRan, Inc. | 12403 | 537670 |
|  Garmin Ltd. | 1326 | 276763 |
|  Gartner, Inc.\* | 663 | 267998 |
|  GE Aerospace | 9103 | 2343021 |
|  GE HealthCare Technologies, Inc. | 3947 | 292354 |
|  GE Vernova, Inc. | 2330 | 1232919 |
|  Gen Digital, Inc. | 4729 | 139033 |
|  Generac Holdings, Inc.\* | 483 | 69170 |
|  General Dynamics Corp. | 2125 | 619777 |
|  General Mills, Inc. | 4758 | 246512 |
|  General Motors Co. | 8207 | 403866 |
|  Genuine Parts Co. | 1134 | 137566 |
|  Gilead Sciences, Inc. | 10591 | 1174224 |
|  Global Payments, Inc. | 2063 | 165123 |
|  Globe Life, Inc. | 736 | 91477 |
|  GoDaddy, Inc., Class A\* | 1219 | 219493 |
|  Goldman Sachs Group, Inc. (The) | 2619 | 1853597 |
|  GSK plc | 85718 | 1635485 |
|  Haleon plc | 186747 | 959730 |
|  Halliburton Co. | 7312 | 149019 |
|  Hartford Insurance Group, Inc. (The) | 2475 | 314003 |
|  Hasbro, Inc. | 1051 | 77585 |
|  HCA Healthcare, Inc. | 1479 | 566605 |
|  Healthpeak Properties, Inc. (REIT) | 6221 | 108930 |
|  Henry Schein, Inc.\* | 952 | 69544 |
|  Hershey Co. (The) | 1264 | 209761 |
|  Hess Corp. | 2385 | 330418 |
|  Hewlett Packard Enterprise Co. | 10987 | 224684 |
|  Hilton Worldwide Holdings, Inc. | 2002 | 533213 |
|  Holcim AG | 10949 | 812775 |
|  Hologic, Inc.\* | 1830 | 119243 |
|  Home Depot, Inc. (The) | 8485 | 3110940 |
|  Honeywell International, Inc. | 5486 | 1277580 |
|  Hormel Foods Corp. | 2437 | 73719 |
|  Host Hotels & Resorts, Inc. (REIT) | 6049 | 92913 |
|  Howmet Aerospace, Inc. | 3420 | 636565 |
|  HP, Inc. | 7960 | 194702 |
|  Hubbell, Inc., Class B | 463 | 189094 |
|  Humana, Inc. | 1041 | 254504 |
|  Huntington Bancshares, Inc. | 12193 | 204355 |
|  Huntington Ingalls Industries, Inc. | 341 | 82338 |
|  IDEX Corp. | 623 | 109380 |
|  IDEXX Laboratories, Inc.\* | 2716 | 1456699 |
|  Illinois Tool Works, Inc. | 2305 | 569911 |
|  Incyte Corp.\* | 1348 | 91799 |
|  Ingersoll Rand, Inc. | 3477 | 289217 |
|  Insulet Corp.\* | 595 | 186937 |
|  Intel Corp. | 37372 | 837133 |
|  Intercontinental Exchange, Inc. | 4857 | 891114 |
|  International Business Machines Corp. | 7915 | 2333184 |
|  International Flavors & Fragrances, Inc. | 2177 | 160118 |
|  International Paper Co. | 4538 | 212515 |
|  Interpublic Group of Cos., Inc. (The) | 3197 | 78263 |
|  Intuit, Inc. | 14225 | 11204037 |
|  Intuitive Surgical, Inc.\* | 10481 | 5695480 |
|  Invesco Ltd. | 3778 | 59579 |
|  Invitation Homes, Inc. (REIT) | 4692 | 153898 |
|  IQVIA Holdings, Inc.\* | 8490 | 1337939 |
|  Iron Mountain, Inc. (REIT) | 2535 | 260015 |
|  J M Smucker Co. (The) | 945 | 92799 |
|  Jabil, Inc. | 926 | 201961 |
|  Jack Henry & Associates, Inc. | 647 | 116570 |
|  Jacobs Solutions, Inc. | 982 | 129084 |
|  James Hardie Industries plc (CHDI) (x)\* | 11836 | 324837 |

---

See Notes to Financial Statements.

750

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  JB Hunt Transport Services, Inc. | 632 | $90755 |
|  Johnson & Johnson | 20540 | 3137485 |
|  Johnson Controls International plc | 5571 | 588409 |
|  JPMorgan Chase & Co. | 23724 | 6877825 |
|  Juniper Networks, Inc. | 2925 | 116795 |
|  Kellanova | 2272 | 180692 |
|  Kenvue, Inc. | 16548 | 346350 |
|  Keurig Dr Pepper, Inc. | 11722 | 387529 |
|  KeyCorp | 8413 | 146554 |
|  Keysight Technologies, Inc.\* | 1492 | 244479 |
|  Kimberly-Clark Corp. | 2860 | 368711 |
|  Kimco Realty Corp. (REIT) | 5627 | 118280 |
|  Kinder Morgan, Inc. | 16684 | 490510 |
|  KKR & Co., Inc. | 5826 | 775033 |
|  KLA Corp. | 1126 | 1008603 |
|  Kraft Heinz Co. (The) | 7529 | 194399 |
|  Kroger Co. (The) | 5229 | 375076 |
|  L3Harris Technologies, Inc. | 1614 | 404856 |
|  Labcorp Holdings, Inc. | 696 | 182707 |
|  Lam Research Corp. | 31633 | 3079156 |
|  Lamb Weston Holdings, Inc. | 1273 | 66005 |
|  Las Vegas Sands Corp. | 3060 | 133141 |
|  Leidos Holdings, Inc. | 1132 | 178584 |
|  Lennar Corp., Class A | 2015 | 222879 |
|  Lennox International, Inc. | 262 | 150189 |
|  Linde plc | 5829 | 2734850 |
|  Live Nation Entertainment, Inc. (x)\* | 1353 | 204682 |
|  LKQ Corp. | 2284 | 84531 |
|  Lockheed Martin Corp. | 1770 | 819758 |
|  Loews Corp. | 1418 | 129974 |
|  Lowe's Cos., Inc. | 4778 | 1060095 |
|  Lululemon Athletica, Inc.\* | 967 | 229740 |
|  LyondellBasell Industries NV, Class A (x) | 2098 | 121390 |
|  M&T Bank Corp. | 1330 | 258007 |
|  Marathon Petroleum Corp. | 2617 | 434710 |
|  MarketAxess Holdings, Inc. | 294 | 65662 |
|  Marriott International, Inc., Class A | 11546 | 3154483 |
|  Marsh & McLennan Cos., Inc. | 4239 | 926815 |
|  Martin Marietta Materials, Inc. | 504 | 276676 |
|  Marvell Technology, Inc. | 95780 | 7413372 |
|  Masco Corp. | 1907 | 122734 |
|  Mastercard, Inc., Class A | 10435 | 5863844 |
|  Match Group, Inc. | 2281 | 70460 |
|  McCormick & Co., Inc. (Non-Voting) | 2137 | 162027 |
|  McDonald's Corp. | 6104 | 1783406 |
|  McKesson Corp. | 1064 | 779678 |
|  Medtronic plc | 10918 | 951722 |
|  Merck & Co., Inc. | 21436 | 1696874 |
|  Meta Platforms, Inc., Class A | 51710 | 38166634 |
|  MetLife, Inc. | 4761 | 382880 |
|  Mettler-Toledo International, Inc.\* | 179 | 210275 |
|  MGM Resorts International\* | 1934 | 66510 |
|  Microchip Technology, Inc. | 4642 | 326658 |
|  Micron Technology, Inc. | 9503 | 1171245 |
|  Microsoft Corp. | 79621 | 39604282 |
|  Mid-America Apartment Communities, Inc. (REIT) | 970 | 143570 |
|  Moderna, Inc.\* | 2736 | 75486 |
|  Mohawk Industries, Inc.\* | 432 | 45291 |
|  Molina Healthcare, Inc.\* | 462 | 137630 |
|  Molson Coors Beverage Co., Class B | 1560 | 75020 |
|  Monday.com Ltd.\* | 842 | 264792 |
|  Mondelez International, Inc., Class A | 11164 | 752900 |
|  Monolithic Power Systems, Inc. | 413 | 302060 |
|  Monster Beverage Corp.\* | 6010 | 376466 |
|  Moody's Corp. | 1336 | 670124 |
|  Morgan Stanley | 10539 | 1484524 |
|  Mosaic Co. (The) | 2792 | 101852 |
|  Motorola Solutions, Inc. | 1410 | 592849 |
|  MSCI, Inc. | 669 | 385839 |
|  Nasdaq, Inc. | 3572 | 319408 |
|  Nestle SA (Registered) | 54569 | 5421481 |
|  NetApp, Inc. | 1717 | 182946 |
|  Netflix, Inc.\* | 8079 | 10818831 |
|  Newmont Corp. | 9501 | 553528 |
|  News Corp., Class A | 3183 | 94599 |
|  News Corp., Class B | 1004 | 34447 |
|  NextEra Energy, Inc. | 17506 | 1215266 |
|  NIKE, Inc., Class B | 9981 | 709050 |
|  NiSource, Inc. | 4089 | 164950 |
|  Nordson Corp. | 467 | 100111 |
|  Norfolk Southern Corp. | 1901 | 486599 |
|  Northern Trust Corp. | 1667 | 211359 |
|  Northrop Grumman Corp. | 1148 | 573977 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3497 | 70919 |
|  Novartis AG (Registered) | 39546 | 4793168 |
|  NRG Energy, Inc. | 1669 | 268008 |
|  Nucor Corp. | 2008 | 260116 |
|  NVIDIA Corp. | 280281 | 44281595 |
|  NVR, Inc.\* | 24 | 177256 |
|  Occidental Petroleum Corp. | 5831 | 244960 |
|  Old Dominion Freight Line, Inc. | 1622 | 263251 |
|  Omnicom Group, Inc. | 1663 | 119636 |
|  ON Semiconductor Corp.\* | 3560 | 186580 |
|  ONEOK, Inc. | 5355 | 437129 |
|  Oracle Corp. (Moscow Stock Exchange) | 13885 | 3035678 |
|  O'Reilly Automotive, Inc.\* | 7238 | 652361 |
|  Otis Worldwide Corp. | 3391 | 335777 |
|  PACCAR, Inc. | 4526 | 430242 |
|  Packaging Corp. of America | 795 | 149818 |
|  Palantir Technologies, Inc., Class A\* | 18159 | 2475435 |
|  Palo Alto Networks, Inc.\* | 5622 | 1150486 |
|  Paramount Global, Class B (x) | 5237 | 67557 |
|  Parker-Hannifin Corp. | 1083 | 756443 |
|  Paychex, Inc. | 2766 | 402342 |
|  Paycom Software, Inc. | 418 | 96725 |
|  PayPal Holdings, Inc.\* | 8281 | 615444 |
|  Pentair plc | 1368 | 140439 |
|  PepsiCo, Inc. | 11698 | 1544604 |
|  Pfizer, Inc. | 48383 | 1172804 |
|  PG&E Corp. | 18933 | 263926 |
|  Phathom Pharmaceuticals, Inc.\* | 56159 | 538565 |
|  Philip Morris International, Inc. | 13288 | 2420143 |
|  Phillips 66 | 3457 | 412420 |
|  Pinnacle West Capital Corp. | 922 | 82491 |
|  PNC Financial Services Group, Inc. (The) | 3417 | 636997 |
|  Pool Corp. | 332 | 96771 |
|  PPG Industries, Inc. | 1995 | 226931 |
|  PPL Corp. | 6372 | 215947 |
|  Principal Financial Group, Inc. | 1695 | 134634 |

---

See Notes to Financial Statements.

751

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Procter & Gamble Co. (The) | 20015 | $3188790 |
|  Progressive Corp. (The) | 4989 | 1331365 |
|  Prologis, Inc. (REIT) | 7879 | 828240 |
|  Prudential Financial, Inc. | 3056 | 328337 |
|  PTC, Inc.\* | 1039 | 179061 |
|  Public Service Enterprise Group, Inc. | 4300 | 361974 |
|  Public Storage (REIT) | 1360 | 399051 |
|  PulteGroup, Inc. | 1686 | 177806 |
|  QIAGEN NV\* | 4516 | 217493 |
|  QUALCOMM, Inc. | 9366 | 1491629 |
|  Quanta Services, Inc. | 1274 | 481674 |
|  Quest Diagnostics, Inc. | 975 | 175139 |
|  Ralliant Corp.\* | 954 | 46276 |
|  Ralph Lauren Corp. | 344 | 94352 |
|  Raymond James Financial, Inc. | 1592 | 244165 |
|  Realty Income Corp. (REIT) | 7554 | 435186 |
|  Regency Centers Corp. (REIT) | 1430 | 101859 |
|  Regeneron Pharmaceuticals, Inc. | 873 | 458325 |
|  Regions Financial Corp. | 7682 | 180681 |
|  Republic Services, Inc. | 1752 | 432061 |
|  ResMed, Inc. | 1268 | 327144 |
|  Revvity, Inc. | 939 | 90820 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 14609 | 4757660 |
|  Roche Holding AG (OTC US Exchange) | 672 | 232907 |
|  Rockwell Automation, Inc. | 976 | 324198 |
|  Rollins, Inc. | 2474 | 139583 |
|  Roper Technologies, Inc. | 925 | 524327 |
|  Ross Stores, Inc. | 2848 | 363348 |
|  Royal Caribbean Cruises Ltd. | 2137 | 669180 |
|  RTX Corp. | 11372 | 1660539 |
|  S&P Global, Inc. | 23582 | 12434553 |
|  Salesforce, Inc. | 8189 | 2233058 |
|  Sanofi SA | 23085 | 2235535 |
|  SBA Communications Corp. (REIT) | 926 | 217462 |
|  Schlumberger NV | 11591 | 391776 |
|  Schneider Electric SE | 11488 | 3055591 |
|  Seagate Technology Holdings plc | 1818 | 262392 |
|  Sempra | 5467 | 414235 |
|  ServiceNow, Inc.\* | 3021 | 3105830 |
|  Shell plc | 124844 | 4375859 |
|  Sherwin-Williams Co. (The) | 1961 | 673329 |
|  Simon Property Group, Inc. (REIT) | 2647 | 425532 |
|  Skyworks Solutions, Inc. | 1334 | 99410 |
|  Smurfit WestRock plc | 4212 | 181748 |
|  Snap-on, Inc. | 429 | 133496 |
|  Solventum Corp.\* | 1249 | 94724 |
|  Southern Co. (The) | 9457 | 868436 |
|  Southwest Airlines Co. | 4773 | 154836 |
|  Spotify Technology SA\* | 6847 | 5253977 |
|  Stanley Black & Decker, Inc. | 1289 | 87330 |
|  Starbucks Corp. | 9665 | 885604 |
|  State Street Corp. | 2490 | 264787 |
|  Steel Dynamics, Inc. | 1157 | 148108 |
|  Stellantis NV | 42587 | 426857 |
|  STERIS plc | 847 | 203466 |
|  Stryker Corp. | 4661 | 1844031 |
|  Super Micro Computer, Inc. (x)\* | 4272 | 209371 |
|  Swiss Re AG | 6229 | 1076700 |
|  Synchrony Financial | 3321 | 221644 |
|  Synopsys, Inc.\* | 3976 | 2038416 |
|  Sysco Corp. | 4144 | 313867 |
| T. Rowe Price Group, Inc. | 1946 | 187789 |
|  Take-Two Interactive Software, Inc.\* | 1417 | 344118 |
|  Tapestry, Inc. | 1738 | 152614 |
|  Targa Resources Corp. | 1882 | 327619 |
|  Target Corp. | 3819 | 376744 |
|  Teledyne Technologies, Inc.\* | 394 | 201850 |
|  Tenaris SA (x) | 7949 | 149582 |
|  Teradyne, Inc. | 1302 | 117076 |
|  Tesla, Inc.\* | 23922 | 7599062 |
|  Texas Instruments, Inc. | 7755 | 1610093 |
|  Texas Pacific Land Corp. | 157 | 165853 |
|  Textron, Inc. | 1507 | 120997 |
|  Thermo Fisher Scientific, Inc. | 5047 | 2046357 |
|  TJX Cos., Inc. (The) | 22110 | 2730364 |
|  TKO Group Holdings, Inc., Class A | 611 | 111171 |
|  T-Mobile US, Inc. | 4059 | 967097 |
|  Tractor Supply Co. | 4568 | 241053 |
|  Trane Technologies plc | 1892 | 827580 |
|  TransDigm Group, Inc. | 484 | 735990 |
|  Travelers Cos., Inc. (The) | 1957 | 523576 |
|  Trimble, Inc.\* | 1952 | 148313 |
|  Truist Financial Corp. | 11358 | 488280 |
|  Tyler Technologies, Inc.\* | 369 | 218758 |
|  Tyson Foods, Inc., Class A | 2498 | 139738 |
|  Uber Technologies, Inc.\* | 17813 | 1661953 |
|  UDR, Inc. (REIT) | 2550 | 104116 |
|  Ulta Beauty, Inc.\* | 375 | 175432 |
|  Union Pacific Corp. | 5100 | 1173408 |
|  United Airlines Holdings, Inc.\* | 2838 | 225990 |
|  United Parcel Service, Inc., Class B | 6312 | 637133 |
|  United Rentals, Inc. | 564 | 424918 |
|  UnitedHealth Group, Inc. | 7744 | 2415896 |
|  Universal Health Services, Inc., Class B | 510 | 92386 |
|  US Bancorp | 13162 | 595580 |
|  Valero Energy Corp. | 2635 | 354197 |
|  Ventas, Inc. (REIT) | 3882 | 245148 |
|  Veralto Corp. | 2110 | 213004 |
|  VeriSign, Inc. | 684 | 197539 |
|  Verisk Analytics, Inc. | 1177 | 366635 |
|  Verizon Communications, Inc. | 35912 | 1553912 |
|  Vertex Pharmaceuticals, Inc.\* | 2176 | 968755 |
|  Viatris, Inc. | 9449 | 84380 |
|  VICI Properties, Inc. (REIT), Class A | 9098 | 296595 |
|  Visa, Inc., Class A | 38455 | 13653448 |
|  Vistra Corp. | 2936 | 569026 |
|  Vulcan Materials Co. | 1140 | 297335 |
|  W.R. Berkley Corp. | 2490 | 182940 |
|  W.W. Grainger, Inc. | 369 | 383849 |
|  Walgreens Boots Alliance, Inc. | 5727 | 65746 |
|  Walmart, Inc. | 36883 | 3606420 |
|  Walt Disney Co. (The) | 15347 | 1903181 |
|  Warner Bros Discovery, Inc.\* | 18637 | 213580 |
|  Waste Management, Inc. | 3152 | 721241 |
|  Waters Corp.\* | 509 | 177661 |
|  WEC Energy Group, Inc. | 2742 | 285716 |
|  Wells Fargo & Co. | 27780 | 2225734 |
|  Welltower, Inc. (REIT) | 5258 | 808312 |
|  West Pharmaceutical Services, Inc. | 634 | 138719 |
|  Western Digital Corp. | 2864 | 183267 |

---

See Notes to Financial Statements.

752

------

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Westinghouse Air Brake Technologies Corp. | 1475 | $308791 |
|  Weyerhaeuser Co. (REIT) | 6064 | 155784 |
|  Williams Cos., Inc. (The) | 10521 | 660824 |
|  Williams-Sonoma, Inc. | 1020 | 166637 |
|  Willis Towers Watson plc | 862 | 264203 |
|  Workday, Inc., Class A\* | 1847 | 443280 |
|  Wynn Resorts Ltd. | 758 | 71002 |
|  Xcel Energy, Inc. | 4956 | 337504 |
|  Xylem, Inc. | 2097 | 271268 |
|  Yum! Brands, Inc. | 2409 | 356966 |
|  Zebra Technologies Corp., Class A\* | 428 | 131978 |
|  Zimmer Biomet Holdings, Inc. | 1694 | 154510 |
|  Zoetis, Inc. | 7973 | 1243389 |
|  |  | 653737145 |
|  **Total Common Stocks (80.3%)** <br> *(Cost $548,705,266)* |  | 1352861736 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.7%)** | **Investment Companies (4.7%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 3009080 | 3009080 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 74049859 | 74064669 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 78073749 |
|  **Total Short-Term Investments (4.7%)**<br> *(Cost $78,078,207)* | **Total Short-Term Investments (4.7%)**<br> *(Cost $78,078,207)* | 78073749 |
|  **Total Investments in Securities (85.0%)**<br> *(Cost $626,783,473)* | **Total Investments in Securities (85.0%)**<br> *(Cost $626,783,473)* | 1430935485 |
|  **Other Assets Less Liabilities (15.0%)** | **Other Assets Less Liabilities (15.0%)** | 253349687 |
|  **Net Assets (100%)** |  | $1684285172 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $23,983,216 or 1.4% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $15,357,209. This was collateralized by $12,108,340 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $4,009,080 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*ARM* *— Adjustable Rate Mortgage* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*CZK* *— Czech Koruna* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*INR* *— India Rupee* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean Republic Won* 

*MXN* *— Mexican Peso* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*PLN* *— Polish Zloty* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*TRY* *— Turkish Lira* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1237 | 1289588 | 85264 | (102940) | (3926) | 29936 | 1297922 | 13562 |  |

---

See Notes to Financial Statements.

753

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 967 | 9/2025 | USD | 60678667 | (26336) |
|  FTSE 100 Index | 310 | 9/2025 | GBP | 37401212 | (489099) |
|  S&P 500 E-Mini Index | 564 | 9/2025 | USD | 176355750 | 5314958 |
|  SPI 200 Index | 106 | 9/2025 | AUD | 14889360 | 7907 |
|  TOPIX Index | 192 | 9/2025 | JPY | 38072011 | 882559 |
|  |  |  |  |  | 5689989 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 18567488 | USD | 12141522 | HSBC Bank plc | 9/19/2025 | 99081 |
|  EUR | 5105903 | USD | 5912027 | HSBC Bank plc | 9/19/2025 | 134639 |
|  GBP | 3380748 | USD | 4598700 | HSBC Bank plc | 9/19/2025 | 44290 |
|  USD | 378446 | JPY | 53823633 | HSBC Bank plc | 9/19/2025 | 1284 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 279294 |
|  USD | 10424517 | EUR | 8943531 | HSBC Bank plc | 9/19/2025 | (166861) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (166861) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 112433 |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 2,510,599, CHF 6,560, CZK 37, DKK 2,084, EUR 65,027,435, GBP 32,560,478, HKD 6,284, ILS 11,956, INR 87,854, JPY 37,514,370, KRW 2, MXN 1, NOK 3,305, NZD 1,045, PLN 106, SEK 2,050, SGD 7,219, TRY 2 and ZAR 9.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $27128104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $27128104 |
|  Austria |  | 976731 |  | 976731 |
|  Belgium |  | 3275881 |  | 3275881 |
|  Brazil | 15526538 | 128362 |  | 15654900 |
|  Canada | 3973115 |  |  | 3973115 |
|  Chile | 1870776 | 2810407 |  | 4681183 |
|  China | 10851237 | 55634600 |  | 66485837 |
|  Czech Republic |  | 1600331 |  | 1600331 |
|  Denmark |  | 11837821 |  | 11837821 |

---

See Notes to Financial Statements.

754

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Finland | $— | $4182886 | $— | $4182886 |
|  France |  | 52118607 |  | 52118607 |
|  Germany |  | 54652895 |  | 54652895 |
|  Hong Kong | 306675 | 7049034 |  | 7355709 |
|  India | 11870989 | 66703056 |  | 78574045 |
|  Indonesia |  | 1165080 |  | 1165080 |
|  Ireland | 2040140 | 1274409 |  | 3314549 |
|  Israel | 3470179 | 2213881 |  | 5684060 |
|  Italy |  | 16664314 |  | 16664314 |
|  Japan |  | 93902641 |  | 93902641 |
|  Jersey | 124638 |  |  | 124638 |
|  Luxembourg |  | 589823 |  | 589823 |
|  Macau |  | 297447 |  | 297447 |
|  Malaysia |  | 3189746 |  | 3189746 |
|  Mexico | 12667905 |  |  | 12667905 |
|  Netherlands | 479367 | 23100921 |  | 23580288 |
|  New Zealand |  | 1109393 |  | 1109393 |
|  Norway |  | 2347814 |  | 2347814 |
|  Poland |  | 7217292 |  | 7217292 |
|  Portugal |  | 584488 |  | 584488 |
|  Singapore | 1520390 | 5507445 |  | 7027835 |
|  South Africa |  | 9293747 |  | 9293747 |
|  South Korea |  | 22001396 |  | 22001396 |
|  Spain |  | 16332281 |  | 16332281 |
|  Sweden |  | 16197241 |  | 16197241 |
|  Switzerland | 420832 | 22823948 |  | 23244780 |
|  Taiwan |  | 55524520 |  | 55524520 |
|  United Kingdom | 436248 | 44129020 |  | 44565268 |
|  United States | 617020763 | 36716382 |  | 653737145 |
|  **Forward Currency Contracts** |  | 279294 |  | 279294 |
|  **Futures** | 6205424 |  |  | 6205424 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 78073749 |  |  | 78073749 |
|  **Total Assets** | $**766858965** | $**670561238** | $**—** | $**1437420203** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(166861) | $— | $(166861) |
|  **Futures** | (515435) |  |  | (515435) |
|  **Total Liabilities** | $**(515435)** | $**(166861)** | $**—** | $**(682296)** |
|  **Total** | $**766343530** | $**670394377** | $**—** | $**1436737907** |

---

See Notes to Financial Statements.

755

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $279294 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 6205424 |
|  **Total** |  | $6484718 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (166861) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (515435) |
|  **Total** |  | $(682296) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(6323121) | $(6323121) |
|  Equity contracts | (44776125) |  | (44776125) |
|  **Total** | $(44776125) | $(6323121) | $(51099246) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $385495 | $385495 |
|  Equity contracts | 12949727 |  | 12949727 |
|  **Total** | $12949727 | $385495 | $13335222 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $299894000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 52518000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $84261000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 93152000 |

---

See Notes to Financial Statements.

756

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $279294 | $(166861) | $— | $112433 |
|  **Total** | $279294 | $(166861) | $— | $112433 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $166861 | $(166861) | $— | $— |
|  **Total** | $166861 | $(166861) | $— | $— |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $98598515.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $213226380.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 21%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 3%)\*** | **Net Realized<br>Gain (Loss)** |
| $20598855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418284 | $2153389 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $834751967 |
|  Aggregate gross unrealized depreciation | (29099632) |
|  Net unrealized appreciation | $805652335 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $631085572 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $31 as brokerage commissions with Bernstein Institutional Services LLC, and $193 as brokerage commissions with Invesco Capital Markets, Inc, affiliated broker/dealers.

See Notes to Financial Statements.

757

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $266,108) | $1297922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $626,517,365) | 1429637563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 98419816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $139,439,251) | 137741396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 22238668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5018969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 1346063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 279294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 139532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 8818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 38568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1696166614 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 4817898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4009080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1267141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 903207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 247307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 166861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 161998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 108392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 199488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11881442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1684285172 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $919741454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 764543718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1684285172 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,230,153,955 / 71,054,070 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.31 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $454,131,217 / 26,050,773 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.43 |

---

*(x)* *Includes value of securities on loan of $15,357,209.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($13,562 of dividend income received from affiliates) (net of $1,397,383 foreign withholding tax) | $16113911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2715258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 46972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18876141 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5914008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1480644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1014040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 312165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 60900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 70983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 8956496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (553440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8403056 |
|  **NET INVESTMENT INCOME (LOSS)** | 10473085 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(3926) realized gain (loss) from affiliates) (net of India tax of $508,151 on realized gain on investments) | 68099016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (44776125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (6323121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1263566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15736204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $585,829 on unrealized appreciation on investments) ($29,936 of change in unrealized appreciation (depreciation) from affiliates) | 68956172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12949727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 385495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 15604469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 97895863 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 113632067 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $124105152 |

---

See Notes to Financial Statements.

758

------

#### EQ ADVISORS TRUST
EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10473085 | $19701834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15736204 | 194777630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 97895863 | (6347301) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 124105152 | 208132163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (145138839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (55446348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (200585187) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 16,862 shares, respectively ] |  | 285386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2293726) shares, respectively ] |  | (40894524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (131702) shares, respectively ] |  | (2254193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (42863331) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 682,376 and 948,280 shares, respectively ] | 11108316 | 16568580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,302,347 shares, respectively ] |  | 40894524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,603,565 shares, respectively ] |  | 145138839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5267233) and (9759851) shares, respectively ] | (85754063) | (169935263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (74645747) | 32666680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 41,014 and 275,668 shares, respectively ] | 645271 | 4964598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,268,340 shares, respectively ] |  | 55446348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2246857) and (4585773) shares, respectively ] | (36986304) | (80322398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (36341033) | (19911452) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (110986780) | (30108103) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 13118372 | (22561127) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1671166800 | 1693727927 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1684285172 | $1671166800 |

---

See Notes to Financial Statements.

759

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#### EQ ADVISORS TRUST
EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.06 | $16.07 | $13.91 | $18.20 | $19.22 | $17.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.18 | 0.18 | 0.13 | 0.08 (aa) | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.15 | 1.91 | 2.78 | (3.97) | 2.90 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.25 | 2.09 | 2.96 | (3.84) | 2.98 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.14) | (0.05) | (0.19) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.88) | (0.66) | (0.40) | (3.81) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.10) | (0.80) | (0.45) | (4.00) | (1.16) |
|  Net asset value, end of period | $17.31 | $16.06 | $16.07 | $13.91 | $18.20 | $19.22 |
|  Total return (b) | 7.78% | 12.62% | 21.37% | (20.96)% | 15.91% | 14.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1230154 | $1214787 | $1181788 | $1086961 | $1488733 | $1418328 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.14 %(g) | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.17% | 1.17% | 1.17% | 1.16% | 1.18 %(g) | 1.16% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.22% | 1.06% | 1.17% | 0.85% | 0.38 %(bb) | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.15% | 0.99% | 1.10% | 0.79% | 0.35 %(bb) | 0.51% |
|  Portfolio turnover rate^ | 7 %(z) | 12% | 12% | 13% | 11% | 15% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.15 | $16.15 | $13.97 | $18.28 | $19.29 | $17.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.23 | 0.22 | 0.17 | 0.13 (aa) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.16 | 1.92 | 2.80 | (3.99) | 2.91 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.28 | 2.15 | 3.02 | (3.82) | 3.04 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.18) | (0.09) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.88) | (0.66) | (0.40) | (3.81) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.15) | (0.84) | (0.49) | (4.05) | (1.21) |
|  Net asset value, end of period | $17.43 | $16.15 | $16.15 | $13.97 | $18.28 | $19.29 |
|  Total return (b) | 7.93% | 12.88% | 21.70% | (20.78)% | 16.17% | 14.61% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $454131 | $456380 | $473091 | $479692 | $647493 | $631107 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.89 %(g) | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.92% | 0.92% | 0.92% | 0.91% | 0.93 %(g) | 0.91% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.47% | 1.32% | 1.43% | 1.10% | 0.63 %(bb) | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.40% | 1.25% | 1.36% | 1.04% | 0.60 %(bb) | 0.78% |
|  Portfolio turnover rate^ | 7 %(z) | 12% | 12% | 13% | 11% | 15% |

---

See Notes to Financial Statements.

760

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EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.06 and $0.11 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.10% lower.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

761

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (32.1%)** | **Equity (32.1%)** | **Equity (32.1%)** |
|  iShares Core S&P 500 ETF | 44000 | $27319600 |
|  SPDR S&P 500 ETF Trust | 266452 | 164627368 |
|  Vanguard S&P 500 ETF | 48100 | 27322243 |
|  **Total Equity** |  | 219269211 |
|  **Fixed Income (30.0%)** | **Fixed Income (30.0%)** | **Fixed Income (30.0%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 2473400 | 205094328 |
|  **Total Exchange Traded Funds (62.1%)**<br> *(Cost $352,317,832)* | **Total Exchange Traded Funds (62.1%)**<br> *(Cost $352,317,832)* | 424363539 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (41.7%)** | **Investment Companies (41.7%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 10000000 | 10000000 |
|  Goldman Sachs Financial Square Funds - Government Fund 4.21% (7 day yield)‡ | 52385062 | 52385062 |
|  Goldman Sachs Financial Square Funds - Treasury Obligations Fund 4.17% (7 day yield)‡ | 48239783 | 48239783 |
|  Goldman Sachs Financial Square Funds - Treasury Solutions Fund 4.13% (7 day yield)‡ | 50292792 | 50292792 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 17948339 | 17948339 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 90505690 | 90523791 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 4.23% (7 day yield) (xx) | 10000000 | 10000000 |
|  RBC BlueBay U.S. Government Money Market Fund, Institutional Shares 4.25% (7 day yield) (xx) | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 285389767 |
|  **Total Short-Term Investments (41.7%)**<br> *(Cost $285,402,595)* | **Total Short-Term Investments (41.7%)**<br> *(Cost $285,402,595)* | 285389767 |
|  **Total Investments in Securities (103.8%)**<br> *(Cost $637,720,427)* | **Total Investments in Securities (103.8%)**<br> *(Cost $637,720,427)* | 709753306 |
|  **Other Assets Less Liabilities (-3.8%)** | **Other Assets Less Liabilities (-3.8%)** | (25840805) |
|  **Net Assets (100%)** |  | $683912501 |

---

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $43,254,555. This was collateralized by cash of $43,948,339 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |  |  |  |  |  |
|  **Investment Companies** |  |  |  |  |  |  |  |  |  |
|  Goldman Sachs Financial Square Funds – Government Fund 4.21% (7 day yield) | 52385062 | 47478257 | 8499625 | (3592820) |  |  | 52385062 | 1042747 |  |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund 4.17% (7 day yield) | 48239783 | 43410815 | 8421788 | (3592820) |  |  | 48239783 | 949577 |  |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund 4.13% (7 day yield) | 50292792 | 45434067 | 8451545 | (3592820) |  |  | 50292792 | 999338 |  |
|  **Total** |  | **136323139** | **25372958** | **(10778460)** |  |  | **150917637** | **2991662** |  |

---

See Notes to Financial Statements.

762

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 953 | 9/2025 | EUR | 59800175 | 427510 |
|  FTSE 100 Index | 338 | 9/2025 | GBP | 40779386 | (306346) |
|  Russell 2000 E-Mini Index | 373 | 9/2025 | USD | 40875205 | 1363697 |
|  S&P 500 E-Mini Index | 55 | 9/2025 | USD | 17197812 | 606387 |
|  S&P Midcap 400 E-Mini Index | 191 | 9/2025 | USD | 59697050 | 882313 |
|  TOPIX Index | 213 | 9/2025 | JPY | 42236138 | 1055864 |
|  |  |  |  |  | 4029425 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $424363539 | $— | $— | $424363539 |
|  **Futures** | 4335771 |  |  | 4335771 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 285389767 |  |  | 285389767 |
|  **Total Assets** | $**714089077** | $**—** | $**—** | $**714089077** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(306346) | $— | $— | $(306346) |
|  **Total Liabilities** | $**(306346)** | $**—** | $**—** | $**(306346)** |
|  **Total** | $**713782731** | $**—** | $**—** | $**713782731** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $4335771 |
|  **Total** |  | $4335771 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(306346) |
|  **Total** |  | $(306346) |

---

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

See Notes to Financial Statements.

763

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(15478244) | $(15478244) |
|  **Total** | $(15478244) | $(15478244) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907034 | $9907034 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907034 | $9907034 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240898000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 117048000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102165387 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $63144521 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $84832525 |
|  Aggregate gross unrealized depreciation | (2671082) |
|  Net unrealized appreciation | $82161443 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631621288 |

---

See Notes to Financial Statements.

764

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EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $150,917,637) | $150917637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $486,802,790) | 558835669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 500001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $12,724) | 14195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 18763718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1416184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 997890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 731465680 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 43948339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2985210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 358717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 136870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 66382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 15214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 42447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 47553179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $683912501 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $620574352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 63338149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $683912501 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $683,912,501 / 54,580,311 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.53 |

---

*(x)* *Includes value of securities on loan of $43,254,555.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($2,991,662 of dividend income received from affiliates) | $9707064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 203807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 206866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10117737 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2513690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 785527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 392319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 26622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 7533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3787258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (334777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (136202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3316279 |
|  **NET INVESTMENT INCOME (LOSS)** | 6801458 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 367913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (15478244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (246300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (15356631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 17768730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9907034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 221775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27897539 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 12540908 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19342366 |

---

See Notes to Financial Statements.

765

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#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6801458 | $13409748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (15356631) | 21628566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27897539 | 20267113 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 19342366 | 55305427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (28529410) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,561,187 and 13,220,338 shares, respectively ] | 79887798 | 161649451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,286,598 shares, respectively ] |  | 28529410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (950560) and (2045605) shares, respectively ] | (11559324) | (24998145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 68328474 | 165180716 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 68328474 | 165180716 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 87670840 | 191956733 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 596241661 | 404284928 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $683912501 | $596241661 |

---

See Notes to Financial Statements.

766

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.18 | $11.39 | $9.88 | $11.82 | $11.41 | $11.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.13 | 0.33 | 0.27 | 0.10 |  | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.22 | 1.09 | 1.47 | (1.92) | 1.52 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 1.42 | 1.74 | (1.82) | 1.52 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.23) | (0.08) | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.34) |  | (0.04) | (1.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.63) | (0.23) | (0.12) | (1.11) | (0.19) |
|  Net asset value, end of period | $12.53 | $12.18 | $11.39 | $9.88 | $11.82 | $11.41 |
|  Total return (b) | 2.87% | 12.30% | 17.62% | (15.46)% | 13.58 | 2.79% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $683913 | $596242 | $404285 | $248619 | $224275 | $139815 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.06 %(i)(j) | 1.05 %(i)(j) | 1.06 %(j) | 1.11 %(k) | 1.13 | 1.10 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.21% | 1.21% | 1.22% | 1.23% | 1.23 | 1.26% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 2.16% | 2.65% | 2.53% | 0.95% | 0.02 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 2.01% | 2.50% | 2.37% | 0.83% | (0.08) | 0.29% |
|  Portfolio turnover rate^ | 16 %(z) | 9% | 6% | 23% | 13 | 41% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.01%.* 

*(i)* *Includes voluntary waiver from investment manager of 0.04% for the six months ended June 30, 2025 and for the year ended December 31, 2024.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

767

------

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.0%)** | **Communication Services (2.0%)** | **Communication Services (2.0%)** |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** |
|  TKO Group Holdings, Inc., Class A | 10393 | $1891006 |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** |
|  Omnicom Group, Inc. | 16776 | 1206866 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3097872 |
|  **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** |
|  ***Automobile Components (0.6%)*** | ***Automobile Components (0.6%)*** | ***Automobile Components (0.6%)*** |
|  Aptiv plc\* | 15082 | 1028894 |
|  ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** |
|  Boyd Gaming Corp. | 11232 | 878679 |
|  Royal Caribbean Cruises Ltd. | 4620 | 1446707 |
|  |  | 2325386 |
|  ***Household Durables (2.3%)*** | ***Household Durables (2.3%)*** | ***Household Durables (2.3%)*** |
|  DR Horton, Inc. | 23495 | 3028976 |
|  Lennar Corp., Class A | 5266 | 582472 |
|  |  | 3611448 |
|  ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** |
|  AutoZone, Inc.\* | 266 | 987453 |
|  Burlington Stores, Inc.\* | 5108 | 1188325 |
|  Floor & Decor Holdings, Inc., Class A\* | 7710 | 585652 |
|  Ross Stores, Inc. | 8705 | 1110584 |
|  Wayfair, Inc., Class A\* | 17031 | 870965 |
|  |  | 4742979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 11708707 |
|  **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** |
|  ***Beverages (2.5%)*** | ***Beverages (2.5%)*** | ***Beverages (2.5%)*** |
|  Coca-Cola Europacific Partners plc | 37189 | 3448164 |
|  Molson Coors Beverage Co., Class B | 11794 | 567173 |
|  |  | 4015337 |
|  ***Consumer Staples Distribution & Retail (3.2%)*** | ***Consumer Staples Distribution & Retail (3.2%)*** | ***Consumer Staples Distribution & Retail (3.2%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 29507 | 3181740 |
|  Performance Food Group Co.\* | 20953 | 1832759 |
|  |  | 5014499 |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  Lamb Weston Holdings, Inc. | 12670 | 656939 |
|  ***Personal Care Products (0.9%)*** | ***Personal Care Products (0.9%)*** | ***Personal Care Products (0.9%)*** |
|  Kenvue, Inc. | 68132 | 1426003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 11112778 |
|  **Energy (8.6%)** | **Energy (8.6%)** | **Energy (8.6%)** |
|  ***Oil, Gas & Consumable Fuels (8.6%)*** | ***Oil, Gas & Consumable Fuels (8.6%)*** | ***Oil, Gas & Consumable Fuels (8.6%)*** |
|  BKV Corp.\* | 33936 | 818536 |
|  Cheniere Energy, Inc. | 7444 | 1812763 |
|  Devon Energy Corp. | 25287 | 804379 |
|  Diamondback Energy, Inc. | 8912 | 1224509 |
|  DT Midstream, Inc. | 14525 | 1596443 |
|  Expand Energy Corp. | 17327 | 2026219 |
|  Kinetik Holdings, Inc., Class A | 16916 | 745150 |
|  Ovintiv, Inc. | 13613 | 517975 |
|  Permian Resources Corp. | 122266 | 1665263 |
|  Phillips 66 | 21053 | 2511623 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 13722860 |
|  **Financials (18.3%)** | **Financials (18.3%)** | **Financials (18.3%)** |
|  ***Banks (7.0%)*** | ***Banks (7.0%)*** | ***Banks (7.0%)*** |
|  Citizens Financial Group, Inc. | 55409 | 2479553 |
|  Fifth Third Bancorp | 46222 | 1901111 |
|  First Horizon Corp. | 56521 | 1198245 |
|  Huntington Bancshares, Inc. | 97558 | 1635072 |
|  M&T Bank Corp. | 12209 | 2368424 |
|  Wintrust Financial Corp. | 13280 | 1646454 |
|  |  | 11228859 |
|  ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** |
|  Nasdaq, Inc. | 16490 | 1474536 |
|  Raymond James Financial, Inc. | 16786 | 2574469 |
|  |  | 4049005 |
|  ***Financial Services (3.3%)*** | ***Financial Services (3.3%)*** | ***Financial Services (3.3%)*** |
|  Corebridge Financial, Inc. | 35372 | 1255706 |
|  Fidelity National Information Services, Inc. | 37651 | 3065168 |
|  Global Payments, Inc. | 11490 | 919659 |
|  |  | 5240533 |
|  ***Insurance (5.5%)*** | ***Insurance (5.5%)*** | ***Insurance (5.5%)*** |
|  Allstate Corp. (The) | 9399 | 1892113 |
|  American Financial Group, Inc. | 8846 | 1116454 |
|  Arch Capital Group Ltd. | 13911 | 1266596 |
|  Globe Life, Inc. | 9795 | 1217421 |
|  Prudential Financial, Inc. | 15329 | 1646948 |
|  Unum Group | 19811 | 1599936 |
|  |  | 8739468 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 29257865 |
|  **Health Care (4.9%)** | **Health Care (4.9%)** | **Health Care (4.9%)** |
|  ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** |
|  Cooper Cos., Inc. (The)\* | 20075 | 1428537 |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** |
|  Cencora, Inc. | 5239 | 1570914 |
|  Humana, Inc. | 4342 | 1061532 |
|  |  | 2632446 |
|  ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** |
|  Agilent Technologies, Inc. | 5853 | 690712 |
|  Mettler-Toledo International, Inc.\* | 1136 | 1334482 |
|  West Pharmaceutical Services, Inc. | 5257 | 1150232 |
|  |  | 3175426 |
|  ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** |
|  Organon & Co. | 20516 | 198595 |
|  Royalty Pharma plc, Class A | 12529 | 451420 |
|  |  | 650015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 7886424 |
|  **Industrials (16.7%)** | **Industrials (16.7%)** | **Industrials (16.7%)** |
|  ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** |
|  L3Harris Technologies, Inc. | 9610 | 2410573 |
|  Woodward, Inc. | 5069 | 1242361 |
|  |  | 3652934 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  Waste Connections, Inc. | 5205 | 971878 |

---

See Notes to Financial Statements.

768

------

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electrical Equipment (5.3%)*** | ***Electrical Equipment (5.3%)*** | ***Electrical Equipment (5.3%)*** |
|  AMETEK, Inc. | 21152 | $3827666 |
|  Rockwell Automation, Inc. | 11391 | 3783748 |
|  Vertiv Holdings Co., Class A | 6246 | 802049 |
|  |  | 8413463 |
|  ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** |
|  Saia, Inc.\* | 3656 | 1001707 |
|  ***Machinery (2.9%)*** | ***Machinery (2.9%)*** | ***Machinery (2.9%)*** |
|  IDEX Corp. | 5245 | 920865 |
|  Ingersoll Rand, Inc. | 20786 | 1728979 |
|  ITT, Inc. | 6576 | 1031314 |
|  Stanley Black & Decker, Inc. | 13136 | 889964 |
|  |  | 4571122 |
|  ***Passenger Airlines (1.3%)*** | ***Passenger Airlines (1.3%)*** | ***Passenger Airlines (1.3%)*** |
|  United Airlines Holdings, Inc.\* | 26815 | 2135279 |
|  ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** | ***Professional Services (0.7%)*** |
|  Booz Allen Hamilton Holding Corp. | 11472 | 1194579 |
|  ***Trading Companies & Distributors (3.0%)*** | ***Trading Companies & Distributors (3.0%)*** | ***Trading Companies & Distributors (3.0%)*** |
|  Fastenal Co. | 53842 | 2261364 |
|  United Rentals, Inc. | 3291 | 2479439 |
|  |  | 4740803 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 26681765 |
|  **Information Technology (9.2%)** | **Information Technology (9.2%)** | **Information Technology (9.2%)** |
|  ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** |
|  Juniper Networks, Inc. | 42425 | 1694030 |
|  ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** |
|  Marvell Technology, Inc. | 24486 | 1895217 |
|  Microchip Technology, Inc. | 33879 | 2384065 |
|  MKS, Inc. | 7975 | 792396 |
|  |  | 5071678 |
|  ***Software (3.1%)*** | ***Software (3.1%)*** | ***Software (3.1%)*** |
|  Dynatrace, Inc.\* | 45896 | 2533918 |
|  Monday.com Ltd.\* | 7616 | 2395080 |
|  |  | 4928998 |
|  ***Technology Hardware, Storage & Peripherals (1.9%)*** | ***Technology Hardware, Storage & Peripherals (1.9%)*** | ***Technology Hardware, Storage & Peripherals (1.9%)*** |
|  Hewlett Packard Enterprise Co. | 70568 | 1443116 |
|  Sandisk Corp.\* | 1687 | 76505 |
|  Western Digital Corp. | 23282 | 1489815 |
|  |  | 3009436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 14704142 |
|  **Materials (6.9%)** | **Materials (6.9%)** | **Materials (6.9%)** |
|  ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** |
|  Chemours Co. (The)(x) | 52097 | 596511 |
|  LyondellBasell Industries NV, Class A(x) | 12241 | 708264 |
|  RPM International, Inc. | 16485 | 1810712 |
|  Westlake Corp. | 15893 | 1206756 |
|  |  | 4322243 |
|  ***Construction Materials (1.8%)*** | ***Construction Materials (1.8%)*** | ***Construction Materials (1.8%)*** |
|  Martin Marietta Materials, Inc. | 5300 | 2909488 |
|  ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** | ***Containers & Packaging (1.2%)*** |
|  International Paper Co. | 39288 | 1839857 |
|  ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** |
|  Steel Dynamics, Inc. | 14884 | 1905301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 10976889 |
|  **Real Estate (8.3%)** | **Real Estate (8.3%)** | **Real Estate (8.3%)** |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  Ventas, Inc. (REIT) | 13845 | 874312 |
|  ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** |
|  Americold Realty Trust, Inc. (REIT) | 56624 | 941657 |
|  ***Residential REITs (3.4%)*** | ***Residential REITs (3.4%)*** | ***Residential REITs (3.4%)*** |
|  American Homes 4 Rent (REIT), Class A | 30227 | 1090288 |
|  AvalonBay Communities, Inc. (REIT) | 10265 | 2088928 |
|  Camden Property Trust (REIT) | 9780 | 1102108 |
|  Equity LifeStyle Properties, Inc. (REIT) | 18272 | 1126834 |
|  |  | 5408158 |
|  ***Specialized REITs (3.8%)*** | ***Specialized REITs (3.8%)*** | ***Specialized REITs (3.8%)*** |
|  Digital Realty Trust, Inc. (REIT) | 11563 | 2015778 |
|  Extra Space Storage, Inc. (REIT) | 11935 | 1759696 |
|  VICI Properties, Inc. (REIT), Class A | 70213 | 2288944 |
|  |  | 6064418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 13288545 |
|  **Utilities (9.4%)** | **Utilities (9.4%)** | **Utilities (9.4%)** |
|  ***Electric Utilities (3.8%)*** | ***Electric Utilities (3.8%)*** | ***Electric Utilities (3.8%)*** |
|  Entergy Corp. | 17431 | 1448864 |
|  Exelon Corp. | 19705 | 855591 |
|  NRG Energy, Inc. | 4576 | 734814 |
|  PG&E Corp. | 72618 | 1012295 |
|  PPL Corp. | 59865 | 2028825 |
|  |  | 6080389 |
|  ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** |
|  UGI Corp. | 17359 | 632215 |
|  ***Independent Power and Renewable Electricity Producers (1.0%)*** | ***Independent Power and Renewable Electricity Producers (1.0%)*** | ***Independent Power and Renewable Electricity Producers (1.0%)*** |
|  Ormat Technologies, Inc. | 18746 | 1570165 |
|  ***Multi-Utilities (4.2%)*** | ***Multi-Utilities (4.2%)*** | ***Multi-Utilities (4.2%)*** |
|  CMS Energy Corp. | 27765 | 1923559 |
|  NiSource, Inc. | 62202 | 2509229 |
|  Public Service Enterprise Group, Inc. | 26867 | 2261664 |
|  |  | 6694452 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 14977221 |
|  **Total Common Stocks (98.6%)**<br> *(Cost $137,087,607)* |  | 157415068 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.0%)†** | **Investment Companies (0.0%)†** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 56268 | 56268 |
|  **Total Short-Term Investments (0.0%)†**<br> *(Cost $56,268)* | **Total Short-Term Investments (0.0%)†**<br> *(Cost $56,268)* | 56268 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $137,143,875)* | **Total Investments in Securities (98.6%)**<br> *(Cost $137,143,875)* | 157471336 |
|  **Other Assets Less Liabilities (1.4%)** | **Other Assets Less Liabilities (1.4%)** | 2167887 |
|  **Net Assets (100%)** |  | $159639223 |

---

See Notes to Financial Statements.

769

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EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $852,077. This was collateralized by $833,756 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $56,268 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $3097872 | $— | $— | $3097872 |
|  Consumer Discretionary | 11708707 |  |  | 11708707 |
|  Consumer Staples | 11112778 |  |  | 11112778 |
|  Energy | 13722860 |  |  | 13722860 |
|  Financials | 29257865 |  |  | 29257865 |
|  Health Care | 7886424 |  |  | 7886424 |
|  Industrials | 26681765 |  |  | 26681765 |
|  Information Technology | 14704142 |  |  | 14704142 |
|  Materials | 10976889 |  |  | 10976889 |
|  Real Estate | 13288545 |  |  | 13288545 |
|  Utilities | 14977221 |  |  | 14977221 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 56268 |  |  | 56268 |
|  **Total Assets** | $**157471336** | $**—** | $**—** | $**157471336** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**157471336** | $**—** | $**—** | $**157471336** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75079498 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $74561176 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $26810603 |
|  Aggregate gross unrealized depreciation | (6628318) |
|  Net unrealized appreciation | $20182285 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137289051 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $429 as brokerage commissions with BTIG LLC, and $443 as brokerage commissions with Liquidnet Inc., affiliated broker/dealers.

See Notes to Financial Statements.

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EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $137,143,875) | $157471336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2167424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 220525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 82409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 159943907 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 87420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 78446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 56268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 32141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 11563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 304684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $159639223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $128971839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 30667384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $159639223 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $159,639,223 / 7,191,592 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.20 |

---

*(x)* *Includes value of securities on loan of $852,077.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,089 foreign withholding tax) | $1483037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 45116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1529504 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 588272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 190997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 69347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 30377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 9417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 903329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (70666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 832663 |
|  **NET INVESTMENT INCOME (LOSS)** | 696841 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 7317101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (4842780) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2474321 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3171162 |

---

See Notes to Financial Statements.

771

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#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $696841 | $1148479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7317101 | 10519007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4842780) | 5827157 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3171162 | 17494643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (8457389) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 567,105 and 1,019,032 shares, respectively ] | 11988179 | 21979428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 374,227 shares, respectively ] |  | 8457389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (609791) and (1174392) shares, respectively ] | (12885138) | (25903201) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (896959) | 4533616 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 2274203 | 13570870 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 157365020 | 143794150 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $159639223 | $157365020 |

---

See Notes to Financial Statements.

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#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $21.75 | $20.50 | $19.26 | $24.23 | $20.69 | $19.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.16 | 0.15 | 0.12 | 0.05 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.35 | 2.33 | 2.01 | (2.67) | 6.18 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.45 | 2.49 | 2.16 | (2.55) | 6.23 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.15) | (0.13) | (0.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.06) | (0.77) | (2.29) | (2.63) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.24) | (0.92) | (2.42) | (2.69) | (0.23) |
|  Net asset value, end of period | $22.20 | $21.75 | $20.50 | $19.26 | $24.23 | $20.69 |
|  Total return (b) | 2.07% | 11.89% | 11.22% | (10.60)% | 30.49 | 8.46% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $159639 | $157365 | $143794 | $133167 | $152024 | $110727 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.09 %(j) | 1.09 %(j) | 1.09 %(j) | 1.09 %(j) | 1.09 | 1.09 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.18% | 1.19% | 1.20% | 1.18% | 1.19 | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.91% | 0.74% | 0.77% | 0.57% | 0.22 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.82% | 0.64% | 0.66% | 0.48% | 0.13 | 0.36% |
|  Portfolio turnover rate^ | 49 %(z) | 64% | 62% | 72% | 65 | 97% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.03 for Class IB.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratio for Class IB would have been 0.09% lower.* 

See Notes to Financial Statements.

773

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EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.9%)** | **Communication Services (2.9%)** | **Communication Services (2.9%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 32421 | $938263 |
|  Verizon Communications, Inc. | 18996 | 821957 |
|  |  | 1760220 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  Electronic Arts, Inc. | 1028 | 164172 |
|  Live Nation Entertainment, Inc.\* | 710 | 107409 |
|  Netflix, Inc.\* | 1917 | 2567112 |
|  Take-Two Interactive Software, Inc.\* | 763 | 185294 |
|  TKO Group Holdings, Inc., Class A | 302 | 54949 |
|  Walt Disney Co. (The) | 8100 | 1004481 |
|  Warner Bros Discovery, Inc.\* | 10144 | 116250 |
|  |  | 4199667 |
|  ***Interactive Media & Services (2.0%)*** | ***Interactive Media & Services (2.0%)*** | ***Interactive Media & Services (2.0%)*** |
|  Alphabet, Inc., Class A | 26223 | 4621279 |
|  Alphabet, Inc., Class C | 21153 | 3752331 |
|  Match Group, Inc. | 1105 | 34133 |
|  Meta Platforms, Inc., Class A | 9783 | 7220735 |
|  |  | 15628478 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications, Inc., Class A\* | 430 | 175788 |
|  Comcast Corp., Class A | 16780 | 598878 |
|  Fox Corp., Class A | 964 | 54023 |
|  Fox Corp., Class B | 594 | 30668 |
|  Interpublic Group of Cos., Inc. (The) | 1666 | 40784 |
|  News Corp., Class A | 1700 | 50524 |
|  News Corp., Class B | 502 | 17224 |
|  Omnicom Group, Inc. | 879 | 63235 |
|  Paramount Global, Class B | 2711 | 34972 |
|  |  | 1066096 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 2149 | 512021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 23166482 |
|  **Consumer Discretionary (3.1%)** | **Consumer Discretionary (3.1%)** | **Consumer Discretionary (3.1%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 981 | 66924 |
|  ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** |
|  Ford Motor Co. | 17598 | 190938 |
|  General Motors Co. | 4332 | 213178 |
|  Tesla, Inc.\* | 12626 | 4010775 |
|  |  | 4414891 |
|  ***Broadline Retail (1.2%)*** | ***Broadline Retail (1.2%)*** | ***Broadline Retail (1.2%)*** |
|  Amazon.com, Inc.\* | 42572 | 9339871 |
|  eBay, Inc. | 2077 | 154654 |
|  |  | 9494525 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 625 | 75819 |
|  LKQ Corp. (x) | 1163 | 43042 |
|  Pool Corp. | 169 | 49260 |
|  |  | 168121 |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** |
|  Airbnb, Inc., Class A\* | 1945 | 257401 |
|  Booking Holdings, Inc. | 147 | 851018 |
|  Caesars Entertainment, Inc.\* | 937 | 26601 |
|  Carnival Corp.\* | 4731 | 133036 |
|  Chipotle Mexican Grill, Inc.\* | 6071 | 340887 |
|  Darden Restaurants, Inc. | 527 | 114870 |
|  Domino's Pizza, Inc. | 154 | 69392 |
|  DoorDash, Inc., Class A\* | 1545 | 380858 |
|  Expedia Group, Inc. | 548 | 92437 |
|  Hilton Worldwide Holdings, Inc. | 1071 | 285250 |
|  Las Vegas Sands Corp. | 1528 | 66483 |
|  Marriott International, Inc., Class A | 1024 | 279767 |
|  McDonald's Corp. | 3222 | 941372 |
|  MGM Resorts International\* | 932 | 32051 |
|  Norwegian Cruise Line Holdings Ltd.\* | 2013 | 40824 |
|  Royal Caribbean Cruises Ltd. | 1126 | 352596 |
|  Starbucks Corp. | 5120 | 469146 |
|  Wynn Resorts Ltd. | 397 | 37187 |
|  Yum! Brands, Inc. | 1252 | 185521 |
|  |  | 4956697 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 1246 | 160634 |
|  Garmin Ltd. | 694 | 144852 |
|  Lennar Corp., Class A | 1046 | 115698 |
|  Mohawk Industries, Inc.\* | 234 | 24533 |
|  NVR, Inc.\* | 13 | 96014 |
|  PulteGroup, Inc. | 903 | 95230 |
|  |  | 636961 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 593 | 43775 |
|  ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** |
|  AutoZone, Inc.\* | 75 | 278417 |
|  Best Buy Co., Inc. | 868 | 58269 |
|  CarMax, Inc.\* | 686 | 46106 |
|  Home Depot, Inc. (The) | 4478 | 1641814 |
|  Lowe's Cos., Inc. | 2522 | 559556 |
|  O'Reilly Automotive, Inc.\* | 3852 | 347181 |
|  Ross Stores, Inc. | 1482 | 189074 |
|  TJX Cos., Inc. (The) | 5031 | 621278 |
|  Tractor Supply Co. | 2389 | 126068 |
|  Ulta Beauty, Inc.\* | 203 | 94967 |
|  Williams-Sonoma, Inc. | 554 | 90507 |
|  |  | 4053237 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 684 | 70500 |
|  Lululemon Athletica, Inc.\* | 498 | 118315 |
|  NIKE, Inc., Class B | 5308 | 377080 |
|  Ralph Lauren Corp. | 180 | 49371 |
|  Tapestry, Inc. | 936 | 82190 |
|  |  | 697456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 24532587 |

---

See Notes to Financial Statements.

774

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EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** | **Consumer Staples (1.7%)** |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** |
|  Brown-Forman Corp., Class B | 821 | $22093 |
|  Coca-Cola Co. (The) | 17453 | 1234800 |
|  Constellation Brands, Inc., Class A | 690 | 112249 |
|  Keurig Dr Pepper, Inc. | 6120 | 202327 |
|  Molson Coors Beverage Co., Class B | 772 | 37126 |
|  Monster Beverage Corp.\* | 3164 | 198193 |
|  PepsiCo, Inc. | 6178 | 815743 |
|  |  | 2622531 |
|  ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** |
|  Costco Wholesale Corp. | 1999 | 1978890 |
|  Dollar General Corp. | 991 | 113351 |
|  Dollar Tree, Inc.\* | 890 | 88146 |
|  Kroger Co. (The) | 2760 | 197975 |
|  Sysco Corp. | 2184 | 165416 |
|  Target Corp. | 2047 | 201936 |
|  Walgreens Boots Alliance, Inc. | 3234 | 37126 |
|  Walmart, Inc. | 19467 | 1903483 |
|  |  | 4686323 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Archer-Daniels-Midland Co. | 2165 | 114269 |
|  Bunge Global SA | 606 | 48650 |
|  Campbell's Co. (The) | 887 | 27186 |
|  Conagra Brands, Inc. | 2151 | 44031 |
|  General Mills, Inc. | 2467 | 127815 |
|  Hershey Co. (The) | 667 | 110689 |
|  Hormel Foods Corp. | 1313 | 39718 |
|  J M Smucker Co. (The) | 479 | 47038 |
|  Kellanova | 1211 | 96311 |
|  Kraft Heinz Co. (The) | 3893 | 100517 |
|  Lamb Weston Holdings, Inc. | 636 | 32976 |
|  McCormick & Co., Inc. (Non-Voting) | 1139 | 86359 |
|  Mondelez International, Inc., Class A | 5834 | 393445 |
|  Tyson Foods, Inc., Class A | 1290 | 72163 |
|  |  | 1341167 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Church & Dwight Co., Inc. | 1110 | 106682 |
|  Clorox Co. (The) | 555 | 66639 |
|  Colgate-Palmolive Co. | 3652 | 331967 |
|  Kimberly-Clark Corp. | 1495 | 192735 |
|  Procter & Gamble Co. (The) | 10564 | 1683057 |
|  |  | 2381080 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 1055 | 85244 |
|  Kenvue, Inc. | 8651 | 181066 |
|  |  | 266310 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. | 7590 | 445002 |
|  Philip Morris International, Inc. | 7013 | 1277277 |
|  |  | 1722279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 13019690 |
|  **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 4464 | 171150 |
|  Halliburton Co. | 3874 | 78952 |
|  Schlumberger NV | 6128 | 207126 |
|  |  | 457228 |
|  ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** | ***Oil, Gas & Consumable Fuels (0.8%)*** |
|  APA Corp. (x) | 1626 | 29740 |
|  Chevron Corp. | 7318 | 1047864 |
|  ConocoPhillips | 5688 | 510441 |
|  Coterra Energy, Inc. | 3439 | 87282 |
|  Devon Energy Corp. | 2893 | 92026 |
|  Diamondback Energy, Inc. | 843 | 115828 |
|  EOG Resources, Inc. | 2459 | 294121 |
|  EQT Corp. | 2697 | 157289 |
|  Expand Energy Corp. | 976 | 114133 |
|  Exxon Mobil Corp. | 19420 | 2093476 |
|  Hess Corp. | 1249 | 173037 |
|  Kinder Morgan, Inc. | 8710 | 256074 |
|  Marathon Petroleum Corp. | 1384 | 229896 |
|  Occidental Petroleum Corp. | 3193 | 134138 |
|  ONEOK, Inc. | 2814 | 229707 |
|  Phillips 66 | 1836 | 219035 |
|  Targa Resources Corp. | 977 | 170076 |
|  Texas Pacific Land Corp. | 85 | 89793 |
|  Valero Energy Corp. | 1411 | 189667 |
|  Williams Cos., Inc. (The) | 5501 | 345518 |
|  |  | 6579141 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 7036369 |
|  **Financials (4.1%)** | **Financials (4.1%)** | **Financials (4.1%)** |
|  ***Banks (1.1%)*** | ***Banks (1.1%)*** | ***Banks (1.1%)*** |
|  Bank of America Corp. | 29525 | 1397123 |
|  Citigroup, Inc. | 8415 | 716285 |
|  Citizens Financial Group, Inc. | 1954 | 87442 |
|  Fifth Third Bancorp | 3008 | 123719 |
|  Huntington Bancshares, Inc. | 6564 | 110013 |
|  JPMorgan Chase & Co. | 12522 | 3630253 |
|  KeyCorp | 4444 | 77414 |
|  M&T Bank Corp. | 723 | 140255 |
|  PNC Financial Services Group, Inc. (The) | 1782 | 332200 |
|  Regions Financial Corp. | 4050 | 95256 |
|  Truist Financial Corp. | 5900 | 253641 |
|  US Bancorp | 7020 | 317655 |
|  Wells Fargo & Co. | 14662 | 1174719 |
|  |  | 8455975 |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** |
|  Ameriprise Financial, Inc. | 429 | 228970 |
|  Bank of New York Mellon Corp. (The) | 3224 | 293739 |
|  BlackRock, Inc. | 656 | 688308 |
|  Blackstone, Inc. | 3288 | 491819 |
|  Cboe Global Markets, Inc. | 472 | 110075 |
|  Charles Schwab Corp. (The) | 7696 | 702183 |
|  CME Group, Inc. | 1624 | 447607 |
|  Coinbase Global, Inc., Class A\* | 953 | 334017 |
|  FactSet Research Systems, Inc. | 171 | 76485 |
|  Franklin Resources, Inc. (x) | 1397 | 33318 |

---

See Notes to Financial Statements.

775

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Intercontinental Exchange, Inc. | 2585 | $| 474270 |
|  Invesco Ltd. | 2017 |  | 31808 |
|  KKR & Co., Inc. | 3050 |  | 405742 |
|  MarketAxess Holdings, Inc. | 169 |  | 37744 |
|  Moody's Corp. | 697 |  | 349608 |
|  Morgan Stanley | 5566 |  | 784027 |
|  MSCI, Inc. | 349 |  | 201282 |
|  Nasdaq, Inc. | 1863 |  | 166589 |
|  Northern Trust Corp. | 877 |  | 111195 |
|  Raymond James Financial, Inc. | 818 |  | 125457 |
|  S&P Global, Inc. | 1414 |  | 745588 |
|  State Street Corp. | 1285 |  | 136647 |
| T. Rowe Price Group, Inc. | 993 |  | 95825 |
|  |  |  | 7072303 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 2494 |  | 795536 |
|  Capital One Financial Corp. | 2882 |  | 613174 |
|  Synchrony Financial | 1715 |  | 114459 |
|  |  |  | 1523169 |
|  ***Financial Services (1.3%)*** | ***Financial Services (1.3%)*** | ***Financial Services (1.3%)*** | ***Financial Services (1.3%)*** |
|  Apollo Global Management, Inc. | 2034 |  | 288564 |
|  Berkshire Hathaway, Inc., Class B\* | 8262 |  | 4013432 |
|  Corpay, Inc.\* | 318 |  | 105519 |
|  Fidelity National Information Services, Inc. | 2367 |  | 192697 |
|  Fiserv, Inc.\* | 2498 |  | 430680 |
|  Global Payments, Inc. | 1099 |  | 87964 |
|  Jack Henry & Associates, Inc. | 328 |  | 59096 |
|  Mastercard, Inc., Class A | 3655 |  | 2053891 |
|  PayPal Holdings, Inc.\* | 4382 |  | 325670 |
|  Visa, Inc., Class A | 7709 |  | 2737080 |
|  |  |  | 10294593 |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** |
|  Aflac, Inc. | 2192 |  | 231168 |
|  Allstate Corp. (The) | 1193 |  | 240163 |
|  American International Group, Inc. | 2597 |  | 222277 |
|  Aon plc, Class A | 973 |  | 347128 |
|  Arch Capital Group Ltd. | 1682 |  | 153146 |
|  Arthur J Gallagher & Co. | 1154 |  | 369418 |
|  Assurant, Inc. | 228 |  | 45028 |
|  Brown & Brown, Inc. | 1263 |  | 140029 |
|  Chubb Ltd. | 1679 |  | 486440 |
|  Cincinnati Financial Corp. | 704 |  | 104840 |
|  Erie Indemnity Co., Class A | 112 |  | 38840 |
|  Everest Group Ltd. | 192 |  | 65251 |
|  Globe Life, Inc. | 372 |  | 46236 |
|  Hartford Insurance Group, Inc. (The) | 1280 |  | 162394 |
|  Loews Corp. | 784 |  | 71861 |
|  Marsh & McLennan Cos., Inc. | 2220 |  | 485381 |
|  MetLife, Inc. | 2541 |  | 204347 |
|  Principal Financial Group, Inc. | 929 |  | 73790 |
|  Progressive Corp. (The) | 2641 |  | 704777 |
|  Prudential Financial, Inc. | 1595 |  | 171367 |
|  Travelers Cos., Inc. (The) | 1021 |  | 273158 |
|  W.R. Berkley Corp. | 1350 |  | 99185 |
|  Willis Towers Watson plc | 447 |  | 137006 |
|  |  |  | 4873230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 32219270 |
|  **Health Care (2.8%)** | **Health Care (2.8%)** | **Health Care (2.8%)** | **Health Care (2.8%)** |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** |
|  AbbVie, Inc. | 7959 |  | 1477350 |
|  Amgen, Inc. | 2423 |  | 676526 |
|  Biogen, Inc.\* | 660 |  | 82889 |
|  Gilead Sciences, Inc. | 5605 |  | 621426 |
|  Incyte Corp.\* | 724 |  | 49304 |
|  Moderna, Inc.\* | 1533 |  | 42296 |
|  Regeneron Pharmaceuticals, Inc. | 468 |  | 245700 |
|  Vertex Pharmaceuticals, Inc.\* | 1157 |  | 515096 |
|  |  |  | 3710587 |
|  ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** |
|  Abbott Laboratories | 7839 |  | 1066182 |
|  Align Technology, Inc.\* | 307 |  | 58124 |
|  Baxter International, Inc. | 2312 |  | 70007 |
|  Becton Dickinson & Co. | 1291 |  | 222375 |
|  Boston Scientific Corp.\* | 6666 |  | 715995 |
|  Cooper Cos., Inc. (The)\* | 901 |  | 64115 |
|  Dexcom, Inc.\* | 1767 |  | 154242 |
|  Edwards Lifesciences Corp.\* | 2643 |  | 206709 |
|  GE HealthCare Technologies, Inc. | 2063 |  | 152806 |
|  Hologic, Inc.\* | 1004 |  | 65421 |
|  IDEXX Laboratories, Inc.\* | 362 |  | 194155 |
|  Insulet Corp.\* | 317 |  | 99595 |
|  Intuitive Surgical, Inc.\* | 1615 |  | 877607 |
|  Medtronic plc | 5779 |  | 503756 |
|  ResMed, Inc. | 661 |  | 170538 |
|  Solventum Corp.\* | 624 |  | 47324 |
|  STERIS plc | 443 |  | 106418 |
|  Stryker Corp. | 1550 |  | 613227 |
|  Zimmer Biomet Holdings, Inc. | 891 |  | 81268 |
|  |  |  | 5469864 |
|  ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** |
|  Cardinal Health, Inc. | 1075 |  | 180600 |
|  Cencora, Inc. | 777 |  | 232984 |
|  Centene Corp.\* | 2242 |  | 121696 |
|  Cigna Group (The) | 1204 |  | 398018 |
|  CVS Health Corp. | 5700 |  | 393186 |
|  DaVita, Inc.\* | 187 |  | 26638 |
|  Elevance Health, Inc. | 1018 |  | 395961 |
|  HCA Healthcare, Inc. | 780 |  | 298818 |
|  Henry Schein, Inc.\* | 548 |  | 40031 |
|  Humana, Inc. | 544 |  | 132997 |
|  Labcorp Holdings, Inc. | 377 |  | 98966 |
|  McKesson Corp. | 564 |  | 413288 |
|  Molina Healthcare, Inc.\* | 244 |  | 72688 |
|  Quest Diagnostics, Inc. | 503 |  | 90354 |
|  UnitedHealth Group, Inc. | 4087 |  | 1275021 |
|  Universal Health Services, Inc., Class B | 258 |  | 46737 |
|  |  |  | 4217983 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Agilent Technologies, Inc. | 1285 |  | 151643 |
|  Bio-Techne Corp. | 706 |  | 36324 |
|  Charles River Laboratories International, Inc.\* | 221 |  | 33532 |
|  Danaher Corp. | 2870 |  | 566940 |
|  IQVIA Holdings, Inc.\* | 741 |  | 116774 |
|  Mettler-Toledo International, Inc.\* | 94 |  | 110424 |

---

See Notes to Financial Statements.

776

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Revvity, Inc. | 531 | $| 51358 |
|  Thermo Fisher Scientific, Inc. | 1701 |  | 689687 |
|  Waters Corp.\* | 268 |  | 93543 |
|  West Pharmaceutical Services, Inc. | 324 |  | 70891 |
|  |  |  | 1921116 |
|  ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** |
|  Bristol-Myers Squibb Co. | 9169 |  | 424433 |
|  Eli Lilly & Co. | 3544 |  | 2762654 |
|  Johnson & Johnson | 10841 |  | 1655963 |
|  Merck & Co., Inc. | 11314 |  | 895616 |
|  Pfizer, Inc. | 25617 |  | 620956 |
|  Viatris, Inc. | 5288 |  | 47222 |
|  Zoetis, Inc. | 2006 |  | 312836 |
|  |  |  | 6719680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 22039230 |
|  **Industrials (2.6%)** | **Industrials (2.6%)** | **Industrials (2.6%)** | **Industrials (2.6%)** |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** |
|  Axon Enterprise, Inc.\* | 333 |  | 275704 |
|  Boeing Co. (The)\* | 3397 |  | 711773 |
|  GE Aerospace | 4805 |  | 1236759 |
|  General Dynamics Corp. | 1135 |  | 331034 |
|  Howmet Aerospace, Inc. | 1819 |  | 338571 |
|  Huntington Ingalls Industries, Inc. | 177 |  | 42738 |
|  L3Harris Technologies, Inc. | 842 |  | 211207 |
|  Lockheed Martin Corp. | 940 |  | 435352 |
|  Northrop Grumman Corp. | 610 |  | 304988 |
|  RTX Corp. | 6019 |  | 878894 |
|  Textron, Inc. | 813 |  | 65276 |
|  TransDigm Group, Inc. | 253 |  | 384722 |
|  |  |  | 5217018 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 535 |  | 51333 |
|  Expeditors International of Washington, Inc. | 617 |  | 70492 |
|  FedEx Corp. | 993 |  | 225719 |
|  United Parcel Service, Inc., Class B | 3306 |  | 333708 |
|  |  |  | 681252 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  A.O. Smith Corp. | 524 |  | 34359 |
|  Allegion plc | 388 |  | 55918 |
|  Builders FirstSource, Inc.\* | 498 |  | 58112 |
|  Carrier Global Corp. | 3592 |  | 262898 |
|  Johnson Controls International plc | 2965 |  | 313163 |
|  Lennox International, Inc. | 144 |  | 82547 |
|  Masco Corp. | 950 |  | 61142 |
|  Trane Technologies plc | 1005 |  | 439597 |
|  |  |  | 1307736 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Cintas Corp. | 1546 |  | 344557 |
|  Copart, Inc.\* | 3961 |  | 194367 |
|  Republic Services, Inc. | 915 |  | 225648 |
|  Rollins, Inc. | 1267 |  | 71484 |
|  Veralto Corp. | 1117 |  | 112761 |
|  Waste Management, Inc. | 1650 |  | 377553 |
|  |  |  | 1326370 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  Quanta Services, Inc. | 668 |  | 252557 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  AMETEK, Inc. | 1040 |  | 188199 |
|  Eaton Corp. plc | 1763 |  | 629373 |
|  Emerson Electric Co. | 2534 |  | 337858 |
|  GE Vernova, Inc. | 1230 |  | 650855 |
|  Generac Holdings, Inc.\* | 266 |  | 38094 |
|  Hubbell, Inc., Class B | 240 |  | 98018 |
|  Rockwell Automation, Inc. | 508 |  | 168742 |
|  |  |  | 2111139 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  CSX Corp. | 8464 |  | 276180 |
|  JB Hunt Transport Services, Inc. | 353 |  | 50691 |
|  Norfolk Southern Corp. | 1016 |  | 260066 |
|  Old Dominion Freight Line, Inc. | 838 |  | 136007 |
|  Uber Technologies, Inc.\* | 9422 |  | 879073 |
|  Union Pacific Corp. | 2692 |  | 619375 |
|  |  |  | 2221392 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 2425 |  | 369182 |
|  Honeywell International, Inc. | 2896 |  | 674420 |
|  |  |  | 1043602 |
|  ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** |
|  Caterpillar, Inc. | 2119 |  | 822617 |
|  Cummins, Inc. | 621 |  | 203378 |
|  Deere & Co. | 1137 |  | 578153 |
|  Dover Corp. | 618 |  | 113236 |
|  Fortive Corp. | 1564 |  | 81531 |
|  IDEX Corp. | 340 |  | 59694 |
|  Illinois Tool Works, Inc. | 1201 |  | 296947 |
|  Ingersoll Rand, Inc. | 1818 |  | 151221 |
|  Nordson Corp. | 244 |  | 52306 |
|  Otis Worldwide Corp. | 1778 |  | 176058 |
|  PACCAR, Inc. | 2365 |  | 224817 |
|  Parker-Hannifin Corp. | 576 |  | 402319 |
|  Pentair plc | 741 |  | 76071 |
|  Snap-on, Inc. | 236 |  | 73438 |
|  Stanley Black & Decker, Inc. | 697 |  | 47222 |
|  Westinghouse Air Brake Technologies Corp. | 771 |  | 161409 |
|  Xylem, Inc. | 1096 |  | 141779 |
|  |  |  | 3662196 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Delta Air Lines, Inc. | 2942 |  | 144688 |
|  Southwest Airlines Co. | 2568 |  | 83306 |
|  United Airlines Holdings, Inc.\* | 1472 |  | 117215 |
|  |  |  | 345209 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 1829 |  | 564064 |
|  Broadridge Financial Solutions, Inc. | 529 |  | 128563 |
|  Dayforce, Inc.\* | 720 |  | 39881 |
|  Equifax, Inc. | 560 |  | 145247 |
|  Jacobs Solutions, Inc. | 541 |  | 71114 |
|  Leidos Holdings, Inc. | 580 |  | 91501 |
|  Paychex, Inc. | 1444 |  | 210044 |
|  Paycom Software, Inc. | 220 |  | 50908 |
|  Verisk Analytics, Inc. | 630 |  | 196245 |
|  |  |  | 1497567 |

---

See Notes to Financial Statements.

777

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 5169 | $217098 |
|  United Rentals, Inc. | 293 | 220746 |
|  W.W. Grainger, Inc. | 197 | 204928 |
|  |  | 642772 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 20308810 |
|  **Information Technology (10.0%)** | **Information Technology (10.0%)** | **Information Technology (10.0%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 4640 | 474718 |
|  Cisco Systems, Inc. | 17925 | 1243637 |
|  F5, Inc.\* | 259 | 76229 |
|  Juniper Networks, Inc. | 1492 | 59576 |
|  Motorola Solutions, Inc. | 752 | 316186 |
|  |  | 2170346 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Amphenol Corp., Class A | 5450 | 538188 |
|  CDW Corp. | 593 | 105904 |
|  Corning, Inc. | 3473 | 182645 |
|  Jabil, Inc. | 484 | 105560 |
|  Keysight Technologies, Inc.\* | 779 | 127647 |
|  Ralliant Corp.\* | 521 | 25280 |
|  TE Connectivity plc | 1336 | 225343 |
|  Teledyne Technologies, Inc.\* | 211 | 108097 |
|  Trimble, Inc.\* | 1075 | 81679 |
|  Zebra Technologies Corp., Class A\* | 229 | 70614 |
|  |  | 1570957 |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** |
|  Accenture plc, Class A | 2821 | 843169 |
|  Akamai Technologies, Inc.(x)\* | 659 | 52562 |
|  Cognizant Technology Solutions Corp., Class A | 2221 | 173305 |
|  EPAM Systems, Inc.\* | 255 | 45089 |
|  Gartner, Inc.\* | 347 | 140264 |
|  GoDaddy, Inc., Class A\* | 642 | 115598 |
|  International Business Machines Corp. | 4188 | 1234539 |
|  VeriSign, Inc. | 364 | 105123 |
|  |  | 2709649 |
|  ***Semiconductors & Semiconductor Equipment (3.8%)*** | ***Semiconductors & Semiconductor Equipment (3.8%)*** | ***Semiconductors & Semiconductor Equipment (3.8%)*** |
|  Advanced Micro Devices, Inc.\* | 7306 | 1036721 |
|  Analog Devices, Inc. | 2235 | 531975 |
|  Applied Materials, Inc. | 3661 | 670219 |
|  Broadcom, Inc. | 21186 | 5839921 |
|  Enphase Energy, Inc.\* | 591 | 23433 |
|  First Solar, Inc.\* | 483 | 79956 |
|  Intel Corp. | 19654 | 440250 |
|  KLA Corp. | 596 | 533861 |
|  Lam Research Corp. | 5763 | 560970 |
|  Microchip Technology, Inc. | 2423 | 170506 |
|  Micron Technology, Inc. | 5035 | 620564 |
|  Monolithic Power Systems, Inc. | 216 | 157978 |
|  NVIDIA Corp. | 109883 | 17360415 |
|  NXP Semiconductors NV | 1138 | 248642 |
|  ON Semiconductor Corp.\* | 1883 | 98688 |
|  QUALCOMM, Inc. | 4944 | 787381 |
|  Skyworks Solutions, Inc. | 676 | 50376 |
|  Teradyne, Inc. | 723 | 65012 |
|  Texas Instruments, Inc. | 4093 | 849789 |
|  |  | 30126657 |
|  ***Software (3.5%)*** | ***Software (3.5%)*** | ***Software (3.5%)*** |
|  Adobe, Inc.\* | 1920 | 742809 |
|  ANSYS, Inc.\* | 401 | 140839 |
|  Autodesk, Inc.\* | 964 | 298425 |
|  Cadence Design Systems, Inc.\* | 1230 | 379024 |
|  Crowdstrike Holdings, Inc., Class A\* | 1122 | 571446 |
|  Fair Isaac Corp.\* | 110 | 201076 |
|  Fortinet, Inc.\* | 2862 | 302571 |
|  Gen Digital, Inc. | 2459 | 72295 |
|  Intuit, Inc. | 1260 | 992414 |
|  Microsoft Corp. | 33489 | 16657763 |
|  Oracle Corp. | 7328 | 1602121 |
|  Palantir Technologies, Inc., Class A\* | 9584 | 1306491 |
|  Palo Alto Networks, Inc.\* | 2983 | 610441 |
|  PTC, Inc.\* | 540 | 93064 |
|  Roper Technologies, Inc. | 484 | 274350 |
|  Salesforce, Inc. | 4323 | 1178839 |
|  ServiceNow, Inc.\* | 933 | 959199 |
|  Synopsys, Inc.\* | 709 | 363490 |
|  Tyler Technologies, Inc.\* | 194 | 115011 |
|  Workday, Inc., Class A\* | 976 | 234240 |
|  |  | 27095908 |
|  ***Technology Hardware, Storage & Peripherals (1.9%)*** | ***Technology Hardware, Storage & Peripherals (1.9%)*** | ***Technology Hardware, Storage & Peripherals (1.9%)*** |
|  Apple, Inc. | 67296 | 13807120 |
|  Dell Technologies, Inc., Class C | 1350 | 165510 |
|  Hewlett Packard Enterprise Co. | 5919 | 121044 |
|  HP, Inc. | 4248 | 103906 |
|  NetApp, Inc. | 917 | 97706 |
|  Seagate Technology Holdings plc | 956 | 137980 |
|  Super Micro Computer, Inc.(x)\* | 2313 | 113360 |
|  Western Digital Corp.(x) | 1572 | 100592 |
|  |  | 14647218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 78320735 |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** |
|  Air Products and Chemicals, Inc. | 1003 | 282906 |
|  Albemarle Corp.(x) | 530 | 33215 |
|  CF Industries Holdings, Inc. | 730 | 67160 |
|  Corteva, Inc. | 3074 | 229105 |
|  Dow, Inc. | 3185 | 84339 |
|  DuPont de Nemours, Inc. | 1886 | 129361 |
|  Eastman Chemical Co. | 520 | 38823 |
|  Ecolab, Inc. | 1137 | 306353 |
|  International Flavors & Fragrances, Inc. | 1153 | 84803 |
|  Linde plc | 2121 | 995131 |
|  LyondellBasell Industries NV, Class A(x) | 1159 | 67060 |
|  Mosaic Co. (The) | 1429 | 52130 |
|  PPG Industries, Inc. | 1023 | 116366 |
|  Sherwin-Williams Co. (The) | 1039 | 356751 |
|  |  | 2843503 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. | 272 | 149317 |
|  Vulcan Materials Co. | 595 | 155188 |
|  |  | 304505 |

---

See Notes to Financial Statements.

778

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 10324 | $94878 |
|  Avery Dennison Corp. | 352 | 61765 |
|  Ball Corp. | 1250 | 70113 |
|  International Paper Co. | 2379 | 111409 |
|  Packaging Corp. of America | 403 | 75945 |
|  Smurfit WestRock plc | 2234 | 96397 |
|  |  | 510507 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 6471 | 280518 |
|  Newmont Corp. | 5015 | 292174 |
|  Nucor Corp. | 1040 | 134722 |
|  Steel Dynamics, Inc. | 622 | 79622 |
|  |  | 787036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 4445551 |
|  **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 694 | 50405 |
|  Healthpeak Properties, Inc. (REIT) | 3130 | 54807 |
|  Ventas, Inc. (REIT) | 2033 | 128384 |
|  Welltower, Inc. (REIT) | 2799 | 430290 |
|  |  | 663886 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 3126 | 48016 |
|  ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** |
|  Prologis, Inc. (REIT) | 4181 | 439507 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 656 | 44260 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 1323 | 185379 |
|  CoStar Group, Inc.\* | 1901 | 152840 |
|  |  | 338219 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 641 | 130444 |
|  Camden Property Trust (REIT) | 481 | 54204 |
|  Equity Residential (REIT) | 1541 | 104002 |
|  Essex Property Trust, Inc. (REIT) | 290 | 82186 |
|  Invitation Homes, Inc. (REIT) | 2568 | 84230 |
|  Mid-America Apartment Communities, Inc. (REIT) | 527 | 78001 |
|  UDR, Inc. (REIT) | 1358 | 55447 |
|  |  | 588514 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 350 | 33247 |
|  Kimco Realty Corp. (REIT) | 3048 | 64069 |
|  Realty Income Corp. (REIT) | 4069 | 234415 |
|  Regency Centers Corp. (REIT) | 736 | 52425 |
|  Simon Property Group, Inc. (REIT) | 1382 | 222170 |
|  |  | 606326 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 2109 | 466131 |
|  Crown Castle, Inc. (REIT) | 1962 | 201556 |
|  Digital Realty Trust, Inc. (REIT) | 1426 | 248595 |
|  Equinix, Inc. (REIT) | 441 | 350802 |
|  Extra Space Storage, Inc. (REIT) | 956 | 140953 |
|  Iron Mountain, Inc. (REIT) | 1329 | 136315 |
|  Public Storage (REIT) | 711 | 208622 |
|  SBA Communications Corp. (REIT) | 484 | 113662 |
|  VICI Properties, Inc. (REIT), Class A | 4761 | 155209 |
|  Weyerhaeuser Co. (REIT) | 3268 | 83955 |
|  |  | 2105800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4834528 |
|  **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** |
|  Alliant Energy Corp. | 1157 | 69964 |
|  American Electric Power Co., Inc. | 2407 | 249750 |
|  Constellation Energy Corp. | 1412 | 455737 |
|  Duke Energy Corp. | 3502 | 413236 |
|  Edison International | 1734 | 89474 |
|  Entergy Corp. | 2011 | 167154 |
|  Evergy, Inc. | 1037 | 71480 |
|  Eversource Energy | 1655 | 105291 |
|  Exelon Corp. | 4549 | 197518 |
|  FirstEnergy Corp. | 2314 | 93162 |
|  NextEra Energy, Inc. | 9276 | 643940 |
|  NRG Energy, Inc. | 881 | 141471 |
|  PG&E Corp. | 9902 | 138034 |
|  Pinnacle West Capital Corp. | 538 | 48135 |
|  PPL Corp. | 3331 | 112888 |
|  Southern Co. (The) | 4952 | 454742 |
|  Xcel Energy, Inc. | 2599 | 176992 |
|  |  | 3628968 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 716 | 110343 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.0%)†*** | ***Independent Power and Renewable Electricity<br>Producers (0.0%)†*** | ***Independent Power and Renewable Electricity<br>Producers (0.0%)†*** |
|  AES Corp. (The) | 3208 | 33748 |
|  Vistra Corp. | 1529 | 296335 |
|  |  | 330083 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp. | 1218 | 116977 |
|  CenterPoint Energy, Inc. | 2941 | 108052 |
|  CMS Energy Corp. | 1348 | 93389 |
|  Consolidated Edison, Inc. | 1623 | 162868 |
|  Dominion Energy, Inc. | 3842 | 217150 |
|  DTE Energy Co. | 935 | 123850 |
|  NiSource, Inc. | 2121 | 85561 |
|  Public Service Enterprise Group, Inc. | 2248 | 189237 |
|  Sempra | 2938 | 222612 |
|  WEC Energy Group, Inc. | 1438 | 149840 |
|  |  | 1469536 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 879 | 122278 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 5661208 |
|  **Total Common Stocks (30.0%)**<br> *(Cost $106,110,522)* | **Total Common Stocks (30.0%)**<br> *(Cost $106,110,522)* | 235584460 |

---

See Notes to Financial Statements.

779

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (41.3%)** | **U.S. Treasury Obligations (41.3%)** | **U.S. Treasury Obligations (41.3%)** |
|  U.S. Treasury Notes<br>3.875%, 8/15/33 | $328280000 | $323345623 |
|  **Total Long-Term Debt Securities (41.3%)**<br> *(Cost $318,638,340)* | **Total Long-Term Debt Securities (41.3%)**<br> *(Cost $318,638,340)* | 323345623 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $279)* | 274 | 438 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (23.8%)** | **Investment Companies (23.8%)** |  |
|  Goldman Sachs Financial Square Funds – Government Fund 4.21% (7 day yield) ‡ | 37271699 | 37271699 |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund 4.17% (7 day yield) ‡ | 36511852 | 36511852 |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund 4.13% (7 day yield) ‡ | 36130728 | 36130728 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 110949 | 110949 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 76188093 | 76203330 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 186228558 |
|  **Total Short-Term Investments (23.8%)**<br> *(Cost $186,220,944)* | **Total Short-Term Investments (23.8%)**<br> *(Cost $186,220,944)* | 186228558 |
|  **Total Investments in Securities (95.1%)**<br> *(Cost $610,970,085)* | **Total Investments in Securities (95.1%)**<br> *(Cost $610,970,085)* | 745159079 |
|  **Other Assets Less Liabilities (4.9%)** | **Other Assets Less Liabilities (4.9%)** | 38404664 |
|  **Net Assets (100%)** |  | $783563743 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $325,862. This was collateralized by $221,678 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $110,949 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |  |  |  |  |  |
|  **Investment Companies** |  |  |  |  |  |  |  |  |  |
|  Goldman Sachs Financial Square Funds – Government Fund 4.21% (7 day yield) | 37271699 | 39579751 | 2856301 | (5164353) |  |  | 37271699 | 774862 |  |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund 4.17% (7 day yield) | 36511852 | 38772801 | 2798008 | (5058957) |  |  | 36511852 | 760125 |  |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund 4.13% (7 day yield) | 36130728 | 38368126 | 2768861 | (5006259) |  |  | 36130728 | 795420 |  |
|  **Total** |  | **116720678** | **8423170** | **(15229569)** |  |  | **109914279** | **2330407** |  |

---

See Notes to Financial Statements.

780

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 937 | 9/2025 | EUR | 58796185 | 417543 |
|  FTSE 100 Index | 319 | 9/2025 | GBP | 38487054 | (295243) |
|  Russell 2000 E-Mini Index | 357 | 9/2025 | USD | 39121845 | 1305201 |
|  S&P Midcap 400 E-Mini Index | 189 | 9/2025 | USD | 59071950 | 873416 |
|  TOPIX Index | 204 | 9/2025 | JPY | 40451512 | 1004864 |
|  |  |  |  |  | 3305781 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $23166482 | $— | $— | $23166482 |
|  Consumer Discretionary | 24532587 |  |  | 24532587 |
|  Consumer Staples | 13019690 |  |  | 13019690 |
|  Energy | 7036369 |  |  | 7036369 |
|  Financials | 32219270 |  |  | 32219270 |
|  Health Care | 22039230 |  |  | 22039230 |
|  Industrials | 20308810 |  |  | 20308810 |
|  Information Technology | 78320735 |  |  | 78320735 |
|  Materials | 4445551 |  |  | 4445551 |
|  Real Estate | 4834528 |  |  | 4834528 |
|  Utilities | 5661208 |  |  | 5661208 |
|  **Futures** | 3601024 |  |  | 3601024 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 438 |  | 438 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 186228558 |  |  | 186228558 |
|  **U.S. Treasury Obligations** |  | 323345623 |  | 323345623 |
|  **Total Assets** | $**425414042** | $**323346061** | $**—** | $**748760103** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(295243) | $— | $— | $(295243) |
|  **Total Liabilities** | $**(295243)** | $**—** | $**—** | $**(295243)** |
|  **Total** | $**425118799** | $**323346061** | $**—** | $**748464860** |

---

See Notes to Financial Statements.

781

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $3601024 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601024 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(295243) |
|  **Total** |  | $(295243) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(23988693) | $(23988693) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23988693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23988693) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428015 |
|  **Total** | $9428015 | $9428015 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224689000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 68720000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $12886059 |
|  Long-term U.S. government debt securities | 697975513 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710861572 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $27976028 |
|  Long-term U.S. government debt securities | 715848224 |
|  | $743824252 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $144711571 |
|  Aggregate gross unrealized depreciation | (7216796) |
|  Net unrealized appreciation | $137494775 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610970085 |

---

See Notes to Financial Statements.

782

------

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $109,914,279) | $109914279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $501,055,806) | 635244800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 16092707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $49,207) | 55216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 16984177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5560072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4888931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 439371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 789189327 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4501663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 446856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 158087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 152614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 118532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 110949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 75581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 61302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5625584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $783563743 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $721496211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 62067532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $783563743 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $783,563,743 / 69,381,245 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.29 |

---

*(x)* *Includes value of securities on loan of $325,862.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7013299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($2,330,407 of dividend income received from affiliates) (net of $678 foreign withholding tax) | 5554843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12568390 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3056250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 956976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 476913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 35837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 31573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4626720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (271108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (106514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4249098 |
|  **NET INVESTMENT INCOME (LOSS)** | 8319292 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 6718600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (23988693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 31900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17238193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 16424709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9428015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (46647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25806077 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8567884 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $16887176 |

---

See Notes to Financial Statements.

783

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8319292 | $19075341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17238193) | 45795458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25806077 | 4735287 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 16887176 | 69606086 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (19052341) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,303,057 and 7,797,375 shares, respectively ] | 36104235 | 85350750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,687,813 shares, respectively ] |  | 19052341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5215145) and (9614335) shares, respectively ] | (57509565) | (105960871) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (21405330) | (1557780) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (4518154) | 48995965 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 788081897 | 739085932 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $783563743 | $788081897 |

---

See Notes to Financial Statements.

784

------

#### EQ ADVISORS TRUST
EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.05 | $10.35 | $9.29 | $11.09 | $11.15 | $10.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.27 | 0.23 | 0.08 | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.12 | 0.70 | 1.07 | (1.83) | 1.18 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 0.97 | 1.30 | (1.75) | 1.16 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.24) | (0.05) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (1.21) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.27) | (0.24) | (0.05) | (1.22) | (0.18) |
|  Net asset value, end of period | $11.29 | $11.05 | $10.35 | $9.29 | $11.09 | $11.15 |
|  Total return (b) | 2.17% | 9.35% | 13.97% | (15.76)% | 10.60% | 4.96 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $783564 | $788082 | $739086 | $650822 | $788609 | $711804 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.11 %(i)(j) | 1.11 %(i)(j) | 1.11 %(j) | 1.16 %(k) | 1.17 %(o) | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.21% | 1.21% | 1.21% | 1.20% | 1.20% | 1.21 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.17% | 2.45% | 2.37% | 0.79% | (0.21)% | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.07% | 2.35% | 2.27% | 0.75% | (0.23)% | (0.07) |
|  Portfolio turnover rate^ | 128 %(z) | 139% | 132% | 250% | 252% | 97 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.03% for the six months ended June 30, 2025 and for the year ended December 31, 2024.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

785

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (95.2%)** | **Corporate Bonds (95.2%)** | **Corporate Bonds (95.2%)** |
|  **Communication Services (6.2%)** | **Communication Services (6.2%)** |  |
|  ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** |
|  AT&T, Inc.<br>2.750%, 6/1/31 | $160000 | $144505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/32 | 2783000 | 2393199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/1/33 (x) | 10340000 | 8643178 |
|  Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; + 0.00%), 9.000%,<br> 3/1/31 (e)(k) | 370000 | 448675 |
|  Sprint Capital Corp.<br>8.750%, 3/15/32 | 720000 | 873065 |
|  TELUS Corp.<br>3.400%, 5/13/32 | 2287000 | 2082162 |
|  Verizon Communications, Inc.<br>1.680%, 10/30/30 | 170000 | 147025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/20/31 | 1061000 | 912155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 5085000 | 4555579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/9/33 | 980000 | 992666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/10/33 (x) | 2610000 | 2531538 |
|  |  | 23723747 |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** |
|  Electronic Arts, Inc.<br>1.850%, 2/15/31 | 380000 | 328703 |
|  Tencent Music Entertainment Group<br>2.000%, 9/3/30 | 4400000 | 3888060 |
|  Warnermedia Holdings, Inc.<br>4.279%, 3/15/32 | 5470000 | 4594800 |
|  |  | 8811563 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  Baidu, Inc.<br>2.375%, 10/9/30 | 200000 | 181186 |
|  Meta Platforms, Inc.<br>3.850%, 8/15/32 | 370000 | 354945 |
|  |  | 536131 |
|  ***Media (3.1%)*** | ***Media (3.1%)*** | ***Media (3.1%)*** |
|  Charter Communications Operating LLC<br>2.800%, 4/1/31 | 4250000 | 3785092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 4/1/33 (x) | 80000 | 75141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 2/1/34 | 5870000 | 6264699 |
|  Comcast Corp.<br>1.500%, 2/15/31 | 10040000 | 8562833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 4670000 | 4653406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 8/15/34 | 2430000 | 2293296 |
|  Fox Corp.<br>6.500%, 10/13/33 | 3960000 | 4274826 |
|  Paramount Global<br>4.950%, 1/15/31 | 6110000 | 5925197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/15/33 | 1080000 | 1038966 |
|  Time Warner Cable Enterprises LLC<br>8.375%, 7/15/33 | 7380000 | 8537701 |
|  |  | 45411157 |
|  ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** |
|  Rogers Communications, Inc.<br>5.300%, 2/15/34 | 4200000 | 4200700 |
|  Telefonica Europe BV<br>8.250%, 9/15/30 | 178000 | 205599 |
|  T-Mobile USA, Inc.<br>2.550%, 2/15/31 | $22000 | $19684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/31 | 3623000 | 3399572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/31 | 1558000 | 1349705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/32 | 163000 | 143359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/15/33 | 1880000 | 1889044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/15/34 | 80000 | 80887 |
|  |  | 11288550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 89771148 |
|  **Consumer Discretionary (2.8%)** | **Consumer Discretionary (2.8%)** |  |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Aptiv Swiss Holdings Ltd.<br>3.250%, 3/1/32 | 1978000 | 1766652 |
|  Magna International, Inc.<br>5.500%, 3/21/33 | 630000 | 644929 |
|  |  | 2411581 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Ford Motor Co.<br>3.250%, 2/12/32 | 1610000 | 1356377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 8/19/32 | 780000 | 776911 |
|  General Motors Co.<br>5.600%, 10/15/32 | 520000 | 527008 |
|  Mercedes-Benz Finance North America LLC<br>8.500%, 1/18/31 | 250000 | 296820 |
|  |  | 2957116 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  Alibaba Group Holding Ltd.<br>2.125%, 2/9/31 (x) | 600000 | 529500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/28/34 | 400000 | 384700 |
|  |  | 914200 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  LKQ Corp.<br>6.250%, 6/15/33 | 300000 | 314872 |
|  ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** |
|  Marriott International, Inc.<br>5.300%, 5/15/34 | 4100000 | 4141208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG<br> 3.500%, 10/15/32 | 2830000 | 2571350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH<br> 2.850%, 4/15/31 | 1120000 | 1015350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II<br> 2.750%, 10/15/33 | 820000 | 696815 |
|  Starbucks Corp.<br>3.000%, 2/14/32 | 3080000 | 2779424 |
|  |  | 11204147 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  PulteGroup, Inc.<br>7.875%, 6/15/32 | 90000 | 104445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/35 | 2630000 | 2746221 |
|  |  | 2850666 |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** |
|  AutoZone, Inc.<br>4.750%, 8/1/32 | 410000 | 408182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/33 | 2150000 | 2174276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 11/1/33 | 5410000 | 5956596 |

---

See Notes to Financial Statements.

786

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Dick's Sporting Goods, Inc.<br>3.150%, 1/15/32(x) | $5030000 | $4504858 |
|  Home Depot, Inc. (The)<br>4.500%, 9/15/32 | 4700000 | 4715533 |
|  Lowe's Cos., Inc.<br>2.625%, 4/1/31 | 1440000 | 1296188 |
|  Tractor Supply Co.<br>5.250%, 5/15/33 (x) | 840000 | 856155 |
|  |  | 19911788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 40564370 |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |  |
|  ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** | ***Beverages (0.0%)†*** |
|  PepsiCo, Inc.<br>4.450%, 2/15/33 | 130000 | 130044 |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Dollar General Corp.<br>5.450%, 7/5/33 | 6840000 | 6981667 |
|  Dollar Tree, Inc.<br>2.650%, 12/1/31 (x) | 700000 | 617638 |
|  |  | 7599305 |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** |
|  Archer-Daniels-Midland Co.<br>4.500%, 8/15/33 | 5630000 | 5500938 |
|  Hershey Co. (The)<br>5.100%, 2/24/35 | 4030000 | 4088847 |
|  Pilgrim's Pride Corp.<br>4.250%, 4/15/31 | 570000 | 549645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/32 | 1210000 | 1085552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33 | 380000 | 401793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 (x) | 3790000 | 4140006 |
|  Unilever Capital Corp.<br>4.625%, 8/12/34 | 4200000 | 4163164 |
|  |  | 19929945 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Procter & Gamble Co. (The)<br>4.550%, 1/29/34 | 2589000 | 2591499 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  Estee Lauder Cos., Inc. (The)<br>1.950%, 3/15/31 | 2890000 | 2514454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/15/33 | 4230000 | 4160304 |
|  Haleon US Capital LLC<br>3.625%, 3/24/32 | 500000 | 467292 |
|  |  | 7142050 |
|  ***Tobacco (2.5%)*** | ***Tobacco (2.5%)*** | ***Tobacco (2.5%)*** |
|  Altria Group, Inc.<br>2.450%, 2/4/32 | 12250000 | 10542556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/33 | 4090000 | 4570521 |
|  BAT Capital Corp.<br>6.343%, 8/2/30 | 250000 | 268629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.421%, 8/2/33 | 280000 | 304707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/34 | 8241000 | 8646093 |
|  Philip Morris International, Inc.<br>1.750%, 11/1/30 | 530000 | 461053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/17/32 | 4210000 | 4442784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 | 2770000 | 2857261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/7/33 | 870000 | 910858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 | 4230000 | 4309093 |
|  |  | 37313555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 74706398 |
|  **Energy (8.8%)** | **Energy (8.8%)** |  |
|  ***Oil, Gas & Consumable Fuels (8.8%)*** | ***Oil, Gas & Consumable Fuels (8.8%)*** | ***Oil, Gas & Consumable Fuels (8.8%)*** |
|  APA Corp.<br>6.100%, 2/15/35§ | $4250000 | $4160657 |
|  Boardwalk Pipelines LP<br>3.600%, 9/1/32 | 840000 | 756934 |
|  BP Capital Markets America, Inc.<br>1.749%, 8/10/30 | 640000 | 561721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 2/13/33 | 4440000 | 4433570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.893%, 9/11/33 | 1930000 | 1923737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989%, 4/10/34 (x) | 4200000 | 4209092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 | 12530000 | 12725861 |
|  Cheniere Energy Partners LP<br>4.000%, 3/1/31 | 4100000 | 3896517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/30/33 | 9230000 | 9606470 |
|  Devon Energy Corp.<br>5.200%, 9/15/34 | 4390000 | 4257281 |
|  Enbridge, Inc.<br>5.700%, 3/8/33 | 132000 | 136732 |
|  Energy Transfer LP<br>6.550%, 12/1/33 | 4220000 | 4576186 |
|  EQT Corp.<br>5.750%, 2/1/34 | 3740000 | 3863928 |
|  Expand Energy Corp.<br>4.750%, 2/1/32 | 4210000 | 4079237 |
|  Exxon Mobil Corp.<br>2.610%, 10/15/30 | 1080000 | 996066 |
|  Hess Corp.<br>7.125%, 3/15/33 | 70000 | 79151 |
|  HF Sinclair Corp.<br>6.250%, 1/15/35 | 7780000 | 7864919 |
|  Kinder Morgan Energy Partners LP<br>7.300%, 8/15/33 | 2234000 | 2503072 |
|  Kinder Morgan, Inc.<br>2.000%, 2/15/31 | 2580000 | 2244854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/1/34 | 2506000 | 2534962 |
|  MPLX LP<br>2.650%, 8/15/30 | 260000 | 234561 |
|  Occidental Petroleum Corp.<br>6.625%, 9/1/30 | 1180000 | 1246676 |
|  ONEOK, Inc.<br>6.350%, 1/15/31 | 680000 | 724443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 | 2780000 | 2935112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 9/1/33 | 1060000 | 1107077 |
|  Ovintiv, Inc.<br>6.250%, 7/15/33 | 1670000 | 1718207 |
|  Phillips 66<br>2.150%, 12/15/30 | 3810000 | 3353590 |
|  Pioneer Natural Resources Co.<br>1.900%, 8/15/30 | 70000 | 62015 |
|  Shell Finance US, Inc.<br>4.125%, 5/11/35 | 8330000 | 7833764 |
|  South Bow USA Infrastructure Holdings LLC<br>5.584%, 10/1/34§ | 4080000 | 4024943 |
|  Targa Resources Corp.<br>4.200%, 2/1/33 | 550000 | 513448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/15/35 | 4070000 | 4080575 |
|  Targa Resources Partners LP<br>4.875%, 2/1/31 | 18850000 | 18670995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/32 | 2240000 | 2080722 |
|  TotalEnergies Capital SA<br>5.150%, 4/5/34 | 4200000 | 4285020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 128282095 |

---

See Notes to Financial Statements.

787

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Financials (32.1%)** | **Financials (32.1%)** |  |
|  ***Banks (15.2%)*** | ***Banks (15.2%)*** | ***Banks (15.2%)*** |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.883%, 11/15/34 (k) | $7600000 | $8597554 |
|  Banco Santander SA<br>2.749%, 12/3/30 | 3000000 | 2670519 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.225%, 11/22/32 (k) | 4800000 | 4297062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 8/8/33 | 2400000 | 2596928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.938%, 11/7/33 | 2000000 | 2253920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 3/14/34 | 4000000 | 4184537 |
|  Bank of America Corp.<br>(SOFR + 2.15%), 2.592%, 4/29/31 (k) | 200000 | 182523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 1.898%, 7/23/31 (k) | 580000 | 508465 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.687%, 4/22/32 (k) | 930000 | 833428 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.572%, 10/20/32 (k) | 8231000 | 7238679 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br> 2.972%, 2/4/33 (k) | 130000 | 116255 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.571%, 4/27/33 (k) | 7170000 | 7048269 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 5.015%, 7/22/33 (k) | 4750000 | 4790046 |
|  Bank of Nova Scotia (The)<br>2.150%, 8/1/31 | 910000 | 793817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/2/32 | 786000 | 682572 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.00%), 5.746%, 8/9/33 (k) | 4400000 | 4539349 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.57%), 7.119%, 6/27/34 (k) | 4000000 | 4362012 |
|  Canadian Imperial Bank of Commerce<br>3.600%, 4/7/32 | 151000 | 139860 |
|  Citigroup, Inc.<br>(SOFR + 3.91%), 4.412%, 3/31/31 (k) | 550000 | 543480 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>2.572%, 6/3/31 (k) | 5260000 | 4752016 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>2.561%, 5/1/32 (k) | 3010000 | 2665084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.520%, 11/3/32 (k) | 4630000 | 4042242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/22/33 | 2770000 | 2875146 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%), 4.910%, 5/24/33 (k) | 5560000 | 5523634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/31/33 | 4060000 | 4254814 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.270%, 11/17/33 (k) | 3390000 | 3651238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%), 6.174%, 5/25/34 (k) | 4130000 | 4311401 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%),<br> 4.772%, 7/28/30 (k) | 149000 | 149707 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 2.848%, 6/4/31 (k) | 9800000 | 8939835 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%), 2.357%, 8/18/31 (k) | 5600000 | 4960281 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 2.871%, 11/22/32 (k) | 6001000 | 5299470 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 4.762%, 3/29/33 (k) | 1200000 | 1171588 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.25%), 8.113%, 11/3/33 (k) | 2600000 | 3000027 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%), 7.399%, 11/13/34 (k) | 200000 | 223151 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.07%), 4.252%, 3/28/33 (k) | 4400000 | 4226942 |
|  JPMorgan Chase & Co.<br>(SOFR + 2.04%), 2.522%, 4/22/31 (k) | 1610000 | 1469658 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.11%), 1.764%, 11/19/31 (k) | 5080000 | 4384742 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.545%, 11/8/32 (k) | 700000 | 615628 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.963%, 1/25/33 (k) | 240000 | 215235 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%), 4.586%, 4/26/33 (k) | 5770000 | 5684256 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 4.912%, 7/25/33 (k) | 940000 | 941946 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%), 5.717%, 9/14/33 (k) | 3320000 | 3451309 |
|  KeyBank NA<br>5.000%, 1/26/33 | 19500000 | 19169303 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.06%), 4.789%, 6/1/33 (k) | 550000 | 534993 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.75%), 7.953%, 11/15/33 (k) | 2000000 | 2286529 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br>5.053%, 1/27/34 (k) | 4400000 | 4331506 |
|  Mizuho Financial Group, Inc.<br>2.564%, 9/13/31 | 5800000 | 5051087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.87%), 2.172%, 5/22/32 (k) | 5260000 | 4545177 |
|  PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.85%), 4.626%, 6/6/33 (k) | 280000 | 271453 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.14%), 6.037%, 10/28/33 (k) | 4540000 | 4818824 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br> 5.153%, 2/4/31 (k) | 460000 | 468241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/3/31 | 1106000 | 964594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/1/34 | 5600000 | 5707904 |

---

See Notes to Financial Statements.

788

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Santander Holdings USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.28%),<br> 7.660%, 11/9/31 (k) | $| 1100000 | $| 1226322 |
|  Sumitomo Mitsui Financial Group, Inc.<br>1.710%, 1/12/31 |  | 1200000 |  | 1027447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.222%, 9/17/31 |  | 3200000 |  | 2772441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.632%, 1/15/35 |  | 4000000 |  | 4135088 |
|  Synovus Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.35%),<br> 6.168%, 11/1/30 (k) |  | 840000 |  | 861121 |
|  Toronto-Dominion Bank (The) 2.000%, 9/10/31 |  | 1311000 |  | 1138329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/12/32 |  | 1696000 |  | 1481786 |
|  Truist Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 4.916%, 7/28/33 (k) |  | 540000 |  | 524944 |
|  US Bancorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 2.677%, 1/27/33 (k) |  | 2970000 |  | 2595976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%), 4.967%, 7/22/33 (k) |  | 3820000 |  | 3773238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%), 5.850%, 10/21/33 (k) |  | 1480000 |  | 1554924 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.26%), 2.572%, 2/11/31 (k) |  | 870000 |  | 795433 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 4.897%, 7/25/33 (k) |  | 7270000 |  | 7243229 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%), 5.389%, 4/24/34 (k) |  | 4840000 |  | 4937507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/7/35 |  | 3990000 |  | 4179015 |
|  Westpac Banking Corp.<br>2.150%, 6/3/31 |  | 2290000 |  | 2030298 |
|  |  |  |  | 221615334 |
|  ***Capital Markets (7.5%)*** | ***Capital Markets (7.5%)*** | ***Capital Markets (7.5%)*** | ***Capital Markets (7.5%)*** | ***Capital Markets (7.5%)*** |
|  Apollo Debt Solutions BDC<br>6.700%, 7/29/31 |  | 620000 |  | 642854 |
|  Ares Capital Corp.<br>3.200%, 11/15/31 |  | 5090000 |  | 4424702 |
|  Bank of New York Mellon Corp. (The)<br>1.800%, 7/28/31 (x) |  | 9120000 |  | 7869721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/26/32 |  | 760000 |  | 668250 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 4.289%, 6/13/33 (k) |  | 40000 |  | 38793 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.188%, 3/14/35 (k) |  | 3770000 |  | 3810395 |
|  BlackRock Funding, Inc.<br>5.000%, 3/14/34 |  | 4256000 |  | 4345571 |
|  Blackstone Reg Finance Co. LLC<br>5.000%, 12/6/34 |  | 4250000 |  | 4213186 |
|  Blue Owl Finance LLC<br>6.250%, 4/18/34 |  | 3700000 |  | 3792634 |
|  Brookfield Capital Finance LLC<br>6.087%, 6/14/33 |  | 3230000 |  | 3428140 |
|  Brookfield Finance, Inc.<br>6.350%, 1/5/34 |  | 3830000 |  | 4111714 |
|  Charles Schwab Corp. (The)<br>2.300%, 5/13/31 |  | 1999000 |  | 1769965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 12/1/31 |  | 6130000 |  | 5223171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/3/32 |  | 3610000 |  | 3233901 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 5.44%), 5.882%, 7/8/31 (k) |  | 400000 |  | 410208 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 3.742%, 1/7/33 (k) |  | 5600000 |  | 5030770 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.65%), 7.079%, 2/10/34 (k) |  | 200000 |  | 212554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 1.992%, 1/27/32 (k) |  | 340000 |  | 294071 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 3.102%, 2/24/33 (k) |  | 640000 |  | 574081 |
|  Intercontinental Exchange, Inc.<br>4.600%, 3/15/33 |  | 1410000 |  | 1403051 |
|  Jefferies Financial Group, Inc.<br>6.200%, 4/14/34 |  | 3940000 |  | 4104125 |
|  LPL Holdings, Inc.<br>6.000%, 5/20/34 |  | 3180000 |  | 3285038 |
|  Moody's Corp.<br>4.250%, 8/8/32 |  | 4630000 |  | 4512315 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 1.794%, 2/13/32 (k) |  | 4690000 |  | 4006445 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 1.928%, 4/28/32 (k) |  | 4780000 |  | 4072338 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.943%, 1/21/33 (k) |  | 50000 |  | 44557 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 4.889%, 7/20/33 (k) |  | 8980000 |  | 8958242 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%), 6.342%, 10/18/33 (k) |  | 1620000 |  | 1757320 |
|  Nomura Holdings, Inc.<br>2.999%, 1/22/32 |  | 10600000 |  | 9369333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, 7/12/33 |  | 400000 |  | 423387 |
|  S&P Global, Inc.<br>5.250%, 9/15/33 |  | 4970000 |  | 5158282 |
|  State Street Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 2.623%, 2/7/33 (k) |  | 9880000 |  | 8704112 |
|  |  |  |  | 109893226 |
|  ***Consumer Finance (4.7%)*** | ***Consumer Finance (4.7%)*** | ***Consumer Finance (4.7%)*** | ***Consumer Finance (4.7%)*** | ***Consumer Finance (4.7%)*** |
|  AerCap Ireland Capital DAC<br>6.150%, 9/30/30 |  | 750000 |  | 799252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/30/32 |  | 1800000 |  | 1629106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/33 |  | 9900000 |  | 8715672 |
|  Ally Financial, Inc.<br>8.000%, 11/1/31 |  | 530000 |  | 601752 |
|  American Express Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 4.420%, 8/3/33 (k) |  | 1000000 |  | 972995 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 5.247%, 7/26/30 (k) |  | 830000 |  | 846264 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.07%), 7.624%, 10/30/31 (k) |  | 600000 |  | 677424 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 2.359%, 7/29/32 (k) |  | 14510000 |  | 12274862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 11/29/32 |  | 7300000 |  | 7946046 |
|  Ford Motor Credit Co. LLC<br>4.000%, 11/13/30 |  | 4400000 |  | 4008180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122%, 11/7/33 |  | 4000000 |  | 4141840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 |  | 8400000 |  | 8159760 |

---

See Notes to Financial Statements.

789

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  General Motors Financial Co., Inc.<br>2.350%, 1/8/31 | $| 560000 | $| 484463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 1/12/32 |  | 2540000 |  | 2227926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 1/9/33 |  | 2550000 |  | 2680749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/7/34 |  | 5380000 |  | 5529294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/4/34 |  | 1540000 |  | 1559428 |
|  Toyota Motor Credit Corp.<br>1.650%, 1/10/31 |  | 180000 |  | 155214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/5/34 (x) |  | 4293000 |  | 4286610 |
|  |  |  |  | 67696837 |
|  ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** |
|  Global Payments, Inc.<br>5.400%, 8/15/32 |  | 860000 |  | 875595 |
|  Jackson Financial, Inc.<br>3.125%, 11/23/31 (x) |  | 7200000 |  | 6369807 |
|  National Rural Utilities Cooperative Finance Corp.<br>1.650%, 6/15/31 |  | 269000 |  | 228547 |
|  Voya Financial, Inc.<br>5.000%, 9/20/34 |  | 400000 |  | 390622 |
|  Western Union Co. (The)<br>2.750%, 3/15/31 |  | 1090000 |  | 954530 |
|  |  |  |  | 8819101 |
|  ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** |
|  Allstate Corp. (The)<br>1.450%, 12/15/30 |  | 4390000 |  | 3740533 |
|  American International Group, Inc.<br>5.125%, 3/27/33 |  | 4230000 |  | 4290553 |
|  Aon Corp.<br>5.350%, 2/28/33 |  | 4020000 |  | 4140266 |
|  Aon North America, Inc.<br>5.450%, 3/1/34 |  | 4208000 |  | 4321011 |
|  Athene Holding Ltd.<br>6.650%, 2/1/33 |  | 3600000 |  | 3882066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/15/34 |  | 1170000 |  | 1211210 |
|  Chubb INA Holdings LLC<br>5.000%, 3/15/34 (x) |  | 3540000 |  | 3587601 |
|  CNO Financial Group, Inc.<br>6.450%, 6/15/34 |  | 7930000 |  | 8314956 |
|  Fairfax Financial Holdings Ltd.<br>5.625%, 8/16/32 |  | 4890000 |  | 5016212 |
|  Lincoln National Corp.<br>3.400%, 1/15/31 |  | 1168000 |  | 1087546 |
|  Loews Corp.<br>6.000%, 2/1/35 |  | 3770000 |  | 4109850 |
|  Marsh & McLennan Cos., Inc.<br>5.000%, 3/15/35 |  | 3850000 |  | 3830390 |
|  Progressive Corp. (The)<br>4.950%, 6/15/33 |  | 2250000 |  | 2296661 |
|  Willis North America, Inc.<br>5.350%, 5/15/33 |  | 9690000 |  | 9906415 |
|  |  |  |  | 59735270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 467759768 |
|  **Health Care (8.1%)** | **Health Care (8.1%)** | **Health Care (8.1%)** |  |  |
|  ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** |
|  Amgen, Inc.<br>2.000%, 1/15/32 |  | 5170000 |  | 4404007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/22/32 |  | 690000 |  | 637952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 |  | 5220000 |  | 5337924 |
|  |  |  |  | 10379883 |
|  ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** | ***Health Care Equipment & Supplies (0.7%)*** |
|  Baxter International, Inc.<br>2.539%, 2/1/32 (x) |  | 6270000 |  | 5457006 |
|  Becton Dickinson & Co.<br>4.298%, 8/22/32 |  | 440000 |  | 425618 |
|  GE HealthCare Technologies, Inc.<br>5.905%, 11/22/32 |  | 2100000 |  | 2231878 |
|  Medtronic Global Holdings SCA<br>4.500%, 3/30/33 |  | 138000 |  | 136357 |
|  Smith & Nephew plc<br>2.032%, 10/14/30 |  | 1910000 |  | 1669599 |
|  Zimmer Biomet Holdings, Inc.<br>2.600%, 11/24/31 |  | 590000 |  | 520048 |
|  |  |  |  | 10440506 |
|  ***Health Care Providers & Services (3.9%)*** | ***Health Care Providers & Services (3.9%)*** | ***Health Care Providers & Services (3.9%)*** | ***Health Care Providers & Services (3.9%)*** | ***Health Care Providers & Services (3.9%)*** |
|  Centene Corp.<br>2.500%, 3/1/31 |  | 11350000 |  | 9755666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 8/1/31 (x) |  | 13920000 |  | 11877379 |
|  Cigna Group (The)<br>5.250%, 2/15/34 (x) |  | 4180000 |  | 4241039 |
|  CVS Health Corp.<br>1.750%, 8/21/30 (x) |  | 940000 |  | 811476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/30/31 |  | 4560000 |  | 4658616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/31 |  | 5180000 |  | 4415619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/21/33 |  | 1640000 |  | 1647557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/1/33 (x) |  | 2480000 |  | 2494920 |
|  Elevance Health, Inc.<br>4.750%, 2/15/33 |  | 850000 |  | 843747 |
|  HCA, Inc.<br>3.500%, 9/1/30 |  | 2370000 |  | 2236396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 760000 |  | 659570 |
|  Humana, Inc.<br>2.150%, 2/3/32 |  | 9550000 |  | 7992788 |
|  UnitedHealth Group, Inc.<br>4.500%, 4/15/33 |  | 4710000 |  | 4573498 |
|  |  |  |  | 56208271 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Bio-Rad Laboratories, Inc.<br>3.700%, 3/15/32 |  | 1990000 |  | 1830775 |
|  Thermo Fisher Scientific, Inc.<br>5.086%, 8/10/33 (x) |  | 1340000 |  | 1368892 |
|  |  |  |  | 3199667 |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Johnson & Johnson<br>1.300%, 9/1/30 |  | 570000 |  | 495821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/1/31 |  | 390000 |  | 403177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/33 |  | 8070000 |  | 8354613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/5/33 (x) |  | 4950000 |  | 4939839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/1/34 |  | 15570000 |  | 16097761 |
|  Merck & Co., Inc.<br>2.150%, 12/10/31 |  | 680000 |  | 592112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/17/33 |  | 2270000 |  | 2260371 |
|  Pfizer Investment Enterprises Pte. Ltd.<br>4.750%, 5/19/33 |  | 3490000 |  | 3479842 |
|  Royalty Pharma plc<br>2.200%, 9/2/30 |  | 990000 |  | 875786 |
|  |  |  |  | 37499322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 117727649 |

---

See Notes to Financial Statements.

790

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Industrials (6.6%)** | **Industrials (6.6%)** |  |
|  ***Aerospace & Defense (3.1%)*** | ***Aerospace & Defense (3.1%)*** | ***Aerospace & Defense (3.1%)*** |
|  Boeing Co. (The)<br>6.125%, 2/15/33 | $4260000 | $4487548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/1/34 | 9990000 | 8788273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/1/35 | 4750000 | 3982034 |
|  Lockheed Martin Corp.<br>3.600%, 3/1/35 | 4310000 | 3887452 |
|  Northrop Grumman Corp.<br>4.700%, 3/15/33 | 4760000 | 4743260 |
|  RTX Corp.<br>1.900%, 9/1/31 | 11730000 | 10033369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/32 | 1340000 | 1164973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/27/33 | 4010000 | 4095558 |
|  Textron, Inc.<br>6.100%, 11/15/33 | 3940000 | 4198242 |
|  |  | 45380709 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  FedEx Corp.<br>3.900%, 2/1/35§ | 140000 | 124889 |
|  United Parcel Service, Inc.<br>4.875%, 3/3/33 (x) | 1550000 | 1575163 |
|  |  | 1700052 |
|  ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** |
|  Masco Corp.<br>2.000%, 10/1/30 | 350000 | 302877 |
|  Trane Technologies Financing Ltd.<br>5.250%, 3/3/33 | 133000 | 136832 |
|  |  | 439709 |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** |
|  Republic Services, Inc.<br>5.000%, 12/15/33 | 120000 | 122374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/34 (x) | 4240000 | 4291427 |
|  Waste Connections, Inc.<br>4.200%, 1/15/33 | 4890000 | 4722949 |
|  |  | 9136750 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Regal Rexnord Corp.<br>6.400%, 4/15/33 | 4430000 | 4666513 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Norfolk Southern Corp.<br>3.000%, 3/15/32 | 157000 | 141676 |
|  Ryder System, Inc.<br>6.600%, 12/1/33 | 8290000 | 9075187 |
|  Union Pacific Corp.<br>2.800%, 2/14/32 | 756000 | 681734 |
|  |  | 9898597 |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |
|  Flowserve Corp.<br>2.800%, 1/15/32 | 880000 | 764888 |
|  ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** |
|  Broadridge Financial Solutions, Inc.<br>2.600%, 5/1/31 | 60000 | 53402 |
|  Concentrix Corp.<br>6.850%, 8/2/33 | 8810000 | 9188038 |
|  Equifax, Inc.<br>2.350%, 9/15/31 | 700000 | 609835 |
|  Jacobs Engineering Group, Inc.<br>5.900%, 3/1/33 | 4080000 | 4224902 |
|  Verisk Analytics, Inc.<br>5.750%, 4/1/33 | 90000 | 94555 |
|  |  | 14170732 |
|  ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** |
|  Air Lease Corp.<br>3.125%, 12/1/30 | 570000 | 526409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/32 (x) | 6290000 | 5593062 |
|  GATX Corp.<br>6.050%, 3/15/34 | 4127000 | 4371950 |
|  |  | 10491421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 96649371 |
|  **Information Technology (7.2%)** | **Information Technology (7.2%)** |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Cisco Systems, Inc.<br>5.050%, 2/26/34 | 4132000 | 4221608 |
|  Juniper Networks, Inc.<br>2.000%, 12/10/30(x) | 2400000 | 2078127 |
|  |  | 6299735 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Allegion US Holding Co., Inc.<br>5.411%, 7/1/32 | 500000 | 513871 |
|  Avnet, Inc.<br>3.000%, 5/15/31 | 3710000 | 3313188 |
|  Flex Ltd.<br>5.250%, 1/15/32 | 110000 | 111141 |
|  TD SYNNEX Corp.<br>6.100%, 4/12/34 | 3290000 | 3456211 |
|  |  | 7394411 |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** |
|  Accenture Capital, Inc.<br>4.500%, 10/4/34 | 4270000 | 4142390 |
|  International Business Machines Corp.<br>2.720%, 2/9/32 (x) | 600000 | 533695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/6/33 | 600000 | 602071 |
|  Kyndryl Holdings, Inc.<br>3.150%, 10/15/31 | 4050000 | 3652827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 2/20/34 | 11772000 | 12572846 |
|  |  | 21503829 |
|  ***Semiconductors & Semiconductor Equipment (0.9%)*** | ***Semiconductors & Semiconductor Equipment (0.9%)*** | ***Semiconductors & Semiconductor Equipment (0.9%)*** |
|  Analog Devices, Inc.<br>2.100%, 10/1/31 | 163000 | 142197 |
|  Broadcom, Inc.<br>4.150%, 11/15/30 | 148000 | 145324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 150000 | 145346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 2/15/33§ | 6180000 | 5260598 |
|  Intel Corp.<br>4.150%, 8/5/32 | 143000 | 135367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 | 1995000 | 2009039 |
|  KLA Corp.<br>4.650%, 7/15/32 | 136000 | 136601 |
|  Micron Technology, Inc.<br>5.875%, 2/9/33 | 456000 | 474504 |
|  NVIDIA Corp.<br>2.000%, 6/15/31 | 164000 | 145397 |

---

See Notes to Financial Statements.

791

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  NXP BV<br>2.500%, 5/11/31 | $| 36000 | $| 31756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/33 |  | 3790000 |  | 3774158 |
|  QUALCOMM, Inc.<br>1.650%, 5/20/32 |  | 670000 |  | 556434 |
|  Skyworks Solutions, Inc.<br>3.000%, 6/1/31 |  | 590000 |  | 518893 |
|  Texas Instruments, Inc.<br>3.650%, 8/16/32 |  | 145000 |  | 137179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/14/33 |  | 132000 |  | 134941 |
|  |  |  |  | 13747734 |
|  ***Software (1.9%)*** | ***Software (1.9%)*** | ***Software (1.9%)*** | ***Software (1.9%)*** | ***Software (1.9%)*** |
|  Fortinet, Inc.<br>2.200%, 3/15/31 |  | 330000 |  | 290152 |
|  Intuit, Inc.<br>5.200%, 9/15/33 (x) |  | 990000 |  | 1024248 |
|  Microsoft Corp.<br>3.500%, 2/12/35 (x) |  | 12840000 |  | 11997067 |
|  Oracle Corp.<br>6.250%, 11/9/32 |  | 4660000 |  | 5035369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/6/33 |  | 570000 |  | 570036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/35 |  | 4370000 |  | 3920802 |
|  Roper Technologies, Inc.<br>1.750%, 2/15/31 |  | 60000 |  | 51417 |
|  VMware LLC<br>2.200%, 8/15/31 |  | 4800000 |  | 4148774 |
|  |  |  |  | 27037865 |
|  ***Technology Hardware, Storage & Peripherals (2.0%)*** | ***Technology Hardware, Storage & Peripherals (2.0%)*** | ***Technology Hardware, Storage & Peripherals (2.0%)*** | ***Technology Hardware, Storage & Peripherals (2.0%)*** | ***Technology Hardware, Storage & Peripherals (2.0%)*** |
|  Apple, Inc.<br>1.250%, 8/20/30 |  | 620000 |  | 537488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/8/31 |  | 16620000 |  | 14499052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 8/5/31 |  | 620000 |  | 537346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 8/8/32 |  | 9470000 |  | 8932967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/10/33 |  | 2170000 |  | 2175020 |
|  Western Digital Corp.<br>3.100%, 2/1/32 |  | 3530000 |  | 3090956 |
|  |  |  |  | 29772829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 105756403 |
|  **Materials (3.6%)** | **Materials (3.6%)** | **Materials (3.6%)** |  |  |
|  ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** |
|  Albemarle Corp.<br>5.050%, 6/1/32 |  | 6650000 |  | 6385614 |
|  CF Industries, Inc.<br>5.150%, 3/15/34 |  | 4331000 |  | 4309146 |
|  Dow Chemical Co. (The)<br>4.250%, 10/1/34 |  | 4280000 |  | 3926767 |
|  Eastman Chemical Co.<br>5.750%, 3/8/33 |  | 660000 |  | 686509 |
|  Ecolab, Inc.<br>2.125%, 2/1/32 |  | 3900000 |  | 3362244 |
|  FMC Corp.<br>5.650%, 5/18/33 |  | 830000 |  | 816560 |
|  Huntsman International LLC<br>2.950%, 6/15/31 |  | 1150000 |  | 966102 |
|  LYB International Finance III LLC 5.625%, 5/15/33 |  | 850000 |  | 867453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/34 |  | 4200000 |  | 4187067 |
|  |  |  |  | 25507462 |
|  ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** |
|  Berry Global, Inc.<br>5.650%, 1/15/34 |  | 3335000 |  | 3442887 |
|  Sonoco Products Co.<br>5.000%, 9/1/34 |  | 810000 |  | 785512 |
|  WRKCo., Inc.<br>3.000%, 6/15/33 |  | 2440000 |  | 2130476 |
|  |  |  |  | 6358875 |
|  ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** |
|  AngloGold Ashanti Holdings plc<br>3.750%, 10/1/30 |  | 2800000 |  | 2625000 |
|  ArcelorMittal SA<br>6.800%, 11/29/32 |  | 2490000 |  | 2732884 |
|  BHP Billiton Finance USA Ltd.<br>5.250%, 9/8/30 |  | 1720000 |  | 1780106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/28/33 |  | 735000 |  | 737074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/8/33 |  | 1400000 |  | 1431501 |
|  Kinross Gold Corp.<br>6.250%, 7/15/33 |  | 1210000 |  | 1296684 |
|  Newmont Corp.<br>2.250%, 10/1/30 |  | 144000 |  | 129736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 7/15/32 |  | 475000 |  | 421219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/34 |  | 4230000 |  | 4326868 |
|  Nucor Corp.<br>3.125%, 4/1/32 |  | 156000 |  | 141803 |
|  Rio Tinto Alcan, Inc.<br>7.250%, 3/15/31 |  | 118000 |  | 135320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/33 |  | 3830000 |  | 4150409 |
|  Rio Tinto Finance USA plc<br>5.000%, 3/9/33 |  | 134000 |  | 135791 |
|  Yamana Gold, Inc.<br>2.630%, 8/15/31 |  | 121000 |  | 106431 |
|  |  |  |  | 20150826 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Suzano Austria GmbH<br>3.125%, 1/15/32 |  | 1250000 |  | 1096869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 53114032 |
|  **Real Estate (4.0%)** | **Real Estate (4.0%)** | **Real Estate (4.0%)** |  |  |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  American Assets Trust LP (REIT)<br>3.375%, 2/1/31 |  | 120000 |  | 107440 |
|  GLP Capital LP (REIT)<br>4.000%, 1/15/31 |  | 40000 |  | 37681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 |  | 350000 |  | 308153 |
|  Safehold GL Holdings LLC (REIT)<br>5.650%, 1/15/35 |  | 6400000 |  | 6383831 |
|  Simon Property Group LP (REIT)<br>2.200%, 2/1/31 |  | 450000 |  | 398324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 |  | 430000 |  | 370527 |
|  |  |  |  | 7605956 |
|  ***Health Care REITs (1.1%)*** | ***Health Care REITs (1.1%)*** | ***Health Care REITs (1.1%)*** | ***Health Care REITs (1.1%)*** | ***Health Care REITs (1.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT)<br>2.000%, 5/18/32 (x) |  | 550000 |  | 455660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/1/33 (x) |  | 10440000 |  | 8330457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/34 |  | 4630000 |  | 3900812 |
|  Healthcare Realty Holdings LP (REIT)<br>2.000%, 3/15/31 |  | 2480000 |  | 2119821 |

---

See Notes to Financial Statements.

792

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Omega Healthcare Investors, Inc. (REIT)<br>3.250%, 4/15/33 | $| 550000 | $| 473979 |
|  |  |  |  | 15280729 |
|  ***Office REITs (1.9%)*** | ***Office REITs (1.9%)*** | ***Office REITs (1.9%)*** | ***Office REITs (1.9%)*** | ***Office REITs (1.9%)*** |
|  Boston Properties LP (REIT)<br>3.250%, 1/30/31 |  | 5610000 |  | 5136365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/1/32 |  | 2370000 |  | 1994072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/1/33 |  | 5570000 |  | 4453872 |
|  Highwoods Realty LP (REIT)<br>2.600%, 2/1/31 |  | 3030000 |  | 2606832 |
|  Kilroy Realty LP (REIT)<br>2.500%, 11/15/32 |  | 4976000 |  | 3998428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/15/33 |  | 12718000 |  | 10014521 |
|  |  |  |  | 28204090 |
|  ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** |
|  Essex Portfolio LP (REIT)<br>1.650%, 1/15/31 |  | 4370000 |  | 3701244 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Kimco Realty OP LLC (REIT)<br>2.250%, 12/1/31 |  | 1350000 |  | 1168441 |
|  Realty Income Corp. (REIT)<br>3.200%, 2/15/31 (x) |  | 1250000 |  | 1159310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 3/15/33 |  | 640000 |  | 514418 |
|  |  |  |  | 2842169 |
|  ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** | ***Specialized REITs (0.0%)†*** |
|  Crown Castle, Inc. (REIT)<br>5.100%, 5/1/33 |  | 500000 |  | 497192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 58131380 |
|  **Utilities (10.7%)** | **Utilities (10.7%)** | **Utilities (10.7%)** |  |  |
|  ***Electric Utilities (7.3%)*** | ***Electric Utilities (7.3%)*** | ***Electric Utilities (7.3%)*** | ***Electric Utilities (7.3%)*** | ***Electric Utilities (7.3%)*** |
|  AEP Texas, Inc.<br>5.700%, 5/15/34 |  | 4060000 |  | 4136310 |
|  Alabama Power Co.<br>3.940%, 9/1/32 |  | 2620000 |  | 2508513 |
|  Arizona Public Service Co.<br>2.200%, 12/15/31 |  | 510000 |  | 436822 |
|  DTE Electric Co.<br>5.200%, 3/1/34 |  | 4235000 |  | 4317598 |
|  Duke Energy Carolinas LLC<br>4.950%, 1/15/33 |  | 4680000 |  | 4741846 |
|  Duke Energy Indiana LLC<br>5.250%, 3/1/34 |  | 4220000 |  | 4299230 |
|  Edison International<br>5.250%, 3/15/32 (x) |  | 4410000 |  | 4149354 |
|  Entergy Corp.<br>2.400%, 6/15/31 |  | 4750000 |  | 4189948 |
|  Entergy Louisiana LLC<br>1.600%, 12/15/30 |  | 680000 |  | 587558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 6/15/32 |  | 6010000 |  | 5172414 |
|  Eversource Energy<br>2.550%, 3/15/31 |  | 4980000 |  | 4425869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br>1.650%, 8/15/30 |  | 480000 |  | 416182 |
|  Florida Power & Light Co.<br>5.100%, 4/1/33 (x) |  | 700000 |  | 715115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 |  | 3060000 |  | 3063016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/34 |  | 4030000 |  | 4150725 |
|  NextEra Energy Capital Holdings, Inc.<br>2.440%, 1/15/32 |  | 930000 |  | 805011 |
|  Pacific Gas and Electric Co.<br>5.900%, 6/15/32 |  | 4500000 |  | 4581749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 |  | 3730000 |  | 3880776 |
|  PacifiCorp<br>5.450%, 2/15/34 |  | 4030000 |  | 4077478 |
|  PPL Electric Utilities Corp.<br>4.850%, 2/15/34 |  | 4106000 |  | 4101770 |
|  Progress Energy, Inc.<br>7.000%, 10/30/31 |  | 90000 |  | 101400 |
|  Southern California Edison Co.<br>6.000%, 1/15/34 |  | 4190000 |  | 4289849 |
|  Southern Co. (The)<br>5.700%, 10/15/32 |  | 2580000 |  | 2706270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/15/33 |  | 9310000 |  | 9439501 |
|  Virginia Electric and Power Co.<br>2.300%, 11/15/31 |  | 13700000 |  | 11954087 |
|  Xcel Energy, Inc.<br>5.450%, 8/15/33 |  | 13420000 |  | 13658461 |
|  |  |  |  | 106906852 |
|  ***Gas Utilities (1.6%)*** | ***Gas Utilities (1.6%)*** | ***Gas Utilities (1.6%)*** | ***Gas Utilities (1.6%)*** | ***Gas Utilities (1.6%)*** |
|  ONE Gas, Inc.<br>4.250%, 9/1/32 |  | 1280000 |  | 1230271 |
|  Southern California Gas Co.<br>5.200%, 6/1/33 |  | 8700000 |  | 8807573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 9/1/34 |  | 8350000 |  | 8389126 |
|  Southwest Gas Corp.<br>4.050%, 3/15/32 |  | 5080000 |  | 4800945 |
|  |  |  |  | 23227915 |
|  ***Multi-Utilities (1.8%)*** | ***Multi-Utilities (1.8%)*** | ***Multi-Utilities (1.8%)*** | ***Multi-Utilities (1.8%)*** | ***Multi-Utilities (1.8%)*** |
|  Ameren Illinois Co.<br>4.950%, 6/1/33 |  | 1680000 |  | 1700968 |
|  Berkshire Hathaway Energy Co.<br>1.650%, 5/15/31 |  | 4870000 |  | 4148800 |
|  National Grid plc<br>5.809%, 6/12/33 |  | 4400000 |  | 4621237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 1/11/34 |  | 12640000 |  | 12931428 |
|  NiSource, Inc.<br>1.700%, 2/15/31 |  | 2380000 |  | 2034807 |
|  Public Service Enterprise Group, Inc.<br>2.450%, 11/15/31 |  | 260000 |  | 228116 |
|  |  |  |  | 25665356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 155800123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 1388262737 |
|  **U.S. Treasury Obligation (2.8%)** | **U.S. Treasury Obligation (2.8%)** | **U.S. Treasury Obligation (2.8%)** | **U.S. Treasury Obligation (2.8%)** | **U.S. Treasury Obligation (2.8%)** |
|  U.S. Treasury Notes<br>4.250%, 5/15/35 |  | 40428700 |  | 40498189 |
|  **Total U.S. Treasury Obligation** |  |  |  | 40498189 |
|  **Total Long-Term Debt Securities (98.0%)**<br> *(Cost $1,369,730,291)* | **Total Long-Term Debt Securities (98.0%)**<br> *(Cost $1,369,730,291)* | **Total Long-Term Debt Securities (98.0%)**<br> *(Cost $1,369,730,291)* |  | 1428760926 |

---

See Notes to Financial Statements.

793

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.6%)** | **Investment Companies (0.6%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 | $1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 7804962 | 7804962 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 297902 | 297962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 9102924 |
|  **Total Short-Term Investments (0.6%)**<br> *(Cost $9,102,953)* |  | 9102924 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $1,378,833,244)* |  | 1437863850 |
|  **Other Assets Less Liabilities (1.4%)** | **Other Assets Less Liabilities (1.4%)** | 20187600 |
|  **Net Assets (100%)** |  | $1458051450 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $13,571,087 or 0.9% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $8,664,455. This was collateralized by cash of $8,804,962 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $89771148 | $— | $89771148 |
|  Consumer Discretionary |  | 40564370 |  | 40564370 |
|  Consumer Staples |  | 74706398 |  | 74706398 |
|  Energy |  | 128282095 |  | 128282095 |
|  Financials |  | 467759768 |  | 467759768 |
|  Health Care |  | 117727649 |  | 117727649 |
|  Industrials |  | 96649371 |  | 96649371 |
|  Information Technology |  | 105756403 |  | 105756403 |
|  Materials |  | 53114032 |  | 53114032 |
|  Real Estate |  | 58131380 |  | 58131380 |
|  Utilities |  | 155800123 |  | 155800123 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9102924 |  |  | 9102924 |
|  **U.S. Treasury Obligation** |  | 40498189 |  | 40498189 |
|  **Total Assets** | $**9102924** | $**1428760926** | $**—** | $**1437863850** |
|  **Total** | $**9102924** | $**1428760926** | $**—** | $**1437863850** |

---

See Notes to Financial Statements.

794

------

EQ/INTERMEDIATE CORPORATE BOND

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $267371016.0 |
|  Long-term U.S. government debt securities | 53787261.0 |
|  | $321158277.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $457846538.0 |
|  Long-term U.S. government debt securities | 13845301.0 |
|  | $471691839.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $60216894 |
|  Aggregate gross unrealized depreciation | (1273470) |
|  Net unrealized appreciation | $58943424 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1378920426 |

---

See Notes to Financial Statements.

795

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,378,833,244) | $1437863850.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 749999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 40004075.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 17876236.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 26890.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3932.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 16230.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1496541212.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 28044385.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 8804962.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1092937.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 339273.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 106715.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 783.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 100707.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 38489762.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1458051450.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1342735850.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 115315600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1458051450.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,975,854 / 384,097 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.35 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,454,075,596 / 140,249,754 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.37 |

---

*(x)* *Includes value of securities on loan of $8,664,455.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $42088181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 140864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 92326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 42321371 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2605580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 675622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 66640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 56560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 25014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3476820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (494424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2982396 |
|  **NET INVESTMENT INCOME (LOSS)** | 39338975 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 13070228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 21943175 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 35013403 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $74352378 |

---

See Notes to Financial Statements.

796

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $39338975 | $83461432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13070228 | 23771231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 21943175 | (54158460) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 74352378 | 53074203 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (150567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (106154719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (106305286) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 175,783 and 233,471 shares, respectively ] | 1764480 | 2450477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 15,102 shares, respectively ] |  | 150567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (41161) and (14251) shares, respectively ] | (411736) | (151301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1352744 | 2449743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,570,151 and 18,282,828 shares, respectively ] | 55669860 | 188790040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 10,644,456 shares, respectively ] |  | 106154719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (23401886) and (25227097) shares, respectively ] | (234127453) | (260726252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (178457593) | 34218507 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (177104849) | 36668250 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (102752471) | (16562833) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1560803921 | 1577366754 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1458051450 | $1560803921 |

---

See Notes to Financial Statements.

797

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** | **April 3, 2023\* to<br>December 31,<br>2023** |
|  Net asset value, beginning of period | $9.85 | $10.22 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.52 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.25 | (0.20) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.50 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.54) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.69) | (0.09) |
|  Net asset value, end of period | $10.35 | $9.85 | $10.22 |
|  Total return (b) | 5.08% | 3.05% | 3.07 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |
|  Net assets, end of period (000's) | $3976 | $2459 | $155 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65% | 0.65% | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.72% | 0.72% | 1.41 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.02% | 4.99% | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.95% | 4.92% | 4.08 |
|  Portfolio turnover rate^ | 22 %(z) | 47% | 36 |
| **Class K** | **Six Months<br>Ended June 30,<br>2025 (Unaudited)** | **Year Ended<br>December 31,<br>2024** | **April 3, 2023\* to<br>December 31,<br>2023** |
|  Net asset value, beginning of period | $9.86 | $10.22 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.55 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.25 | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.51 | 0.35 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.56) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.71) | (0.10) |
|  Net asset value, end of period | $10.37 | $9.86 | $10.22 |
|  Total return (b) | 5.17% | 3.40% | 3.25 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |
|  Net assets, end of period (000's) | $1454076 | $1558345 | $1577212 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.40% | 0.40% | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.47% | 0.47% | 0.52 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.28% | 5.33% | 5.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 5.22% | 5.26% | 5.35 |
|  Portfolio turnover rate^ | 22 %(z) | 47% | 36 |

---

See Notes to Financial Statements.

798

------

EQ/INTERMEDIATE CORPORATE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

799

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** | **Corporate Bond (0.2%)** |
|  **Financials (0.2%)** | **Financials (0.2%)** | **Financials (0.2%)** |
|  ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** |
|  Private Export Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/7/27§ | $10000000 | $10054570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 10054570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bond** |  | 10054570 |
|  **U.S. Government Agency Securities (52.1%)** | **U.S. Government Agency Securities (52.1%)** | **U.S. Government Agency Securities (52.1%)** |
|  FFCB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/30/25(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14991779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/10/25 | 10000000 | 10018637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/20/25 | 4925000 | 4935152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/13/26 | 20000000 | 20048260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/23/26 | 32000000 | 32111322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/14/26 | 10000000 | 10059380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/26 | 10000000 | 10087927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 1/13/27 | 5000000 | 4762669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 1/27/27 | 15000000 | 14272974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/26/27 | 20000000 | 20223540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/6/27 | 15000000 | 15248386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/27 | 15000000 | 15181770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 12/2/27 | 20000000 | 20004862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/14/28 | 15000000 | 15171250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/28/28 | 10000000 | 10110735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/24/28 | 15000000 | 15185848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 6/16/28 | 5000000 | 4999557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.840%, 8/14/28 | 15000000 | 14993776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/28/28 | 10000000 | 10213360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 10/10/28 | 15000000 | 14990017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 | 15000000 | 13592255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/20/29 | 15000000 | 15167056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/30 | 15000000 | 15099195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.230%, 7/29/30 | 5000000 | 4369679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.240%, 9/3/30 | 10000000 | 8714266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 | 30000000 | 25987509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.990%, 3/17/31 | 10000000 | 8920191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%, 8/12/33 | 15000000 | 14983527 |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 8/13/26 | 36000000 | 34833492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/4/26 | 57000000 | 56789602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/11/26 | 24000000 | 23458027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/9/26 | 55000000 | 55048009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/17/26 | 25000000 | 25245255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/23/26 | 50000000 | 48375285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/21/26 | 50000000 | 48198640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/27 | 22245000 | 22360167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/28/27 | 69245000 | 66964208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.830%, 2/10/27 | 10000000 | 9521362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 2/24/27 | 15000000 | 14307926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 2/26/27 | 35000000 | 33330885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%, 2/26/27 | 30000000 | 28680255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/10/27 | 25000000 | 25081152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/12/27 | 2000000 | 1972815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/9/27 | 47460000 | 48278951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/4/27 | 20465000 | 20475488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/10/27 | 20000000 | 20117166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 2/25/28 | 15000000 | 13984740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/6/28 | 10000000 | 10020547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/10/28 | 6200000 | 6314167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/9/28 | 25000000 | 24708973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/9/28 | 10000000 | 10076776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/9/28 | 15000000 | 15003418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 12500000 | 12642124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/16/28 | 5000000 | 4573997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 84335000 | 83184713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/14/29 | 15000000 | 15181464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/14/29 | 3195000 | 2974601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/8/30 | 2500000 | 2553523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/13/30 | 10000000 | 10282100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/10/34 | 10000000 | 10253622 |
|  FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 9996704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/19/27 | 10000000 | 9997037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/16/27 | 10000000 | 9996820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/19/27 | 11250000 | 11252891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 11/26/27 | 20000000 | 19989012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/14/28 | 10000000 | 9999943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/7/28 | 16000000 | 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/11/28 | 15000000 | 15001854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/10/28 | 15000000 | 14987835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/11/28 | 15000000 | 14993013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/5/28 | 11000000 | 10995532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/12/28 | 5000000 | 4986611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%, 8/14/29 | 19500000 | 19487124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/27/29 | 1000000 | 999159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/29 | 20000000 | 22253420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/10/29 | 15000000 | 14893327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%, 10/22/29 | 7500000 | 7494202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/13/29 | 15000000 | 14989635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/18/29 | 15000000 | 15056606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/14/30 | 15000000 | 15017544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/13/30 | 10625000 | 10639059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/13/30 | 10000000 | 10000913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/14/30 | 10000000 | 9994264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/20/30 | 15000000 | 14997000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/12/30 | 5000000 | 4998526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 | 18000000 | 20527002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32(x) | 50000000 | 56635580 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 95000000 | 92681516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/18/26 | 10000000 | 9568330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 | 70000000 | 65439276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 | 25000000 | 27218797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 1/15/30 | 32500000 | 36899876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 | 5000000 | 5753146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 | 177805000 | 153649195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 | 50000000 | 56396685 |
|  Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 17500000 | 17557020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/15/31 | 10420000 | 8945657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/1/34 | 19880000 | 19725767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/15/35 | 30830000 | 31432736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>2.875%, 2/1/27 | 48000000 | 47312054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>6.750%, 11/1/25(x) | 15779000 | 15892372 |
|  **Total U.S. Government Agency Securities** |  | 2163891369 |

---

See Notes to Financial Statements.

800

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (39.7%)** | **U.S. Treasury Obligations (39.7%)** | **U.S. Treasury Obligations (39.7%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/26 | $15000000 | $15064432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/31/26 | 1615000 | 1567797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19953740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/15/26 | 25000000 | 25202340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/26 | 15000000 | 14924553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/26 | 20000000 | 20178696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 10000000 | 9749907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/26 | 20000000 | 20147148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/27 | 15000000 | 15034995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27 | 10000000 | 10046295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 10000000 | 9754760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 | 10000000 | 10052726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 | 15000000 | 15024564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 | 30000000 | 29996343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 | 10000000 | 10022786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 | 15000000 | 15184620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/27 | 15000000 | 15006264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 | 15000000 | 14895796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 15000000 | 15051025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 18500000 | 17886251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 15000000 | 15138311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 10000000 | 10036669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 7500000 | 7552886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 25000000 | 25102593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 | 17000000 | 16911559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 25600000 | 24983411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 15000000 | 14043194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/28 | 40000000 | 40048148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/30/28 | 10000000 | 9344110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 31500000 | 30790245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 | 16500000 | 15389654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 20000000 | 19953072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 | 5000000 | 4654400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 17500000 | 17647670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 | 20000000 | 20239130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 35000000 | 34134202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 10000000 | 9230668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 15000000 | 15295305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 15000000 | 13874729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 25000000 | 25690082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 15000000 | 15539020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 62500000 | 61326238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 10000000 | 10207764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 10000000 | 10006411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 15000000 | 15133303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 22000000 | 21181844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 15000000 | 15263697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 10000000 | 10134191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 21000000 | 21656122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 21000000 | 19973325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 10000000 | 10271875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 15000000 | 14723636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 5000000 | 5092687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 | 10000000 | 10092809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 12500000 | 11507500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 | 10000000 | 9950218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 | 10000000 | 9897862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 25000000 | 25233073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 | 25000000 | 25356882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 | 18000000 | 18265034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | 20080874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 15000000 | 15371102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 11900000 | 10765949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 | 15000000 | 15146046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 | 10000000 | 10039135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 15000000 | 12899982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 | 20000000 | 19944622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 | 15000000 | 15129238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 21500000 | 18329135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 10000000 | 10142816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 15000000 | 15561904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 15000000 | 15742795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 19000000 | 16286639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 10000000 | 10256214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 10000000 | 9949601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 | 10000000 | 10069459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 20600000 | 17816827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 | 10000000 | 10126451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 | 15000000 | 15574768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 15000000 | 13223934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 | 5000000 | 5057722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 15000000 | 12830294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 | 10000000 | 9906460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 10000000 | 9832620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 | 10000000 | 10104853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 13500000 | 11550815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 | 15000000 | 15150811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 | 10000000 | 10310417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 19000000 | 16690907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 | 5000000 | 5006855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 23000000 | 21460520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 21000000 | 19372910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 3000000 | 3020216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 25000000 | 24103045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 24500000 | 23357308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 28000000 | 27579132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 16000000 | 16438395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 17500000 | 17324237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 18500000 | 18794638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 21000000 | 20511095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 20000000 | 20073460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 21000000 | 21676297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 12500000 | 12521485 |
|  **Total U.S. Treasury Obligations** |  | 1650750550 |
|  **Total Long-Term Debt Securities (92.0%)**<br> *(Cost $3,878,554,416)* | **Total Long-Term Debt Securities (92.0%)**<br> *(Cost $3,878,554,416)* | 3824696489 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Fixed Income (7.2%)** | **Fixed Income (7.2%)** | **Fixed Income (7.2%)** |
|  Schwab Intermediate-Term U.S. Treasury ETF (x) | 1900000 | 47557000 |
|  Schwab Short-Term U.S. Treasury ETF | 1900000 | 46322000 |
|  Vanguard Intermediate-Term Treasury ETF | 2050000 | 122610500 |
|  Vanguard Short-Term Treasury ETF | 1400000 | 82292000 |
|  **Total Exchange Traded Funds (7.2%)**<br> *(Cost $308,720,210)*  | **Total Exchange Traded Funds (7.2%)**<br> *(Cost $308,720,210)*  | 298781500 |

---

See Notes to Financial Statements.

801

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 1000000 | $1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 8213490 | 8213490 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 12213490 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $12,213,490)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $12,213,490)* | 12213490 |
|  **Total Investments in Securities (99.5%)**<br> *(Cost $4,199,488,116)* | **Total Investments in Securities (99.5%)**<br> *(Cost $4,199,488,116)* | 4135691479 |
|  **Other Assets Less Liabilities (0.5%)** | **Other Assets Less Liabilities (0.5%)** | 19475321 |
|  **Net Assets (100%)** |  | $4155166800 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $10,054,570 or 0.2% of net assets.*  |

---

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $15,555,343. This was collateralized by $3,618,815 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.441%, maturing 4/30/27 – 5/15/51 and by cash of $12,213,490 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Corporate Bonds** |  |  |  |  |
|  Financials | $— | $10054570 | $— | $10054570 |
|  **Exchange Traded Funds** | 298781500 |  |  | 298781500 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 12213490 |  |  | 12213490 |
|  **U.S. Government Agency Securities** |  | 2163891369 |  | 2163891369 |
|  **U.S. Treasury Obligations** |  | 1650750550 |  | 1650750550 |
|  **Total Assets** | $**310994990** | $**3824696489** | $**—** | $**4135691479** |
|  **Total** | $**310994990** | $**3824696489** | $**—** | $**4135691479** |

---

See Notes to Financial Statements.

802

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $523742752.0 |
|  Long-term U.S. government debt securities | 169390999.0 |
|  | $693133751.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $538856100.0 |
|  Long-term U.S. government debt securities | 293957666.0 |
|  | $832813766.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $20359629 |
|  Aggregate gross unrealized depreciation | (84238331) |
|  Net unrealized depreciation | $(63878702) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4199570181 |

---

See Notes to Financial Statements.

803

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $4,199,488,116) | $4135691479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 14829545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 32085285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 128537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 47290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4182785140 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 12213490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 10003500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 4021549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 885567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 305073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 51517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 16764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 120880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 27618340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $4155166800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4455355158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (300188358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4155166800 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $82,370,262 / 8,398,140 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.81 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $251,700,113 / 25,835,098 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.74 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,821,096,425 / 389,013,233 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.82 |

---

*(x)* *Includes value of securities on loan of $15,555,343.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $66915012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5231529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 35305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 72181846 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6746829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1890633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 314115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 149895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 118316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 99007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 68999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 51771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 49714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 9489279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (452186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (773883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8263210 |
|  **NET INVESTMENT INCOME (LOSS)** | 63918636 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (13293616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 93514700 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 80221084 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $144139720 |

---

See Notes to Financial Statements.

804

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $63918636 | $115607489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13293616) | (34694612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 93514700 | 34760922 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 144139720 | 115673799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (1965340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (6484230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (106870526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (115320096) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 928,682 and 1,450,594 shares, respectively ] | 8975617 | 13913591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 206,836 shares, respectively ] |  | 1965340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (773826) and (1239102) shares, respectively ] | (7464990) | (11888522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 1510627 | 3990409 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,171,194 and 5,777,300 shares, respectively ] | 20831223 | 54642650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 687,008 shares, respectively ] |  | 6484230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3423137) and (5772340) shares, respectively ] | (32800570) | (54977271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (11969347) | 6149609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 38,331,239 and 61,231,140 shares, respectively ] | 370499414 | 584909911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 11,246,103 shares, respectively ] |  | 106870526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (59300791) and (90975369) shares, respectively ] | (573616409) | (874467806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (203116995) | (182687369) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (213575715) | (172547351) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (69435995) | (172193648) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4224602795 | 4396796443 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4155166800 | $4224602795 |

---

See Notes to Financial Statements.

805

------

#### EQ ADVISORS TRUST
EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.49 | $9.50 | $9.40 | $10.29 | $10.66 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.23 | 0.18 | 0.09 | 0.06 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.18 |  | 0.18 | (0.88) | (0.28) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.23 | 0.36 | (0.79) | (0.22) | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.26) | (0.09) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.24) | (0.26) | (0.10) | (0.15) | (0.16) |
|  Net asset value, end of period | $9.81 | $9.49 | $9.50 | $9.40 | $10.29 | $10.66 |
|  Total return (b) | 3.37% | 2.46 | 3.85% | (7.67)% | (2.08)% | 4.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $82370 | $78218 | $74371 | $71572 | $84502 | $93757 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.63 %(i) | 0.64 | 0.64% | 0.65% | 0.65% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.69% | 0.69 | 0.68% | 0.67% | 0.66% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.84% | 2.44 | 1.92% | 0.96% | 0.57% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.78% | 2.39 | 1.88% | 0.94% | 0.55% | 0.97% |
|  Portfolio turnover rate^ | 17 %(z) | 36 | 21% | 45% | 31% | 60% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.43 | $9.44 | $9.34 | $10.22 | $10.60 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.23 | 0.18 | 0.09 | 0.06 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.18 |  | 0.18 | (0.87) | (0.29) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.31 | 0.23 | 0.36 | (0.78) | (0.23) | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.26) | (0.09) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.24) | (0.26) | (0.10) | (0.15) | (0.16) |
|  Net asset value, end of period | $9.74 | $9.43 | $9.44 | $9.34 | $10.22 | $10.60 |
|  Total return (b) | 3.29% | 2.47 | 3.87% | (7.62)% | (2.18)% | 4.34% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $251700 | $255302 | $249235 | $258718 | $308194 | $356527 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.63 %(i) | 0.64 | 0.64% | 0.65% | 0.65% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.69% | 0.69 | 0.68% | 0.67% | 0.66% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.84% | 2.44 | 1.91% | 0.96% | 0.57% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.78% | 2.39 | 1.88% | 0.94% | 0.55% | 0.97% |
|  Portfolio turnover rate^ | 17 %(z) | 36 | 21% | 45% | 31% | 60% |

---

See Notes to Financial Statements.

806

------

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.49 | $9.51 | $9.40 | $10.29 | $10.66 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.26 | 0.20 | 0.12 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.18 | (0.01) | 0.19 | (0.88) | (0.29) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.33 | 0.25 | 0.39 | (0.76) | (0.20) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) | (0.28) | (0.12) | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.27) | (0.28) | (0.13) | (0.17) | (0.19) |
|  Net asset value, end of period | $9.82 | $9.49 | $9.51 | $9.40 | $10.29 | $10.66 |
|  Total return (b) | 3.48% | 2.60 | 4.21% | (7.43)% | (1.85)% | 4.48% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3821096 | $3891083 | $4073190 | $6217249 | $6244395 | $7604364 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.38 %(i) | 0.39 | 0.39% | 0.40% | 0.40% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.44% | 0.44 | 0.43% | 0.42% | 0.41% | 0.42% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.09% | 2.68 | 2.15% | 1.23% | 0.82% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.03% | 2.63 | 2.12% | 1.21% | 0.80% | 1.22% |
|  Portfolio turnover rate^ | 17 %(z) | 36 | 21% | 45% | 31% | 60% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.04%.* 

*(r)* *Includes voluntary waiver from investment manager of 0.01%.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

807

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (3.8%)** | **Australia (3.8%)** | **Australia (3.8%)** |
|  ANZ Group Holdings Ltd. | 93411 | $1792712 |
|  APA Group | 40602 | 218320 |
|  Aristocrat Leisure Ltd. | 40397 | 1732693 |
|  ASX Ltd. | 6029 | 276807 |
|  BHP Group Ltd. | 160568 | 3883660 |
|  BlueScope Steel Ltd. | 14521 | 220862 |
|  Brambles Ltd. | 43000 | 662797 |
|  CAR Group Ltd. | 12233 | 301274 |
|  Cochlear Ltd. | 2035 | 402363 |
|  Coles Group Ltd. | 41677 | 571635 |
|  Commonwealth Bank of Australia | 53003 | 6444805 |
|  Computershare Ltd. | 16393 | 430375 |
|  Evolution Mining Ltd. | 63420 | 325154 |
|  Fortescue Ltd. | 55438 | 557514 |
|  Glencore plc | 491139 | 1911923 |
|  Goodman Group (REIT) | 64740 | 1458919 |
|  Insurance Australia Group Ltd. | 73551 | 437121 |
|  Lottery Corp. Ltd. (The) | 126400 | 443404 |
|  Macquarie Group Ltd. | 11542 | 1737517 |
|  Medibank Pvt Ltd. | 83102 | 276203 |
|  National Australia Bank Ltd. | 96826 | 2508257 |
|  Northern Star Resources Ltd. | 85873 | 1048396 |
|  Origin Energy Ltd. | 56798 | 403347 |
|  Pro Medicus Ltd. | 1919 | 360053 |
|  Qantas Airways Ltd. | 25023 | 176876 |
|  QBE Insurance Group Ltd. | 48776 | 750864 |
|  REA Group Ltd. | 1607 | 254354 |
|  Reece Ltd.(x) | 7719 | 72902 |
|  Rio Tinto Ltd. | 11543 | 813869 |
|  Rio Tinto plc | 35944 | 2094421 |
|  Rio Tinto plc (ADR) | 20614 | 1202415 |
|  Santos Ltd. | 100992 | 509144 |
|  Scentre Group (REIT) | 171976 | 402942 |
|  SGH Ltd. | 6328 | 225189 |
|  Sigma Healthcare Ltd. | 146247 | 287795 |
|  Sonic Healthcare Ltd. | 14010 | 247022 |
|  South32 Ltd. | 150206 | 287677 |
|  Stockland (REIT) | 77967 | 275043 |
|  Suncorp Group Ltd. | 33673 | 478918 |
|  Telstra Group Ltd. | 125753 | 400579 |
|  Transurban Group | 99611 | 916515 |
|  Vicinity Ltd. (REIT) | 116616 | 189574 |
|  Washington H Soul Pattinson & Co. Ltd.(x) | 6919 | 191303 |
|  Wesfarmers Ltd. | 36172 | 2017609 |
|  Westpac Banking Corp. | 107982 | 2406374 |
|  WiseTech Global Ltd. | 13011 | 933645 |
|  Woodside Energy Group Ltd. | 61217 | 952052 |
|  Woolworths Group Ltd. | 39320 | 805079 |
|  |  | 45298272 |
|  **Austria (0.4%)** | **Austria (0.4%)** | **Austria (0.4%)** |
|  Erste Group Bank AG | 49702 | 4232910 |
|  Mondi plc | 14685 | 239772 |
|  OMV AG | 4648 | 252841 |
|  Verbund AG | 2045 | 156940 |
|  |  | 4882463 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 4752 | 321023 |
|  Anheuser-Busch InBev SA/NV | 47759 | 3276449 |
|  D'ieteren Group | 734 | 157706 |
|  Elia Group SA/NV, Class B | 1555 | 179050 |
|  Groupe Bruxelles Lambert NV | 2520 | 214618 |
|  KBC Group NV | 7141 | 737373 |
|  Lotus Bakeries NV | 13 | 125110 |
|  Sofina SA | 435 | 143474 |
|  Syensqo SA | 25801 | 1990087 |
|  UCB SA | 10501 | 2065114 |
|  |  | 9210004 |
|  **Brazil (0.5%)** | **Brazil (0.5%)** | **Brazil (0.5%)** |
|  Ambev SA | 492200 | 1203979 |
|  B3 SA – Brasil Bolsa Balcao | 409800 | 1096702 |
|  Banco Bradesco SA (ADR) | 319703 | 987882 |
|  Banco BTG Pactual SA | 45533 | 354083 |
|  MercadoLibre, Inc.\* | 261 | 682158 |
|  Petroleo Brasileiro SA – Petrobras (ADR) | 53367 | 667621 |
|  TOTVS SA | 86300 | 672057 |
|  XP, Inc., Class A | 29604 | 598001 |
|  Yara International ASA | 5543 | 204575 |
|  |  | 6467058 |
|  **Canada (1.0%)** | **Canada (1.0%)** | **Canada (1.0%)** |
|  Agnico Eagle Mines Ltd. | 16638 | 1982265 |
|  CAE, Inc.\* | 77855 | 2281765 |
|  Canadian National Railway Co. | 17227 | 1794998 |
|  Element Fleet Management Corp. | 55153 | 1381508 |
|  Franco-Nevada Corp. | 12217 | 2005768 |
|  RB Global, Inc. | 22799 | 2422127 |
|  |  | 11868431 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 12262 | 304565 |
|  Sociedad Quimica y Minera de Chile SA (ADR)\* | 16560 | 584071 |
|  |  | 888636 |
|  **China (1.3%)** | **China (1.3%)** | **China (1.3%)** |
|  Alibaba Group Holding Ltd. | 54400 | 760912 |
|  Alibaba Group Holding Ltd. (ADR) | 5087 | 576917 |
|  Baidu, Inc. (ADR)(x)\* | 9781 | 838818 |
|  BOC Hong Kong Holdings Ltd. | 115043 | 499744 |
|  BYD Co. Ltd., Class H | 124500 | 1942847 |
|  China Life Insurance Co. Ltd., Class H | 263000 | 631204 |
|  China Resources Gas Group Ltd. | 119400 | 304966 |
|  Kingsoft Corp. Ltd. | 80000 | 416818 |
|  Prosus NV | 67768 | 3789403 |
|  SITC International Holdings Co. Ltd. | 47000 | 150581 |
|  Tencent Holdings Ltd. | 23800 | 1525029 |
|  TravelSky Technology Ltd., Class H | 782000 | 1045994 |
|  Wharf Holdings Ltd. (The) | 37315 | 113609 |
|  Wilmar International Ltd. | 64455 | 145486 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 79100 | 138106 |
|  Yum China Holdings, Inc. (New York Stock Exchange) | 13275 | 593525 |
|  Yum China Holdings, Inc.(Hong Kong Stock Exchange)(x) | 34250 | 1533188 |
|  |  | 15007147 |

---

See Notes to Financial Statements.

808

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Colombia (0.2%)** | **Colombia (0.2%)** | **Colombia (0.2%)** |
|  Ecopetrol SA (ADR)(x) | 60372 | $534292 |
|  Grupo Cibest SA (ADR) | 39540 | 1826353 |
|  |  | 2360645 |
|  **Denmark (1.3%)** | **Denmark (1.3%)** | **Denmark (1.3%)** |
|  AP Moller – Maersk A/S, Class A(x) | 91 | 168100 |
|  AP Moller – Maersk A/S, Class B(x) | 152 | 282581 |
|  Carlsberg A/S, Class B | 2971 | 420947 |
|  Coloplast A/S, Class B(x) | 4181 | 397125 |
|  Danske Bank A/S | 21448 | 874682 |
|  Demant A/S\* | 3110 | 129728 |
|  DSV A/S | 6515 | 1565554 |
|  Genmab A/S\* | 2098 | 435582 |
|  Novo Nordisk A/S, Class B | 132507 | 9196776 |
|  Novonesis Novozymes B | 11382 | 816036 |
|  Orsted A/S(m)\* | 5104 | 219189 |
|  Pandora A/S | 2550 | 447697 |
|  ROCKWOOL A/S, Class B | 3110 | 145538 |
|  Tryg A/S | 10542 | 272299 |
|  Vestas Wind Systems A/S | 31403 | 471113 |
|  |  | 15842947 |
|  **Finland (0.6%)** | **Finland (0.6%)** | **Finland (0.6%)** |
|  Elisa OYJ | 4410 | 244569 |
|  Fortum OYJ | 13951 | 261130 |
|  Kesko OYJ, Class B | 9032 | 222786 |
|  Kone OYJ, Class B | 27963 | 1840632 |
|  Metso OYJ | 18743 | 242420 |
|  Neste OYJ | 13084 | 177550 |
|  Nokia OYJ | 165603 | 859487 |
|  Nordea Bank Abp | 98474 | 1462728 |
|  Orion OYJ, Class B | 3650 | 274524 |
|  Sampo OYJ, Class A | 78007 | 838941 |
|  Stora Enso OYJ, Class R | 18054 | 196164 |
|  UPM-Kymmene OYJ | 17657 | 481706 |
|  Wartsila OYJ Abp | 16509 | 389713 |
|  |  | 7492350 |
|  **France (7.5%)** | **France (7.5%)** | **France (7.5%)** |
|  Accor SA | 6062 | 316549 |
|  Aeroports de Paris SA | 1194 | 149649 |
|  Air Liquide SA | 33186 | 6846476 |
|  Airbus SE | 26332 | 5498212 |
|  Alstom SA\* | 82751 | 1930035 |
|  Amundi SA(m) | 2104 | 170267 |
|  Arkema SA | 1861 | 137120 |
|  AXA SA | 102340 | 5023377 |
|  BioMerieux | 1208 | 167056 |
|  BNP Paribas SA | 53863 | 4842345 |
|  Bollore SE | 23698 | 148787 |
|  Bouygues SA | 6017 | 272169 |
|  Bureau Veritas SA | 9879 | 336774 |
|  Capgemini SE | 41237 | 7045822 |
|  Carrefour SA | 16866 | 237812 |
|  Cie de Saint-Gobain SA | 23361 | 2741902 |
|  Cie Generale des Etablissements Michelin SCA | 21606 | 802718 |
|  Covivio SA (REIT) | 1895 | 119535 |
|  Credit Agricole SA | 33025 | 624957 |
|  Danone SA | 20578 | 1681276 |
|  Dassault Aviation SA | 647 | 228793 |
|  Dassault Systemes SE | 50841 | 1840363 |
|  Edenred SE | 7524 | 233006 |
|  Eiffage SA | 2133 | 299624 |
|  Engie SA | 58220 | 1366461 |
|  EssilorLuxottica SA | 19427 | 5329692 |
|  Eurazeo SE | 1187 | 84663 |
|  FDJ United(m) | 3604 | 141370 |
|  Gecina SA (REIT) | 1476 | 162216 |
|  Getlink SE | 9354 | 180594 |
|  Hermes International SCA | 999 | 2705399 |
|  Ipsen SA | 1207 | 143743 |
|  Kering SA | 4166 | 905699 |
|  Klepierre SA (REIT) | 6690 | 263523 |
|  Legrand SA | 8401 | 1123191 |
|  L'Oreal SA | 7595 | 3248485 |
|  LVMH Moet Hennessy Louis Vuitton SE | 14229 | 7451963 |
|  Orange SA | 121934 | 1855009 |
|  Pernod Ricard SA | 20634 | 2056272 |
|  Publicis Groupe SA | 14289 | 1610460 |
|  Renault SA | 6431 | 296425 |
|  Rexel SA | 7227 | 222531 |
|  Safran SA | 21657 | 7038447 |
|  Sartorius Stedim Biotech | 987 | 235783 |
|  Societe Generale SA | 22960 | 1313070 |
|  Sodexo SA | 8195 | 503902 |
|  Teleperformance SE | 1700 | 164847 |
|  Thales SA | 5105 | 1500953 |
|  TotalEnergies SE | 69509 | 4265850 |
|  Unibail-Rodamco-Westfield (REIT) | 3916 | 374287 |
|  Veolia Environnement SA | 19940 | 710522 |
|  Vinci SA | 15764 | 2323007 |
|  |  | 89272988 |
|  **Germany (8.5%)** | **Germany (8.5%)** | **Germany (8.5%)** |
|  adidas AG | 5451 | 1271038 |
|  Allianz SE (Registered) | 16889 | 6845662 |
|  BASF SE | 28450 | 1402841 |
|  Bayer AG (Registered) | 30549 | 918882 |
|  Bayerische Motoren Werke AG | 16332 | 1451721 |
|  Bayerische Motoren Werke AG (Preference)(q) | 1695 | 140363 |
|  Beiersdorf AG | 10320 | 1295877 |
|  Brenntag SE | 3816 | 252622 |
|  Commerzbank AG | 55564 | 1752794 |
|  Continental AG | 22348 | 1950670 |
|  Covestro AG\* | 5919 | 421126 |
|  CTS Eventim AG & Co. KGaA | 1940 | 240863 |
|  Daimler Truck Holding AG | 28628 | 1354627 |
|  Deutsche Bank AG (Registered) | 58997 | 1749202 |
|  Deutsche Boerse AG | 11725 | 3824394 |
|  Deutsche Lufthansa AG (Registered) | 17164 | 145168 |
|  Deutsche Post AG | 30601 | 1413381 |
|  Deutsche Telekom AG (Registered) | 167326 | 6104238 |
|  Dr Ing hc F Porsche AG (Preference)(m)(q)(x) | 3885 | 191932 |
|  E.ON SE | 107506 | 1978698 |
|  Evonik Industries AG | 8566 | 176581 |
|  Fresenius Medical Care AG | 6387 | 366022 |
|  Fresenius SE & Co. KGaA | 13722 | 689872 |
|  GEA Group AG | 32365 | 2264587 |

---

See Notes to Financial Statements.

809

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Hannover Rueck SE | 1873 | $| 589523 |
|  Heidelberg Materials AG | 9720 |  | 2283638 |
|  Henkel AG & Co. KGaA | 3201 |  | 231893 |
|  Henkel AG & Co. KGaA (Preference)(q) | 5263 |  | 413262 |
|  Infineon Technologies AG | 41627 |  | 1770882 |
|  Knorr-Bremse AG | 2353 |  | 227419 |
|  LEG Immobilien SE | 2527 |  | 224293 |
|  Mercedes-Benz Group AG | 23020 |  | 1347414 |
|  Merck KGaA | 19358 |  | 2508303 |
|  MTU Aero Engines AG | 7623 |  | 3387072 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 4219 |  | 2736356 |
|  Nemetschek SE | 1796 |  | 260219 |
|  Porsche Automobil Holding SE (Preference)(q) | 4680 |  | 185726 |
|  Rational AG | 170 |  | 142579 |
|  Rheinmetall AG | 2285 |  | 4836834 |
|  RWE AG | 58721 |  | 2450707 |
|  SAP SE | 55915 |  | 17003069 |
|  Sartorius AG (Preference)(q) | 852 |  | 216781 |
|  Scout24 SE(m) | 2332 |  | 321671 |
|  Siemens AG (Registered) | 38728 |  | 9929116 |
|  Siemens Energy AG\* | 21519 |  | 2485655 |
|  Siemens Healthineers AG(m) | 73209 |  | 4058292 |
|  Symrise AG, Class A | 14729 |  | 1546581 |
|  Talanx AG | 2141 |  | 277167 |
|  Volkswagen AG (Preference)(q) | 6666 |  | 703715 |
|  Vonovia SE | 37926 |  | 1336227 |
|  Zalando SE(m)\* | 31411 |  | 1034166 |
|  |  |  | 100711721 |
|  **Hong Kong (1.4%)** | **Hong Kong (1.4%)** | **Hong Kong (1.4%)** | **Hong Kong (1.4%)** |
|  AIA Group Ltd. | 662852 |  | 5944596 |
|  AIA Group Ltd. (ADR) | 33599 |  | 1215612 |
|  CK Asset Holdings Ltd. | 59705 |  | 263160 |
|  CK Infrastructure Holdings Ltd. | 20340 |  | 134608 |
|  CLP Holdings Ltd. | 53564 |  | 451032 |
|  Futu Holdings Ltd. (ADR) | 1653 |  | 204294 |
|  Hang Seng Bank Ltd. | 23174 |  | 347169 |
|  Henderson Land Development Co. Ltd. | 44906 |  | 157029 |
|  HKT Trust & HKT Ltd. | 131042 |  | 195646 |
|  Hong Kong & China Gas Co. Ltd. | 348330 |  | 292422 |
|  Hong Kong Exchanges & Clearing Ltd. | 37439 |  | 1997395 |
|  Hongkong Land Holdings Ltd. | 36900 |  | 199260 |
|  Jardine Matheson Holdings Ltd. | 5300 |  | 241521 |
|  Link REIT (REIT) | 86378 |  | 461052 |
|  MTR Corp. Ltd. | 51618 |  | 185432 |
|  Power Assets Holdings Ltd. | 42996 |  | 276326 |
|  Prudential plc | 229265 |  | 2871958 |
|  Sino Land Co. Ltd. | 105239 |  | 111943 |
|  Sun Hung Kai Properties Ltd. | 45278 |  | 519403 |
|  Swire Pacific Ltd., Class A | 11331 |  | 97072 |
|  Techtronic Industries Co. Ltd. | 45500 |  | 500213 |
|  WH Group Ltd.(m) | 257323 |  | 247491 |
|  Wharf Real Estate Investment Co. Ltd. | 50330 |  | 142335 |
|  |  |  | 17056969 |
|  **India (0.7%)** | **India (0.7%)** | **India (0.7%)** | **India (0.7%)** |
|  HDFC Bank Ltd. | 91755 |  | 2141414 |
|  HDFC Bank Ltd. (ADR) | 22123 |  | 1696170 |
|  ICICI Bank Ltd. (ADR) | 70368 |  | 2367180 |
|  Kotak Mahindra Bank Ltd. | 20679 |  | 521677 |
|  Reliance Industries Ltd. | 55391 |  | 969213 |
|  UPL Ltd. | 76674 |  | 591193 |
|  |  |  | 8286847 |
|  **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** |
|  AerCap Holdings NV | 5831 |  | 682227 |
|  AIB Group plc | 65164 |  | 536168 |
|  Bank of Ireland Group plc | 33499 |  | 476876 |
|  Kerry Group plc, Class A | 28130 |  | 3106475 |
|  Kingspan Group plc | 9287 |  | 789841 |
|  |  |  | 5591587 |
|  **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** |
|  Azrieli Group Ltd. | 1541 |  | 141688 |
|  Bank Hapoalim BM | 39144 |  | 750968 |
|  Bank Leumi Le-Israel BM | 46724 |  | 868645 |
|  Check Point Software Technologies Ltd.\* | 14039 |  | 3106129 |
|  Elbit Systems Ltd. | 831 |  | 369575 |
|  ICL Group Ltd. | 24296 |  | 166551 |
|  Israel Discount Bank Ltd., Class A | 38336 |  | 381960 |
|  Mizrahi Tefahot Bank Ltd. | 5225 |  | 340494 |
|  Nice Ltd.\* | 1955 |  | 331705 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 36521 |  | 612092 |
|  Wix.com Ltd.\* | 1756 |  | 278256 |
|  |  |  | 7348063 |
|  **Italy (2.2%)** | **Italy (2.2%)** | **Italy (2.2%)** | **Italy (2.2%)** |
|  Banca Mediolanum SpA | 8430 |  | 145178 |
|  Banco BPM SpA | 35992 |  | 420237 |
|  BPER Banca SpA | 30498 |  | 277198 |
|  Coca-Cola HBC AG | 6758 |  | 352873 |
|  Davide Campari-Milano NV(x) | 20566 |  | 138329 |
|  DiaSorin SpA | 799 |  | 85516 |
|  Enel SpA | 259256 |  | 2460227 |
|  Eni SpA | 68331 |  | 1107549 |
|  Ferrari NV | 3957 |  | 1939504 |
|  FinecoBank Banca Fineco SpA | 19000 |  | 421547 |
|  Generali | 27339 |  | 972882 |
|  Infrastrutture Wireless Italiane SpA(m) | 7623 |  | 93207 |
|  Intesa Sanpaolo SpA | 482379 |  | 2779440 |
|  Leonardo SpA | 71770 |  | 4039392 |
|  Mediobanca Banca di Credito Finanziario SpA(x) | 15547 |  | 361419 |
|  Moncler SpA | 7264 |  | 414055 |
|  Nexi SpA(m) | 17287 |  | 103323 |
|  Poste Italiane SpA(m)(x) | 14979 |  | 321836 |
|  Prysmian SpA | 41936 |  | 2965887 |
|  Recordati Industria Chimica e Farmaceutica SpA | 3872 |  | 243559 |
|  Ryanair Holdings plc | 26928 |  | 761910 |
|  Snam SpA | 62578 |  | 379036 |
|  Telecom Italia SpA\* | 347002 |  | 171103 |
|  Terna – Rete Elettrica Nazionale(x) | 43752 |  | 449718 |
|  UniCredit SpA | 71684 |  | 4805490 |
|  Unipol Assicurazioni SpA | 11917 |  | 236183 |
|  |  |  | 26446598 |

---

See Notes to Financial Statements.

810

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Japan (14.7%)** | **Japan (14.7%)** | **Japan (14.7%)** |
|  Advantest Corp. | 24500 | $1812767 |
|  Advantest Corp. (ADR)(x) | 23393 | 1730146 |
|  Aeon Co. Ltd.(x) | 23552 | 722890 |
|  AGC, Inc.(x) | 6250 | 183457 |
|  Aisin Corp. | 17514 | 224634 |
|  Ajinomoto Co., Inc. | 28436 | 771892 |
|  ANA Holdings, Inc. | 4630 | 90748 |
|  Asahi Group Holdings Ltd.(x) | 44961 | 601801 |
|  Asahi Kasei Corp. | 38678 | 275840 |
|  Asics Corp. | 20100 | 513649 |
|  Astellas Pharma, Inc. | 59250 | 582810 |
|  Bandai Namco Holdings, Inc. | 18457 | 662763 |
|  Bridgestone Corp.(x) | 17764 | 727805 |
|  Canon, Inc.(x) | 29930 | 870642 |
|  Capcom Co. Ltd. | 10800 | 369962 |
|  Central Japan Railway Co. | 25400 | 570069 |
|  Chiba Bank Ltd. (The)(x) | 17672 | 163767 |
|  Chubu Electric Power Co., Inc. | 19354 | 239363 |
|  Chugai Pharmaceutical Co. Ltd. | 21441 | 1120402 |
|  Concordia Financial Group Ltd. | 30900 | 201101 |
|  Dai Nippon Printing Co. Ltd. | 12962 | 197124 |
|  Daifuku Co. Ltd. | 9600 | 248125 |
|  Dai-ichi Life Holdings, Inc. | 111300 | 847087 |
|  Daiichi Sankyo Co. Ltd. | 82761 | 1933897 |
|  Daikin Industries Ltd. | 8223 | 972165 |
|  Daito Trust Construction Co. Ltd. | 1738 | 189182 |
|  Daiwa House Industry Co. Ltd. | 17458 | 600583 |
|  Daiwa Securities Group, Inc. | 41476 | 295074 |
|  Denso Corp. | 172048 | 2330333 |
|  Dentsu Group, Inc.(x) | 6974 | 154779 |
|  Disco Corp. | 7100 | 2101823 |
|  East Japan Railway Co. | 28175 | 608089 |
|  Eisai Co. Ltd. | 8154 | 234872 |
|  ENEOS Holdings, Inc. | 84838 | 421289 |
|  FANUC Corp. | 29520 | 807672 |
|  Fast Retailing Co. Ltd. | 6048 | 2079768 |
|  Fuji Electric Co. Ltd. | 4057 | 187461 |
|  FUJIFILM Holdings Corp. | 36104 | 787742 |
|  Fujikura Ltd. | 7800 | 410082 |
|  Fujitsu Ltd. | 56140 | 1370314 |
|  Hankyu Hanshin Holdings, Inc. | 7600 | 206882 |
|  Hikari Tsushin, Inc. | 600 | 177327 |
|  Hitachi Ltd. | 502610 | 14676400 |
|  Honda Motor Co. Ltd. | 133812 | 1295794 |
|  Hoshizaki Corp.(x) | 3600 | 124396 |
|  Hoya Corp. | 19902 | 2370882 |
|  Hulic Co. Ltd.(x) | 13300 | 134150 |
|  Idemitsu Kosan Co. Ltd. | 27175 | 165120 |
|  IHI Corp. | 22500 | 2443665 |
|  Inpex Corp.(x) | 27300 | 383893 |
|  Isuzu Motors Ltd. | 16869 | 214428 |
|  ITOCHU Corp. | 37332 | 1958825 |
|  Japan Airlines Co. Ltd. | 3858 | 78805 |
|  Japan Exchange Group, Inc. | 30900 | 313388 |
|  Japan Post Bank Co. Ltd. | 56300 | 607941 |
|  Japan Post Holdings Co. Ltd. | 56500 | 523980 |
|  Japan Post Insurance Co. Ltd. | 6200 | 140399 |
|  Japan Tobacco, Inc.(x) | 38300 | 1129811 |
|  JFE Holdings, Inc.(x) | 18676 | 217490 |
|  Kajima Corp. | 12369 | 323215 |
|  Kansai Electric Power Co., Inc. (The) | 29323 | 347995 |
|  Kao Corp.(x) | 15167 | 680069 |
|  Kawasaki Kisen Kaisha Ltd.(x) | 10600 | 150456 |
|  KDDI Corp. | 96100 | 1654998 |
|  Keyence Corp. | 11932 | 4792520 |
|  Kikkoman Corp. | 22415 | 208265 |
|  Kirin Holdings Co. Ltd.(x) | 23991 | 336445 |
|  Kobe Bussan Co. Ltd. | 5100 | 158590 |
|  Komatsu Ltd. | 29072 | 956314 |
|  Konami Group Corp. | 3088 | 489238 |
|  Kose Corp. | 300 | 11798 |
|  Kubota Corp.(x) | 31508 | 354890 |
|  Kyocera Corp. | 39932 | 480692 |
|  Kyowa Kirin Co. Ltd.(x) | 7067 | 120994 |
|  Lasertec Corp.(x) | 2700 | 363925 |
|  LY Corp. | 275000 | 1012881 |
|  M3, Inc. | 13300 | 183377 |
|  Makita Corp. | 7492 | 231672 |
|  Marubeni Corp. | 45468 | 919748 |
|  MatsukiyoCocokara & Co. | 10600 | 218433 |
|  Meiji Holdings Co. Ltd. | 7464 | 165187 |
|  Minebea Mitsumi, Inc. | 11800 | 173429 |
|  Mitsubishi Chemical Group Corp. | 40759 | 214543 |
|  Mitsubishi Corp. | 108952 | 2185017 |
|  Mitsubishi Electric Corp. | 60671 | 1310701 |
|  Mitsubishi Estate Co. Ltd. | 133611 | 2507903 |
|  Mitsubishi HC Capital, Inc. | 29400 | 216511 |
|  Mitsubishi Heavy Industries Ltd. | 102150 | 2560755 |
|  Mitsubishi UFJ Financial Group, Inc. | 479316 | 6600352 |
|  Mitsui & Co. Ltd. | 78208 | 1600493 |
|  Mitsui Fudosan Co. Ltd. | 85081 | 824194 |
|  Mitsui OSK Lines Ltd.(x) | 10700 | 358140 |
|  Mizuho Financial Group, Inc. | 75604 | 2096363 |
|  MonotaRO Co. Ltd. | 8000 | 158050 |
|  MS&AD Insurance Group Holdings, Inc. | 41308 | 926529 |
|  Murata Manufacturing Co. Ltd. | 119039 | 1780563 |
|  NEC Corp. | 103370 | 3028492 |
|  Nexon Co. Ltd.(x) | 9800 | 198035 |
|  Nidec Corp. | 25968 | 505817 |
|  Nintendo Co. Ltd. | 35190 | 3391807 |
|  Nippon Building Fund, Inc. (REIT)(x) | 249 | 229798 |
|  Nippon Paint Holdings Co. Ltd.(x) | 32000 | 257769 |
|  Nippon Sanso Holdings Corp. | 66800 | 2534137 |
|  Nippon Steel Corp. | 30029 | 569906 |
|  Nippon Telegraph & Telephone Corp. | 956100 | 1022460 |
|  Nippon Yusen KK(x) | 13632 | 491114 |
|  Nissan Motor Co. Ltd.\* | 68447 | 166454 |
|  Nissin Foods Holdings Co. Ltd. | 6618 | 137663 |
|  Nitori Holdings Co. Ltd. | 2450 | 236825 |
|  Nitto Denko Corp. | 21955 | 425592 |
|  Nomura Holdings, Inc. | 93508 | 618170 |
|  Nomura Research Institute Ltd. | 49677 | 1994945 |
|  NTT Data Group Corp. | 8280 | 229935 |
|  Obayashi Corp. | 20166 | 306050 |
|  Obic Co. Ltd. | 42700 | 1663760 |
|  Olympus Corp. | 34808 | 414539 |
|  Omron Corp. | 5244 | 141802 |
|  Ono Pharmaceutical Co. Ltd.(x) | 11275 | 122063 |
|  Oracle Corp. | 8140 | 971396 |
|  Oriental Land Co. Ltd. | 34920 | 806042 |

---

See Notes to Financial Statements.

811

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ORIX Corp. | 37410 | $| 846891 |
|  Osaka Gas Co. Ltd. | 11073 |  | 283966 |
|  Otsuka Corp. | 6868 |  | 140050 |
|  Otsuka Holdings Co. Ltd.(x) | 14300 |  | 710109 |
|  Pan Pacific International Holdings Corp. | 35400 |  | 1219045 |
|  Panasonic Holdings Corp. | 74886 |  | 808897 |
|  Rakuten Group, Inc.\* | 46400 |  | 256609 |
|  Recruit Holdings Co. Ltd. | 44700 |  | 2649314 |
|  Renesas Electronics Corp. | 52400 |  | 650975 |
|  Resona Holdings, Inc. | 65359 |  | 604550 |
|  Resonac Holdings Corp. | 27800 |  | 646521 |
|  Ricoh Co. Ltd. | 17680 |  | 167647 |
|  Sanrio Co. Ltd. | 5700 |  | 275807 |
|  SBI Holdings, Inc. | 8860 |  | 309474 |
|  SCREEN Holdings Co. Ltd. | 2500 |  | 204160 |
|  SCSK Corp. | 4800 |  | 144928 |
|  Secom Co. Ltd. | 13854 |  | 498630 |
|  Sekisui Chemical Co. Ltd. | 11714 |  | 212472 |
|  Sekisui House Ltd. | 18570 |  | 410460 |
|  Seven & i Holdings Co. Ltd. | 70736 |  | 1141070 |
|  SG Holdings Co. Ltd.(x) | 10900 |  | 121599 |
|  Shimadzu Corp. | 8140 |  | 201910 |
|  Shimano, Inc.(x) | 2336 |  | 339114 |
|  Shin-Etsu Chemical Co. Ltd. | 56920 |  | 1886200 |
|  Shionogi & Co. Ltd. | 25121 |  | 452511 |
|  Shiseido Co. Ltd.(x) | 11922 |  | 213057 |
|  SMC Corp. | 3348 |  | 1209888 |
|  SoftBank Corp. | 912200 |  | 1412594 |
|  SoftBank Group Corp. | 30444 |  | 2222969 |
|  Sompo Holdings, Inc. | 28581 |  | 862362 |
|  Sony Group Corp. | 258920 |  | 6706514 |
|  Subaru Corp. | 18280 |  | 319318 |
|  Sugi Holdings Co. Ltd. | 23800 |  | 544571 |
|  SUMCO Corp.(x) | 207400 |  | 1634659 |
|  Sumitomo Corp. | 35128 |  | 909637 |
|  Sumitomo Electric Industries Ltd. | 22260 |  | 478419 |
|  Sumitomo Metal Mining Co. Ltd.(x) | 8191 |  | 202493 |
|  Sumitomo Mitsui Financial Group, Inc. | 165756 |  | 4182892 |
|  Sumitomo Mitsui Trust Group, Inc. | 54366 |  | 1449332 |
|  Sumitomo Realty & Development Co. Ltd.(x) | 10326 |  | 399186 |
|  Suntory Beverage & Food Ltd. | 4500 |  | 144058 |
|  Suzuki Motor Corp. | 118144 |  | 1429985 |
|  Sysmex Corp. | 15700 |  | 274086 |
|  T&D Holdings, Inc. | 15268 |  | 336096 |
|  Taisei Corp. | 5136 |  | 299590 |
|  Takeda Pharmaceutical Co. Ltd. | 50677 |  | 1557208 |
|  TDK Corp. | 60465 |  | 711909 |
|  Terumo Corp. | 92700 |  | 1705878 |
|  TIS, Inc. | 7000 |  | 235172 |
|  Toho Co. Ltd. | 3246 |  | 191823 |
|  Tokio Marine Holdings, Inc. | 58145 |  | 2467443 |
|  Tokyo Electron Ltd. | 14108 |  | 2711777 |
|  Tokyo Gas Co. Ltd. | 10242 |  | 340819 |
|  Tokyo Metro Co. Ltd.(x) | 9900 |  | 115324 |
|  Tokyu Corp. | 16605 |  | 197639 |
|  TOPPAN Holdings, Inc. | 7455 |  | 203193 |
|  Toray Industries, Inc. | 42474 |  | 291350 |
|  Toyota Industries Corp. | 5018 |  | 567990 |
|  Toyota Motor Corp. | 348150 |  | 6027138 |
|  Toyota Tsusho Corp. | 19842 |  | 450425 |
|  Trend Micro, Inc. | 3882 |  | 268954 |
|  Unicharm Corp.(x) | 34746 |  | 251055 |
|  West Japan Railway Co. | 14400 |  | 330189 |
|  Yakult Honsha Co. Ltd. | 8014 |  | 150953 |
|  Yamaha Motor Co. Ltd.(x) | 28696 |  | 215113 |
|  Yokogawa Electric Corp. | 7703 |  | 206209 |
|  Zensho Holdings Co. Ltd. | 3000 |  | 182035 |
|  ZOZO, Inc.(x) | 12600 |  | 136233 |
|  |  |  | 174447805 |
|  **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** |
|  ArcelorMittal SA | 14552 |  | 460593 |
|  CVC Capital Partners plc(m) | 6500 |  | 133073 |
|  Eurofins Scientific SE | 27967 |  | 1991119 |
|  |  |  | 2584785 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 72000 |  | 319645 |
|  Sands China Ltd. | 313200 |  | 651939 |
|  |  |  | 971584 |
|  **Mexico (0.3%)** | **Mexico (0.3%)** | **Mexico (0.3%)** | **Mexico (0.3%)** |
|  Grupo Financiero Banorte SAB de CV, Class O | 321679 |  | 2951846 |
|  **Netherlands (3.2%)** | **Netherlands (3.2%)** | **Netherlands (3.2%)** | **Netherlands (3.2%)** |
|  ABN AMRO Bank NV (CVA)(m) | 14928 |  | 408662 |
|  Adyen NV(m)\* | 798 |  | 1464902 |
|  Aegon Ltd. | 41116 |  | 297764 |
|  Akzo Nobel NV | 14127 |  | 988469 |
|  Argenx SE\* | 1928 |  | 1066957 |
|  Argenx SE (ADR)\* | 2169 |  | 1195596 |
|  ASM International NV | 2557 |  | 1636731 |
|  ASML Holding NV | 19869 |  | 15859017 |
|  ASR Nederland NV | 4929 |  | 327349 |
|  BE Semiconductor Industries NV | 2561 |  | 383276 |
|  Euronext NV(m) | 2601 |  | 444564 |
|  EXOR NV | 2749 |  | 277189 |
|  Heineken Holding NV | 4030 |  | 300257 |
|  Heineken NV | 65143 |  | 5679939 |
|  IMCD NV | 1938 |  | 260361 |
|  ING Groep NV | 100325 |  | 2201180 |
|  JDE Peet's NV | 5446 |  | 155502 |
|  Koninklijke Ahold Delhaize NV | 28660 |  | 1198482 |
|  Koninklijke KPN NV | 120984 |  | 589434 |
|  Koninklijke Philips NV | 26526 |  | 637737 |
|  NN Group NV | 8825 |  | 586509 |
|  Randstad NV(x) | 3640 |  | 168079 |
|  Universal Music Group NV | 34847 |  | 1128000 |
|  Wolters Kluwer NV | 7603 |  | 1271298 |
|  |  |  | 38527254 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  Auckland International Airport Ltd. | 47429 |  | 223910 |
|  Contact Energy Ltd. | 24813 |  | 136123 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 18227 |  | 400525 |
|  Infratil Ltd. | 31331 |  | 202437 |
|  Meridian Energy Ltd. | 38837 |  | 139671 |
|  Xero Ltd.\* | 4779 |  | 565525 |
|  |  |  | 1668191 |

---

See Notes to Financial Statements.

812

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** |
|  Aker BP ASA | 9741 | $249145 |
|  DNB Bank ASA | 108759 | 3006157 |
|  Equinor ASA | 26053 | 659376 |
|  Equinor ASA (ADR) | 60990 | 1533288 |
|  Gjensidige Forsikring ASA | 6399 | 162143 |
|  Kongsberg Gruppen ASA | 14585 | 565564 |
|  Mowi ASA | 14472 | 279407 |
|  Norsk Hydro ASA | 288737 | 1648305 |
|  Orkla ASA | 21798 | 237024 |
|  Salmar ASA | 1943 | 84202 |
|  Telenor ASA | 19086 | 296722 |
|  |  | 8721333 |
|  **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** |
|  Credicorp Ltd. | 5824 | 1301780 |
|  **Poland (0.0%)†** | **Poland (0.0%)†** | **Poland (0.0%)†** |
|  InPost SA\* | 7286 | 121014 |
|  **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
|  EDP SA | 98110 | 425524 |
|  Galp Energia SGPS SA | 56617 | 1038394 |
|  Jeronimo Martins SGPS SA | 9360 | 236830 |
|  |  | 1700748 |
|  **Singapore (1.3%)** | **Singapore (1.3%)** | **Singapore (1.3%)** |
|  CapitaLand Ascendas REIT (REIT) | 116312 | 245156 |
|  CapitaLand Integrated Commercial Trust (REIT) | 181537 | 309819 |
|  CapitaLand Investment Ltd. | 76002 | 158400 |
|  DBS Group Holdings Ltd. | 179626 | 6344478 |
|  Genting Singapore Ltd. | 222338 | 125027 |
|  Grab Holdings Ltd., Class A\* | 76330 | 383940 |
|  Keppel Ltd. | 47385 | 276521 |
|  Oversea-Chinese Banking Corp. Ltd. | 107852 | 1383457 |
|  Sea Ltd. (ADR)\* | 12116 | 1937833 |
|  Sembcorp Industries Ltd. | 27800 | 149768 |
|  Singapore Airlines Ltd. | 46305 | 253831 |
|  Singapore Exchange Ltd. | 26002 | 304294 |
|  Singapore Technologies Engineering Ltd. | 94819 | 580920 |
|  Singapore Telecommunications Ltd. | 240619 | 722898 |
|  STMicroelectronics NV | 21054 | 643203 |
|  United Overseas Bank Ltd. | 39321 | 1113296 |
|  |  | 14932841 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 72430 | 2137552 |
|  **South Korea (0.4%)** | **South Korea (0.4%)** | **South Korea (0.4%)** |
|  Amorepacific Corp. | 6470 | 655342 |
|  Delivery Hero SE(m)\* | 6209 | 168000 |
|  NAVER Corp. | 5183 | 1008104 |
|  Samsung Electronics Co. Ltd. | 57903 | 2565649 |
|  |  | 4397095 |
|  **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** |
|  Acciona SA(x) | 878 | 158032 |
|  ACS Actividades de Construccion y Servicios SA(x) | 5993 | 416155 |
|  Aena SME SA(m) | 24430 | 652094 |
|  Amadeus IT Group SA | 78413 | 6602364 |
|  Banco Bilbao Vizcaya Argentaria SA | 181798 | 2795715 |
|  Banco de Sabadell SA | 169614 | 540051 |
|  Banco Santander SA | 722139 | 5977473 |
|  Bankinter SA(x) | 21352 | 278680 |
|  CaixaBank SA | 126187 | 1093113 |
|  Cellnex Telecom SA(m) | 58051 | 2253160 |
|  EDP Renovaveis SA | 10538 | 117615 |
|  Endesa SA(x) | 10185 | 322611 |
|  Grifols SA\* | 8450 | 103020 |
|  Iberdrola SA | 183590 | 3522873 |
|  Industria de Diseno Textil SA | 34223 | 1781027 |
|  Redeia Corp. SA(x) | 12183 | 260470 |
|  Repsol SA(x) | 38234 | 560044 |
|  Telefonica SA(x) | 116732 | 612995 |
|  |  | 28047492 |
|  **Sweden (1.7%)** | **Sweden (1.7%)** | **Sweden (1.7%)** |
|  AddTech AB, Class B | 8082 | 275069 |
|  Alfa Laval AB | 8997 | 378295 |
|  Assa Abloy AB, Class B | 98488 | 3073033 |
|  Atlas Copco AB, Class A | 85620 | 1383274 |
|  Atlas Copco AB, Class B | 48593 | 690561 |
|  Beijer Ref AB, Class B(x) | 11587 | 182913 |
|  Boliden AB\* | 8505 | 265284 |
|  Epiroc AB, Class A | 20493 | 444911 |
|  Epiroc AB, Class B(x) | 11855 | 226803 |
|  EQT AB | 11578 | 386590 |
|  Essity AB, Class B | 19987 | 553498 |
|  Evolution AB(m) | 4697 | 373143 |
|  Fastighets AB Balder, Class B\* | 21823 | 162065 |
|  H & M Hennes & Mauritz AB, Class B(x) | 18421 | 258765 |
|  Hexagon AB, Class B | 64561 | 649370 |
|  Holmen AB, Class B | 2559 | 101485 |
|  Industrivarden AB, Class C(x) | 5076 | 183330 |
|  Industrivarden AB, Class A | 3925 | 142382 |
|  Indutrade AB | 8171 | 222997 |
|  Investment AB Latour, Class B | 5060 | 133280 |
|  Investor AB, Class B | 54193 | 1602437 |
|  L E Lundbergforetagen AB, Class B | 2399 | 119584 |
|  Lifco AB, Class B | 7076 | 286304 |
|  Nibe Industrier AB, Class B(x) | 47126 | 200939 |
|  Saab AB, Class B | 10574 | 589674 |
|  Sagax AB, Class B | 6735 | 153765 |
|  Sandvik AB | 34495 | 790830 |
|  Securitas AB, Class B | 14744 | 220516 |
|  Skandinaviska Enskilda Banken AB, Class A | 51131 | 892275 |
|  Skanska AB, Class B | 10398 | 242011 |
|  SKF AB, Class B | 11391 | 261390 |
|  Svenska Cellulosa AB SCA, Class B | 18866 | 245275 |
|  Svenska Handelsbanken AB, Class A | 47548 | 635504 |
|  Swedbank AB, Class A | 27526 | 728817 |
|  Swedish Orphan Biovitrum AB\* | 5890 | 179422 |
|  Tele2 AB, Class B | 16425 | 240015 |
|  Telefonaktiebolaget LM Ericsson, Class B | 89811 | 768352 |
|  Telia Co. AB | 76026 | 272976 |
|  Trelleborg AB, Class B | 6266 | 233198 |
|  Volvo AB, Class B | 50634 | 1420400 |
|  |  | 20170732 |

---

See Notes to Financial Statements.

813

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Switzerland (3.4%)** | **Switzerland (3.4%)** | **Switzerland (3.4%)** |
|  ABB Ltd. (Registered) | 49905 | $2975620 |
|  Avolta AG | 2595 | 140698 |
|  Baloise Holding AG (Registered) | 1279 | 301757 |
|  Banque Cantonale Vaudoise (Registered) | 1022 | 117792 |
|  Barry Callebaut AG (Registered)(x) | 101 | 109981 |
|  BKW AG | 600 | 131048 |
|  Chocoladefabriken Lindt & Spruengli AG | 31 | 521583 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 3 | 499842 |
|  Cie Financiere Richemont SA (Registered) | 17136 | 3227645 |
|  DSM-Firmenich AG | 26455 | 2812742 |
|  EMS-Chemie Holding AG (Registered) | 209 | 157781 |
|  Galderma Group AG | 3336 | 483509 |
|  Geberit AG (Registered) | 1081 | 850141 |
|  Givaudan SA (Registered) | 294 | 1423220 |
|  Helvetia Holding AG (Registered) | 1131 | 265271 |
|  Julius Baer Group Ltd. | 28155 | 1903377 |
|  Kuehne + Nagel International AG (Registered)(x) | 1502 | 324933 |
|  Logitech International SA (Registered) | 4730 | 425876 |
|  Lonza Group AG (Registered) | 5905 | 4204833 |
|  Partners Group Holding AG | 728 | 949625 |
|  Sandoz Group AG | 12998 | 711290 |
|  Schindler Holding AG | 1266 | 470691 |
|  Schindler Holding AG (Registered) | 813 | 294584 |
|  SGS SA (Registered) | 4714 | 478262 |
|  SIG Group AG | 8965 | 165640 |
|  Sika AG (Registered) | 11579 | 3143382 |
|  Sonova Holding AG (Registered) | 4309 | 1283821 |
|  Straumann Holding AG (Registered) | 3471 | 452986 |
|  Swatch Group AG (The)(x) | 932 | 151643 |
|  Swiss Life Holding AG (Registered) | 893 | 903298 |
|  Swiss Prime Site AG (Registered) | 2404 | 359941 |
|  Swisscom AG (Registered) | 849 | 601881 |
|  Temenos AG (Registered) | 1924 | 137610 |
|  UBS Group AG (Registered) | 161929 | 5479606 |
|  VAT Group AG(m) | 895 | 377537 |
|  Zurich Insurance Group AG | 4665 | 3260708 |
|  |  | 40100154 |
|  **Taiwan (1.6%)** | **Taiwan (1.6%)** | **Taiwan (1.6%)** |
|  ASE Technology Holding Co. Ltd. | 367000 | 1853091 |
|  Delta Electronics, Inc. | 89000 | 1258284 |
|  Hon Hai Precision Industry Co. Ltd. | 221040 | 1218247 |
|  MediaTek, Inc. | 59000 | 2524648 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 307000 | 11139943 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 6698 | 1517030 |
|  |  | 19511243 |
|  **Thailand (0.0%)†** | **Thailand (0.0%)†** | **Thailand (0.0%)†** |
|  Kasikornbank PCL | 86200 | 403042 |
|  **United Kingdom (10.0%)** | **United Kingdom (10.0%)** | **United Kingdom (10.0%)** |
|  3i Group plc | 31027 | 1754676 |
|  Admiral Group plc | 8096 | 363394 |
|  Ashtead Group plc | 26832 | 1719637 |
|  Associated British Foods plc | 9933 | 280599 |
|  AstraZeneca plc | 85437 | 11868240 |
|  Auto Trader Group plc(m) | 29189 | 330306 |
|  Aviva plc | 277365 | 2357450 |
|  BAE Systems plc | 222195 | 5753749 |
|  Barclays plc | 1470250 | 6807182 |
|  Barratt Redrow plc | 330589 | 2068797 |
|  British American Tobacco plc | 62705 | 2980674 |
|  BT Group plc | 189215 | 503219 |
|  Bunzl plc | 10284 | 327499 |
|  Burberry Group plc\* | 23818 | 386440 |
|  Centrica plc | 157895 | 350135 |
|  CK Hutchison Holdings Ltd. | 88205 | 542717 |
|  Coca-Cola Europacific Partners plc | 6761 | 626880 |
|  Compass Group plc | 86964 | 2944886 |
|  Croda International plc | 4055 | 162753 |
|  DCC plc | 3077 | 199694 |
|  Diageo plc | 199702 | 5010931 |
|  Entain plc | 189813 | 2347527 |
|  Flutter Entertainment plc, Class DI\* | 6247 | 1785143 |
|  Halma plc | 57863 | 2541621 |
|  Hikma Pharmaceuticals plc | 4829 | 131775 |
|  HSBC Holdings plc | 744824 | 9015370 |
|  Imperial Brands plc | 42914 | 1694723 |
|  Informa plc | 41365 | 457531 |
|  InterContinental Hotels Group plc | 4928 | 561717 |
|  International Consolidated Airlines Group SA(x) | 46859 | 220017 |
|  Intertek Group plc | 31090 | 2022828 |
|  J Sainsbury plc | 54663 | 217446 |
|  JD Sports Fashion plc | 73390 | 89396 |
|  Kingfisher plc | 56380 | 225050 |
|  Land Securities Group plc (REIT) | 23701 | 205284 |
|  Legal & General Group plc | 183254 | 640430 |
|  Lloyds Banking Group plc | 1904522 | 2005124 |
|  London Stock Exchange Group plc | 21356 | 3117577 |
|  M&G plc | 69736 | 246008 |
|  Marks & Spencer Group plc | 63794 | 310337 |
|  Melrose Industries plc | 611830 | 4457809 |
|  National Grid plc | 245641 | 3579156 |
|  NatWest Group plc | 403924 | 2835438 |
|  Next plc | 3662 | 625315 |
|  Pearson plc | 18333 | 269641 |
|  Phoenix Group Holdings plc | 23370 | 211239 |
|  Reckitt Benckiser Group plc | 47690 | 3243626 |
|  RELX plc (London Stock Exchange) | 58509 | 3161898 |
|  RELX plc (Turquoise Stock Exchange) | 48463 | 2621435 |
|  Rentokil Initial plc | 425858 | 2058215 |
|  Rolls-Royce Holdings plc | 440807 | 5854693 |
|  Sage Group plc (The) | 31105 | 533917 |
|  Schroders plc | 21042 | 104384 |
|  Segro plc (REIT) | 42705 | 398375 |
|  Severn Trent plc | 8879 | 333213 |
|  Smith & Nephew plc | 25830 | 394620 |
|  Smiths Group plc | 10431 | 321585 |
|  Spirax Group plc | 2213 | 180893 |
|  SSE plc | 124303 | 3124135 |
|  Standard Chartered plc | 118768 | 1967735 |
|  Tesco plc | 215281 | 1185863 |
|  Unilever plc | 78986 | 4797591 |

---

See Notes to Financial Statements.

814

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  United Utilities Group plc | 21204 | $332241 |
|  Vodafone Group plc | 632326 | 675101 |
|  Whitbread plc | 5941 | 230213 |
|  Wise plc, Class A\* | 21857 | 312021 |
|  WPP plc | 33546 | 236036 |
|  |  | 119221150 |
|  **United States (8.4%)** | **United States (8.4%)** | **United States (8.4%)** |
|  Alcon AG | 31222 | 2762347 |
|  Amrize Ltd.\* | 16614 | 828763 |
|  BP plc | 507306 | 2546565 |
|  Carnival Corp.\* | 77315 | 2174098 |
|  CRH plc | 14445 | 1330851 |
|  CSL Ltd. | 15434 | 2432611 |
|  CyberArk Software Ltd.\* | 1463 | 595265 |
|  Everest Group Ltd. | 4100 | 1393385 |
|  Experian plc | 61354 | 3159843 |
|  Ferrovial SE | 15326 | 817091 |
|  GSK plc | 130373 | 2487495 |
|  Haleon plc | 436382 | 2242655 |
|  Holcim AG | 16614 | 1233303 |
|  ICON plc\* | 9402 | 1367521 |
|  James Hardie Industries plc (CHDI)(x)\* | 56408 | 1548109 |
|  Linde plc | 5994 | 2812265 |
|  Monday.com Ltd.\* | 1163 | 365740 |
|  Nestle SA (Registered) | 120223 | 11944268 |
|  Novartis AG (Registered) | 60215 | 7298351 |
|  Novartis AG (ADR) | 13940 | 1686879 |
|  QIAGEN NV\* | 31955 | 1538968 |
|  Roche Holding AG (BMV Mexico Stock Exchange) | 38499 | 12537831 |
|  Roche Holding AG (OTC US Exchange) | 1005 | 348321 |
|  Sanofi SA | 51456 | 4982961 |
|  Schneider Electric SE | 40344 | 10730742 |
|  Shell plc (BMV Mexico Stock Exchange) | 109952 | 3884244 |
|  Shell plc (London Stock Exchange) | 189591 | 6645282 |
|  Smurfit WestRock plc | 31370 | 1352946 |
|  Spotify Technology SA\* | 4863 | 3731574 |
|  Stellantis NV | 63039 | 631851 |
|  Swiss Re AG | 9614 | 1661806 |
|  Tenaris SA(x) | 41939 | 789198 |
|  |  | 99863129 |
|  **Total Common Stocks (80.3%)** <br>*(Cost $514,824,104)* |  | 955813496 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (9.1%)** | **Equity (9.1%)** | **Equity (9.1%)** |
|  iShares China Large-Cap ETF(x) | 160610 | 5904023 |
|  iShares Core MSCI EAFE ETF | 286000 | 23875280 |
|  iShares Latin America 40 ETF(x) | 39947 | 1047011 |
|  iShares MSCI Australia ETF(x) | 61615 | 1621707 |
|  iShares MSCI Austria ETF(x) | 40237 | 1182968 |
|  iShares MSCI Belgium ETF‡ | 65797 | 1451021 |
|  iShares MSCI France ETF(x) | 46167 | 1975948 |
|  iShares MSCI Germany ETF(x) | 143510 | 6071908 |
|  iShares MSCI Indonesia ETF(x) | 27900 | 491877 |
|  iShares MSCI Ireland ETF | 17700 | 1187316 |
|  iShares MSCI Israel ETF(x) | 14800 | 1404224 |
|  iShares MSCI Italy ETF(x) | 95024 | 4574455 |
|  iShares MSCI Mexico ETF(x) | 4548 | 275427 |
|  iShares MSCI New Zealand ETF(x) | 15400 | 702394 |
|  iShares MSCI Norway ETF(x) | 30300 | 844461 |
|  iShares MSCI Poland ETF(x) | 6400 | 206464 |
|  iShares MSCI Singapore ETF | 24763 | 643343 |
|  iShares MSCI Spain ETF(x) | 65721 | 2893696 |
|  JPMorgan BetaBuilders Japan ETF | 4850 | 299633 |
|  JPMorgan International Research Enhanced Equity ETF | 59700 | 4224969 |
|  SPDR Portfolio Developed World ex-US ETF | 173800 | 7037162 |
|  SPDR S&P Emerging Asia Pacific ETF(x) | 5079 | 641974 |
|  Vanguard FTSE Developed Markets ETF | 154100 | 8785241 |
|  Vanguard FTSE Emerging Markets ETF | 92200 | 4560212 |
|  Vanguard FTSE Europe ETF | 279900 | 21692250 |
|  Vanguard FTSE Pacific ETF | 54900 | 4511682 |
|  **Total Exchange Traded Funds (9.1%)**<br> *(Cost $72,452,182)* | **Total Exchange Traded Funds (9.1%)**<br> *(Cost $72,452,182)* | 108106646 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.6%)** | **Investment Companies (1.6%)** |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 5000000 | 5000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 11959621 | 11959621 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 18959621 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $18,959,621)* | **Total Short-Term Investments (1.6%)**<br> *(Cost $18,959,621)* | 18959621 |
|  **Total Investments in Securities (91.0%)**<br> *(Cost $606,235,907)* | **Total Investments in Securities (91.0%)**<br> *(Cost $606,235,907)* | 1082879763 |
|  **Other Assets Less Liabilities (9.0%)** | **Other Assets Less Liabilities (9.0%)** | 106788426 |
|  **Net Assets (100%)** |  | $1189668189 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $13,508,185 or 1.1% of net assets.* 

See Notes to Financial Statements.

815

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EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*(q) Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.*<br> *(x) All or a portion of security is on loan at June 30, 2025.*<br> *(xx) At June 30, 2025, the Portfolio had loaned securities with a total value of $32,251,898. This was collateralized by $14,622,242 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $18,959,621 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.*<br>

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

*Depository Interest*

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares MSCI Belgium ETF | 65797 | 1376805 | 52394 | (256134) | 42259 | (111820) | 1451021 | 19073 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 749 | 9/2025 | EUR | 46999298 | (33457) |
|  FTSE 100 Index | 241 | 9/2025 | GBP | 29076426 | (383163) |
|  SPI 200 Index | 83 | 9/2025 | AUD | 11658650 | 5893 |
|  TOPIX Index | 150 | 9/2025 | JPY | 29743759 | 704185 |
|  |  |  |  |  | 293458 |

---

See Notes to Financial Statements.

816

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 16379798 | USD | 10702865 | BNP Paribas | 9/19/2025 | 95505 |
|  EUR | 1750682 | USD | 2027083 | BNP Paribas | 9/19/2025 | 46162 |
|  GBP | 6941237 | USD | 9426652 | BNP Paribas | 9/19/2025 | 106176 |
|  JPY | 178388160 | USD | 1244727 | BNP Paribas | 9/19/2025 | 5306 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 253149 |
|  JPY | 798765360 | USD | 5616182 | BNP Paribas | 9/19/2025 | (18934) |
|  USD | 18703433 | EUR | 16046033 | BNP Paribas | 9/19/2025 | (299084) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (318018) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (64869) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 606,698, BRL 22,098, CAD 3,979, CHF 2,032, DKK 2,060, EUR 64,042,430, GBP 19,198,659, HKD 8,840, ILS 2,060, JPY 21,997,334, NOK 1,923, NZD 2,199, SEK 4,252 and SGD 7,440.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $1202415 | $44095857 | $— | $45298272 |
|  Austria |  | 4882463 |  | 4882463 |
|  Belgium |  | 9210004 |  | 9210004 |
|  Brazil | 6262483 | 204575 |  | 6467058 |
|  Canada | 11868431 |  |  | 11868431 |
|  Chile | 584071 | 304565 |  | 888636 |
|  China | 2009260 | 12997887 |  | 15007147 |
|  Colombia | 2360645 |  |  | 2360645 |
|  Denmark |  | 15842947 |  | 15842947 |
|  Finland |  | 7492350 |  | 7492350 |
|  France |  | 89272988 |  | 89272988 |
|  Germany |  | 100711721 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100711721 |
|  Hong Kong | 1860687 | 15196282 |  | 17056969 |
|  India | 4063350 | 4223497 |  | 8286847 |
|  Ireland | 682227 | 4909360 |  | 5591587 |
|  Israel | 3996477 | 3351586 |  | 7348063 |
|  Italy |  | 26446598 |  | 26446598 |
|  Japan | 1730146 | 172717659 |  | 174447805 |
|  Luxembourg |  | 2584785 |  | 2584785 |
|  Macau |  | 971584 |  | 971584 |
|  Mexico | 2951846 |  |  | 2951846 |
|  Netherlands | 1195596 | 37331658 |  | 38527254 |
|  New Zealand |  | 1668191 |  | 1668191 |
|  Norway | 1533288 | 7188045 |  | 8721333 |

---

See Notes to Financial Statements.

817

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Peru | $1301780 | $— | $— | $1301780 |
|  Poland |  | 121014 |  | 121014 |
|  Portugal |  | 1700748 |  | 1700748 |
|  Singapore | 2321773 | 12611068 |  | 14932841 |
|  South Africa |  | 2137552 |  | 2137552 |
|  South Korea |  | 4397095 |  | 4397095 |
|  Spain |  | 28047492 |  | 28047492 |
|  Sweden |  | 20170732 |  | 20170732 |
|  Switzerland |  | 40100154 |  | 40100154 |
|  Taiwan | 1517030 | 17994213 |  | 19511243 |
|  Thailand |  | 403042 |  | 403042 |
|  United Kingdom | 2412023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116809127 |  | 119221150 |
|  United States | 14126727 | 85736402 |  | 99863129 |
|  **Exchange Traded Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108106646 |  |  | 108106646 |
|  **Forward Currency Contracts** |  | 253149 |  | 253149 |
|  **Futures** | 710078 |  |  | 710078 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 18959621 |  |  | 18959621 |
|  **Total Assets** | $**191756600** | $**892086390** | $**—** | $**1083842990** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(318018) | $— | $(318018) |
|  **Futures** | (416620) |  |  | (416620) |
|  **Total Liabilities** | $**(416620)** | $**(318018)** | $**—** | $**(734638)** |
|  **Total** | $**191339980** | $**891768372** | $**—** | $**1083108352** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair**<br>**Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $253149 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 710078 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963227 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (318018) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (416620) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(734638 |

---

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

See Notes to Financial Statements.

818

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(9992956) | $(9992956) |
|  Equity contracts | (26969118) |  | (26969118) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26969118) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9992956) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36962074) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $96472 | $96472 |
|  Equity contracts | 1298923 |  | 1298923 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395395 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $102825000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $117731000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 137111000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from<br>Counterparty** |
|  BNP Paribas | $253149 | $(253149) | $— | $— |
|  **Total** | $253149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253149) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to**<br>**Counterparty** |
|  BNP Paribas | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318018 | $(253149) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64869 |
|  **Total** | $318018 | $(253149) | $— | $64869 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

819

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $73122513 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184950485 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 10%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 3%)\*** | **Net Realized<br>Gain (Loss)** |
| $6953088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371667 | $(281006) |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $483398128 |
|  Aggregate gross unrealized depreciation | (37620209) |
|  Net unrealized appreciation | $445777919 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637330433 |

---

See Notes to Financial Statements.

820

------

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $709,164) | $1451021.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $605,526,743) | 1081428742.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7107461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $101,627,347) | 105902004.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 7777870.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5884731.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1154112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 391596.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 253149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 182512.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 45590.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 33687.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1211612475.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 18959621.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 688901.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 679408.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 570374.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 318018.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 238311.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 179948.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 115607.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1602.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 192496.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 21944286.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1189668189.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $740514079.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 449154110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1189668189.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $887,886,727 / 72,505,097 shares outstanding (unlimited amount authorized:<br>$0.01 par value) | $12.25 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $301,781,462 / 24,540,505 shares outstanding (unlimited amount authorized:<br>$0.01 par value) | $12.3 |

---

*(x)* *Includes value of securities on loan of $32,251,898.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($19,073 of dividend income received from affiliates) (net of $1,913,958 foreign withholding tax) | $18976753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 581778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 350865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19909396 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3381848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1066408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 712830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 214125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 44339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 68029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5579363 |
|  **NET INVESTMENT INCOME (LOSS)** | 14330033 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($42,259 realized gain (loss) from affiliates) (net of India tax of $33,194 on realized gain on investments) | 55002285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (26969118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (9992956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (820661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17219550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $107,656 on unrealized appreciation on investments) ($(111820) of change in unrealized appreciation (depreciation) from affiliates) | 121407500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1298923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 96472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 11927247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 134730142 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 151949692 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $166279725 |

---

See Notes to Financial Statements.

821

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14330033 | $20121342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17219550 | 57434947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 134730142 | (34561436) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 166279725 | 42994853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (60249889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (21334483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (81584372) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 15,765 shares, respectively ] |  | 178552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1797015) shares, respectively ] |  | (20720690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (75461) shares, respectively ] |  | (854172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (21396310) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 976,898 and 1,518,473 shares, respectively ] | 11046817 | 17335248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,794,268 shares, respectively ] |  | 20720690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 5,411,205 shares, respectively ] |  | 60249889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6462627) and (9972856) shares, respectively ] | (73997158) | (115169789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (62950341) | (16863962) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 51,242 and 288,213 shares, respectively ] | 575242 | 3388013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,910,969 shares, respectively ] |  | 21334483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2118255) and (3924857) shares, respectively ] | (24342162) | (45338705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (23766920) | (20616209) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (86717261) | (58876481) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 79562464 | (97466000) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1110105725 | 1207571725 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1189668189 | $1110105725 |

---

See Notes to Financial Statements.

822

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.60 | $11.03 | $9.68 | $11.52 | $11.71 | $11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.19 | 0.18 | 0.18 | 0.16 (aa) | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.51 | 0.19 | 1.45 | (1.82) | 0.98 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.65 | 0.38 | 1.63 | (1.64) | 1.14 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.25) | (0.19) | (0.12) | (0.29) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.09) | (0.08) | (1.04) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.81) | (0.28) | (0.20) | (1.33) | (0.38) |
|  Net asset value, end of period | $12.25 | $10.60 | $11.03 | $9.68 | $11.52 | $11.71 |
|  Total return (b) | 15.57% | 3.22% | 16.85% | (14.12)% | 10.02% | 8.45% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $887887 | $827090 | $873820 | $849464 | $1085521 | $1087227 |
|  Ratio of expenses to average net assets (a)(f) | 1.04% | 1.04% | 1.04% | 1.06 %(g) | 1.07 %(g) | 1.04 %(g) |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 2.44% | 1.61% | 1.74% | 1.85% | 1.29 %(bb) | 1.00% |
|  Portfolio turnover rate^ | 7 %(z) | 13% | 14% | 13% | 12% | 16% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.64 | $11.06 | $9.71 | $11.55 | $11.74 | $11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.22 | 0.21 | 0.21 | 0.19 (aa) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.51 | 0.20 | 1.44 | (1.82) | 0.98 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.66 | 0.42 | 1.65 | (1.61) | 1.17 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.21) | (0.15) | (0.32) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.09) | (0.08) | (1.04) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.84) | (0.30) | (0.23) | (1.36) | (0.40) |
|  Net asset value, end of period | $12.30 | $10.64 | $11.06 | $9.71 | $11.55 | $11.74 |
|  Total return (b) | 15.60% | 3.56% | 17.07% | (13.88)% | 10.25% | 8.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $301781 | $283016 | $313308 | $329204 | $404994 | $411657 |
|  Ratio of expenses to average net assets (a)(f) | 0.79% | 0.79% | 0.79% | 0.81 %(g) | 0.82 %(g) | 0.79 %(g) |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 2.69% | 1.87% | 2.00% | 2.09% | 1.54 %(bb) | 1.26% |
|  Portfolio turnover rate^ | 7 %(z) | 13% | 14% | 13% | 12% | 16% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%, 0.06% and 0.02% for the years ended December 31, 2022, 2021 and 2020, respectively.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.14 and $0.17 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.18% lower.* 

See Notes to Financial Statements.

823

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (9.5%)** | **Australia (9.5%)** | **Australia (9.5%)** |
|  AGL Energy Ltd. | 66547 | $426154 |
|  ALS Ltd. | 53292 | 599768 |
|  Amotiv Ltd. (x) | 15330 | 80816 |
|  AMP Ltd. | 278263 | 230755 |
|  Ampol Ltd. | 26192 | 443713 |
|  Ansell Ltd. | 16041 | 319783 |
|  ANZ Group Holdings Ltd. | 327027 | 6276189 |
|  APA Group (x) | 142328 | 765310 |
|  ARB Corp. Ltd. (x) | 8575 | 184547 |
|  Arena REIT (REIT) | 43802 | 106953 |
|  Aristocrat Leisure Ltd. | 68747 | 2948671 |
|  ASX Ltd. | 21310 | 978396 |
|  Atlas Arteria Ltd. | 116407 | 389962 |
|  AUB Group Ltd. | 12814 | 299222 |
|  Aurizon Holdings Ltd. | 194896 | 388661 |
|  Austal Ltd.\* | 32558 | 134568 |
|  AVZ Minerals Ltd. (r)(x)\* | 316830 |  |
|  Bank of Queensland Ltd. | 72702 | 372264 |
|  Bapcor Ltd. | 37305 | 122761 |
|  Beach Energy Ltd. | 175519 | 152484 |
|  Bega Cheese Ltd. (x) | 29831 | 107198 |
|  Bellevue Gold Ltd.\* | 141098 | 83577 |
|  Bendigo & Adelaide Bank Ltd. | 62461 | 519614 |
|  BHP Group Ltd. | 557673 | 13488444 |
|  BlueScope Steel Ltd. | 48208 | 733236 |
|  Boss Energy Ltd.\* | 45030 | 138402 |
|  Brambles Ltd. | 151987 | 2342708 |
|  Breville Group Ltd. (x) | 11074 | 214934 |
|  Brickworks Ltd. (x) | 9582 | 216940 |
|  BWP Trust (REIT) | 61169 | 141710 |
|  Capricorn Metals Ltd.\* | 45323 | 284870 |
|  CAR Group Ltd. | 41512 | 1022356 |
|  Centuria Capital Group (REIT) | 91235 | 101178 |
|  Centuria Industrial REIT (REIT) (x) | 58620 | 120372 |
|  Challenger Ltd. | 56993 | 303080 |
|  Charter Hall Group (REIT) | 51987 | 656591 |
|  Charter Hall Long Wale REIT (REIT) | 71810 | 192828 |
|  Charter Hall Retail REIT (REIT) | 56856 | 143692 |
|  Clarity Pharmaceuticals Ltd. (x)\* | 31079 | 51137 |
|  Cleanaway Waste Management Ltd. | 245213 | 438972 |
|  Cochlear Ltd. | 7191 | 1421815 |
|  Codan Ltd. | 12971 | 171676 |
|  Coles Group Ltd. | 147311 | 2020495 |
|  Commonwealth Bank of Australia | 183931 | 22364761 |
|  Computershare Ltd. | 61144 | 1605250 |
|  Corporate Travel Management Ltd. | 14153 | 129010 |
|  Credit Corp. Group Ltd. | 7481 | 66617 |
|  Data#3 Ltd. | 17026 | 85275 |
|  Deep Yellow Ltd. (x)\* | 106861 | 117452 |
|  Deterra Royalties Ltd. (x) | 46497 | 115064 |
|  Dexus (REIT) | 118215 | 517391 |
|  DigiCo Infrastructure REIT (REIT) (x) | 42852 | 94762 |
|  Domino's Pizza Enterprises Ltd. (x) | 7625 | 96704 |
|  Downer EDI Ltd. | 73813 | 306540 |
|  Dyno Nobel Ltd. | 186422 | 330046 |
|  Eagers Automotive Ltd. (x) | 18721 | 215005 |
|  Elders Ltd. | 20905 | 86679 |
|  Emerald Resources NL (x)\* | 63550 | 163956 |
|  Endeavour Group Ltd. | 167319 | 441585 |
|  Evolution Mining Ltd. | 218649 | 1121011 |
|  EVT Ltd. (x) | 11611 | 127236 |
|  Flight Centre Travel Group Ltd. | 21230 | 174377 |
|  Fortescue Ltd. | 186125 | 1871772 |
|  Generation Development Group Ltd. | 37499 | 135740 |
|  Genesis Minerals Ltd.\* | 124054 | 351078 |
|  Glencore plc | 1733916 | 6749850 |
|  Gold Road Resources Ltd. | 119145 | 256418 |
|  Goodman Group (REIT) | 223227 | 5030433 |
|  GPT Group (The) (REIT) | 210541 | 670667 |
|  GrainCorp Ltd., Class A | 24379 | 124830 |
|  Guzman y Gomez Ltd. (x)\* | 5131 | 95534 |
|  Harvey Norman Holdings Ltd. | 68474 | 237499 |
|  Helia Group Ltd. | 29948 | 110969 |
|  HMC Capital Ltd. (REIT) | 33086 | 111055 |
|  HomeCo Daily Needs REIT (REIT) (m)(x) | 196819 | 162568 |
|  HUB24 Ltd. | 8922 | 523608 |
|  IDP Education Ltd. (x) | 30592 | 73892 |
|  IGO Ltd. | 74076 | 203301 |
|  Iluka Resources Ltd. | 47069 | 117718 |
|  Imdex Ltd. | 56256 | 100708 |
|  Ingenia Communities Group (REIT) | 41214 | 148374 |
|  Inghams Group Ltd. | 40851 | 95446 |
|  Insignia Financial Ltd.\* | 73719 | 176121 |
|  Insurance Australia Group Ltd. | 259968 | 1545014 |
|  IPH Ltd. | 27058 | 81562 |
|  IRESS Ltd. | 20530 | 108095 |
|  JB Hi-Fi Ltd. (x) | 12017 | 872757 |
|  Judo Capital Holdings Ltd.\* | 122814 | 126499 |
|  Lendlease Corp. Ltd. (x) | 72051 | 255122 |
|  Lifestyle Communities Ltd. | 12578 | 57947 |
|  Liontown Resources Ltd. (x)\* | 181426 | 83584 |
|  Lottery Corp. Ltd. (The) | 244637 | 858172 |
|  Lovisa Holdings Ltd. | 7423 | 154771 |
|  Lynas Rare Earths Ltd.\* | 95543 | 541411 |
|  Macquarie Group Ltd. | 38959 | 5864835 |
|  Macquarie Technology Group Ltd.\* | 1671 | 73179 |
|  Magellan Financial Group Ltd. | 18111 | 102033 |
|  Medibank Pvt Ltd. | 302692 | 1006045 |
|  Megaport Ltd.\* | 17635 | 167598 |
|  Mesoblast Ltd.\* | 107525 | 117120 |
|  Metcash Ltd. | 120745 | 310721 |
|  Mineral Resources Ltd.\* | 19223 | 272769 |
|  Mirvac Group (REIT) | 433689 | 627951 |
|  Monadelphous Group Ltd. | 10853 | 125429 |
|  National Australia Bank Ltd. | 337478 | 8742295 |
|  National Storage REIT (REIT) | 151874 | 229899 |
|  Netwealth Group Ltd. | 13721 | 303334 |
|  Neuren Pharmaceuticals Ltd.\* | 14296 | 132760 |
|  New Hope Corp. Ltd. | 56676 | 138015 |
|  NEXTDC Ltd. (x)\* | 70483 | 672632 |
|  nib holdings Ltd. | 53431 | 248973 |
|  Nick Scali Ltd. | 8410 | 100793 |
|  Nine Entertainment Co. Holdings Ltd. | 146404 | 156578 |
|  Northern Star Resources Ltd. | 152415 | 1860786 |
|  NRW Holdings Ltd. | 50250 | 98885 |
|  Nufarm Ltd. (x)\* | 42094 | 68152 |
|  Nuix Ltd.\* | 25446 | 36677 |
|  Orica Ltd. | 53566 | 687109 |
|  Origin Energy Ltd. | 189347 | 1344636 |

---

See Notes to Financial Statements.

824

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Orora Ltd. | 147664 | $| 183680 |
|  Paladin Energy Ltd. (x)\* | 42529 |  | 225883 |
|  Perpetual Ltd. | 12586 |  | 149600 |
|  Perseus Mining Ltd. | 150817 |  | 337485 |
|  PEXA Group Ltd.\* | 14248 |  | 127532 |
|  Pilbara Minerals Ltd.\* | 332461 |  | 292110 |
|  Pinnacle Investment Management Group Ltd. | 20176 |  | 272747 |
|  PolyNovo Ltd. (x)\* | 75930 |  | 59718 |
|  Premier Investments Ltd. (x) | 11071 |  | 147403 |
|  Pro Medicus Ltd. | 5972 |  | 1120499 |
|  Qantas Airways Ltd. | 166316 |  | 1175610 |
|  QBE Insurance Group Ltd. | 165459 |  | 2547097 |
|  Qube Holdings Ltd. | 194410 |  | 547630 |
|  Ramelius Resources Ltd. | 126965 |  | 210576 |
|  Ramsay Health Care Ltd. | 20499 |  | 495000 |
|  REA Group Ltd. | 5663 |  | 896331 |
|  Reece Ltd. (x) | 26270 |  | 248106 |
|  Region Group (REIT) | 127809 |  | 185058 |
|  Regis Resources Ltd.\* | 83034 |  | 239908 |
|  Rio Tinto Ltd. | 40800 |  | 2876710 |
|  Rio Tinto plc | 167304 |  | 9748636 |
|  Sandfire Resources Ltd. (x)\* | 50416 |  | 372294 |
|  Santos Ltd. | 356963 |  | 1799604 |
|  Scentre Group (REIT) | 571724 |  | 1339557 |
|  SEEK Ltd. | 39218 |  | 620762 |
|  SGH Ltd. | 21919 |  | 780013 |
|  Sigma Healthcare Ltd. | 634275 |  | 1248170 |
|  SiteMinder Ltd. (x)\* | 27053 |  | 78876 |
|  SmartGroup Corp. Ltd. | 14715 |  | 71376 |
|  Sonic Healthcare Ltd. | 52801 |  | 930979 |
|  South32 Ltd. | 496509 |  | 950922 |
|  Spartan Resources Ltd.\* | 101284 |  | 132320 |
|  Steadfast Group Ltd. | 121592 |  | 480955 |
|  Stockland (REIT) | 262374 |  | 925573 |
|  Suncorp Group Ltd. | 119018 |  | 1692748 |
|  Super Retail Group Ltd. | 17374 |  | 162830 |
|  Tabcorp Holdings Ltd. | 251130 |  | 118176 |
|  Technology One Ltd. (x) | 33103 |  | 893474 |
|  Telix Pharmaceuticals Ltd.\* | 31842 |  | 511765 |
|  Telstra Group Ltd. | 1269948 |  | 4045351 |
|  Temple & Webster Group Ltd.\* | 10469 |  | 146898 |
|  TPG Telecom Ltd. (x) | 47003 |  | 164884 |
|  Transurban Group | 341164 |  | 3139028 |
|  Treasury Wine Estates Ltd. | 89184 |  | 458419 |
|  Vault Minerals Ltd.\* | 747659 |  | 206670 |
|  Ventia Services Group Pty. Ltd. | 94026 |  | 320555 |
|  Vicinity Ltd. (REIT) | 425289 |  | 691363 |
|  Virgin Australia International Holdings Pty. Ltd. (r)\* | 190064 |  |  |
|  Viva Energy Group Ltd. (m) | 124452 |  | 176921 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 27484 |  | 759902 |
|  Waypoint REIT Ltd. (REIT) | 73844 |  | 119557 |
|  WEB Travel Group Ltd.\* | 41651 |  | 121986 |
|  Wesfarmers Ltd. | 124749 |  | 6958276 |
|  West African Resources Ltd.\* | 125273 |  | 187158 |
|  Westgold Resources Ltd. | 103657 |  | 195797 |
|  Westpac Banking Corp. | 377048 |  | 8402499 |
|  Whitehaven Coal Ltd. | 91951 |  | 328610 |
|  WiseTech Global Ltd. | 20586 |  | 1477212 |
|  Woodside Energy Group Ltd. | 208692 |  | 3245596 |
|  Woolworths Group Ltd. | 134265 |  | 2749082 |
|  Worley Ltd. | 54083 |  | 465579 |
|  Yancoal Australia Ltd. | 43539 |  | 165340 |
|  Zip Co. Ltd.\* | 143497 |  | 289939 |
|  |  |  | 183831577 |
|  **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
|  Mondi plc | 70431 |  | 1149974 |
|  **Belgium (0.6%)** | **Belgium (0.6%)** | **Belgium (0.6%)** | **Belgium (0.6%)** |
|  Anheuser-Busch InBev SA/NV | 175892 |  | 12066861 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Karoon Energy Ltd. | 83602 |  | 105644 |
|  **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** |
|  Capstone Copper Corp. (CRDI)\* | 18933 |  | 117380 |
|  Champion Iron Ltd. | 42721 |  | 117247 |
|  |  |  | 234627 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 55065 |  | 1367710 |
|  **China (0.6%)** | **China (0.6%)** | **China (0.6%)** | **China (0.6%)** |
|  Prosus NV | 219044 |  | 12248346 |
|  **Finland (0.7%)** | **Finland (0.7%)** | **Finland (0.7%)** | **Finland (0.7%)** |
|  Nokia OYJ | 879561 |  | 4564964 |
|  Nordea Bank Abp | 566728 |  | 8418149 |
|  |  |  | 12983113 |
|  **France (11.8%)** | **France (11.8%)** | **France (11.8%)** | **France (11.8%)** |
|  Air Liquide SA | 99163 |  | 20457938 |
|  Airbus SE | 100876 |  | 21063254 |
|  AXA SA | 321255 |  | 15768858 |
|  BNP Paribas SA | 183001 |  | 16451999 |
|  Cie de Saint-Gobain SA | 85554 |  | 10041553 |
|  Danone SA | 110230 |  | 9006079 |
|  EssilorLuxottica SA | 53129 |  | 14575652 |
|  Hermes International SCA | 6021 |  | 16305513 |
|  L'Oreal SA | 41311 |  | 17669278 |
|  LVMH Moet Hennessy Louis Vuitton SE | 43710 |  | 22891651 |
|  Pernod Ricard SA | 33750 |  | 3363342 |
|  Safran SA | 64214 |  | 20869319 |
|  TotalEnergies SE | 389162 |  | 23883337 |
|  Vinci SA | 99844 |  | 14713166 |
|  |  |  | 227060939 |
|  **Germany (11.9%)** | **Germany (11.9%)** | **Germany (11.9%)** | **Germany (11.9%)** |
|  adidas AG | 30858 |  | 7195320 |
|  Allianz SE (Registered) | 66201 |  | 26833423 |
|  BASF SE | 153006 |  | 7544571 |
|  Bayer AG (Registered) | 168418 |  | 5065837 |
|  Bayerische Motoren Werke AG | 51129 |  | 4544760 |
|  Deutsche Boerse AG | 32281 |  | 10529234 |
|  Deutsche Post AG | 160480 |  | 7412157 |
|  Deutsche Telekom AG (Registered) | 616938 |  | 22506584 |
|  Infineon Technologies AG | 223876 |  | 9524058 |
|  Mercedes-Benz Group AG | 123408 |  | 7223358 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 22397 |  | 14526230 |
|  Rheinmetall AG | 7823 |  | 16559540 |
|  SAP SE | 175456 |  | 53354028 |

---

See Notes to Financial Statements.

825

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Siemens AG (Registered) | 128917 | $| 33051846 |
|  Volkswagen AG (Preference) (q) | 35350 |  | 3731825 |
|  |  |  | 229602771 |
|  **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** |
|  Prudential plc | 421377 |  | 5278507 |
|  **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** |
|  Nickel Industries Ltd. | 231031 |  | 105677 |
|  **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** | **Italy (3.3%)** |
|  Coca-Cola HBC AG | 32355 |  | 1689436 |
|  Enel SpA | 1331742 |  | 12637653 |
|  Eni SpA | 367746 |  | 5960645 |
|  Ferrari NV | 20834 |  | 10211681 |
|  Intesa Sanpaolo SpA | 2506700 |  | 14443461 |
|  UniCredit SpA | 267035 |  | 17901261 |
|  |  |  | 62844137 |
|  **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** |
|  Endeavour Mining plc | 28230 |  | 863348 |
|  **Japan (24.6%)** | **Japan (24.6%)** | **Japan (24.6%)** | **Japan (24.6%)** |
|  77 Bank Ltd. (The) | 5460 |  | 186657 |
|  ABC-Mart, Inc. | 11100 |  | 228313 |
|  Acom Co. Ltd. | 36258 |  | 107536 |
|  Adastria Co. Ltd. | 4227 |  | 87502 |
|  ADEKA Corp. | 5816 |  | 111389 |
|  Advantest Corp. (x) | 52869 |  | 3911803 |
|  Aeon Co. Ltd. (x) | 71886 |  | 2206409 |
|  Aeon Delight Co. Ltd. | 2300 |  | 85928 |
|  AEON Financial Service Co. Ltd. (x) | 10296 |  | 91839 |
|  Aeon Hokkaido Corp. | 6749 |  | 41664 |
|  AGC, Inc. (x) | 16996 |  | 498886 |
|  Ai Holdings Corp. | 4238 |  | 69012 |
|  Aica Kogyo Co. Ltd. | 4388 |  | 109635 |
|  Aichi Financial Group, Inc. | 5726 |  | 100917 |
|  Aichi Steel Corp. (x) | 8040 |  | 119312 |
|  Aiful Corp. | 20636 |  | 60473 |
|  Ain Holdings, Inc. | 2727 |  | 102979 |
|  Air Water, Inc. | 14881 |  | 222484 |
|  Airtrip Corp. (x) | 8559 |  | 51649 |
|  Aisan Industry Co. Ltd. | 7700 |  | 89884 |
|  Aisin Corp. | 40680 |  | 521759 |
|  Ajinomoto Co., Inc. | 76430 |  | 2074684 |
|  Akita Bank Ltd. (The) | 4106 |  | 85824 |
|  Alfresa Holdings Corp. | 13732 |  | 187998 |
|  Alpen Co. Ltd. | 4000 |  | 65887 |
|  Alpha Systems, Inc. | 3196 |  | 80008 |
|  Alps Alpine Co. Ltd. | 16017 |  | 172677 |
|  Amada Co. Ltd. | 27419 |  | 299980 |
|  Amano Corp. | 5299 |  | 164999 |
|  Amvis Holdings, Inc. (x) | 40787 |  | 137085 |
|  ANA Holdings, Inc. | 45238 |  | 886665 |
|  Anritsu Corp. | 11754 |  | 152470 |
|  Aozora Bank Ltd. (x) | 10221 |  | 153452 |
|  Appier Group, Inc. | 8814 |  | 99827 |
|  Arclands Corp. | 3733 |  | 45831 |
|  ARE Holdings, Inc. | 5730 |  | 71821 |
|  Argo Graphics, Inc. | 3309 |  | 120636 |
|  Ariake Japan Co. Ltd. | 1540 |  | 70795 |
|  Artience Co. Ltd. | 1695 |  | 35488 |
|  As One Corp. | 5908 |  | 102197 |
|  Asahi Group Holdings Ltd. (x) | 125655 |  | 1681886 |
|  Asahi Intecc Co. Ltd. | 21990 |  | 348697 |
|  Asahi Kasei Corp. | 115868 |  | 826335 |
|  Asics Corp. | 60744 |  | 1552293 |
|  ASKUL Corp. | 4548 |  | 48637 |
|  Astellas Pharma, Inc. | 149430 |  | 1469863 |
|  Aucnet, Inc. | 6167 |  | 69119 |
|  Autobacs Seven Co. Ltd. | 5122 |  | 51040 |
|  Awa Bank Ltd. (The) | 2224 |  | 44370 |
|  Axial Retailing, Inc. | 8516 |  | 66529 |
|  Azbil Corp. | 47328 |  | 450258 |
|  AZ-COM MARUWA Holdings, Inc. | 4260 |  | 30204 |
|  Bandai Namco Holdings, Inc. | 47836 |  | 1717718 |
|  Bank of Iwate Ltd. (The) | 5563 |  | 117630 |
|  Base Co. Ltd. | 2953 |  | 70747 |
|  baudroie, Inc.\* | 5137 |  | 112903 |
|  BayCurrent, Inc. | 13549 |  | 698126 |
|  Belc Co. Ltd. | 2242 |  | 115521 |
|  Bell System24 Holdings, Inc. | 13200 |  | 117696 |
|  Bic Camera, Inc. | 10045 |  | 115374 |
|  BIPROGY, Inc. | 5369 |  | 224670 |
|  BML, Inc. | 2892 |  | 66474 |
|  Bridgestone Corp. | 50963 |  | 2087995 |
|  Brother Industries Ltd. | 22856 |  | 395363 |
|  Buffalo, Inc. | 2177 |  | 34634 |
|  Bunka Shutter Co. Ltd. | 6786 |  | 111305 |
|  Calbee, Inc. | 7612 |  | 145099 |
|  Canon Electronics, Inc. | 2833 |  | 50186 |
|  Canon Marketing Japan, Inc. (x) | 3480 |  | 127861 |
|  Canon, Inc. (x) | 83165 |  | 2419209 |
|  Capcom Co. Ltd. | 34230 |  | 1172574 |
|  Casio Computer Co. Ltd. | 13340 |  | 101899 |
|  Central Glass Co. Ltd. | 3878 |  | 80062 |
|  Central Japan Railway Co. | 67460 |  | 1514050 |
|  Change Holdings, Inc. (x) | 12222 |  | 97942 |
|  Chiba Bank Ltd. (The) (x) | 45706 |  | 423559 |
|  Chofu Seisakusho Co. Ltd. (x) | 3200 |  | 40599 |
|  Chubu Electric Power Co., Inc. | 61364 |  | 758927 |
|  Chudenko Corp. | 4078 |  | 94159 |
|  Chugai Pharmaceutical Co. Ltd. | 51909 |  | 2712512 |
|  Chugin Financial Group, Inc. | 13443 |  | 163037 |
|  Chugoku Electric Power Co., Inc. (The) (x) | 24265 |  | 120141 |
|  Citizen Watch Co. Ltd. | 16406 |  | 97407 |
|  CKD Corp. | 4836 |  | 88422 |
|  Cleanup Corp. | 10500 |  | 49509 |
|  Coca-Cola Bottlers Japan Holdings, Inc. (x) | 14253 |  | 230168 |
|  COLOPL, Inc. | 32547 |  | 121369 |
|  Colowide Co. Ltd. | 5764 |  | 75910 |
|  COMSYS Holdings Corp. | 10500 |  | 243387 |
|  Comture Corp. | 3705 |  | 43738 |
|  Concordia Financial Group Ltd. | 96536 |  | 628267 |
|  Cosel Co. Ltd. | 4700 |  | 36554 |
|  Cosmo Energy Holdings Co. Ltd. | 5287 |  | 226782 |
|  Cosmos Pharmaceutical Corp. | 3986 |  | 253130 |
|  Create Restaurants Holdings, Inc. | 11134 |  | 110022 |
|  Create SD Holdings Co. Ltd. | 2762 |  | 61472 |
|  Credit Saison Co. Ltd. | 13432 |  | 363771 |
|  Curves Holdings Co. Ltd. | 10714 |  | 51485 |
|  CyberAgent, Inc. | 39456 |  | 452084 |
|  Cybozu, Inc. | 5286 |  | 137284 |

---

See Notes to Financial Statements.

826

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Dai Nippon Printing Co. Ltd. | 40046 | $609012 |
|  Daicel Corp. | 22828 | 191733 |
|  Daido Steel Co. Ltd. | 1822 | 12598 |
|  Daiei Kankyo Co. Ltd. (x) | 5958 | 130740 |
|  Daifuku Co. Ltd. | 27252 | 704364 |
|  Daihen Corp. | 2153 | 95536 |
|  Daiho Corp. | 7140 | 39269 |
|  Dai-ichi Life Holdings, Inc. | 310384 | 2362285 |
|  Daiichi Sankyo Co. Ltd. | 154432 | 3608650 |
|  Daiki Aluminium Industry Co. Ltd. | 6333 | 42658 |
|  Daikin Industries Ltd. | 22066 | 2608754 |
|  Daio Paper Corp. | 8061 | 44726 |
|  Daiseki Co. Ltd. | 2316 | 56048 |
|  Daishi Hokuetsu Financial Group, Inc. | 5175 | 119847 |
|  Daito Trust Construction Co. Ltd. | 5449 | 593126 |
|  Daiwa House Industry Co. Ltd. | 49646 | 1707901 |
|  Daiwa Securities Group, Inc. | 121877 | 867074 |
|  Daiwabo Holdings Co. Ltd. | 8725 | 157135 |
|  DCM Holdings Co. Ltd. | 10117 | 93649 |
|  DeNA Co. Ltd. (x) | 8681 | 161075 |
|  Denka Co. Ltd. | 5919 | 81383 |
|  Denso Corp. | 165887 | 2246884 |
|  Dentsu Group, Inc. (x) | 18243 | 404879 |
|  Dentsu Soken, Inc. | 2820 | 131595 |
|  Dexerials Corp. (x) | 16359 | 253613 |
|  DIC Corp. (x) | 8900 | 179261 |
|  Digital Arts, Inc. | 1151 | 60665 |
|  Digital Garage, Inc. | 3387 | 111132 |
|  dip Corp. | 2786 | 44110 |
|  Disco Corp. | 8440 | 2498505 |
|  DMG Mori Co. Ltd. | 11229 | 258804 |
|  Doutor Nichires Holdings Co. Ltd. | 5044 | 91910 |
|  Dowa Holdings Co. Ltd. | 5600 | 181683 |
|  DTS Corp. | 4573 | 164178 |
|  Duskin Co. Ltd. | 4370 | 120262 |
|  DyDo Group Holdings, Inc. (x) | 4246 | 78460 |
|  Eagle Industry Co. Ltd. | 8812 | 117489 |
|  Earth Corp. | 1236 | 41928 |
|  East Japan Railway Co. | 93621 | 2020583 |
|  Ebara Corp. | 35025 | 675667 |
|  EDION Corp. | 43 | 630 |
|  Eiken Chemical Co. Ltd. | 478 | 7073 |
|  Eisai Co. Ltd. | 21105 | 607920 |
|  Eizo Corp. | 5266 | 78951 |
|  Elan Corp. | 9238 | 49845 |
|  Elecom Co. Ltd. | 4016 | 50477 |
|  Electric Power Development Co. Ltd. | 7176 | 122386 |
|  ENEOS Holdings, Inc. | 255946 | 1270977 |
|  en-Japan, Inc. | 2579 | 29837 |
|  Exedy Corp. | 3400 | 97510 |
|  EXEO Group, Inc. | 19600 | 249891 |
|  Ezaki Glico Co. Ltd. (x) | 4571 | 146330 |
|  FANUC Corp. | 81180 | 2221098 |
|  Fast Retailing Co. Ltd. | 11947 | 4108298 |
|  Financial Partners Group Co. Ltd. | 5886 | 97565 |
|  Food & Life Cos. Ltd. | 9290 | 452549 |
|  FP Corp. | 3160 | 58239 |
|  Fudo Tetra Corp. | 6411 | 100658 |
|  Fuji Co. Ltd. (x) | 3941 | 54488 |
|  Fuji Corp. (x) | 5877 | 109659 |
|  Fuji Electric Co. Ltd. | 9979 | 461097 |
|  Fuji Kyuko Co. Ltd. | 2194 | 31736 |
|  Fuji Media Holdings, Inc. | 20394 | 471453 |
|  Fuji Oil Co. Ltd. | 4030 | 79058 |
|  Fuji Seal International, Inc. | 4473 | 86630 |
|  FUJIFILM Holdings Corp. | 101443 | 2213353 |
|  Fujikura Ltd. | 18448 | 969896 |
|  Fujimi, Inc. | 6846 | 97267 |
|  Fujitec Co. Ltd. | 5445 | 234354 |
|  Fujitsu General Ltd. | 4465 | 86661 |
|  Fujitsu Ltd. | 157860 | 3853185 |
|  Fukui Computer Holdings, Inc. | 1895 | 39241 |
|  Fukuoka Financial Group, Inc. | 16400 | 439254 |
|  Fukuyama Transporting Co. Ltd. | 2128 | 49799 |
|  FULLCAST Holdings Co. Ltd. | 4492 | 53185 |
|  Funai Soken Holdings, Inc. | 3831 | 64539 |
|  Furukawa Electric Co. Ltd. | 5789 | 282727 |
|  Fuso Chemical Co. Ltd. | 1687 | 45337 |
|  Futaba Industrial Co. Ltd. | 9500 | 52842 |
|  Future Corp. | 8216 | 122494 |
|  Fuyo General Lease Co. Ltd. | 5955 | 161276 |
|  G-7 Holdings, Inc. | 5406 | 49741 |
|  Galilei Co. Ltd. | 4744 | 100477 |
|  Genky DrugStores Co. Ltd. | 3812 | 100988 |
|  Geo Holdings Corp. | 6023 | 64452 |
|  Giken Ltd. | 5478 | 55881 |
|  GLOBERIDE, Inc. | 2998 | 44032 |
|  Glory Ltd. | 4557 | 106421 |
|  GMO GlobalSign Holdings KK(x) | 3313 | 47600 |
|  GMO internet group, Inc. | 5420 | 135759 |
|  GMO Internet, Inc. (x) | 5707 | 73871 |
|  GMO Payment Gateway, Inc. | 3903 | 253171 |
|  Goldwin, Inc. | 2916 | 164364 |
|  GREE Holdings, Inc. | 19104 | 69117 |
|  GS Yuasa Corp. | 5471 | 102426 |
|  GungHo Online Entertainment, Inc. | 4739 | 90877 |
|  Gunma Bank Ltd. (The) | 29571 | 248573 |
|  Gunze Ltd. | 4484 | 111162 |
|  H2O Retailing Corp. | 14548 | 191239 |
|  Hachijuni Bank Ltd. (The) (x) | 43000 | 349661 |
|  Hakuhodo DY Holdings, Inc. | 27115 | 225103 |
|  Hakuto Co. Ltd. | 4412 | 112747 |
|  Halows Co. Ltd. | 3661 | 122792 |
|  Hamamatsu Photonics KK | 26724 | 325873 |
|  Hankyu Hanshin Holdings, Inc. | 22548 | 613785 |
|  Hanwa Co. Ltd. | 3585 | 135429 |
|  Haseko Corp. | 16475 | 247517 |
|  Hazama Ando Corp. | 13771 | 138757 |
|  Heiwa Corp. | 4550 | 66352 |
|  Heiwa Real Estate Co. Ltd. | 7756 | 117952 |
|  Heiwado Co. Ltd. | 2453 | 48207 |
|  Hikari Tsushin, Inc. | 1831 | 541143 |
|  Hino Motors Ltd.\* | 22963 | 57246 |
|  Hioki EE Corp. | 1430 | 56602 |
|  Hirogin Holdings, Inc. | 22190 | 185989 |
|  Hirose Electric Co. Ltd. | 2789 | 338155 |
|  HIS Co. Ltd. | 3292 | 30976 |
|  Hisamitsu Pharmaceutical Co., Inc. | 3740 | 106586 |
|  Hitachi Construction Machinery Co. Ltd. | 6567 | 196091 |
|  Hitachi Ltd. | 433107 | 12646887 |
|  Hochiki Corp. | 3355 | 72573 |

---

See Notes to Financial Statements.

827

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Hokkaido Electric Power Co., Inc. (x) | 22712 | $118461 |
|  Hokkaido Gas Co. Ltd. | 8550 | 35268 |
|  Hokkoku Financial Holdings, Inc. | 1084 | 36433 |
|  Hokuetsu Corp. | 10903 | 79574 |
|  Hokuhoku Financial Group, Inc. (x) | 10686 | 203064 |
|  Hokuriku Electric Power Co. | 17392 | 86897 |
|  Honda Motor Co. Ltd. | 398459 | 3858554 |
|  Horiba Ltd. | 3816 | 298247 |
|  Hoshizaki Corp. (x) | 11077 | 382759 |
|  Hosiden Corp. | 6570 | 101101 |
|  House Foods Group, Inc. | 5762 | 112135 |
|  Hoya Corp. | 32960 | 3926453 |
|  Hulic Co. Ltd. (x) | 28940 | 291902 |
|  Hyakugo Bank Ltd. (The) | 17673 | 84803 |
|  Hyakujushi Bank Ltd. (The) | 2900 | 84278 |
|  Ibiden Co. Ltd. (x) | 10054 | 443129 |
|  Ichibanya Co. Ltd. | 6340 | 40636 |
|  Ichigo, Inc. | 44705 | 125418 |
|  Idec Corp. | 3977 | 62884 |
|  Idemitsu Kosan Co. Ltd. | 78352 | 476081 |
|  IDOM, Inc. | 10714 | 78864 |
|  IHI Corp. | 13651 | 1482599 |
|  Iida Group Holdings Co. Ltd. (x) | 15482 | 218514 |
|  Iino Kaiun Kaisha Ltd. | 12669 | 89032 |
|  Inaba Denki Sangyo Co. Ltd. | 6062 | 166615 |
|  Inabata & Co. Ltd. | 2307 | 51505 |
|  Infomart Corp. | 19428 | 56393 |
|  INFRONEER Holdings, Inc. | 20727 | 174230 |
|  Inpex Corp. (x) | 71437 | 1004548 |
|  Insource Co. Ltd. | 9158 | 63213 |
|  Intage Holdings, Inc. | 9487 | 116936 |
|  Internet Initiative Japan, Inc. | 9252 | 182656 |
|  IR Japan Holdings Ltd. (x) | 32826 | 142697 |
|  Iriso Electronics Co. Ltd. | 1764 | 34985 |
|  Isetan Mitsukoshi Holdings Ltd. (x) | 29788 | 454872 |
|  Isuzu Motors Ltd. | 53195 | 676181 |
|  Ito En Ltd. | 6216 | 140977 |
|  ITOCHU Corp. | 119311 | 6260296 |
|  Itochu Enex Co. Ltd. | 6062 | 72657 |
|  Itoham Yonekyu Holdings, Inc. (x) | 2537 | 86325 |
|  Iwatani Corp. | 15176 | 161397 |
|  Iyogin Holdings, Inc. | 24000 | 263741 |
|  Izumi Co. Ltd. | 3455 | 79870 |
|  J Front Retailing Co. Ltd. (x) | 22829 | 311193 |
|  JAC Recruitment Co. Ltd. | 16260 | 114381 |
|  Jaccs Co. Ltd. | 1844 | 51348 |
|  JAFCO Group Co. Ltd. (x) | 5476 | 93716 |
|  Japan Airlines Co. Ltd. | 40833 | 834070 |
|  Japan Airport Terminal Co. Ltd. | 6373 | 203796 |
|  Japan Aviation Electronics Industry Ltd. | 3585 | 63955 |
|  Japan Cash Machine Co. Ltd. | 6102 | 41696 |
|  Japan Elevator Service Holdings Co. Ltd. | 6688 | 192970 |
|  Japan Exchange Group, Inc. | 98295 | 996909 |
|  Japan Investment Adviser Co. Ltd. | 5106 | 60632 |
|  Japan Lifeline Co. Ltd. | 7771 | 80675 |
|  Japan Material Co. Ltd. | 5450 | 55974 |
|  Japan Petroleum Exploration Co. Ltd. (x) | 14050 | 99030 |
|  Japan Post Bank Co. Ltd. | 136167 | 1470363 |
|  Japan Post Holdings Co. Ltd. | 172024 | 1595348 |
|  Japan Post Insurance Co. Ltd. | 19609 | 444047 |
|  Japan Pulp & Paper Co. Ltd. | 25430 | 109486 |
|  Japan Securities Finance Co. Ltd. | 6741 | 82153 |
|  Japan Steel Works Ltd. (The) | 5779 | 331920 |
|  Japan Tobacco, Inc. (x) | 100118 | 2953378 |
|  Japan Wool Textile Co. Ltd. (The) | 5449 | 55094 |
|  JCU Corp. | 1541 | 35527 |
|  Jeol Ltd. | 3266 | 99882 |
|  JFE Holdings, Inc. (x) | 52149 | 607297 |
|  JGC Holdings Corp. | 18595 | 161345 |
|  JMDC, Inc. | 2736 | 75693 |
|  Joyful Honda Co. Ltd. | 6398 | 92723 |
|  JSB Co. Ltd. | 4372 | 115824 |
|  JTEKT Corp. | 17798 | 146828 |
|  Juroku Financial Group, Inc. | 3200 | 107663 |
|  JVCKenwood Corp. | 19300 | 154797 |
|  JX Advanced Metals Corp. (x) | 43573 | 244182 |
|  Kadokawa Corp. | 9702 | 269693 |
|  Kagome Co. Ltd. (x) | 8701 | 173440 |
|  Kajima Corp. | 40971 | 1070615 |
|  Kakaku.com, Inc. | 13130 | 244173 |
|  Kaken Pharmaceutical Co. Ltd. | 2834 | 75177 |
|  Kameda Seika Co. Ltd. | 1676 | 46612 |
|  Kamigumi Co. Ltd. | 8622 | 239911 |
|  Kanadevia Corp. | 13019 | 88146 |
|  Kanamoto Co. Ltd. | 2948 | 66328 |
|  Kandenko Co. Ltd. | 10349 | 239528 |
|  Kanematsu Corp. | 8108 | 154525 |
|  Kansai Electric Power Co., Inc. (The) | 81338 | 965290 |
|  Kansai Paint Co. Ltd. | 18311 | 251450 |
|  Kao Corp. (x) | 41450 | 1858565 |
|  Kappa Create Co. Ltd. (x) | 4080 | 42669 |
|  Kasumigaseki Capital Co. Ltd. (x) | 1085 | 107743 |
|  Katitas Co. Ltd. | 5812 | 100940 |
|  Kato Sangyo Co. Ltd. | 2563 | 97889 |
|  Kawasaki Heavy Industries Ltd. (x) | 14020 | 1061199 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 42996 | 610283 |
|  KDDI Corp. | 246890 | 4251847 |
|  KeePer Technical Laboratory Co. Ltd. | 2208 | 54431 |
|  Keihan Holdings Co. Ltd. (x) | 8105 | 171888 |
|  Keihanshin Building Co. Ltd. | 3858 | 40133 |
|  Keikyu Corp. | 24606 | 256902 |
|  Keio Corp. | 8634 | 210207 |
|  Keisei Electric Railway Co. Ltd. | 32853 | 308328 |
|  Keiyo Bank Ltd. (The) | 17682 | 123033 |
|  Kewpie Corp. | 9180 | 214894 |
|  Key Coffee, Inc. | 4000 | 54415 |
|  Keyence Corp. | 16783 | 6740938 |
|  KH Neochem Co. Ltd. | 3353 | 58815 |
|  Kikkoman Corp. | 60880 | 565657 |
|  Kinden Corp. | 15000 | 441755 |
|  Kintetsu Department Store Co. Ltd. | 2816 | 34338 |
|  Kintetsu Group Holdings Co. Ltd. (x) | 17144 | 325010 |
|  Kioxia Holdings Corp. (x)\* | 10125 | 175986 |
|  Kirin Holdings Co. Ltd. (x) | 70527 | 989058 |
|  Kissei Pharmaceutical Co. Ltd. | 3193 | 89467 |
|  Ki-Star Real Estate Co. Ltd. | 2056 | 66032 |
|  Kitz Corp. | 6541 | 53871 |
|  Koa Corp. | 13134 | 76886 |
|  Kobayashi Pharmaceutical Co. Ltd. (x) | 4615 | 172832 |

---

See Notes to Financial Statements.

828

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Kobe Bussan Co. Ltd. | 14292 | $444426 |
|  Kobe Steel Ltd. (x) | 33016 | 360871 |
|  Koei Tecmo Holdings Co. Ltd. (x) | 11028 | 180424 |
|  Kohnan Shoji Co. Ltd. | 2315 | 62696 |
|  Koito Manufacturing Co. Ltd. | 19178 | 229662 |
|  Kojima Co. Ltd. | 9719 | 83351 |
|  Kokusai Electric Corp. (x) | 11847 | 285223 |
|  Kokuyo Co. Ltd. (x) | 31928 | 183314 |
|  Komatsu Ltd. | 85527 | 2813384 |
|  KOMEDA Holdings Co. Ltd. | 4896 | 101010 |
|  Komeri Co. Ltd. | 3475 | 71090 |
|  Komori Corp. | 7900 | 82015 |
|  Konami Group Corp. | 6302 | 998438 |
|  Konica Minolta, Inc.\* | 43791 | 142681 |
|  Konoike Transport Co. Ltd. | 6036 | 123440 |
|  Kosaido Holdings Co. Ltd. (x) | 14890 | 49735 |
|  Kose Corp. (x) | 3360 | 132132 |
|  Koshidaka Holdings Co. Ltd. | 10956 | 85515 |
|  Kotobuki Spirits Co. Ltd. (x) | 8160 | 116588 |
|  Krosaki Harima Corp. (x) | 5557 | 128115 |
|  K's Holdings Corp. | 17800 | 181084 |
|  Kubota Corp. (x) | 90523 | 1019606 |
|  Kumagai Gumi Co. Ltd. | 3271 | 95060 |
|  Kumiai Chemical Industry Co. Ltd. | 9350 | 51813 |
|  Kura Sushi, Inc. (x) | 3446 | 84711 |
|  Kuraray Co. Ltd. (x) | 28183 | 359125 |
|  Kureha Corp. | 3963 | 86550 |
|  Kurita Water Industries Ltd. | 9006 | 356350 |
|  Kusuri no Aoki Holdings Co. Ltd. | 4806 | 121180 |
|  KYB Corp. | 3846 | 79695 |
|  Kyocera Corp. | 104876 | 1262474 |
|  Kyoei Steel Ltd. | 7738 | 110478 |
|  Kyoritsu Maintenance Co. Ltd. (x) | 5340 | 130677 |
|  Kyoto Financial Group, Inc. | 21664 | 388434 |
|  Kyowa Kirin Co. Ltd. (x) | 20521 | 351339 |
|  Kyudenko Corp. | 3588 | 148772 |
|  Kyushu Electric Power Co., Inc. | 25952 | 232028 |
|  Kyushu Financial Group, Inc. | 34349 | 173695 |
|  Kyushu Railway Co. | 11748 | 303969 |
|  Lasertec Corp. | 6467 | 871667 |
|  Leopalace21 Corp. | 15452 | 66742 |
|  Life Corp. | 6084 | 93454 |
|  Link And Motivation, Inc. | 10606 | 36310 |
|  Lintec Corp. | 4900 | 100617 |
|  Lion Corp. (x) | 21636 | 223865 |
|  LITALICO, Inc. | 3942 | 34628 |
|  Lixil Corp. | 29006 | 335975 |
|  LY Corp. | 255834 | 942289 |
|  M&A Capital Partners Co. Ltd.(x) | 5986 | 125120 |
|  M&A Research Institute Holdings, Inc.\* | 8895 | 76470 |
|  M3, Inc. | 33824 | 466356 |
|  Mabuchi Motor Co. Ltd. | 9052 | 133890 |
|  Macnica Holdings, Inc. | 13743 | 185238 |
|  Maeda Kosen Co. Ltd. | 6346 | 83685 |
|  Makino Milling Machine Co. Ltd. | 2098 | 167688 |
|  Makita Corp. | 22583 | 698324 |
|  Mandom Corp. | 4260 | 41622 |
|  Mani, Inc. | 8732 | 74886 |
|  Marubeni Corp. | 149832 | 3030871 |
|  Maruha Nichiro Corp. | 3726 | 78864 |
|  Marui Group Co. Ltd. | 15023 | 319854 |
|  Maruichi Steel Tube Ltd. | 7800 | 188764 |
|  MARUKA FURUSATO Corp. | 3674 | 59190 |
|  Maruwa Co. Ltd. | 889 | 255208 |
|  Marvelous, Inc. | 10228 | 36152 |
|  Matsuda Sangyo Co. Ltd. | 4000 | 92080 |
|  Matsui Securities Co. Ltd. | 14747 | 71275 |
|  MatsukiyoCocokara & Co. | 34299 | 706797 |
|  Matsuya Co. Ltd. | 7173 | 50458 |
|  Max Co. Ltd. | 4510 | 145787 |
|  Maxell Ltd. | 5700 | 75245 |
|  Mazda Motor Corp. | 57715 | 348442 |
|  Mebuki Financial Group, Inc. | 77629 | 405975 |
|  Media Do Co. Ltd. (x) | 9544 | 114988 |
|  Medipal Holdings Corp. | 17687 | 287035 |
|  Medley, Inc.\* | 1414 | 31225 |
|  MedPeer, Inc. (x) | 9655 | 52296 |
|  Megachips Corp. | 3355 | 124410 |
|  Megmilk Snow Brand Co. Ltd. | 320 | 6066 |
|  Meidensha Corp. | 4400 | 166216 |
|  Meiji Holdings Co. Ltd. | 21858 | 483743 |
|  MEITEC Group Holdings, Inc. | 5817 | 128293 |
|  Menicon Co. Ltd. | 8955 | 69585 |
|  Mercari, Inc.\* | 10481 | 194620 |
|  METAWATER Co. Ltd. | 3652 | 56249 |
|  Micronics Japan Co. Ltd. (x) | 3035 | 114019 |
|  Milbon Co. Ltd. | 2308 | 38818 |
|  Minebea Mitsumi, Inc. | 30892 | 454032 |
|  Mirai Industry Co. Ltd. (x) | 4774 | 113047 |
|  Mirait One Corp. | 7953 | 140167 |
|  Miroku Jyoho Service Co. Ltd. | 2998 | 37349 |
|  MISUMI Group, Inc. | 26577 | 356378 |
|  Mitani Sekisan Co. Ltd. | 1611 | 91175 |
|  Mitsubishi Chemical Group Corp. | 125208 | 659058 |
|  Mitsubishi Corp. | 327601 | 6569992 |
|  Mitsubishi Electric Corp. | 172340 | 3723133 |
|  Mitsubishi Estate Co. Ltd. | 89500 | 1679931 |
|  Mitsubishi Gas Chemical Co., Inc. | 14524 | 223450 |
|  Mitsubishi HC Capital, Inc. | 82822 | 609928 |
|  Mitsubishi Heavy Industries Ltd. | 296298 | 7427768 |
|  Mitsubishi Logisnext Co. Ltd. | 7908 | 108072 |
|  Mitsubishi Logistics Corp. | 20080 | 164887 |
|  Mitsubishi Materials Corp. (x) | 14300 | 226458 |
|  Mitsubishi Motors Corp. (x) | 75000 | 212753 |
|  Mitsubishi Pencil Co. Ltd. | 3972 | 56185 |
|  Mitsubishi Research Institute, Inc. | 2488 | 79129 |
|  Mitsubishi Shokuhin Co. Ltd. | 2092 | 91958 |
|  Mitsubishi UFJ Financial Group, Inc. | 1061769 | 14620936 |
|  Mitsui & Co. Ltd. | 254508 | 5208396 |
|  Mitsui Chemicals, Inc. | 14798 | 342706 |
|  Mitsui E&S Co. Ltd. | 9032 | 178752 |
|  Mitsui Fudosan Co. Ltd. | 219960 | 2130789 |
|  Mitsui High-Tec, Inc. (x) | 9160 | 45035 |
|  Mitsui Mining & Smelting Co. Ltd. | 5900 | 206452 |
|  Mitsui OSK Lines Ltd. (x) | 31842 | 1065785 |
|  Mitsui-Soko Holdings Co. Ltd. | 5197 | 142010 |
|  Mitsuuroko Group Holdings Co. Ltd. | 9516 | 125554 |
|  Miura Co. Ltd. | 8004 | 161353 |
|  MIXI, Inc. | 3456 | 83517 |
|  Mizuho Financial Group, Inc. | 223015 | 6183805 |
|  Mizuho Leasing Co. Ltd. | 9980 | 74154 |
|  Mochida Pharmaceutical Co. Ltd. | 2534 | 52174 |
|  Modec, Inc. | 3062 | 131619 |

---

See Notes to Financial Statements.

829

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Monex Group, Inc. | 14185 | $69839 |
|  Money Forward, Inc. (x)\* | 4020 | 136927 |
|  Monogatari Corp. (The) | 2978 | 80858 |
|  MonotaRO Co. Ltd. | 23996 | 474071 |
|  Morinaga & Co. Ltd. | 8494 | 140087 |
|  Morinaga Milk Industry Co. Ltd. | 7816 | 175691 |
|  Morita Holdings Corp. | 3388 | 50677 |
|  MOS Food Services, Inc. | 3648 | 93983 |
|  MS&AD Insurance Group Holdings, Inc. | 121081 | 2715820 |
|  MTI Ltd. (x) | 18221 | 115269 |
|  Murata Manufacturing Co. Ltd. | 152200 | 2276579 |
|  Musashi Seimitsu Industry Co. Ltd. | 5616 | 119726 |
|  Nabtesco Corp. (x) | 11042 | 197944 |
|  Nachi-Fujikoshi Corp. | 2183 | 46842 |
|  Nagase & Co. Ltd. | 11432 | 220654 |
|  Nagawa Co. Ltd. | 1145 | 49138 |
|  Nagoya Railroad Co. Ltd. (x) | 17631 | 199627 |
|  Namura Shipbuilding Co. Ltd. (x) | 6921 | 151151 |
|  Nankai Electric Railway Co. Ltd. (x) | 9800 | 148356 |
|  Nanto Bank Ltd. (The) | 2711 | 77280 |
|  NEC Capital Solutions Ltd. (x) | 4418 | 116889 |
|  NEC Corp. | 119820 | 3510438 |
|  Nexon Co. Ltd. (x) | 38447 | 776923 |
|  Nextage Co. Ltd. | 4194 | 50850 |
|  NGK Insulators Ltd. | 22442 | 282463 |
|  NH Foods Ltd. | 6942 | 240648 |
|  NHK Spring Co. Ltd. | 14535 | 158719 |
|  Nichias Corp. | 4359 | 167210 |
|  Nichicon Corp. | 10871 | 89758 |
|  Nichiden Corp. | 3318 | 63547 |
|  Nichiha Corp. | 3077 | 63546 |
|  Nichirei Corp. | 19174 | 250984 |
|  Nidec Corp. | 75750 | 1475496 |
|  Nifco, Inc. | 5877 | 139574 |
|  Nihon Kohden Corp. | 15936 | 189897 |
|  Nihon M&A Center Holdings, Inc. | 25488 | 129453 |
|  Nihon Parkerizing Co. Ltd. | 12170 | 107498 |
|  Nikkon Holdings Co. Ltd. | 10982 | 244722 |
|  Nikon Corp. (x) | 26926 | 276730 |
|  Nintendo Co. Ltd. | 105771 | 10194795 |
|  Nippn Corp. | 4887 | 72250 |
|  Nippon Ceramic Co. Ltd. | 1836 | 35775 |
|  Nippon Chemi-Con Corp. (x)\* | 18314 | 151467 |
|  Nippon Densetsu Kogyo Co. Ltd. | 4340 | 77394 |
|  Nippon Electric Glass Co. Ltd. (x) | 6101 | 145148 |
|  Nippon Express Holdings, Inc. (x) | 18171 | 364985 |
|  Nippon Gas Co. Ltd. | 8442 | 155409 |
|  Nippon Kanzai Holdings Co. Ltd. | 4458 | 84142 |
|  Nippon Kayaku Co. Ltd. | 10745 | 96627 |
|  Nippon Light Metal Holdings Co. Ltd. | 5252 | 59411 |
|  Nippon Paint Holdings Co. Ltd. (x) | 74356 | 598958 |
|  Nippon Paper Industries Co. Ltd. | 9600 | 69198 |
|  Nippon Parking Development Co. Ltd. | 46787 | 85773 |
|  Nippon Sanso Holdings Corp. | 15957 | 605348 |
|  Nippon Sharyo Ltd. | 3791 | 54046 |
|  Nippon Shinyaku Co. Ltd. | 4816 | 105213 |
|  Nippon Shokubai Co. Ltd. | 9848 | 112427 |
|  Nippon Signal Co. Ltd. | 8900 | 66624 |
|  Nippon Soda Co. Ltd. | 1900 | 40044 |
|  Nippon Steel Corp. | 87648 | 1663428 |
|  Nippon Telegraph & Telephone Corp. | 5004704 | 5352067 |
|  Nippon Television Holdings, Inc. | 13631 | 316720 |
|  Nippon Yusen KK | 34704 | 1250265 |
|  Nipro Corp. | 13900 | 123213 |
|  Nishimatsu Construction Co. Ltd. | 3295 | 109830 |
|  Nishimatsuya Chain Co. Ltd. | 6093 | 88515 |
|  Nishi-Nippon Financial Holdings, Inc. | 10611 | 159602 |
|  Nishi-Nippon Railroad Co. Ltd. | 5600 | 79117 |
|  Nissan Chemical Corp. | 9008 | 275297 |
|  Nissan Motor Co. Ltd.\* | 236553 | 575264 |
|  Nissan Shatai Co. Ltd. (x) | 15016 | 112825 |
|  Nissha Co. Ltd. | 6603 | 61901 |
|  Nisshin Seifun Group, Inc. | 18778 | 224611 |
|  Nisshinbo Holdings, Inc. (x) | 12062 | 77370 |
|  Nissin Foods Holdings Co. Ltd. (x) | 21295 | 442965 |
|  Nissui Corp. | 20317 | 123548 |
|  Niterra Co. Ltd. | 14152 | 471717 |
|  Nitori Holdings Co. Ltd. | 6542 | 632371 |
|  Nitta Corp. | 1728 | 46318 |
|  Nitto Boseki Co. Ltd. | 2757 | 116403 |
|  Nitto Denko Corp. | 55965 | 1084867 |
|  Nitto Kogyo Corp. | 2395 | 51807 |
|  NOF Corp. | 19779 | 379840 |
|  Nohmi Bosai Ltd. | 4847 | 123022 |
|  Nojima Corp. | 7218 | 157888 |
|  NOK Corp. | 6744 | 99611 |
|  Nomura Co. Ltd. | 11318 | 72464 |
|  Nomura Holdings, Inc. | 281320 | 1859773 |
|  Nomura Micro Science Co. Ltd. (x) | 3627 | 64856 |
|  Nomura Real Estate Holdings, Inc. | 34336 | 201192 |
|  Nomura Research Institute Ltd. | 37740 | 1515575 |
|  Noritsu Koki Co. Ltd. (x) | 11487 | 121965 |
|  Noritz Corp. | 4795 | 61567 |
|  North Pacific Bank Ltd. | 27366 | 109840 |
|  NPR-RIKEN Corp. | 3200 | 52176 |
|  NS Solutions Corp. (x) | 5888 | 166739 |
|  NSD Co. Ltd. (x) | 5948 | 147456 |
|  NSK Ltd. | 30498 | 143696 |
|  NTN Corp. | 37117 | 58689 |
|  NTT Data Group Corp. | 44542 | 1236926 |
|  Nxera Pharma Co. Ltd. (x)\* | 5980 | 37498 |
|  Obara Group, Inc. | 1415 | 35226 |
|  Obayashi Corp. | 56756 | 861361 |
|  OBIC Business Consultants Co. Ltd. | 2838 | 168244 |
|  Obic Co. Ltd. | 31241 | 1217272 |
|  Odakyu Electric Railway Co. Ltd. | 28087 | 328841 |
|  Ogaki Kyoritsu Bank Ltd. (The) | 2098 | 36466 |
|  Ohsho Food Service Corp. | 2223 | 58738 |
|  Oiles Corp. | 4560 | 65421 |
|  Oji Holdings Corp. | 68133 | 343397 |
|  Okamoto Industries, Inc. (x) | 2906 | 97166 |
|  Okamura Corp. | 6912 | 106556 |
|  Okasan Securities Group, Inc. (x) | 21773 | 101604 |
|  Oki Electric Industry Co. Ltd. | 8423 | 94171 |
|  OKUMA Corp. | 2346 | 59788 |
|  Okumura Corp. | 2739 | 81882 |
|  Olympus Corp. | 97382 | 1159752 |
|  Omron Corp. | 15526 | 419834 |
|  Ono Pharmaceutical Co. Ltd. | 36152 | 391382 |

---

See Notes to Financial Statements.

830

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Onward Holdings Co. Ltd. | 15000 | $61873 |
|  Open House Group Co. Ltd. | 5846 | 264563 |
|  Open Up Group, Inc. | 4768 | 56585 |
|  Optex Group Co. Ltd. (x) | 5977 | 72344 |
|  Optorun Co. Ltd. | 5119 | 58049 |
|  Oracle Corp. | 3300 | 393809 |
|  Organo Corp. (x) | 2229 | 139308 |
|  Orient Corp. | 6542 | 43975 |
|  Oriental Land Co. Ltd. | 102670 | 2369884 |
|  ORIX Corp. | 94602 | 2141610 |
|  Osaka Gas Co. Ltd. | 29741 | 762706 |
|  Osaka Organic Chemical Industry Ltd. | 3454 | 62362 |
|  Osaka Soda Co. Ltd. (x) | 8950 | 111685 |
|  Osaka Steel Co. Ltd. | 3450 | 67608 |
|  Otsuka Corp. | 19060 | 388665 |
|  Otsuka Holdings Co. Ltd. | 42539 | 2112402 |
|  PAL GROUP Holdings Co. Ltd. | 5007 | 125344 |
|  PALTAC Corp. | 3995 | 112023 |
|  Pan Pacific International Holdings Corp. | 35284 | 1215051 |
|  Panasonic Holdings Corp. | 204905 | 2213324 |
|  Paramount Bed Holdings Co. Ltd. | 3001 | 53433 |
|  Park24 Co. Ltd. | 10900 | 140030 |
|  Pasona Group, Inc. | 3788 | 58870 |
|  Penta-Ocean Construction Co. Ltd. | 21476 | 134772 |
|  PeptiDream, Inc. (x)\* | 8788 | 100387 |
|  Persol Holdings Co. Ltd. | 180660 | 353153 |
|  PHC Holdings Corp. | 4990 | 31637 |
|  Pigeon Corp. (x) | 10057 | 122356 |
|  PILLAR Corp. | 3146 | 84764 |
|  Pilot Corp. | 3440 | 97416 |
|  Piolax, Inc. | 4502 | 55648 |
|  Pola Orbis Holdings, Inc. | 8224 | 73100 |
|  Prestige International, Inc. | 10559 | 44288 |
|  Prima Meat Packers Ltd. | 3652 | 57492 |
|  PS Construction Co. Ltd. | 9250 | 111125 |
|  Raito Kogyo Co. Ltd. | 6051 | 120301 |
|  Rakus Co. Ltd. | 8231 | 132406 |
|  Rakuten Bank Ltd.\* | 7719 | 354579 |
|  Rakuten Group, Inc.\* | 122910 | 679737 |
|  Recruit Holdings Co. Ltd. | 127217 | 7539996 |
|  Relo Group, Inc. | 8020 | 95151 |
|  Renesas Electronics Corp. | 130761 | 1624467 |
|  Rengo Co. Ltd. | 15192 | 82435 |
|  RENOVA, Inc.\* | 29604 | 133625 |
|  Resona Holdings, Inc. | 204059 | 1887480 |
|  Resonac Holdings Corp. | 16494 | 383587 |
|  Resorttrust, Inc. | 14356 | 175556 |
|  Ricoh Co. Ltd. | 46040 | 436566 |
|  Ricoh Leasing Co. Ltd. | 1550 | 55217 |
|  Riken Keiki Co. Ltd. | 4281 | 89928 |
|  Riken Vitamin Co. Ltd. | 6372 | 120931 |
|  Rinnai Corp. | 11100 | 275872 |
|  Riso Kyoiku Co. Ltd. | 22934 | 35674 |
|  Rohm Co. Ltd. (x) | 30360 | 387287 |
|  Rohto Pharmaceutical Co. Ltd. | 16720 | 237439 |
|  Roland Corp. (x) | 1717 | 37737 |
|  Rorze Corp. (x) | 8920 | 127168 |
|  Round One Corp. (x) | 18870 | 192887 |
|  RS Technologies Co. Ltd. | 3414 | 75271 |
|  Ryohin Keikaku Co. Ltd. | 21429 | 1030491 |
|  Saizeriya Co. Ltd. | 2656 | 92219 |
|  Sakai Moving Service Co. Ltd. | 3080 | 56828 |
|  Sakata Seed Corp. | 2341 | 56979 |
|  San ju San Financial Group, Inc. | 2610 | 53630 |
|  San-A Co. Ltd. | 3652 | 74863 |
|  San-Ai Obbli Co. Ltd. | 7598 | 95763 |
|  Sangetsu Corp. | 3239 | 66465 |
|  San-In Godo Bank Ltd. (The) | 5829 | 48249 |
|  Sankyo Co. Ltd. | 17735 | 328579 |
|  Sankyu, Inc. | 4962 | 266423 |
|  Sanrio Co. Ltd. (x) | 15519 | 750921 |
|  Sansan, Inc.\* | 4408 | 65383 |
|  Santen Pharmaceutical Co. Ltd. | 30999 | 355830 |
|  Sanwa Holdings Corp. | 19020 | 632525 |
|  Sanyo Chemical Industries Ltd. | 1868 | 47412 |
|  Sanyo Denki Co. Ltd. | 1435 | 96062 |
|  Sapporo Holdings Ltd. | 6302 | 324848 |
|  Sato Corp. | 5385 | 77182 |
|  Sawai Group Holdings Co. Ltd. (x) | 11838 | 150683 |
|  SBI Global Asset Management Co. Ltd. (x) | 25805 | 112893 |
|  SBI Holdings, Inc. | 26709 | 932928 |
|  SBS Holdings, Inc. | 2809 | 56646 |
|  SCREEN Holdings Co. Ltd. | 7010 | 572463 |
|  SCSK Corp. | 12294 | 371198 |
|  Secom Co. Ltd. | 35098 | 1263240 |
|  Sega Sammy Holdings, Inc. | 13520 | 324375 |
|  Seibu Holdings, Inc. | 18352 | 658355 |
|  Seiko Epson Corp. | 24121 | 320430 |
|  Seino Holdings Co. Ltd. (x) | 10346 | 159136 |
|  Seiren Co. Ltd. | 5033 | 81364 |
|  Sekisui Chemical Co. Ltd. | 33017 | 598871 |
|  Sekisui House Ltd. | 49146 | 1086294 |
|  Senko Group Holdings Co. Ltd. | 10158 | 138539 |
|  Seven & i Holdings Co. Ltd. | 196072 | 3162913 |
|  Seven Bank Ltd. (x) | 59186 | 108093 |
|  SG Holdings Co. Ltd. (x) | 31903 | 355905 |
|  Sharp Corp. (x)\* | 28919 | 140855 |
|  Shibuya Corp. | 2975 | 66625 |
|  SHIFT, Inc.\* | 17010 | 206475 |
|  Shiga Bank Ltd. (The) (x) | 2831 | 113826 |
|  Shikoku Electric Power Co., Inc. (x) | 18249 | 153020 |
|  Shikoku Kasei Holdings Corp. | 5724 | 77868 |
|  Shimadzu Corp. | 24146 | 598934 |
|  Shimamura Co. Ltd. | 5000 | 351377 |
|  Shimano, Inc. (x) | 7143 | 1036939 |
|  Shimizu Corp. | 44688 | 499930 |
|  Shimojima Co. Ltd. | 5300 | 44018 |
|  Shin Nippon Biomedical Laboratories Ltd. (x) | 4508 | 44484 |
|  Shin-Etsu Chemical Co. Ltd. | 150688 | 4993460 |
|  Shinmaywa Industries Ltd. | 11106 | 124784 |
|  Shionogi & Co. Ltd. | 55810 | 1005320 |
|  Ship Healthcare Holdings, Inc. | 5252 | 70772 |
|  Shiseido Co. Ltd. (x) | 35968 | 642781 |
|  Shizuoka Financial Group, Inc. | 40645 | 473611 |
|  Shizuoka Gas Co. Ltd. | 6571 | 48824 |
|  Shoei Co. Ltd. | 4748 | 57370 |
|  Showa Sangyo Co. Ltd. | 2573 | 53281 |
|  Siix Corp. | 7281 | 58954 |
|  Simplex Holdings, Inc. | 1627 | 44120 |
|  Sintokogio Ltd. | 7500 | 44998 |

---

See Notes to Financial Statements.

831

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SKY Perfect JSAT Holdings, Inc. | 18355 | $184308 |
|  Skylark Holdings Co. Ltd.(x) | 24496 | 513207 |
|  SMC Corp. | 5135 | 1855668 |
|  SMS Co. Ltd. | 6512 | 67085 |
|  Socionext, Inc. (x) | 16882 | 325436 |
|  SoftBank Corp. | 2691993 | 4168706 |
|  SoftBank Group Corp. | 82493 | 6023498 |
|  Sohgo Security Services Co. Ltd. | 31635 | 221547 |
|  Sojitz Corp. | 18298 | 450446 |
|  Sompo Holdings, Inc. | 79506 | 2398900 |
|  Sony Group Corp. | 581512 | 15062253 |
|  Sotetsu Holdings, Inc. | 6169 | 97201 |
|  Sparx Group Co. Ltd. | 10971 | 112601 |
|  Square Enix Holdings Co. Ltd. | 8069 | 604874 |
|  Stanley Electric Co. Ltd. | 13307 | 263682 |
|  Starts Corp., Inc. | 1577 | 49882 |
|  Strike Co. Ltd. | 4695 | 120794 |
|  Subaru Corp. | 52689 | 920379 |
|  Sugi Holdings Co. Ltd. | 9816 | 224601 |
|  SUMCO Corp. (x) | 32710 | 257809 |
|  Sumitomo Bakelite Co. Ltd. | 4992 | 144520 |
|  Sumitomo Chemical Co. Ltd. | 130222 | 315144 |
|  Sumitomo Corp. | 109290 | 2830057 |
|  Sumitomo Electric Industries Ltd. | 63561 | 1366073 |
|  Sumitomo Forestry Co. Ltd. (x) | 44112 | 446772 |
|  Sumitomo Heavy Industries Ltd. (x) | 10441 | 214794 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 21852 | 540211 |
|  Sumitomo Mitsui Construction Co. Ltd. | 15803 | 65405 |
|  Sumitomo Mitsui Financial Group, Inc. | 342817 | 8651068 |
|  Sumitomo Mitsui Trust Group, Inc. | 57545 | 1534080 |
|  Sumitomo Osaka Cement Co. Ltd. | 3791 | 99589 |
|  Sumitomo Pharma Co. Ltd.\* | 15798 | 106523 |
|  Sumitomo Realty & Development Co. Ltd. (x) | 25251 | 976163 |
|  Sumitomo Riko Co. Ltd. | 9725 | 112644 |
|  Sumitomo Rubber Industries Ltd. (x) | 16520 | 188195 |
|  Sumitomo Warehouse Co. Ltd. (The) | 5783 | 119150 |
|  Sundrug Co. Ltd. | 6166 | 193066 |
|  Suntory Beverage & Food Ltd. | 12637 | 404545 |
|  Suruga Bank Ltd. | 11788 | 110018 |
|  Suzuken Co. Ltd. | 7488 | 270807 |
|  Suzuki Motor Corp. | 135570 | 1640905 |
|  SWCC Corp. (x) | 3116 | 163152 |
|  Sysmex Corp. | 45183 | 788792 |
|  Systena Corp. | 23296 | 66165 |
|  T Hasegawa Co. Ltd. | 3525 | 71966 |
|  T&D Holdings, Inc. | 43400 | 955370 |
|  Tadano Ltd. | 8952 | 59777 |
|  Taihei Dengyo Kaisha Ltd. | 3251 | 121231 |
|  Taiheiyo Cement Corp. | 12822 | 319114 |
|  Taikisha Ltd. | 5076 | 90977 |
|  Taisei Corp. | 14918 | 870186 |
|  Taiyo Holdings Co. Ltd. | 3818 | 187182 |
|  Taiyo Yuden Co. Ltd. (x) | 7388 | 130055 |
|  Takamatsu Construction Group Co. Ltd. | 3899 | 79412 |
|  Takara Bio, Inc. (x) | 25778 | 143922 |
|  Takara Holdings, Inc. | 9479 | 78857 |
|  Takara Standard Co. Ltd. | 6958 | 117412 |
|  Takasago Thermal Engineering Co. Ltd. | 4491 | 221018 |
|  Takashimaya Co. Ltd. (x) | 22874 | 179253 |
|  Takeda Pharmaceutical Co. Ltd. | 151513 | 4655707 |
|  Takeuchi Manufacturing Co. Ltd. | 3225 | 104921 |
|  Takuma Co. Ltd. | 5495 | 78148 |
|  Tamron Co. Ltd. | 12856 | 78115 |
|  Tamura Corp. | 15075 | 50144 |
|  TBS Holdings, Inc. | 8289 | 291256 |
|  TDK Corp. | 146335 | 1722933 |
|  TechMatrix Corp. | 5615 | 88160 |
|  TechnoPro Holdings, Inc. | 10275 | 300177 |
|  Teijin Ltd. (x) | 14506 | 117656 |
|  Tenma Corp. | 2327 | 57607 |
|  Terumo Corp. | 112220 | 2065088 |
|  THK Co. Ltd. (x) | 9493 | 254259 |
|  TIS, Inc. | 18861 | 633655 |
|  TKC Corp. | 2570 | 75313 |
|  Toagosei Co. Ltd. (x) | 10197 | 98957 |
|  TOBISHIMA HOLDINGS, Inc. | 6530 | 82983 |
|  Tobu Railway Co. Ltd. | 17551 | 303536 |
|  Toda Corp. | 32000 | 203504 |
|  Toei Co. Ltd. | 2174 | 78956 |
|  Toenec Corp. | 14172 | 120163 |
|  Toho Bank Ltd. (The) | 26176 | 60166 |
|  Toho Co. Ltd. | 10791 | 637696 |
|  Toho Gas Co. Ltd. | 5799 | 161762 |
|  Toho Holdings Co. Ltd. (x) | 4972 | 160894 |
|  Toho Titanium Co. Ltd. (x) | 19515 | 177120 |
|  Tohoku Electric Power Co., Inc. (x) | 41248 | 300899 |
|  Tokai Carbon Co. Ltd. (x) | 15000 | 106090 |
|  Tokai Corp. | 8050 | 118957 |
|  TOKAI Holdings Corp. | 9977 | 68867 |
|  Tokai Rika Co. Ltd. | 7712 | 118996 |
|  Token Corp. | 853 | 83757 |
|  Tokio Marine Holdings, Inc. | 157322 | 6676121 |
|  Tokuyama Corp. | 6205 | 129956 |
|  Tokyo Century Corp. | 12872 | 145297 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 123527 | 411828 |
|  Tokyo Electron Ltd. | 35465 | 6816924 |
|  Tokyo Gas Co. Ltd. | 29186 | 971212 |
|  Tokyo Metro Co. Ltd. (x) | 37304 | 434551 |
|  Tokyo Ohka Kogyo Co. Ltd. (x) | 6882 | 200718 |
|  Tokyo Seimitsu Co. Ltd. | 3298 | 220157 |
|  Tokyo Steel Manufacturing Co. Ltd. | 9358 | 98321 |
|  Tokyo Tatemono Co. Ltd. (x) | 13440 | 239532 |
|  Tokyotokeiba Co. Ltd. | 2059 | 68273 |
|  Tokyu Construction Co. Ltd. | 14461 | 106144 |
|  Tokyu Corp. | 46695 | 555781 |
|  Tokyu Fudosan Holdings Corp. | 41535 | 296648 |
|  Tomy Co. Ltd. | 9500 | 214732 |
|  Topcon Corp. | 8062 | 182844 |
|  TOPPAN Holdings, Inc. | 21338 | 581588 |
|  Toray Industries, Inc. | 117437 | 805557 |
|  Toridoll Holdings Corp. (x) | 4525 | 131032 |
|  Torii Pharmaceutical Co. Ltd. | 2128 | 93392 |
|  Toshiba TEC Corp. | 2627 | 53578 |
|  Tosho Co. Ltd. | 11530 | 48440 |
|  Tosoh Corp. | 24847 | 364065 |
|  Totetsu Kogyo Co. Ltd. | 1687 | 45278 |
|  TOTO Ltd. | 12927 | 326395 |

---

See Notes to Financial Statements.

832

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Towa Corp. (x) | 5697 | $| 79716 |
|  Towa Pharmaceutical Co. Ltd. | 3403 |  | 70681 |
|  Toyo Seikan Group Holdings Ltd. | 12145 |  | 238084 |
|  Toyo Suisan Kaisha Ltd. | 7652 |  | 509319 |
|  Toyo Tire Corp. (x) | 11244 |  | 238458 |
|  Toyobo Co. Ltd. | 9549 |  | 60873 |
|  Toyoda Gosei Co. Ltd. | 5066 |  | 99944 |
|  Toyota Boshoku Corp. | 5878 |  | 80289 |
|  Toyota Industries Corp. | 14488 |  | 1639904 |
|  Toyota Motor Corp. | 896123 |  | 15513591 |
|  Toyota Tsusho Corp. | 51021 |  | 1158207 |
|  TPR Co. Ltd. | 4102 |  | 55546 |
|  Transaction Co. Ltd. | 817 |  | 13276 |
|  Transcosmos, Inc. | 3331 |  | 80959 |
|  TRE Holdings Corp. | 8081 |  | 76823 |
|  Trend Micro, Inc. | 8882 |  | 615366 |
|  Tri Chemical Laboratories, Inc. | 2576 |  | 59478 |
|  Trusco Nakayama Corp. | 3910 |  | 56069 |
|  TS Tech Co. Ltd. | 8940 |  | 105010 |
|  Tsubakimoto Chain Co. | 7779 |  | 97072 |
|  Tsugami Corp. | 7561 |  | 97555 |
|  Tsumura & Co. | 5336 |  | 128801 |
|  Tsuruha Holdings, Inc. | 3954 |  | 309033 |
|  TV Asahi Holdings Corp. | 4061 |  | 78792 |
|  UACJ Corp. | 4186 |  | 153481 |
|  UBE Corp. | 10241 |  | 160863 |
|  Uchida Yoko Co. Ltd. | 1541 |  | 102623 |
|  Ulvac, Inc. | 4000 |  | 147384 |
|  U-Next Holdings Co. Ltd. | 5685 |  | 90759 |
|  Unicharm Corp. (x) | 108444 |  | 783556 |
|  Union Tool Co. (x) | 3613 |  | 138243 |
|  United Arrows Ltd. | 2708 |  | 40242 |
|  United Super Markets Holdings, Inc. | 5338 |  | 33843 |
|  Ushio, Inc. | 7886 |  | 98133 |
|  USS Co. Ltd. | 35606 |  | 392765 |
|  UT Group Co. Ltd. | 2834 |  | 48491 |
|  V Technology Co. Ltd. | 7027 |  | 149807 |
|  Valor Holdings Co. Ltd. | 4076 |  | 71356 |
|  Vision, Inc. | 4010 |  | 32023 |
|  Visional, Inc.\* | 2145 |  | 165487 |
|  Wacoal Holdings Corp. (x) | 3211 |  | 110798 |
|  Wacom Co. Ltd. | 10900 |  | 51925 |
|  Weathernews, Inc. | 2816 |  | 75971 |
|  Welcia Holdings Co. Ltd. | 9748 |  | 171904 |
|  Wellneo Sugar Co. Ltd. | 7292 |  | 114187 |
|  West Japan Railway Co. | 43272 |  | 992217 |
|  WingArc1st, Inc. (x) | 5403 |  | 154768 |
|  Wowow, Inc. | 12967 |  | 90946 |
|  Xebio Holdings Co. Ltd. | 5148 |  | 39252 |
|  Yakult Honsha Co. Ltd. (x) | 25208 |  | 474822 |
|  Yamada Holdings Co. Ltd. | 65127 |  | 205007 |
|  Yamaguchi Financial Group, Inc. | 13541 |  | 146031 |
|  Yamaha Corp. | 32289 |  | 233751 |
|  Yamaha Motor Co. Ltd. (x) | 78513 |  | 588554 |
|  YA-MAN Ltd. (x) | 5286 |  | 31091 |
|  Yamato Holdings Co. Ltd. | 23993 |  | 321562 |
|  Yamato Kogyo Co. Ltd. | 4045 |  | 246118 |
|  Yamazaki Baking Co. Ltd. | 13933 |  | 312417 |
|  Yamazen Corp. | 9283 |  | 80708 |
|  Yaoko Co. Ltd. (x) | 2104 |  | 138918 |
|  Yaskawa Electric Corp. (x) | 19929 |  | 452400 |
|  Yellow Hat Ltd. | 7832 |  | 83756 |
|  Yokogawa Bridge Holdings Corp. | 4453 |  | 78172 |
|  Yokogawa Electric Corp. | 18255 |  | 488685 |
|  Yokohama Rubber Co. Ltd. (The) (x) | 9294 |  | 256351 |
|  Yoshinoya Holdings Co. Ltd. (x) | 6683 |  | 145304 |
|  Yuasa Trading Co. Ltd. | 3071 |  | 96072 |
|  Zacros Corp. | 2520 |  | 65798 |
|  Zenkoku Hosho Co. Ltd. | 10124 |  | 227290 |
|  Zenrin Co. Ltd. (x) | 13250 |  | 94495 |
|  Zensho Holdings Co. Ltd. | 9793 |  | 594224 |
|  Zeon Corp. | 12958 |  | 131780 |
|  Zojirushi Corp. | 6115 |  | 56774 |
|  ZOZO, Inc. | 39585 |  | 427998 |
|  Zuken, Inc. (x) | 3038 |  | 113077 |
|  |  |  | 473935803 |
|  **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** |
|  Fresnillo plc | 29852 |  | 590059 |
|  **Netherlands (4.6%)** | **Netherlands (4.6%)** | **Netherlands (4.6%)** | **Netherlands (4.6%)** |
|  Adyen NV (m)\* | 5080 |  | 9325444 |
|  ASML Holding NV | 67515 |  | 53889050 |
|  ING Groep NV | 539562 |  | 11838258 |
|  Koninklijke Ahold Delhaize NV | 156506 |  | 6544646 |
|  Wolters Kluwer NV | 40889 |  | 6837050 |
|  |  |  | 88434448 |
|  **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** |
|  a2 Milk Co. Ltd. (The) | 79577 |  | 419513 |
|  Auckland International Airport Ltd. | 42664 |  | 199363 |
|  Chorus Ltd. | 47688 |  | 245124 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 20775 |  | 459825 |
|  Fletcher Building Ltd. (x)\* | 51291 |  | 91144 |
|  Xero Ltd.\* | 18016 |  | 2131930 |
|  |  |  | 3546899 |
|  **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** |
|  Airtel Africa plc (m) | 89189 |  | 220733 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Evraz plc (r)\* | 91874 |  |  |
|  **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** |
|  Anglo American plc | 172249 |  | 5083408 |
|  **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** |
|  Banco Bilbao Vizcaya Argentaria SA | 988009 |  | 15193738 |
|  Banco Santander SA | 2597625 |  | 21501723 |
|  Iberdrola SA | 1009276 |  | 19366801 |
|  Industria de Diseno Textil SA | 190529 |  | 9915478 |
|  |  |  | 65977740 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc(r)\* | 14124 |  |  |
|  **United Kingdom (18.7%)** | **United Kingdom (18.7%)** | **United Kingdom (18.7%)** | **United Kingdom (18.7%)** |
|  3i Group plc | 152497 |  | 8624190 |
|  Admiral Group plc | 40543 |  | 1819799 |
|  Ashtead Group plc | 69472 |  | 4452393 |
|  Associated British Foods plc | 47507 |  | 1342032 |
|  AstraZeneca plc | 242578 |  | 33697039 |
|  Auto Trader Group plc (m) | 141368 |  | 1599738 |
|  Aviva plc | 431223 |  | 3665158 |
|  Babcock International Group plc | 81263 |  | 1280544 |
|  BAE Systems plc | 486571 |  | 12599777 |
|  Barclays plc | 2308444 |  | 10687977 |
|  Barratt Redrow plc | 219940 |  | 1376365 |

---

See Notes to Financial Statements.

833

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Beazley plc | 99550 | $1277652 |
|  Berkeley Group Holdings plc | 15256 | 808328 |
|  British American Tobacco plc | 313175 | 14886733 |
|  BT Group plc | 911242 | 2423457 |
|  Bunzl plc | 52434 | 1669786 |
|  Centrica plc | 811239 | 1798936 |
|  Coca-Cola Europacific Partners plc | 34687 | 3194840 |
|  Compass Group plc | 274562 | 9297569 |
|  ConvaTec Group plc (m) | 266475 | 1054901 |
|  Croda International plc | 22411 | 899494 |
|  DCC plc | 15999 | 1038317 |
|  Diageo plc | 360158 | 9037100 |
|  Diploma plc | 21600 | 1449255 |
|  easyJet plc | 102396 | 748028 |
|  Entain plc | 96599 | 1194696 |
|  Games Workshop Group plc | 5308 | 1181793 |
|  Halma plc | 60462 | 2655781 |
|  Hikma Pharmaceuticals plc | 24735 | 674976 |
|  Hiscox Ltd. | 54507 | 938979 |
|  Howden Joinery Group plc | 88331 | 1037879 |
|  HSBC Holdings plc | 2855044 | 34557532 |
|  IMI plc | 40313 | 1158728 |
|  Imperial Brands plc | 125117 | 4941013 |
|  Informa plc | 211886 | 2343632 |
|  InterContinental Hotels Group plc | 23694 | 2700757 |
|  Intermediate Capital Group plc | 44000 | 1164446 |
|  International Consolidated Airlines Group SA (x) | 564530 | 2643966 |
|  Intertek Group plc | 25717 | 1673241 |
|  J Sainsbury plc | 281027 | 1117908 |
|  JD Sports Fashion plc | 402907 | 490777 |
|  Kingfisher plc | 286773 | 1144702 |
|  Land Securities Group plc (REIT) | 119931 | 1038773 |
|  Legal & General Group plc | 933824 | 3263497 |
|  Lloyds Banking Group plc | 9738561 | 10252977 |
|  London Stock Exchange Group plc | 81777 | 11937915 |
|  LondonMetric Property plc (REIT) | 357615 | 996487 |
|  M&G plc | 380643 | 1342798 |
|  Marks & Spencer Group plc | 330271 | 1606660 |
|  Melrose Industries plc | 204443 | 1489577 |
|  National Grid plc | 790985 | 11525189 |
|  NatWest Group plc | 1268140 | 8902003 |
|  Next plc | 18614 | 3178483 |
|  Pearson plc | 106739 | 1569911 |
|  Persimmon plc | 50683 | 901627 |
|  Phoenix Group Holdings plc | 120432 | 1088573 |
|  Reckitt Benckiser Group plc | 110311 | 7502781 |
|  RELX plc | 297721 | 16089209 |
|  Rentokil Initial plc | 406356 | 1963959 |
|  Rightmove plc | 125556 | 1359108 |
|  Rolls-Royce Holdings plc | 1372550 | 18229882 |
|  Sage Group plc (The) | 156827 | 2691934 |
|  Schroders plc | 119213 | 591387 |
|  Segro plc (REIT) | 218055 | 2034132 |
|  Severn Trent plc | 42850 | 1608086 |
|  Smith & Nephew plc | 141976 | 2169052 |
|  Smiths Group plc | 54029 | 1665699 |
|  Spirax Group plc | 11845 | 968226 |
|  SSE plc | 179141 | 4502390 |
|  St James's Place plc | 83857 | 1362859 |
|  Standard Chartered plc | 306973 | 5085894 |
|  Taylor Wimpey plc | 570854 | 930505 |
|  Tesco plc | 1060020 | 5839061 |
|  Unilever plc | 398358 | 24196170 |
|  UNITE Group plc (The) (REIT) | 67207 | 781833 |
|  United Utilities Group plc | 110451 | 1730635 |
|  Vodafone Group plc | 3145623 | 3358415 |
|  Weir Group plc (The) | 41922 | 1432851 |
|  Whitbread plc | 28541 | 1105961 |
|  WPP plc | 174408 | 1227170 |
|  |  | 359871883 |
|  **United States (7.2%)** | **United States (7.2%)** | **United States (7.2%)** |
|  Alcoa Corp. (CRDI) (x) | 5316 | 157443 |
|  Amcor plc (CHDI) | 64984 | 607323 |
|  Block, Inc. (CRDI)\* | 5476 | 369954 |
|  BP plc | 2579770 | 12949881 |
|  CSL Ltd. | 53219 | 8388047 |
|  Experian plc | 148444 | 7645137 |
|  GSK plc | 654559 | 12488878 |
|  Haleon plc | 1458700 | 7496553 |
|  James Hardie Industries plc (CHDI) (x)\* | 47241 | 1296522 |
|  Life360, Inc. (CRDI) (m)(x)\* | 24620 | 521433 |
|  Light & Wonder, Inc. (CRDI)\* | 2817 | 273318 |
|  Newmont Corp. (CRDI) | 12382 | 711508 |
|  News Corp. (CHDI), Class B | 4262 | 145581 |
|  Reliance Worldwide Corp. Ltd. | 85749 | 231386 |
|  ResMed, Inc. (CHDI) | 65188 | 1688252 |
|  Sanofi SA | 195280 | 18910773 |
|  Schneider Electric SE | 98682 | 26247548 |
|  Shell plc | 968097 | 33932398 |
|  Sims Ltd. | 17626 | 177952 |
|  Stellantis NV | 346542 | 3473452 |
|  |  | 137713339 |
|  **Total Common Stocks (97.9%)** <br> *(Cost $1,139,178,902)* |  | 1885117543 |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  **United Kingdom (0.3%)** | **United Kingdom (0.3%)** | **United Kingdom (0.3%)** |
|  Alliance Witan plc | 63226 | 1060539 |
|  F&C Investment Trust plc | 77729 | 1182177 |
|  Polar Capital Technology Trust plc\* | 186060 | 928362 |
|  Scottish Mortgage Investment Trust plc | 191487 | 2717813 |
|  |  | 5888891 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  Pershing Square Holdings Ltd. | 21139 | 1128740 |
|  **Total Closed End Funds (0.4%)** <br> *(Cost $4,194,820)* |  | 7017631 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.3%)** | **Investment Company (0.3%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 6163401 | 6163401 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $6,163,401)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $6,163,401)* | 6163401 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $1,149,537,123)* | **Total Investments in Securities (98.6%)**<br> *(Cost $1,149,537,123)* | 1898298575 |
|  **Other Assets Less Liabilities (1.4%)** | **Other Assets Less Liabilities (1.4%)** | 26912234 |
|  **Net Assets (100%)** |  | $1925210809 |

---

See Notes to Financial Statements.

834

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $13,061,738 or 0.7% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $42,963,536. This was collateralized by $39,811,622 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $6,163,401 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*CRDI* *— CREST Depository Interest* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 116 | 9/2025 | EUR | 7278930 | 13345 |
|  FTSE 100 Index | 34 | 9/2025 | GBP | 4102068 | (22192) |
|  SPI 200 Index | 15 | 9/2025 | AUD | 2106985 | (2370) |
|  TOPIX Index | 42 | 9/2025 | JPY | 8328253 | 200709 |
|  |  |  |  |  | 189492 |

---

See Notes to Financial Statements.

835

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Funds** | $— | $7017631 | $— | $7017631 |
|  **Common Stocks** |  |  |  |  |
|  Australia |  | 183831577 | — (a) | 183831577 |
|  Austria |  | 1149974 |  | 1149974 |
|  Belgium |  | 12066861 |  | 12066861 |
|  Brazil |  | 105644 |  | 105644 |
|  Canada |  | 234627 |  | 234627 |
|  Chile |  | 1367710 |  | 1367710 |
|  China |  | 12248346 |  | 12248346 |
|  Finland |  | 12983113 |  | 12983113 |
|  France |  | 227060939 |  | 227060939 |
|  Germany |  | 229602771 |  | 229602771 |
|  Hong Kong |  | 5278507 |  | 5278507 |
|  Indonesia |  | 105677 |  | 105677 |
|  Italy |  | 62844137 |  | 62844137 |
|  Ivory Coast |  | 863348 |  | 863348 |
|  Japan |  | 473935803 |  | 473935803 |
|  Mexico |  | 590059 |  | 590059 |
|  Netherlands |  | 88434448 |  | 88434448 |
|  New Zealand |  | 3546899 |  | 3546899 |
|  Nigeria |  | 220733 |  | 220733 |
|  Russia |  |  | — (a) | — (a) |
|  South Africa |  | 5083408 |  | 5083408 |
|  Spain |  | 65977740 |  | 65977740 |
|  United Arab Emirates |  |  | — (a) | — (a) |
|  United Kingdom |  | 359871883 |  | 359871883 |
|  United States |  | 137713339 |  | 137713339 |
|  **Futures** | 214054 |  |  | 214054 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 6163401 |  |  | 6163401 |
|  **Total Assets** | $**6377455** | $**1892135174** | $**—** | $**1898512629** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(24562) | $— | $— | $(24562) |
|  **Total Liabilities** | $**(24562)** | $**—** | $**—** | $**(24562)** |
|  **Total** | $**6352893** | $**1892135174** | $**—** | $**1898488067** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

836

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $214054 |
|  **Total** |  | $214054 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (24562) |
|  **Total** |  | $(24562) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Equity contracts | $877355 | $— | $877355 |
|  **Total** | $877355 | $— | $877355 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $295978 | $295978 |
|  **Total** | $295978 | $295978 |

---

^ The Portfolio held forward foreign currency contracts for hedging and futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $16161000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $45535188.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $95077039.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $829418400 |
|  Aggregate gross unrealized depreciation | (117957842) |
|  Net unrealized appreciation | $711460558 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1187027509 |

---

See Notes to Financial Statements.

837

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,149,537,123) | $1898298575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 21188327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,660,752) | 1670706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1419743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 10884369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 739761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 7207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 35844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1934255264 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6163401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1495623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 488899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 263288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 218267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 143694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 139286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 130514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9044455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1925210809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1208196537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 717014272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1925210809 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $710,017,438 / 54,326,367 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.07 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,081,669,405 / 84,357,545 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.82 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $133,523,966 / 10,198,117 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.09 |

---

*(x)* *Includes value of securities on loan of $42,963,536.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $3,342,293 foreign withholding tax) | $34048200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 313967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 57844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 34420011 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3548495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1241895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 819961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 804553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 161951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 74927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 65913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 28720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 223918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6970333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (759074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6211259 |
|  **NET INVESTMENT INCOME (LOSS)** | 28208752 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 11523672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 877355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 487910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12888937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 279307474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 295978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 855133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 280458585 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 293347522 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $321556274 |

---

See Notes to Financial Statements.

838

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $28208752 | $39885893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12888937 | 11123644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 280458585 | 30677694 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 321556274 | 81687231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (18887459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (28509092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (3780183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (51176734) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,500,659 and 1,823,483 shares, respectively ] | 17956833 | 20739686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,672,537 shares, respectively ] |  | 18887459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4324891) and (6421124) shares, respectively ] | (50764697) | (73097443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (32807864) | (33470298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,864,881 and 9,491,576 shares, respectively ] | 57248358 | 105823522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,573,423 shares, respectively ] |  | 28509092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7496255) and (10188745) shares, respectively ] | (88129834) | (113628202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (30881476) | 20704412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 253,303 and 543,924 shares, respectively ] | 2995216 | 6179300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 334,758 shares, respectively ] |  | 3780183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (689137) and (813919) shares, respectively ] | (8423298) | (9283209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (5428082) | 676274 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (69117422) | (12089612) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 252438852 | 18420885 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1672771957 | 1654351072 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1925210809 | $1672771957 |

---

See Notes to Financial Statements.

839

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.92 | $10.73 | $9.27 | $10.78 | $10.04 | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.26 | 0.25 | 0.27 | 0.26 (cc) | 0.17 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.96 | 0.27 | 1.51 | (1.55) | 0.83 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.15 | 0.53 | 1.76 | (1.28) | 1.09 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.30) | (0.23) | (0.35) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.34) | (0.30) | (0.23) | (0.35) | (0.21) |
|  Net asset value, end of period | $13.07 | $10.92 | $10.73 | $9.27 | $10.78 | $10.04 |
|  Total return (b) | 19.69% | 4.82% | 19.01% | (11.89)% | 10.93% | 3.93% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $710017 | $624285 | $644526 | $568748 | $669881 | $619200 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.72% | 0.72% | 0.74 %(j) | 0.77 %(k) | 0.78 %(o) | 0.79 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.80% | 0.79% | 0.80% | 0.79% | 0.79% | 0.80% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.16% | 2.31% | 2.42% | 2.88% | 2.37 %(dd) | 1.88 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.08% | 2.24% | 2.36% | 2.86% | 2.37 %(dd) | 1.88 %(bb) |
|  Portfolio turnover rate^ | 3 %(z) | 5% | 8% | 9% | 10% | 11% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.72 | $10.53 | $9.10 | $10.59 | $9.87 | $9.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.26 | 0.24 | 0.26 | 0.25 (cc) | 0.16 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.92 | 0.27 | 1.49 | (1.52) | 0.82 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.10 | 0.53 | 1.73 | (1.26) | 1.07 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.30) | (0.23) | (0.35) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.34) | (0.30) | (0.23) | (0.35) | (0.21) |
|  Net asset value, end of period | $12.82 | $10.72 | $10.53 | $9.10 | $10.59 | $9.87 |
|  Total return (b) | 19.59% | 4.92% | 19.04% | (11.92)% | 10.91% | 3.89% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1081669 | $932262 | $896378 | $782335 | $910733 | $841045 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.72% | 0.72% | 0.74 %(j) | 0.77 %(k) | 0.78 %(o) | 0.79 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.80% | 0.79% | 0.80% | 0.79% | 0.79% | 0.80% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.16% | 2.29% | 2.41% | 2.88% | 2.38 %(dd) | 1.88 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.07% | 2.22% | 2.36% | 2.86% | 2.37 %(dd) | 1.87 %(bb) |
|  Portfolio turnover rate^ | 3 %(z) | 5% | 8% | 9% | 10% | 11% |

---

See Notes to Financial Statements.

840

------

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.93 | $10.73 | $9.27 | $10.78 | $10.03 | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.29 | 0.27 | 0.29 | 0.28 (cc) | 0.19 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.96 | 0.28 | 1.51 | (1.54) | 0.84 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.16 | 0.57 | 1.78 | (1.25) | 1.12 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.37) | (0.32) | (0.26) | (0.37) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.37) | (0.32) | (0.26) | (0.37) | (0.23) |
|  Net asset value, end of period | $13.09 | $10.93 | $10.73 | $9.27 | $10.78 | $10.03 |
|  Total return (b) | 19.76% | 5.17% | 19.28% | (11.68)% | 11.29% | 4.05% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $133524 | $116225 | $113447 | $106947 | $116340 | $112847 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.47% | 0.47% | 0.49 %(j) | 0.52 %(k) | 0.53 %(o) | 0.54 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.55% | 0.54% | 0.55% | 0.54% | 0.54% | 0.55% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.42% | 2.55% | 2.68% | 3.12% | 2.62 %(dd) | 2.16 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.33% | 2.47% | 2.62% | 3.10% | 2.61 %(dd) | 2.15 %(bb) |
|  Portfolio turnover rate^ | 3 %(z) | 5% | 8% | 9% | 10% | 11% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.74% for Class IA, 0.74% for Class IB and 0.49% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.78% for Class IA, 0.78% for Class IB and 0.53% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.79% for Class IA, 0.79% for Class IB and 0.54% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.15, $0.14 and $0.17 for Class IA, IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend the ratios for each class would have been 0.23% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.20,$0.20 and $0.23 for Class IA, Class IB and Class K, respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.49% lower.* 

See Notes to Financial Statements.

841

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (6.8%)** | **Australia (6.8%)** | **Australia (6.8%)** |
|  AGL Energy Ltd. | 21601 | $138328 |
|  ALS Ltd. | 17603 | 198111 |
|  Amotiv Ltd. | 5717 | 30139 |
|  AMP Ltd. | 92528 | 76731 |
|  Ampol Ltd. | 8904 | 150841 |
|  Ansell Ltd. | 5830 | 116223 |
|  ANZ Group Holdings Ltd. | 104615 | 2007735 |
|  APA Group | 46619 | 250674 |
|  ARB Corp. Ltd. | 2304 | 49586 |
|  Arena REIT (REIT) | 14610 | 35674 |
|  Aristocrat Leisure Ltd. | 22022 | 944560 |
|  ASX Ltd. | 7084 | 325244 |
|  Atlas Arteria Ltd. | 38473 | 128884 |
|  AUB Group Ltd. | 4347 | 101508 |
|  Aurizon Holdings Ltd. | 70013 | 139620 |
|  Bank of Queensland Ltd. | 21396 | 109556 |
|  Bapcor Ltd. | 12735 | 41908 |
|  Beach Energy Ltd. | 52506 | 45615 |
|  Bega Cheese Ltd. | 10108 | 36323 |
|  Bellevue Gold Ltd.\* | 38882 | 23031 |
|  Bendigo & Adelaide Bank Ltd. | 18893 | 157171 |
|  BHP Group Ltd. | 178715 | 4322582 |
|  BlueScope Steel Ltd. | 15103 | 229714 |
|  Boss Energy Ltd.\* | 15367 | 47231 |
|  Brambles Ltd. | 48229 | 743396 |
|  Breville Group Ltd. | 3647 | 70784 |
|  Brickworks Ltd. | 3128 | 70819 |
|  BWP Trust (REIT) | 19061 | 44158 |
|  Capricorn Metals Ltd.\* | 13680 | 85983 |
|  CAR Group Ltd. | 14620 | 360061 |
|  Centuria Capital Group (REIT) | 28828 | 31970 |
|  Challenger Ltd. | 17638 | 93796 |
|  Charter Hall Group (REIT) | 17182 | 217007 |
|  Charter Hall Long Wale REIT (REIT) | 18664 | 50118 |
|  Charter Hall Retail REIT (REIT) | 19075 | 48208 |
|  Clarity Pharmaceuticals Ltd. (x)\* | 10356 | 17040 |
|  Cleanaway Waste Management Ltd. | 78800 | 141065 |
|  Cochlear Ltd. | 2302 | 455155 |
|  Codan Ltd. | 4339 | 57428 |
|  Coles Group Ltd. | 47224 | 647717 |
|  Commonwealth Bank of Australia | 58919 | 7164151 |
|  Computershare Ltd. | 19500 | 511945 |
|  Corporate Travel Management Ltd. | 4838 | 44100 |
|  Credit Corp. Group Ltd. | 2888 | 25717 |
|  Data#3 Ltd. | 5527 | 27682 |
|  Deep Yellow Ltd.\* | 35770 | 39315 |
|  Deterra Royalties Ltd. | 11262 | 27869 |
|  Dexus (REIT) | 39692 | 173720 |
|  Domino's Pizza Enterprises Ltd. | 2970 | 37667 |
|  Downer EDI Ltd. | 25221 | 104741 |
|  Dyno Nobel Ltd. | 63569 | 112544 |
|  Eagers Automotive Ltd. | 6620 | 76029 |
|  Elders Ltd. | 6302 | 26130 |
|  Emerald Resources NL\* | 18647 | 48108 |
|  Endeavour Group Ltd. | 53755 | 141869 |
|  Evolution Mining Ltd. | 69019 | 353860 |
|  EVT Ltd. | 3842 | 42101 |
|  Flight Centre Travel Group Ltd. | 7568 | 62161 |
|  Fortescue Ltd. | 61432 | 617793 |
|  Genesis Minerals Ltd.\* | 36242 | 102567 |
|  Glencore plc | 3087166 | 12017829 |
|  Gold Road Resources Ltd. | 41019 | 88279 |
|  Goodman Group (REIT) | 70284 | 1583854 |
|  GPT Group (The) (REIT) | 65724 | 209360 |
|  GrainCorp Ltd., Class A | 8036 | 41148 |
|  Guzman y Gomez Ltd.\* | 1679 | 31261 |
|  Harvey Norman Holdings Ltd. | 19394 | 67267 |
|  Helia Group Ltd. | 10987 | 40711 |
|  HMC Capital Ltd. (REIT) | 11066 | 37144 |
|  HomeCo Daily Needs REIT (REIT) (m) | 75836 | 62639 |
|  HUB24 Ltd. | 2880 | 169019 |
|  IDP Education Ltd. (x) | 10762 | 25995 |
|  IGO Ltd. | 20056 | 55043 |
|  Iluka Resources Ltd. | 18566 | 46433 |
|  Ingenia Communities Group (REIT) | 12768 | 45966 |
|  Inghams Group Ltd. | 11667 | 27259 |
|  Insignia Financial Ltd.\* | 24263 | 57966 |
|  Insurance Australia Group Ltd. | 86101 | 511706 |
|  IPH Ltd. | 8971 | 27042 |
|  IRESS Ltd. | 7655 | 40305 |
|  JB Hi-Fi Ltd. | 4187 | 304089 |
|  Judo Capital Holdings Ltd.\* | 33650 | 34660 |
|  Lendlease Corp. Ltd. (x) | 26590 | 94151 |
|  Lifestyle Communities Ltd. | 3641 | 16774 |
|  Liontown Resources Ltd. (x)\* | 87574 | 40346 |
|  Lottery Corp. Ltd. (The) | 82886 | 290759 |
|  Lovisa Holdings Ltd. | 2652 | 55295 |
|  Lynas Rare Earths Ltd.\* | 30942 | 175338 |
|  Macquarie Group Ltd. | 12480 | 1878722 |
|  Magellan Financial Group Ltd. | 4295 | 24197 |
|  Medibank Pvt Ltd. | 106160 | 352840 |
|  Megaport Ltd.\* | 8385 | 79688 |
|  Mesoblast Ltd.\* | 34632 | 37723 |
|  Metcash Ltd. | 45279 | 116519 |
|  Mineral Resources Ltd.\* | 6913 | 98094 |
|  Mirvac Group (REIT) | 139062 | 201352 |
|  Monadelphous Group Ltd. | 3274 | 37838 |
|  National Australia Bank Ltd. | 107825 | 2793183 |
|  National Storage REIT (REIT) | 49559 | 75020 |
|  Netwealth Group Ltd. | 4855 | 107331 |
|  Neuren Pharmaceuticals Ltd.\* | 4985 | 46293 |
|  New Hope Corp. Ltd. | 19950 | 48581 |
|  NEXTDC Ltd.\* | 21755 | 207612 |
|  nib holdings Ltd. | 17468 | 81396 |
|  Nine Entertainment Co. Holdings Ltd. | 38897 | 41600 |
|  Northern Star Resources Ltd. | 48852 | 596419 |
|  NRW Holdings Ltd. | 18286 | 35984 |
|  Nufarm Ltd.\* | 16854 | 27287 |
|  Orica Ltd. | 19013 | 243886 |
|  Origin Energy Ltd. | 60654 | 430731 |
|  Orora Ltd. | 40922 | 50903 |
|  Paladin Energy Ltd.\* | 10687 | 56762 |
|  Perpetual Ltd. | 4518 | 53702 |
|  Perseus Mining Ltd. | 43423 | 97168 |
|  PEXA Group Ltd.\* | 3591 | 32143 |
|  Pilbara Minerals Ltd.\* | 102331 | 89911 |
|  Pinnacle Investment Management Group Ltd. | 6284 | 84950 |
|  PolyNovo Ltd. (x)\* | 29660 | 23327 |

---

See Notes to Financial Statements.

842

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Premier Investments Ltd. | 3961 | $| 52738 |
|  Pro Medicus Ltd. | 2080 |  | 390261 |
|  Qantas Airways Ltd. | 53277 |  | 376590 |
|  QBE Insurance Group Ltd. | 52612 |  | 809916 |
|  Qube Holdings Ltd. | 68053 |  | 191697 |
|  Ramelius Resources Ltd. | 41600 |  | 68995 |
|  Ramsay Health Care Ltd. | 6745 |  | 162875 |
|  REA Group Ltd. | 1814 |  | 287117 |
|  Reece Ltd. (x) | 8185 |  | 77303 |
|  Region Group (REIT) | 46044 |  | 66669 |
|  Regis Resources Ltd.\* | 33584 |  | 97034 |
|  Rio Tinto Ltd. | 13070 |  | 921534 |
|  Rio Tinto plc | 51995 |  | 3029696 |
|  Sandfire Resources Ltd.\* | 16614 |  | 122685 |
|  Santos Ltd. | 122118 |  | 615649 |
|  Scentre Group (REIT) | 197862 |  | 463593 |
|  SEEK Ltd. | 12793 |  | 202494 |
|  SGH Ltd. | 7733 |  | 275188 |
|  Sigma Healthcare Ltd. | 44019 |  | 86624 |
|  SiteMinder Ltd.\* | 9363 |  | 27299 |
|  SmartGroup Corp. Ltd. | 5560 |  | 26969 |
|  Sonic Healthcare Ltd. | 18670 |  | 329186 |
|  South32 Ltd. | 172006 |  | 329429 |
|  Steadfast Group Ltd. | 42645 |  | 168682 |
|  Stockland (REIT) | 84492 |  | 298061 |
|  Suncorp Group Ltd. | 38129 |  | 542294 |
|  Super Retail Group Ltd. | 5904 |  | 55333 |
|  Tabcorp Holdings Ltd. | 82114 |  | 38641 |
|  Technology One Ltd. | 11605 |  | 313227 |
|  Telix Pharmaceuticals Ltd.\* | 10024 |  | 161106 |
|  Telstra Group Ltd. | 402507 |  | 1282164 |
|  TPG Telecom Ltd. | 22358 |  | 78431 |
|  Transurban Group | 109439 |  | 1006941 |
|  Treasury Wine Estates Ltd. | 32710 |  | 168134 |
|  Vault Minerals Ltd.\* | 244918 |  | 67701 |
|  Ventia Services Group Pty. Ltd. | 28163 |  | 96014 |
|  Vicinity Ltd. (REIT) | 144176 |  | 234377 |
|  Virgin Australia International Holdings Pty. Ltd. (r)\* | 96120 |  |  |
|  Viva Energy Group Ltd. (m) | 41074 |  | 58391 |
|  Washington H Soul Pattinson & Co. Ltd. (x) | 9794 |  | 270793 |
|  Waypoint REIT Ltd. (REIT) | 18376 |  | 29752 |
|  WEB Travel Group Ltd.\* | 17419 |  | 51016 |
|  Wesfarmers Ltd. | 39961 |  | 2228953 |
|  West African Resources Ltd.\* | 32110 |  | 47972 |
|  Westgold Resources Ltd. | 33944 |  | 64117 |
|  Westpac Banking Corp. | 120492 |  | 2685159 |
|  Whitehaven Coal Ltd. | 32179 |  | 115000 |
|  WiseTech Global Ltd. | 6712 |  | 481640 |
|  Woodside Energy Group Ltd. | 66851 |  | 1039672 |
|  Woolworths Group Ltd. | 42952 |  | 879444 |
|  Worley Ltd. | 17400 |  | 149790 |
|  Yancoal Australia Ltd. | 14565 |  | 55311 |
|  Zip Co. Ltd.\* | 45054 |  | 91033 |
|  |  |  | 68601253 |
|  **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** |
|  Mondi plc | 22165 |  | 361903 |
|  **Belgium (0.4%)** | **Belgium (0.4%)** | **Belgium (0.4%)** | **Belgium (0.4%)** |
|  Anheuser-Busch InBev SA/NV | 55435 |  | 3803052 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Karoon Energy Ltd. | 36590 |  | 46237 |
|  **Canada (0.3%)** | **Canada (0.3%)** | **Canada (0.3%)** | **Canada (0.3%)** |
|  Champion Iron Ltd. | 15522 |  | 42600 |
|  Open Text Corp. | 89352 |  | 2610843 |
|  |  |  | 2653443 |
|  **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** |
|  Antofagasta plc | 19171 |  | 476171 |
|  **China (1.4%)** | **China (1.4%)** | **China (1.4%)** | **China (1.4%)** |
|  Alibaba Group Holding Ltd. | 399000 |  | 5580953 |
|  Prosus NV | 146779 |  | 8207483 |
|  |  |  | 13788436 |
|  **Denmark (0.5%)** | **Denmark (0.5%)** | **Denmark (0.5%)** | **Denmark (0.5%)** |
|  DSV A/S | 22200 |  | 5334660 |
|  **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** |
|  Nokia OYJ | 291982 |  | 1515401 |
|  Nordea Bank Abp | 181455 |  | 2695323 |
|  |  |  | 4210724 |
|  **France (12.9%)** | **France (12.9%)** | **France (12.9%)** | **France (12.9%)** |
|  Accor SA | 93597 |  | 4887497 |
|  Air Liquide SA | 31253 |  | 6447687 |
|  Airbus SE | 61892 |  | 12923261 |
|  AXA SA | 101248 |  | 4969776 |
|  BNP Paribas SA | 160311 |  | 14412142 |
|  Capgemini SE | 33300 |  | 5689693 |
|  Cie de Saint-Gobain SA | 26964 |  | 3164790 |
|  Danone SA | 59241 |  | 4840144 |
|  Edenred SE | 180856 |  | 5600804 |
|  EssilorLuxottica SA | 16745 |  | 4593900 |
|  Hermes International SCA | 1898 |  | 5139987 |
|  Kering SA | 41375 |  | 8995026 |
|  L'Oreal SA | 13020 |  | 5568832 |
|  LVMH Moet Hennessy Louis Vuitton SE | 22411 |  | 11737012 |
|  Pernod Ricard SA | 72662 |  | 7241100 |
|  Publicis Groupe SA | 30805 |  | 3471916 |
|  Safran SA | 20238 |  | 6577277 |
|  TotalEnergies SE | 122650 |  | 7527177 |
|  Vinci SA | 31467 |  | 4637026 |
|  Worldline SA (m)(x)\* | 338400 |  | 1429047 |
|  |  |  | 129854094 |
|  **Germany (14.0%)** | **Germany (14.0%)** | **Germany (14.0%)** | **Germany (14.0%)** |
|  adidas AG | 37125 |  | 8656629 |
|  Allianz SE (Registered) | 30204 |  | 12242666 |
|  BASF SE | 48222 |  | 2377778 |
|  Bayer AG (Registered) | 316380 |  | 9516379 |
|  Bayerische Motoren Werke AG | 92364 |  | 8210061 |
|  Brenntag SE | 98100 |  | 6494298 |
|  Continental AG | 98020 |  | 8555783 |
|  Daimler Truck Holding AG | 145300 |  | 6875342 |
|  Deutsche Boerse AG | 10174 |  | 3318498 |
|  Deutsche Post AG | 50578 |  | 2336067 |
|  Deutsche Telekom AG (Registered) | 194437 |  | 7093278 |
|  Fresenius Medical Care AG | 127800 |  | 7323869 |
|  Fresenius SE & Co. KGaA | 111700 |  | 5615707 |
|  Infineon Technologies AG | 70558 |  | 3001655 |
|  Mercedes-Benz Group AG | 121399 |  | 7105767 |

---

See Notes to Financial Statements.

843

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 7059 | $| 4578321 |
|  Rheinmetall AG | 2466 |  | 5219970 |
|  SAP SE | 55297 |  | 16815143 |
|  Siemens AG (Registered) | 46530 |  | 11929399 |
|  thyssenkrupp AG | 210500 |  | 2261877 |
|  Volkswagen AG (Preference) (q) | 11225 |  | 1184999 |
|  |  |  | 140713486 |
|  **Hong Kong (0.7%)** | **Hong Kong (0.7%)** | **Hong Kong (0.7%)** | **Hong Kong (0.7%)** |
|  Prudential plc | 571132 |  | 7154459 |
|  **India (0.3%)** | **India (0.3%)** | **India (0.3%)** | **India (0.3%)** |
|  Axis Bank Ltd. | 209700 |  | 2932279 |
|  **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** | **Indonesia (0.6%)** |
|  Bank Mandiri Persero Tbk. PT | 19141100 |  | 5753531 |
|  Nickel Industries Ltd. | 38546 |  | 17631 |
|  |  |  | 5771162 |
|  **Italy (2.6%)** | **Italy (2.6%)** | **Italy (2.6%)** | **Italy (2.6%)** |
|  Coca-Cola HBC AG | 10670 |  | 557141 |
|  Enel SpA | 419719 |  | 3982951 |
|  Eni SpA | 112162 |  | 1817988 |
|  Ferrari NV | 6377 |  | 3125655 |
|  Intesa Sanpaolo SpA | 1399525 |  | 8063982 |
|  Ryanair Holdings plc (ADR) | 56300 |  | 3246821 |
|  UniCredit SpA | 84160 |  | 5641845 |
|  |  |  | 26436383 |
|  **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** | **Ivory Coast (0.0%)†** |
|  Endeavour Mining plc | 8773 |  | 268302 |
|  **Japan (16.2%)** | **Japan (16.2%)** | **Japan (16.2%)** | **Japan (16.2%)** |
|  77 Bank Ltd. (The) | 1400 |  | 47861 |
|  A&D HOLON Holdings Co. Ltd. | 1200 |  | 17524 |
|  ABC-Mart, Inc. | 2400 |  | 49365 |
|  Achilles Corp. | 1000 |  | 7687 |
|  Acom Co. Ltd. | 13300 |  | 39446 |
|  Adastria Co. Ltd. | 760 |  | 15732 |
|  ADEKA Corp. | 1500 |  | 28728 |
|  Advan Group Co. Ltd. | 1400 |  | 7982 |
|  Advance Create Co. Ltd.\* | 200 |  | 576 |
|  Advantest Corp. | 17200 |  | 1272636 |
|  Adways, Inc. | 1700 |  | 4026 |
|  Aeon Co. Ltd. (x) | 22953 |  | 704505 |
|  Aeon Fantasy Co. Ltd. | 400 |  | 7566 |
|  AEON Financial Service Co. Ltd. | 1500 |  | 13380 |
|  Aeon Hokkaido Corp. | 900 |  | 5556 |
|  AGC, Inc. (x) | 5100 |  | 149701 |
|  Ai Holdings Corp. (x) | 600 |  | 9770 |
|  Aica Kogyo Co. Ltd. | 700 |  | 17490 |
|  Aichi Corp. | 2100 |  | 19731 |
|  Aichi Financial Group, Inc. | 32 |  | 564 |
|  Aichi Steel Corp. | 2400 |  | 35615 |
|  Aichi Tokei Denki Co. Ltd. | 300 |  | 4735 |
|  Aida Engineering Ltd. | 3300 |  | 20853 |
|  Aiful Corp. | 6900 |  | 20220 |
|  Ain Holdings, Inc. | 200 |  | 7553 |
|  Aiphone Co. Ltd. | 800 |  | 15305 |
|  Air Water, Inc. | 5900 |  | 88210 |
|  Airport Facilities Co. Ltd. | 1200 |  | 6658 |
|  Airtech Japan Ltd. | 300 |  | 2202 |
|  Aisan Industry Co. Ltd. | 1500 |  | 17510 |
|  Aisin Corp. | 12444 |  | 159606 |
|  Aizawa Securities Group Co. Ltd. | 2200 |  | 20120 |
|  Ajinomoto Co., Inc. | 24400 |  | 662335 |
|  Akebono Brake Industry Co. Ltd.\* | 5700 |  | 4117 |
|  Akita Bank Ltd. (The) | 800 |  | 16722 |
|  Alconix Corp. | 800 |  | 10305 |
|  Alfresa Holdings Corp. | 3900 |  | 53393 |
|  Alleanza Holdings Co. Ltd. | 111 |  | 781 |
|  Alpen Co. Ltd. | 700 |  | 11530 |
|  Alpha Systems, Inc. | 360 |  | 9012 |
|  Alps Alpine Co. Ltd. | 6032 |  | 65030 |
|  Altech Corp. | 1100 |  | 21083 |
|  Amada Co. Ltd. | 5500 |  | 60173 |
|  Amano Corp. | 600 |  | 18683 |
|  Amuse, Inc. | 600 |  | 6737 |
|  Amvis Holdings, Inc. | 2100 |  | 7058 |
|  ANA Holdings, Inc. | 14500 |  | 284200 |
|  Anest Iwata Corp. | 2000 |  | 19166 |
|  Anicom Holdings, Inc. | 6400 |  | 30577 |
|  Anritsu Corp. | 5200 |  | 67453 |
|  Anycolor, Inc. | 500 |  | 18124 |
|  AOKI Holdings, Inc. | 2200 |  | 25498 |
|  Aoyama Trading Co. Ltd. | 1600 |  | 24332 |
|  Aozora Bank Ltd. (x) | 4300 |  | 64557 |
|  Appier Group, Inc. | 3800 |  | 43039 |
|  Arakawa Chemical Industries Ltd. | 1000 |  | 7125 |
|  Arclands Corp. (x) | 1400 |  | 17188 |
|  Arcs Co. Ltd. | 1500 |  | 31124 |
|  ARE Holdings, Inc. | 2400 |  | 30082 |
|  Argo Graphics, Inc. | 800 |  | 29166 |
|  Ariake Japan Co. Ltd. | 800 |  | 36776 |
|  Arisawa Manufacturing Co. Ltd. | 2000 |  | 20444 |
|  Artience Co. Ltd. | 200 |  | 4187 |
|  As One Corp. | 1300 |  | 22487 |
|  Asahi Co. Ltd. | 500 |  | 4614 |
|  Asahi Diamond Industrial Co. Ltd. | 4000 |  | 19888 |
|  Asahi Group Holdings Ltd. (x) | 159400 |  | 2133561 |
|  Asahi Intecc Co. Ltd. | 7000 |  | 111000 |
|  Asahi Kasei Corp. | 33900 |  | 241765 |
|  Asahi Kogyosha Co. Ltd. | 800 |  | 13811 |
|  Asahi Net, Inc. | 1000 |  | 4805 |
|  ASAHI YUKIZAI Corp. | 800 |  | 22471 |
|  Asanuma Corp. | 4000 |  | 20860 |
|  Asics Corp. | 20000 |  | 511093 |
|  ASKA Pharmaceutical Holdings Co. Ltd. | 1000 |  | 16992 |
|  ASKUL Corp. | 1800 |  | 19249 |
|  Astellas Pharma, Inc. | 47200 |  | 464281 |
|  Astena Holdings Co. Ltd. | 1000 |  | 3257 |
|  Autobacs Seven Co. Ltd. | 100 |  | 996 |
|  Avex, Inc. | 2300 |  | 20316 |
|  Awa Bank Ltd. (The) | 100 |  | 1995 |
|  Axell Corp. | 400 |  | 2628 |
|  Axial Retailing, Inc. | 2800 |  | 21874 |
|  Azbil Corp. | 14800 |  | 140801 |
|  AZ-COM MARUWA Holdings, Inc. | 2000 |  | 14180 |
|  Bandai Namco Holdings, Inc. | 15000 |  | 538627 |
|  Bando Chemical Industries Ltd. | 2000 |  | 23582 |
|  Bank of Iwate Ltd. (The) | 800 |  | 16916 |
|  Bank of Nagoya Ltd. (The) | 99 |  | 5445 |
|  Bank of Saga Ltd. (The) | 700 |  | 11307 |

---

See Notes to Financial Statements.

844

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Bank of the Ryukyus Ltd. | 2500 | $19826 |
|  BayCurrent, Inc. | 4100 | 211257 |
|  Belc Co. Ltd. | 600 | 30916 |
|  Belluna Co. Ltd. | 3000 | 18520 |
|  Bic Camera, Inc. | 3300 | 37903 |
|  BIPROGY, Inc. | 2100 | 87876 |
|  BML, Inc. | 1400 | 32179 |
|  Bookoff Group Holdings Ltd. | 700 | 6878 |
|  Bridgestone Corp. (x) | 15800 | 647339 |
|  Brother Industries Ltd. | 6500 | 112437 |
|  Buffalo, Inc. | 600 | 9545 |
|  Bunka Shutter Co. Ltd. | 100 | 1640 |
|  CAC Holdings Corp. | 700 | 9654 |
|  Calbee, Inc. | 2900 | 55279 |
|  Canon Electronics, Inc. | 1100 | 19486 |
|  Canon Marketing Japan, Inc. (x) | 1200 | 44090 |
|  Canon, Inc. (x) | 27000 | 785410 |
|  Capcom Co. Ltd. | 11200 | 383664 |
|  Carlit Co. Ltd. | 1000 | 8514 |
|  Casio Computer Co. Ltd. | 1600 | 12222 |
|  Cawachi Ltd. | 800 | 15338 |
|  Central Glass Co. Ltd. | 1100 | 22710 |
|  Central Japan Railway Co. | 20500 | 460095 |
|  Central Security Patrols Co. Ltd. | 500 | 7729 |
|  Central Sports Co. Ltd. | 400 | 6680 |
|  Change Holdings, Inc. (x) | 1000 | 8014 |
|  Chiba Bank Ltd. (The) (x) | 15800 | 146419 |
|  Chiba Kogyo Bank Ltd. (The) | 2300 | 19054 |
|  Chino Corp. | 400 | 6766 |
|  Chiyoda Co. Ltd. | 1600 | 13277 |
|  Chiyoda Integre Co. Ltd. | 400 | 7600 |
|  Chofu Seisakusho Co. Ltd. (x) | 1200 | 15224 |
|  Chubu Electric Power Co., Inc. | 18600 | 230038 |
|  Chubu Shiryo Co. Ltd. | 1200 | 13041 |
|  Chudenko Corp. | 700 | 16163 |
|  Chugai Pharmaceutical Co. Ltd. | 17100 | 893563 |
|  Chugai Ro Co. Ltd. | 400 | 9611 |
|  Chugin Financial Group, Inc. | 4200 | 50938 |
|  Chugoku Electric Power Co., Inc. (The) | 9800 | 48522 |
|  Chugoku Marine Paints Ltd. | 600 | 11283 |
|  Chuo Spring Co. Ltd. | 400 | 5594 |
|  Citizen Watch Co. Ltd. | 2700 | 16031 |
|  CKD Corp. | 1100 | 20112 |
|  Cleanup Corp. | 1200 | 5658 |
|  CMK Corp. | 2400 | 5550 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 2473 | 39936 |
|  COLOPL, Inc. | 1700 | 6339 |
|  Colowide Co. Ltd. | 2300 | 30290 |
|  Computer Engineering & Consulting Ltd. | 1600 | 24355 |
|  Computer Institute of Japan Ltd. | 4320 | 14399 |
|  COMSYS Holdings Corp. | 2414 | 55956 |
|  Concordia Financial Group Ltd. | 29446 | 191638 |
|  Core Corp. | 400 | 5316 |
|  Corona Corp., Class A | 500 | 3132 |
|  Cosel Co. Ltd. | 1800 | 13999 |
|  Cosmo Energy Holdings Co. Ltd. | 1500 | 64342 |
|  Cosmos Pharmaceutical Corp. | 1200 | 76206 |
|  Create Restaurants Holdings, Inc. | 3900 | 38538 |
|  Create SD Holdings Co. Ltd. | 100 | 2226 |
|  Credit Saison Co. Ltd. | 3500 | 94788 |
|  Cresco Ltd. | 1200 | 14458 |
|  CTI Engineering Co. Ltd. | 1400 | 27289 |
|  CyberAgent, Inc. | 13600 | 155828 |
|  Cybozu, Inc. | 500 | 12986 |
|  Dai Nippon Printing Co. Ltd. | 9700 | 147516 |
|  Dai Nippon Toryo Co. Ltd. | 1400 | 11559 |
|  Daicel Corp. | 5000 | 41995 |
|  Dai-Dan Co. Ltd. | 1000 | 30867 |
|  Daido Metal Co. Ltd. | 1000 | 4611 |
|  Daido Steel Co. Ltd. | 2700 | 18669 |
|  Daifuku Co. Ltd. | 9100 | 235202 |
|  Daihen Corp. | 600 | 26624 |
|  Daiho Corp. | 4000 | 21999 |
|  Daiichi Jitsugyo Co. Ltd. | 1200 | 20424 |
|  Dai-ichi Life Holdings, Inc. | 98000 | 745863 |
|  Daiichi Sankyo Co. Ltd. | 50400 | 1177709 |
|  Daiichikosho Co. Ltd. | 1800 | 20293 |
|  Daiki Aluminium Industry Co. Ltd. | 2000 | 13472 |
|  Daikin Industries Ltd. | 7100 | 839398 |
|  Daikoku Denki Co. Ltd. | 500 | 7611 |
|  Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 800 | 17499 |
|  Daio Paper Corp. (x) | 2800 | 15536 |
|  Daiseki Co. Ltd. | 1279 | 30952 |
|  Daishi Hokuetsu Financial Group, Inc. | 2100 | 48634 |
|  Daisyo Corp. | 600 | 4662 |
|  Daito Trust Construction Co. Ltd. | 1600 | 174161 |
|  Daitron Co. Ltd. | 500 | 13072 |
|  Daiwa House Industry Co. Ltd. | 15900 | 546985 |
|  Daiwa Industries Ltd. | 1000 | 11527 |
|  Daiwa Securities Group, Inc. | 40100 | 285285 |
|  Daiwabo Holdings Co. Ltd. | 3050 | 54930 |
|  DCM Holdings Co. Ltd. | 2500 | 23142 |
|  Dear Life Co. Ltd. | 1000 | 8409 |
|  DeNA Co. Ltd. | 2400 | 44532 |
|  Denka Co. Ltd. | 2600 | 35749 |
|  Denso Corp. | 52900 | 716513 |
|  Dentsu Group, Inc. (x) | 5300 | 117626 |
|  Dentsu Soken, Inc. | 500 | 23333 |
|  Denyo Co. Ltd. | 1100 | 21617 |
|  Dexerials Corp. (x) | 4500 | 69763 |
|  DIC Corp. | 1299 | 26164 |
|  Digital Arts, Inc. | 400 | 21083 |
|  Digital Garage, Inc. | 500 | 16406 |
|  dip Corp. (x) | 1200 | 18999 |
|  Disco Corp. | 2600 | 769682 |
|  DKK Co. Ltd. | 600 | 8833 |
|  DKS Co. Ltd. | 400 | 10986 |
|  DMG Mori Co. Ltd. (x) | 3900 | 89886 |
|  Doshisha Co. Ltd. | 1000 | 17208 |
|  Doutor Nichires Holdings Co. Ltd. | 500 | 9111 |
|  Dowa Holdings Co. Ltd. | 900 | 29199 |
|  DTS Corp. | 1000 | 35902 |
|  Duskin Co. Ltd. | 1400 | 38528 |
|  DyDo Group Holdings, Inc. (x) | 1000 | 18479 |
|  Eagle Industry Co. Ltd. | 1000 | 13333 |
|  Earth Corp. | 100 | 3392 |
|  East Japan Railway Co. | 30000 | 647478 |
|  Ebara Corp. | 11500 | 221846 |
|  Ebara Jitsugyo Co. Ltd. | 600 | 15270 |

---

See Notes to Financial Statements.

845

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Eco's Co. Ltd. | 400 | $7064 |
|  EDION Corp. | 2700 | 39542 |
|  eGuarantee, Inc. | 1600 | 16411 |
|  Ehime Bank Ltd. (The) | 1400 | 9741 |
|  Eiken Chemical Co. Ltd. (x) | 2000 | 29596 |
|  Eisai Co. Ltd. | 6800 | 195871 |
|  Eizo Corp. | 200 | 2999 |
|  Elecom Co. Ltd. | 1400 | 17597 |
|  Electric Power Development Co. Ltd. | 3700 | 63103 |
|  ENEOS Holdings, Inc. | 82050 | 407444 |
|  en-Japan, Inc. | 1100 | 12726 |
|  Enplas Corp. | 200 | 6118 |
|  eRex Co. Ltd. | 1900 | 9856 |
|  Eslead Corp. | 500 | 15954 |
|  ESPEC Corp. | 1200 | 25791 |
|  euglena Co. Ltd. (x)\* | 8500 | 24732 |
|  Exedy Corp. | 500 | 14340 |
|  EXEO Group, Inc. | 6116 | 77976 |
|  Ezaki Glico Co. Ltd. (x) | 900 | 28811 |
|  FALCO HOLDINGS Co. Ltd. | 600 | 9475 |
|  FANUC Corp. | 26200 | 716836 |
|  Fast Retailing Co. Ltd. | 3400 | 1169182 |
|  FCC Co. Ltd. | 300 | 5819 |
|  Feed One Co. Ltd. | 1504 | 10256 |
|  FIDEA Holdings Co. Ltd. | 700 | 7005 |
|  Financial Partners Group Co. Ltd. | 1800 | 29836 |
|  FINDEX, Inc. | 1700 | 8594 |
|  Food & Life Cos. Ltd. | 3200 | 155883 |
|  Foster Electric Co. Ltd. | 1100 | 12023 |
|  FP Corp. | 800 | 14744 |
|  France Bed Holdings Co. Ltd. | 1600 | 14177 |
|  Fudo Tetra Corp. | 980 | 15387 |
|  Fuji Co. Ltd. | 1300 | 17974 |
|  Fuji Corp. | 1700 | 31720 |
|  Fuji Corp. Ltd. | 1200 | 5691 |
|  Fuji Electric Co. Ltd. | 3600 | 166344 |
|  Fuji Kyuko Co. Ltd. | 1500 | 21697 |
|  Fuji Media Holdings, Inc. | 5200 | 120210 |
|  Fuji Oil Co. Ltd. | 3300 | 6714 |
|  Fuji Oil Co. Ltd./Osaka | 1600 | 31388 |
|  Fuji Seal International, Inc. | 2400 | 46482 |
|  Fujibo Holdings, Inc. | 500 | 20555 |
|  Fujicco Co. Ltd. | 1000 | 11069 |
|  FUJIFILM Holdings Corp. | 32710 | 713689 |
|  Fujikura Composites, Inc. | 800 | 8305 |
|  Fujikura Kasei Co. Ltd. | 1600 | 5744 |
|  Fujikura Ltd. | 5900 | 310190 |
|  Fujimi, Inc. | 1800 | 25574 |
|  Fujita Kanko, Inc. | 300 | 23208 |
|  Fujitec Co. Ltd. | 1400 | 60256 |
|  Fujitsu Ltd. | 151100 | 3688181 |
|  Fujiya Co. Ltd. | 700 | 11657 |
|  FuKoKu Co. Ltd. | 500 | 5774 |
|  Fukuda Corp. | 200 | 6930 |
|  Fukui Bank Ltd. (The) | 1000 | 12166 |
|  Fukui Computer Holdings, Inc. | 400 | 8283 |
|  Fukuoka Financial Group, Inc. | 4784 | 128134 |
|  Fukuyama Transporting Co. Ltd. | 400 | 9361 |
|  FULLCAST Holdings Co. Ltd. (x) | 1000 | 11840 |
|  Funai Soken Holdings, Inc. (x) | 2340 | 39421 |
|  Furukawa Co. Ltd. | 100 | 1485 |
|  Furukawa Electric Co. Ltd. | 2300 | 112329 |
|  Fuso Pharmaceutical Industries Ltd. | 400 | 5889 |
|  Futaba Corp. | 2100 | 8968 |
|  Futaba Industrial Co. Ltd. | 3500 | 19468 |
|  Future Corp. | 2000 | 29818 |
|  Fuyo General Lease Co. Ltd. | 1800 | 48748 |
|  G-7 Holdings, Inc. | 1200 | 11041 |
|  Gakken Holdings Co. Ltd. | 2000 | 13138 |
|  Gakujo Co. Ltd. | 400 | 4903 |
|  Galilei Co. Ltd. | 1200 | 25416 |
|  Gecoss Corp. | 800 | 6700 |
|  Genki Global Dining Concepts Corp. | 600 | 17562 |
|  Geo Holdings Corp. | 300 | 3210 |
|  giftee, Inc. | 1900 | 22601 |
|  GLOBERIDE, Inc. | 1000 | 14687 |
|  Glory Ltd. | 200 | 4671 |
|  GMO internet group, Inc. | 1600 | 40076 |
|  GMO Payment Gateway, Inc. | 1500 | 97299 |
|  Godo Steel Ltd. | 700 | 18229 |
|  Goldcrest Co. Ltd. | 1100 | 25207 |
|  Goldwin, Inc. | 1300 | 73276 |
|  GREE Holdings, Inc. | 5100 | 18451 |
|  GS Yuasa Corp. | 1300 | 24338 |
|  GSI Creos Corp. | 600 | 8625 |
|  Gun-Ei Chemical Industry Co. Ltd. | 300 | 5969 |
|  GungHo Online Entertainment, Inc. | 1100 | 21094 |
|  Gunma Bank Ltd. (The) | 9700 | 81538 |
|  Gunze Ltd. | 1600 | 39665 |
|  Gurunavi, Inc.\* | 2000 | 3542 |
|  H.U. Group Holdings, Inc. | 1400 | 30984 |
|  H2O Retailing Corp. | 2660 | 34967 |
|  Hachijuni Bank Ltd. (The) | 11616 | 94457 |
|  Hakudo Co. Ltd. | 400 | 6350 |
|  Hakuhodo DY Holdings, Inc. | 7400 | 61433 |
|  Hakuto Co. Ltd. (x) | 700 | 17888 |
|  Hamakyorex Co. Ltd. | 2400 | 22599 |
|  Hamamatsu Photonics KK | 10400 | 126818 |
|  Hankyu Hanshin Holdings, Inc. | 7100 | 193271 |
|  Hanwa Co. Ltd. | 400 | 15111 |
|  Happinet Corp. | 600 | 23832 |
|  Hard Off Corp. Co. Ltd. | 500 | 5906 |
|  Harima Chemicals Group, Inc. | 1100 | 6042 |
|  Haseko Corp. | 3000 | 45071 |
|  Hazama Ando Corp. | 4020 | 40506 |
|  Heiwa Corp. | 1820 | 26541 |
|  Heiwa Real Estate Co. Ltd. | 1400 | 21291 |
|  Heiwado Co. Ltd. | 500 | 9826 |
|  Hibiya Engineering Ltd. | 400 | 10305 |
|  Hiday Hidaka Corp. | 1640 | 37639 |
|  Hikari Tsushin, Inc. | 700 | 206882 |
|  Hino Motors Ltd.\* | 4200 | 10470 |
|  Hirakawa Hewtech Corp. | 420 | 4016 |
|  Hirogin Holdings, Inc. | 5900 | 49452 |
|  Hirose Electric Co. Ltd. | 723 | 87661 |
|  HIS Co. Ltd. (x) | 3100 | 29169 |
|  Hisaka Works Ltd. | 1000 | 9389 |
|  Hisamitsu Pharmaceutical Co., Inc. | 600 | 17099 |
|  Hitachi Construction Machinery Co. Ltd. | 2700 | 80622 |
|  Hitachi Ltd. | 138540 | 4045420 |
|  Hochiki Corp. | 1000 | 21631 |
|  Hodogaya Chemical Co. Ltd. | 400 | 4042 |

---

See Notes to Financial Statements.

846

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Hokkaido Electric Power Co., Inc. (x) | 7100 | $37032 |
|  Hokkaido Gas Co. Ltd. | 2000 | 8250 |
|  Hokkan Holdings Ltd. | 600 | 7808 |
|  Hokko Chemical Industry Co. Ltd. | 1000 | 9583 |
|  Hokkoku Financial Holdings, Inc. | 500 | 16805 |
|  Hokuetsu Corp. | 2300 | 16786 |
|  Hokuhoku Financial Group, Inc. | 2900 | 55108 |
|  Hokuriku Electric Power Co. | 3300 | 16488 |
|  Hokuto Corp. | 1400 | 17480 |
|  Honda Motor Co. Ltd. | 127800 | 1237576 |
|  Honeys Holdings Co. Ltd. | 1080 | 11797 |
|  Hoosiers Holdings Co. Ltd. | 2000 | 17277 |
|  Horiba Ltd. | 900 | 70341 |
|  Hoshizaki Corp. (x) | 4000 | 138217 |
|  Hosiden Corp. | 600 | 9233 |
|  Hosokawa Micron Corp. | 800 | 27582 |
|  House Foods Group, Inc. | 1400 | 27246 |
|  Hoya Corp. | 10500 | 1250842 |
|  Hulic Co. Ltd. (x) | 11500 | 115994 |
|  Hyakugo Bank Ltd. (The) | 4000 | 19194 |
|  Hyakujushi Bank Ltd. (The) | 1400 | 40686 |
|  Ibiden Co. Ltd. (x) | 2900 | 127817 |
|  Ichibanya Co. Ltd. | 4000 | 25638 |
|  Ichigo, Inc. | 10100 | 28335 |
|  Ichikoh Industries Ltd. | 2000 | 5028 |
|  Ichinen Holdings Co. Ltd. | 1300 | 14254 |
|  Ichiyoshi Securities Co. Ltd. | 2700 | 15243 |
|  Icom, Inc. | 600 | 12304 |
|  Idec Corp. | 1400 | 22137 |
|  Idemitsu Kosan Co. Ltd. | 26710 | 162295 |
|  IDOM, Inc. | 3300 | 24291 |
|  IHI Corp. | 4300 | 467012 |
|  Iida Group Holdings Co. Ltd.(x) | 4076 | 57529 |
|  Iino Kaiun Kaisha Ltd. (x) | 400 | 2811 |
|  Inaba Denki Sangyo Co. Ltd. | 1500 | 41228 |
|  Inaba Seisakusho Co. Ltd. | 600 | 7758 |
|  Inabata & Co. Ltd. (x) | 1600 | 35721 |
|  Ines Corp. | 1600 | 18477 |
|  I-Net Corp. | 550 | 7291 |
|  Infomart Corp. | 6800 | 19738 |
|  INFRONEER Holdings, Inc. | 6012 | 50537 |
|  Inpex Corp. (x) | 22000 | 309364 |
|  Intage Holdings, Inc. | 300 | 3698 |
|  Internet Initiative Japan, Inc. | 2900 | 57253 |
|  Inui Global Logistics Co. Ltd. | 490 | 4097 |
|  Iseki & Co. Ltd. | 1300 | 10986 |
|  Isetan Mitsukoshi Holdings Ltd. | 8400 | 128271 |
|  Ishihara Sangyo Kaisha Ltd. | 2100 | 29618 |
|  Isuzu Motors Ltd. | 16700 | 212280 |
|  Itfor, Inc. | 1300 | 13541 |
|  Ito En Ltd. | 800 | 18144 |
|  ITOCHU Corp. | 38500 | 2020110 |
|  Itochu Enex Co. Ltd. | 2700 | 32361 |
|  Itochu-Shokuhin Co. Ltd. (x) | 300 | 20645 |
|  Itoham Yonekyu Holdings, Inc. (x) | 14 | 476 |
|  Itoki Corp. | 2600 | 39486 |
|  IwaiCosmo Holdings, Inc. | 1100 | 17179 |
|  Iwatani Corp. | 5600 | 59556 |
|  Iyogin Holdings, Inc. | 5600 | 61540 |
|  Izumi Co. Ltd. | 400 | 9247 |
|  J Front Retailing Co. Ltd. | 6600 | 89968 |
|  Jaccs Co. Ltd. | 700 | 19492 |
|  JAFCO Group Co. Ltd. | 2200 | 37651 |
|  JANOME Corp. | 1200 | 9333 |
|  Japan Airlines Co. Ltd. | 13000 | 265543 |
|  Japan Airport Terminal Co. Ltd. | 2100 | 67154 |
|  Japan Aviation Electronics Industry Ltd. | 1700 | 30327 |
|  Japan Cash Machine Co. Ltd. (x) | 1100 | 7516 |
|  Japan Communications, Inc.\* | 1100 | 1222 |
|  Japan Display, Inc. (x)\* | 17300 | 2403 |
|  Japan Electronic Materials Corp. (x) | 500 | 8482 |
|  Japan Elevator Service Holdings Co. Ltd. | 2200 | 63477 |
|  Japan Exchange Group, Inc. | 31300 | 317445 |
|  Japan Lifeline Co. Ltd. | 1800 | 18687 |
|  Japan Material Co. Ltd. | 1900 | 19514 |
|  Japan Medical Dynamic Marketing, Inc. | 1000 | 3951 |
|  Japan Petroleum Exploration Co. Ltd. | 2900 | 20440 |
|  Japan Post Bank Co. Ltd. | 42200 | 455686 |
|  Japan Post Holdings Co. Ltd. | 55100 | 510996 |
|  Japan Post Insurance Co. Ltd. | 6600 | 149457 |
|  Japan Property Management Center Co. Ltd. | 200 | 1626 |
|  Japan Securities Finance Co. Ltd. | 2346 | 28591 |
|  Japan Steel Works Ltd. (The) | 1700 | 97640 |
|  Japan Tobacco, Inc. (x) | 32600 | 961667 |
|  Japan Transcity Corp. | 2000 | 15180 |
|  Japan Wool Textile Co. Ltd. (The) | 400 | 4044 |
|  JBCC Holdings, Inc. | 4000 | 37471 |
|  JCR Pharmaceuticals Co. Ltd. | 3500 | 12468 |
|  JCU Corp. | 800 | 18444 |
|  Jeol Ltd. | 1200 | 36699 |
|  JFE Holdings, Inc. (x) | 14244 | 165877 |
|  JGC Holdings Corp. | 6600 | 57267 |
|  JINS Holdings, Inc. | 500 | 29652 |
|  JK Holdings Co. Ltd. | 1100 | 9075 |
|  JMDC, Inc. | 800 | 22133 |
|  JMS Co. Ltd. | 500 | 1503 |
|  J-Oil Mills, Inc. | 1000 | 13611 |
|  Joshin Denki Co. Ltd. | 1000 | 16486 |
|  JSP Corp. | 800 | 10472 |
|  JTEKT Corp. | 3400 | 28049 |
|  Juki Corp.\* | 1400 | 3840 |
|  Juroku Financial Group, Inc. | 400 | 13458 |
|  Justsystems Corp. | 900 | 23093 |
|  JVCKenwood Corp. | 5800 | 46519 |
|  K&O Energy Group, Inc. | 500 | 9830 |
|  Kadokawa Corp. | 3468 | 96402 |
|  Kaga Electronics Co. Ltd. | 800 | 15222 |
|  Kagome Co. Ltd. | 2100 | 41860 |
|  Kajima Corp. | 11800 | 308346 |
|  Kakaku.com, Inc. | 5200 | 96702 |
|  Kaken Pharmaceutical Co. Ltd. | 500 | 13263 |
|  Kamei Corp. | 1000 | 17208 |
|  Kamigumi Co. Ltd. | 1900 | 52868 |
|  Kanaden Corp. | 1000 | 14027 |
|  Kanadevia Corp. | 5300 | 35884 |
|  Kanagawa Chuo Kotsu Co. Ltd. | 200 | 4916 |
|  Kanamoto Co. Ltd. | 1000 | 22499 |
|  Kandenko Co. Ltd. | 2900 | 67121 |
|  Kaneka Corp. | 400 | 11055 |

---

See Notes to Financial Statements.

847

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Kanematsu Corp. | 2500 | $47646 |
|  Kansai Electric Power Co., Inc. (The) | 25400 | 301438 |
|  Kansai Paint Co. Ltd. | 3800 | 52182 |
|  Kanto Denka Kogyo Co. Ltd. (x) | 2000 | 11680 |
|  Kao Corp. (x) | 13300 | 596355 |
|  Kappa Create Co. Ltd. (x) | 1800 | 18824 |
|  Kasumigaseki Capital Co. Ltd. (x) | 400 | 39721 |
|  Katakura Industries Co. Ltd. | 1400 | 22438 |
|  Katitas Co. Ltd. (x) | 1700 | 29525 |
|  Kato Sangyo Co. Ltd. | 100 | 3819 |
|  KAWADA TECHNOLOGIES, Inc. | 600 | 16124 |
|  Kawai Musical Instruments Manufacturing Co. Ltd. (x) | 400 | 7197 |
|  Kawasaki Heavy Industries Ltd. | 4300 | 325475 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 11491 | 163103 |
|  KDDI Corp. | 79700 | 1372563 |
|  KeePer Technical Laboratory Co. Ltd. (x) | 400 | 9861 |
|  Keihan Holdings Co. Ltd. | 3200 | 67864 |
|  Keihanshin Building Co. Ltd. | 1400 | 14563 |
|  Keikyu Corp. | 5600 | 58467 |
|  Keio Corp. | 2500 | 60866 |
|  Keisei Electric Railway Co. Ltd. | 8792 | 82514 |
|  Keiyo Bank Ltd. (The) | 2500 | 17395 |
|  Kewpie Corp. | 2400 | 56181 |
|  Key Coffee, Inc. | 1200 | 16324 |
|  Keyence Corp. | 5360 | 2152859 |
|  KH Neochem Co. Ltd. (x) | 1500 | 26312 |
|  Kikkoman Corp. | 18600 | 172819 |
|  Kimura Chemical Plants Co. Ltd. | 1100 | 6882 |
|  Kinden Corp. | 3500 | 103076 |
|  King Jim Co. Ltd. (x) | 1000 | 5785 |
|  Kintetsu Department Store Co. Ltd. | 100 | 1219 |
|  Kintetsu Group Holdings Co. Ltd. | 5200 | 98580 |
|  Kioxia Holdings Corp. (x)\* | 2600 | 45191 |
|  Kirin Holdings Co. Ltd.(x) | 21300 | 298707 |
|  Kisoji Co. Ltd. | 1400 | 23002 |
|  Kissei Pharmaceutical Co. Ltd. | 1200 | 33624 |
|  Ki-Star Real Estate Co. Ltd. (x) | 900 | 28905 |
|  Kitagawa Corp. | 500 | 4816 |
|  Kita-Nippon Bank Ltd. (The) | 300 | 6171 |
|  Kitz Corp. (x) | 800 | 6589 |
|  Kiyo Bank Ltd. (The) | 1900 | 32919 |
|  KNT-CT Holdings Co. Ltd.\* | 400 | 2772 |
|  Koa Corp. | 1500 | 8781 |
|  Koatsu Gas Kogyo Co. Ltd. | 1000 | 7264 |
|  Kobayashi Pharmaceutical Co. Ltd. (x) | 1700 | 63665 |
|  Kobe Bussan Co. Ltd. | 4600 | 143042 |
|  Kobe Steel Ltd. | 10400 | 113674 |
|  Koei Tecmo Holdings Co. Ltd. (x) | 3524 | 57655 |
|  Kohnan Shoji Co. Ltd. | 1100 | 29791 |
|  Kohsoku Corp. | 700 | 13129 |
|  Koito Manufacturing Co. Ltd. | 4000 | 47901 |
|  Kojima Co. Ltd. | 1500 | 12864 |
|  Kokusai Electric Corp. | 3100 | 74634 |
|  Kokuyo Co. Ltd. | 6000 | 34449 |
|  Komatsu Ltd. | 155390 | 5111506 |
|  Komatsu Matere Co. Ltd. | 2000 | 10097 |
|  Komatsu Wall Industry Co. Ltd. | 800 | 12816 |
|  KOMEDA Holdings Co. Ltd. | 1400 | 28884 |
|  Komeri Co. Ltd. | 100 | 2046 |
|  Komori Corp. | 3400 | 35297 |
|  Konami Group Corp. | 2100 | 332707 |
|  Konica Minolta, Inc.\* | 16600 | 54086 |
|  Kosaido Holdings Co. Ltd. (x) | 4500 | 15031 |
|  Kose Corp. (x) | 1500 | 58988 |
|  Kotobuki Spirits Co. Ltd. (x) | 4000 | 57151 |
|  Kourakuen Corp.\* | 700 | 5012 |
|  Krosaki Harima Corp. (x) | 800 | 18444 |
|  KRS Corp. | 600 | 11995 |
|  K's Holdings Corp. | 2300 | 23398 |
|  Kubota Corp. (x) | 29300 | 330020 |
|  Kumagai Gumi Co. Ltd. | 1000 | 29061 |
|  Kumiai Chemical Industry Co. Ltd. | 1340 | 7426 |
|  Kura Sushi, Inc. (x) | 1200 | 29499 |
|  Kurabo Industries Ltd. | 200 | 10375 |
|  Kuraray Co. Ltd. (x) | 8200 | 104489 |
|  Kureha Corp. | 600 | 13104 |
|  Kurimoto Ltd. | 600 | 23624 |
|  Kurita Water Industries Ltd. | 2600 | 102877 |
|  Kusuri no Aoki Holdings Co. Ltd. | 2400 | 60515 |
|  KYB Corp. | 1400 | 29010 |
|  Kyocera Corp. | 32900 | 396043 |
|  Kyodo Printing Co. Ltd. | 1200 | 10833 |
|  Kyoei Steel Ltd. | 1300 | 18560 |
|  Kyokuto Boeki Kaisha Ltd. | 400 | 4242 |
|  Kyokuto Kaihatsu Kogyo Co. Ltd. (x) | 600 | 11162 |
|  Kyokuto Securities Co. Ltd. | 1600 | 16888 |
|  Kyokuyo Co. Ltd. | 500 | 15954 |
|  Kyorin Pharmaceutical Co. Ltd. | 400 | 4211 |
|  Kyoritsu Maintenance Co. Ltd. | 800 | 19577 |
|  Kyosan Electric Manufacturing Co. Ltd. | 2000 | 6833 |
|  Kyoto Financial Group, Inc. | 6800 | 121924 |
|  Kyowa Kirin Co. Ltd. | 6800 | 116422 |
|  Kyudenko Corp. | 1200 | 49757 |
|  Kyushu Electric Power Co., Inc. | 10700 | 95665 |
|  Kyushu Financial Group, Inc. | 5970 | 30189 |
|  Kyushu Railway Co. | 4100 | 106084 |
|  LAND Co. Ltd. | 1300 | 72 |
|  Lasertec Corp. | 2200 | 296531 |
|  LEC, Inc. | 1200 | 9766 |
|  Leopalace21 Corp. | 7300 | 31531 |
|  Life Corp. | 1400 | 21505 |
|  Link And Motivation, Inc. | 5900 | 20199 |
|  Lintec Corp. | 900 | 18481 |
|  Lion Corp. (x) | 6100 | 63116 |
|  Lixil Corp. | 6540 | 75752 |
|  Look Holdings, Inc. | 400 | 6669 |
|  LY Corp. | 86400 | 318229 |
|  M&A Capital Partners Co. Ltd. | 900 | 18812 |
|  M3, Inc. | 11500 | 158559 |
|  Mabuchi Motor Co. Ltd. | 3200 | 47332 |
|  Macnica Holdings, Inc. | 3150 | 42458 |
|  Maezawa Kasei Industries Co. Ltd. (x) | 900 | 11412 |
|  Maezawa Kyuso Industries Co. Ltd. | 800 | 6805 |
|  Makino Milling Machine Co. Ltd. | 500 | 39964 |
|  Makita Corp. | 7200 | 222642 |
|  Management Solutions Co. Ltd. | 300 | 3717 |
|  Mandom Corp. | 1400 | 13679 |
|  Mani, Inc. | 3300 | 28301 |
|  Mars Group Holdings Corp. | 600 | 12033 |
|  Marubeni Corp. | 47100 | 952761 |

---

See Notes to Financial Statements.

848

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Marubun Corp. | 900 | $6462 |
|  Marudai Food Co. Ltd. | 1200 | 14983 |
|  Maruha Nichiro Corp. | 1300 | 27516 |
|  Marui Group Co. Ltd. | 2800 | 59615 |
|  Maruichi Steel Tube Ltd. | 500 | 12100 |
|  Marusan Securities Co. Ltd. | 3900 | 24157 |
|  Maruwa Co. Ltd. | 200 | 57415 |
|  Maruzen Showa Unyu Co. Ltd. | 800 | 38999 |
|  Matsuda Sangyo Co. Ltd. | 800 | 18416 |
|  Matsui Construction Co. Ltd. | 1000 | 7625 |
|  Matsui Securities Co. Ltd. | 1000 | 4833 |
|  MatsukiyoCocokara & Co. | 10260 | 211427 |
|  Matsuya Co. Ltd. | 2200 | 15476 |
|  Matsuyafoods Holdings Co. Ltd. | 500 | 20555 |
|  Max Co. Ltd. | 700 | 22628 |
|  Mazda Motor Corp. | 14500 | 87541 |
|  Mebuki Financial Group, Inc. | 24660 | 128964 |
|  MEC Co. Ltd. | 800 | 14999 |
|  Medical System Network Co. Ltd. | 400 | 1317 |
|  Medipal Holdings Corp. | 5700 | 92503 |
|  Medley, Inc. (x)\* | 900 | 19874 |
|  Megachips Corp. | 300 | 11125 |
|  Megmilk Snow Brand Co. Ltd. | 400 | 7583 |
|  Meidensha Corp. | 800 | 30221 |
|  Meiji Holdings Co. Ltd. | 6900 | 152705 |
|  Meiko Electronics Co. Ltd. (x) | 500 | 23610 |
|  Meiko Network Japan Co. Ltd. | 900 | 4650 |
|  MEITEC Group Holdings, Inc. | 1600 | 35288 |
|  Meito Sangyo Co. Ltd. | 600 | 8450 |
|  Meiwa Corp. | 900 | 4331 |
|  Meiwa Estate Co. Ltd. | 700 | 4564 |
|  Menicon Co. Ltd. | 2900 | 22535 |
|  Mercari, Inc.\* | 3600 | 66848 |
|  Micronics Japan Co. Ltd. (x) | 1100 | 41325 |
|  Midac Holdings Co. Ltd. | 1500 | 21447 |
|  Milbon Co. Ltd. | 1140 | 19173 |
|  Minebea Mitsumi, Inc. | 8737 | 128411 |
|  Ministop Co. Ltd. | 900 | 11412 |
|  Mirait One Corp. | 1100 | 19387 |
|  Mirarth Holdings, Inc. | 4400 | 11488 |
|  MISUMI Group, Inc. | 9200 | 123365 |
|  Mito Securities Co. Ltd. | 3000 | 11833 |
|  Mitsuba Corp. | 2000 | 11513 |
|  Mitsubishi Chemical Group Corp. | 38520 | 202758 |
|  Mitsubishi Corp. | 105630 | 2118395 |
|  Mitsubishi Electric Corp. | 55900 | 1207631 |
|  Mitsubishi Estate Co. Ltd. | 130500 | 2449509 |
|  Mitsubishi Gas Chemical Co., Inc. | 4500 | 69232 |
|  Mitsubishi HC Capital, Inc. | 18620 | 137124 |
|  Mitsubishi Heavy Industries Ltd. | 96100 | 2409090 |
|  Mitsubishi Kakoki Kaisha Ltd. | 900 | 12575 |
|  Mitsubishi Logisnext Co. Ltd. | 1000 | 13666 |
|  Mitsubishi Logistics Corp. | 6000 | 49269 |
|  Mitsubishi Materials Corp. (x) | 2300 | 36423 |
|  Mitsubishi Motors Corp. | 26200 | 74322 |
|  Mitsubishi Pencil Co. Ltd. (x) | 100 | 1415 |
|  Mitsubishi Research Institute, Inc. | 400 | 12722 |
|  Mitsubishi Shokuhin Co. Ltd. | 200 | 8791 |
|  Mitsubishi Steel Manufacturing Co. Ltd. | 700 | 7661 |
|  Mitsubishi UFJ Financial Group, Inc. | 342000 | 4709461 |
|  Mitsuboshi Belting Ltd. | 400 | 9541 |
|  Mitsui & Co. Ltd. | 82200 | 1682187 |
|  Mitsui Chemicals, Inc. | 3931 | 91038 |
|  Mitsui DM Sugar Co. Ltd. | 1000 | 21249 |
|  Mitsui E&S Co. Ltd. | 3400 | 67289 |
|  Mitsui Fudosan Co. Ltd. | 73500 | 712007 |
|  Mitsui High-Tec, Inc. (x) | 4000 | 19666 |
|  Mitsui Matsushima Holdings Co. Ltd. (x) | 800 | 28055 |
|  Mitsui Mining & Smelting Co. Ltd. | 1600 | 55987 |
|  Mitsui OSK Lines Ltd. (x) | 10700 | 358140 |
|  Mitsui-Soko Holdings Co. Ltd. | 1200 | 32791 |
|  Mitsuuroko Group Holdings Co. Ltd. | 1900 | 25069 |
|  Miura Co. Ltd. | 3000 | 60477 |
|  Miyaji Engineering Group, Inc. | 1600 | 20899 |
|  Miyakoshi Holdings, Inc.\* | 300 | 2342 |
|  Miyazaki Bank Ltd. (The) | 800 | 20444 |
|  Mizuho Financial Group, Inc. | 71437 | 1980820 |
|  Mizuho Leasing Co. Ltd. | 4200 | 31207 |
|  Mizuno Corp. | 2100 | 38732 |
|  Mochida Pharmaceutical Co. Ltd. | 1000 | 20590 |
|  Modec, Inc. | 1000 | 42985 |
|  Monex Group, Inc. | 7000 | 34464 |
|  Money Forward, Inc.\* | 700 | 23843 |
|  Monogatari Corp. (The) | 1400 | 38013 |
|  MonotaRO Co. Ltd. | 7700 | 152123 |
|  Morinaga & Co. Ltd. | 1800 | 29686 |
|  Morinaga Milk Industry Co. Ltd. | 1000 | 22478 |
|  Morita Holdings Corp. | 2000 | 29916 |
|  Morozoff Ltd. | 1200 | 13191 |
|  Mory Industries, Inc. | 2000 | 11861 |
|  MOS Food Services, Inc. | 100 | 2576 |
|  MrMax Holdings Ltd. | 1200 | 5466 |
|  MS&AD Insurance Group Holdings, Inc. | 39600 | 888219 |
|  Murata Manufacturing Co. Ltd. | 47285 | 707280 |
|  Musashi Seimitsu Industry Co. Ltd. | 1100 | 23451 |
|  Musashino Bank Ltd. (The) | 300 | 6802 |
|  Nabtesco Corp. (x) | 3800 | 68121 |
|  NAC Co. Ltd. | 800 | 3094 |
|  Nachi-Fujikoshi Corp. | 500 | 10729 |
|  Nagaileben Co. Ltd. | 1200 | 17883 |
|  Nagano Keiki Co. Ltd. | 800 | 11039 |
|  Nagase & Co. Ltd. | 2200 | 42463 |
|  Nagawa Co. Ltd. | 400 | 17166 |
|  Nagoya Railroad Co. Ltd. (x) | 5400 | 61142 |
|  Nakabayashi Co. Ltd. | 1000 | 3618 |
|  Nakamuraya Co. Ltd. | 300 | 6500 |
|  Nakayama Steel Works Ltd. | 600 | 2592 |
|  Namura Shipbuilding Co. Ltd. (x) | 1024 | 22364 |
|  Nankai Electric Railway Co. Ltd. | 1300 | 19680 |
|  Nanto Bank Ltd. (The) | 1100 | 31357 |
|  Natori Co. Ltd. | 600 | 8391 |
|  NEC Capital Solutions Ltd. | 300 | 7937 |
|  NEC Corp. | 38100 | 1116238 |
|  Net Protections Holdings, Inc.\* | 100 | 420 |
|  Neturen Co. Ltd. | 1700 | 12856 |
|  Nexon Co. Ltd. (x) | 12100 | 244512 |
|  Nextage Co. Ltd. | 2000 | 24249 |
|  NGK Insulators Ltd. | 3700 | 46570 |
|  NH Foods Ltd. | 2200 | 76264 |
|  NHK Spring Co. Ltd. | 5700 | 62243 |
|  Nichias Corp. | 1500 | 57540 |

---

See Notes to Financial Statements.

849

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Nichiban Co. Ltd. | 500 | $6719 |
|  Nichicon Corp. | 700 | 5780 |
|  Nichiha Corp. | 1200 | 24782 |
|  Nichirei Corp. | 4600 | 60213 |
|  Nichireki Group Co. Ltd. | 1000 | 16742 |
|  Nidec Corp. | 24810 | 483261 |
|  Nifco, Inc. | 2300 | 54623 |
|  Nihon Chouzai Co. Ltd. | 600 | 13354 |
|  Nihon Dempa Kogyo Co. Ltd. | 900 | 4706 |
|  Nihon Kohden Corp. | 5200 | 61965 |
|  Nihon M&A Center Holdings, Inc. | 7200 | 36569 |
|  Nihon Nohyaku Co. Ltd. | 2000 | 11680 |
|  Nihon Parkerizing Co. Ltd. | 3100 | 27382 |
|  Nihon Trim Co. Ltd. | 200 | 6035 |
|  Nikko Co. Ltd. | 1000 | 5048 |
|  Nikkon Holdings Co. Ltd. | 2800 | 62395 |
|  Nikon Corp.(x) | 8300 | 85303 |
|  Nintendo Co. Ltd. | 34300 | 3306024 |
|  Nippon Air Conditioning Services Co. Ltd. | 1200 | 9366 |
|  Nippon Beet Sugar Manufacturing Co. Ltd. | 700 | 11715 |
|  Nippon Carbide Industries Co., Inc. | 300 | 3848 |
|  Nippon Carbon Co. Ltd. | 600 | 17020 |
|  Nippon Ceramic Co. Ltd. | 800 | 15588 |
|  Nippon Chemical Industrial Co. Ltd. | 400 | 5650 |
|  Nippon Chemi-Con Corp.\* | 700 | 5789 |
|  Nippon Coke & Engineering Co. Ltd.\* | 10000 | 5764 |
|  Nippon Concrete Industries Co. Ltd. | 1000 | 2035 |
|  Nippon Denko Co. Ltd. | 5000 | 8646 |
|  Nippon Densetsu Kogyo Co. Ltd. | 2000 | 35665 |
|  Nippon Electric Glass Co. Ltd. | 1800 | 42824 |
|  Nippon Express Holdings, Inc. | 5200 | 104448 |
|  Nippon Fine Chemical Co. Ltd. | 1000 | 16736 |
|  Nippon Gas Co. Ltd. | 3300 | 60750 |
|  Nippon Hume Corp. (x) | 1000 | 15124 |
|  Nippon Kanzai Holdings Co. Ltd. | 800 | 15099 |
|  Nippon Kayaku Co. Ltd. | 5000 | 44964 |
|  Nippon Light Metal Holdings Co. Ltd. | 1480 | 16742 |
|  Nippon Paint Holdings Co. Ltd. (x) | 22900 | 184466 |
|  Nippon Paper Industries Co. Ltd. | 2800 | 20183 |
|  Nippon Parking Development Co. Ltd. | 13000 | 23833 |
|  Nippon Sanso Holdings Corp. | 5600 | 212443 |
|  Nippon Seisen Co. Ltd. | 1000 | 7423 |
|  Nippon Sharyo Ltd. | 400 | 5703 |
|  Nippon Sheet Glass Co. Ltd.\* | 3800 | 11927 |
|  Nippon Shinyaku Co. Ltd. | 1700 | 37139 |
|  Nippon Shokubai Co. Ltd. | 4000 | 45665 |
|  Nippon Signal Co. Ltd. | 2800 | 20960 |
|  Nippon Soda Co. Ltd. | 800 | 16861 |
|  Nippon Steel Corp. | 26815 | 508909 |
|  Nippon Telegraph & Telephone Corp. | 1592800 | 1703352 |
|  Nippon Television Holdings, Inc. | 5300 | 123147 |
|  Nippon Thompson Co. Ltd. (x) | 4000 | 14833 |
|  Nippon Yakin Kogyo Co. Ltd. | 650 | 17965 |
|  Nippon Yusen KK (x) | 11000 | 396292 |
|  Nipro Corp. | 4700 | 41662 |
|  Nishimatsu Construction Co. Ltd. | 900 | 29999 |
|  Nishimatsuya Chain Co. Ltd. (x) | 700 | 10169 |
|  Nishi-Nippon Financial Holdings, Inc. | 4000 | 60165 |
|  Nishi-Nippon Railroad Co. Ltd. | 1100 | 15541 |
|  Nissan Chemical Corp. | 1900 | 58067 |
|  Nissan Motor Co. Ltd.\* | 68720 | 167117 |
|  Nissan Shatai Co. Ltd. | 900 | 6762 |
|  Nissei Plastic Industrial Co. Ltd. | 1000 | 5993 |
|  Nissha Co. Ltd. | 2200 | 20624 |
|  Nisshin Group Holdings Co. Ltd. | 2600 | 9316 |
|  Nisshin Seifun Group, Inc. | 5605 | 67044 |
|  Nisshinbo Holdings, Inc. | 4468 | 28659 |
|  Nissin Corp. | 800 | 44943 |
|  Nissin Foods Holdings Co. Ltd. | 6200 | 128968 |
|  Nissui Corp. | 6400 | 38919 |
|  Niterra Co. Ltd. | 4800 | 159994 |
|  Nitori Holdings Co. Ltd. | 2000 | 193327 |
|  Nitta Corp. | 1100 | 29485 |
|  Nittetsu Mining Co. Ltd. | 600 | 30999 |
|  Nitto Boseki Co. Ltd. | 1000 | 42221 |
|  Nitto Denko Corp. | 17700 | 343110 |
|  Nitto Fuji Flour Milling Co. Ltd. | 200 | 9889 |
|  Nitto Kogyo Corp. | 300 | 6489 |
|  Nitto Kohki Co. Ltd. | 700 | 8886 |
|  Nitto Seiko Co. Ltd. | 1000 | 3972 |
|  Nittoc Construction Co. Ltd. | 750 | 5734 |
|  NOF Corp. | 6600 | 126748 |
|  Nohmi Bosai Ltd. | 1000 | 25381 |
|  Nojima Corp. | 3100 | 67810 |
|  NOK Corp. | 800 | 11816 |
|  Nomura Co. Ltd. | 4000 | 25610 |
|  Nomura Holdings, Inc. | 94300 | 623406 |
|  Nomura Micro Science Co. Ltd. (x) | 1100 | 19669 |
|  Nomura Real Estate Holdings, Inc. | 14000 | 82033 |
|  Nomura Research Institute Ltd. | 12109 | 486277 |
|  Noritsu Koki Co. Ltd. (x) | 3300 | 35038 |
|  Noritz Corp. | 2300 | 29532 |
|  North Pacific Bank Ltd. | 11400 | 45757 |
|  NPR-RIKEN Corp. | 1208 | 19696 |
|  NS Solutions Corp. (x) | 2000 | 56637 |
|  NS United Kaiun Kaisha Ltd. | 400 | 10861 |
|  NSD Co. Ltd. | 2260 | 56027 |
|  NSK Ltd. | 9100 | 42876 |
|  NSW, Inc. | 400 | 7539 |
|  NTN Corp. | 13000 | 20556 |
|  Nxera Pharma Co. Ltd. (x)\* | 2700 | 16931 |
|  Obara Group, Inc. | 800 | 19916 |
|  Obayashi Corp. | 17300 | 262554 |
|  OBIC Business Consultants Co. Ltd. | 600 | 35570 |
|  Obic Co. Ltd. | 9400 | 366261 |
|  Odakyu Electric Railway Co. Ltd. | 7899 | 92481 |
|  Oenon Holdings, Inc. | 3000 | 11562 |
|  Ogaki Kyoritsu Bank Ltd. (The) | 1600 | 27810 |
|  Ohara, Inc. | 400 | 3042 |
|  Ohashi Technica, Inc. | 600 | 8283 |
|  Ohsho Food Service Corp. | 1800 | 47561 |
|  Oiles Corp. | 1560 | 22381 |
|  Oisix ra daichi, Inc. (x)\* | 2200 | 26491 |
|  Oita Bank Ltd. (The) | 700 | 19444 |
|  Oji Holdings Corp. | 21500 | 108362 |
|  Okabe Co. Ltd. | 2700 | 15581 |
|  Okamura Corp. | 1700 | 26207 |

---

See Notes to Financial Statements.

850

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Okasan Securities Group, Inc. | 6000 | $27999 |
|  Oki Electric Industry Co. Ltd. | 3600 | 40249 |
|  Okinawa Electric Power Co., Inc. (The) | 2273 | 14348 |
|  Okinawa Financial Group, Inc. | 1080 | 22874 |
|  OKUMA Corp. | 600 | 15291 |
|  Okumura Corp. | 300 | 8968 |
|  Okura Industrial Co. Ltd. | 600 | 17958 |
|  Okuwa Co. Ltd. | 1000 | 6590 |
|  Olympus Corp. | 29900 | 356088 |
|  Omron Corp. | 4800 | 129795 |
|  Ono Pharmaceutical Co. Ltd. | 12400 | 134243 |
|  Onoken Co. Ltd. | 1000 | 9722 |
|  Onward Holdings Co. Ltd. | 1000 | 4125 |
|  Open House Group Co. Ltd. | 2000 | 90511 |
|  Open Up Group, Inc. | 3000 | 35603 |
|  Optex Group Co. Ltd. (x) | 1600 | 19366 |
|  Optorun Co. Ltd. | 1000 | 11340 |
|  Oracle Corp. | 1000 | 119336 |
|  Organo Corp. | 700 | 43748 |
|  Orient Corp. (x) | 1650 | 11091 |
|  Oriental Land Co. Ltd. | 33200 | 766340 |
|  Oriental Shiraishi Corp. | 450 | 1150 |
|  ORIX Corp. | 30700 | 694990 |
|  Osaka Gas Co. Ltd. | 10600 | 271836 |
|  Osaka Soda Co. Ltd. | 500 | 6239 |
|  Osaka Steel Co. Ltd. | 800 | 15677 |
|  OSAKA Titanium Technologies Co. Ltd. (x) | 1100 | 11298 |
|  Osaki Electric Co. Ltd. | 1000 | 6659 |
|  OSG Corp. | 2200 | 25987 |
|  Otsuka Corp. | 6600 | 134585 |
|  Otsuka Holdings Co. Ltd. (x) | 13600 | 675349 |
|  Oyo Corp. | 1200 | 25124 |
|  Pacific Industrial Co. Ltd. | 2000 | 18749 |
|  Pacific Metals Co. Ltd. | 899 | 10925 |
|  Pack Corp. (The) | 2700 | 20624 |
|  PAL GROUP Holdings Co. Ltd. | 800 | 20027 |
|  PALTAC Corp. | 1050 | 29443 |
|  Pan Pacific International Holdings Corp. | 12200 | 420123 |
|  Panasonic Holdings Corp. | 64785 | 699789 |
|  Park24 Co. Ltd. | 4000 | 51387 |
|  Pasona Group, Inc. | 1000 | 15541 |
|  Pegasus Co. Ltd. | 1200 | 4442 |
|  Penta-Ocean Construction Co. Ltd. | 2700 | 16944 |
|  PeptiDream, Inc.\* | 3500 | 39981 |
|  Persol Holdings Co. Ltd. | 61800 | 120806 |
|  Pharma Foods International Co. Ltd. | 700 | 4049 |
|  PIA Corp.\* | 300 | 6127 |
|  Pigeon Corp. | 4300 | 52315 |
|  PILLAR Corp. | 1000 | 26944 |
|  Pilot Corp. | 1100 | 31150 |
|  Piolax, Inc. | 1500 | 18541 |
|  Pola Orbis Holdings, Inc. (x) | 3000 | 26666 |
|  Premium Group Co. Ltd. | 600 | 8746 |
|  Press Kogyo Co. Ltd. | 5000 | 18923 |
|  Prima Meat Packers Ltd. | 1400 | 22040 |
|  Procrea Holdings, Inc. | 1176 | 11694 |
|  Pronexus, Inc. | 1300 | 10020 |
|  PS Construction Co. Ltd. | 800 | 9611 |
|  Raito Kogyo Co. Ltd. | 800 | 15905 |
|  Raiznext Corp. | 200 | 2492 |
|  Raksul, Inc. | 2200 | 17065 |
|  Rakus Co. Ltd. | 2000 | 32172 |
|  Rakuten Bank Ltd.\* | 1900 | 87278 |
|  Rakuten Group, Inc.\* | 43600 | 241124 |
|  Rasa Corp. | 500 | 5035 |
|  Rasa Industries Ltd. | 400 | 11250 |
|  Recruit Holdings Co. Ltd. | 41300 | 2447800 |
|  Relo Group, Inc. | 3600 | 42711 |
|  Renaissance, Inc. | 500 | 3590 |
|  Renesas Electronics Corp. | 43200 | 536681 |
|  Rengo Co. Ltd. | 300 | 1628 |
|  RENOVA, Inc.\* | 2800 | 12638 |
|  Resona Holdings, Inc. | 64700 | 598454 |
|  Resonac Holdings Corp. | 5000 | 116281 |
|  Resorttrust, Inc. | 3800 | 46469 |
|  Restar Corp. | 700 | 12415 |
|  Rheon Automatic Machinery Co. Ltd. | 1000 | 8625 |
|  Ricoh Co. Ltd. | 16400 | 155510 |
|  Riken Keiki Co. Ltd. | 700 | 14704 |
|  Riken Technos Corp. | 2000 | 15236 |
|  Ringer Hut Co. Ltd. | 900 | 13818 |
|  Rinnai Corp. | 2200 | 54677 |
|  Riso Kagaku Corp. | 800 | 6155 |
|  Riso Kyoiku Co. Ltd. | 3900 | 6066 |
|  Rock Field Co. Ltd. (x) | 1200 | 12983 |
|  Rohm Co. Ltd. (x) | 9600 | 122462 |
|  Rohto Pharmaceutical Co. Ltd. | 6600 | 93726 |
|  Rorze Corp. | 1100 | 15682 |
|  Round One Corp. | 4900 | 50087 |
|  Royal Holdings Co. Ltd.(x) | 1800 | 32899 |
|  Ryobi Ltd. (x) | 1400 | 20853 |
|  Ryoden Corp. | 500 | 9729 |
|  Ryohin Keikaku Co. Ltd. | 6200 | 298149 |
|  Ryoyo Ryosan Holdings, Inc. | 1224 | 22567 |
|  S Foods, Inc. | 500 | 9090 |
|  Sagami Holdings Corp. | 1000 | 11958 |
|  Saibu Gas Holdings Co. Ltd. | 1300 | 15861 |
|  Saizeriya Co. Ltd. | 600 | 20833 |
|  Sakai Chemical Industry Co. Ltd. | 800 | 14794 |
|  Sakai Heavy Industries Ltd. | 400 | 5550 |
|  Sakai Moving Service Co. Ltd. | 800 | 14761 |
|  Sakata INX Corp. | 2000 | 27041 |
|  Sakata Seed Corp. | 1100 | 26773 |
|  Sakura Internet, Inc. (x) | 1000 | 31284 |
|  Sala Corp. | 1000 | 6666 |
|  San Holdings, Inc. | 800 | 8466 |
|  San ju San Financial Group, Inc. | 990 | 20342 |
|  San-A Co. Ltd. | 1600 | 32799 |
|  San-Ai Obbli Co. Ltd. | 2000 | 25207 |
|  Sangetsu Corp. | 1800 | 36936 |
|  San-In Godo Bank Ltd. (The) | 3400 | 28143 |
|  Sanix Holdings, Inc.\* | 1800 | 2950 |
|  Sanken Electric Co. Ltd. (x)\* | 400 | 22396 |
|  Sanki Engineering Co. Ltd. | 1400 | 39374 |
|  Sankyo Co. Ltd. | 6400 | 118574 |
|  Sankyo Seiko Co. Ltd. | 2000 | 8625 |
|  Sankyo Tateyama, Inc. | 1700 | 7614 |
|  Sankyu, Inc. | 800 | 42954 |
|  Sanoh Industrial Co. Ltd. | 1400 | 6193 |
|  Sanrio Co. Ltd. | 4900 | 237097 |

---

See Notes to Financial Statements.

851

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Sansan, Inc.\* | 1100 | $16316 |
|  Sanshin Electronics Co. Ltd. | 1500 | 24645 |
|  Santen Pharmaceutical Co. Ltd. | 10700 | 122823 |
|  Sanwa Holdings Corp. | 5300 | 176256 |
|  Sanyo Chemical Industries Ltd. | 600 | 15229 |
|  Sanyo Shokai Ltd. | 600 | 10858 |
|  Sapporo Holdings Ltd. | 1800 | 92784 |
|  Sato Corp. | 1200 | 17199 |
|  Sato Shoji Corp. | 1000 | 10541 |
|  Satori Electric Co. Ltd. | 900 | 10231 |
|  Sawai Group Holdings Co. Ltd. | 2400 | 30549 |
|  SBI ARUHI Corp. | 2100 | 11550 |
|  SBI Holdings, Inc. | 9260 | 323446 |
|  SCREEN Holdings Co. Ltd. | 1900 | 155161 |
|  Scroll Corp. | 1700 | 12561 |
|  SCSK Corp. | 4596 | 138769 |
|  Secom Co. Ltd. | 11400 | 410307 |
|  Sega Sammy Holdings, Inc. | 5000 | 119961 |
|  Seibu Holdings, Inc. | 6900 | 247529 |
|  Seikagaku Corp. | 2400 | 10216 |
|  Seikitokyu Kogyo Co. Ltd. | 600 | 6112 |
|  Seiko Epson Corp. | 6800 | 90333 |
|  Seiko Group Corp. | 100 | 3045 |
|  Seino Holdings Co. Ltd. | 1300 | 19996 |
|  Seiren Co. Ltd. | 1300 | 21016 |
|  Sekisui Chemical Co. Ltd. | 11700 | 212218 |
|  Sekisui House Ltd. | 15300 | 338182 |
|  Sekisui Jushi Corp. | 1000 | 13687 |
|  Sekisui Kasei Co. Ltd. | 1000 | 2285 |
|  Senko Group Holdings Co. Ltd. | 4000 | 54554 |
|  Senshu Ikeda Holdings, Inc. | 6880 | 27280 |
|  Senshukai Co. Ltd. (x)\* | 2200 | 3728 |
|  Seven & i Holdings Co. Ltd. | 64408 | 1038990 |
|  Seven Bank Ltd. | 4200 | 7671 |
|  SG Holdings Co. Ltd. (x) | 7400 | 82553 |
|  Sharp Corp.\* | 8300 | 40427 |
|  Shibaura Mechatronics Corp. | 600 | 45415 |
|  Shibusawa Logistics Corp. | 600 | 16812 |
|  Shibuya Corp. | 700 | 15677 |
|  SHIFT, Inc.\* | 4400 | 53409 |
|  Shiga Bank Ltd. (The) (x) | 200 | 8041 |
|  Shikoku Bank Ltd. (The) | 1600 | 12344 |
|  Shikoku Electric Power Co., Inc. (x) | 2700 | 22640 |
|  Shikoku Kasei Holdings Corp. | 1000 | 13604 |
|  Shima Seiki Manufacturing Ltd. | 900 | 5762 |
|  Shimadaya Corp. | 600 | 7679 |
|  Shimadzu Corp. | 8200 | 203398 |
|  Shimamura Co. Ltd. | 1500 | 105413 |
|  Shimano, Inc. (x) | 2200 | 319371 |
|  Shimizu Bank Ltd. (The) | 400 | 3933 |
|  Shimizu Corp. | 15800 | 176756 |
|  Shimojima Co. Ltd. | 800 | 6644 |
|  Shin Nippon Air Technologies Co. Ltd. | 1800 | 30036 |
|  Shin Nippon Biomedical Laboratories Ltd. | 700 | 6907 |
|  Shinagawa Refractories Co. Ltd. | 1500 | 17281 |
|  Shindengen Electric Manufacturing Co. Ltd. | 400 | 6111 |
|  Shin-Etsu Chemical Co. Ltd. | 48200 | 1597239 |
|  Shin-Etsu Polymer Co. Ltd. | 2500 | 30138 |
|  Shinko Shoji Co. Ltd. | 2200 | 14361 |
|  Shinmaywa Industries Ltd. | 1800 | 20224 |
|  Shinnihon Corp. | 1600 | 18499 |
|  Shinsho Corp. | 900 | 12631 |
|  Shinwa Co. Ltd. | 600 | 12833 |
|  Shionogi & Co. Ltd. | 17200 | 309828 |
|  Ship Healthcare Holdings, Inc. | 3100 | 41773 |
|  Shiseido Co. Ltd. (x) | 11600 | 207303 |
|  Shizuoka Financial Group, Inc. | 10500 | 122350 |
|  Shizuoka Gas Co. Ltd. | 3000 | 22291 |
|  SHO-BOND Holdings Co. Ltd. | 200 | 6541 |
|  Shochiku Co. Ltd. | 400 | 37665 |
|  Shoei Co. Ltd. | 1600 | 19333 |
|  Showa Sangyo Co. Ltd. | 1000 | 20708 |
|  Siix Corp. | 1400 | 11336 |
|  Simplex Holdings, Inc. | 1900 | 51523 |
|  Sinanen Holdings Co. Ltd. | 400 | 17360 |
|  Sinfonia Technology Co. Ltd. | 600 | 40665 |
|  Sinko Industries Ltd. | 600 | 4991 |
|  Sintokogio Ltd. | 2600 | 15599 |
|  SKY Perfect JSAT Holdings, Inc. | 3600 | 36149 |
|  Skylark Holdings Co. Ltd. (x) | 8300 | 173890 |
|  SMC Corp. | 4900 | 1770744 |
|  SMK Corp. | 300 | 4694 |
|  SMS Co. Ltd. | 2800 | 28845 |
|  Socionext, Inc. | 4700 | 90602 |
|  Soda Nikka Co. Ltd. | 1000 | 7701 |
|  SoftBank Corp. | 865000 | 1339502 |
|  SoftBank Group Corp. | 26812 | 1957767 |
|  Sohgo Security Services Co. Ltd. | 9900 | 69332 |
|  Sojitz Corp. | 5900 | 145241 |
|  Sompo Holdings, Inc. | 26350 | 795047 |
|  Sony Group Corp. | 185800 | 4812569 |
|  Sotetsu Holdings, Inc. | 1100 | 17332 |
|  SPK Corp. | 400 | 6186 |
|  S-Pool, Inc. | 3800 | 9025 |
|  Square Enix Holdings Co. Ltd. | 2600 | 194903 |
|  SRA Holdings | 600 | 18979 |
|  ST Corp. | 600 | 6625 |
|  St Marc Holdings Co. Ltd. | 800 | 12950 |
|  Stanley Electric Co. Ltd. | 3700 | 73317 |
|  Starzen Co. Ltd. | 2400 | 18366 |
|  Stella Chemifa Corp. | 500 | 13663 |
|  Strike Co. Ltd. | 700 | 18010 |
|  Studio Alice Co. Ltd. | 500 | 7430 |
|  Subaru Corp. | 15600 | 272503 |
|  Sugi Holdings Co. Ltd. | 3000 | 68643 |
|  Sugimoto & Co. Ltd. | 1200 | 14016 |
|  SUMCO Corp. (x) | 10700 | 84334 |
|  Sumida Corp. | 700 | 4705 |
|  Sumiseki Holdings, Inc. (x) | 1000 | 4271 |
|  Sumitomo Bakelite Co. Ltd. | 1300 | 37635 |
|  Sumitomo Chemical Co. Ltd. | 44800 | 108418 |
|  Sumitomo Corp. | 33980 | 879910 |
|  Sumitomo Electric Industries Ltd. | 20300 | 436294 |
|  Sumitomo Forestry Co. Ltd. (x) | 14400 | 145845 |
|  Sumitomo Heavy Industries Ltd. (x) | 2500 | 51430 |
|  Sumitomo Metal Mining Co. Ltd. (x) | 7800 | 192827 |
|  Sumitomo Mitsui Construction Co. Ltd. | 7200 | 29799 |
|  Sumitomo Mitsui Financial Group, Inc. | 110050 | 2777138 |
|  Sumitomo Mitsui Trust Group, Inc. | 18582 | 495374 |

---

See Notes to Financial Statements.

852

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Sumitomo Osaka Cement Co. Ltd. | 200 | $5254 |
|  Sumitomo Pharma Co. Ltd.\* | 4700 | 31691 |
|  Sumitomo Realty & Development Co. Ltd. | 8800 | 340194 |
|  Sumitomo Riko Co. Ltd. | 2000 | 23166 |
|  Sumitomo Rubber Industries Ltd. (x) | 4484 | 51082 |
|  Sumitomo Seika Chemicals Co. Ltd. (x) | 400 | 12055 |
|  Sumitomo Warehouse Co. Ltd. (The) | 1800 | 37086 |
|  Sun Frontier Fudousan Co. Ltd. | 1000 | 14409 |
|  Sundrug Co. Ltd. | 1400 | 43836 |
|  Suntory Beverage & Food Ltd. (x) | 3800 | 121649 |
|  Sun-Wa Technos Corp. | 600 | 10145 |
|  Suruga Bank Ltd. | 2100 | 19599 |
|  Suzuden Corp. | 300 | 3662 |
|  Suzuken Co. Ltd. | 1990 | 71969 |
|  Suzuki Motor Corp. | 44000 | 532565 |
|  SWCC Corp. | 500 | 26180 |
|  Sysmex Corp. | 14700 | 256629 |
|  Systena Corp. | 4900 | 13917 |
|  T Hasegawa Co. Ltd. | 1600 | 32666 |
|  T RAD Co. Ltd. | 400 | 12277 |
|  T&D Holdings, Inc. | 15100 | 332398 |
|  Tachibana Eletech Co. Ltd. | 840 | 15464 |
|  Tachi-S Co. Ltd. | 1600 | 19155 |
|  Tadano Ltd. | 600 | 4007 |
|  Taihei Dengyo Kaisha Ltd. | 500 | 18645 |
|  Taiheiyo Cement Corp. | 3278 | 81583 |
|  Taiho Kogyo Co. Ltd. | 800 | 3155 |
|  Taiko Pharmaceutical Co. Ltd.\* | 1200 | 2575 |
|  Taisei Corp. | 5000 | 291657 |
|  Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 300 | 5198 |
|  Taiyo Holdings Co. Ltd. | 300 | 14708 |
|  Taiyo Yuden Co. Ltd. | 2700 | 47530 |
|  Takachiho Koheki Co. Ltd. (x) | 1000 | 14444 |
|  Takamatsu Construction Group Co. Ltd. | 1000 | 20367 |
|  Takaoka Toko Co. Ltd. | 400 | 6478 |
|  Takara & Co. Ltd. | 700 | 16503 |
|  Takara Holdings, Inc. | 1400 | 11647 |
|  Takara Standard Co. Ltd. | 200 | 3375 |
|  Takasago Thermal Engineering Co. Ltd. | 1100 | 54135 |
|  Takashimaya Co. Ltd. | 6800 | 53288 |
|  Take And Give Needs Co. Ltd. | 600 | 3700 |
|  Takeda Pharmaceutical Co. Ltd. | 48400 | 1487240 |
|  Takeuchi Manufacturing Co. Ltd. (x) | 900 | 29280 |
|  Takuma Co. Ltd. | 1300 | 18488 |
|  Tamron Co. Ltd. | 3200 | 19444 |
|  Tamura Corp. | 3000 | 9979 |
|  Tanseisha Co. Ltd. | 1950 | 18010 |
|  Tayca Corp. | 1000 | 8972 |
|  TBS Holdings, Inc. | 2500 | 87844 |
|  TDC Soft, Inc. | 1600 | 14899 |
|  TDK Corp. | 47500 | 559260 |
|  TechMatrix Corp. | 2400 | 37682 |
|  TechnoPro Holdings, Inc. | 2900 | 84721 |
|  Teijin Ltd. | 5200 | 42176 |
|  Teikoku Electric Manufacturing Co. Ltd. | 800 | 18027 |
|  Teikoku Sen-I Co. Ltd. | 1000 | 18840 |
|  Teikoku Tsushin Kogyo Co. Ltd. | 400 | 6289 |
|  Tekken Corp. | 800 | 16044 |
|  TerraSky Co. Ltd.\* | 1100 | 22526 |
|  Terumo Corp. | 36200 | 666157 |
|  THK Co. Ltd. (x) | 2800 | 74995 |
|  TIS, Inc. | 5600 | 188138 |
|  Toa Corp./Hyogo | 1000 | 7055 |
|  Toa Corp./Tokyo | 600 | 6304 |
|  TOA ROAD Corp. | 2000 | 20763 |
|  Toagosei Co. Ltd. (x) | 600 | 5823 |
|  TOBISHIMA HOLDINGS, Inc. | 800 | 10166 |
|  Tobu Railway Co. Ltd. | 4200 | 72637 |
|  TOC Co. Ltd. | 4700 | 21769 |
|  Tocalo Co. Ltd. | 2400 | 31716 |
|  Tochigi Bank Ltd. (The) | 6000 | 16833 |
|  Toda Corp. | 8800 | 55964 |
|  Toda Kogyo Corp.\* | 100 | 820 |
|  Toei Co. Ltd. (x) | 1000 | 36318 |
|  Toenec Corp. | 1000 | 8479 |
|  Toho Bank Ltd. (The) | 10000 | 22985 |
|  Toho Co. Ltd. | 3100 | 183195 |
|  Toho Co. Ltd./Kobe | 400 | 8666 |
|  Toho Gas Co. Ltd. | 2000 | 55790 |
|  Toho Holdings Co. Ltd. | 1900 | 61484 |
|  Toho Titanium Co. Ltd. (x) | 2100 | 19060 |
|  Toho Zinc Co. Ltd.\* | 700 | 3369 |
|  Tohoku Electric Power Co., Inc. (x) | 11000 | 80244 |
|  Tokai Carbon Co. Ltd. (x) | 6400 | 45265 |
|  TOKAI Holdings Corp. | 2400 | 16566 |
|  Tokai Rika Co. Ltd. | 500 | 7715 |
|  Token Corp. | 120 | 11783 |
|  Tokio Marine Holdings, Inc. | 50900 | 2159994 |
|  Tokushu Tokai Paper Co. Ltd. | 800 | 21305 |
|  Tokuyama Corp. | 2200 | 46076 |
|  Tokyo Century Corp. | 2200 | 24833 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 47700 | 159028 |
|  Tokyo Electron Device Ltd. | 1200 | 23608 |
|  Tokyo Electron Ltd. | 11500 | 2210479 |
|  Tokyo Energy & Systems, Inc. | 1000 | 8909 |
|  Tokyo Gas Co. Ltd. | 10800 | 359388 |
|  Tokyo Individualized Educational Institute, Inc. | 900 | 2319 |
|  Tokyo Keiki, Inc. | 800 | 24194 |
|  Tokyo Kiraboshi Financial Group, Inc. | 351 | 14819 |
|  Tokyo Metro Co. Ltd. (x) | 9600 | 111829 |
|  Tokyo Ohka Kogyo Co. Ltd.(x) | 2800 | 81664 |
|  Tokyo Rope Manufacturing Co. Ltd. | 800 | 7050 |
|  Tokyo Sangyo Co. Ltd. | 1000 | 5430 |
|  Tokyo Seimitsu Co. Ltd. | 1200 | 80106 |
|  Tokyo Steel Manufacturing Co. Ltd. | 1300 | 13659 |
|  Tokyo Tatemono Co. Ltd. (x) | 3891 | 69347 |
|  Tokyo Tekko Co. Ltd. (x) | 400 | 15083 |
|  Tokyotokeiba Co. Ltd. | 800 | 26527 |
|  Tokyu Construction Co. Ltd. | 4940 | 36260 |
|  Tokyu Corp. | 15600 | 185677 |
|  Tokyu Fudosan Holdings Corp. | 15400 | 109989 |
|  Tomen Devices Corp. | 100 | 4187 |
|  Tomoe Engineering Co. Ltd. | 1200 | 11908 |
|  Tomoku Co. Ltd. | 800 | 15955 |

---

See Notes to Financial Statements.

853

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  TOMONY Holdings, Inc. | 9400 | $| 35249 |
|  Tomy Co. Ltd. | 2100 |  | 47467 |
|  Topcon Corp. | 2800 |  | 63503 |
|  TOPPAN Holdings, Inc. | 6900 |  | 188066 |
|  Topy Industries Ltd. | 1000 |  | 15729 |
|  Toray Industries, Inc. | 40900 |  | 280553 |
|  Toridoll Holdings Corp. | 1200 |  | 34749 |
|  Toshiba TEC Corp. | 600 |  | 12237 |
|  Tosoh Corp. | 8400 |  | 123079 |
|  Totetsu Kogyo Co. Ltd. | 1000 |  | 26839 |
|  TOTO Ltd. | 4400 |  | 111096 |
|  Toukei Computer Co. Ltd. | 400 |  | 10944 |
|  Tow Co. Ltd. | 1200 |  | 2583 |
|  Towa Bank Ltd. (The) | 1300 |  | 6265 |
|  Towa Corp. (x) | 2100 |  | 29384 |
|  Towa Pharmaceutical Co. Ltd. | 200 |  | 4154 |
|  Toyo Construction Co. Ltd. | 100 |  | 995 |
|  Toyo Corp. | 1600 |  | 16588 |
|  Toyo Engineering Corp. | 1600 |  | 8655 |
|  Toyo Kanetsu KK | 600 |  | 16499 |
|  Toyo Securities Co. Ltd. | 4000 |  | 13972 |
|  Toyo Seikan Group Holdings Ltd. | 2700 |  | 52929 |
|  Toyo Suisan Kaisha Ltd. | 2500 |  | 166400 |
|  Toyo Tanso Co. Ltd. | 700 |  | 23794 |
|  Toyo Tire Corp. (x) | 3000 |  | 63623 |
|  Toyobo Co. Ltd. | 1700 |  | 10837 |
|  Toyoda Gosei Co. Ltd. | 600 |  | 11837 |
|  Toyota Boshoku Corp. | 1800 |  | 24587 |
|  Toyota Industries Corp. | 4400 |  | 498038 |
|  Toyota Motor Corp. | 287540 |  | 4977863 |
|  Toyota Tsusho Corp. | 16800 |  | 381370 |
|  TPR Co. Ltd. | 1500 |  | 20312 |
|  Transcosmos, Inc. | 100 |  | 2430 |
|  TRE Holdings Corp. | 100 |  | 951 |
|  Trend Micro, Inc. | 2700 |  | 187062 |
|  Tri Chemical Laboratories, Inc. | 1300 |  | 30016 |
|  Trusco Nakayama Corp. | 1400 |  | 20076 |
|  TS Tech Co. Ltd. | 2100 |  | 24667 |
|  Tsubakimoto Chain Co. | 2700 |  | 33693 |
|  Tsubakimoto Kogyo Co. Ltd. | 600 |  | 10062 |
|  Tsukishima Holdings Co. Ltd. | 2000 |  | 29568 |
|  Tsukuba Bank Ltd. | 5400 |  | 8737 |
|  Tsumura & Co. | 1500 |  | 36207 |
|  Tsuruha Holdings, Inc. | 1000 |  | 78157 |
|  Tsutsumi Jewelry Co. Ltd. | 500 |  | 7715 |
|  TV Asahi Holdings Corp. | 900 |  | 17462 |
|  Tv Tokyo Holdings Corp. | 500 |  | 11961 |
|  UACJ Corp. | 1226 |  | 44952 |
|  UBE Corp. | 3000 |  | 47123 |
|  Uchida Yoko Co. Ltd. | 400 |  | 26638 |
|  Ulvac, Inc. (x) | 1200 |  | 44215 |
|  Unicharm Corp. | 34500 |  | 249278 |
|  Unipres Corp. | 1600 |  | 10666 |
|  United Arrows Ltd. | 1100 |  | 16347 |
|  United Super Markets Holdings, Inc. | 380 |  | 2409 |
|  Unitika Ltd.\* | 2900 |  | 3524 |
|  Ushio, Inc. | 1700 |  | 21155 |
|  USS Co. Ltd. | 11400 |  | 125752 |
|  UT Group Co. Ltd. (x) | 1600 |  | 27377 |
|  Valor Holdings Co. Ltd. | 500 |  | 8753 |
|  Vision, Inc. | 500 |  | 3993 |
|  Visional, Inc.\* | 700 |  | 54005 |
|  Vital KSK Holdings, Inc. | 2300 |  | 19358 |
|  Wacoal Holdings Corp. | 1600 |  | 55209 |
|  Wacom Co. Ltd. | 1300 |  | 6193 |
|  Wakachiku Construction Co. Ltd. | 700 |  | 19930 |
|  Warabeya Nichiyo Holdings Co. Ltd. | 700 |  | 11734 |
|  WATAMI Co. Ltd. | 1400 |  | 9965 |
|  Weathernews, Inc. | 600 |  | 16187 |
|  Welcia Holdings Co. Ltd. | 2800 |  | 49377 |
|  West Japan Railway Co. | 13400 |  | 307259 |
|  W-Scope Corp. (x)\* | 3400 |  | 6021 |
|  Xebio Holdings Co. Ltd. | 1400 |  | 10675 |
|  YAC Holdings Co. Ltd. (x) | 1000 |  | 5521 |
|  Yahagi Construction Co. Ltd. | 1700 |  | 20104 |
|  Yakult Honsha Co. Ltd. | 7000 |  | 131853 |
|  YAMABIKO Corp. | 200 |  | 2950 |
|  Yamada Holdings Co. Ltd. | 9472 |  | 29816 |
|  Yamagata Bank Ltd. (The) | 1400 |  | 14554 |
|  Yamaguchi Financial Group, Inc. | 6800 |  | 73334 |
|  Yamaha Corp. | 8900 |  | 64430 |
|  Yamaha Motor Co. Ltd. (x) | 24000 |  | 179910 |
|  Yamaichi Electronics Co. Ltd.(x) | 1200 |  | 22274 |
|  YA-MAN Ltd. (x) | 3200 |  | 18822 |
|  Yamanashi Chuo Bank Ltd. (The) | 1400 |  | 24664 |
|  Yamatane Corp. | 1200 |  | 18799 |
|  Yamato Holdings Co. Ltd. (x) | 6800 |  | 91136 |
|  Yamato Kogyo Co. Ltd. | 1100 |  | 66930 |
|  Yamaura Corp. | 500 |  | 4368 |
|  Yamazaki Baking Co. Ltd. | 2900 |  | 65026 |
|  Yaoko Co. Ltd. | 500 |  | 33013 |
|  Yaskawa Electric Corp. | 5600 |  | 127123 |
|  Yasuda Logistics Corp. | 1000 |  | 12708 |
|  Yellow Hat Ltd. | 4400 |  | 47054 |
|  Yodogawa Steel Works Ltd. | 4500 |  | 35811 |
|  Yokogawa Bridge Holdings Corp. | 100 |  | 1755 |
|  Yokogawa Electric Corp. | 5000 |  | 133850 |
|  Yokohama Rubber Co. Ltd. (The) | 2800 |  | 77231 |
|  Yokorei Co. Ltd. | 2600 |  | 15491 |
|  Yokowo Co. Ltd. | 1000 |  | 9382 |
|  Yomeishu Seizo Co. Ltd. | 500 |  | 10816 |
|  Yondenko Corp. | 1200 |  | 10908 |
|  Yondoshi Holdings, Inc. | 900 |  | 10856 |
|  Yorozu Corp. | 700 |  | 4501 |
|  Yoshinoya Holdings Co. Ltd. | 1400 |  | 30439 |
|  Yurtec Corp. | 2000 |  | 29416 |
|  Yushin Co. | 1200 |  | 4933 |
|  Yushiro, Inc. | 600 |  | 8041 |
|  Zacros Corp. | 900 |  | 23499 |
|  Zenkoku Hosho Co. Ltd. | 1600 |  | 35921 |
|  Zenrin Co. Ltd. | 2550 |  | 18186 |
|  Zensho Holdings Co. Ltd. | 3200 |  | 194171 |
|  Zeon Corp. | 4300 |  | 43730 |
|  Zeria Pharmaceutical Co. Ltd. | 1100 |  | 15927 |
|  Zojirushi Corp. | 1800 |  | 16712 |
|  ZOZO, Inc. (x) | 13500 |  | 145964 |
|  Zuken, Inc. | 800 |  | 29777 |
|  |  |  | 162899956 |
|  **Luxembourg (0.6%)** | **Luxembourg (0.6%)** | **Luxembourg (0.6%)** | **Luxembourg (0.6%)** |
|  Eurofins Scientific SE | 81600 |  | 5809536 |
|  **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** |
|  Fresnillo plc | 9528 |  | 188332 |

---

See Notes to Financial Statements.

854

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Netherlands (4.7%)** | **Netherlands (4.7%)** | **Netherlands (4.7%)** |
|  Adyen NV (m)\* | 1601 | $2938983 |
|  Akzo Nobel NV | 81687 | 5715658 |
|  ASML Holding NV | 21278 | 16983651 |
|  ASML Holding NV (Registered) (ADR) | 4310 | 3453991 |
|  ASR Nederland NV | 46900 | 3114761 |
|  EXOR NV | 36185 | 3648625 |
|  ING Groep NV | 170051 | 3731004 |
|  Koninklijke Ahold Delhaize NV | 123425 | 5161291 |
|  Wolters Kluwer NV | 12887 | 2154835 |
|  |  | 46902799 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  a2 Milk Co. Ltd. (The) | 26011 | 137124 |
|  Auckland International Airport Ltd. | 6589 | 30790 |
|  Chorus Ltd. | 14715 | 75637 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 7356 | 162815 |
|  Fletcher Building Ltd. (x)\* | 17976 | 31943 |
|  Xero Ltd.\* | 5481 | 648596 |
|  |  | 1086905 |
|  **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** |
|  Airtel Africa plc (m) | 51559 | 127603 |
|  **South Africa (0.2%)** | **South Africa (0.2%)** | **South Africa (0.2%)** |
|  Anglo American plc | 53531 | 1579806 |
|  **South Korea (1.4%)** | **South Korea (1.4%)** | **South Korea (1.4%)** |
|  KB Financial Group, Inc. | 85040 | 6987949 |
|  NAVER Corp. | 10505 | 2043244 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 144987 | 5317766 |
|  |  | 14348959 |
|  **Spain (2.2%)** | **Spain (2.2%)** | **Spain (2.2%)** |
|  Amadeus IT Group SA | 16493 | 1388708 |
|  Banco Bilbao Vizcaya Argentaria SA | 311386 | 4788537 |
|  Banco Santander SA | 818679 | 6776578 |
|  Iberdrola SA | 318088 | 6103729 |
|  Industria de Diseno Textil SA | 61563 | 3203851 |
|  |  | 22261403 |
|  **Sweden (1.1%)** | **Sweden (1.1%)** | **Sweden (1.1%)** |
|  Sandvik AB | 142700 | 3271531 |
|  SKF AB, Class B | 189800 | 4355355 |
|  Volvo AB, Class B | 106900 | 2998791 |
|  |  | 10625677 |
|  **Switzerland (0.4%)** | **Switzerland (0.4%)** | **Switzerland (0.4%)** |
|  Cie Financiere Richemont SA (Registered) | 16100 | 3032510 |
|  Swatch Group AG (The) (x) | 3696 | 601366 |
|  |  | 3633876 |
|  **United Kingdom (15.1%)** | **United Kingdom (15.1%)** | **United Kingdom (15.1%)** |
|  3i Group plc | 47488 | 2685597 |
|  Admiral Group plc | 12600 | 565559 |
|  Ashtead Group plc | 134623 | 8627857 |
|  Associated British Foods plc | 15728 | 444302 |
|  AstraZeneca plc | 75388 | 10472311 |
|  Auto Trader Group plc (m) | 44988 | 509090 |
|  Aviva plc | 133974 | 1138705 |
|  BAE Systems plc | 151217 | 3915771 |
|  Barclays plc | 717418 | 3321608 |
|  Barratt Redrow plc | 75703 | 473743 |
|  Beazley plc | 30938 | 397067 |
|  Berkeley Group Holdings plc | 4862 | 257610 |
|  British American Tobacco plc | 97328 | 4626474 |
|  BT Group plc | 283196 | 753162 |
|  Bunzl plc | 16764 | 533858 |
|  Centrica plc | 259637 | 575749 |
|  Coca-Cola Europacific Partners plc | 10849 | 999245 |
|  Compass Group plc | 85328 | 2889486 |
|  ConvaTec Group plc (m) | 84268 | 333594 |
|  Croda International plc | 6948 | 278867 |
|  DCC plc | 4932 | 320081 |
|  Diageo plc | 276553 | 6939279 |
|  Diploma plc | 6981 | 468391 |
|  easyJet plc | 34772 | 254018 |
|  Entain plc | 31145 | 385188 |
|  Flutter Entertainment plc, Class DI\* | 13418 | 3834328 |
|  Games Workshop Group plc | 1688 | 375823 |
|  Halma plc | 18772 | 824556 |
|  Hikma Pharmaceuticals plc | 7292 | 198986 |
|  Hiscox Ltd. | 15431 | 265826 |
|  Howden Joinery Group plc | 27843 | 327152 |
|  HSBC Holdings plc | 887290 | 10739783 |
|  IMI plc | 13320 | 382861 |
|  Imperial Brands plc | 38884 | 1535574 |
|  Informa plc | 65850 | 728355 |
|  InterContinental Hotels Group plc | 7364 | 839384 |
|  Intermediate Capital Group plc | 13550 | 358597 |
|  International Consolidated Airlines Group SA | 175444 | 821689 |
|  Intertek Group plc | 8403 | 546730 |
|  J Sainsbury plc | 94775 | 377009 |
|  JD Sports Fashion plc | 138958 | 169263 |
|  Kingfisher plc | 92592 | 369596 |
|  Land Securities Group plc (REIT) | 38554 | 333932 |
|  Legal & General Group plc | 290214 | 1014230 |
|  Lloyds Banking Group plc | 5482049 | 5771625 |
|  London Stock Exchange Group plc | 25423 | 3711283 |
|  LondonMetric Property plc (REIT) | 112518 | 313529 |
|  M&G plc | 110708 | 390546 |
|  Marks & Spencer Group plc | 104763 | 509638 |
|  Melrose Industries plc | 65423 | 476674 |
|  National Grid plc | 245822 | 3581794 |
|  NatWest Group plc | 373412 | 2621252 |
|  Next plc | 5785 | 987833 |
|  Pearson plc | 34336 | 505012 |
|  Persimmon plc | 16556 | 294524 |
|  Phoenix Group Holdings plc | 36040 | 325762 |
|  Reckitt Benckiser Group plc | 111014 | 7550596 |
|  RELX plc | 92526 | 5000219 |
|  Rentokil Initial plc | 664763 | 3212866 |
|  Rightmove plc | 40654 | 440068 |
|  Rolls-Royce Holdings plc | 433863 | 5762465 |
|  Sage Group plc (The) | 48739 | 836604 |
|  Schroders plc | 1066850 | 5292384 |
|  Segro plc (REIT) | 71665 | 668529 |
|  Severn Trent plc | 13442 | 504455 |
|  Smith & Nephew plc | 294903 | 4505408 |
|  Smiths Group plc | 75746 | 2335228 |
|  Spirax Group plc | 3743 | 305958 |

---

See Notes to Financial Statements.

855

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SSE plc | 55521 | $1395422 |
|  St James's Place plc | 28374 | 461139 |
|  Standard Chartered plc | 95401 | 1580593 |
|  Taylor Wimpey plc | 175062 | 285355 |
|  Tesco plc | 329433 | 1814663 |
|  Unilever plc | 124103 | 7537987 |
|  UNITE Group plc (The) (REIT) | 18779 | 218460 |
|  United Utilities Group plc | 34540 | 541200 |
|  Vodafone Group plc | 977596 | 1043728 |
|  Weir Group plc (The) | 13625 | 465689 |
|  Whitbread plc | 8875 | 343905 |
|  WPP plc | 542984 | 3820546 |
|  |  | 151623225 |
|  **United States (5.9%)** | **United States (5.9%)** | **United States (5.9%)** |
|  Alcoa Corp. (CRDI)(x) | 1561 | 46232 |
|  Amcor plc (CHDI) | 20206 | 188840 |
|  Block, Inc. (CRDI)\* | 1701 | 114918 |
|  BP plc | 801741 | 4024564 |
|  CNH Industrial NV | 662200 | 8582112 |
|  CSL Ltd. | 17048 | 2686999 |
|  Experian plc | 46133 | 2375934 |
|  GSK plc | 204160 | 3895339 |
|  Haleon plc | 457249 | 2349895 |
|  James Hardie Industries plc (CHDI)\* | 15672 | 430116 |
|  Life360, Inc. (CRDI) (m)\* | 8300 | 175788 |
|  Light & Wonder, Inc. (CRDI)\* | 619 | 60058 |
|  Newmont Corp. (CRDI) | 4402 | 252953 |
|  News Corp. (CHDI), Class B | 1221 | 41707 |
|  Novartis AG (Registered) | 27400 | 3321013 |
|  Reliance Worldwide Corp. Ltd. | 24282 | 65523 |
|  ResMed, Inc. (CHDI) | 20882 | 540806 |
|  Roche Holding AG | 11255 | 3665375 |
|  Sanofi SA | 61545 | 5959973 |
|  Schneider Electric SE | 31101 | 8272279 |
|  Shell plc | 300864 | 10545469 |
|  Sims Ltd. | 6752 | 68168 |
|  Stellantis NV | 111067 | 1113244 |
|  |  | 58777305 |
|  **Total Common Stocks (88.8%)** <br>*(Cost $637,571,275)* |  | 892271426 |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** |
|  F&C Investment Trust plc | 27797 | 422764 |
|  Polar Capital Technology Trust plc\* | 59425 | 296506 |
|  Scottish Mortgage Investment Trust plc | 67127 | 952747 |
|  |  | 1672017 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  Pershing Square Holdings Ltd. | 8552 | 456643 |
|  **Total Closed End Funds (0.2%)** <br>(*Cost $1,321,769*) |  | 2128660 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 50000 | 50000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 4112132 | 4112132 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 5262132 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $5,262,132)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $5,262,132)* | 5262132 |
|  **Total Investments in Securities (89.5%)**<br> *(Cost $644,155,176)* | **Total Investments in Securities (89.5%)**<br> *(Cost $644,155,176)* | 899662218 |
|  **Other Assets Less Liabilities (10.5%)** | **Other Assets Less Liabilities (10.5%)** | 105200451 |
|  **Net Assets (100%)** |  | $1004862669 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $5,635,135 or 0.6% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $12,619,988. This was collateralized by $8,103,568 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $5,262,132 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | |
|:---|:---|:---|
|  *ADR* | *—* | *American Depositary Receipt* |
|  *AUD* | *—* | *Australian Dollar* |
|  *CAD* | *—* | *Canadian Dollar* |
|  *CRDI* | *—* | *CREST Depository Interest* |
|  *CHDI* | *—* | *Clearing House Electronic Subregister System (CHESS) Depository Interest* |
|  *CHF* | *—* | *Swiss Franc* |
|  *DKK* | *—* | *Denmark Krone* |
|  *EUR* | *—* | *European Currency Unit* |
|  *GBP* | *—* | *British Pound* |
|  *INR* | *—* | *India Rupee* |
|  *JPY* | *—* | *Japanese Yen* |
|  *KRW* | *—* | *Korean Republic Won* |
|  *REIT* | *—* | *Real Estate Investment Trust* |
|  *SEK* | *—* | *Swedish Krona* |
|  *TWD* | *—* | *New Taiwan Dollar* |
|  *USD* | *—* | *United States Dollar* |
|  *ZAR* | *—* | *South African Rand* |

---

See Notes to Financial Statements.

856

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 620 | 9/2025 | USD | 38904626 | 20927 |
|  FTSE 100 Index | 199 | 9/2025 | GBP | 24009165 | (294370) |
|  SPI 200 Index | 68 | 9/2025 | AUD | 9551665 | 7741 |
|  TOPIX Index | 124 | 9/2025 | JPY | 24588174 | 576447 |
|  |  |  |  |  | 310745 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 8518942 | USD | 5570647 | HSBC Bank plc | 9/19/2025 | 45459 |
|  EUR | 6564463 | USD | 7600718 | HSBC Bank plc | 9/19/2025 | 173248 |
|  GBP | 6952373 | USD | 9457042 | HSBC Bank plc | 9/19/2025 | 91080 |
|  JPY | 138867474 | USD | 961081 | HSBC Bank plc | 9/19/2025 | 12016 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 321803 |
|  JPY | 596537144 | USD | 4194391 | HSBC Bank plc | 9/19/2025 | (14232) |
|  USD | 18516228 | EUR | 15885672 | HSBC Bank plc | 9/19/2025 | (296380) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (310612) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 11191 |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 3,325,398, CAD 713, CHF 2,232, DKK 41, EUR 49,981,007, GBP 14,155,033, INR 1, JPY 19,300,413, KRW 2, SEK 65,867, TWD 79 and ZAR 52.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Funds** | $— | $2128660 | $— | $2128660 |
|  **Common Stocks** |  |  |  |  |
|  Australia |  | 68601253 | — (a) | 68601253 |
|  Austria |  | 361903 |  | 361903 |
|  Belgium |  | 3803052 |  | 3803052 |
|  Brazil |  | 46237 |  | 46237 |
|  Canada | 2610843 | 42600 |  | 2653443 |
|  Chile |  | 476171 |  | 476171 |
|  China |  | 13788436 |  | 13788436 |
|  Denmark |  | 5334660 |  | 5334660 |
|  Finland |  | 4210724 |  | 4210724 |
|  France |  | 129854094 |  | 129854094 |

---

See Notes to Financial Statements.

857

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Germany | $— | $140713486 | $— | $140713486 |
|  Hong Kong |  | 7154459 |  | 7154459 |
|  India |  | 2932279 |  | 2932279 |
|  Indonesia |  | 5771162 |  | 5771162 |
|  Italy | 3246821 | 23189562 |  | 26436383 |
|  Ivory Coast |  | 268302 |  | 268302 |
|  Japan |  | 162899956 |  | 162899956 |
|  Luxembourg |  | 5809536 |  | 5809536 |
|  Mexico |  | 188332 |  | 188332 |
|  Netherlands | 3453991 | 43448808 |  | 46902799 |
|  New Zealand |  | 1086905 |  | 1086905 |
|  Nigeria |  | 127603 |  | 127603 |
|  South Africa |  | 1579806 |  | 1579806 |
|  South Korea |  | 14348959 |  | 14348959 |
|  Spain |  | 22261403 |  | 22261403 |
|  Sweden |  | 10625677 |  | 10625677 |
|  Switzerland |  | 3633876 |  | 3633876 |
|  United Kingdom | 3834328 | 147788897 |  | 151623225 |
|  United States | 8582112 | 50195193 |  | 58777305 |
|  **Forward Currency Contracts** |  | 321803 |  | 321803 |
|  **Futures** | 605115 |  |  | 605115 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5262132 |  |  | 5262132 |
|  **Total Assets** | $**27595342** | $**872993794** | $**—** | $**900589136** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(310612) | $— | $(310612) |
|  **Futures** | (294370) |  |  | (294370) |
|  **Total Liabilities** | $**(294370)** | $**(310612)** | $**—** | $**(604982)** |
|  **Total** | $**27300972** | $**872683182** | $**—** | $**899984154** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $321803 |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | 605115 |
|  **Total** |  | $926918 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (310612) |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | (294370) |
|  **Total** |  | $(604982) |

---

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

See Notes to Financial Statements.

858

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EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(8428731) | $(8428731) |
|  Equity contracts | (23014238) |  | (23014238) |
|  **Total** | $(23014238) | $(8428731) | $(31442969) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $145582 | $145582 |
|  Equity contracts | 1109238 |  | 1109238 |
|  **Total** | $1109238 | $145582 | $1254820 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $89381000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $100135000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 116037000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount<br>Due from<br>Counterparty** |
|  HSBC Bank plc | $321803 | $(310612) | $— | $11191 |
|  **Total** | $321803 | $(310612) | $— | $11191 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount<br>Due to<br>Counterparty** |
|  HSBC Bank plc | $310612 | $(310612) | $— | $— |
|  **Total** | $310612 | $(310612) | $— | $— |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

859

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $84018996.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $163836239.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $320141649 |
|  Aggregate gross unrealized depreciation | (76493797) |
|  Net unrealized appreciation | $243647852 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $656336302 |

---

See Notes to Financial Statements.

860

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $644,155,176) | $899662218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11355059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $84,292,062) | 86830838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 6430280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6155563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1516066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 321803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 317046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 92333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 71166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 23441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1012780251 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5262132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 881495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 526748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 484164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 310612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 119602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 112412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 97681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 121727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7917582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1004862669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $758053030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 246809639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1004862669 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $590,047,074 / 40,064,650 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.73 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $414,815,595 / 28,017,171 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.81 |

---

*(x)* *Includes value of securities on loan of $12,619,988.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025
*(Unaudited)* 

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,931,386 foreign withholding tax) | $17814668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 500481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 55234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18370383 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2854736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 704903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 598600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 133138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 15711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 73055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4473344 |
|  **NET INVESTMENT INCOME (LOSS)** | 13897039 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $35,398 on realized gain on investments) | 33690880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (23014238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (8428731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (680248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1567663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $71,850 on unrealized appreciation on investments) | 115128481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1109238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 145582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 9890240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 126273541 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 127841204 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $141738243 |

---

See Notes to Financial Statements.

861

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $13897039 | $18882428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1567663 | 48148895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 126273541 | (48921765) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 141738243 | 18109558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (43867405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (32070100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (75937505) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 28,978 shares, respectively ] |  | 402885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1435306) shares, respectively ] |  | (19970867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (58836) shares, respectively ] |  | (810413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (20378395) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 939,486 and 1,062,364 shares, respectively ] | 12887159 | 14744524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,434,916 shares, respectively ] |  | 19970867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 3,277,538 shares, respectively ] |  | 43867405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3468639) and (4708003) shares, respectively ] | (47765643) | (65845462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (34878484) | 12737334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 11,131 and 33,930 shares, respectively ] | 154242 | 476353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,386,853 shares, respectively ] |  | 32070100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2038136) and (4302105) shares, respectively ] | (28080846) | (60482180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (27926604) | (27935727) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (62805088) | (35576788) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 78933155 | (93404735) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 925929514 | 1019334249 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1004862669 | $925929514 |

---

See Notes to Financial Statements.

862

------

#### EQ ADVISORS TRUST
EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.73 | $13.58 | $11.70 | $13.90 | $13.65 | $13.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.25 | 0.24 | 0.24 | 0.25 (cc) | 0.11 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.81 | (0.01) | 1.92 | (2.15) | 1.13 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.00 | 0.24 | 2.16 | (1.91) | 1.38 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.33) | (0.28) | (0.19) | (0.32) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.76) |  | (0.10) | (0.81) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.09) | (0.28) | (0.29) | (1.13) | (0.32) |
|  Net asset value, end of period | $14.73 | $12.73 | $13.58 | $11.70 | $13.90 | $13.65 |
|  Total return (b) | 15.71% | 1.50% | 18.52% | (13.63)% | 10.35% | 4.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $590047 | $542037 | $564119 | $532672 | $660619 | $653179 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.03% | 1.03% | 1.03% | 1.07 %(g) | 1.08 %(g) | 1.06 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and rembersements (a)(f) | 1.03% | 1.03% | 1.03% | 1.07 %(g) | 1.08 %(g) | 1.06 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.79% | 1.76% | 1.85% | 2.02% | 1.67 %(dd) | 0.96 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and rembersements (a)(f) | 2.79% | 1.76% | 1.85% | 2.02% | 1.67 %(dd) | 0.96 %(bb) |
|  Portfolio turnover rate^ | 10 %(z) | 15% | 10% | 18% | 14% | 20% |
|  | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | <br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.78 | $13.64 | $11.74 | $13.95 | $13.69 | $13.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.29 | 0.28 | 0.27 | 0.28 (cc) | 0.14 (aa) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.82 | (0.02) | 1.93 | (2.16) | 1.15 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.03 | 0.27 | 2.21 | (1.89) | 1.43 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.37) | (0.31) | (0.22) | (0.36) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.76) |  | (0.10) | (0.81) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.13) | (0.31) | (0.32) | (1.17) | (0.34) |
|  Net asset value, end of period | $14.81 | $12.78 | $13.64 | $11.74 | $13.95 | $13.69 |
|  Total return (b) | 15.88% | 1.68% | 18.90% | (13.45)% | 10.65% | 4.41% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $414816 | $383893 | $435317 | $433140 | $467070 | $472110 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.78% | 0.78% | 0.78% | 0.82 %(g) | 0.83 %(g) | 0.81 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and rembersements (a)(f) | 0.78% | 0.78% | 0.78% | 0.82 %(g) | 0.83 %(g) | 0.81 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.04% | 2.04% | 2.12% | 2.23% | 1.92 %(dd) | 1.23 %(bb) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and rembersements (a)(f) | 3.04% | 2.04% | 2.12% | 2.23% | 1.92 %(dd) | 1.23 %(bb) |
|  Portfolio turnover rate^ | 10 %(z) | 15% | 10% | 18% | 14% | 20% |

---

See Notes to Financial Statements.

863

------

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%, 0.06% and 0.03% for the years ended December 31, 2022, 2021 and 2020, respectively for each class.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.09 and $0.12 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.15% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18 and $0.21 for Class IB and Class K, respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.47% lower.* 

See Notes to Financial Statements.

864

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (8.2%)** | **Communication Services (8.2%)** | **Communication Services (8.2%)** |
|  ***Entertainment (2.2%)*** | ***Entertainment (2.2%)*** | ***Entertainment (2.2%)*** |
|  Universal Music Group NV | 57969 | $1876461 |
|  Walt Disney Co. (The) | 25799 | 3199334 |
|  Warner Bros Discovery, Inc.\* | 163229 | 1870604 |
|  |  | 6946399 |
|  ***Interactive Media & Services (4.1%)*** | ***Interactive Media & Services (4.1%)*** | ***Interactive Media & Services (4.1%)*** |
|  Alphabet, Inc., Class A | 35640 | 6280837 |
|  Meta Platforms, Inc., Class A | 8691 | 6414740 |
|  |  | 12695577 |
|  ***Media (1.9%)*** | ***Media (1.9%)*** | ***Media (1.9%)*** |
|  Charter Communications, Inc., Class A\* | 8228 | 3363689 |
|  Comcast Corp., Class A | 76742 | 2738922 |
|  |  | 6102611 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 25744587 |
|  **Consumer Discretionary (6.3%)** | **Consumer Discretionary (6.3%)** | **Consumer Discretionary (6.3%)** |
|  ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** |
|  eBay, Inc. | 52712 | 3924935 |
|  ***Hotels, Restaurants & Leisure (4.2%)*** | ***Hotels, Restaurants & Leisure (4.2%)*** | ***Hotels, Restaurants & Leisure (4.2%)*** |
|  Domino's Pizza, Inc. | 6074 | 2736944 |
|  Las Vegas Sands Corp. | 74340 | 3234534 |
|  Restaurant Brands International, Inc. | 50552 | 3353304 |
|  Starbucks Corp. | 41041 | 3760587 |
|  |  | 13085369 |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** |
|  NIKE, Inc., Class B | 36717 | 2608376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 19618680 |
|  **Consumer Staples (10.5%)** | **Consumer Staples (10.5%)** | **Consumer Staples (10.5%)** |
|  ***Beverages (3.0%)*** | ***Beverages (3.0%)*** | ***Beverages (3.0%)*** |
|  Anheuser-Busch InBev SA/NV | 45018 | 3088406 |
|  Coca-Cola Co. (The) | 29563 | 2091583 |
|  Keurig Dr Pepper, Inc. | 126354 | 4177263 |
|  |  | 9357252 |
|  ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** |
|  Sysco Corp. | 73084 | 5535382 |
|  ***Household Products (3.9%)*** | ***Household Products (3.9%)*** | ***Household Products (3.9%)*** |
|  Clorox Co. (The) | 19729 | 2368861 |
|  Kimberly-Clark Corp. | 35467 | 4572405 |
|  Reckitt Benckiser Group plc | 75414 | 5129269 |
|  |  | 12070535 |
|  ***Tobacco (1.8%)*** | ***Tobacco (1.8%)*** | ***Tobacco (1.8%)*** |
|  Philip Morris International, Inc. | 31890 | 5808126 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 32771295 |
|  **Energy (6.6%)** | **Energy (6.6%)** | **Energy (6.6%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  Tenaris SA(x) | 91706 | 1725701 |
|  ***Oil, Gas & Consumable Fuels (6.1%)*** | ***Oil, Gas & Consumable Fuels (6.1%)*** | ***Oil, Gas & Consumable Fuels (6.1%)*** |
|  Chevron Corp. | 33094 | 4738730 |
|  ConocoPhillips | 40290 | 3615625 |
|  EQT Corp. | 30732 | 1792290 |
|  Exxon Mobil Corp. | 25073 | 2702869 |
|  Hess Corp. | 15123 | 2095140 |
|  Suncor Energy, Inc. | 108335 | 4057146 |
|  |  | 19001800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 20727501 |
|  **Financials (19.9%)** | **Financials (19.9%)** | **Financials (19.9%)** |
|  ***Banks (13.7%)*** | ***Banks (13.7%)*** | ***Banks (13.7%)*** |
|  Bank of America Corp. | 218743 | 10350919 |
|  Citigroup, Inc. | 61457 | 5231220 |
|  Citizens Financial Group, Inc. | 112799 | 5047755 |
|  Fifth Third Bancorp | 102292 | 4207270 |
|  Huntington Bancshares, Inc. | 313919 | 5261282 |
|  M&T Bank Corp. | 19413 | 3765928 |
|  Wells Fargo & Co. | 113170 | 9067180 |
|  |  | 42931554 |
|  ***Capital Markets (2.7%)*** | ***Capital Markets (2.7%)*** | ***Capital Markets (2.7%)*** |
|  Goldman Sachs Group, Inc. (The) | 2240 | 1585360 |
|  State Street Corp. | 63017 | 6701228 |
|  |  | 8286588 |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** |
|  Capital One Financial Corp. | 5918 | 1259114 |
|  ***Insurance (3.1%)*** | ***Insurance (3.1%)*** | ***Insurance (3.1%)*** |
|  Allstate Corp. (The) | 11111 | 2236755 |
|  American International Group, Inc. | 51430 | 4401894 |
|  MetLife, Inc. | 36991 | 2974816 |
|  |  | 9613465 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 62090721 |
|  **Health Care (15.6%)** | **Health Care (15.6%)** | **Health Care (15.6%)** |
|  ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** |
|  Regeneron Pharmaceuticals, Inc. | 2135 | 1120875 |
|  ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** |
|  Baxter International, Inc. | 41440 | 1254803 |
|  Becton Dickinson & Co. | 15767 | 2715866 |
|  GE HealthCare Technologies, Inc. | 26882 | 1991150 |
|  Medtronic plc | 34714 | 3026019 |
|  |  | 8987838 |
|  ***Health Care Providers & Services (5.8%)*** | ***Health Care Providers & Services (5.8%)*** | ***Health Care Providers & Services (5.8%)*** |
|  CVS Health Corp. | 107169 | 7392518 |
|  Elevance Health, Inc. | 12462 | 4847220 |
|  Henry Schein, Inc.\* | 32466 | 2371641 |
|  Humana, Inc. | 6534 | 1597432 |
|  UnitedHealth Group, Inc. | 6198 | 1933590 |
|  |  | 18142401 |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** |
|  ICON plc\* | 9729 | 1415083 |
|  IQVIA Holdings, Inc.\* | 9522 | 1500572 |
|  |  | 2915655 |
|  ***Pharmaceuticals (5.6%)*** | ***Pharmaceuticals (5.6%)*** | ***Pharmaceuticals (5.6%)*** |
|  AstraZeneca plc | 28707 | 3987752 |
|  Bristol-Myers Squibb Co. | 40365 | 1868496 |
|  Johnson & Johnson | 25561 | 3904443 |
|  Merck & Co., Inc. | 43035 | 3406650 |
|  Sanofi SA (ADR) | 90339 | 4364277 |
|  |  | 17531618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 48698387 |

---

See Notes to Financial Statements.

865

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Industrials (10.9%)** | **Industrials (10.9%)** | **Industrials (10.9%)** |
|  ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** |
|  Textron, Inc. | 49292 | $3957655 |
|  ***Air Freight & Logistics (1.6%)*** | ***Air Freight & Logistics (1.6%)*** | ***Air Freight & Logistics (1.6%)*** |
|  FedEx Corp. | 21592 | 4908077 |
|  ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** |
|  Johnson Controls International plc | 57852 | 6110328 |
|  ***Electrical Equipment (3.3%)*** | ***Electrical Equipment (3.3%)*** | ***Electrical Equipment (3.3%)*** |
|  Eaton Corp. plc | 14824 | 5292020 |
|  Emerson Electric Co. | 37966 | 5062007 |
|  |  | 10354027 |
|  ***Machinery (2.7%)*** | ***Machinery (2.7%)*** | ***Machinery (2.7%)*** |
|  Caterpillar, Inc. | 10046 | 3899958 |
|  Westinghouse Air Brake Technologies Corp. | 22319 | 4672482 |
|  |  | 8572440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 33902527 |
|  **Information Technology (11.8%)** | **Information Technology (11.8%)** | **Information Technology (11.8%)** |
|  ***Communications Equipment (3.4%)*** | ***Communications Equipment (3.4%)*** | ***Communications Equipment (3.4%)*** |
|  Cisco Systems, Inc. | 122898 | 8526663 |
|  F5, Inc.\* | 7399 | 2177674 |
|  |  | 10704337 |
|  ***IT Services (2.3%)*** | ***IT Services (2.3%)*** | ***IT Services (2.3%)*** |
|  Cognizant Technology Solutions Corp., Class A | 67070 | 5233472 |
|  DXC Technology Co.\* | 123238 | 1884309 |
|  |  | 7117781 |
|  ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** | ***Semiconductors & Semiconductor Equipment (3.2%)*** |
|  Intel Corp. | 98466 | 2205639 |
|  NXP Semiconductors NV | 24239 | 5295979 |
|  QUALCOMM, Inc. | 14749 | 2348926 |
|  |  | 9850544 |
|  ***Software (2.9%)*** | ***Software (2.9%)*** | ***Software (2.9%)*** |
|  Microsoft Corp. | 18410 | 9157318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 36829980 |
|  **Materials (2.1%)** | **Materials (2.1%)** | **Materials (2.1%)** |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** |
|  CF Industries Holdings, Inc. | 16494 | 1517448 |
|  Corteva, Inc. | 35635 | 2655877 |
|  |  | 4173325 |
|  ***Containers & Packaging (0.8%)*** | ***Containers & Packaging (0.8%)*** | ***Containers & Packaging (0.8%)*** |
|  International Paper Co. | 50435 | 2361871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 6535196 |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |
|  ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** |
|  SBA Communications Corp. (REIT) | 10654 | 2501985 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2501985 |
|  **Utilities (3.1%)** | **Utilities (3.1%)** | **Utilities (3.1%)** |
|  ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** |
|  Evergy, Inc. | 15775 | 1087371 |
|  ***Multi-Utilities (2.8%)*** | ***Multi-Utilities (2.8%)*** | ***Multi-Utilities (2.8%)*** |
|  Dominion Energy, Inc. | 67051 | 3789722 |
|  Sempra | 64874 | 4915503 |
|  |  | 8705225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 9792596 |
|  **Total Common Stocks (95.8%)**<br> *(Cost $201,916,348)* |  | 299213455 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.6%)** | **Investment Companies (1.6%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47%<br>(7 day yield) | 4923723 | 4924708 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $4,924,853)* | **Total Short-Term Investments (1.6%)**<br> *(Cost $4,924,853)* | 4924708 |
|  **Total Investments in Securities (97.4%)**<br> *(Cost $206,841,201)* | **Total Investments in Securities (97.4%)**<br> *(Cost $206,841,201)* | 304138163 |
|  **Other Assets Less Liabilities (2.6%)** | **Other Assets Less Liabilities (2.6%)** | 7989436 |
|  **Net Assets (100%)** |  | $312127599 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025, the Portfolio had loaned securities with a total value of $1,470,324. This was collateralized by $1,528,476 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 7/15/26 – 11/15/54.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CAD* *— Canadian Dollar* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

866

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CAD | 103090 | USD | 75614 | Goldman Sachs International | 7/9/2025 | 117 |
|  CAD | 187322 | USD | 136626 | Royal Bank of Canada | 7/9/2025 | 983 |
|  EUR | 118360 | USD | 136457 | Royal Bank of Canada | 7/9/2025 | 3030 |
|  GBP | 73831 | USD | 100620 | Deutsche Bank AG | 7/9/2025 | 727 |
|  GBP | 72797 | USD | 99806 | Goldman Sachs International | 7/9/2025 | 122 |
|  USD | 504297 | CAD | 684547 | Royal Bank of Canada | 7/9/2025 | 1421 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 6400 |
|  CAD | 772048 | USD | 568246 | Royal Bank of Canada | 7/9/2025 | (1091) |
|  USD | 3972493 | CAD | 5434631 | Deutsche Bank AG | 7/9/2025 | (19849) |
|  USD | 5571936 | EUR | 4856954 | Deutsche Bank AG | 7/9/2025 | (151946) |
|  USD | 104921 | GBP | 77367 | Goldman Sachs International | 7/9/2025 | (1280) |
|  USD | 4602512 | GBP | 3396302 | Royal Bank of Canada | 7/9/2025 | (59568) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (233734) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (227334) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $23868126 | $1876461 | $— | $25744587 |
|  Consumer Discretionary | 19618680 |  |  | 19618680 |
|  Consumer Staples | 24553620 | 8217675 |  | 32771295 |
|  Energy | 19001800 | 1725701 |  | 20727501 |
|  Financials | 62090721 |  |  | 62090721 |
|  Health Care | 44710635 | 3987752 |  | 48698387 |
|  Industrials | 33902527 |  |  | 33902527 |
|  Information Technology | 36829980 |  |  | 36829980 |
|  Materials | 6535196 |  |  | 6535196 |
|  Real Estate | 2501985 |  |  | 2501985 |
|  Utilities | 9792596 |  |  | 9792596 |
|  **Forward Currency Contracts** |  | 6400 |  | 6400 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 4924708 |  |  | 4924708 |
|  **Total Assets** | $**288330574** | $**15813989** | $**—** | $**304144563** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(233734) | $— | $(233734) |
|  **Total Liabilities** | $**—** | $**(233734)** | $**—** | $**(233734)** |
|  **Total** | $**288330574** | $**15580255** | $**—** | $**303910829** |

---

See Notes to Financial Statements.

867

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EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $6400 |
|  **Total** |  | $6400 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(233734) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233734) |

---

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(829445) | $(829445) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829445) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829445) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(429681) | $(429681) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429681) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429681) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $844000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14070000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Deutsche Bank AG | $727 | $(727) | $— | $— |
|  Goldman Sachs International | 239 | (239) |  |  |
|  Royal Bank of Canada | 5434 | (5434) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements.

868

------

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount<br>Due to<br>Counterparty** |
|  Deutsche Bank AG | $171795 | $(727) | $— | $171068 |
|  Goldman Sachs International | 1280 | (239) |  | 1041 |
|  Royal Bank of Canada | 60659 | (5434) |  | 55225 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227334 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $34975355 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46032779 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $105959136 |
|  Aggregate gross unrealized depreciation | (9837992) |
|  Net unrealized appreciation | $96121144 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207789685 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $594 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

869

------

EQ/INVESCO COMSTOCK PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $206,841,201) | $304138163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6545708.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $49) | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1621376.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 528460.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 140984.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 6400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1323.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3232.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 312985697.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 296299.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 233734.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 154206.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 56805.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 22405.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 858098.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $312127599.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $195102071.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 117025528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $312127599.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $282,943,667 / 12,676,779 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.32 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $29,183,932 / 1,310,271 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.27 |

---

*(x)* *Includes value of securities on loan of $1,470,324.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $73,293 foreign withholding tax) | $3638934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 125228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3766357 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 969550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 337778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 135259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 30427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 16427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 15297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1513221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (56192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1457029 |
|  **NET INVESTMENT INCOME (LOSS)** | 2309328 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 17834986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (829445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17011424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2545005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (429681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2117311 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 19128735 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $21438063 |

---

See Notes to Financial Statements.

870

------

#### EQ ADVISORS TRUST
EQ/INVESCO COMSTOCK PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2309328 | $4340793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17011424 | 26362006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2117311 | 10073954 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 21438063 | 40776753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (28210578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (3084509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (31295087) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 88,327 shares, respectively ] |  | 1882429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (3007763) shares, respectively ] |  | (65237379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (295038) shares, respectively ] |  | (6214814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (69569764) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 636,231 and 717,708 shares, respectively ] | 13579413 | 15777353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 3,004,513 shares, respectively ] |  | 65237379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,308,181 shares, respectively ] |  | 28210578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (908670) and (1413641) shares, respectively ] | (19209098) | (31276712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (5629685) | 77948598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 21,549 and 74,184 shares, respectively ] | 446272 | 1660998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 143,515 shares, respectively ] |  | 3084509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (97029) and (329211) shares, respectively ] | (2060979) | (7210830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1614707) | (2465323) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (7244392) | 5913511 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 14193671 | 15395177 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 297933928 | 282538751 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $312127599 | $297933928 |

---

See Notes to Financial Statements.

871

------

#### EQ ADVISORS TRUST
EQ/INVESCO COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $20.79 | $20.13 | $19.74 | $21.90 | $17.35 | $17.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.31 | 0.32 | 0.31 | 0.27 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.37 | 2.75 | 2.02 | (0.19) | 5.43 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.53 | 3.06 | 2.34 | 0.12 | 5.70 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.33) | (0.33) | (0.35) | (0.25) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.07) | (1.62) | (1.93) | (0.90) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.40) | (1.95) | (2.28) | (1.15) | (0.39) |
|  Net asset value, end of period | $22.32 | $20.79 | $20.13 | $19.74 | $21.90 | $17.35 |
|  Total return (b) | 7.36% | 14.85% | 12.01% | 0.49% | 33.02% | (0.77)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $282944 | $269219 | $187859 | $180668 | $189080 | $150411 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.04% | 1.04% | 1.05% | 1.04% | 1.04% | 1.06% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.52% | 1.43% | 1.56% | 1.46% | 1.27% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.49% | 1.38% | 1.52% | 1.41% | 1.23% | 1.77% |
|  Portfolio turnover rate^ | 12 %(z) | 20% | 18% | 25% | 17% | 37% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $20.72 | $20.07 | $19.68 | $21.83 | $17.30 | $17.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.37 | 0.36 | 0.37 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.36 | 2.73 | 2.03 | (0.18) | 5.40 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 3.10 | 2.39 | 0.19 | 5.72 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.38) | (0.38) | (0.41) | (0.29) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.07) | (1.62) | (1.93) | (0.90) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.45) | (2.00) | (2.34) | (1.19) | (0.43) |
|  Net asset value, end of period | $22.27 | $20.72 | $20.07 | $19.68 | $21.83 | $17.30 |
|  Total return (b) | 7.48% | 15.11% | 12.30% | 0.78% | 33.28% | (0.50)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $29184 | $28715 | $30044 | $32757 | $33962 | $29784 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.79% | 0.79% | 0.80% | 0.79% | 0.79% | 0.81% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.77% | 1.69% | 1.80% | 1.70% | 1.51% | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.73% | 1.65% | 1.76% | 1.66% | 1.47% | 2.03% |
|  Portfolio turnover rate^ | 12 %(z) | 20% | 18% | 25% | 17% | 37% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

872

------

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** |
|  Shopify, Inc., Class A\* | 64939 | $7490714 |
|  **China (2.9%)** | **China (2.9%)** | **China (2.9%)** |
|  JD.com, Inc. (ADR) | 343107 | 11199012 |
|  Tencent Holdings Ltd. | 56400 | 3613934 |
|  |  | 14812946 |
|  **Denmark (1.1%)** | **Denmark (1.1%)** | **Denmark (1.1%)** |
|  Novo Nordisk A/S, Class B | 76342 | 5298590 |
|  **France (5.6%)** | **France (5.6%)** | **France (5.6%)** |
|  Airbus SE | 79312 | 16560617 |
|  EssilorLuxottica SA | 18306 | 5022151 |
|  LVMH Moet Hennessy Louis Vuitton SE | 12628 | 6613493 |
|  |  | 28196261 |
|  **Germany (5.3%)** | **Germany (5.3%)** | **Germany (5.3%)** |
|  Allianz SE (Registered) | 9477 | 3841337 |
|  SAP SE | 75072 | 22828479 |
|  |  | 26669816 |
|  **India (6.5%)** | **India (6.5%)** | **India (6.5%)** |
|  DLF Ltd. | 2146955 | 20973868 |
|  HDFC Bank Ltd. | 114247 | 2666341 |
|  ICICI Bank Ltd. (ADR) | 265665 | 8936970 |
|  |  | 32577179 |
|  **Israel (0.9%)** | **Israel (0.9%)** | **Israel (0.9%)** |
|  Nice Ltd. (ADR)\* | 27550 | 4653470 |
|  **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** |
|  Brunello Cucinelli SpA | 40701 | 4947794 |
|  Ferrari NV | 4041 | 1980676 |
|  Moncler SpA | 16488 | 939833 |
|  |  | 7868303 |
|  **Japan (3.1%)** | **Japan (3.1%)** | **Japan (3.1%)** |
|  Capcom Co. Ltd. | 141400 | 4843764 |
|  Hoya Corp. | 18200 | 2168126 |
|  Keyence Corp. | 17956 | 7212076 |
|  TDK Corp. | 135400 | 1594186 |
|  |  | 15818152 |
|  **Netherlands (2.4%)** | **Netherlands (2.4%)** | **Netherlands (2.4%)** |
|  Adyen NV(m)\* | 4025 | 7388762 |
|  ASML Holding NV | 1555 | 1241168 |
|  BE Semiconductor Industries NV | 15083 | 2257300 |
|  Universal Music Group NV | 44312 | 1434383 |
|  |  | 12321613 |
|  **Spain (1.4%)** | **Spain (1.4%)** | **Spain (1.4%)** |
|  Amadeus IT Group SA | 86040 | 7244556 |
|  **Sweden (1.6%)** | **Sweden (1.6%)** | **Sweden (1.6%)** |
|  Assa Abloy AB, Class B | 103812 | 3239153 |
|  Atlas Copco AB, Class A | 305234 | 4931351 |
|  |  | 8170504 |
|  **Switzerland (1.3%)** | **Switzerland (1.3%)** | **Switzerland (1.3%)** |
|  Lonza Group AG (Registered) | 9327 | 6641572 |
|  **Taiwan (1.0%)** | **Taiwan (1.0%)** | **Taiwan (1.0%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 132000 | 4789812 |
|  **United States (62.9%)** | **United States (62.9%)** | **United States (62.9%)** |
|  Alphabet, Inc., Class A | 241683 | 42591795 |
|  Amazon.com, Inc.\* | 38631 | 8475255 |
|  Analog Devices, Inc. | 68477 | 16298896 |
|  ARM Holdings plc (ADR)(x)\* | 21078 | 3409156 |
|  Boston Scientific Corp.\* | 50568 | 5431509 |
|  Broadcom, Inc. | 41942 | 11561312 |
|  Ecolab, Inc. | 10923 | 2943093 |
|  Eli Lilly & Co. | 17841 | 13907595 |
|  Equifax, Inc. | 24408 | 6330703 |
|  IDEXX Laboratories, Inc.\* | 3792 | 2033801 |
|  Intuit, Inc. | 21993 | 17322347 |
|  Intuitive Surgical, Inc.\* | 13839 | 7520251 |
|  IQVIA Holdings, Inc.\* | 13343 | 2102723 |
|  Lam Research Corp. | 38772 | 3774066 |
|  Linde plc | 3375 | 1583483 |
|  Marriott International, Inc., Class A | 17926 | 4897562 |
|  Marvell Technology, Inc. | 180576 | 13976582 |
|  Mastercard, Inc., Class A | 6619 | 3719481 |
|  Meta Platforms, Inc., Class A | 62555 | 46171220 |
|  Microsoft Corp. | 30423 | 15132704 |
|  Netflix, Inc.\* | 8383 | 11225927 |
|  NVIDIA Corp. | 134307 | 21219163 |
|  Phathom Pharmaceuticals, Inc.(x)\* | 104625 | 1003354 |
|  S&P Global, Inc. | 39407 | 20778917 |
|  ServiceNow, Inc.\* | 2371 | 2437578 |
|  Spotify Technology SA\* | 6877 | 5276997 |
|  Stryker Corp. | 3217 | 1272742 |
|  Synopsys, Inc.\* | 4966 | 2545969 |
|  Thermo Fisher Scientific, Inc. | 3400 | 1378564 |
|  TJX Cos., Inc. (The) | 23665 | 2922391 |
|  Visa, Inc., Class A | 44489 | 15795819 |
|  Zoetis, Inc. | 8370 | 1305301 |
|  |  | 316346256 |
|  **Total Common Stocks (99.1%)** <br>*(Cost $237,121,160)* |  | 498899744 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.0%)†** | **Investment Company (0.0%)†** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 113922 | 113945 |
|  **Total Short-Term Investments (0.0%)**<br> *(Cost $113,945)* | **Total Short-Term Investments (0.0%)**<br> *(Cost $113,945)* | 113945 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $237,235,105)* | **Total Investments in Securities (99.1%)**<br> *(Cost $237,235,105)* | 499013689 |
|  **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | 4322837 |
|  **Net Assets (100%)** |  | $503336526 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $7,388,762 or 1.5% of net assets.* 

*(x)* *All or a portion of security is on loan at June 30, 2025, the Portfolio had loaned securities with a total value of $847,300. This was collateralized by $886,759 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

873

------

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Canada | $7490714 | $— | $— | $7490714 |
|  China | 11199012 | 3613934 |  | 14812946 |
|  Denmark |  | 5298590 |  | 5298590 |
|  France |  | 28196261 |  | 28196261 |
|  Germany |  | 26669816 |  | 26669816 |
|  India | 8936970 | 23640209 |  | 32577179 |
|  Israel | 4653470 |  |  | 4653470 |
|  Italy |  | 7868303 |  | 7868303 |
|  Japan |  | 15818152 |  | 15818152 |
|  Netherlands |  | 12321613 |  | 12321613 |
|  Spain |  | 7244556 |  | 7244556 |
|  Sweden |  | 8170504 |  | 8170504 |
|  Switzerland |  | 6641572 |  | 6641572 |
|  Taiwan |  | 4789812 |  | 4789812 |
|  United States | 316346256 |  |  | 316346256 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 113945 |  |  | 113945 |
|  **Total Assets** | $**348740367** | $**150273322** | $**—** | $**499013689** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**348740367** | $**150273322** | $**—** | $**499013689** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $51504537 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65269219 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $268241945 |
|  Aggregate gross unrealized depreciation | (6684532) |
|  Net unrealized appreciation | $261557413 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237456276 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $384 as brokerage commissions with Invesco Capital Markets, Inc, an affiliated broker/dealer.

See Notes to Financial Statements.

874

------

EQ/INVESCO GLOBAL PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $237,235,105) | $499013689.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6112000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $154,598) | 155363.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 598940.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 376301.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 8992.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5006.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 506270298.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 2224546.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 285891.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 246290.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 100361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 35775.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 40909.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2933772.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $503336526.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $206748390.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 296588136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $503336526.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $503,336,526 / 15,901,579 shares outstanding (unlimited amount authorized: $0.01 par value) | $31.65 |

---

*(x)* *Includes value of securities on loan of $847,300.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $213,167 foreign withholding tax) | $2434752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 89178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 16301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2540231 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1982329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 583036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 211351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 44283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2900703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (334263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2566440 |
|  **NET INVESTMENT INCOME (LOSS)** | (26209) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $114,030 on realized gain on investments) | 26847237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 19736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26866973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $35,081 on unrealized appreciation on investments) | 10173650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 63465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10237115 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 37104088 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $37077879 |

---

See Notes to Financial Statements.

875

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(26209) | $(992908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26866973 | 34311696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10237115 | 34212934 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 37077879 | 67531722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (23270139) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 48,573 shares, respectively ] |  | 1389766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2085236) shares, respectively ] |  | (63225952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (208201) shares, respectively ] |  | (6019895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (67856081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 570,352 and 940,628 shares, respectively ] | 16650197 | 27808390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,086,030 shares, respectively ] |  | 63225952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 766,090 shares, respectively ] |  | 23270139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (970951) and (1541379) shares, respectively ] | (28301518) | (45633230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (11651321) | 68671251 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (11651321) | 815170 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 25426558 | 45076753 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 477909968 | 432833215 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $503336526 | $477909968 |

---

See Notes to Financial Statements.

876

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $29.32 | $26.56 | $20.01 | $30.43 | $27.37 | $21.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) |  | (0.07) | (0.05) | (0.03) | (0.19)(aa) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.33 | 4.33 | 6.81 | (9.69) | 4.32 | 5.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.33 | 4.26 | 6.76 | (9.72) | 4.13 | 5.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.50) | (0.21) | (0.70) | (1.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.50) | (0.21) | (0.70) | (1.07) |  |
|  Net asset value, end of period | $31.65 | $29.32 | $26.56 | $20.01 | $30.43 | $27.37 |
|  Total return (b) | 7.95 | 15.83% | 33.79 | (32.01) | 15.10% | 27.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $503337 | $477910 | $373187 | $277554 | $393587 | $336166 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10 | 1.10% | 1.14 | 1.15 | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.24 | 1.25% | 1.26 | 1.25 | 1.24% | 1.25% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.01) | (0.23)% | (0.21) | (0.12) | (0.62)%(bb) | (0.39)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.15) | (0.38)% | (0.33) | (0.23) | (0.70)%(bb) | (0.50)% |
|  Portfolio turnover rate^ | 11 | 13% | 15 | 21 | 15% | 15% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $(0.05) for Class IB.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $(0.20) for Class IB.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for the class would have been 0.04% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.09% lower.* 

See Notes to Financial Statements.

877

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (3.4%)** | **Australia (3.4%)** | **Australia (3.4%)** |
|  BHP Group Ltd. | 74092 | $1792064 |
|  Glencore plc | 614658 | 2392762 |
|  GPT Group (The) (REIT) | 246331 | 784674 |
|  Rio Tinto plc | 15976 | 930905 |
|  Scentre Group (REIT) | 292480 | 685285 |
|  Transurban Group | 84029 | 773146 |
|  |  | 7358836 |
|  **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** |
|  Mondi plc | 35940 | 586817 |
|  **Canada (11.7%)** | **Canada (11.7%)** | **Canada (11.7%)** |
|  Agnico Eagle Mines Ltd. | 6095 | 726163 |
|  Cameco Corp. | 17870 | 1327111 |
|  Enbridge, Inc. | 143976 | 6528745 |
|  Gibson Energy, Inc. (x) | 92659 | 1626253 |
|  Granite REIT (REIT) | 21500 | 1092249 |
|  Keyera Corp. | 81990 | 2681722 |
|  Nutrien Ltd. (x) | 31062 | 1810001 |
|  Pembina Pipeline Corp. (x) | 126818 | 4761670 |
|  TC Energy Corp. (x) | 55264 | 2697963 |
|  West Fraser Timber Co. Ltd. | 29648 | 2174150 |
|  |  | 25426027 |
|  **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** |
|  Lundin Mining Corp. | 168797 | 1775049 |
|  **China (0.7%)** | **China (0.7%)** | **China (0.7%)** |
|  China Tower Corp. Ltd., Class H (m) | 745000 | 1064835 |
|  ENN Energy Holdings Ltd. | 48000 | 383391 |
|  |  | 1448226 |
|  **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** |
|  Stora Enso OYJ, Class R | 161623 | 1756100 |
|  **France (6.7%)** | **France (6.7%)** | **France (6.7%)** |
|  Aeroports de Paris SA | 12702 | 1591991 |
|  Gecina SA (REIT) | 9730 | 1069353 |
|  Getlink SE | 173555 | 3350757 |
|  TotalEnergies SE | 26797 | 1644564 |
|  Unibail-Rodamco-Westfield (REIT) | 32133 | 3071236 |
|  Vinci SA | 24859 | 3663261 |
|  |  | 14391162 |
|  **Germany (1.1%)** | **Germany (1.1%)** | **Germany (1.1%)** |
|  LEG Immobilien SE | 27629 | 2452310 |
|  **Hong Kong (0.9%)** | **Hong Kong (0.9%)** | **Hong Kong (0.9%)** |
|  Hong Kong & China Gas Co. Ltd. | 849000 | 712732 |
|  Link REIT (REIT) | 153300 | 818256 |
|  Wharf Real Estate Investment Co. Ltd. | 151000 | 427035 |
|  |  | 1958023 |
|  **Italy (0.7%)** | **Italy (0.7%)** | **Italy (0.7%)** |
|  Infrastrutture Wireless Italiane SpA (m) | 114209 | 1396447 |
|  **Japan (2.5%)** | **Japan (2.5%)** | **Japan (2.5%)** |
|  GLP J-REIT (REIT) | 1118 | 1006941 |
|  Japan Airport Terminal Co. Ltd. | 29300 | 936957 |
|  Mitsui Fudosan Co. Ltd. | 167300 | 1620662 |
|  Nippon Prologis REIT, Inc. (REIT) | 1799 | 994413 |
|  Sumitomo Forestry Co. Ltd. (x) | 88500 | 896339 |
|  |  | 5455312 |
|  **New Zealand (0.6%)** | **New Zealand (0.6%)** | **New Zealand (0.6%)** |
|  Auckland International Airport Ltd. | 293030 | 1383384 |
|  **Singapore (1.2%)** | **Singapore (1.2%)** | **Singapore (1.2%)** |
|  CapitaLand Ascendas REIT (REIT) | 365200 | 769749 |
|  CapitaLand Investment Ltd. | 508800 | 1060417 |
|  Mapletree Logistics Trust (REIT) | 849100 | 787997 |
|  |  | 2618163 |
|  **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** |
|  Cellnex Telecom SA (m) | 65619 | 2546900 |
|  Merlin Properties SOCIMI SA (REIT) | 202837 | 2659311 |
|  |  | 5206211 |
|  **Sweden (0.4%)** | **Sweden (0.4%)** | **Sweden (0.4%)** |
|  Svenska Cellulosa AB SCA, Class B | 61791 | 803337 |
|  **Switzerland (0.8%)** | **Switzerland (0.8%)** | **Switzerland (0.8%)** |
|  Flughafen Zurich AG (Registered) | 5912 | 1683927 |
|  **United Kingdom (4.7%)** | **United Kingdom (4.7%)** | **United Kingdom (4.7%)** |
|  National Grid plc | 313134 | 4562575 |
|  Segro plc (REIT) | 280916 | 2620533 |
|  UNITE Group plc (The) (REIT) | 150423 | 1749902 |
|  United Utilities Group plc | 81315 | 1274109 |
|  |  | 10207119 |
|  **United States (59.4%)** | **United States (59.4%)** | **United States (59.4%)** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 43435 | 3154684 |
|  American Tower Corp. (REIT) | 18412 | 4069420 |
|  AvalonBay Communities, Inc. (REIT) | 9788 | 1991858 |
|  Brixmor Property Group, Inc. (REIT) | 130750 | 3404730 |
|  Cheniere Energy, Inc. | 22506 | 5480661 |
|  Chevron Corp. | 5896 | 844248 |
|  ConocoPhillips | 18072 | 1621781 |
|  Consolidated Edison, Inc. | 8852 | 888298 |
|  Corteva, Inc. | 38407 | 2862474 |
|  Crown Castle, Inc. (REIT) | 17954 | 1844414 |
|  CubeSmart (REIT) | 25512 | 1084260 |
|  Devon Energy Corp. | 52054 | 1655838 |
|  Digital Realty Trust, Inc. (REIT) | 11906 | 2075573 |
|  Edison International | 27720 | 1430352 |
|  EOG Resources, Inc. | 6735 | 805573 |
|  Equinix, Inc. (REIT) | 6476 | 5151464 |
|  Equity LifeStyle Properties, Inc. (REIT) | 44081 | 2718475 |
|  Equity Residential (REIT) | 25909 | 1748598 |
|  Essential Utilities, Inc. | 45329 | 1683519 |
|  Eversource Energy | 16735 | 1064681 |
|  Extra Space Storage, Inc. (REIT) | 10235 | 1509048 |
|  Exxon Mobil Corp. | 30331 | 3269682 |
|  Federal Realty Investment Trust (REIT) | 43042 | 4088560 |
|  Ferrovial SE | 64629 | 3445632 |
|  Freeport-McMoRan, Inc. | 77529 | 3360882 |
|  Healthpeak Properties, Inc. (REIT) | 200478 | 3510370 |
|  Host Hotels & Resorts, Inc. (REIT) | 135846 | 2086595 |
|  International Paper Co. | 11718 | 548754 |
|  Kimco Realty Corp. (REIT) | 50581 | 1063213 |
|  Kinder Morgan, Inc. | 159982 | 4703471 |
|  Newmont Corp. | 41892 | 2440628 |
|  ONEOK, Inc. | 53056 | 4330961 |
|  PG&E Corp. | 93898 | 1308938 |
|  PotlatchDeltic Corp. (REIT) | 25285 | 970186 |
|  Prologis, Inc. (REIT) | 86136 | 9054616 |
|  Public Storage (REIT) | 8321 | 2441548 |

---

See Notes to Financial Statements.

878

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Realty Income Corp. (REIT) | 23943 | $1379356 |
|  Regency Centers Corp. (REIT) | 37367 | 2661651 |
|  Rexford Industrial Realty, Inc. (REIT) | 69770 | 2481719 |
|  SBA Communications Corp. (REIT) | 4603 | 1080969 |
|  Sempra | 34052 | 2580120 |
|  Shell plc | 57979 | 2032200 |
|  Simon Property Group, Inc. (REIT) | 25327 | 4071569 |
|  Smurfit WestRock plc | 38615 | 1666237 |
|  Targa Resources Corp. | 26102 | 4543836 |
|  Ventas, Inc. (REIT) | 25553 | 1613672 |
|  Welltower, Inc. (REIT) | 38696 | 5948736 |
|  Weyerhaeuser Co. (REIT) | 62602 | 1608245 |
|  Williams Cos., Inc. (The) | 51089 | 3208900 |
|  |  | 128591195 |
|  **Zambia (0.3%)** | **Zambia (0.3%)** | **Zambia (0.3%)** |
|  First Quantum Minerals Ltd.\* | 38389 | 681939 |
|  **Total Common Stocks (99.4%)** <br>*(Cost $205,344,680)* | **Total Common Stocks (99.4%)** <br>*(Cost $205,344,680)* | 215179584 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (2.7%)** | **Investment Company (2.7%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 5907401 | 5907401 |
|  **Total Short-Term Investments (2.7%)**<br> *(Cost $5,907,401)* | **Total Short-Term Investments (2.7%)**<br> *(Cost $5,907,401)* | 5907401 |
|  **Total Investments in Securities (102.1%)**<br> *(Cost $211,252,081)* | **Total Investments in Securities (102.1%)**<br> *(Cost $211,252,081)* | 221086985 |
|  **Other Assets Less Liabilities (-2.1%)** | **Other Assets Less Liabilities (-2.1%)** | (4576900) |
|  **Net Assets (100%)** |  | $216510085 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $5,008,182 or 2.3% of net assets.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $6,195,405. This was collateralized by $658,399 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 10/15/25 – 2/15/54 and by cash of $5,907,401 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

879

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $7358836 | $— | $7358836 |
|  Austria |  | 586817 |  | 586817 |
|  Canada | 25426027 |  |  | 25426027 |
|  Chile | 1775049 |  |  | 1775049 |
|  China |  | 1448226 |  | 1448226 |
|  Finland |  | 1756100 |  | 1756100 |
|  France |  | 14391162 |  | 14391162 |
|  Germany |  | 2452310 |  | 2452310 |
|  Hong Kong |  | 1958023 |  | 1958023 |
|  Italy |  | 1396447 |  | 1396447 |
|  Japan |  | 5455312 |  | 5455312 |
|  New Zealand |  | 1383384 |  | 1383384 |
|  Singapore |  | 2618163 |  | 2618163 |
|  Spain |  | 5206211 |  | 5206211 |
|  Sweden |  | 803337 |  | 803337 |
|  Switzerland |  | 1683927 |  | 1683927 |
|  United Kingdom |  | 10207119 |  | 10207119 |
|  United States | 123113363 | 5477832 |  | 128591195 |
|  Zambia | 681939 |  |  | 681939 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5907401 |  |  | 5907401 |
|  **Total Assets** | $**156903779** | $**64183206** | $**—** | $**221086985** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**156903779** | $**64183206** | $**—** | $**221086985** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123182872 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126490507 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $20280860 |
|  Aggregate gross unrealized depreciation | (10699147) |
|  Net unrealized appreciation | $9581713 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211505272 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $7,063 as brokerage commissions with Invesco Capital Markets, Inc, an affiliated broker/dealer.

See Notes to Financial Statements.

880

------

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $211,252,081) | $221086985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 345972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $230,829) | 229677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 968372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 107756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 222743266 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5907401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 130162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 97573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 44275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 15909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 37861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6233181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $216510085 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $199855382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 16654703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $216510085 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $216,510,085 / 13,203,168 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.40 |

---

*(x)* *Includes value of securities on loan of $6,195,405.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $177,971 foreign withholding tax) | $4025059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 21519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4058865 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 762958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 259509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 94205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 24711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 12273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1196844 |
|  **NET INVESTMENT INCOME (LOSS)** | 2862021 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 4560119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 10541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4570660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 15444280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 25714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15469994 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 20040654 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $22902675 |

---

See Notes to Financial Statements.

881

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2862021 | $4579955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4570660 | 983060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15469994 | (4726923) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 22902675 | 836092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (5337780) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (126224) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 484,155 and 1,018,468 shares, respectively ] | 7480417 | 15217459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 358,524 shares, respectively ] |  | 5464004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (950398) and (1961017) shares, respectively ] | (14763281) | (29743890) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (7282864) | (9062427) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 15619811 | (13690339) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 200890274 | 214580613 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $216510085 | $200890274 |

---

See Notes to Financial Statements.

882

------

#### EQ ADVISORS TRUST
EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.70 | $15.05 | $14.36 | $16.62 | $14.29 | $16.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.33 | 0.31 | 0.25 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.49 | (0.27) | 1.12 | (1.72) | 2.71 | (2.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.70 | 0.06 | 1.43 | (1.47) | 2.97 | (2.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.33) | (0.26) | (0.48) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) | (0.41) | (0.53) | (0.16) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.41) | (0.74) | (0.79) | (0.64) | (0.39) |
|  Net asset value, end of period | $16.40 | $14.70 | $15.05 | $14.36 | $16.62 | $14.29 |
|  Total return (b) | 11.56% | 0.31% | 10.08% | (8.97)% | 20.99% | (12.22)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $216510 | $200890 | $214581 | $203362 | $236886 | $195437 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.15 %(j) | 1.17 %(k) | 1.16 %(m) | 1.14 %(n) | 1.18 %(g)(o) | 1.20 %(jj) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.15% | 1.17% | 1.16% | 1.14% | 1.18% | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.76% | 2.19% | 2.09% | 1.60% | 1.62% | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.76% | 2.19% | 2.09% | 1.60% | 1.62% | 1.68% |
|  Portfolio turnover rate^ | 59 %(z) | 132% | 88% | 100% | 140% | 155% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(jj)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

883

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.3%)** | **Communication Services (3.3%)** | **Communication Services (3.3%)** |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | 16884 | $488623 |
|  Verizon Communications, Inc. | 9893 | 428070 |
|  |  | 916693 |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** |
|  Electronic Arts, Inc. | 535 | 85439 |
|  Live Nation Entertainment, Inc.\* | 370 | 55974 |
|  Netflix, Inc.\* | 1004 | 1344487 |
|  Take-Two Interactive Software, Inc.\* | 398 | 96654 |
|  TKO Group Holdings, Inc., Class A | 157 | 28566 |
|  Walt Disney Co. (The) | 4219 | 523198 |
|  Warner Bros Discovery, Inc.\* | 5283 | 60543 |
|  |  | 2194861 |
|  ***Interactive Media & Services (2.2%)*** | ***Interactive Media & Services (2.2%)*** | ***Interactive Media & Services (2.2%)*** |
|  Alphabet, Inc., Class A | 13714 | 2416818 |
|  Alphabet, Inc., Class C | 11063 | 1962466 |
|  Match Group, Inc. | 575 | 17762 |
|  Meta Platforms, Inc., Class A | 5112 | 3773116 |
|  |  | 8170162 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Charter Communications, Inc., Class A\* | 224 | 91574 |
|  Comcast Corp., Class A | 8739 | 311895 |
|  Fox Corp., Class A | 502 | 28132 |
|  Fox Corp., Class B | 310 | 16005 |
|  Interpublic Group of Cos., Inc. (The) | 867 | 21224 |
|  News Corp., Class A | 885 | 26302 |
|  News Corp., Class B | 262 | 8989 |
|  Omnicom Group, Inc. | 458 | 32949 |
|  Paramount Global, Class B | 1412 | 18215 |
|  |  | 555285 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 1119 | 266613 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 12103614 |
|  **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 511 | 34860 |
|  ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** |
|  Ford Motor Co. | 9165 | 99440 |
|  General Motors Co. | 2257 | 111067 |
|  Tesla, Inc.\* | 6601 | 2096874 |
|  |  | 2307381 |
|  ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** | ***Broadline Retail (1.3%)*** |
|  Amazon.com, Inc.\* | 22242 | 4879672 |
|  eBay, Inc. | 1082 | 80566 |
|  |  | 4960238 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 326 | 39547 |
|  LKQ Corp. | 606 | 22428 |
|  Pool Corp. | 88 | 25650 |
|  |  | 87625 |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** |
|  Airbnb, Inc., Class A\* | 1013 | 134061 |
|  Booking Holdings, Inc. | 76 | 439982 |
|  Caesars Entertainment, Inc.\* | 488 | 13854 |
|  Carnival Corp.\* | 2464 | 69288 |
|  Chipotle Mexican Grill, Inc.\* | 3162 | 177546 |
|  Darden Restaurants, Inc. | 275 | 59942 |
|  Domino's Pizza, Inc. | 80 | 36048 |
|  DoorDash, Inc., Class A\* | 804 | 198194 |
|  Expedia Group, Inc. | 285 | 48074 |
|  Hilton Worldwide Holdings, Inc. | 558 | 148618 |
|  Las Vegas Sands Corp. | 796 | 34634 |
|  Marriott International, Inc., Class A | 533 | 145621 |
|  McDonald's Corp. | 1678 | 490261 |
|  MGM Resorts International\* | 485 | 16679 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1048 | 21254 |
|  Royal Caribbean Cruises Ltd. | 586 | 183500 |
|  Starbucks Corp. | 2667 | 244377 |
|  Wynn Resorts Ltd. | 206 | 19296 |
|  Yum! Brands, Inc. | 652 | 96613 |
|  |  | 2577842 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 649 | 83669 |
|  Garmin Ltd. | 361 | 75348 |
|  Lennar Corp., Class A | 545 | 60282 |
|  Mohawk Industries, Inc.\* | 122 | 12791 |
|  NVR, Inc.\* | 7 | 51700 |
|  PulteGroup, Inc. | 470 | 49566 |
|  |  | 333356 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 309 | 22810 |
|  ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** |
|  AutoZone, Inc.\* | 39 | 144777 |
|  Best Buy Co., Inc. | 452 | 30343 |
|  CarMax, Inc.\* | 357 | 23994 |
|  Home Depot, Inc. (The) | 2333 | 855371 |
|  Lowe's Cos., Inc. | 1313 | 291315 |
|  O'Reilly Automotive, Inc.\* | 2007 | 180891 |
|  Ross Stores, Inc. | 772 | 98492 |
|  TJX Cos., Inc. (The) | 2621 | 323667 |
|  Tractor Supply Co. | 1244 | 65646 |
|  Ulta Beauty, Inc.\* | 106 | 49589 |
|  Williams-Sonoma, Inc. | 288 | 47051 |
|  |  | 2111136 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 356 | 36693 |
|  Lululemon Athletica, Inc.\* | 259 | 61533 |
|  NIKE, Inc., Class B | 2765 | 196426 |
|  Ralph Lauren Corp. | 94 | 25782 |
|  Tapestry, Inc. | 487 | 42764 |
|  |  | 363198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 12798446 |
|  **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** |
|  Brown-Forman Corp., Class B | 427 | 11491 |
|  Coca-Cola Co. (The) | 9089 | 643047 |
|  Constellation Brands, Inc., Class A | 359 | 58402 |

---

See Notes to Financial Statements.

884

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Keurig Dr Pepper, Inc. | 3188 | $| 105395 |
|  Molson Coors Beverage Co., Class B | 402 |  | 19332 |
|  Monster Beverage Corp.\* | 1647 |  | 103168 |
|  PepsiCo, Inc. | 3218 |  | 424905 |
|  |  |  | 1365740 |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Costco Wholesale Corp. | 1041 |  | 1030528 |
|  Dollar General Corp. | 516 |  | 59020 |
|  Dollar Tree, Inc.\* | 463 |  | 45855 |
|  Kroger Co. (The) | 1437 |  | 103076 |
|  Sysco Corp. | 1137 |  | 86116 |
|  Target Corp. | 1066 |  | 105161 |
|  Walgreens Boots Alliance, Inc. | 1685 |  | 19344 |
|  Walmart, Inc. | 10138 |  | 991294 |
|  |  |  | 2440394 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Archer-Daniels-Midland Co. | 1127 |  | 59483 |
|  Bunge Global SA | 315 |  | 25288 |
|  Campbell's Co. (The) | 462 |  | 14160 |
|  Conagra Brands, Inc. | 1120 |  | 22926 |
|  General Mills, Inc. | 1285 |  | 66576 |
|  Hershey Co. (The) | 347 |  | 57585 |
|  Hormel Foods Corp. | 684 |  | 20691 |
|  J M Smucker Co. (The) | 250 |  | 24550 |
|  Kellanova | 631 |  | 50184 |
|  Kraft Heinz Co. (The) | 2028 |  | 52363 |
|  Lamb Weston Holdings, Inc. | 331 |  | 17162 |
|  McCormick & Co., Inc. (Non-Voting) | 593 |  | 44961 |
|  Mondelez International, Inc., Class A | 3039 |  | 204950 |
|  Tyson Foods, Inc., Class A | 672 |  | 37592 |
|  |  |  | 698471 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Church & Dwight Co., Inc. | 578 |  | 55551 |
|  Clorox Co. (The) | 289 |  | 34700 |
|  Colgate-Palmolive Co. | 1902 |  | 172892 |
|  Kimberly-Clark Corp. | 779 |  | 100429 |
|  Procter & Gamble Co. (The) | 5502 |  | 876579 |
|  |  |  | 1240151 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 550 |  | 44440 |
|  Kenvue, Inc. | 4506 |  | 94311 |
|  |  |  | 138751 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Altria Group, Inc. | 3953 |  | 231764 |
|  Philip Morris International, Inc. | 3653 |  | 665321 |
|  |  |  | 897085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 6780592 |
|  **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 2326 |  | 89179 |
|  Halliburton Co. | 2018 |  | 41127 |
|  Schlumberger NV | 3192 |  | 107889 |
|  |  |  | 238195 |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** |
|  APA Corp. | 847 |  | 15492 |
|  Chevron Corp. | 3812 |  | 545840 |
|  ConocoPhillips | 2963 |  | 265900 |
|  Coterra Energy, Inc. | 1792 |  | 45481 |
|  Devon Energy Corp. | 1507 |  | 47938 |
|  Diamondback Energy, Inc. | 439 |  | 60319 |
|  EOG Resources, Inc. | 1281 |  | 153220 |
|  EQT Corp. | 1405 |  | 81940 |
|  Expand Energy Corp. | 508 |  | 59405 |
|  Exxon Mobil Corp. | 10113 |  | 1090181 |
|  Hess Corp. | 650 |  | 90051 |
|  Kinder Morgan, Inc. | 4537 |  | 133388 |
|  Marathon Petroleum Corp. | 721 |  | 119765 |
|  Occidental Petroleum Corp. | 1663 |  | 69863 |
|  ONEOK, Inc. | 1466 |  | 119669 |
|  Phillips 66 | 956 |  | 114051 |
|  Targa Resources Corp. | 509 |  | 88607 |
|  Texas Pacific Land Corp. | 44 |  | 46481 |
|  Valero Energy Corp. | 735 |  | 98799 |
|  Williams Cos., Inc. (The) | 2866 |  | 180013 |
|  |  |  | 3426403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 3664598 |
|  **Financials (4.7%)** | **Financials (4.7%)** | **Financials (4.7%)** | **Financials (4.7%)** |
|  ***Banks (1.2%)*** | ***Banks (1.2%)*** | ***Banks (1.2%)*** | ***Banks (1.2%)*** |
|  Bank of America Corp. | 15376 |  | 727592 |
|  Citigroup, Inc. | 4383 |  | 373081 |
|  Citizens Financial Group, Inc. | 1017 |  | 45511 |
|  Fifth Third Bancorp | 1566 |  | 64410 |
|  Huntington Bancshares, Inc. | 3419 |  | 57303 |
|  JPMorgan Chase & Co. | 6549 |  | 1898621 |
|  KeyCorp | 2315 |  | 40327 |
|  M&T Bank Corp. | 377 |  | 73134 |
|  PNC Financial Services Group, Inc. (The) | 928 |  | 172998 |
|  Regions Financial Corp. | 2110 |  | 49627 |
|  Truist Financial Corp. | 3073 |  | 132108 |
|  US Bancorp | 3656 |  | 165434 |
|  Wells Fargo & Co. | 7636 |  | 611796 |
|  |  |  | 4411942 |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** |
|  Ameriprise Financial, Inc. | 223 |  | 119022 |
|  Bank of New York Mellon Corp. (The) | 1679 |  | 152974 |
|  BlackRock, Inc. | 342 |  | 358843 |
|  Blackstone, Inc. | 1713 |  | 256231 |
|  Cboe Global Markets, Inc. | 246 |  | 57370 |
|  Charles Schwab Corp. (The) | 4008 |  | 365690 |
|  CME Group, Inc. | 845 |  | 232899 |
|  Coinbase Global, Inc., Class A\* | 496 |  | 173843 |
|  FactSet Research Systems, Inc. | 89 |  | 39808 |
|  Franklin Resources, Inc. | 727 |  | 17339 |
|  Goldman Sachs Group, Inc. (The) | 720 |  | 509580 |
|  Intercontinental Exchange, Inc. | 1346 |  | 246951 |
|  KKR & Co., Inc. | 1588 |  | 211252 |
|  MarketAxess Holdings, Inc. | 88 |  | 19654 |
|  Moody's Corp. | 363 |  | 182077 |
|  Morgan Stanley | 2899 |  | 408353 |
|  MSCI, Inc. | 182 |  | 104967 |
|  Nasdaq, Inc. | 970 |  | 86737 |

---

See Notes to Financial Statements.

885

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Northern Trust Corp. | 456 | $| 57816 |
|  Raymond James Financial, Inc. | 426 |  | 65336 |
|  S&P Global, Inc. | 736 |  | 388085 |
|  State Street Corp. | 669 |  | 71141 |
| T. Rowe Price Group, Inc. | 517 |  | 49890 |
|  |  |  | 4175858 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 1299 |  | 414355 |
|  Capital One Financial Corp. | 1501 |  | 319352 |
|  Synchrony Financial | 893 |  | 59599 |
|  |  |  | 793306 |
|  ***Financial Services (1.5%)*** | ***Financial Services (1.5%)*** | ***Financial Services (1.5%)*** | ***Financial Services (1.5%)*** |
|  Apollo Global Management, Inc. | 1059 |  | 150240 |
|  Berkshire Hathaway, Inc., Class B\* | 4322 |  | 2099498 |
|  Corpay, Inc.\* | 165 |  | 54750 |
|  Fidelity National Information Services, Inc. | 1233 |  | 100378 |
|  Fiserv, Inc.\* | 1301 |  | 224305 |
|  Global Payments, Inc. | 572 |  | 45783 |
|  Jack Henry & Associates, Inc. | 171 |  | 30809 |
|  Mastercard, Inc., Class A | 1904 |  | 1069934 |
|  PayPal Holdings, Inc.\* | 2283 |  | 169673 |
|  Visa, Inc., Class A | 4034 |  | 1432272 |
|  |  |  | 5377642 |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** |
|  Aflac, Inc. | 1142 |  | 120435 |
|  Allstate Corp. (The) | 621 |  | 125014 |
|  American International Group, Inc. | 1352 |  | 115718 |
|  Aon plc, Class A | 507 |  | 180877 |
|  Arch Capital Group Ltd. | 876 |  | 79760 |
|  Arthur J Gallagher & Co. | 601 |  | 192392 |
|  Assurant, Inc. | 119 |  | 23501 |
|  Brown & Brown, Inc. | 558 |  | 61865 |
|  Chubb Ltd. | 874 |  | 253215 |
|  Cincinnati Financial Corp. | 367 |  | 54654 |
|  Erie Indemnity Co., Class A | 59 |  | 20461 |
|  Everest Group Ltd. | 100 |  | 33985 |
|  Globe Life, Inc. | 194 |  | 24112 |
|  Hartford Insurance Group, Inc. (The) | 667 |  | 84622 |
|  Loews Corp. | 408 |  | 37397 |
|  Marsh & McLennan Cos., Inc. | 1156 |  | 252748 |
|  MetLife, Inc. | 1323 |  | 106396 |
|  Principal Financial Group, Inc. | 484 |  | 38444 |
|  Progressive Corp. (The) | 1375 |  | 366933 |
|  Prudential Financial, Inc. | 831 |  | 89283 |
|  Travelers Cos., Inc. (The) | 532 |  | 142331 |
|  W.R. Berkley Corp. | 703 |  | 51649 |
|  Willis Towers Watson plc | 233 |  | 71415 |
|  |  |  | 2527207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 17285955 |
|  **Health Care (3.1%)** | **Health Care (3.1%)** | **Health Care (3.1%)** | **Health Care (3.1%)** |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** |
|  AbbVie, Inc. | 4145 |  | 769395 |
|  Amgen, Inc. | 1262 |  | 352363 |
|  Biogen, Inc.\* | 344 |  | 43203 |
|  Gilead Sciences, Inc. | 2920 |  | 323740 |
|  Incyte Corp.\* | 377 |  | 25674 |
|  Moderna, Inc.\* | 798 |  | 22017 |
|  Regeneron Pharmaceuticals, Inc. | 244 |  | 128100 |
|  Vertex Pharmaceuticals, Inc.\* | 602 |  | 268010 |
|  |  |  | 1932502 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |
|  Abbott Laboratories | 4083 |  | 555329 |
|  Align Technology, Inc.\* | 160 |  | 30293 |
|  Baxter International, Inc. | 1204 |  | 36457 |
|  Becton Dickinson & Co. | 672 |  | 115752 |
|  Boston Scientific Corp.\* | 3472 |  | 372927 |
|  Cooper Cos., Inc. (The)\* | 469 |  | 33374 |
|  Dexcom, Inc.\* | 920 |  | 80307 |
|  Edwards Lifesciences Corp.\* | 1376 |  | 107617 |
|  GE HealthCare Technologies, Inc. | 1074 |  | 79551 |
|  Hologic, Inc.\* | 523 |  | 34079 |
|  IDEXX Laboratories, Inc.\* | 189 |  | 101368 |
|  Insulet Corp.\* | 165 |  | 51840 |
|  Intuitive Surgical, Inc.\* | 841 |  | 457008 |
|  Medtronic plc | 3010 |  | 262382 |
|  ResMed, Inc. | 344 |  | 88752 |
|  Solventum Corp.\* | 325 |  | 24648 |
|  STERIS plc | 231 |  | 55491 |
|  Stryker Corp. | 807 |  | 319273 |
|  Zimmer Biomet Holdings, Inc. | 464 |  | 42321 |
|  |  |  | 2848769 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  Cardinal Health, Inc. | 560 |  | 94080 |
|  Cencora, Inc. | 405 |  | 121439 |
|  Centene Corp.\* | 1167 |  | 63345 |
|  Cigna Group (The) | 627 |  | 207274 |
|  CVS Health Corp. | 2969 |  | 204802 |
|  DaVita, Inc.\* | 97 |  | 13818 |
|  Elevance Health, Inc. | 530 |  | 206149 |
|  HCA Healthcare, Inc. | 406 |  | 155538 |
|  Henry Schein, Inc.\* | 286 |  | 20892 |
|  Humana, Inc. | 283 |  | 69188 |
|  Labcorp Holdings, Inc. | 196 |  | 51452 |
|  McKesson Corp. | 294 |  | 215437 |
|  Molina Healthcare, Inc.\* | 127 |  | 37833 |
|  Quest Diagnostics, Inc. | 262 |  | 47063 |
|  UnitedHealth Group, Inc. | 2129 |  | 664184 |
|  Universal Health Services, Inc., Class B | 134 |  | 24274 |
|  |  |  | 2196768 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Agilent Technologies, Inc. | 669 |  | 78949 |
|  Bio-Techne Corp. | 368 |  | 18934 |
|  Charles River Laboratories International, Inc.\* | 115 |  | 17449 |
|  Danaher Corp. | 1494 |  | 295125 |
|  IQVIA Holdings, Inc.\* | 386 |  | 60830 |
|  Mettler-Toledo International, Inc.\* | 49 |  | 57561 |
|  Revvity, Inc. | 277 |  | 26791 |
|  Thermo Fisher Scientific, Inc. | 886 |  | 359237 |
|  Waters Corp.\* | 140 |  | 48866 |
|  West Pharmaceutical Services, Inc. | 169 |  | 36977 |
|  |  |  | 1000719 |

---

See Notes to Financial Statements.

886

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** |
|  Bristol-Myers Squibb Co. | 4776 | $221081 |
|  Eli Lilly & Co. | 1847 | 1439792 |
|  Johnson & Johnson | 5646 | 862426 |
|  Merck & Co., Inc. | 5892 | 466411 |
|  Pfizer, Inc. | 13341 | 323386 |
|  Viatris, Inc. | 2755 | 24602 |
|  Zoetis, Inc. | 1045 | 162968 |
|  |  | 3500666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 11479424 |
|  **Industrials (2.8%)** | **Industrials (2.8%)** | **Industrials (2.8%)** |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** |
|  Axon Enterprise, Inc.\* | 174 | 144062 |
|  Boeing Co. (The)\* | 1770 | 370868 |
|  GE Aerospace | 2503 | 644247 |
|  General Dynamics Corp. | 591 | 172371 |
|  Howmet Aerospace, Inc. | 947 | 176265 |
|  Huntington Ingalls Industries, Inc. | 92 | 22214 |
|  L3Harris Technologies, Inc. | 439 | 110119 |
|  Lockheed Martin Corp. | 489 | 226475 |
|  Northrop Grumman Corp. | 317 | 158494 |
|  RTX Corp. | 3135 | 457773 |
|  Textron, Inc. | 424 | 34043 |
|  TransDigm Group, Inc. | 132 | 200725 |
|  |  | 2717656 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 279 | 26770 |
|  Expeditors International of Washington, Inc. | 321 | 36674 |
|  FedEx Corp. | 517 | 117519 |
|  United Parcel Service, Inc., Class B | 1722 | 173819 |
|  |  | 354782 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  A.O. Smith Corp. | 273 | 17901 |
|  Allegion plc | 202 | 29112 |
|  Builders FirstSource, Inc.\* | 259 | 30223 |
|  Carrier Global Corp. | 1872 | 137012 |
|  Johnson Controls International plc | 1544 | 163077 |
|  Lennox International, Inc. | 75 | 42993 |
|  Masco Corp. | 495 | 31858 |
|  Trane Technologies plc | 523 | 228765 |
|  |  | 680941 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Cintas Corp. | 805 | 179410 |
|  Copart, Inc.\* | 2064 | 101281 |
|  Republic Services, Inc. | 477 | 117633 |
|  Rollins, Inc. | 660 | 37237 |
|  Veralto Corp. | 582 | 58753 |
|  Waste Management, Inc. | 859 | 196556 |
|  |  | 690870 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  Quanta Services, Inc. | 348 | 131572 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  AMETEK, Inc. | 542 | 98080 |
|  Eaton Corp. plc | 918 | 327717 |
|  Emerson Electric Co. | 1320 | 175996 |
|  GE Vernova, Inc. | 640 | 338656 |
|  Generac Holdings, Inc.\* | 139 | 19906 |
|  Hubbell, Inc., Class B | 125 | 51051 |
|  Rockwell Automation, Inc. | 264 | 87693 |
|  |  | 1099099 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  CSX Corp. | 4408 | 143833 |
|  JB Hunt Transport Services, Inc. | 184 | 26423 |
|  Norfolk Southern Corp. | 529 | 135408 |
|  Old Dominion Freight Line, Inc. | 436 | 70763 |
|  Uber Technologies, Inc.\* | 4907 | 457823 |
|  Union Pacific Corp. | 1402 | 322572 |
|  |  | 1156822 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 1263 | 192279 |
|  Honeywell International, Inc. | 1508 | 351183 |
|  |  | 543462 |
|  ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** |
|  Caterpillar, Inc. | 1103 | 428196 |
|  Cummins, Inc. | 323 | 105782 |
|  Deere & Co. | 592 | 301026 |
|  Dover Corp. | 322 | 59000 |
|  Fortive Corp. | 797 | 41548 |
|  IDEX Corp. | 177 | 31076 |
|  Illinois Tool Works, Inc. | 626 | 154778 |
|  Ingersoll Rand, Inc. | 947 | 78771 |
|  Nordson Corp. | 127 | 27225 |
|  Otis Worldwide Corp. | 926 | 91693 |
|  PACCAR, Inc. | 1232 | 117114 |
|  Parker-Hannifin Corp. | 300 | 209541 |
|  Pentair plc | 386 | 39627 |
|  Snap-on, Inc. | 123 | 38275 |
|  Stanley Black & Decker, Inc. | 363 | 24593 |
|  Westinghouse Air Brake Technologies Corp. | 401 | 83949 |
|  Xylem, Inc. | 571 | 73865 |
|  |  | 1906059 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 1532 | 75344 |
|  Southwest Airlines Co.(x) | 1337 | 43372 |
|  United Airlines Holdings, Inc.\* | 766 | 60997 |
|  |  | 179713 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 952 | 293597 |
|  Broadridge Financial Solutions, Inc. | 276 | 67076 |
|  Dayforce, Inc.\* | 375 | 20771 |
|  Equifax, Inc. | 291 | 75477 |
|  Jacobs Solutions, Inc. | 282 | 37069 |
|  Leidos Holdings, Inc. | 302 | 47643 |
|  Paychex, Inc. | 752 | 109386 |
|  Paycom Software, Inc. | 114 | 26380 |
|  Verisk Analytics, Inc. | 328 | 102172 |
|  |  | 779571 |

---

See Notes to Financial Statements.

887

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 2693 | $113106 |
|  United Rentals, Inc. | 153 | 115270 |
|  W.W. Grainger, Inc. | 103 | 107145 |
|  |  | 335521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 10576068 |
|  **Information Technology (11.0%)** | **Information Technology (11.0%)** | **Information Technology (11.0%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 2417 | 247283 |
|  Cisco Systems, Inc. | 9335 | 647662 |
|  F5, Inc.\* | 135 | 39733 |
|  Juniper Networks, Inc. | 777 | 31026 |
|  Motorola Solutions, Inc. | 392 | 164821 |
|  |  | 1130525 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Amphenol Corp., Class A | 2839 | 280351 |
|  CDW Corp. | 309 | 55184 |
|  Corning, Inc. | 1810 | 95188 |
|  Jabil, Inc. | 252 | 54961 |
|  Keysight Technologies, Inc.\* | 405 | 66363 |
|  Ralliant Corp.\* | 266 | 12882 |
|  TE Connectivity plc | 696 | 117395 |
|  Teledyne Technologies, Inc.\* | 110 | 56354 |
|  Trimble, Inc.\* | 560 | 42549 |
|  Zebra Technologies Corp., Class A\* | 119 | 36695 |
|  |  | 817922 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Accenture plc, Class A | 1469 | 439069 |
|  Akamai Technologies, Inc.(x)\* | 343 | 27358 |
|  Cognizant Technology Solutions Corp., Class A | 1157 | 90281 |
|  EPAM Systems, Inc.\* | 133 | 23517 |
|  Gartner, Inc.\* | 181 | 73164 |
|  GoDaddy, Inc., Class A\* | 334 | 60140 |
|  International Business Machines Corp. | 2182 | 643210 |
|  VeriSign, Inc. | 189 | 54583 |
|  |  | 1411322 |
|  ***Semiconductors & Semiconductor Equipment (4.2%)*** | ***Semiconductors & Semiconductor Equipment (4.2%)*** | ***Semiconductors & Semiconductor Equipment (4.2%)*** |
|  Advanced Micro Devices, Inc.\* | 3805 | 539930 |
|  Analog Devices, Inc. | 1164 | 277055 |
|  Applied Materials, Inc. | 1907 | 349114 |
|  Broadcom, Inc. | 11077 | 3053375 |
|  Enphase Energy, Inc.\* | 308 | 12212 |
|  First Solar, Inc.\* | 252 | 41716 |
|  Intel Corp. | 10235 | 229264 |
|  KLA Corp. | 310 | 277679 |
|  Lam Research Corp. | 3002 | 292215 |
|  Microchip Technology, Inc. | 1262 | 88807 |
|  Micron Technology, Inc. | 2623 | 323285 |
|  Monolithic Power Systems, Inc. | 112 | 81915 |
|  NVIDIA Corp. | 57388 | 9066730 |
|  NXP Semiconductors NV | 593 | 129565 |
|  ON Semiconductor Corp.\* | 980 | 51362 |
|  QUALCOMM, Inc. | 2575 | 410094 |
|  Skyworks Solutions, Inc. | 352 | 26231 |
|  Teradyne, Inc. | 376 | 33810 |
|  Texas Instruments, Inc. | 2132 | 442646 |
|  |  | 15727005 |
|  ***Software (3.8%)*** | ***Software (3.8%)*** | ***Software (3.8%)*** |
|  Adobe, Inc.\* | 1000 | 386880 |
|  ANSYS, Inc.\* | 206 | 72351 |
|  Autodesk, Inc.\* | 502 | 155404 |
|  Cadence Design Systems, Inc.\* | 641 | 197524 |
|  Crowdstrike Holdings, Inc., Class A\* | 584 | 297437 |
|  Fair Isaac Corp.\* | 57 | 104194 |
|  Fortinet, Inc.\* | 1491 | 157628 |
|  Gen Digital, Inc. | 1281 | 37661 |
|  Intuit, Inc. | 656 | 516685 |
|  Microsoft Corp. | 17490 | 8699701 |
|  Oracle Corp. | 3817 | 834511 |
|  Palantir Technologies, Inc., Class A\* | 4992 | 680509 |
|  Palo Alto Networks, Inc.\* | 1553 | 317806 |
|  PTC, Inc.\* | 281 | 48428 |
|  Roper Technologies, Inc. | 252 | 142844 |
|  Salesforce, Inc. | 2252 | 614098 |
|  ServiceNow, Inc.\* | 486 | 499647 |
|  Synopsys, Inc.\* | 363 | 186103 |
|  Tyler Technologies, Inc.\* | 101 | 59877 |
|  Workday, Inc., Class A\* | 508 | 121920 |
|  |  | 14131208 |
|  ***Technology Hardware, Storage & Peripherals (2.1%)*** | ***Technology Hardware, Storage & Peripherals (2.1%)*** | ***Technology Hardware, Storage & Peripherals (2.1%)*** |
|  Apple, Inc. | 35152 | 7212136 |
|  Dell Technologies, Inc., Class C | 703 | 86188 |
|  Hewlett Packard Enterprise Co. | 3083 | 63047 |
|  HP, Inc. | 2213 | 54130 |
|  NetApp, Inc. | 477 | 50824 |
|  Seagate Technology Holdings plc | 498 | 71876 |
|  Super Micro Computer, Inc.\* | 1204 | 59008 |
|  Western Digital Corp. | 819 | 52408 |
|  |  | 7649617 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 40867599 |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** |
|  Air Products and Chemicals, Inc. | 522 | 147235 |
|  Albemarle Corp.(x) | 276 | 17297 |
|  CF Industries Holdings, Inc. | 380 | 34960 |
|  Corteva, Inc. | 1601 | 119322 |
|  Dow, Inc.(x) | 1658 | 43904 |
|  DuPont de Nemours, Inc. | 982 | 67355 |
|  Eastman Chemical Co. | 271 | 20233 |
|  Ecolab, Inc. | 592 | 159508 |
|  International Flavors & Fragrances, Inc. | 600 | 44130 |
|  Linde plc | 1104 | 517975 |
|  LyondellBasell Industries NV, Class A | 603 | 34890 |
|  Mosaic Co. (The) | 744 | 27141 |
|  PPG Industries, Inc. | 533 | 60629 |
|  Sherwin-Williams Co. (The) | 541 | 185758 |
|  |  | 1480337 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. | 141 | 77404 |
|  Vulcan Materials Co. | 310 | 80854 |
|  |  | 158258 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 5377 | 49415 |
|  Avery Dennison Corp. | 183 | 32111 |

---

See Notes to Financial Statements.

888

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ball Corp. | 651 | $| 36515 |
|  International Paper Co. | 1239 |  | 58022 |
|  Packaging Corp. of America | 210 |  | 39574 |
|  Smurfit WestRock plc | 1164 |  | 50227 |
|  |  |  | 265864 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 3371 |  | 146133 |
|  Newmont Corp. | 2612 |  | 152175 |
|  Nucor Corp. | 541 |  | 70081 |
|  Steel Dynamics, Inc. | 324 |  | 41475 |
|  |  |  | 409864 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 2314323 |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 361 |  | 26220 |
|  Healthpeak Properties, Inc. (REIT) | 1630 |  | 28541 |
|  Ventas, Inc. (REIT) | 1059 |  | 66876 |
|  Welltower, Inc. (REIT) | 1458 |  | 224138 |
|  |  |  | 345775 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 1629 |  | 25021 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 2178 |  | 228951 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 342 |  | 23075 |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** |
|  CBRE Group, Inc., Class A\* | 689 |  | 96543 |
|  CoStar Group, Inc.\* | 990 |  | 79596 |
|  |  |  | 176139 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 334 |  | 67969 |
|  Camden Property Trust (REIT) | 251 |  | 28285 |
|  Equity Residential (REIT) | 802 |  | 54127 |
|  Essex Property Trust, Inc. (REIT) | 151 |  | 42793 |
|  Invitation Homes, Inc. (REIT) | 1337 |  | 43854 |
|  Mid-America Apartment Communities, Inc. (REIT) | 275 |  | 40703 |
|  UDR, Inc. (REIT) | 707 |  | 28867 |
|  |  |  | 306598 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 182 |  | 17288 |
|  Kimco Realty Corp. (REIT) | 1587 |  | 33359 |
|  Realty Income Corp. (REIT) | 2120 |  | 122133 |
|  Regency Centers Corp. (REIT) | 383 |  | 27281 |
|  Simon Property Group, Inc. (REIT) | 720 |  | 115747 |
|  |  |  | 315808 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 1098 |  | 242680 |
|  Crown Castle, Inc. (REIT) | 1022 |  | 104990 |
|  Digital Realty Trust, Inc. (REIT) | 743 |  | 129527 |
|  Equinix, Inc. (REIT) | 230 |  | 182958 |
|  Extra Space Storage, Inc. (REIT) | 498 |  | 73425 |
|  Iron Mountain, Inc. (REIT) | 692 |  | 70979 |
|  Public Storage (REIT) | 370 |  | 108565 |
|  SBA Communications Corp. (REIT) | 252 |  | 59180 |
|  VICI Properties, Inc. (REIT), Class A | 2480 |  | 80848 |
|  Weyerhaeuser Co. (REIT) | 1703 |  | 43750 |
|  |  |  | 1096902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2518269 |
|  **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** |
|  Alliant Energy Corp. | 603 |  | 36463 |
|  American Electric Power Co., Inc. | 1253 |  | 130011 |
|  Constellation Energy Corp. | 735 |  | 237229 |
|  Duke Energy Corp. | 1825 |  | 215350 |
|  Edison International | 903 |  | 46595 |
|  Entergy Corp. | 1047 |  | 87027 |
|  Evergy, Inc. | 540 |  | 37222 |
|  Eversource Energy | 862 |  | 54841 |
|  Exelon Corp. | 2370 |  | 102905 |
|  FirstEnergy Corp. | 1205 |  | 48513 |
|  NextEra Energy, Inc. | 4831 |  | 335368 |
|  NRG Energy, Inc. | 459 |  | 73706 |
|  PG&E Corp. | 5157 |  | 71889 |
|  Pinnacle West Capital Corp. | 280 |  | 25052 |
|  PPL Corp. | 1735 |  | 58799 |
|  Southern Co. (The) | 2580 |  | 236921 |
|  Xcel Energy, Inc. | 1353 |  | 92139 |
|  |  |  | 1890030 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 373 |  | 57483 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 1671 |  | 17579 |
|  Vistra Corp. | 796 |  | 154273 |
|  |  |  | 171852 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp. | 634 |  | 60889 |
|  CenterPoint Energy, Inc. | 1531 |  | 56249 |
|  CMS Energy Corp. | 702 |  | 48635 |
|  Consolidated Edison, Inc. | 845 |  | 84796 |
|  Dominion Energy, Inc. | 2002 |  | 113153 |
|  DTE Energy Co. | 487 |  | 64508 |
|  NiSource, Inc. | 1104 |  | 44535 |
|  Public Service Enterprise Group, Inc. | 1171 |  | 98575 |
|  Sempra | 1530 |  | 115928 |
|  WEC Energy Group, Inc. | 749 |  | 78046 |
|  |  |  | 765314 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 458 |  | 63712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 2948391 |
|  **Total Common Stocks (33.2%)** *(Cost $44,458,096)* |  |  | 123337279 |

---

See Notes to Financial Statements.

889

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (48.6%)** | **U.S. Treasury Obligations (48.6%)** | **U.S. Treasury Obligations (48.6%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/26 | $797200 | $798041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/30/26 | 5879000 | 5913935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/26 | 400000 | 402085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/26 | 3714400 | 3729754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/15/26 | 3417500 | 3445160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/26 | 3081300 | 3108831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/26 | 5942400 | 5959385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/26 | 2759300 | 2785983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/30/26 | 3533600 | 3407271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/26 | 726400 | 731744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 3800000 | 3657492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/27 | 4341500 | 4395091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/30/27 | 2172900 | 2134115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/27 | 935400 | 947676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27 | 2861300 | 2908620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 | 2310900 | 2339343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/27 | 3744300 | 3697646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 | 532800 | 529099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 3448900 | 3479858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 2458100 | 2467114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 3849500 | 3876644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 | 1217900 | 1233645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 6730000 | 6820407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 1200000 | 1208818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 7583200 | 7569042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 4664800 | 4756636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 210600 | 216413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 4948000 | 5125805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 5573700 | 5689501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | 927400 | 939845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 | 4859100 | 5010917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 | 4414900 | 4534930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 1941400 | 1905631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 | 2196100 | 2236810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 | 7099800 | 7064456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 2903700 | 2673097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 | 2458400 | 2468341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 3270700 | 3351617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/30 | 2203100 | 2246585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 | 3529400 | 3563764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 52400 | 54363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 4063300 | 4264513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 2366000 | 2426620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 | 3717700 | 3789306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 | 2031000 | 2108824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 2182500 | 1924082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 | 154800 | 160701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 | 706100 | 699495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 | 739300 | 726926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 | 2599400 | 2626655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 2190700 | 1874398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 | 6007400 | 6193880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/31/32 | 295700 | 302723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 1510400 | 1326839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 1709200 | 1594797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 2344900 | 2360702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 | 2581300 | 2488688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 | 1733100 | 1652267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 | 1735900 | 1709808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 1779100 | 1827847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 | 3382200 | 3348231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 | 1006700 | 1022733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 | 2047100 | 1999441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 2067700 | 2075295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 2003200 | 2067712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 712200 | 713424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 180671417 |
|  **Total Long-Term Debt Securities (48.6%)**<br> *(Cost $180,213,262)* | **Total Long-Term Debt Securities (48.6%)**<br> *(Cost $180,213,262)* | 180671417 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $127)* | 124 | 198 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (14.5%)** | **Investment Companies (14.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 74743 | 74743 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 53850318 | 53861088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 53935831 |
|  **Total Short-Term Investments (14.5%)**<br> *(Cost $53,934,596)* | **Total Short-Term Investments (14.5%)**<br> *(Cost $53,934,596)* | 53935831 |
|  **Total Investments in Securities (96.3%)**<br> *(Cost $278,606,081)* | **Total Investments in Securities (96.3%)**<br> *(Cost $278,606,081)* | 357944725 |
|  **Other Assets Less Liabilities (3.7%)** | **Other Assets Less Liabilities (3.7%)** | 13568207 |
|  **Net Assets (100%)** |  | $371512932 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $72,832. This was collateralized by cash of $74,743 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

890

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 347 | 9/2025 | USD | 46527495 | 440137 |
|  Russell 2000 E-Mini Index | 60 | 9/2025 | USD | 6575100 | 219482 |
|  S&P 500 E-Mini Index | 14 | 9/2025 | USD | 4377625 | 154983 |
|  S&P Midcap 400 E-Mini Index | 23 | 9/2025 | USD | 7188650 | 216953 |
|  |  |  |  |  | 1031555 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices<br>in Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices for<br>similar securities, interest<br>rates, prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $12103614 | $— | $— | $12103614 |
|  Consumer Discretionary | 12798446 |  |  | 12798446 |
|  Consumer Staples | 6780592 |  |  | 6780592 |
|  Energy | 3664598 |  |  | 3664598 |
|  Financials | 17285955 |  |  | 17285955 |
|  Health Care | 11479424 |  |  | 11479424 |
|  Industrials | 10576068 |  |  | 10576068 |
|  Information Technology | 40867599 |  |  | 40867599 |
|  Materials | 2314323 |  |  | 2314323 |
|  Real Estate | 2518269 |  |  | 2518269 |
|  Utilities | 2948391 |  |  | 2948391 |
|  Futures | 1031555 |  |  | 1031555 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 198 |  | 198 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 53935831 |  |  | 53935831 |
|  **U.S. Treasury Obligations** |  | 180671417 |  | 180671417 |
|  **Total Assets** | $**178304665** | $**180671615** | $**—** | $**358976280** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**178304665** | $**180671615** | $**—** | $**358976280** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1031555 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031555 |

---

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

See Notes to Financial Statements.

891

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(4748295) | $(4748295) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4748295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4748295) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212817 |
|  **Total** | $3212817 | $3212817 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59255000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 31008000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1791796.0 |
|  Long-term U.S. government debt securities | 90071145.0 |
|  | $91862941.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $11035014.0 |
|  Long-term U.S. government debt securities | 96074468.0 |
|  | $107109482.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $86204831 |
|  Aggregate gross unrealized depreciation | (3800536) |
|  Net unrealized appreciation | $82404295 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $276571985 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $24 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

892

------

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $278,606,081) | $357944725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8764818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 3286609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1688681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 275747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 52151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 372017385 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 216001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 75305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 74743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 48567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 36048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 504453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** | &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |
|  **NET ASSETS** | $371512932 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $308838330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 62674602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $371512932 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $371,512,932 / 30,170,385 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.31 |

---

*(x)* *Includes value of securities on loan of $72,832.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $3690378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $325 foreign withholding tax) | 1958281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5648968 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1445680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 451774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 225182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 19042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2208691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (162047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2046644 |
|  **NET INVESTMENT INCOME (LOSS)** | 3602324 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3219803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4748295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1528492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7152142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3212817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10364961 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 8836469 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $12438793 |

---

See Notes to Financial Statements.

893

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3602324 | $7240665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1528492) | 14003064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10364961 | 9710018 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 12438793 | 30953747 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (11355061) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,525,816 and 3,084,976 shares, respectively ] | 18200021 | 36538364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 937,921 shares, respectively ] |  | 11355061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2250021) and (4289114) shares, respectively ] | (26901650) | (51125338) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (8701629) | (3231913) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3737164 | 16366773 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 367775768 | 351408995 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $371512932 | $367775768 |

---

See Notes to Financial Statements.

894

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.90 | $11.28 | $10.24 | $11.79 | $11.60 | $11.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.23 | 0.17 | 0.03 | (0.05) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.29 | 0.76 | 1.05 | (1.55) | 0.96 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.99 | 1.22 | (1.52) | 0.91 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.18) | (0.03) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.13) |  |  | (0.72) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.37) | (0.18) | (0.03) | (0.72) | (0.55) |
|  Net asset value, end of period | $12.31 | $11.90 | $11.28 | $10.24 | $11.79 | $11.60 |
|  Total return (b) | 3.45% | 8.79% | 11.89% | (12.89)% | 7.96% | 8.53% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $371513 | $367776 | $351409 | $317009 | $371682 | $344795 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.13 %(j) | 1.13 %(j) | 1.13 %(j) | 1.17 %(k) | 1.18 %(o) | 1.18 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.22% | 1.22% | 1.23% | 1.22% | 1.21% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.99% | 1.98% | 1.61% | 0.31% | (0.41)% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.90% | 1.89% | 1.51% | 0.26% | (0.43)% | 0.13% |
|  Portfolio turnover rate^ | 31 %(z) | 37% | 44% | 67% | 75% | 90% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

895

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.7%)** | **Communication Services (3.7%)** | **Communication Services (3.7%)** |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  AT&T, Inc. | 20134 | $582678 |
|  Verizon Communications, Inc. | 11804 | 510759 |
|  |  | 1093437 |
|  ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** |
|  Electronic Arts, Inc. | 668 | 106679 |
|  Live Nation Entertainment, Inc.\* | 438 | 66261 |
|  Netflix, Inc.\* | 1198 | 1604278 |
|  Take-Two Interactive Software, Inc.\* | 474 | 115111 |
|  TKO Group Holdings, Inc., Class A | 189 | 34388 |
|  Walt Disney Co. (The) | 5066 | 628235 |
|  Warner Bros Discovery, Inc.\* | 6248 | 71602 |
|  |  | 2626554 |
|  ***Interactive Media & Services (2.5%)*** | ***Interactive Media & Services (2.5%)*** | ***Interactive Media & Services (2.5%)*** |
|  Alphabet, Inc., Class A | 16351 | 2881537 |
|  Alphabet, Inc., Class C | 13192 | 2340129 |
|  Match Group, Inc. | 717 | 22148 |
|  Meta Platforms, Inc., Class A | 6102 | 4503825 |
|  |  | 9747639 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications, Inc., Class A\* | 270 | 110379 |
|  Comcast Corp., Class A | 10546 | 376387 |
|  Fox Corp., Class A | 624 | 34969 |
|  Fox Corp., Class B | 369 | 19051 |
|  Interpublic Group of Cos., Inc. (The) | 1056 | 25851 |
|  News Corp., Class A | 1092 | 32455 |
|  News Corp., Class B | 320 | 10979 |
|  Omnicom Group, Inc. | 544 | 39135 |
|  Paramount Global, Class B | 1608 | 20743 |
|  |  | 669949 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 1347 | 320936 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 14458515 |
|  **Consumer Discretionary (3.9%)** | **Consumer Discretionary (3.9%)** | **Consumer Discretionary (3.9%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 653 | 44548 |
|  ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** |
|  Ford Motor Co. | 10853 | 117755 |
|  General Motors Co. | 2796 | 137591 |
|  Tesla, Inc.\* | 7874 | 2501255 |
|  |  | 2756601 |
|  ***Broadline Retail (1.5%)*** | ***Broadline Retail (1.5%)*** | ***Broadline Retail (1.5%)*** |
|  Amazon.com, Inc.\* | 26540 | 5822611 |
|  eBay, Inc. | 1331 | 99106 |
|  |  | 5921717 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 390 | 47311 |
|  LKQ Corp. | 746 | 27610 |
|  Pool Corp. | 107 | 31188 |
|  |  | 106109 |
|  ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** |
|  Airbnb, Inc., Class A\* | 1217 | 161058 |
|  Booking Holdings, Inc. | 92 | 532610 |
|  Caesars Entertainment, Inc.\* | 605 | 17176 |
|  Carnival Corp.\* | 2882 | 81042 |
|  Chipotle Mexican Grill, Inc.\* | 3809 | 213875 |
|  Darden Restaurants, Inc. | 332 | 72366 |
|  Domino's Pizza, Inc. | 98 | 44159 |
|  DoorDash, Inc., Class A\* | 951 | 234431 |
|  Expedia Group, Inc. | 341 | 57520 |
|  Hilton Worldwide Holdings, Inc. | 678 | 180579 |
|  Las Vegas Sands Corp. | 983 | 42770 |
|  Marriott International, Inc., Class A | 639 | 174581 |
|  McDonald's Corp. | 2008 | 586677 |
|  MGM Resorts International\* | 642 | 22078 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1200 | 24336 |
|  Royal Caribbean Cruises Ltd. | 696 | 217945 |
|  Starbucks Corp. | 3179 | 291292 |
|  Wynn Resorts Ltd. | 260 | 24354 |
|  Yum! Brands, Inc. | 776 | 114988 |
|  |  | 3093837 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 785 | 101202 |
|  Garmin Ltd. | 430 | 89750 |
|  Lennar Corp., Class A | 664 | 73445 |
|  Mohawk Industries, Inc.\* | 148 | 15516 |
|  NVR, Inc.\* | 8 | 59085 |
|  PulteGroup, Inc. | 577 | 60851 |
|  |  | 399849 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 366 | 27018 |
|  ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** |
|  AutoZone, Inc.\* | 47 | 174475 |
|  Best Buy Co., Inc. | 539 | 36183 |
|  CarMax, Inc.\* | 434 | 29169 |
|  Home Depot, Inc. (The) | 2792 | 1023659 |
|  Lowe's Cos., Inc. | 1587 | 352108 |
|  O'Reilly Automotive, Inc.\* | 2415 | 217664 |
|  Ross Stores, Inc. | 927 | 118267 |
|  TJX Cos., Inc. (The) | 3153 | 389364 |
|  Tractor Supply Co. | 1485 | 78363 |
|  Ulta Beauty, Inc.\* | 131 | 61284 |
|  Williams-Sonoma, Inc. | 344 | 56199 |
|  |  | 2536735 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 424 | 43702 |
|  Lululemon Athletica, Inc.\* | 314 | 74600 |
|  NIKE, Inc., Class B | 3325 | 236208 |
|  Ralph Lauren Corp. | 109 | 29897 |
|  Tapestry, Inc. | 588 | 51632 |
|  |  | 436039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 15322453 |
|  **Consumer Staples (2.1%)** | **Consumer Staples (2.1%)** | **Consumer Staples (2.1%)** |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** |
|  Brown-Forman Corp., Class B | 501 | 13482 |
|  Coca-Cola Co. (The) | 10858 | 768204 |
|  Constellation Brands, Inc., Class A | 436 | 70928 |
|  Keurig Dr Pepper, Inc. | 3797 | 125529 |
|  Molson Coors Beverage Co., Class B | 488 | 23468 |
|  Monster Beverage Corp.\* | 1960 | 122774 |

---

See Notes to Financial Statements.

896

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PepsiCo, Inc. | 3838 | $| 506770 |
|  |  |  | 1631155 |
|  ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** |
|  Costco Wholesale Corp. | 1244 |  | 1231485 |
|  Dollar General Corp. | 614 |  | 70229 |
|  Dollar Tree, Inc.\* | 562 |  | 55661 |
|  Kroger Co. (The) | 1762 |  | 126388 |
|  Sysco Corp. | 1367 |  | 103537 |
|  Target Corp. | 1286 |  | 126864 |
|  Walgreens Boots Alliance, Inc. | 2047 |  | 23500 |
|  Walmart, Inc. | 12162 |  | 1189200 |
|  |  |  | 2926864 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Archer-Daniels-Midland Co. | 1329 |  | 70145 |
|  Bunge Global SA | 368 |  | 29543 |
|  Campbell's Co. (The) | 550 |  | 16858 |
|  Conagra Brands, Inc. | 1315 |  | 26918 |
|  General Mills, Inc. | 1547 |  | 80150 |
|  Hershey Co. (The) | 409 |  | 67874 |
|  Hormel Foods Corp. | 812 |  | 24563 |
|  J M Smucker Co. (The) | 297 |  | 29165 |
|  Kellanova | 740 |  | 58852 |
|  Kraft Heinz Co. (The) | 2453 |  | 63336 |
|  Lamb Weston Holdings, Inc. | 404 |  | 20947 |
|  McCormick & Co., Inc. (Non-Voting) | 704 |  | 53377 |
|  Mondelez International, Inc., Class A | 3608 |  | 243324 |
|  Tyson Foods, Inc., Class A | 794 |  | 44416 |
|  |  |  | 829468 |
|  ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** |
|  Church & Dwight Co., Inc. | 681 |  | 65451 |
|  Clorox Co. (The) | 344 |  | 41304 |
|  Colgate-Palmolive Co. | 2270 |  | 206343 |
|  Kimberly-Clark Corp. | 927 |  | 119509 |
|  Procter & Gamble Co. (The) | 6575 |  | 1047529 |
|  |  |  | 1480136 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 652 |  | 52682 |
|  Kenvue, Inc. | 5356 |  | 112101 |
|  |  |  | 164783 |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** |
|  Altria Group, Inc. | 4732 |  | 277437 |
|  Philip Morris International, Inc. | 4362 |  | 794451 |
|  |  |  | 1071888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 8104294 |
|  **Energy (1.1%)** | **Energy (1.1%)** | **Energy (1.1%)** | **Energy (1.1%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 2761 |  | 105857 |
|  Halliburton Co. | 2393 |  | 48769 |
|  Schlumberger NV | 3947 |  | 133409 |
|  |  |  | 288035 |
|  ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** |
|  APA Corp. | 1021 |  | 18674 |
|  Chevron Corp. | 4575 |  | 655094 |
|  ConocoPhillips | 3572 |  | 320551 |
|  Coterra Energy, Inc. | 2082 |  | 52841 |
|  Devon Energy Corp. | 1829 |  | 58181 |
|  Diamondback Energy, Inc. | 520 |  | 71448 |
|  EOG Resources, Inc. | 1572 |  | 188027 |
|  EQT Corp. | 1660 |  | 96811 |
|  Expand Energy Corp. | 584 |  | 68293 |
|  Exxon Mobil Corp. | 12138 |  | 1308476 |
|  Hess Corp. | 773 |  | 107092 |
|  Kinder Morgan, Inc. | 5401 |  | 158789 |
|  Marathon Petroleum Corp. | 879 |  | 146011 |
|  Occidental Petroleum Corp. | 1993 |  | 83726 |
|  ONEOK, Inc. | 1745 |  | 142444 |
|  Phillips 66 | 1148 |  | 136956 |
|  Targa Resources Corp. | 609 |  | 106015 |
|  Texas Pacific Land Corp. | 52 |  | 54932 |
|  Valero Energy Corp. | 880 |  | 118290 |
|  Williams Cos., Inc. (The) | 3408 |  | 214057 |
|  |  |  | 4106708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 4394743 |
|  **Financials (5.3%)** | **Financials (5.3%)** | **Financials (5.3%)** | **Financials (5.3%)** |
|  ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** |
|  Bank of America Corp. | 18445 |  | 872817 |
|  Citigroup, Inc. | 5270 |  | 448582 |
|  Citizens Financial Group, Inc. | 1246 |  | 55758 |
|  Fifth Third Bancorp | 1881 |  | 77366 |
|  Huntington Bancshares, Inc. | 4054 |  | 67945 |
|  JPMorgan Chase & Co. | 7816 |  | 2265937 |
|  KeyCorp | 2737 |  | 47679 |
|  M&T Bank Corp. | 461 |  | 89429 |
|  PNC Financial Services Group, Inc. (The) | 1105 |  | 205994 |
|  Regions Financial Corp. | 2563 |  | 60282 |
|  Truist Financial Corp. | 3713 |  | 159622 |
|  US Bancorp | 4361 |  | 197335 |
|  Wells Fargo & Co. | 9218 |  | 738546 |
|  |  |  | 5287292 |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** |
|  Ameriprise Financial, Inc. | 270 |  | 144107 |
|  Bank of New York Mellon Corp. (The) | 2019 |  | 183951 |
|  Blackrock, Inc. | 407 |  | 427045 |
|  Blackstone, Inc. | 2050 |  | 306639 |
|  Cboe Global Markets, Inc. | 294 |  | 68564 |
|  Charles Schwab Corp. (The) | 4777 |  | 435853 |
|  CME Group, Inc. | 1007 |  | 277549 |
|  Coinbase Global, Inc., Class A\* | 591 |  | 207140 |
|  FactSet Research Systems, Inc. | 107 |  | 47859 |
|  Franklin Resources, Inc. | 841 |  | 20058 |
|  Goldman Sachs Group, Inc. (The) | 866 |  | 612911 |
|  Intercontinental Exchange, Inc. | 1614 |  | 296121 |
|  KKR & Co., Inc. | 1888 |  | 251161 |
|  MarketAxess Holdings, Inc. | 106 |  | 23674 |
|  Moody's Corp. | 435 |  | 218192 |
|  Morgan Stanley | 3471 |  | 488925 |
|  MSCI, Inc. | 219 |  | 126306 |
|  Nasdaq, Inc. | 1157 |  | 103459 |
|  Northern Trust Corp. | 554 |  | 70242 |
|  Raymond James Financial, Inc. | 509 |  | 78065 |
|  S&P Global, Inc. | 883 |  | 465597 |
|  State Street Corp. | 815 |  | 86667 |
| T. Rowe Price Group, Inc. | 619 |  | 59733 |
|  |  |  | 4999818 |

---

See Notes to Financial Statements.

897

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 1552 | $495057 |
|  Capital One Financial Corp. | 1786 | 379989 |
|  Synchrony Financial | 1082 | 72213 |
|  |  | 947259 |
|  ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** | ***Financial Services (1.6%)*** |
|  Apollo Global Management, Inc. | 1250 | 177338 |
|  Berkshire Hathaway, Inc., Class B\* | 5150 | 2501715 |
|  Corpay, Inc.\* | 193 | 64041 |
|  Fidelity National Information Services, Inc. | 1496 | 121789 |
|  Fiserv, Inc.\* | 1561 | 269132 |
|  Global Payments, Inc. | 693 | 55468 |
|  Jack Henry & Associates, Inc. | 204 | 36755 |
|  Mastercard, Inc., Class A | 2283 | 1282909 |
|  PayPal Holdings, Inc.\* | 2757 | 204900 |
|  Visa, Inc., Class A | 4813 | 1708856 |
|  |  | 6422903 |
|  ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** |
|  Aflac, Inc. | 1390 | 146589 |
|  Allstate Corp. (The) | 738 | 148567 |
|  American International Group, Inc. | 1662 | 142251 |
|  Aon plc, Class A | 604 | 215483 |
|  Arch Capital Group Ltd. | 1046 | 95238 |
|  Arthur J Gallagher & Co. | 713 | 228246 |
|  Assurant, Inc. | 145 | 28636 |
|  Brown & Brown, Inc. | 662 | 73396 |
|  Chubb Ltd. | 1048 | 303627 |
|  Cincinnati Financial Corp. | 438 | 65227 |
|  Erie Indemnity Co., Class A | 69 | 23929 |
|  Everest Group Ltd. | 119 | 40442 |
|  Globe Life, Inc. | 235 | 29208 |
|  Hartford Insurance Group, Inc. (The) | 814 | 103272 |
|  Loews Corp. | 485 | 44455 |
|  Marsh & McLennan Cos., Inc. | 1372 | 299974 |
|  MetLife, Inc. | 1617 | 130039 |
|  Principal Financial Group, Inc. | 592 | 47023 |
|  Progressive Corp. (The) | 1643 | 438451 |
|  Prudential Financial, Inc. | 992 | 106580 |
|  Travelers Cos., Inc. (The) | 634 | 169620 |
|  W.R. Berkley Corp. | 847 | 62229 |
|  Willis Towers Watson plc | 282 | 86433 |
|  |  | 3028915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 20686187 |
|  **Health Care (3.5%)** | **Health Care (3.5%)** | **Health Care (3.5%)** |
|  ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** |
|  AbbVie, Inc. | 4947 | 918262 |
|  Amgen, Inc. | 1509 | 421328 |
|  Biogen, Inc.\* | 407 | 51115 |
|  Gilead Sciences, Inc. | 3499 | 387934 |
|  Incyte Corp.\* | 444 | 30236 |
|  Moderna, Inc.\* | 933 | 25742 |
|  Regeneron Pharmaceuticals, Inc. | 293 | 153825 |
|  Vertex Pharmaceuticals, Inc.\* | 720 | 320544 |
|  |  | 2308986 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |
|  Abbott Laboratories | 4865 | 661689 |
|  Align Technology, Inc.\* | 196 | 37109 |
|  Baxter International, Inc. | 1433 | 43391 |
|  Becton Dickinson & Co. | 808 | 139178 |
|  Boston Scientific Corp.\* | 4131 | 443711 |
|  Cooper Cos., Inc. (The)\* | 556 | 39565 |
|  Dexcom, Inc.\* | 1086 | 94797 |
|  Edwards Lifesciences Corp.\* | 1639 | 128186 |
|  GE HealthCare Technologies, Inc. | 1275 | 94439 |
|  Hologic, Inc.\* | 620 | 40399 |
|  IDEXX Laboratories, Inc.\* | 229 | 122822 |
|  Insulet Corp.\* | 195 | 61265 |
|  Intuitive Surgical, Inc.\* | 1008 | 547757 |
|  Medtronic plc | 3582 | 312243 |
|  ResMed, Inc. | 409 | 105522 |
|  Solventum Corp.\* | 398 | 30184 |
|  STERIS plc | 276 | 66301 |
|  Stryker Corp. | 962 | 380596 |
|  Zimmer Biomet Holdings, Inc. | 553 | 50439 |
|  |  | 3399593 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Cardinal Health, Inc. | 681 | 114408 |
|  Cencora, Inc. | 485 | 145427 |
|  Centene Corp.\* | 1403 | 76155 |
|  Cigna Group (The) | 764 | 252563 |
|  CVS Health Corp. | 3529 | 243430 |
|  DaVita, Inc.\* | 128 | 18234 |
|  Elevance Health, Inc. | 648 | 252046 |
|  HCA Healthcare, Inc. | 501 | 191933 |
|  Henry Schein, Inc.\* | 349 | 25495 |
|  Humana, Inc. | 337 | 82390 |
|  Labcorp Holdings, Inc. | 236 | 61952 |
|  McKesson Corp. | 350 | 256473 |
|  Molina Healthcare, Inc.\* | 152 | 45281 |
|  Quest Diagnostics, Inc. | 311 | 55865 |
|  UnitedHealth Group, Inc. | 2556 | 797395 |
|  Universal Health Services, Inc., Class B | 167 | 30252 |
|  |  | 2649299 |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** |
|  Agilent Technologies, Inc. | 799 | 94290 |
|  Bio-Techne Corp. | 437 | 22484 |
|  Charles River Laboratories International, Inc.\* | 143 | 21697 |
|  Danaher Corp. | 1796 | 354782 |
|  IQVIA Holdings, Inc.\* | 459 | 72334 |
|  Mettler-Toledo International, Inc.\* | 59 | 69308 |
|  Revvity, Inc. | 338 | 32691 |
|  Thermo Fisher Scientific, Inc. | 1070 | 433842 |
|  Waters Corp.\* | 166 | 57941 |
|  West Pharmaceutical Services, Inc. | 201 | 43979 |
|  |  | 1203348 |
|  ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** |
|  Bristol-Myers Squibb Co. | 5695 | 263622 |
|  Eli Lilly & Co. | 2208 | 1721202 |
|  Johnson & Johnson | 6746 | 1030452 |
|  Merck & Co., Inc. | 7081 | 560532 |
|  Pfizer, Inc. | 15905 | 385537 |
|  Viatris, Inc. | 3315 | 29603 |
|  Zoetis, Inc. | 1259 | 196341 |
|  |  | 4187289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 13748515 |

---

See Notes to Financial Statements.

898

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Industrials (3.2%)** | **Industrials (3.2%)** | **Industrials (3.2%)** |
|  ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** |
|  Axon Enterprise, Inc.\* | 209 | $173039 |
|  Boeing Co. (The)\* | 2105 | 441061 |
|  GE Aerospace | 3010 | 774744 |
|  General Dynamics Corp. | 710 | 207079 |
|  Howmet Aerospace, Inc. | 1134 | 211071 |
|  Huntington Ingalls Industries, Inc. | 108 | 26078 |
|  L3Harris Technologies, Inc. | 527 | 132193 |
|  Lockheed Martin Corp. | 589 | 272789 |
|  Northrop Grumman Corp. | 382 | 190992 |
|  RTX Corp. | 3738 | 545823 |
|  Textron, Inc. | 521 | 41831 |
|  TransDigm Group, Inc. | 157 | 238741 |
|  |  | 3255441 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  CH Robinson Worldwide, Inc. | 328 | 31472 |
|  Expeditors International of Washington, Inc. | 395 | 45129 |
|  FedEx Corp. | 617 | 140250 |
|  United Parcel Service, Inc., Class B | 2040 | 205917 |
|  |  | 422768 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  A.O. Smith Corp. | 338 | 22163 |
|  Allegion plc | 242 | 34877 |
|  Builders FirstSource, Inc.\* | 324 | 37808 |
|  Carrier Global Corp. | 2258 | 165263 |
|  Johnson Controls International plc | 1844 | 194763 |
|  Lennox International, Inc. | 89 | 51018 |
|  Masco Corp. | 600 | 38616 |
|  Trane Technologies plc | 627 | 274256 |
|  |  | 818764 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Cintas Corp. | 962 | 214401 |
|  Copart, Inc.\* | 2447 | 120074 |
|  Republic Services, Inc. | 567 | 139828 |
|  Rollins, Inc. | 786 | 44346 |
|  Veralto Corp. | 687 | 69353 |
|  Waste Management, Inc. | 1020 | 233396 |
|  |  | 821398 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** |
|  Quanta Services, Inc. | 415 | 156903 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  AMETEK, Inc. | 646 | 116900 |
|  Eaton Corp. plc | 1104 | 394117 |
|  Emerson Electric Co. | 1584 | 211195 |
|  GE Vernova, Inc. | 774 | 409562 |
|  Generac Holdings, Inc.\* | 170 | 24346 |
|  Hubbell, Inc., Class B | 150 | 61261 |
|  Rockwell Automation, Inc. | 315 | 104634 |
|  |  | 1322015 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  CSX Corp. | 5389 | 175843 |
|  JB Hunt Transport Services, Inc. | 221 | 31736 |
|  Norfolk Southern Corp. | 636 | 162797 |
|  Old Dominion Freight Line, Inc. | 524 | 85045 |
|  Uber Technologies, Inc.\* | 5862 | 546925 |
|  Union Pacific Corp. | 1693 | 389525 |
|  |  | 1391871 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. | 1527 | 232470 |
|  Honeywell International, Inc. | 1817 | 423143 |
|  |  | 655613 |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** |
|  Caterpillar, Inc. | 1322 | 513214 |
|  Cummins, Inc. | 383 | 125433 |
|  Deere & Co. | 712 | 362045 |
|  Dover Corp. | 384 | 70360 |
|  Fortive Corp. | 942 | 49107 |
|  IDEX Corp. | 212 | 37221 |
|  Illinois Tool Works, Inc. | 747 | 184696 |
|  Ingersoll Rand, Inc. | 1128 | 93827 |
|  Nordson Corp. | 152 | 32584 |
|  Otis Worldwide Corp. | 1113 | 110209 |
|  PACCAR, Inc. | 1457 | 138502 |
|  Parker-Hannifin Corp. | 359 | 250751 |
|  Pentair plc | 464 | 47634 |
|  Snap-on, Inc. | 147 | 45743 |
|  Stanley Black & Decker, Inc. | 429 | 29065 |
|  Westinghouse Air Brake Technologies Corp. | 478 | 100069 |
|  Xylem, Inc. | 678 | 87706 |
|  |  | 2278166 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 1782 | 87639 |
|  Southwest Airlines Co. | 1674 | 54304 |
|  United Airlines Holdings, Inc.\* | 920 | 73260 |
|  |  | 215203 |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** |
|  Automatic Data Processing, Inc. | 1138 | 350959 |
|  Broadridge Financial Solutions, Inc. | 324 | 78742 |
|  Dayforce, Inc.\* | 442 | 24482 |
|  Equifax, Inc. | 346 | 89742 |
|  Jacobs Solutions, Inc. | 348 | 45745 |
|  Leidos Holdings, Inc. | 371 | 58529 |
|  Paychex, Inc. | 896 | 130332 |
|  Paycom Software, Inc. | 135 | 31239 |
|  Verisk Analytics, Inc. | 393 | 122420 |
|  |  | 932190 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Fastenal Co. | 3202 | 134484 |
|  United Rentals, Inc. | 182 | 137119 |
|  W.W. Grainger, Inc. | 123 | 127949 |
|  |  | 399552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 12669884 |
|  **Information Technology (12.5%)** | **Information Technology (12.5%)** | **Information Technology (12.5%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 2886 | 295267 |
|  Cisco Systems, Inc. | 11156 | 774003 |
|  F5, Inc.\* | 162 | 47680 |
|  Juniper Networks, Inc. | 909 | 36296 |
|  Motorola Solutions, Inc. | 467 | 196355 |
|  |  | 1349601 |

---

See Notes to Financial Statements.

899

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Amphenol Corp., Class A | 3397 | $335454 |
|  CDW Corp. | 371 | 66257 |
|  Corning, Inc. | 2156 | 113384 |
|  Jabil, Inc. | 301 | 65648 |
|  Keysight Technologies, Inc.\* | 482 | 78981 |
|  Ralliant Corp.\* | 314 | 15226 |
|  TE Connectivity plc | 832 | 140333 |
|  Teledyne Technologies, Inc.\* | 130 | 66600 |
|  Trimble, Inc.\* | 683 | 51894 |
|  Zebra Technologies Corp., Class A\* | 143 | 44096 |
|  |  | 977873 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Accenture plc, Class A | 1753 | 523954 |
|  Akamai Technologies, Inc.(x)\* | 426 | 33978 |
|  Cognizant Technology Solutions Corp., Class A | 1378 | 107525 |
|  EPAM Systems, Inc.\* | 158 | 27937 |
|  Gartner, Inc.\* | 214 | 86503 |
|  GoDaddy, Inc., Class A\* | 394 | 70944 |
|  International Business Machines Corp. | 2611 | 769671 |
|  VeriSign, Inc. | 225 | 64980 |
|  |  | 1685492 |
|  ***Semiconductors & Semiconductor Equipment (4.8%)*** | ***Semiconductors & Semiconductor Equipment (4.8%)*** | ***Semiconductors & Semiconductor Equipment (4.8%)*** |
|  Advanced Micro Devices, Inc.\* | 4538 | 643942 |
|  Analog Devices, Inc. | 1387 | 330134 |
|  Applied Materials, Inc. | 2282 | 417766 |
|  Broadcom, Inc. | 13211 | 3641612 |
|  Enphase Energy, Inc.\* | 381 | 15107 |
|  First Solar, Inc.\* | 305 | 50490 |
|  Intel Corp. | 12152 | 272205 |
|  KLA Corp. | 371 | 332319 |
|  Lam Research Corp. | 3596 | 350034 |
|  Microchip Technology, Inc. | 1491 | 104922 |
|  Micron Technology, Inc. | 3128 | 385526 |
|  Monolithic Power Systems, Inc. | 133 | 97273 |
|  NVIDIA Corp. | 68513 | 10824369 |
|  NXP Semiconductors NV | 708 | 154691 |
|  ON Semiconductor Corp.\* | 1191 | 62420 |
|  QUALCOMM, Inc. | 3095 | 492910 |
|  Skyworks Solutions, Inc. | 448 | 33385 |
|  Teradyne, Inc. | 452 | 40644 |
|  Texas Instruments, Inc. | 2552 | 529846 |
|  |  | 18779595 |
|  ***Software (4.3%)*** | ***Software (4.3%)*** | ***Software (4.3%)*** |
|  Adobe, Inc.\* | 1204 | 465803 |
|  ANSYS, Inc.\* | 244 | 85698 |
|  Autodesk, Inc.\* | 598 | 185123 |
|  Cadence Design Systems, Inc.\* | 766 | 236043 |
|  Crowdstrike Holdings, Inc., Class A\* | 701 | 357026 |
|  Fair Isaac Corp.\* | 68 | 124301 |
|  Fortinet, Inc.\* | 1773 | 187442 |
|  Gen Digital, Inc. | 1506 | 44276 |
|  Intuit, Inc. | 785 | 618289 |
|  Microsoft Corp. | 20880 | 10385921 |
|  Oracle Corp. | 4570 | 999139 |
|  Palantir Technologies, Inc., Class A\* | 5968 | 813558 |
|  Palo Alto Networks, Inc.\* | 1855 | 379607 |
|  PTC, Inc.\* | 335 | 57734 |
|  Roper Technologies, Inc. | 299 | 169485 |
|  Salesforce, Inc. | 2700 | 736263 |
|  ServiceNow, Inc.\* | 582 | 598343 |
|  Synopsys, Inc.\* | 432 | 221478 |
|  Tyler Technologies, Inc.\* | 121 | 71734 |
|  Workday, Inc., Class A\* | 601 | 144240 |
|  |  | 16881503 |
|  ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** |
|  Apple, Inc. | 41955 | 8607907 |
|  Dell Technologies, Inc., Class C | 877 | 107520 |
|  Hewlett Packard Enterprise Co. | 3636 | 74356 |
|  HP, Inc. | 2607 | 63767 |
|  NetApp, Inc. | 577 | 61480 |
|  Seagate Technology Holdings plc | 584 | 84289 |
|  Super Micro Computer, Inc. (x)\* | 1400 | 68614 |
|  Western Digital Corp. | 975 | 62390 |
|  |  | 9130323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 48804387 |
|  **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** |
|  ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** |
|  Air Products and Chemicals, Inc. | 625 | 176287 |
|  Albemarle Corp. (x) | 327 | 20493 |
|  CF Industries Holdings, Inc. | 484 | 44528 |
|  Corteva, Inc. | 1924 | 143396 |
|  Dow, Inc. | 1962 | 51954 |
|  DuPont de Nemours, Inc. | 1169 | 80182 |
|  Eastman Chemical Co. | 329 | 24563 |
|  Ecolab, Inc. | 704 | 189686 |
|  International Flavors & Fragrances, Inc. | 714 | 52515 |
|  Linde plc | 1336 | 626824 |
|  LyondellBasell Industries NV, Class A | 721 | 41717 |
|  Mosaic Co. (The) | 899 | 32796 |
|  PPG Industries, Inc. | 646 | 73482 |
|  Sherwin-Williams Co. (The) | 651 | 223527 |
|  |  | 1781950 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. | 170 | 93323 |
|  Vulcan Materials Co. | 370 | 96503 |
|  |  | 189826 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 6423 | 59027 |
|  Avery Dennison Corp. | 225 | 39481 |
|  Ball Corp. | 830 | 46555 |
|  International Paper Co. | 1473 | 68980 |
|  Packaging Corp. of America | 248 | 46736 |
|  Smurfit WestRock plc | 1371 | 59159 |
|  |  | 319938 |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** |
|  Freeport-McMoRan, Inc. | 4044 | 175308 |
|  Newmont Corp. | 3189 | 185791 |
|  Nucor Corp. | 660 | 85496 |
|  Steel Dynamics, Inc. | 399 | 51076 |
|  |  | 497671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 2789385 |

---

See Notes to Financial Statements.

900

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 433 | $31449 |
|  Healthpeak Properties, Inc. (REIT) | 1968 | 34460 |
|  Ventas, Inc. (REIT) | 1219 | 76980 |
|  Welltower, Inc. (REIT) | 1742 | 267797 |
|  |  | 410686 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 1972 | 30290 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 2587 | 271946 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 404 | 27258 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 821 | 115038 |
|  CoStar Group, Inc.\* | 1182 | 95033 |
|  |  | 210071 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 397 | 80789 |
|  Camden Property Trust (REIT) | 296 | 33356 |
|  Equity Residential (REIT) | 948 | 63981 |
|  Essex Property Trust, Inc. (REIT) | 179 | 50729 |
|  Invitation Homes, Inc. (REIT) | 1584 | 51955 |
|  Mid-America Apartment Communities, Inc. (REIT) | 325 | 48103 |
|  UDR, Inc. (REIT) | 847 | 34583 |
|  |  | 363496 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 209 | 19853 |
|  Kimco Realty Corp. (REIT) | 1867 | 39244 |
|  Realty Income Corp. (REIT) | 2530 | 145753 |
|  Regency Centers Corp. (REIT) | 460 | 32766 |
|  Simon Property Group, Inc. (REIT) | 863 | 138736 |
|  |  | 376352 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | 1306 | 288652 |
|  Crown Castle, Inc. (REIT) | 1208 | 124098 |
|  Digital Realty Trust, Inc. (REIT) | 891 | 155328 |
|  Equinix, Inc. (REIT) | 273 | 217163 |
|  Extra Space Storage, Inc. (REIT) | 592 | 87284 |
|  Iron Mountain, Inc. (REIT) | 815 | 83595 |
|  Public Storage (REIT) | 438 | 128518 |
|  SBA Communications Corp. (REIT) | 301 | 70687 |
|  VICI Properties, Inc. (REIT), Class A | 2918 | 95127 |
|  Weyerhaeuser Co. (REIT) | 2039 | 52382 |
|  |  | 1302834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2992933 |
|  **Utilities (0.9%)** | **Utilities (0.9%)** | **Utilities (0.9%)** |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** |
|  Alliant Energy Corp. | 717 | 43357 |
|  American Electric Power Co., Inc. | 1485 | 154084 |
|  Constellation Energy Corp. | 877 | 283060 |
|  Duke Energy Corp. | 2172 | 256296 |
|  Edison International | 1076 | 55522 |
|  Entergy Corp. | 1257 | 104482 |
|  Evergy, Inc. | 640 | 44115 |
|  Eversource Energy | 1030 | 65529 |
|  Exelon Corp. | 2797 | 121446 |
|  FirstEnergy Corp. | 1433 | 57692 |
|  NextEra Energy, Inc. | 5752 | 399304 |
|  NRG Energy, Inc. | 563 | 90406 |
|  PG&E Corp. | 6103 | 85076 |
|  Pinnacle West Capital Corp. | 317 | 28362 |
|  PPL Corp. | 2063 | 69915 |
|  Southern Co. (The) | 3058 | 280816 |
|  Xcel Energy, Inc. | 1594 | 108551 |
|  |  | 2248013 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Atmos Energy Corp. | 448 | 69041 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 1988 | 20914 |
|  Vistra Corp. | 946 | 183344 |
|  |  | 204258 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Ameren Corp. | 746 | 71646 |
|  CenterPoint Energy, Inc. | 1848 | 67895 |
|  CMS Energy Corp. | 835 | 57849 |
|  Consolidated Edison, Inc. | 1016 | 101956 |
|  Dominion Energy, Inc. | 2344 | 132483 |
|  DTE Energy Co. | 579 | 76694 |
|  NiSource, Inc. | 1304 | 52603 |
|  Public Service Enterprise Group, Inc. | 1393 | 117263 |
|  Sempra | 1827 | 138432 |
|  WEC Energy Group, Inc. | 883 | 92009 |
|  |  | 908830 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Works Co., Inc. | 545 | 75815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 3505957 |
|  **Total Common Stocks (37.7%)**<br> *(Cost $89,206,273)* |  | 147477253 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (37.8%)** | **Corporate Bonds (37.8%)** | **Corporate Bonds (37.8%)** |
|  **Communication Services (2.7%)** | **Communication Services (2.7%)** |  |
|  ***Diversified Telecommunication Services (1.0%)*** | ***Diversified Telecommunication Services (1.0%)*** | ***Diversified Telecommunication Services (1.0%)*** |
|  AT&T, Inc.<br>2.250%, 2/1/32 | $402000 | 345694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 861000 | 818673 |
|  British Telecommunications plc<br>9.625%, 12/15/30 (e) | 175000 | 214974 |
|  Deutsche Telekom International Finance BV<br>8.750%, 6/15/30 (e) | 300000 | 353536 |
|  Orange SA<br>9.000%, 3/1/31 (e) | 297000 | 360153 |
|  Sprint Capital Corp.<br>8.750%, 3/15/32 | 200000 | 242518 |
|  Verizon Communications, Inc.<br>2.550%, 3/21/31 | 437000 | 391502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 3/15/32 | 550000 | 473803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/10/33 | 409000 | 396704 |

---

See Notes to Financial Statements.

901

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 9/15/33 | $| 298000 | $| 324851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/2/35 |  | 146000 |  | 146645 |
|  |  |  |  | 4069053 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Netflix, Inc.<br>4.900%, 8/15/34 (x) |  | 600000 |  | 611407 |
|  Walt Disney Co. (The)<br>2.650%, 1/13/31 |  | 400000 |  | 367951 |
|  |  |  |  | 979358 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Alphabet, Inc.<br>4.500%, 5/15/35 |  | 378000 |  | 371821 |
|  Meta Platforms, Inc.<br>3.850%, 8/15/32 |  | 500000 |  | 479655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34 |  | 214000 |  | 214482 |
|  |  |  |  | 1065958 |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** |
|  Charter Communications Operating LLC<br>2.800%, 4/1/31 |  | 375000 |  | 333979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 6/1/34 |  | 273000 |  | 290933 |
|  Comcast Corp.<br>4.250%, 10/15/30(x) |  | 200000 |  | 198417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 8/15/34 |  | 1045000 |  | 986211 |
|  Paramount Global<br>7.875%, 7/30/30 |  | 100000 |  | 110760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/31 |  | 250000 |  | 242439 |
|  |  |  |  | 2162739 |
|  ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** |
|  T-Mobile USA, Inc.<br>2.550%, 2/15/31 |  | 970000 |  | 867889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/31 |  | 361000 |  | 338737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/15/34 |  | 276000 |  | 279060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/35 |  | 619000 |  | 598924 |
|  |  |  |  | 2084610 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  |  | 10361718 |
|  **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** |  |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** |
|  General Motors Co.<br>5.600%, 10/15/32 |  | 500000 |  | 506738 |
|  ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** |
|  Amazon.com, Inc.<br>3.600%, 4/13/32 |  | 296000 |  | 282496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 12/5/34 (x) |  | 1001000 |  | 1021452 |
|  eBay, Inc.<br>2.600%, 5/10/31 |  | 420000 |  | 376234 |
|  |  |  |  | 1680182 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF<br>4.625%, 6/15/30 |  | 334000 |  | 334462 |
|  McDonald's Corp.<br>3.600%, 7/1/30 (x) |  | 200000 |  | 193394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/3/35 |  | 148000 |  | 147720 |
|  Starbucks Corp.<br>2.550%, 11/15/30 |  | 250000 |  | 226377 |
|  |  |  |  | 901953 |
|  ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** |
|  AutoZone, Inc.<br>5.400%, 7/15/34 |  | 302000 |  | 308921 |
|  Home Depot, Inc. (The)<br>4.850%, 6/25/31 |  | 355000 |  | 363603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 |  | 270000 |  | 249774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/25/34 |  | 606000 |  | 612367 |
|  Lowe's Cos., Inc.<br>1.700%, 10/15/30 |  | 175000 |  | 152145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/1/31 |  | 390000 |  | 351051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/32 |  | 300000 |  | 282434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 7/1/33 |  | 321000 |  | 327111 |
|  |  |  |  | 2647406 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 5736279 |
|  **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** |  |  |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** |
|  Anheuser-Busch InBev Worldwide, Inc.<br>4.900%, 1/23/31 |  | 140000 |  | 143674 |
|  Coca-Cola Co. (The)<br>1.375%, 3/15/31 |  | 320000 |  | 274080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/5/32 |  | 333000 |  | 294168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/13/34 |  | 365000 |  | 375183 |
|  Constellation Brands, Inc.<br>2.250%, 8/1/31 |  | 250000 |  | 216682 |
|  Diageo Capital plc<br>5.625%, 10/5/33 |  | 312000 |  | 327379 |
|  Keurig Dr Pepper, Inc.<br>2.250%, 3/15/31 |  | 200000 |  | 176438 |
|  PepsiCo, Inc.<br>3.900%, 7/18/32 |  | 400000 |  | 386010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/17/34 |  | 371000 |  | 372754 |
|  |  |  |  | 2566368 |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Dollar General Corp.<br>5.450%, 7/5/33 |  | 233000 |  | 237826 |
|  Kroger Co. (The)<br>5.000%, 9/15/34 |  | 671000 |  | 664407 |
|  Target Corp.<br>4.500%, 9/15/32 |  | 500000 |  | 497113 |
|  Walmart, Inc.<br>1.800%, 9/22/31 |  | 1322000 |  | 1150279 |
|  |  |  |  | 2549625 |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  General Mills, Inc.<br>5.250%, 1/30/35 |  | 202000 |  | 202478 |
|  JBS USA Holding Lux Sarl<br>5.750%, 4/1/33 |  | 146000 |  | 149801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/34 |  | 264000 |  | 288322 |
|  Mondelez International, Inc.<br>4.750%, 8/28/34 |  | 373000 |  | 367006 |
|  Pilgrim's Pride Corp.<br>6.250%, 7/1/33(x) |  | 179000 |  | 189266 |
|  Unilever Capital Corp.<br>5.900%, 11/15/32 |  | 100000 |  | 108865 |
|  |  |  |  | 1305738 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Kimberly-Clark Corp.<br>2.000%, 11/2/31 |  | 436000 |  | 384634 |

---

See Notes to Financial Statements.

902

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Procter & Gamble Co. (The)<br>1.200%, 10/29/30 | $| 200000 | $| 172559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/1/32 |  | 204000 |  | 182625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/24/34 |  | 441000 |  | 439186 |
|  |  |  |  | 1179004 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The)<br>4.650%, 5/15/33 |  | 248000 |  | 243914 |
|  Haleon US Capital LLC<br>3.625%, 3/24/32 |  | 361000 |  | 337385 |
|  |  |  |  | 581299 |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** |
|  Altria Group, Inc.<br>2.450%, 2/4/32 |  | 320000 |  | 275397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/6/35 |  | 294000 |  | 298779 |
|  BAT Capital Corp.<br>2.726%, 3/25/31 |  | 540000 |  | 486137 |
|  Philip Morris International, Inc.<br>5.750%, 11/17/32 |  | 350000 |  | 369353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 |  | 426000 |  | 439420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 |  | 274000 |  | 279123 |
|  |  |  |  | 2148209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 10330243 |
|  **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** |
|  BP Capital Markets America, Inc.<br>1.749%, 8/10/30 |  | 155000 |  | 136042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 1/12/32 |  | 420000 |  | 373849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 2/13/33 |  | 350000 |  | 349493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 |  | 145000 |  | 147267 |
|  Burlington Resources LLC<br>7.200%, 8/15/31 |  | 100000 |  | 113603 |
|  Cheniere Energy Partners LP<br>4.000%, 3/1/31 |  | 440000 |  | 418163 |
|  Chevron USA, Inc.<br>4.819%, 4/15/32 |  | 361000 |  | 367347 |
|  ConocoPhillips Co.<br>5.050%, 9/15/33 |  | 332000 |  | 337560 |
|  Devon Energy Corp.<br>7.875%, 9/30/31 |  | 165000 |  | 189670 |
|  Diamondback Energy, Inc.<br>6.250%, 3/15/33 |  | 224000 |  | 238178 |
|  Enbridge, Inc.<br>5.700%, 3/8/33 |  | 300000 |  | 310755 |
|  Energy Transfer LP<br>5.750%, 2/15/33 (x) |  | 326000 |  | 338087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/34 |  | 281000 |  | 283795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/1/34 |  | 421000 |  | 426767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/35 |  | 437000 |  | 444199 |
|  Enterprise Products Operating LLC<br>5.350%, 1/31/33 |  | 100000 |  | 103275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 2/15/35 |  | 274000 |  | 272709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>6.875%, 3/1/33 |  | 100000 |  | 112393 |
|  Exxon Mobil Corp.<br>2.610%, 10/15/30 |  | 325000 |  | 299742 |
|  Hess Corp.<br>7.300%, 8/15/31 |  | 210000 |  | 237763 |
|  Kinder Morgan Energy Partners LP<br>7.300%, 8/15/33 |  | 287000 |  | 321567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/15/35 |  | 365000 |  | 376050 |
|  Kinder Morgan, Inc.<br>2.000%, 2/15/31 |  | 100000 |  | 87010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 1/15/32 |  | 100000 |  | 115401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/33 |  | 200000 |  | 200325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/1/34 |  | 272000 |  | 275143 |
|  MPLX LP<br>2.650%, 8/15/30 |  | 225000 |  | 202986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/32 |  | 300000 |  | 296174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/34 |  | 408000 |  | 410595 |
|  Occidental Petroleum Corp.<br>6.125%, 1/1/31 |  | 625000 |  | 646781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/1/32 |  | 267000 |  | 264901 |
|  ONEOK, Inc.<br>6.350%, 1/15/31 |  | 350000 |  | 372875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 |  | 100000 |  | 105580 |
|  Phillips 66 Co.<br>5.300%, 6/30/33 |  | 384000 |  | 387809 |
|  Pioneer Natural Resources Co.<br>2.150%, 1/15/31 |  | 298000 |  | 264379 |
|  Sabine Pass Liquefaction LLC<br>4.500%, 5/15/30 |  | 200000 |  | 199281 |
|  Shell Finance US, Inc.<br>2.750%, 4/6/30 |  | 200000 |  | 187408 |
|  Targa Resources Partners LP<br>4.875%, 2/1/31 |  | 400000 |  | 396201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/32 |  | 200000 |  | 185779 |
|  TotalEnergies Capital International SA<br>2.829%, 1/10/30 |  | 205000 |  | 193942 |
|  TransCanada PipeLines Ltd.<br>4.100%, 4/15/30 |  | 180000 |  | 176070 |
|  Valero Energy Corp.<br>2.800%, 12/1/31 |  | 200000 |  | 177495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/15/32 |  | 50000 |  | 57135 |
|  Williams Cos., Inc. (The)<br>2.600%, 3/15/31 |  | 450000 |  | 402360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 |  | 350000 |  | 342784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 |  | 100000 |  | 103662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 12250350 |
|  **Financials (13.3%)** | **Financials (13.3%)** | **Financials (13.3%)** |  |  |
|  ***Banks (7.2%)*** | ***Banks (7.2%)*** | ***Banks (7.2%)*** | ***Banks (7.2%)*** | ***Banks (7.2%)*** |
|  Banco Santander SA<br>2.749%, 12/3/30 |  | 200000 |  | 178035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.958%, 3/25/31 (x) |  | 200000 |  | 182262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 8/8/33 |  | 400000 |  | 432821 |
|  Bank of America Corp.<br>(SOFR + 1.53%), 1.898%, 7/23/31 (k) |  | 200000 |  | 175333 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.687%, 4/22/32 (k) |  | 1100000 |  | 985775 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.572%, 10/20/32 (k) |  | 404000 |  | 355294 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.571%, 4/27/33 (k) |  | 1000000 |  | 983022 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 5.015%, 7/22/33 (k) |  | 504000 |  | 508249 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.288%, 4/25/34 (k) |  | 500000 |  | 509658 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.872%, 9/15/34 (k) |  | 263000 |  | 276628 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.468%, 1/23/35 (k) |  | 396000 |  | 405591 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.425%, 8/15/35 (k) |  | 289000 |  | 287973 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.511%, 1/24/36 (k) |  | 516000 |  | 530717 |
|  Bank of Nova Scotia (The)<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.588%, 5/4/37 (k) |  | 399000 |  | 376894 |

---

See Notes to Financial Statements.

903

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Barclays plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.645%, 6/24/31 (k) | $| 250000 | $| 225738 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 7.437%, 11/2/33 (k) |  | 600000 |  | 678836 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%), 6.224%, 5/9/34 (k) |  | 200000 |  | 211417 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%), 6.692%, 9/13/34 (k) |  | 252000 |  | 274639 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.785%, 2/25/36 (k) |  | 200000 |  | 203703 |
|  Citibank NA<br>5.570%, 4/30/34 |  | 394000 |  | 409811 |
|  Citigroup, Inc.<br>(SOFR + 1.35%), 3.057%, 1/25/33 (k) |  | 250000 |  | 223331 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%), 3.785%, 3/17/33 (k) |  | 700000 |  | 653047 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.270%, 11/17/33 (k)(x) |  | 300000 |  | 323118 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.66%), 6.174%, 5/25/34 (k) |  | 250000 |  | 260981 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.449%, 6/11/35 (k) |  | 300000 |  | 305548 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 6.020%, 1/24/36 (k) |  | 1555000 |  | 1592876 |
|  HSBC Holdings plc<br>(SOFR + 1.19%), 2.804%, 5/24/32 (k) |  | 1200000 |  | 1064426 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%), 5.402%, 8/11/33 (k) |  | 600000 |  | 615329 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 6.254%, 3/9/34 (k) |  | 200000 |  | 213541 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%), 7.399%, 11/13/34 (k) |  | 249000 |  | 277824 |
|  JPMorgan Chase & Co.<br>(CME Term SOFR 3 Month + 2.52%), 2.956%, 5/13/31 (k) |  | 312000 |  | 287793 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.953%, 2/4/32 (k) |  | 518000 |  | 447438 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.580%, 4/22/32 (k) |  | 800000 |  | 713402 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%), 4.586%, 4/26/33 (k) |  | 351000 |  | 345784 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.81%), 6.254%, 10/23/34 (k) |  | 315000 |  | 340947 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.336%, 1/23/35 (k) |  | 553000 |  | 565232 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.766%, 4/22/35 (k) |  | 650000 |  | 682542 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.294%, 7/22/35 (k) |  | 784000 |  | 797972 |
|  KeyBank NA<br>5.000%, 1/26/33 |  | 300000 |  | 294912 |
|  Lloyds Banking Group plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 4.976%, 8/11/33 (k) |  | 200000 |  | 198361 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.679%, 1/5/35 (k) |  | 261000 |  | 267041 |
|  Mitsubishi UFJ Financial Group, Inc.<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.852%, 1/19/33 (k) |  | 200000 |  | 176730 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.133%, 7/20/33 (k) |  | 400000 |  | 404599 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.27%), 5.615%, 4/24/36 (k) |  | 434000 |  | 445734 |
|  Mizuho Financial Group, Inc.<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.748%, 7/6/34 (k) |  | 500000 |  | 519959 |
|  NatWest Group plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.778%, 3/1/35 (k) |  | 388000 |  | 401423 |
|  PNC Financial Services Group, Inc. (The)<br>(SOFR + 1.26%), 4.812%, 10/21/32 (k) |  | 301000 |  | 300514 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.14%), 6.037%, 10/28/33(k) |  | 200000 |  | 212283 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 5.068%, 1/24/34 (k) |  | 300000 |  | 300988 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.28%), 6.875%, 10/20/34 (k) |  | 367000 |  | 410276 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%), 5.575%, 1/29/36 (k) |  | 291000 |  | 299432 |
|  Royal Bank of Canada<br>5.000%, 2/1/33 |  | 250000 |  | 253264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/1/34 |  | 425000 |  | 433189 |
|  Sumitomo Mitsui Financial Group, Inc.<br>2.130%, 7/8/30 (x) |  | 200000 |  | 178457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%, 7/9/31 |  | 414000 |  | 429539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, 1/13/33 |  | 200000 |  | 209847 |
|  Toronto-Dominion Bank (The)<br>3.200%, 3/10/32 |  | 372000 |  | 337558 |
|  Truist Financial Corp.<br>(SOFR + 2.24%), 4.916%, 7/28/33 (k) |  | 350000 |  | 340242 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 5.867%, 6/8/34 (k) |  | 300000 |  | 312164 |
|  US Bancorp<br>1.375%, 7/22/30 |  | 200000 |  | 172508 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%), 4.967%, 7/22/33 (k) |  | 350000 |  | 345715 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%), 5.850%, 10/21/33 (k) |  | 150000 |  | 157594 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 4.839%, 2/1/34 (k) |  | 200000 |  | 197124 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 5.836%, 6/12/34 (k) |  | 200000 |  | 209985 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 5.678%, 1/23/35 (k)(x) |  | 193000 |  | 200191 |
|  Wells Fargo & Co.<br>(SOFR + 2.10%), 4.897%, 7/25/33 (k) |  | 902000 |  | 898678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 5.557%, 7/25/34 (k) |  | 458000 |  | 471848 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 6.491%, 10/23/34 (k) |  | 375000 |  | 409071 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.499%, 1/23/35 (k) |  | 269000 |  | 275803 |
|  Westpac Banking Corp.<br>2.650%, 1/16/30 (x) |  | 200000 |  | 187206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 6/3/31 |  | 150000 |  | 132989 |
|  |  |  |  | 28288751 |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** |
|  Bank of New York Mellon Corp. (The)<br>1.800%, 7/28/31 |  | 250000 |  | 215727 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.07%), 5.834%, 10/25/33 (k) |  | 200000 |  | 212086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>(SOFR + 1.61%), 4.967%, 4/26/34 (k) |  | 200000 |  | 200539 |
|  Blackrock, Inc.<br>1.900%, 1/28/31 |  | 173000 |  | 151644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/25/33 |  | 200000 |  | 201827 |
|  Blue Owl Credit Income Corp.<br>6.650%, 3/15/31 |  | 356000 |  | 365543 |
|  Brookfield Capital Finance LLC<br>6.087%, 6/14/33 |  | 200000 |  | 212269 |
|  Charles Schwab Corp. (The)<br>(SOFR + 2.50%), 5.853%, 5/19/34 (k) |  | 406000 |  | 429812 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.01%), 6.136%, 8/24/34 (k) |  | 381000 |  | 410874 |

---

See Notes to Financial Statements.

904

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Deutsche Bank AG<br>(SOFR + 3.04%), 3.547%, 9/18/31 (k)(x) | $| 500000 | $| 467198 |
|  Goldman Sachs Group, Inc. (The)<br>(SOFR + 1.28%), 2.615%, 4/22/32 (k) |  | 200000 |  | 177678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.383%, 7/21/32 (k) |  | 650000 |  | 567354 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.650%, 10/21/32 (k) |  | 403000 |  | 355281 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 3.102%, 2/24/33 (k) |  | 678000 |  | 608167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.330%, 7/23/35 (k) |  | 716000 |  | 722425 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.016%, 10/23/35 (k) |  | 608000 |  | 599535 |
|  Intercontinental Exchange, Inc.<br>4.600%, 3/15/33 |  | 300000 |  | 298521 |
|  Jefferies Financial Group, Inc.<br>6.200%, 4/14/34 |  | 322000 |  | 335413 |
|  Morgan Stanley<br>(SOFR + 1.14%), 2.699%, 1/22/31 (k) |  | 600000 |  | 552317 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.239%, 7/21/32 (k) |  | 1599000 |  | 1382516 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%), 6.342%, 10/18/33 (k) |  | 500000 |  | 542383 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.250%, 4/21/34 (k) |  | 250000 |  | 254052 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.831%, 4/19/35 (k) |  | 1291000 |  | 1352307 |
|  Nasdaq, Inc.<br>5.550%, 2/15/34 |  | 383000 |  | 398487 |
|  Nomura Holdings, Inc.<br>5.783%, 7/3/34 |  | 365000 |  | 375747 |
|  S&P Global, Inc.<br>2.900%, 3/1/32 |  | 450000 |  | 408327 |
|  State Street Corp.<br>(SOFR + 1.05%), 4.675%, 10/22/32 (k)(x) |  | 377000 |  | 376454 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 4.164%, 8/4/33 (k) |  | 200000 |  | 191684 |
|  |  |  |  | 12366167 |
|  ***Consumer Finance (1.8%)*** | ***Consumer Finance (1.8%)*** | ***Consumer Finance (1.8%)*** | ***Consumer Finance (1.8%)*** | ***Consumer Finance (1.8%)*** |
|  AerCap Ireland Capital DAC<br>3.300%, 1/30/32 |  | 500000 |  | 452529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/10/34 |  | 380000 |  | 370829 |
|  Ally Financial, Inc.<br>8.000%, 11/1/31 |  | 195000 |  | 221399 |
|  American Express Co.<br>(SOFR + 2.26%), 4.989%, 5/26/33 (k) |  | 416000 |  | 415921 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.284%, 7/26/35 (k) |  | 209000 |  | 211390 |
|  American Honda Finance Corp.<br>5.050%, 7/10/31 |  | 257000 |  | 260163 |
|  Capital One Financial Corp.<br>(SOFR + 3.07%), 7.624%, 10/30/31 (k) |  | 248000 |  | 280002 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.37%), 5.268%, 5/10/33 (k)(x) |  | 488000 |  | 492306 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.86%), 6.377%, 6/8/34 (k) |  | 200000 |  | 212287 |
|  Ford Motor Credit Co. LLC<br>4.000%, 11/13/30 |  | 312000 |  | 284216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 3/5/31 |  | 750000 |  | 747435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122%, 11/7/33 |  | 256000 |  | 265078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 |  | 401000 |  | 389531 |
|  General Motors Financial Co., Inc.<br>3.600%, 6/21/30 |  | 400000 |  | 373234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/8/31 |  | 400000 |  | 410074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/4/34 |  | 339000 |  | 343277 |
|  John Deere Capital Corp.<br>1.450%, 1/15/31 (x) |  | 360000 |  | 310358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/11/34 |  | 400000 |  | 408082 |
|  Toyota Motor Credit Corp.<br>5.550%, 11/20/30 |  | 342000 |  | 359274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 1/9/35 |  | 437000 |  | 448004 |
|  |  |  |  | 7255389 |
|  ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** |
|  Fiserv, Inc.<br>5.450%, 3/15/34 |  | 429000 |  | 437898 |
|  Mastercard, Inc.<br>2.000%, 11/18/31 |  | 443000 |  | 384728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/9/33 |  | 194000 |  | 197370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/35 |  | 304000 |  | 298734 |
|  PayPal Holdings, Inc.<br>4.400%, 6/1/32 |  | 296000 |  | 291740 |
|  Visa, Inc.<br>1.100%, 2/15/31 |  | 363000 |  | 307763 |
|  |  |  |  | 1918233 |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** |
|  Aon Corp.<br>5.350%, 2/28/33 |  | 358000 |  | 368710 |
|  Athene Holding Ltd.<br>5.875%, 1/15/34 |  | 249000 |  | 257770 |
|  Chubb INA Holdings LLC<br>1.375%, 9/15/30 |  | 335000 |  | 291413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/34 (x) |  | 287000 |  | 290859 |
|  MetLife, Inc.<br>5.300%, 12/15/34 |  | 363000 |  | 372204 |
|  Progressive Corp. (The)<br>3.200%, 3/26/30 |  | 196000 |  | 186775 |
|  Prudential Financial, Inc.<br>5.750%, 7/15/33 |  | 208000 |  | 221846 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52 (k) |  | 301000 |  | 304212 |
|  |  |  |  | 2293789 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 52122329 |
|  **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** |  |  |
|  ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** |
|  AbbVie, Inc. 4.550%, 3/15/35 |  | 1004000 |  | 973728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/35 |  | 430000 |  | 437710 |
|  Amgen, Inc. 2.000%, 1/15/32 |  | 362000 |  | 308366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 |  | 600000 |  | 613554 |
|  Gilead Sciences, Inc. 5.250%, 10/15/33 |  | 125000 |  | 129100 |
|  |  |  |  | 2462458 |
|  ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** |
|  Baxter International, Inc.<br>2.539%, 2/1/32 (x) |  | 280000 |  | 243694 |
|  Becton Dickinson & Co.<br>1.957%, 2/11/31 |  | 50000 |  | 43388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 2/8/34 |  | 354000 |  | 354128 |
|  GE HealthCare Technologies, Inc.<br>5.905%, 11/22/32 |  | 275000 |  | 292270 |
|  |  |  |  | 933480 |
|  ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** |
|  Centene Corp.<br>2.500%, 3/1/31 |  | 286000 |  | 245826 |

---

See Notes to Financial Statements.

905

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cigna Group (The)<br>5.400%, 3/15/33 (x) | $| 250000 | $| 257817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/34 |  | 360000 |  | 365257 |
|  CVS Health Corp.<br>1.875%, 2/28/31 |  | 453000 |  | 387156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/21/33 (x) |  | 293000 |  | 294350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/1/34 |  | 273000 |  | 280352 |
|  Elevance Health, Inc.<br>2.550%, 3/15/31 |  | 200000 |  | 179493 |
|  HCA, Inc.<br>3.500%, 9/1/30 |  | 530000 |  | 500122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32 |  | 300000 |  | 275921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 4/1/34 |  | 436000 |  | 445323 |
|  Humana, Inc.<br>5.375%, 4/15/31 |  | 367000 |  | 373717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/1/33 |  | 200000 |  | 205958 |
|  Laboratory Corp. of America Holdings<br>4.800%, 10/1/34 |  | 675000 |  | 659482 |
|  Quest Diagnostics, Inc.<br>6.400%, 11/30/33 |  | 269000 |  | 294485 |
|  UnitedHealth Group, Inc.<br>4.900%, 4/15/31 (x) |  | 221000 |  | 224124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 |  | 375000 |  | 330654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 5/15/32 |  | 400000 |  | 386436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 2/15/33 |  | 250000 |  | 256984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/33 |  | 125000 |  | 121377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/34 |  | 346000 |  | 345147 |
|  |  |  |  | 6429981 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Agilent Technologies, Inc.<br>2.300%, 3/12/31 |  | 155000 |  | 136893 |
|  Thermo Fisher Scientific, Inc.<br>5.086%, 8/10/33 |  | 350000 |  | 357546 |
|  |  |  |  | 494439 |
|  ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** |
|  Astrazeneca Finance LLC<br>4.875%, 3/3/33 |  | 435000 |  | 442335 |
|  AstraZeneca plc<br>1.375%, 8/6/30 |  | 375000 |  | 325234 |
|  Bristol-Myers Squibb Co.<br>5.750%, 2/1/31 |  | 341000 |  | 363113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/32 |  | 1013000 |  | 917232 |
|  Eli Lilly & Co.<br>5.100%, 2/12/35 |  | 1385000 |  | 1411547 |
|  Johnson & Johnson<br>1.300%, 9/1/30 |  | 150000 |  | 130479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/1/32 |  | 787000 |  | 808425 |
|  Merck & Co., Inc.<br>2.150%, 12/10/31 |  | 520000 |  | 452792 |
|  Pfizer Investment Enterprises Pte. Ltd.<br>4.750%, 5/19/33 |  | 550000 |  | 548399 |
|  Pfizer, Inc.<br>1.750%, 8/18/31 |  | 378000 |  | 326121 |
|  Takeda Pharmaceutical Co. Ltd.<br>5.300%, 7/5/34 |  | 365000 |  | 370744 |
|  |  |  |  | 6096421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 16416779 |
|  **Industrials (2.3%)** | **Industrials (2.3%)** | **Industrials (2.3%)** |  |  |
|  ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** |
|  Boeing Co. (The)<br>3.250%, 2/1/35 |  | 1501000 |  | 1258323 |
|  General Electric Co.<br>6.750%, 3/15/32 (x) |  | 160000 |  | 180586 |
|  L3Harris Technologies, Inc.<br>5.400%, 7/31/33 |  | 329000 |  | 337955 |
|  Lockheed Martin Corp.<br>4.700%, 12/15/31 |  | 173000 |  | 175145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/15/33 |  | 281000 |  | 290746 |
|  Northrop Grumman Corp.<br>4.700%, 3/15/33 |  | 300000 |  | 298945 |
|  RTX Corp.<br>2.250%, 7/1/30 |  | 350000 |  | 315791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/1/31 |  | 100000 |  | 85536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/27/33 |  | 150000 |  | 153201 |
|  |  |  |  | 3096228 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  FedEx Corp.<br>2.400%, 5/15/31 |  | 250000 |  | 221115 |
|  United Parcel Service, Inc.<br>4.450%, 4/1/30 |  | 200000 |  | 202176 |
|  |  |  |  | 423291 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  Carrier Global Corp.<br>2.700%, 2/15/31 |  | 417000 |  | 378863 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Republic Services, Inc.<br>2.300%, 3/1/30 |  | 225000 |  | 205925 |
|  Waste Management, Inc.<br>4.150%, 4/15/32 |  | 525000 |  | 513002 |
|  |  |  |  | 718927 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Canadian Pacific Railway Co.<br>2.450%, 12/2/31 |  | 225000 |  | 197200 |
|  CSX Corp.<br>4.100%, 11/15/32 |  | 225000 |  | 217558 |
|  Norfolk Southern Corp.<br>3.000%, 3/15/32 |  | 280000 |  | 252670 |
|  Uber Technologies, Inc.<br>4.800%, 9/15/34 |  | 296000 |  | 290416 |
|  Union Pacific Corp.<br>2.375%, 5/20/31 |  | 220000 |  | 197304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 |  | 400000 |  | 360706 |
|  |  |  |  | 1515854 |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** |
|  3M Co.<br>5.150%, 3/15/35 |  | 500000 |  | 501865 |
|  Honeywell International, Inc.<br>1.750%, 9/1/31 |  | 447000 |  | 381171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/33 |  | 225000 |  | 227453 |
|  |  |  |  | 1110489 |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** |
|  Cummins, Inc.<br>5.150%, 2/20/34 |  | 257000 |  | 260716 |
|  Deere & Co.<br>5.450%, 1/16/35 |  | 449000 |  | 467813 |

---

See Notes to Financial Statements.

906

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ingersoll Rand, Inc.<br>5.700%, 8/14/33 | $| 320000 | $| 334462 |
|  |  |  |  | 1062991 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Air Lease Corp.<br>2.875%, 1/15/32 |  | 284000 |  | 252533 |
|  GATX Corp.<br>4.000%, 6/30/30 |  | 417000 |  | 405480 |
|  |  |  |  | 658013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 8964656 |
|  **Information Technology (2.7%)** | **Information Technology (2.7%)** | **Information Technology (2.7%)** |  |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Cisco Systems, Inc.<br>5.100%, 2/24/35 |  | 1009000 |  | 1030694 |
|  Motorola Solutions, Inc.<br>5.400%, 4/15/34 |  | 336000 |  | 341643 |
|  |  |  |  | 1372337 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  IBM International Capital Pte. Ltd.<br>4.900%, 2/5/34 |  | 595000 |  | 592727 |
|  International Business Machines Corp.<br>5.000%, 2/10/32 |  | 289000 |  | 293919 |
|  |  |  |  | 886646 |
|  ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** |
|  Broadcom, Inc.<br>4.150%, 11/15/30 |  | 200000 |  | 196384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31§ |  | 500000 |  | 446890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 |  | 150000 |  | 145346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33§ |  | 400000 |  | 361907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 4/15/34§ |  | 582000 |  | 519066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 |  | 389000 |  | 383547 |
|  Intel Corp.<br>4.150%, 8/5/32 |  | 200000 |  | 189324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33 (x) |  | 500000 |  | 503519 |
|  Micron Technology, Inc.<br>5.875%, 2/9/33 |  | 329000 |  | 342350 |
|  NVIDIA Corp.<br>2.000%, 6/15/31 |  | 430000 |  | 381223 |
|  QUALCOMM, Inc.<br>1.650%, 5/20/32 |  | 360000 |  | 298980 |
|  Texas Instruments, Inc.<br>4.900%, 3/14/33 |  | 198000 |  | 202411 |
|  |  |  |  | 3970947 |
|  ***Software (0.7%)*** | ***Software (0.7%)*** | ***Software (0.7%)*** | ***Software (0.7%)*** | ***Software (0.7%)*** |
|  Intuit, Inc.<br>5.200%, 9/15/33 |  | 329000 |  | 340382 |
|  Oracle Corp.<br>2.875%, 3/25/31 |  | 300000 |  | 272596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/9/32 |  | 675000 |  | 729372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/27/34 |  | 643000 |  | 623229 |
|  Roper Technologies, Inc.<br>1.750%, 2/15/31 |  | 200000 |  | 171392 |
|  Salesforce, Inc.<br>1.950%, 7/15/31 |  | 313000 |  | 274210 |
|  Workday, Inc.<br>3.800%, 4/1/32 |  | 422000 |  | 395493 |
|  |  |  |  | 2806674 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Apple, Inc.<br>1.250%, 8/20/30 |  | 50000 |  | 43346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/8/31 |  | 250000 |  | 218096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/12/35 |  | 519000 |  | 522021 |
|  Dell International LLC<br>5.400%, 4/15/34 |  | 328000 |  | 333962 |
|  Hewlett Packard Enterprise Co.<br>4.850%, 10/15/31 |  | 368000 |  | 365470 |
|  |  |  |  | 1482895 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 10519499 |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |  |  |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Air Products and Chemicals, Inc.<br>4.800%, 3/3/33 |  | 657000 |  | 661723 |
|  Dow Chemical Co. (The)<br>2.100%, 11/15/30 (x) |  | 200000 |  | 175891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/34 |  | 239000 |  | 219275 |
|  |  |  |  | 1056889 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  ArcelorMittal SA<br>6.800%, 11/29/32 (x) |  | 317000 |  | 347921 |
|  BHP Billiton Finance USA Ltd.<br>5.250%, 9/8/33 |  | 329000 |  | 336403 |
|  Freeport-McMoRan, Inc.<br>4.625%, 8/1/30 |  | 270000 |  | 267850 |
|  Newmont Corp.<br>2.250%, 10/1/30 |  | 289000 |  | 260373 |
|  |  |  |  | 1212547 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 2269436 |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |  |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Equinix Europe 2 Financing Corp. LLC (REIT)<br>5.500%, 6/15/34 |  | 356000 |  | 363865 |
|  Simon Property Group LP (REIT)<br>2.200%, 2/1/31 |  | 412000 |  | 364688 |
|  VICI Properties LP (REIT)<br>5.125%, 5/15/32 |  | 279000 |  | 277286 |
|  |  |  |  | 1005839 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT)<br>3.375%, 8/15/31 |  | 200000 |  | 184707 |
|  Welltower OP LLC (REIT)<br>2.800%, 6/1/31 |  | 400000 |  | 363026 |
|  |  |  |  | 547733 |
|  ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** |
|  Host Hotels & Resorts LP (REIT)<br>5.700%, 7/1/34 |  | 600000 |  | 602742 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Prologis LP (REIT)<br>2.250%, 4/15/30 |  | 400000 |  | 363345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/34 |  | 358000 |  | 362131 |
|  |  |  |  | 725476 |

---

See Notes to Financial Statements.

907

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  Boston Properties LP (REIT)<br>3.250%, 1/30/31 | $461000 | $422079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34 | 267000 | 285620 |
|  |  | 707699 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  AvalonBay Communities, Inc. (REIT)<br>2.050%, 1/15/32 | 110000 | 94685 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Realty Income Corp. (REIT)<br>3.250%, 1/15/31 | 250000 | 233868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 | 200000 | 209153 |
|  |  | 443021 |
|  ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** | ***Specialized REITs (0.6%)*** |
|  American Tower Corp. (REIT)<br>4.050%, 3/15/32 | 379000 | 361923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/31/35 | 267000 | 272800 |
|  Crown Castle, Inc. (REIT)<br>2.250%, 1/15/31 | 250000 | 217180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 4/1/31 | 260000 | 222689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/1/34 | 198000 | 205001 |
|  Equinix, Inc. (REIT)<br>2.500%, 5/15/31 | 344000 | 303908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 150000 | 141899 |
|  Extra Space Storage LP (REIT)<br>2.350%, 3/15/32 | 368000 | 311702 |
|  Public Storage Operating Co. (REIT)<br>5.100%, 8/1/33 | 230000 | 236216 |
|  Weyerhaeuser Co. (REIT)<br>7.375%, 3/15/32 | 206000 | 232552 |
|  |  | 2505870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 6633065 |
|  **Utilities (3.1%)** | **Utilities (3.1%)** |  |
|  ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** |
|  American Electric Power Co., Inc.<br>5.625%, 3/1/33 | 300000 | 311232 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.950%, 12/15/54 (k) | 160000 | 166400 |
|  Appalachian Power Co. | Appalachian Power Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>2.700%, 4/1/31 | 200000 | 179647 |
|  CenterPoint Energy Houston Electric LLC<br>5.150%, 3/1/34 | 260000 | 262727 |
|  DTE Electric Co.<br>5.200%, 3/1/34 | 271000 | 276285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/35 | 441000 | 448596 |
|  Duke Energy Corp.<br>2.550%, 6/15/31 | 400000 | 355731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/32 | 980000 | 954186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/34 | 242000 | 247662 |
|  Entergy Corp.<br>2.800%, 6/15/30 | 540000 | 497085 |
|  Eversource Energy | Eversource Energy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br>1.650%, 8/15/30 | 400000 | 346819 |
|  Exelon Corp.<br>3.350%, 3/15/32 | 250000 | 229494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/15/33 | 292000 | 298776 |
|  Georgia Power Co.<br>4.700%, 5/15/32 | 400000 | 399421 |
|  NextEra Energy Capital Holdings, Inc.<br>5.050%, 2/28/33 | 200000 | 201443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/34 | 720000 | 726388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 798000 | 811061 |
|  Pacific Gas and Electric Co.<br>4.550%, 7/1/30 | 575000 | 560159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/31 | 200000 | 173461 |
|  PPL Electric Utilities Corp.<br>4.850%, 2/15/34 | 395000 | 394593 |
|  Public Service Electric & Gas Co.<br>1.900%, 8/15/31 | 150000 | 129533 |
|  Southern California Edison Co.<br>2.250%, 6/1/30 | 200000 | 175786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/1/32 | 150000 | 153362 |
|  Southern Co. (The) | Southern Co. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 6.375%, 3/15/55 (k) | 498000 | 511947 |
|  Xcel Energy, Inc.<br>5.600%, 4/15/35 | 463000 | 471028 |
|  |  | 9282822 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  CenterPoint Energy Resources Corp.<br>5.400%, 3/1/33 | 9000 | 9235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 7/1/34 | 277000 | 281377 |
|  |  | 290612 |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** |
|  Ameren Corp.<br>3.500%, 1/15/31 | 250000 | 235958 |
|  Berkshire Hathaway Energy Co.<br>3.700%, 7/15/30 | 150000 | 145483 |
|  Consolidated Edison Co. of New York, Inc.<br>2.400%, 6/15/31 (x) | 390000 | 348721 |
|  Dominion Energy, Inc.<br>5.375%, 11/15/32 | 315000 | 322496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 373000 | 375665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F 5.250%, 8/1/33 | 274000 | 275871 |
|  NiSource, Inc.<br>3.600%, 5/1/30 | 260000 | 248922 |
|  Public Service Enterprise Group, Inc.<br>2.450%, 11/15/31 | 100000 | 87737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 4/1/34 | 358000 | 365208 |
|  Sempra<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.400%, 10/1/54 (k) 90,000 |  | 85275 |
|  |  | 2491336 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 12064770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 147669124 |
|  **Total Long-Term Debt Securities (37.8%)**<br> *(Cost $145,990,164)* | **Total Long-Term Debt Securities (37.8%)**<br> *(Cost $145,990,164)* | 147669124 |

---

See Notes to Financial Statements.

908

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $121)* | 119 | $190 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (23.6%)** | **Investment Companies (23.6%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1780010 | 1780010 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 89316639 | 89334503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 92114513 |
|  **Total Short-Term Investments (23.6%)**<br> *(Cost $92,126,607)* | **Total Short-Term Investments (23.6%)**<br> *(Cost $92,126,607)* | 92114513 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $327,323,165)* | **Total Investments in Securities (99.1%)**<br> *(Cost $327,323,165)* | 387261080 |
|  **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | 3430689 |
|  **Net Assets (100%)** |  | $390691769 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $1,327,863 or 0.3% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $2,786,155. This was collateralized by $57,072 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 10/15/25 – 5/15/54 and by cash of $2,780,010 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 480 | 9/2025 | USD | 64360800 | 608835 |
|  Russell 2000 E-Mini Index | 83 | 9/2025 | USD | 9095555 | 303616 |
|  S&P 500 E-Mini Index | 25 | 9/2025 | USD | 7817188 | 276757 |
|  S&P Midcap 400 E-Mini Index | 31 | 9/2025 | USD | 9689050 | 292415 |
|  |  |  |  |  | 1481623 |

---

See Notes to Financial Statements.

909

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $14458515 | $— | $— | $14458515 |
|  Consumer Discretionary | 15322453 |  |  | 15322453 |
|  Consumer Staples | 8104294 |  |  | 8104294 |
|  Energy | 4394743 |  |  | 4394743 |
|  Financials | 20686187 |  |  | 20686187 |
|  Health Care | 13748515 |  |  | 13748515 |
|  Industrials | 12669884 |  |  | 12669884 |
|  Information Technology | 48804387 |  |  | 48804387 |
|  Materials | 2789385 |  |  | 2789385 |
|  Real Estate | 2992933 |  |  | 2992933 |
|  Utilities | 3505957 |  |  | 3505957 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 10361718 |  | 10361718 |
|  Consumer Discretionary |  | 5736279 |  | 5736279 |
|  Consumer Staples |  | 10330243 |  | 10330243 |
|  Energy |  | 12250350 |  | 12250350 |
|  Financials |  | 52122329 |  | 52122329 |
|  Health Care |  | 16416779 |  | 16416779 |
|  Industrials |  | 8964656 |  | 8964656 |
|  Information Technology |  | 10519499 |  | 10519499 |
|  Materials |  | 2269436 |  | 2269436 |
|  Real Estate |  | 6633065 |  | 6633065 |
|  Utilities |  | 12064770 |  | 12064770 |
|  **Futures** | 1481623 |  |  | 1481623 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 190 |  | 190 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 92114513 |  |  | 92114513 |
|  **Total Assets** | $**241073389** | $**147669314** | $**—** | $**388742703** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**241073389** | $**147669314** | $**—** | $**388742703** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1481623 \* |
|  **Total** |  | $1481623 |

---

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

See Notes to Financial Statements.

910

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1699629) | $(1699629) |
|  **Total** | $(1699629) | $(1699629) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $4488386 | $4488386 |
|  **Total** | $4488386 | $4488386 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $82800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 25897000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $43223431.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $43989235.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $69963813 |
|  Aggregate gross unrealized depreciation | (5572934) |
|  Net unrealized appreciation | $64390879 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $324351824 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $15 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

911

------

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $327,323,165) | $387261080.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 639623.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 4241127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2368250.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 80655.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 9996.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4721.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 394606325.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2780010.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 697746.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 221380.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 78701.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 38080.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 9996.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 88643.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3914556.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $390691769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $337251843.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 53439926.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $390691769.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $390,691,769 / 31,501,173 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.4 |

---

*(x)* *Includes value of securities on loan of $2,786,155.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $3809590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $269 foreign withholding tax) | 2736393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 11375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6557358 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1479917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 462473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 230896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 15485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2265241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (186395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2078846 |
|  **NET INVESTMENT INCOME (LOSS)** | 4478512 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (463704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1699629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2163333) |
|  Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 12040482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4488386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16528868 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 14365535 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18844047 |

---

See Notes to Financial Statements.

912

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4478512 | $8574607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2163333) | 6942885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16528868 | 16773956 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 18844047 | 32291448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (8634247) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,360,242 and 4,713,389 shares, respectively ] | 16172277 | 55042782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 715,079 shares, respectively ] |  | 8634247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1015355) and (1963905) shares, respectively ] | (12095586) | (22963157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4076691 | 40713872 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 4076691 | 40713872 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 22920738 | 64371073 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 367771031 | 303399958 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $390691769 | $367771031 |

---

See Notes to Financial Statements.

913

------

#### EQ ADVISORS TRUST
EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.80 | $10.96 | $9.70 | $11.61 | $11.43 | $10.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.29 | 0.26 | 0.13 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.46 | 0.84 | 1.25 | (1.96) | 1.11 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.60 | 1.13 | 1.51 | (1.83) | 1.14 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.25) | (0.06) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.02) | (0.93) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.29) | (0.25) | (0.08) | (0.96) | (0.55) |
|  Net asset value, end of period | $12.40 | $11.80 | $10.96 | $9.70 | $11.61 | $11.43 |
|  Total return (b) | 5.08% | 10.21% | 15.57% | (15.73)% | 10.13% | 9.14% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $390692 | $367771 | $303400 | $227656 | $100635 | $61623 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.12 %(j) | 1.12 %(j) | 1.12 %(j) | 1.16 %(k) | 1.17 %(o) | 1.17 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.22% | 1.23% | 1.23% | 1.27% | 1.29% | 1.38% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.42% | 2.52% | 2.54% | 1.25% | 0.25% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.32% | 2.41% | 2.43% | 1.14% | 0.14% | 0.46% |
|  Portfolio turnover rate^ | 15 %(z) | 21% | 12% | 123% | 42% | 57% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

914

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EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.8%)** | **Communication Services (2.8%)** | **Communication Services (2.8%)** |
|  ***Entertainment (2.6%)*** | ***Entertainment (2.6%)*** | ***Entertainment (2.6%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 45058 | $4278708 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 319806 | 33419727 |
|  |  | 37698435 |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** |
|  Ziff Davis, Inc.\* | 103786 | 3141602 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 40840037 |
|  **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** |
|  ***Hotels, Restaurants & Leisure (3.9%)*** | ***Hotels, Restaurants & Leisure (3.9%)*** | ***Hotels, Restaurants & Leisure (3.9%)*** |
|  Aramark | 637243 | 26681364 |
|  DoorDash, Inc., Class A\* | 82482 | 20332638 |
|  Entain plc | 749968 | 9275287 |
|  |  | 56289289 |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** |
|  Burlington Stores, Inc.\* | 36157 | 8411564 |
|  CarMax, Inc.\* | 238435 | 16025216 |
|  Wayfair, Inc., Class A\* | 138825 | 7099511 |
|  |  | 31536291 |
|  ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** |
|  Gildan Activewear, Inc. | 359214 | 17687697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 105513277 |
|  **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** |
|  ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** | ***Consumer Staples Distribution & Retail (0.6%)*** |
|  Dollar Tree, Inc.\* | 88406 | 8755730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 8755730 |
|  **Energy (0.4%)** | **Energy (0.4%)** | **Energy (0.4%)** |
|  ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** |
|  ONEOK, Inc. | 74839 | 6109107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 6109107 |
|  **Financials (12.8%)** | **Financials (12.8%)** | **Financials (12.8%)** |
|  ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** |
|  Cboe Global Markets, Inc. | 41140 | 9594259 |
|  Charles Schwab Corp. (The) | 142616 | 13012284 |
|  LPL Financial Holdings, Inc. | 93665 | 35121565 |
|  |  | 57728108 |
|  ***Financial Services (2.5%)*** | ***Financial Services (2.5%)*** | ***Financial Services (2.5%)*** |
|  Chime Financial, Inc., Class A\* | 26243 | 905646 |
|  Global Payments, Inc. | 94277 | 7545931 |
|  WEX, Inc.\* | 184050 | 27035105 |
|  |  | 35486682 |
|  ***Insurance (6.3%)*** | ***Insurance (6.3%)*** | ***Insurance (6.3%)*** |
|  Intact Financial Corp. | 224046 | 52097790 |
|  W.R. Berkley Corp. | 369041 | 27113442 |
|  Willis Towers Watson plc | 39989 | 12256629 |
|  |  | 91467861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 184682651 |
|  **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** |
|  ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** |
|  Argenx SE (ADR)\* | 20414 | 11252605 |
|  Ascendis Pharma A/S (ADR)\* | 64200 | 11080920 |
|  Revolution Medicines, Inc.\* | 151975 | 5591160 |
|  Vaxcyte, Inc.\* | 195287 | 6348781 |
|  |  | 34273466 |
|  ***Health Care Equipment & Supplies (7.1%)*** | ***Health Care Equipment & Supplies (7.1%)*** | ***Health Care Equipment & Supplies (7.1%)*** |
|  Boston Scientific Corp.\* | 348633 | 37446670 |
|  Cooper Cos., Inc. (The)\* | 103842 | 7389397 |
|  Globus Medical, Inc., Class A\* | 108401 | 6397827 |
|  ICU Medical, Inc.\* | 89568 | 11836411 |
|  Lantheus Holdings, Inc.\* | 71560 | 5857902 |
|  STERIS plc | 47187 | 11335261 |
|  Teleflex, Inc. | 185372 | 21940630 |
|  |  | 102204098 |
|  ***Life Sciences Tools & Services (4.3%)*** | ***Life Sciences Tools & Services (4.3%)*** | ***Life Sciences Tools & Services (4.3%)*** |
|  Avantor, Inc.\* | 493586 | 6643667 |
|  Illumina, Inc.\* | 75558 | 7208989 |
|  Revvity, Inc. | 340137 | 32898051 |
|  Waters Corp.\* | 43270 | 15102961 |
|  |  | 61853668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 198331232 |
|  **Industrials (25.7%)** | **Industrials (25.7%)** | **Industrials (25.7%)** |
|  ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** |
|  StandardAero, Inc.\* | 224799 | 7114888 |
|  ***Commercial Services & Supplies (4.9%)*** | ***Commercial Services & Supplies (4.9%)*** | ***Commercial Services & Supplies (4.9%)*** |
|  Cimpress plc\* | 132608 | 6232576 |
|  Clean Harbors, Inc.\* | 79170 | 18302521 |
|  RB Global, Inc. | 186273 | 19780330 |
|  Rentokil Initial plc | 1085688 | 5247239 |
|  Rentokil Initial plc (ADR)(x) | 410663 | 9855912 |
|  Veralto Corp. | 110476 | 11152552 |
|  |  | 70571130 |
|  ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** |
|  API Group Corp.\* | 424823 | 21687214 |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** |
|  Sensata Technologies Holding plc | 645735 | 19443081 |
|  ***Ground Transportation (2.4%)*** | ***Ground Transportation (2.4%)*** | ***Ground Transportation (2.4%)*** |
|  JB Hunt Transport Services, Inc. | 165548 | 23772693 |
|  TFI International, Inc. | 118513 | 10627061 |
|  |  | 34399754 |
|  ***Machinery (2.7%)*** | ***Machinery (2.7%)*** | ***Machinery (2.7%)*** |
|  Fortive Corp. | 307194 | 16014023 |
|  Ingersoll Rand, Inc. | 275773 | 22938798 |
|  |  | 38952821 |
|  ***Passenger Airlines (1.5%)*** | ***Passenger Airlines (1.5%)*** | ***Passenger Airlines (1.5%)*** |
|  Ryanair Holdings plc (ADR) | 366032 | 21109066 |
|  ***Professional Services (8.2%)*** | ***Professional Services (8.2%)*** | ***Professional Services (8.2%)*** |
|  Broadridge Financial Solutions, Inc. | 123797 | 30086385 |
|  Dayforce, Inc.\* | 371191 | 20560269 |
|  SS&C Technologies Holdings, Inc. | 606576 | 50224493 |
|  TransUnion | 132419 | 11652872 |
|  UL Solutions, Inc., Class A | 90221 | 6573502 |
|  |  | 119097521 |

---

See Notes to Financial Statements.

915

------

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Trading Companies & Distributors (2.7%)*** | ***Trading Companies & Distributors (2.7%)*** | ***Trading Companies & Distributors (2.7%)*** |
|  Ferguson Enterprises, Inc. | 177253 | $38596841 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 370972316 |
|  **Information Technology (26.0%)** | **Information Technology (26.0%)** | **Information Technology (26.0%)** |
|  ***Electronic Equipment, Instruments & Components (7.6%)*** | ***Electronic Equipment, Instruments & Components (7.6%)*** | ***Electronic Equipment, Instruments & Components (7.6%)*** |
|  CDW Corp. | 84471 | 15085676 |
|  Flex Ltd.\* | 1004886 | 50163909 |
|  Ralliant Corp.\* | 58335 | 2828664 |
|  TE Connectivity plc | 51069 | 8613808 |
|  Teledyne Technologies, Inc.\* | 63789 | 32679743 |
|  |  | 109371800 |
|  ***IT Services (3.8%)*** | ***IT Services (3.8%)*** | ***IT Services (3.8%)*** |
|  Amdocs Ltd. | 271193 | 24743649 |
|  GoDaddy, Inc., Class A\* | 169248 | 30474795 |
|  |  | 55218444 |
|  ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** |
|  KLA Corp. | 15743 | 14101635 |
|  NXP Semiconductors NV | 125606 | 27443655 |
|  ON Semiconductor Corp.\* | 478701 | 25088719 |
|  |  | 66634009 |
|  ***Software (10.0%)*** | ***Software (10.0%)*** | ***Software (10.0%)*** |
|  AppLovin Corp., Class A\* | 108489 | 37979829 |
|  Constellation Software, Inc. | 19611 | 71908680 |
|  Dynatrace, Inc.\* | 105717 | 5836635 |
|  PTC, Inc.\* | 117891 | 20317335 |
|  Topicus.com, Inc.\* | 66104 | 8281993 |
|  |  | 144324472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 375548725 |
|  **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** |
|  ***Chemicals (1.6%)*** | ***Chemicals (1.6%)*** | ***Chemicals (1.6%)*** |
|  Corteva, Inc. | 310890 | 23170632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 23170632 |
|  **Real Estate (3.0%)** | **Real Estate (3.0%)** | **Real Estate (3.0%)** |
|  ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** |
|  Lineage, Inc. (REIT)(x) | 150973 | 6570345 |
|  ***Real Estate Management & Development (1.4%)*** | ***Real Estate Management & Development (1.4%)*** | ***Real Estate Management & Development (1.4%)*** |
|  CoStar Group, Inc.\* | 187244 | 15054417 |
|  FirstService Corp. | 27356 | 4776905 |
|  |  | 19831322 |
|  ***Specialized REITs (1.1%)*** | ***Specialized REITs (1.1%)*** | ***Specialized REITs (1.1%)*** |
|  Lamar Advertising Co. (REIT), Class A(x) | 136532 | 16569524 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 42971191 |
|  **Utilities (4.6%)** | **Utilities (4.6%)** | **Utilities (4.6%)** |
|  ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** |
|  Alliant Energy Corp. | 461577 | 27911561 |
|  ***Multi-Utilities (2.7%)*** | ***Multi-Utilities (2.7%)*** | ***Multi-Utilities (2.7%)*** |
|  Ameren Corp. | 217939 | 20930862 |
|  DTE Energy Co. | 130781 | 17323251 |
|  |  | 38254113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 66165674 |
|  **Total Common Stocks (98.5%)** *(Cost $959,015,026)* |  | 1423060572 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.2%**) | **Investment Companies (0.2%**) |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 3374144 | 3374144 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $3,374,144)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $3,374,144)* | 3374144 |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $962,389,170)* | **Total Investments in Securities (98.7%)**<br> *(Cost $962,389,170)* | 1426434716 |
|  **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | 18155840 |
|  **Net Assets (100%)** |  | $1444590556 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $3,281,835. This was collateralized by cash of $3,374,144 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

916

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EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $40840037 | $— | $— | $40840037 |
|  Consumer Discretionary | 96237990 | 9275287 |  | 105513277 |
|  Consumer Staples | 8755730 |  |  | 8755730 |
|  Energy | 6109107 |  |  | 6109107 |
|  Financials | 184682651 |  |  | 184682651 |
|  Health Care | 198331232 |  |  | 198331232 |
|  Industrials | 365725077 | 5247239 |  | 370972316 |
|  Information Technology | 375548725 |  |  | 375548725 |
|  Materials | 23170632 |  |  | 23170632 |
|  Real Estate | 42971191 |  |  | 42971191 |
|  Utilities | 66165674 |  |  | 66165674 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 3374144 |  |  | 3374144 |
|  **Total Assets** | $**1411912190** | $**14522526** | $**—** | $**1426434716** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1411912190** | $**14522526** | $**—** | $**1426434716** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $113658539.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $167751021.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $584107551 |
|  Aggregate gross unrealized depreciation | (120419134) |
|  Net unrealized appreciation | $463688417 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $962746299 |

---

See Notes to Financial Statements.

917

------

EQ/JANUS ENTERPRISE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $962,389,170) | $1426434716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 20224837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $292) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2121655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 903340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 284687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1449987287 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3374144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 789439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 660398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 257198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 115332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 104429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 95791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5396731 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1444590556 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $901041455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 543549101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1444590556 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,273,863,354 / 58,269,382 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.86 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $170,727,202 / 7,303,940 shares outstanding (unlimited amount authorized: $0.01 par value) | $23.37 |

---

*(x)* *Includes value of securities on loan of $3,281,835.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $164,985 foreign withholding tax) | $6125500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 372286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 11087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6508873 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4724947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1540328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 633334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 54101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 53107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 45724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 23531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7089038 |
|  **NET INVESTMENT INCOME (LOSS)** | (580165) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 66050029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66051122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (15370864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15370798) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 50680324 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $50100159 |

---

See Notes to Financial Statements.

918

------

#### EQ ADVISORS TRUST
EQ/JANUS ENTERPRISE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(580165) | $(843835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66051122 | 118272283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15370798) | 74808212 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 50100159 | 192236660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (99391886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (12392520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (111784406) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 66,128 shares, respectively ] |  | 1400239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5544844) shares, respectively ] |  | (118878262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (439761) shares, respectively ] |  | (9382317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (126860340) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,053,398 and 2,187,904 shares, respectively ] | 21977169 | 47257598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,673,026 shares, respectively ] |  | 118878262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 4,527,051 shares, respectively ] |  | 99391886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3553443) and (6986464) shares, respectively ] | (74184722) | (151921046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (52207553) | 113606700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 745,660 and 115,443 shares, respectively ] | 15200701 | 2635366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 528,804 shares, respectively ] |  | 12392520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (961811) and (1268298) shares, respectively ] | (21518539) | (29094201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (6317838) | (14066315) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (58525391) | (27319955) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (8425232) | 53132299 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1453015788 | 1399883489 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1444590556 | $1453015788 |

---

See Notes to Financial Statements.

919

------

#### EQ ADVISORS TRUST
EQ/JANUS ENTERPRISE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $21.12 | $19.98 | $18.34 | $23.58 | $22.55 | $21.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.01) | (0.02) | (0.01) | (0.03) | (0.09) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.75 | 2.90 | 3.07 | (3.86) | 3.79 | 3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | 2.88 | 3.06 | (3.89) | 3.70 | 3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.01) |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.74) | (1.41) | (1.35) | (2.65) | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.74) | (1.42) | (1.35) | (2.67) | (2.40) |
|  Net asset value, end of period | $21.86 | $21.12 | $19.98 | $18.34 | $23.58 | $22.55 |
|  Total return (b) | 3.50% | 14.16 | 17.01% | (16.57)% | 16.83% | 18.81% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192164 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.04% | 1.05 | 1.05% | 1.05% | 1.04% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.04% | 1.05 | 1.05% | 1.05% | 1.04% | 1.06% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.11)% | (0.09) | (0.03)% | (0.13)% | (0.35)% | (0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.11)% | (0.09) | (0.03)% | (0.13)% | (0.35)% | (0.17)% |
|  Portfolio turnover rate^ | 8 %(z) | 14 | 14% | 19% | 18% | 40% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** |  | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $22.55 |  | $21.18 | $19.36 | $24.75 | $23.53 | $21.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | † | 0.04 | 0.05 | 0.03 | (0.03) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.80 |  | 3.07 | 3.24 | (4.07) | 3.98 | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.82 |  | 3.11 | 3.29 | (4.04) | 3.95 | 4.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.06) |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (1.74) | (1.41) | (1.35) | (2.65) | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  | (1.74) | (1.47) | (1.35) | (2.73) | (2.40) |
|  Net asset value, end of period | $23.37 |  | $22.55 | $21.18 | $19.36 | $24.75 | $23.53 |
|  Total return (b) | 3.64 | % | 14.44 | 17.30 | (16.39) | 17.17% | 19.11 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170727 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194652 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.79 | % | 0.80 | 0.80 | 0.80 | 0.79% | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.79 | % | 0.80 | 0.80 | 0.80 | 0.79% | 0.81 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.14 | % | 0.16 | 0.22 | 0.13 | (0.11)% | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.14 | % | 0.16 | 0.22 | 0.13 | (0.11)% | 0.06 |
|  Portfolio turnover rate^ | 8 | %(z) | 14 | 14 | 19 | 18% | 40 |

---

See Notes to Financial Statements.

920

------

EQ/JANUS ENTERPRISE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 14.05% for Class IB and 14.34% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

921

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (50.1%)** | **Equity (50.1%)** | **Equity (50.1%)** |
|  iShares Core S&P 500 ETF | 190818 | $118478896 |
|  iShares Russell 2000 ETF | 276366 | 59637019 |
|  SPDR Portfolio S&P 500 ETF | 1629182 | 118425240 |
|  Vanguard S&P 500 ETF | 224520 | 127534096 |
|  **Total Exchange Traded Funds (50.1%)**<br> *(Cost $365,812,416)*  | **Total Exchange Traded Funds (50.1%)**<br> *(Cost $365,812,416)*  | 424075251 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (38.0%)** | **U.S. Treasury Obligations (38.0%)** | **U.S. Treasury Obligations (38.0%)** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/26# | $28247200 | 28242796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/26 | 781000 | 785072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 | 1155000 | 1114171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/31/26 | 741000 | 724509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/26 | 2053000 | 2061487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 | 1315000 | 1279541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/26 | 1382000 | 1387936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 | 1500000 | 1445568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/31/26 | 482000 | 467912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/26 | 1800000 | 1795837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/15/26 | 1502000 | 1514157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 1700000 | 1637424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 9/30/26 | 750000 | 729271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/26 | 2000000 | 1989940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/26 | 1100000 | 1109828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/31/26 | 1700000 | 1639172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/31/26 | 916000 | 889262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/26 | 1800000 | 1805145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 1400000 | 1364987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/26 | 1500000 | 1514505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/30/26 | 1500000 | 1446374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/30/26 | 500000 | 484747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/30/26 | 1800000 | 1809431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/26 | 1636000 | 1648037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 1750000 | 1684372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/31/26 | 917000 | 889230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/26 | 2000000 | 2011763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/27 | 1665000 | 1668884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 2356000 | 2272339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27 | 2191000 | 2201143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 1358000 | 1324696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/27 | 1311000 | 1317192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/28/27 | 522000 | 499628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 1544000 | 1496412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 | 2017000 | 2027635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/27 | 1371000 | 1381340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/31/27 | 758000 | 717879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/31/27 | 1243000 | 1216346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 | 2017000 | 2020303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/27 | 1888000 | 1911305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/30/27 | 700000 | 659960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/30/27 | 1458000 | 1431976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 | 2016000 | 2015754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 1750000 | 1706452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/27 | 1434000 | 1452819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/31/27 | 1001000 | 941504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 5/31/27 | 1161000 | 1136912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 | 1739000 | 1742963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27 | 1751000 | 1779958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/30/27 | 1144000 | 1073325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 1420000 | 1407041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/27 | 1608000 | 1608880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/27 | 1434000 | 1451650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/31/27 | 1331000 | 1241940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 7/31/27 | 1103000 | 1081333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 1043000 | 1011504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/27 | 1437000 | 1437600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/31/27 | 861000 | 803633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/27 | 1078000 | 1064568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 | 1439000 | 1429003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 | 1458000 | 1353670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | 1339000 | 1350916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 1438000 | 1442892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/31/27 | 1424000 | 1322367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 1030000 | 1039246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 1056000 | 1020967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 1717000 | 1732832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 1507000 | 1400661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 1290000 | 1294730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 1752000 | 1764354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 1345000 | 1246648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 1314000 | 1319392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 | 1444000 | 1462667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 1/31/28 | 1509000 | 1399622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 | 1034000 | 1028621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 1779000 | 1736152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 | 1440000 | 1459344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/29/28 | 1836000 | 1716518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 | 1034000 | 1041598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 | 1717000 | 1725072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 1680000 | 1572838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 | 1031000 | 1029075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/28 | 1438000 | 1439731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/30/28 | 1534000 | 1433386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | 1028000 | 1022248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 1554000 | 1518985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 | 1438000 | 1440074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 | 2022000 | 1885932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 | 1260000 | 1257044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 1500000 | 1507830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 | 1703000 | 1585289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 | 1032000 | 1040708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 7/31/28 | 1813000 | 1671105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 | 1308000 | 1323639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 1578000 | 1538965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 1785000 | 1647674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 | 1114000 | 1135931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 1501000 | 1388398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 | 1198000 | 1231069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/31/28 | 1406000 | 1303187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 1151000 | 1192361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 1772000 | 1738721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/28 | 1717000 | 1595547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 1355000 | 1383152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 12/31/28 | 1677000 | 1548962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 1889000 | 1890211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/31/29 | 1594000 | 1488924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 | 1521000 | 1534517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 1476000 | 1421109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/29 | 1508000 | 1412933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 | 1870000 | 1902874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/31/29 | 1602000 | 1526181 |

---

See Notes to Financial Statements.

922

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 | $| 2136000 | $2164663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/30/29 |  | 1034000 | 1002289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 |  | 1820000 | 1876864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 |  | 1487000 | 1414302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/31/29 |  | 1265000 | 1219518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 |  | 2044000 | 2099571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 |  | 1397000 | 1371261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 |  | 1769000 | 1801793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/31/29 |  | 862000 | 825546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 |  | 1767000 | 1783399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 |  | 1086000 | 999772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/29 |  | 1141000 | 1113252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/31/29 |  | 2048000 | 2037805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 |  | 1764000 | 1745983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/29 |  | 1119000 | 1123874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 |  | 1091000 | 1101171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 |  | 1767000 | 1792224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 |  | 1259000 | 1159014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/29 |  | 795000 | 798302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 |  | 2046000 | 2076126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 |  | 1085000 | 1089387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 |  | 1648000 | 1688772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/30 |  | 1092000 | 1079011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/31/30 |  | 2044000 | 2084345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 1423000 | 1287390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 |  | 2709000 | 2735376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 |  | 808000 | 802126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/31/30 |  | 1766000 | 1782354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/30 |  | 881000 | 869436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 |  | 1763000 | 1769900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 |  | 2290000 | 1969397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 |  | 1092000 | 1089478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/31/30 |  | 2222000 | 2243564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 |  | 800000 | 797785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 |  | 1636000 | 1642015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 |  | 1083000 | 1092331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 3001000 | 2558406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 |  | 843000 | 855039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 |  | 789000 | 818556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 |  | 888000 | 931973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 3127000 | 2680438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 |  | 920000 | 943572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 |  | 1227000 | 1220816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 |  | 1254000 | 1262710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 |  | 3241000 | 2803123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 |  | 990000 | 1009068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 |  | 1027000 | 1039987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 |  | 1330000 | 1380963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 2984000 | 2630681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 |  | 930000 | 965452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 |  | 1062000 | 1081661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 |  | 1335000 | 1350412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 3255000 | 2784174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 |  | 1198000 | 1186794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 |  | 1050000 | 1032425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 |  | 1339000 | 1353040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 3187000 | 2726848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 |  | 1338000 | 1351452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 |  | 1494000 | 1540376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/31/32 |  | 1338000 | 1369777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 2679000 | 2353418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/29/32 |  | 1058000 | 1067795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/32 |  | 1504000 | 1517592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 |  | 1336000 | 1337832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 2618000 | 2442767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 |  | 1506000 | 1518666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 |  | 918000 | 918554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 2404000 | 2217737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 2832000 | 2851084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 |  | 2837000 | 2735214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 |  | 2541000 | 2422486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 |  | 2794000 | 2752003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 |  | 3235000 | 3323638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 |  | 3386000 | 3351992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 |  | 3128000 | 3177818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 |  | 3400000 | 3320844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 |  | 3122000 | 3133467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 |  | 3402000 | 3511560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 |  | 2528000 | 2532345 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 321367171 |
|  **Total Long-Term Debt Securities (38.0%)**<br> *(Cost $321,083,059)* | **Total Long-Term Debt Securities (38.0%)**<br> *(Cost $321,083,059)* | **Total Long-Term Debt Securities (38.0%)**<br> *(Cost $321,083,059)* | 321367171 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **U.S. Government Agency Securities (12.8%)** | **U.S. Government Agency Securities (12.8%)** | **U.S. Government Agency Securities (12.8%)** | **U.S. Government Agency Securities (12.8%)** |
|  FHLB<br>0.00%, 7/1/25 (o)(p) |  | 32906000 | 32906000 |
|  FHLMC<br>0.00%, 7/1/25 (o)(p) |  | 50000000 | 50000000 |
|  FNMA<br>0.00%, 7/1/25 (o)(p) |  | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 107906000 |
|  **U.S. Treasury Obligations (7.1%)** | **U.S. Treasury Obligations (7.1%)** | **U.S. Treasury Obligations (7.1%)** |  |
|  U.S. Treasury Bills<br>0.00%, 7/1/25 (p) |  | 60000000 | 60000000 |
|  **Total Short-Term Investments (19.9%)**<br> *(Cost $167,906,000)* | **Total Short-Term Investments (19.9%)**<br> *(Cost $167,906,000)* | **Total Short-Term Investments (19.9%)**<br> *(Cost $167,906,000)* | 167906000 |
|  **Total Investments in Securities (108.0%)**<br> *(Cost $854,801,475)* | **Total Investments in Securities (108.0%)**<br> *(Cost $854,801,475)* | **Total Investments in Securities (108.0%)**<br> *(Cost $854,801,475)* | 913348422 |
|  **Other Assets Less Liabilities (-8.0%)** | **Other Assets Less Liabilities (-8.0%)** | **Other Assets Less Liabilities (-8.0%)** | (67818296) |
|  **Net Assets (100%)** |  |  | $845530126 |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $12,809,203.* 

*(o)* *Discount Note Security. Effective rate calculated as of June 30, 2025.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

923

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EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 945 | 9/2025 | EUR | 59298180 | 137579 |
|  FTSE 100 Index | 210 | 9/2025 | GBP | 25336305 | (235084) |
|  TOPIX Index | 214 | 9/2025 | JPY | 42434429 | 975420 |
|  |  |  |  |  | 877915 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Russell 2000 E-Mini Index | (76) | 9/2025 | USD | (8328460) | (1849) |
|  |  |  |  |  | (1849) |
|  |  |  |  |  | 876066 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $424075251 | $— | $— | $424075251 |
|  **Futures** | 1112999 |  |  | 1112999 |
|  **Short-Term Investments** |  |  |  |  |
|  U.S. Government Agency Securities |  | 107906000 |  | 107906000 |
|  U.S. Treasury Obligations |  | 60000000 |  | 60000000 |
|  **U.S. Treasury Obligations** |  | 321367171 |  | 321367171 |
|  **Total Assets** | $**425188250** | $**489273171** | $**—** | $**914461421** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(236933) | $— | $— | $(236933) |
|  **Total Liabilities** | $**(236933)** | $**—** | $**—** | $**(236933)** |
|  **Total** | $**424951317** | $**489273171** | $**—** | $**914224488** |

---

See Notes to Financial Statements.

924

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $1112999 |
|  **Total** |  | $1112999 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(236933) |
|  **Total** |  | $(236933) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(17991599) | $(17991599) |
|  **Total** | $(17991599) | $(17991599) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $11327910 | $11327910 |
|  **Total** | $11327910 | $11327910 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $316018000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 8328000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $340345528.0 |
|  Long-term U.S. government debt securities | 297858738.0 |
|  | $638204266.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $345471054.0 |
|  Long-term U.S. government debt securities | 4389737.0 |
|  | $349860791.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $70051729 |
|  Aggregate gross unrealized depreciation | (244477) |
|  Net unrealized appreciation | $69807252 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $844417236 |

---

See Notes to Financial Statements.

925

------

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $854,801,475) | $913348422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4389737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2935457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 2661269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 279737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 923625239 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 77218181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 478530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 170793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 81900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 62784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 82925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 78095113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $845530126 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $779687016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 65843110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $845530126 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $845,530,126 / 70,437,549 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.00 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $8257481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5495562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13753043 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3194715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1002917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 499987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 46721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 20917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4824596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (420761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4403835 |
|  **NET INVESTMENT INCOME (LOSS)** | 9349208 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1003296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (17991599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (220120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (19215015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 18204800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11327910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29532262 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 10317247 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19666455 |

---

See Notes to Financial Statements.

926

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9349208 | $20111802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (19215015) | 51797343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29532262 | 2015171 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 19666455 | 73924316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (46342289) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,110,482 and 13,002,119 shares, respectively ] | 59918514 | 154964670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 3,878,341 shares, respectively ] |  | 46342289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1701771) and (3676979) shares, respectively ] | (19945213) | (43949119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 39973301 | 157357840 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 39973301 | 157357840 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 59639756 | 184939867 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 785890370 | 600950503 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $845530126 | $785890370 |

---

See Notes to Financial Statements.

927

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.72 | $11.16 | $10.02 | $11.67 | $11.57 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.34 | 0.27 | 0.04 | (0.09) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 0.96 | 1.12 | (1.62) | 1.54 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | 1.30 | 1.39 | (1.58) | 1.45 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.34) | (0.25) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.40) |  | (0.03) | (1.35) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.74) | (0.25) | (0.07) | (1.35) | (0.21) |
|  Net asset value, end of period | $12.00 | $11.72 | $11.16 | $10.02 | $11.67 | $11.57 |
|  Total return (b) | 2.39% | 11.52% | 13.86% | (13.50)% | 12.77% | 8.76 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239731 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10 %(j) | 1.10 %(j) | 1.10 %(j) | 1.14 %(k) | 1.15 %(o) | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.20% | 1.21% | 1.21% | 1.21% | 1.21% | 1.23 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 2.33% | 2.86% | 2.57% | 0.42% | (0.74)% | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 2.23% | 2.75% | 2.45% | 0.35% | (0.79)% | (0.47) |
|  Portfolio turnover rate^ | 72 %(z) | 10% | 11% | 75% | 7% | 50 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

928

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (15.5%)** | **Communication Services (15.5%)** | **Communication Services (15.5%)** |
|  ***Entertainment (5.2%)*** | ***Entertainment (5.2%)*** | ***Entertainment (5.2%)*** |
|  Netflix, Inc.\* | 77689 | $104035670 |
|  Sea Ltd. (ADR)\* | 77844 | 12450369 |
|  Spotify Technology SA\* | 40608 | 31160143 |
|  |  | 147646182 |
|  ***Interactive Media & Services (10.3%)*** | ***Interactive Media & Services (10.3%)*** | ***Interactive Media & Services (10.3%)*** |
|  Alphabet, Inc., Class C | 617379 | 109516861 |
|  Meta Platforms, Inc., Class A | 252289 | 186211988 |
|  |  | 295728849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 443375031 |
|  **Consumer Discretionary (16.0%)** | **Consumer Discretionary (16.0%)** | **Consumer Discretionary (16.0%)** |
|  ***Automobiles (2.9%)*** | ***Automobiles (2.9%)*** | ***Automobiles (2.9%)*** |
|  Tesla, Inc.\* | 263418 | 83677362 |
|  ***Broadline Retail (8.2%)*** | ***Broadline Retail (8.2%)*** | ***Broadline Retail (8.2%)*** |
|  Alibaba Group Holding Ltd. (ADR) | 194821 | 22094650 |
|  Amazon.com, Inc.\* | 771131 | 169178430 |
|  MercadoLibre, Inc.\* | 16113 | 42113420 |
|  |  | 233386500 |
|  ***Hotels, Restaurants & Leisure (3.6%)*** | ***Hotels, Restaurants & Leisure (3.6%)*** | ***Hotels, Restaurants & Leisure (3.6%)*** |
|  Booking Holdings, Inc. | 5101 | 29530913 |
|  DoorDash, Inc., Class A\* | 186445 | 45960557 |
|  McDonald's Corp. | 78604 | 22965731 |
|  Starbucks Corp. | 51585 | 4726733 |
|  |  | 103183934 |
|  ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** |
|  DR Horton, Inc. | 103743 | 13374548 |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** |
|  AutoZone, Inc.\* | 3124 | 11597007 |
|  Carvana Co.\* | 34617 | 11664544 |
|  |  | 23261551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 456883895 |
|  **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** |
|  Coca-Cola Co. (The) | 485758 | 34367378 |
|  Monster Beverage Corp.\* | 57836 | 3622847 |
|  |  | 37990225 |
|  **Consumer Staples Distribution & Retail (1.8%)** | **Consumer Staples Distribution & Retail (1.8%)** | **Consumer Staples Distribution & Retail (1.8%)** |
|  Walmart, Inc. | 528197 | 51647103 |
|  ***Tobacco (1.9%)*** | ***Tobacco (1.9%)*** | ***Tobacco (1.9%)*** |
|  Philip Morris International, Inc. | 294171 | 53577364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 143214692 |
|  **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |
|  Cheniere Energy, Inc. | 35512 | 8647882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 8647882 |
|  **Financials (8.7%)** | **Financials (8.7%)** | **Financials (8.7%)** |
|  ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** |
|  Blackstone, Inc. | 71577 | 10706488 |
|  Charles Schwab Corp. (The) | 191104 | 17436329 |
|  Goldman Sachs Group, Inc. (The) | 51068 | 36143377 |
|  Intercontinental Exchange, Inc. | 44013 | 8075065 |
|  KKR & Co., Inc. | 57038 | 7587765 |
|  Robinhood Markets, Inc., Class A\* | 207021 | 19383376 |
|  |  | 99332400 |
|  ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 40081 | 19470147 |
|  Mastercard, Inc., Class A | 149799 | 84178050 |
|  Visa, Inc., Class A | 126228 | 44817252 |
|  |  | 148465449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 247797849 |
|  **Health Care (7.4%)** | **Health Care (7.4%)** | **Health Care (7.4%)** |
|  ***Biotechnology (2.4%)*** | ***Biotechnology (2.4%)*** | ***Biotechnology (2.4%)*** |
|  AbbVie, Inc. | 109180 | 20265991 |
|  Gilead Sciences, Inc. | 162231 | 17986551 |
|  Insmed, Inc.\* | 138701 | 13958869 |
|  Natera, Inc.\* | 97820 | 16525711 |
|  |  | 68737122 |
|  ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** |
|  Abbott Laboratories | 260754 | 35465151 |
|  Edwards Lifesciences Corp.\* | 99538 | 7784867 |
|  Intuitive Surgical, Inc.\* | 43851 | 23829072 |
|  |  | 67079090 |
|  ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** |
|  McKesson Corp. | 39419 | 28885455 |
|  ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** |
|  Eli Lilly & Co. | 43682 | 34051430 |
|  Johnson & Johnson | 94624 | 14453816 |
|  |  | 48505246 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 213206913 |
|  **Industrials (5.7%)** | **Industrials (5.7%)** | **Industrials (5.7%)** |
|  ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** |
|  RTX Corp. | 74441 | 10869875 |
|  TransDigm Group, Inc. | 16777 | 25511777 |
|  |  | 36381652 |
|  ***Building Products (0.5%)*** | ***Building Products (0.5%)*** | ***Building Products (0.5%)*** |
|  Trane Technologies plc | 32199 | 14084165 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  Quanta Services, Inc. | 37491 | 14174597 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Eaton Corp. plc | 25226 | 9005430 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  Uber Technologies, Inc.\* | 286131 | 26696022 |
|  ***Industrial Conglomerates (1.5%)*** | ***Industrial Conglomerates (1.5%)*** | ***Industrial Conglomerates (1.5%)*** |
|  3M Co. | 277161 | 42194991 |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** |
|  Deere & Co. | 21417 | 10890330 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  W.W. Grainger, Inc. | 9721 | 10112173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 163539360 |
|  **Information Technology (36.4%)** | **Information Technology (36.4%)** | **Information Technology (36.4%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arista Networks, Inc.\* | 110708 | 11326536 |

---

See Notes to Financial Statements.

929

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A | 156403 | $15444796 |
|  ***IT Services (4.2%)*** | ***IT Services (4.2%)*** | ***IT Services (4.2%)*** |
|  Cloudflare, Inc., Class A\* | 70830 | 13870639 |
|  International Business Machines Corp. | 217069 | 63987600 |
|  Shopify, Inc., Class A\* | 193603 | 22332106 |
|  Snowflake, Inc., Class A\* | 48199 | 10785490 |
|  Twilio, Inc., Class A\* | 79699 | 9911368 |
|  |  | 120887203 |
|  ***Semiconductors & Semiconductor Equipment (13.0%)*** | ***Semiconductors & Semiconductor Equipment (13.0%)*** | ***Semiconductors & Semiconductor Equipment (13.0%)*** |
|  ASML Holding NV (Registered) (ADR) | 1928 | 1545080 |
|  Broadcom, Inc. | 429802 | 118474921 |
|  Lam Research Corp. | 91020 | 8859887 |
|  NVIDIA Corp. | 1428823 | 225739746 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 73915 | 16741008 |
|  |  | 371360642 |
|  ***Software (13.4%)*** | ***Software (13.4%)*** | ***Software (13.4%)*** |
|  AppLovin Corp., Class A\* | 26675 | 9338384 |
|  Crowdstrike Holdings, Inc., Class A\* | 30674 | 15622575 |
|  Fair Isaac Corp.\* | 5866 | 10722813 |
|  HubSpot, Inc.\* | 19976 | 11119241 |
|  Intuit, Inc. | 34086 | 26847156 |
|  Microsoft Corp. | 427324 | 212555231 |
|  Oracle Corp. | 147627 | 32275691 |
|  Palo Alto Networks, Inc.\* | 73300 | 15000112 |
|  ServiceNow, Inc.\* | 41006 | 42157449 |
|  Synopsys, Inc.\* | 14028 | 7191875 |
|  |  | 382830527 |
|  ***Technology Hardware, Storage & Peripherals (4.9%)*** | ***Technology Hardware, Storage & Peripherals (4.9%)*** | ***Technology Hardware, Storage & Peripherals (4.9%)*** |
|  Apple, Inc. | 681285 | 139779243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 1041628947 |
|  **Total Common Stocks (95.0%)***<br>(Cost $1,347,586,054)* | **Total Common Stocks (95.0%)***<br>(Cost $1,347,586,054)* | 2718294569 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (4.6%)** | **Equity (4.6%)** | **Equity (4.6%)** |
|  Invesco QQQ Trust | 237046 | 130764056 |
|  **Total Exchange Traded Funds (4.6%)***<br>(Cost $125,584,491)* | **Total Exchange Traded Funds (4.6%)***<br>(Cost $125,584,491)* | 130764056 |
|  **Total Investments in Securities (99.6%)**<br> *(Cost $1,473,170,545)* | **Total Investments in Securities (99.6%)**<br> *(Cost $1,473,170,545)* | 2849058625 |
|  **Other Assets Less Liabilities (0.4%)** | **Other Assets Less Liabilities (0.4%)** | 10546210 |
|  **Net Assets (100%)** |  | $2859604835 |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $443375031 | $— | $— | $443375031 |
|  Consumer Discretionary | 456883895 |  |  | 456883895 |
|  Consumer Staples | 143214692 |  |  | 143214692 |
|  Energy | 8647882 |  |  | 8647882 |
|  Financials | 247797849 |  |  | 247797849 |
|  Health Care | 213206913 |  |  | 213206913 |
|  Industrials | 163539360 |  |  | 163539360 |
|  Information Technology | 1041628947 |  |  | 1041628947 |
|  **Exchange Traded Fund** | 130764056 |  |  | 130764056 |
|  **Total Assets** | $**2849058625** | $**—** | $**—** | $**2849058625** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**2849058625** | $**—** | $**—** | $**2849058625** |

---

See Notes to Financial Statements.

930

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990211287 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $966047188 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1391591278 |
|  Aggregate gross unrealized depreciation | (16426405) |
|  Net unrealized appreciation | $1375164873 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473893752 |

---

See Notes to Financial Statements.

931

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $1,473,170,545) | $2849058625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11166752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4388290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1474177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1426235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 28510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2867542589 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4777372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1362947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 973466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 511059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 202374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 110536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7937754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2859604835 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1248653645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1610951190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2859604835 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,583,389,450 / 34,052,150 shares outstanding (unlimited amount authorized: $0.01 par value) | $75.87 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $276,215,385 / 3,402,619 shares outstanding (unlimited amount authorized: $0.01 par value) | $81.18 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $27,126 foreign withholding tax) | $9675257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2224747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11900004 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9295036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2990764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1201650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 96328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 84106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 44205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 42160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 13778005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1373283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12404722 |
|  **NET INVESTMENT INCOME (LOSS)** | (504718) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 182985657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (18649861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (18649680) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 164335977 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $163831259 |

---

See Notes to Financial Statements.

932

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN GROWTH STOCK PORTFOLIO

---

| | | |
|:---|:---|:---|
| STATEMENT OF CHANGES IN NET ASSETS | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(504718) | $(6706717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 182985657 | 198577190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (18649680) | 547392383 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 163831259 | 739262856 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (124089099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (12701683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (136790782) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 155,552 shares, respectively ] |  | 10048883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (3579821) shares, respectively ] |  | (254208522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (381442) shares, respectively ] |  | (24486984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (268646623) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 914,390 and 1,728,012 shares, respectively ] | 63712093 | 116509618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 3,644,095 shares, respectively ] |  | 254208522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,678,978 shares, respectively ] |  | 124089099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1892958) and (3427044) shares, respectively ] | (132185804) | (231997553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (68473711) | 262809686 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 216,194 and 107,935 shares, respectively ] | 14805105 | 7682264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 160,833 shares, respectively ] |  | 12701683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (373120) and (1412081) shares, respectively ] | (28162418) | (100996317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (13357313) | (80612370) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (81831024) | (86449307) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 82000235 | 516022767 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2777604600 | 2261581833 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2859604835 | $2777604600 |

---

See Notes to Financial Statements.

933

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $71.52 | $56.15 | $44.47 | $74.71 | $71.74 | $54.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.02) | (0.19) | (0.18) | (0.30) | (0.51) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.37 | 19.28 | 20.64 | (28.47) | 10.37 | 19.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.35 | 19.09 | 20.46 | (28.77) | 9.86 | 19.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.72) | (8.78) | (1.47) | (6.89) | (2.05) |
|  Net asset value, end of period | $75.87 | $71.52 | $56.15 | $44.47 | $74.71 | $71.74 |
|  Total return (b) | 6.08 | 33.78 | 46.33 | (38.64)% | 13.82 | 36.57 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $2583389 | $2505525 | $1763434 | $1229180 | $1953107 | $1717802 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.96 | 0.96 | 0.98 | 1.00% | 1.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.06 | 1.07 | 1.08 | 1.08% | 1.06 | 1.08 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.06) | (0.28) | (0.33) | (0.56)% | (0.66) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.17) | (0.38) | (0.43) | (0.64)% | (0.72) | (0.54) |
|  Portfolio turnover rate^ | 37 | 32 | 105 | 36% | 29 | 38 |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $76.44 | $59.67 | $46.77 | $78.25 | $74.66 | $56.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | (0.03) | (0.05) | (0.17) | (0.33) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.67 | 20.52 | 21.73 | (29.84) | 10.81 | 20.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.74 | 20.49 | 21.68 | (30.01) | 10.48 | 20.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.72) | (8.78) | (1.47) | (6.89) | (2.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (3.72) | (8.78) | (1.47) | (6.89) | (2.05) |
|  Net asset value, end of period | $81.18 | $76.44 | $59.67 | $46.77 | $78.25 | $74.66 |
|  Total return (b) | 6.20 | 34.13 | 46.67 | (38.48)% | 14.11 | 36.88 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $276215 | $272079 | $280627 | $203794 | $259966 | $257368 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.71 | 0.71 | 0.73 | 0.75% | 0.75 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.81 | 0.82 | 0.83 | 0.83% | 0.81 | 0.83 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.19 | (0.05) | (0.08) | (0.31)% | (0.41) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.08 | (0.15) | (0.18) | (0.39)% | (0.47) | (0.28) |
|  Portfolio turnover rate^ | 37 | 32 | 105 | 36% | 29 | 38 |

---

See Notes to Financial Statements.

934

------

EQ/JPMORGAN GROWTH STOCK PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *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.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.21) and $(0.08) for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.24) and $(0.09) for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.06% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.08% lower.* 

See Notes to Financial Statements.

935

------

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (6.4%)** | **Communication Services (6.4%)** | **Communication Services (6.4%)** |
|  ***Diversified Telecommunication Services (1.8%)*** | ***Diversified Telecommunication Services (1.8%)*** | ***Diversified Telecommunication Services (1.8%)*** |
|  Verizon Communications, Inc. | 483774 | $20932901 |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Walt Disney Co. (The) | 122370 | 15175104 |
|  ***Interactive Media & Services (0.9%)*** | ***Interactive Media & Services (0.9%)*** | ***Interactive Media & Services (0.9%)*** |
|  Meta Platforms, Inc., Class A | 14254 | 10520735 |
|  ***Media (2.4%)*** | ***Media (2.4%)*** | ***Media (2.4%)*** |
|  Comcast Corp., Class A | 521376 | 18607909 |
|  Omnicom Group, Inc. | 121914 | 8770493 |
|  |  | 27378402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 74007142 |
|  **Consumer Discretionary (5.2%)** | **Consumer Discretionary (5.2%)** | **Consumer Discretionary (5.2%)** |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  General Motors Co. | 58156 | 2861857 |
|  ***Broadline Retail (2.3%)*** | ***Broadline Retail (2.3%)*** | ***Broadline Retail (2.3%)*** |
|  Amazon.com, Inc.\* | 120090 | 26346545 |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** |
|  Carnival Corp.\* | 270872 | 7616921 |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  Mohawk Industries, Inc.\* | 87841 | 9209250 |
|  ***Specialty Retail (0.3%)*** | ***Specialty Retail (0.3%)*** | ***Specialty Retail (0.3%)*** |
|  Ross Stores, Inc. | 27246 | 3476045 |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** |
|  Kontoor Brands, Inc. | 163526 | 10787810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 60298428 |
|  **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** |
|  ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** | ***Consumer Staples Distribution & Retail (1.7%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 58036 | 6258022 |
|  Performance Food Group Co.\* | 153878 | 13459709 |
|  |  | 19717731 |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** |
|  Hershey Co. (The) | 33917 | 5628526 |
|  ***Tobacco (3.1%)*** | ***Tobacco (3.1%)*** | ***Tobacco (3.1%)*** |
|  Philip Morris International, Inc. | 199200 | 36280296 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 61626553 |
|  **Energy (4.7%)** | **Energy (4.7%)** | **Energy (4.7%)** |
|  ***Oil, Gas & Consumable Fuels (4.7%)*** | ***Oil, Gas & Consumable Fuels (4.7%)*** | ***Oil, Gas & Consumable Fuels (4.7%)*** |
|  EOG Resources, Inc. | 45938 | 5494644 |
|  EQT Corp. | 303349 | 17691314 |
|  Expand Energy Corp. | 97310 | 11379431 |
|  Exxon Mobil Corp. | 96613 | 10414881 |
|  Hess Corp. | 33545 | 4647324 |
|  Range Resources Corp. | 120753 | 4911025 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 54538619 |
|  **Financials (18.9%)** | **Financials (18.9%)** | **Financials (18.9%)** |
|  ***Banks (11.3%)*** | ***Banks (11.3%)*** | ***Banks (11.3%)*** |
|  Bank of America Corp. | 742006 | 35111724 |
|  Citizens Financial Group, Inc. | 206006 | 9218769 |
|  Comerica, Inc. | 90670 | 5408466 |
|  Fifth Third Bancorp | 348850 | 14348200 |
|  First Citizens BancShares, Inc., Class A | 11386 | $22276367 |
|  First Horizon Corp. | 441569 | 9361263 |
|  Wells Fargo & Co. | 443191 | 35508463 |
|  |  | 131233252 |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** |
|  Ameriprise Financial, Inc. | 24319 | 12979780 |
|  ***Consumer Finance (2.0%)*** | ***Consumer Finance (2.0%)*** | ***Consumer Finance (2.0%)*** |
|  Ally Financial, Inc. | 142317 | 5543247 |
|  American Express Co. | 53896 | 17191746 |
|  |  | 22734993 |
|  ***Financial Services (3.2%)*** | ***Financial Services (3.2%)*** | ***Financial Services (3.2%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 11649 | 5658735 |
|  Corpay, Inc.\* | 36977 | 12269708 |
|  Fiserv, Inc.\* | 27885 | 4807653 |
|  MGIC Investment Corp. | 269972 | 7516020 |
|  WEX, Inc.\* | 41719 | 6128104 |
|  |  | 36380220 |
|  ***Insurance (1.3%)*** | ***Insurance (1.3%)*** | ***Insurance (1.3%)*** |
|  Arch Capital Group Ltd. | 80483 | 7327977 |
|  Oscar Health, Inc., Class A\* | 364143 | 7807226 |
|  |  | 15135203 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 218463448 |
|  **Health Care (14.4%)** | **Health Care (14.4%)** | **Health Care (14.4%)** |
|  ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** | ***Biotechnology (1.4%)*** |
|  AbbVie, Inc. | 88759 | 16475446 |
|  ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** |
|  Align Technology, Inc.\* | 31658 | 5993809 |
|  Medtronic plc | 166760 | 14536469 |
|  |  | 20530278 |
|  ***Health Care Providers & Services (8.1%)*** | ***Health Care Providers & Services (8.1%)*** | ***Health Care Providers & Services (8.1%)*** |
|  Cigna Group (The) | 70901 | 23438453 |
|  Elevance Health, Inc. | 33598 | 13068278 |
|  Humana, Inc. | 81406 | 19902139 |
|  Labcorp Holdings, Inc. | 42346 | 11116248 |
|  Quest Diagnostics, Inc. | 56794 | 10201906 |
|  UnitedHealth Group, Inc. | 52206 | 16286706 |
|  |  | 94013730 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  IQVIA Holdings, Inc.\* | 20025 | 3155740 |
|  Thermo Fisher Scientific, Inc. | 8334 | 3379103 |
|  |  | 6534843 |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  Bristol-Myers Squibb Co. | 220030 | 10185189 |
|  Johnson & Johnson | 128100 | 19567275 |
|  |  | 29752464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 167306761 |
|  **Industrials (15.4%)** | **Industrials (15.4%)** | **Industrials (15.4%)** |
|  ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** |
|  Boeing Co. (The)\* | 41295 | 8652541 |
|  Howmet Aerospace, Inc. | 26337 | 4902106 |
|  RTX Corp. | 127998 | 18690268 |

---

See Notes to Financial Statements.

936

------

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Textron, Inc. | 86273 | $| 6926859 |
|  |  |  | 39171774 |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** |
|  United Parcel Service, Inc., Class B | 75484 |  | 7619355 |
|  ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** |
|  Carrier Global Corp. | 180916 |  | 13241242 |
|  ***Electrical Equipment (2.3%)*** | ***Electrical Equipment (2.3%)*** | ***Electrical Equipment (2.3%)*** | ***Electrical Equipment (2.3%)*** |
|  Emerson Electric Co. | 198246 |  | 26432139 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Saia, Inc.\* | 30967 |  | 8484648 |
|  ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** |
|  3M Co. | 57787 |  | 8797493 |
|  ***Machinery (2.8%)*** | ***Machinery (2.8%)*** | ***Machinery (2.8%)*** | ***Machinery (2.8%)*** |
|  AGCO Corp. | 153186 |  | 15802668 |
|  Gates Industrial Corp. plc\* | 518886 |  | 11949945 |
|  Middleby Corp. (The)\* | 32432 |  | 4670208 |
|  |  |  | 32422821 |
|  ***Passenger Airlines (1.5%)*** | ***Passenger Airlines (1.5%)*** | ***Passenger Airlines (1.5%)*** | ***Passenger Airlines (1.5%)*** |
|  Southwest Airlines Co. | 527197 |  | 17102271 |
|  ***Trading Companies & Distributors (2.2%)*** | ***Trading Companies & Distributors (2.2%)*** | ***Trading Companies & Distributors (2.2%)*** | ***Trading Companies & Distributors (2.2%)*** |
|  AerCap Holdings NV | 158388 |  | 18531396 |
|  WESCO International, Inc. | 38050 |  | 7046860 |
|  |  |  | 25578256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 178849999 |
|  **Information Technology (12.2%)** | **Information Technology (12.2%)** | **Information Technology (12.2%)** | **Information Technology (12.2%)** |
|  ***Electronic Equipment, Instruments & Components (1.8%)*** | ***Electronic Equipment, Instruments & Components (1.8%)*** | ***Electronic Equipment, Instruments & Components (1.8%)*** | ***Electronic Equipment, Instruments & Components (1.8%)*** |
|  Corning, Inc. | 90702 |  | 4770018 |
|  Jabil, Inc. | 29269 |  | 6383569 |
|  TD SYNNEX Corp. | 74156 |  | 10062969 |
|  |  |  | 21216556 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Cognizant Technology Solutions Corp., Class A | 74225 |  | 5791777 |
|  ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** | ***Semiconductors & Semiconductor Equipment (3.6%)*** |
|  Lam Research Corp. | 53242 |  | 5182576 |
|  NXP Semiconductors NV | 72795 |  | 15904980 |
|  ON Semiconductor Corp.\* | 103159 |  | 5406563 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 66217 |  | 14997488 |
|  |  |  | 41491607 |
|  ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** |
|  Salesforce, Inc. | 45465 |  | 12397851 |
|  ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** | ***Technology Hardware, Storage & Peripherals (5.2%)*** |
|  Sandisk Corp.\* | 143135 |  | 6491172 |
|  Seagate Technology Holdings plc | 157070 |  | 22669913 |
|  Western Digital Corp. | 481248 |  | 30795060 |
|  |  |  | 59956145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 140853936 |
|  **Materials (6.4%)** | **Materials (6.4%)** | **Materials (6.4%)** | **Materials (6.4%)** |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** |
|  Axalta Coating Systems Ltd.\* | 169570 |  | 5034533 |
|  Chemours Co. (The) | 327524 |  | 3750150 |
|  Dow, Inc. | 120370 |  | 3187398 |
|  FMC Corp. | 375440 |  | 15674620 |
|  |  |  | 27646701 |
|  ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** |
|  Amrize Ltd.\* | 109288 |  | 5415220 |
|  ***Containers & Packaging (2.0%)*** | ***Containers & Packaging (2.0%)*** | ***Containers & Packaging (2.0%)*** | ***Containers & Packaging (2.0%)*** |
|  Ball Corp. | 270625 |  | 15179356 |
|  International Paper Co. | 47585 |  | 2228406 |
|  Silgan Holdings, Inc. | 115394 |  | 6252047 |
|  |  |  | 23659809 |
|  ***Metals & Mining (1.5%)*** | ***Metals & Mining (1.5%)*** | ***Metals & Mining (1.5%)*** | ***Metals & Mining (1.5%)*** |
|  Alcoa Corp. | 199000 |  | 5872490 |
|  Freeport-McMoRan, Inc. | 267767 |  | 11607699 |
|  |  |  | 17480189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 74201919 |
|  **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** | **Real Estate (5.1%)** |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Zillow Group, Inc., Class C\* | 49708 |  | 3482045 |
|  ***Residential REITs (1.3%)*** | ***Residential REITs (1.3%)*** | ***Residential REITs (1.3%)*** | ***Residential REITs (1.3%)*** |
|  American Homes 4 Rent (REIT), Class A | 152652 |  | 5506158 |
|  Equity LifeStyle Properties, Inc. (REIT) | 153312 |  | 9454751 |
|  |  |  | 14960909 |
|  ***Specialized REITs (3.5%)*** | ***Specialized REITs (3.5%)*** | ***Specialized REITs (3.5%)*** | ***Specialized REITs (3.5%)*** |
|  American Tower Corp. (REIT) | 83580 |  | 18472851 |
|  Equinix, Inc. (REIT) | 27280 |  | 21700422 |
|  |  |  | 40173273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 58616227 |
|  **Utilities (4.7%)** | **Utilities (4.7%)** | **Utilities (4.7%)** | **Utilities (4.7%)** |
|  ***Electric Utilities (3.4%)*** | ***Electric Utilities (3.4%)*** | ***Electric Utilities (3.4%)*** | ***Electric Utilities (3.4%)*** |
|  Edison International | 87769 |  | 4528880 |
|  NextEra Energy, Inc. | 202678 |  | 14069907 |
|  Southern Co. (The) | 221972 |  | 20383689 |
|  |  |  | 38982476 |
|  ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** | ***Multi-Utilities (1.3%)*** |
|  Dominion Energy, Inc. | 262434 |  | 14832770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 53815246 |
|  **Total Common Stocks (98.7%)**<br> *(Cost $1,019,075,632)* | **Total Common Stocks (98.7%)**<br> *(Cost $1,019,075,632)* |  | 1142578278 |

---

See Notes to Financial Statements.

937

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EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **U.S. Government Agency Securities (1.2%)** | **U.S. Government Agency Securities (1.2%)** |  |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 7/1/25(o)(p) | $14445000 | $14445000 |
|  **Total Short-Term Investments (1.2%)**<br> *(Cost $14,445,000)* | **Total Short-Term Investments (1.2%)**<br> *(Cost $14,445,000)* | 14445000 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $1,033,520,632)* | **Total Investments in Securities (99.9%)**<br> *(Cost $1,033,520,632)* | 1157023278 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 1133940 |
|  **Net Assets (100%)** |  | $1158157218 |

---

*\** *Non-income producing.* 

*(o)* *Discount Note Security. Effective rate calculated as of June 30, 2025.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*FHLB* *— Federal Home Loan Bank* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $74007142 | $— | $— | $74007142 |
|  Consumer Discretionary | 60298428 |  |  | 60298428 |
|  Consumer Staples | 61626553 |  |  | 61626553 |
|  Energy | 54538619 |  |  | 54538619 |
|  Financials | 218463448 |  |  | 218463448 |
|  Health Care | 167306761 |  |  | 167306761 |
|  Industrials | 178849999 |  |  | 178849999 |
|  Information Technology | 140853936 |  |  | 140853936 |
|  Materials | 74201919 |  |  | 74201919 |
|  Real Estate | 58616227 |  |  | 58616227 |
|  Utilities | 53815246 |  |  | 53815246 |
|  **Short-Term Investments** |  |  |  |  |
|  U.S. Government Agency Securities |  | 14445000 |  | 14445000 |
|  **Total Assets** | $**1142578278** | $**14445000** | $**—** | $**1157023278** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1142578278** | $**14445000** | $**—** | $**1157023278** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1274201117 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284781946 |

---

See Notes to Financial Statements.

938

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EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $157552816 |
|  Aggregate gross unrealized depreciation | (35407787) |
|  Net unrealized appreciation | $122145029 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034878249 |

---

See Notes to Financial Statements.

939

------

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $1,033,520,632) | $1157023278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1645210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 696353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 595604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1159973558 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 555712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 541401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 399722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 174035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 83200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 62270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1816340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1158157218 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $970644728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 187512490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1158157218 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $871,738,127 / 43,235,890 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.16 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $286,419,091 / 14,240,473 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.11 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $18,745 foreign withholding tax) | $11678755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 412705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12091460 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3248808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1033079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 505197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 49535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 43313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 28861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4938453 |
|  **NET INVESTMENT INCOME (LOSS)** | 7153007 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 35521435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 2924915 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 38446350 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $45599357 |

---

See Notes to Financial Statements.

940

------

#### EQ ADVISORS TRUST
EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

---

| | | |
|:---|:---|:---|
| STATEMENT OF CHANGES IN NET ASSETS | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7153007 | $13124431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35521435 | 132780774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2924915 | 10999109 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 45599357 | 156904314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (104828772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (38984360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (143813132) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 78,975 shares, respectively ] |  | 1573260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2258528) shares, respectively ] |  | (45431046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (255532) shares, respectively ] |  | (4992341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (48850127) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,679,115 and 4,749,317 shares, respectively ] | 52129678 | 97381061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,248,417 shares, respectively ] |  | 45431046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,140,457 shares, respectively ] |  | 104828772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2138071) and (3877266) shares, respectively ] | (41412688) | (80203257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 10716990 | 167437622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 793,152 and 324,070 shares, respectively ] | 14325750 | 6743135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,917,399 shares, respectively ] |  | 38984360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1910398) and (3747548) shares, respectively ] | (36931682) | (77963518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (22605932) | (32236023) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (11888942) | 86351472 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 33710415 | 99442654 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1124446803 | 1025004149 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1158157218 | $1124446803 |

---

See Notes to Financial Statements.

941

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EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.39 | $19.10 | $18.30 | $19.99 | $20.24 | $18.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.23 | 0.27 | 0.22 | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.65 | 2.81 | 1.71 | (0.16) | 4.36 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.77 | 3.04 | 1.98 | 0.06 | 4.52 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.27) | (0.21) | (0.16) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.51) | (0.91) | (1.54) | (4.61) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.75) | (1.18) | (1.75) | (4.77) | (0.49) |
|  Net asset value, end of period | $20.16 | $19.39 | $19.10 | $18.30 | $19.99 | $20.24 |
|  Total return (b) | 3.97% | 15.45% | 10.90% | 0.20% | 23.18% | 11.09% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335218 |
|  Ratio of expenses to average net assets (a)(f) | 0.95% | 0.96% | 0.96% | 0.96% | 0.96% | 0.98% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.22% | 1.12% | 1.42% | 1.13% | 0.66% | 1.11% |
|  Portfolio turnover rate^ | 114 %(z) | 154% | 139% | 137% | 97% | 146% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.32 | $19.03 | $18.23 | $19.92 | $20.18 | $18.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.28 | 0.31 | 0.27 | 0.21 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.65 | 2.81 | 1.72 | (0.16) | 4.36 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.79 | 3.09 | 2.03 | 0.11 | 4.57 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.32) | (0.26) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.51) | (0.91) | (1.54) | (4.61) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.80) | (1.23) | (1.80) | (4.83) | (0.53) |
|  Net asset value, end of period | $20.11 | $19.32 | $19.03 | $18.23 | $19.92 | $20.18 |
|  Total return (b) | 4.09% | 15.76% | 11.20% | 0.45% | 23.48% | 11.35% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416748 |
|  Ratio of expenses to average net assets (a)(f) | 0.70% | 0.71% | 0.71% | 0.71% | 0.71% | 0.73% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.46% | 1.39% | 1.66% | 1.35% | 0.89% | 1.36% |
|  Portfolio turnover rate^ | 114 %(z) | 154% | 139% | 137% | 97% | 146% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

942

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.6%)** | **Communication Services (9.6%)** | **Communication Services (9.6%)** |
|  ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** |
|  AT&T, Inc. | 571061 | $16526505 |
|  Verizon Communications, Inc. | 302546 | 13091166 |
|  |  | 29617671 |
|  ***Entertainment (2.2%)*** | ***Entertainment (2.2%)*** | ***Entertainment (2.2%)*** |
|  Electronic Arts, Inc. | 4177 | 667067 |
|  Live Nation Entertainment, Inc.\* | 2834 | 428728 |
|  Netflix, Inc.\* | 16313 | 21845228 |
|  Spotify Technology SA\* | 11165 | 8567351 |
|  Take-Two Interactive Software, Inc.\* | 3048 | 740207 |
|  TKO Group Holdings, Inc., Class A | 1330 | 241993 |
|  Walt Disney Co. (The) | 70782 | 8777676 |
|  Warner Bros Discovery, Inc.\* | 40601 | 465287 |
|  |  | 41733537 |
|  ***Interactive Media & Services (5.4%)*** | ***Interactive Media & Services (5.4%)*** | ***Interactive Media & Services (5.4%)*** |
|  Alphabet, Inc., Class A | 157139 | 27692606 |
|  Alphabet, Inc., Class C | 120508 | 21376914 |
|  Match Group, Inc. | 4718 | 145739 |
|  Meta Platforms, Inc., Class A | 73511 | 54257734 |
|  Pinterest, Inc., Class A\* | 24780 | 888611 |
|  |  | 104361604 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Charter Communications, Inc., Class A\* | 6608 | 2701417 |
|  Comcast Corp., Class A | 69023 | 2463431 |
|  Fox Corp., Class A | 4137 | 231838 |
|  Fox Corp., Class B | 2299 | 118697 |
|  Interpublic Group of Cos., Inc. (The) | 7107 | 173979 |
|  News Corp., Class A | 7098 | 210953 |
|  News Corp., Class B | 1843 | 63233 |
|  Omnicom Group, Inc. | 3564 | 256394 |
|  Paramount Global, Class B | 11916 | 153716 |
|  |  | 6373658 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile US, Inc. | 8782 | 2092399 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 184178869 |
|  **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** | **Consumer Discretionary (7.7%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Aptiv plc\* | 4261 | 290685 |
|  ***Automobiles (0.9%)*** | ***Automobiles (0.9%)*** | ***Automobiles (0.9%)*** |
|  Ford Motor Co. | 72294 | 784390 |
|  General Motors Co. | 17785 | 875200 |
|  Tesla, Inc.\* | 51972 | 16509425 |
|  |  | 18169015 |
|  ***Broadline Retail (3.1%)*** | ***Broadline Retail (3.1%)*** | ***Broadline Retail (3.1%)*** |
|  Amazon.com, Inc.\* | 267222 | 58625835 |
|  eBay, Inc. | 8459 | 629857 |
|  |  | 59255692 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Genuine Parts Co. | 2563 | 310917 |
|  LKQ Corp.(x) | 4953 | 183311 |
|  Pool Corp.(x) | 677 | 197332 |
|  |  | 691560 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |
|  Airbnb, Inc., Class A\* | 8039 | 1063881 |
|  Aramark | 52979 | 2218231 |
|  Booking Holdings, Inc. | 854 | 4944011 |
|  Caesars Entertainment, Inc.\* | 4050 | 114980 |
|  Carnival Corp.\* | 19137 | 538132 |
|  Chipotle Mexican Grill, Inc.\* | 51155 | 2872353 |
|  Darden Restaurants, Inc. | 2176 | 474303 |
|  Domino's Pizza, Inc. | 609 | 274415 |
|  DoorDash, Inc., Class A\* | 6301 | 1553260 |
|  Expedia Group, Inc. | 2257 | 380711 |
|  Hilton Worldwide Holdings, Inc. | 4352 | 1159112 |
|  Las Vegas Sands Corp. | 6163 | 268152 |
|  Marriott International, Inc., Class A | 11708 | 3198743 |
|  McDonald's Corp. | 13215 | 3861027 |
|  MGM Resorts International\* | 4085 | 140483 |
|  Norwegian Cruise Line Holdings Ltd.\* | 9126 | 185075 |
|  Royal Caribbean Cruises Ltd. | 19052 | 5965943 |
|  Starbucks Corp. | 21096 | 1933026 |
|  Wynn Resorts Ltd. | 1572 | 147249 |
|  Yum! Brands, Inc. | 14757 | 2186692 |
|  |  | 33479779 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  DR Horton, Inc. | 5038 | 649499 |
|  Garmin Ltd. | 2853 | 595478 |
|  Lennar Corp., Class A | 4302 | 475844 |
|  Mohawk Industries, Inc.\* | 1012 | 106098 |
|  NVR, Inc.\* | 54 | 398826 |
|  PulteGroup, Inc. | 3760 | 396530 |
|  TopBuild Corp.\* | 14965 | 4844769 |
|  |  | 7467044 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | 2313 | 170746 |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** |
|  AutoZone, Inc.\* | 312 | 1158216 |
|  Best Buy Co., Inc. | 3752 | 251872 |
|  Burlington Stores, Inc.\* | 6150 | 1430736 |
|  CarMax, Inc.\* | 3071 | 206402 |
|  Home Depot, Inc. (The) | 18449 | 6764141 |
|  Lowe's Cos., Inc. | 10331 | 2292139 |
|  O'Reilly Automotive, Inc.\* | 86027 | 7753613 |
|  Ross Stores, Inc. | 6127 | 781682 |
|  TJX Cos., Inc. (The) | 20651 | 2550192 |
|  Tractor Supply Co. | 38671 | 2040669 |
|  Ulta Beauty, Inc.\* | 835 | 390630 |
|  Williams-Sonoma, Inc. | 2259 | 369053 |
|  |  | 25989345 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Deckers Outdoor Corp.\* | 2906 | 299521 |
|  Lululemon Athletica, Inc.\* | 2081 | 494404 |
|  NIKE, Inc., Class B | 21938 | 1558476 |
|  Ralph Lauren Corp. | 770 | 211196 |
|  Tapestry, Inc. | 3721 | 326741 |
|  |  | 2890338 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 148404204 |

---

See Notes to Financial Statements.

943

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** |
|  Brown-Forman Corp., Class B | 3134 | $84336 |
|  Coca-Cola Co. (The) | 146647 | 10375275 |
|  Constellation Brands, Inc., Class A | 2886 | 469494 |
|  Keurig Dr Pepper, Inc. | 25225 | 833939 |
|  Molson Coors Beverage Co., Class B | 3081 | 148165 |
|  Monster Beverage Corp.\* | 13004 | 814571 |
|  PepsiCo, Inc. | 25472 | 3363323 |
|  |  | 16089103 |
|  ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** | ***Consumer Staples Distribution & Retail (1.2%)*** |
|  Costco Wholesale Corp. | 8215 | 8132357 |
|  Dollar General Corp. | 4059 | 464268 |
|  Dollar Tree, Inc.\* | 3731 | 369518 |
|  Kroger Co. (The) | 67541 | 4844716 |
|  Sysco Corp. | 9086 | 688174 |
|  Target Corp. | 8510 | 839511 |
|  Walgreens Boots Alliance, Inc. | 13668 | 156909 |
|  Walmart, Inc. | 80073 | 7829538 |
|  |  | 23324991 |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** |
|  Archer-Daniels-Midland Co. | 8772 | 462986 |
|  Bunge Global SA | 2350 | 188658 |
|  Campbell's Co. (The) | 3437 | 105344 |
|  Conagra Brands, Inc. | 8515 | 174302 |
|  General Mills, Inc. | 10238 | 530431 |
|  Hershey Co. (The) | 2718 | 451052 |
|  Hormel Foods Corp. | 5110 | 154577 |
|  J M Smucker Co. (The) | 1915 | 188053 |
|  Kellanova | 4970 | 395264 |
|  Kraft Heinz Co. (The) | 16201 | 418310 |
|  Lamb Weston Holdings, Inc. | 2462 | 127655 |
|  McCormick & Co., Inc. (Non-Voting) | 4584 | 347559 |
|  Mondelez International, Inc., Class A | 108601 | 7324051 |
|  Tyson Foods, Inc., Class A | 5537 | 309740 |
|  |  | 11177982 |
|  ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** |
|  Church & Dwight Co., Inc. | 22283 | 2141619 |
|  Clorox Co. (The) | 2248 | 269917 |
|  Colgate-Palmolive Co. | 15072 | 1370045 |
|  Kimberly-Clark Corp. | 6160 | 794147 |
|  Procter & Gamble Co. (The) | 43549 | 6938227 |
|  |  | 11513955 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Estee Lauder Cos., Inc. (The), Class A | 4205 | 339764 |
|  Kenvue, Inc. | 35608 | 745276 |
|  |  | 1085040 |
|  ***Tobacco (1.8%)*** | ***Tobacco (1.8%)*** | ***Tobacco (1.8%)*** |
|  Altria Group, Inc. | 160684 | 9420903 |
|  Philip Morris International, Inc. | 141132 | 25704371 |
|  |  | 35125274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 98316345 |
|  **Energy (2.3%)** | **Energy (2.3%)** | **Energy (2.3%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 18388 | 704996 |
|  Halliburton Co. | 15762 | 321229 |
|  Schlumberger NV | 25087 | 847941 |
|  |  | 1874166 |
|  ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** |
|  APA Corp. | 6233 | 114002 |
|  Chevron Corp. | 30101 | 4310162 |
|  ConocoPhillips | 33914 | 3043442 |
|  Coterra Energy, Inc. | 14215 | 360777 |
|  Devon Energy Corp. | 12200 | 388082 |
|  Diamondback Energy, Inc. | 3441 | 472793 |
|  EOG Resources, Inc. | 10115 | 1209855 |
|  EQT Corp. | 11082 | 646302 |
|  Expand Energy Corp. | 45056 | 5268849 |
|  Exxon Mobil Corp. | 173865 | 18742647 |
|  Hess Corp. | 5133 | 711126 |
|  Kinder Morgan, Inc. | 35902 | 1055519 |
|  Marathon Petroleum Corp. | 5665 | 941013 |
|  Occidental Petroleum Corp. | 13274 | 557641 |
|  ONEOK, Inc. | 11523 | 940622 |
|  Phillips 66 | 7439 | 887473 |
|  Targa Resources Corp. | 4050 | 705024 |
|  Texas Pacific Land Corp. | 350 | 369736 |
|  Valero Energy Corp. | 5880 | 790390 |
|  Williams Cos., Inc. (The) | 22639 | 1421956 |
|  |  | 42937411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 44811577 |
|  **Financials (12.0%)** | **Financials (12.0%)** | **Financials (12.0%)** |
|  ***Banks (2.6%)*** | ***Banks (2.6%)*** | ***Banks (2.6%)*** |
|  Bank of America Corp. | 121445 | 5746778 |
|  Citigroup, Inc. | 34493 | 2936044 |
|  Citizens Financial Group, Inc. | 7936 | 355136 |
|  Fifth Third Bancorp | 12441 | 511698 |
|  Huntington Bancshares, Inc. | 26582 | 445514 |
|  JPMorgan Chase & Co. | 95598 | 27714816 |
|  KeyCorp | 17993 | 313438 |
|  M&T Bank Corp. | 2924 | 567227 |
|  PNC Financial Services Group, Inc. (The) | 7353 | 1370746 |
|  Regions Financial Corp. | 16372 | 385070 |
|  Truist Financial Corp. | 76438 | 3286070 |
|  US Bancorp | 28972 | 1310983 |
|  Wells Fargo & Co. | 60311 | 4832117 |
|  |  | 49775637 |
|  ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** |
|  Ameriprise Financial, Inc. | 1730 | 923353 |
|  Bank of New York Mellon Corp. (The) | 13329 | 1214405 |
|  BlackRock, Inc.‡ | 2701 | 2834024 |
|  Blackstone, Inc. | 13593 | 2033241 |
|  Cboe Global Markets, Inc. | 1928 | 449629 |
|  Charles Schwab Corp. (The) | 31649 | 2887655 |
|  CME Group, Inc. | 22821 | 6289924 |
|  Coinbase Global, Inc., Class A\* | 3899 | 1366561 |
|  FactSet Research Systems, Inc. | 731 | 326962 |
|  Franklin Resources, Inc. | 5598 | 133512 |
|  Goldman Sachs Group, Inc. (The) | 5687 | 4024974 |
|  Intercontinental Exchange, Inc. | 42121 | 7727940 |
|  Invesco Ltd. | 8878 | 140006 |
|  KKR & Co., Inc. | 34686 | 4614279 |
|  MarketAxess Holdings, Inc. | 660 | 147404 |
|  Moody's Corp. | 2875 | 1442071 |
|  Morgan Stanley | 22981 | 3237104 |

---

See Notes to Financial Statements.

944

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MSCI, Inc. | 1442 | $| 831659 |
|  Nasdaq, Inc. | 7686 |  | 687282 |
|  Northern Trust Corp. | 3556 |  | 450865 |
|  Raymond James Financial, Inc. | 3425 |  | 525292 |
|  S&P Global, Inc. | 7796 |  | 4110753 |
|  State Street Corp. | 5358 |  | 569770 |
| T. Rowe Price Group, Inc. | 4135 |  | 399027 |
|  |  |  | 47367692 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  American Express Co. | 10210 |  | 3256786 |
|  Capital One Financial Corp. | 49570 |  | 10546513 |
|  Synchrony Financial | 7220 |  | 481863 |
|  |  |  | 14285162 |
|  ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** |
|  Apollo Global Management, Inc. | 8302 |  | 1177805 |
|  Berkshire Hathaway, Inc., Class B\* | 50542 |  | 24551787 |
|  Corpay, Inc.\* | 1284 |  | 426057 |
|  Fidelity National Information Services, Inc. | 9838 |  | 800912 |
|  Fiserv, Inc.\* | 10276 |  | 1771685 |
|  Global Payments, Inc. | 4599 |  | 368104 |
|  Jack Henry & Associates, Inc. | 1404 |  | 252959 |
|  Mastercard, Inc., Class A | 22695 |  | 12753228 |
|  PayPal Holdings, Inc.\* | 17895 |  | 1329956 |
|  Toast, Inc., Class A\* | 63877 |  | 2829112 |
|  Visa, Inc., Class A | 52638 |  | 18689122 |
|  |  |  | 64950727 |
|  ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | ***Insurance (2.8%)*** |
|  Aflac, Inc. | 8917 |  | 940387 |
|  Allstate Corp. (The) | 27275 |  | 5490730 |
|  American International Group, Inc. | 107301 |  | 9183893 |
|  Aon plc, Class A | 4017 |  | 1433105 |
|  Arch Capital Group Ltd. | 19996 |  | 1820636 |
|  Arthur J Gallagher & Co. | 4724 |  | 1512247 |
|  Assurant, Inc. | 907 |  | 179123 |
|  Brown & Brown, Inc. | 5193 |  | 575748 |
|  Chubb Ltd. | 6921 |  | 2005152 |
|  Cincinnati Financial Corp. | 31447 |  | 4683087 |
|  Erie Indemnity Co., Class A | 472 |  | 163685 |
|  Everest Group Ltd. | 784 |  | 266442 |
|  Globe Life, Inc. | 1503 |  | 186808 |
|  Hartford Insurance Group, Inc. (The) | 5342 |  | 677739 |
|  Loews Corp. | 3113 |  | 285338 |
|  Marsh & McLennan Cos., Inc. | 22226 |  | 4859493 |
|  MetLife, Inc. | 10388 |  | 835403 |
|  Principal Financial Group, Inc. | 3908 |  | 310412 |
|  Progressive Corp. (The) | 51353 |  | 13704062 |
|  Prudential Financial, Inc. | 6575 |  | 706418 |
|  Slide Insurance Holdings, Inc.\* | 70434 |  | 1525600 |
|  Travelers Cos., Inc. (The) | 4211 |  | 1126611 |
|  W.R. Berkley Corp. | 5576 |  | 409669 |
|  Willis Towers Watson plc | 1854 |  | 568251 |
|  |  |  | 53450039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 229829257 |
|  **Health Care (6.7%)** | **Health Care (6.7%)** | **Health Care (6.7%)** | **Health Care (6.7%)** |
|  ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** |
|  AbbVie, Inc. | 32786 |  | 6085737 |
|  Amgen, Inc. | 17671 |  | 4933920 |
|  Biogen, Inc.\* | 2641 |  | 331683 |
|  Gilead Sciences, Inc. | 23146 |  | 2566197 |
|  Incyte Corp.\* | 3145 |  | 214175 |
|  Moderna, Inc.\* | 6756 |  | 186398 |
|  Regeneron Pharmaceuticals, Inc. | 4456 |  | 2339400 |
|  Vertex Pharmaceuticals, Inc.\* | 4769 |  | 2123159 |
|  |  |  | 18780669 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Abbott Laboratories | 46785 |  | 6363228 |
|  Align Technology, Inc.\* | 1207 |  | 228521 |
|  Baxter International, Inc. | 9355 |  | 283269 |
|  Becton Dickinson & Co. | 5333 |  | 918609 |
|  Boston Scientific Corp.\* | 27372 |  | 2940027 |
|  Cooper Cos., Inc. (The)\* | 3594 |  | 255749 |
|  Dexcom, Inc.\* | 7256 |  | 633376 |
|  Edwards Lifesciences Corp.\* | 10954 |  | 856712 |
|  GE HealthCare Technologies, Inc. | 8493 |  | 629077 |
|  Hologic, Inc.\* | 4317 |  | 281296 |
|  IDEXX Laboratories, Inc.\* | 1467 |  | 786811 |
|  Insulet Corp.\* | 1303 |  | 409377 |
|  Intuitive Surgical, Inc.\* | 6624 |  | 3599548 |
|  Medtronic plc | 23815 |  | 2075954 |
|  ResMed, Inc. | 2728 |  | 703824 |
|  Solventum Corp.\* | 2468 |  | 187173 |
|  STERIS plc | 1825 |  | 438401 |
|  Stryker Corp. | 6378 |  | 2523328 |
|  Zimmer Biomet Holdings, Inc. | 3639 |  | 331913 |
|  |  |  | 24446193 |
|  ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** | ***Health Care Providers & Services (1.8%)*** |
|  Cardinal Health, Inc. | 4311 |  | 724248 |
|  Cencora, Inc. | 3205 |  | 961019 |
|  Centene Corp.\* | 9210 |  | 499919 |
|  Cigna Group (The) | 27185 |  | 8986817 |
|  CVS Health Corp. | 23416 |  | 1615236 |
|  DaVita, Inc.\* | 836 |  | 119088 |
|  Elevance Health, Inc. | 14069 |  | 5472278 |
|  HCA Healthcare, Inc. | 3210 |  | 1229751 |
|  Henry Schein, Inc.\* | 2351 |  | 171740 |
|  Humana, Inc. | 2241 |  | 547880 |
|  Labcorp Holdings, Inc. | 1549 |  | 406628 |
|  McKesson Corp. | 4253 |  | 3116513 |
|  Molina Healthcare, Inc.\* | 1031 |  | 307135 |
|  Quest Diagnostics, Inc. | 2046 |  | 367523 |
|  UnitedHealth Group, Inc. | 31542 |  | 9840158 |
|  Universal Health Services, Inc., Class B | 1132 |  | 205062 |
|  |  |  | 34570995 |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** |
|  Agilent Technologies, Inc. | 5298 |  | 625217 |
|  Bio-Techne Corp. | 2686 |  | 138195 |
|  Charles River Laboratories International, Inc.\* | 847 |  | 128515 |
|  Danaher Corp. | 18357 |  | 3626242 |
|  IQVIA Holdings, Inc.\* | 3089 |  | 486795 |
|  Mettler-Toledo International, Inc.\* | 1503 |  | 1765604 |

---

See Notes to Financial Statements.

945

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Revvity, Inc. | 2090 | $| 202145 |
|  Thermo Fisher Scientific, Inc. | 6996 |  | 2836598 |
|  Waters Corp.\* | 1071 |  | 373822 |
|  West Pharmaceutical Services, Inc. | 1345 |  | 294286 |
|  |  |  | 10477419 |
|  ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** |
|  Bristol-Myers Squibb Co. | 70318 |  | 3255020 |
|  Eli Lilly & Co. | 18141 |  | 14141454 |
|  Johnson & Johnson | 44536 |  | 6802874 |
|  Merck & Co., Inc. | 46538 |  | 3683948 |
|  Pfizer, Inc. | 105248 |  | 2551212 |
|  Royalty Pharma plc, Class A | 56289 |  | 2028093 |
|  Viatris, Inc. | 23410 |  | 209051 |
|  Zoetis, Inc. | 49231 |  | 7677574 |
|  |  |  | 40349226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 128624502 |
|  **Industrials (6.8%)** | **Industrials (6.8%)** | **Industrials (6.8%)** | **Industrials (6.8%)** |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** |
|  ATI, Inc.\* | 36503 |  | 3151669 |
|  Axon Enterprise, Inc.\* | 1345 |  | 1113579 |
|  Boeing Co. (The)\* | 13930 |  | 2918753 |
|  GE Aerospace | 36334 |  | 9352008 |
|  General Dynamics Corp. | 4713 |  | 1374594 |
|  Howmet Aerospace, Inc. | 7522 |  | 1400070 |
|  Huntington Ingalls Industries, Inc. | 698 |  | 168539 |
|  L3Harris Technologies, Inc. | 3497 |  | 877187 |
|  Lockheed Martin Corp. | 3833 |  | 1775216 |
|  Northrop Grumman Corp. | 2527 |  | 1263449 |
|  RTX Corp. | 24740 |  | 3612535 |
|  Textron, Inc. | 3492 |  | 280373 |
|  TransDigm Group, Inc. | 6484 |  | 9859830 |
|  |  |  | 37147802 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 2144 |  | 205717 |
|  Expeditors International of Washington, Inc. | 2683 |  | 306533 |
|  FedEx Corp. | 13000 |  | 2955030 |
|  United Parcel Service, Inc., Class B | 13583 |  | 1371068 |
|  |  |  | 4838348 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  A.O. Smith Corp. | 2082 |  | 136517 |
|  Allegion plc | 1675 |  | 241401 |
|  Builders FirstSource, Inc.\* | 2109 |  | 246099 |
|  Carrier Global Corp. | 43629 |  | 3193206 |
|  Johnson Controls International plc | 12260 |  | 1294901 |
|  Lennox International, Inc. | 619 |  | 354836 |
|  Masco Corp. | 3855 |  | 248108 |
|  Trane Technologies plc | 4099 |  | 1792944 |
|  |  |  | 7508012 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Cintas Corp. | 6370 |  | 1419682 |
|  Copart, Inc.\* | 16284 |  | 799056 |
|  Republic Services, Inc. | 3770 |  | 929720 |
|  Rollins, Inc. | 5121 |  | 288927 |
|  Veralto Corp. | 4531 |  | 457404 |
|  Waste Connections, Inc. | 5841 |  | 1090631 |
|  Waste Management, Inc. | 6783 |  | 1552086 |
|  |  |  | 6537506 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Quanta Services, Inc. | 2741 |  | 1036317 |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** |
|  AMETEK, Inc. | 4296 |  | 777404 |
|  Eaton Corp. plc | 25120 |  | 8967589 |
|  Emerson Electric Co. | 10473 |  | 1396365 |
|  GE Vernova, Inc. | 9032 |  | 4779283 |
|  Generac Holdings, Inc.\* | 1025 |  | 146790 |
|  Hubbell, Inc., Class B | 995 |  | 406368 |
|  Rockwell Automation, Inc. | 2100 |  | 697557 |
|  |  |  | 17171356 |
|  ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** |
|  CSX Corp. | 34764 |  | 1134349 |
|  JB Hunt Transport Services, Inc. | 1456 |  | 209082 |
|  Norfolk Southern Corp. | 4205 |  | 1076354 |
|  Old Dominion Freight Line, Inc. | 3481 |  | 564966 |
|  Saia, Inc.\* | 2768 |  | 758404 |
|  Uber Technologies, Inc.\* | 38797 |  | 3619760 |
|  Union Pacific Corp. | 11071 |  | 2547216 |
|  |  |  | 9910131 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. | 9885 |  | 1504892 |
|  Honeywell International, Inc. | 11911 |  | 2773834 |
|  |  |  | 4278726 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  Caterpillar, Inc. | 8717 |  | 3384027 |
|  Cummins, Inc. | 2553 |  | 836107 |
|  Deere & Co. | 4704 |  | 2391937 |
|  Dover Corp. | 2520 |  | 461740 |
|  Fortive Corp. | 6337 |  | 330348 |
|  IDEX Corp. | 1370 |  | 240531 |
|  Illinois Tool Works, Inc. | 4960 |  | 1226360 |
|  Ingersoll Rand, Inc. | 27382 |  | 2277635 |
|  Nordson Corp. | 967 |  | 207296 |
|  Otis Worldwide Corp. | 7364 |  | 729183 |
|  PACCAR, Inc. | 9739 |  | 925789 |
|  Parker-Hannifin Corp. | 2348 |  | 1640008 |
|  Pentair plc | 3001 |  | 308083 |
|  Snap-on, Inc. | 1012 |  | 314914 |
|  Stanley Black & Decker, Inc. | 2730 |  | 184957 |
|  Westinghouse Air Brake Technologies Corp. | 3173 |  | 664267 |
|  Xylem, Inc. | 44202 |  | 5717971 |
|  |  |  | 21841153 |
|  ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** | ***Passenger Airlines (0.1%)*** |
|  Delta Air Lines, Inc. | 11905 |  | 585488 |
|  Southwest Airlines Co. | 10503 |  | 340717 |
|  United Airlines Holdings, Inc.\* | 6108 |  | 486380 |
|  |  |  | 1412585 |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** |
|  Automatic Data Processing, Inc. | 7557 |  | 2330579 |
|  Broadridge Financial Solutions, Inc. | 2173 |  | 528104 |
|  Dayforce, Inc.\* | 31974 |  | 1771040 |
|  Equifax, Inc. | 2303 |  | 597329 |
|  Jacobs Solutions, Inc. | 2256 |  | 296551 |
|  Leidos Holdings, Inc. | 2436 |  | 384303 |
|  Paychex, Inc. | 5952 |  | 865778 |

---

See Notes to Financial Statements.

946

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Paycom Software, Inc. | 848 | $| 196227 |
|  Verisk Analytics, Inc. | 2623 |  | 817065 |
|  |  |  | 7786976 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  Fastenal Co. | 21300 |  | 894600 |
|  FTAI Aviation Ltd. | 19165 |  | 2204742 |
|  United Rentals, Inc. | 9453 |  | 7121890 |
|  W.W. Grainger, Inc. | 796 |  | 828031 |
|  |  |  | 11049263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 130518175 |
|  **Information Technology (23.4%)** | **Information Technology (23.4%)** | **Information Technology (23.4%)** | **Information Technology (23.4%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Arista Networks, Inc.\* | 19185 |  | 1962817 |
|  Cisco Systems, Inc. | 73968 |  | 5131900 |
|  F5, Inc.\* | 1040 |  | 306093 |
|  Juniper Networks, Inc. | 6149 |  | 245530 |
|  Motorola Solutions, Inc. | 15644 |  | 6577676 |
|  |  |  | 14224016 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Amphenol Corp., Class A | 22492 |  | 2221085 |
|  CDW Corp. | 2475 |  | 442010 |
|  Corning, Inc. | 14317 |  | 752931 |
|  Jabil, Inc. | 1978 |  | 431402 |
|  Keysight Technologies, Inc.\* | 3197 |  | 523860 |
|  Ralliant Corp.\* | 2112 |  | 102427 |
|  TE Connectivity plc | 5541 |  | 934601 |
|  Teledyne Technologies, Inc.\* | 855 |  | 438025 |
|  Trimble, Inc.\* | 4448 |  | 337959 |
|  Zebra Technologies Corp., Class A\* | 950 |  | 292942 |
|  |  |  | 6477242 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Accenture plc, Class A | 17252 |  | 5156450 |
|  Akamai Technologies, Inc.(x)\* | 2852 |  | 227475 |
|  Cognizant Technology Solutions Corp., Class A | 9186 |  | 716784 |
|  EPAM Systems, Inc.\* | 1127 |  | 199276 |
|  Gartner, Inc.\* | 1427 |  | 576822 |
|  GoDaddy, Inc., Class A\* | 2623 |  | 472297 |
|  International Business Machines Corp. | 35911 |  | 10585845 |
|  VeriSign, Inc. | 1511 |  | 436377 |
|  |  |  | 18371326 |
|  ***Semiconductors & Semiconductor Equipment (9.6%)*** | ***Semiconductors & Semiconductor Equipment (9.6%)*** | ***Semiconductors & Semiconductor Equipment (9.6%)*** | ***Semiconductors & Semiconductor Equipment (9.6%)*** |
|  Advanced Micro Devices, Inc.\* | 30096 |  | 4270622 |
|  Analog Devices, Inc. | 9214 |  | 2193116 |
|  Applied Materials, Inc. | 15094 |  | 2763259 |
|  Broadcom, Inc. | 134080 |  | 36959152 |
|  Enphase Energy, Inc.\* | 2737 |  | 108522 |
|  First Solar, Inc.\* | 1949 |  | 322637 |
|  Intel Corp. | 80417 |  | 1801341 |
|  KLA Corp. | 6414 |  | 5745276 |
|  Lam Research Corp. | 23840 |  | 2320586 |
|  Microchip Technology, Inc. | 9915 |  | 697719 |
|  Micron Technology, Inc. | 60829 |  | 7497174 |
|  Monolithic Power Systems, Inc. | 9333 |  | 6825969 |
|  NVIDIA Corp. | 587439 |  | 92809488 |
|  NXP Semiconductors NV | 4720 |  | 1031273 |
|  ON Semiconductor Corp.\* | 7675 |  | 402247 |
|  QUALCOMM, Inc. | 20322 |  | 3236482 |
|  Skyworks Solutions, Inc. | 3005 |  | 223933 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 48310 |  | 10941732 |
|  Teradyne, Inc. | 2957 |  | 265893 |
|  Texas Instruments, Inc. | 16907 |  | 3510231 |
|  |  |  | 183926652 |
|  ***Software (8.4%)*** | ***Software (8.4%)*** | ***Software (8.4%)*** | ***Software (8.4%)*** |
|  Adobe, Inc.\* | 7899 |  | 3055965 |
|  ANSYS, Inc.\* | 1614 |  | 566869 |
|  Atlassian Corp., Class A\* | 12902 |  | 2620267 |
|  Autodesk, Inc.\* | 3993 |  | 1236113 |
|  Cadence Design Systems, Inc.\* | 5094 |  | 1569716 |
|  Crowdstrike Holdings, Inc., Class A\* | 4575 |  | 2330093 |
|  Fair Isaac Corp.\* | 453 |  | 828066 |
|  Fortinet, Inc.\* | 11815 |  | 1249082 |
|  Gen Digital, Inc. | 10597 |  | 311552 |
|  Intuit, Inc. | 5199 |  | 4094888 |
|  Microsoft Corp. | 202731 |  | 100840427 |
|  Oracle Corp. | 30128 |  | 6586885 |
|  Palantir Technologies, Inc., Class A\* | 39423 |  | 5374143 |
|  Palo Alto Networks, Inc.\* | 12297 |  | 2516458 |
|  PTC, Inc.\* | 2235 |  | 385180 |
|  Roper Technologies, Inc. | 1991 |  | 1128579 |
|  Salesforce, Inc. | 33165 |  | 9043764 |
|  ServiceNow, Inc.\* | 14031 |  | 14424991 |
|  Synopsys, Inc.\* | 2871 |  | 1471904 |
|  Tyler Technologies, Inc.\* | 781 |  | 463008 |
|  Workday, Inc., Class A\* | 3974 |  | 953760 |
|  |  |  | 161051710 |
|  ***Technology Hardware, Storage & Peripherals (3.3%)*** | ***Technology Hardware, Storage & Peripherals (3.3%)*** | ***Technology Hardware, Storage & Peripherals (3.3%)*** | ***Technology Hardware, Storage & Peripherals (3.3%)*** |
|  Apple, Inc. | 293957 |  | 60311158 |
|  Dell Technologies, Inc., Class C | 5462 |  | 669641 |
|  Hewlett Packard Enterprise Co. | 24393 |  | 498837 |
|  HP, Inc. | 17233 |  | 421519 |
|  NetApp, Inc. | 3776 |  | 402333 |
|  Seagate Technology Holdings plc | 3932 |  | 567505 |
|  Super Micro Computer, Inc.\* | 9161 |  | 448981 |
|  Western Digital Corp. | 6354 |  | 406592 |
|  |  |  | 63726566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 447777512 |
|  **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** |
|  ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** | ***Chemicals (1.2%)*** |
|  Air Products and Chemicals, Inc. | 9722 |  | 2742187 |
|  Albemarle Corp.(x) | 2210 |  | 138501 |
|  CF Industries Holdings, Inc. | 3149 |  | 289708 |
|  Corteva, Inc. | 31764 |  | 2367371 |
|  Dow, Inc. | 13047 |  | 345484 |
|  DuPont de Nemours, Inc. | 7764 |  | 532533 |
|  Eastman Chemical Co. | 1964 |  | 146632 |
|  Ecolab, Inc. | 4680 |  | 1260979 |
|  International Flavors & Fragrances, Inc. | 4749 |  | 349289 |
|  Linde plc | 12871 |  | 6038816 |
|  LyondellBasell Industries NV, Class A | 4653 |  | 269223 |
|  Mosaic Co. (The) | 5788 |  | 211146 |
|  PPG Industries, Inc. | 4309 |  | 490149 |
|  Sherwin-Williams Co. (The) | 23533 |  | 8080291 |
|  |  |  | 23262309 |

---

See Notes to Financial Statements.

947

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Martin Marietta Materials, Inc. | 1135 | $623070 |
|  Vulcan Materials Co. | 2453 | 639791 |
|  |  | 1262861 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor plc | 41921 | 385254 |
|  Avery Dennison Corp. | 1449 | 254256 |
|  Ball Corp. | 4937 | 276917 |
|  International Paper Co. | 9647 | 451769 |
|  Packaging Corp. of America | 1656 | 312073 |
|  Smurfit WestRock plc | 9022 | 389299 |
|  |  | 2069568 |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Freeport-McMoRan, Inc. | 26689 | 1156968 |
|  Newmont Corp. | 20560 | 1197825 |
|  Nucor Corp. | 4361 | 564924 |
|  Steel Dynamics, Inc. | 2583 | 330650 |
|  |  | 3250367 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 29845105 |
|  **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 2717 | 197336 |
|  Healthpeak Properties, Inc. (REIT) | 12563 | 219978 |
|  Ventas, Inc. (REIT) | 8119 | 512715 |
|  Welltower, Inc. (REIT) | 27540 | 4233724 |
|  |  | 5163753 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Host Hotels & Resorts, Inc. (REIT) | 12524 | 192369 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Prologis, Inc. (REIT) | 17214 | 1809536 |
|  ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** | ***Office REITs (0.0%)†*** |
|  BXP, Inc. (REIT) | 2843 | 191817 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 5490 | 769259 |
|  CoStar Group, Inc.\* | 7827 | 629291 |
|  |  | 1398550 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  AvalonBay Communities, Inc. (REIT) | 2638 | 536833 |
|  Camden Property Trust (REIT) | 1929 | 217379 |
|  Equity Residential (REIT) | 6347 | 428359 |
|  Essex Property Trust, Inc. (REIT) | 1171 | 331861 |
|  Invitation Homes, Inc. (REIT) | 11036 | 361981 |
|  Mid-America Apartment Communities, Inc. (REIT) | 2171 | 321330 |
|  UDR, Inc. (REIT) | 5364 | 219012 |
|  |  | 2416755 |
|  ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** | ***Retail REITs (0.1%)*** |
|  Federal Realty Investment Trust (REIT) | 1381 | 131181 |
|  Kimco Realty Corp. (REIT) | 13001 | 273281 |
|  Realty Income Corp. (REIT) | 16841 | 970210 |
|  Regency Centers Corp. (REIT) | 3145 | 224018 |
|  Simon Property Group, Inc. (REIT) | 5696 | 915689 |
|  |  | 2514379 |
|  ***Specialized REITs (0.5%)*** | ***Specialized REITs (0.5%)*** | ***Specialized REITs (0.5%)*** |
|  American Tower Corp. (REIT) | 8679 | 1918233 |
|  Crown Castle, Inc. (REIT) | 8071 | 829134 |
|  Digital Realty Trust, Inc. (REIT) | 5877 | 1024537 |
|  Equinix, Inc. (REIT) | 1808 | 1438210 |
|  Extra Space Storage, Inc. (REIT) | 3937 | 580471 |
|  Iron Mountain, Inc. (REIT) | 5455 | 559519 |
|  Public Storage (REIT) | 2927 | 858840 |
|  SBA Communications Corp. (REIT) | 1997 | 468976 |
|  VICI Properties, Inc. (REIT), Class A | 19578 | 638243 |
|  Weyerhaeuser Co. (REIT) | 13428 | 344965 |
|  |  | 8661128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 22348287 |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
|  ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** |
|  Alliant Energy Corp. | 4665 | 282092 |
|  American Electric Power Co., Inc. | 87083 | 9035732 |
|  Constellation Energy Corp. | 23251 | 7504493 |
|  Duke Energy Corp. | 58950 | 6956100 |
|  Edison International | 7098 | 366257 |
|  Entergy Corp. | 8376 | 696213 |
|  Evergy, Inc. | 4215 | 290540 |
|  Eversource Energy | 6693 | 425809 |
|  Exelon Corp. | 132686 | 5761226 |
|  FirstEnergy Corp. | 9382 | 377719 |
|  NextEra Energy, Inc. | 103417 | 7179208 |
|  NRG Energy, Inc. | 3577 | 574395 |
|  PG&E Corp. | 40739 | 567902 |
|  Pinnacle West Capital Corp. | 2155 | 192808 |
|  PPL Corp. | 89762 | 3042034 |
|  Southern Co. (The) | 20349 | 1868649 |
|  Xcel Energy, Inc. | 61713 | 4202655 |
|  |  | 49323832 |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** |
|  Atmos Energy Corp. | 41796 | 6441181 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** |
|  AES Corp. (The) | 12327 | 129680 |
|  Vistra Corp. | 6319 | 1224685 |
|  |  | 1354365 |
|  ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** |
|  Ameren Corp. | 5013 | 481448 |
|  CenterPoint Energy, Inc. | 108953 | 4002933 |
|  CMS Energy Corp. | 5431 | 376260 |
|  Consolidated Edison, Inc. | 6759 | 678266 |
|  Dominion Energy, Inc. | 15601 | 881768 |
|  DTE Energy Co. | 24589 | 3257059 |
|  NiSource, Inc. | 115484 | 4658625 |
|  Public Service Enterprise Group, Inc. | 9253 | 778918 |
|  Sempra | 12220 | 925909 |
|  WEC Energy Group, Inc. | 5900 | 614780 |
|  |  | 16655966 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 22835 | 3176577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 76951921 |
|  **Total Common Stocks (80.4%)** (Cost $584,360,291) |  | 1541605754 |

---

See Notes to Financial Statements.

948

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  ***Equity (9.2%)*** | ***Equity (9.2%)*** | ***Equity (9.2%)*** |
|  iShares Core S&P 500 ETF | 103844 | $64476740 |
|  iShares Morningstar Growth ETF | 33990 | 3293631 |
|  iShares Morningstar U.S. Equity ETF(x)‡ | 348108 | 29860704 |
|  iShares Morningstar Value ETF | 31526 | 2628953 |
|  iShares Russell 1000 ETF | 96999 | 32937950 |
|  SPDR Portfolio S&P 500 Growth ETF | 5600 | 533792 |
|  SPDR Portfolio S&P 500 Value ETF(x) | 82600 | 4323284 |
|  Vanguard Growth ETF | 6300 | 2761920 |
|  Vanguard Large-Cap ETF(x) | 103113 | 29418139 |
|  Vanguard Russell 1000 Growth ETF | 24200 | 2642640 |
|  Vanguard Russell 1000 Value ETF(x) | 23300 | 1985393 |
|  Vanguard Value ETF(x) | 13100 | 2315294 |
|  **Total Exchange Traded Funds (9.2%)**<br> *(Cost $40,632,437)* | **Total Exchange Traded Funds (9.2%)**<br> *(Cost $40,632,437)* | 177178440 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.1%)** | **Investment Companies (4.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26%<br>(7 day yield) (xx) | 2988857 | 2988857 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47%<br>(7 day yield) | 75339803 | 75354871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 78343728 |
|  **Total Short-Term Investments (4.1%)**<br> *(Cost $78,343,215)* | **Total Short-Term Investments (4.1%)**<br> *(Cost $78,343,215)* | 78343728 |
|  **Total Investments in Securities (93.7%)**<br> *(Cost $703,335,943)* | **Total Investments in Securities (93.7%)**<br> *(Cost $703,335,943)* | 1797127922 |
|  **Other Assets Less Liabilities (6.3%)** | **Other Assets Less Liabilities (6.3%)** | 120899591 |
|  **Net Assets (100%)** |  | $1918027513 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,285,775. This was collateralized by $1,469,390 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.875%, maturing 7/15/25 – 11/15/54 and by cash of $2,988,857 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

949

------

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30, 2025<br>($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 2701 | 3115309 |  | (322590) | 174021 | (132716) | 2834024 | 29572 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar U.S. Equity ETF (x) | 348108 | 29169553 |  | (908399) | 638614 | 960936 | 29860704 | 168842 |  |
|  **Total** |  | **32284862** |  | **(1230989)** | **812635** | **828220** | **32694728** | **198414** |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 604 | 9/2025 | USD | 188863250 | 5650575 |
|  |  |  |  |  | 5650575 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184178869 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184178869 |
|  Consumer Discretionary | 148404204 |  |  | 148404204 |
|  Consumer Staples | 98316345 |  |  | 98316345 |
|  Energy | 44811577 |  |  | 44811577 |
|  Financials | 229829257 |  |  | 229829257 |
|  Health Care | 128624502 |  |  | 128624502 |
|  Industrials | 130518175 |  |  | 130518175 |
|  Information Technology | 447777512 |  |  | 447777512 |
|  Materials | 29845105 |  |  | 29845105 |
|  Real Estate | 22348287 |  |  | 22348287 |
|  Utilities | 76951921 |  |  | 76951921 |
|  **Exchange Traded Funds** | 177178440 |  |  | 177178440 |
|  **Futures** | 5650575 |  |  | 5650575 |

---

See Notes to Financial Statements.

950

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $78343728 | $— | $— | $78343728 |
|  **Total Assets** | $**1802778497** | $**—** | $**—** | $**1802778497** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1802778497** | $**—** | $**—** | $**1802778497** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $5650575 \* |
|  **Total** |  | $5650575 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(62731237) | $(62731237) |
|  **Total** | $(62731237) | $(62731237) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $12169726 | $12169726 |
|  **Total** | $12169726 | $12169726 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;191211000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 303095000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;331346757 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $510030881 |

---

See Notes to Financial Statements.

951

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1118987122 |
|  Aggregate gross unrealized depreciation | (17045673) |
|  Net unrealized appreciation | $1101941449 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $700837048 |

---

For the six months ended June 30, 2025 the Portfolio incurred approximately $2,298 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

952

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EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $6,064,827) | $32694728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $697,271,116) | 1764433194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 110175796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 13182600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1810365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 932762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 907119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 100267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 19943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1924261012 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2988857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1502328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 738036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 304548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 281601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 183164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 233730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6233499 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1918027513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $809183671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1108843842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1918027513 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,404,772,258 / 126,267,529 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.13 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $513,255,255 / 45,997,312 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.16 |

---

*(x)* *Includes value of securities on loan of $4,285,775.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($198,414 of dividend income received from affiliates) (net of $17,519 foreign withholding tax) | $12956278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2704728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 19177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15680183 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4533300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1734637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1177282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 106864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 69726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 66787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 31873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 26774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7747243 |
|  **NET INVESTMENT INCOME (LOSS)** | 7932940 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($812,635 realized gain (loss) from affiliates) | 131776357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (62731237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 69045120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($828,220 of change in unrealized appreciation (depreciation) from affiliates) | (52607092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12169726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (40437366) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 28607754 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $36540694 |

---

See Notes to Financial Statements.

953

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#### EQ ADVISORS TRUST
EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7932940 | $17358034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 69045120 | 354982534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (40437366) | 67734279 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 36540694 | 440074847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (273894173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (99470476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (373364649) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 12,400 shares, respectively ] |  | 142517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (600511) shares, respectively ] |  | (7381517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (69979) shares, respectively ] |  | (809815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (8048815) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 939,860 and 1,606,849 shares, respectively ] | 9976637 | 19219759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 600,307 shares, respectively ] |  | 7381517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 23,949,088 shares, respectively ] |  | 273894173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11357801) and (22300892) shares, respectively ] | (121439851) | (267779201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (111463214) | 32716248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 27,342 and 453,664 shares, respectively ] | 289892 | 5672339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,678,397 shares, respectively ] |  | 99470476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2972993) and (16579493) shares, respectively ] | (31761553) | (196596481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (31471661) | (91453666) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (142934875) | (66786233) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (106394181) | (76035) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2024421694 | 2024497729 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1918027513 | $2024421694 |

---

See Notes to Financial Statements.

954

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.90 | $10.66 | $9.49 | $12.78 | $11.62 | $11.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 | 0.09 | 0.09 | 0.08 | 0.05 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | 2.48 | 2.14 | (2.43) | 3.07 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | 2.57 | 2.23 | (2.35) | 3.12 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.12) | (0.19) |  | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.21) | (0.87) | (0.94) | (1.91) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.33) | (1.06) | (0.94) | (1.96) | (1.43) |
|  Net asset value, end of period | $11.13 | $10.90 | $10.66 | $9.49 | $12.78 | $11.62 |
|  Total return (b) | 2.11% | 23.62% | 23.98% | (18.42) | 27.31% | 16.36% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $1404772 | $1489983 | $1415755 | $1306856 | $1828419 | $1655697 |
|  Ratio of expenses to average net assets (a)(f) | 0.89% | 0.88% | 0.89% | 0.87 | 0.86% | 0.87% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.77% | 0.77% | 0.84% | 0.74 | 0.38% | 0.67% |
|  Portfolio turnover rate^ | 19 %(z) | 35% | 30% | 31 | 31% | 31% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.92 | $10.67 | $9.50 | $12.79 | $11.62 | $11.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.12 | 0.11 | 0.11 | 0.08 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | 2.49 | 2.14 | (2.43) | 3.08 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 2.61 | 2.25 | (2.32) | 3.16 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.15) | (0.21) | (0.03) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.21) | (0.87) | (0.94) | (1.91) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.36) | (1.08) | (0.97) | (1.99) | (1.46) |
|  Net asset value, end of period | $11.16 | $10.92 | $10.67 | $9.50 | $12.79 | $11.62 |
|  Total return (b) | 2.20% | 23.96% | 24.24% | (18.20)% | 27.66% | 16.61% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;513255 | $&nbsp;&nbsp;&nbsp;&nbsp;534438 | $&nbsp;&nbsp;&nbsp;&nbsp;601731 | $&nbsp;&nbsp;&nbsp;&nbsp;563043 | $&nbsp;&nbsp;&nbsp;&nbsp;874407 | $&nbsp;&nbsp;&nbsp;&nbsp;809692 |
|  Ratio of expenses to average net assets (a)(f) | 0.64% | 0.63% | 0.64% | 0.62% | 0.61% | 0.62% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.02% | 1.02% | 1.08% | 0.98% | 0.63% | 0.92% |
|  Portfolio turnover rate^ | 19 %(z) | 35% | 30% | 31% | 31% | 31% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

955

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (11.4%)** |  |  |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 14189 | $663052 |
|  Iridium Communications, Inc. | 668 | 20153 |
|  |  | 683205 |
|  ***Entertainment (2.7%)*** | ***Entertainment (2.7%)*** | ***Entertainment (2.7%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 627 | 59540 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 5798 | 605891 |
|  Live Nation Entertainment, Inc. (x)\* | 14100 | 2133048 |
|  Netflix, Inc.\* | 37763 | 50569566 |
|  ROBLOX Corp., Class A\* | 50204 | 5281461 |
|  Roku, Inc.\* | 1490 | 130956 |
|  Spotify Technology SA\* | 13706 | 10517162 |
|  Take-Two Interactive Software, Inc.\* | 5407 | 1313090 |
|  TKO Group Holdings, Inc., Class A | 2609 | 474708 |
|  |  | 71085422 |
|  ***Interactive Media & Services (8.6%)*** | ***Interactive Media & Services (8.6%)*** | ***Interactive Media & Services (8.6%)*** |
|  Alphabet, Inc., Class A | 334096 | 58877738 |
|  Alphabet, Inc., Class C | 272035 | 48256289 |
|  Meta Platforms, Inc., Class A | 159848 | 117982210 |
|  Pinterest, Inc., Class A\* | 26136 | 937237 |
|  Reddit, Inc., Class A\* | 10387 | 1563971 |
|  Trump Media & Technology Group Corp.\* | 5008 | 90344 |
|  |  | 227707789 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  DoubleVerify Holdings, Inc.\* | 5824 | 87185 |
|  Liberty Broadband Corp., Class A\* | 311 | 30422 |
|  Liberty Broadband Corp., Class C\* | 2110 | 207582 |
|  Nexstar Media Group, Inc., Class A | 150 | 25943 |
|  Trade Desk, Inc. (The), Class A\* | 39759 | 2862250 |
|  |  | 3213382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 302689798 |
|  **Consumer Discretionary (13.4%)** | **Consumer Discretionary (13.4%)** | **Consumer Discretionary (13.4%)** |
|  ***Automobiles (3.0%)*** | ***Automobiles (3.0%)*** | ***Automobiles (3.0%)*** |
|  Tesla, Inc.\* | 250630 | 79615126 |
|  ***Broadline Retail (5.3%)*** | ***Broadline Retail (5.3%)*** | ***Broadline Retail (5.3%)*** |
|  Amazon.com, Inc.\* | 619742 | 135965198 |
|  Coupang, Inc., Class A\* | 110624 | 3314295 |
|  Etsy, Inc.\* | 5277 | 264694 |
|  |  | 139544187 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Pool Corp. | 597 | 174013 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Bright Horizons Family Solutions, Inc.\* | 655 | 80951 |
|  Duolingo, Inc., Class A\* | 3348 | 1372747 |
|  Grand Canyon Education, Inc.\* | 696 | 131544 |
|  H&R Block, Inc. | 1993 | 109396 |
|  |  | 1694638 |
|  ***Hotels, Restaurants & Leisure (2.9%)*** | ***Hotels, Restaurants & Leisure (2.9%)*** | ***Hotels, Restaurants & Leisure (2.9%)*** |
|  Airbnb, Inc., Class A\* | 37891 | 5014495 |
|  Booking Holdings, Inc. | 2723 | 15764101 |
|  Carnival Corp.\* | 29705 | 835305 |
|  Cava Group, Inc. (x)\* | 8890 | 748805 |
|  Chipotle Mexican Grill, Inc.\* | 119517 | 6710880 |
|  Choice Hotels International, Inc. (x) | 734 | 93130 |
|  Churchill Downs, Inc. | 4883 | 493183 |
|  Darden Restaurants, Inc. | 9887 | 2155069 |
|  Domino's Pizza, Inc. | 860 | 387516 |
|  DoorDash, Inc., Class A\* | 31968 | 7880432 |
|  DraftKings, Inc., Class A\* | 42820 | 1836550 |
|  Dutch Bros, Inc., Class A\* | 10304 | 704484 |
|  Expedia Group, Inc. | 10781 | 1818539 |
|  Flutter Entertainment plc, Class DI\* | 12914 | 3690305 |
|  Hilton Worldwide Holdings, Inc. | 20782 | 5535078 |
|  Las Vegas Sands Corp. | 28537 | 1241645 |
|  Light & Wonder, Inc.\* | 7373 | 709725 |
|  Marriott International, Inc., Class A | 15562 | 4251694 |
|  McDonald's Corp. | 3601 | 1052104 |
|  Norwegian Cruise Line Holdings Ltd.\* | 35567 | 721299 |
|  Planet Fitness, Inc., Class A\* | 7476 | 815258 |
|  Restaurant Brands International, Inc. (x) | 18376 | 1218145 |
|  Royal Caribbean Cruises Ltd. | 22575 | 7069135 |
|  Starbucks Corp. | 13404 | 1228208 |
|  Texas Roadhouse, Inc., Class A | 5897 | 1105157 |
|  Travel + Leisure Co. | 1836 | 94756 |
|  Vail Resorts, Inc. | 2611 | 410266 |
|  Viking Holdings Ltd.\* | 18110 | 965082 |
|  Wendy's Co. (The) | 6355 | 72574 |
|  Wingstop, Inc. | 2475 | 833431 |
|  Wyndham Hotels & Resorts, Inc. | 6059 | 492051 |
|  Yum! Brands, Inc. | 8345 | 1236562 |
|  |  | 77184964 |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** |
|  SharkNinja, Inc. (x)\* | 1070 | 105919 |
|  Somnigroup International, Inc. | 18012 | 1225717 |
|  TopBuild Corp.\* | 182 | 58921 |
|  |  | 1390557 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  AutoZone, Inc.\* | 234 | 868662 |
|  Burlington Stores, Inc.\* | 5599 | 1302551 |
|  Carvana Co.\* | 11442 | 3855496 |
|  Chewy, Inc., Class A\* | 18634 | 794181 |
|  Floor & Decor Holdings, Inc., Class A\* | 3016 | 229095 |
|  Home Depot, Inc. (The) | 67610 | 24788531 |
|  Lithia Motors, Inc., Class A | 256 | 86482 |
|  Murphy USA, Inc. | 1602 | 651694 |
|  O'Reilly Automotive, Inc.\* | 69788 | 6289993 |
|  RH (x)\* | 230 | 43472 |
|  Ross Stores, Inc. | 5736 | 731799 |
|  TJX Cos., Inc. (The) | 49831 | 6153630 |
|  Tractor Supply Co. | 47365 | 2499451 |
|  Ulta Beauty, Inc.\* | 1006 | 470627 |
|  Valvoline, Inc. (x)\* | 10030 | 379836 |
|  Wayfair, Inc., Class A\* | 1498 | 76608 |

---

See Notes to Financial Statements.

956

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Williams-Sonoma, Inc. | 1576 | $| 257471 |
|  |  |  | 49479579 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** |
|  Birkenstock Holding plc\* | 1419 |  | 69787 |
|  Deckers Outdoor Corp.\* | 13463 |  | 1387631 |
|  Lululemon Athletica, Inc.\* | 5404 |  | 1283882 |
|  On Holding AG, Class A\* | 19626 |  | 1021533 |
|  Ralph Lauren Corp. | 256 |  | 70216 |
|  Tapestry, Inc. | 16900 |  | 1483989 |
|  |  |  | 5317038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 354400102 |
|  **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** |
|  Celsius Holdings, Inc. (x)\* | 14647 |  | 679474 |
|  Coca-Cola Co. (The) | 169313 |  | 11978895 |
|  Coca-Cola Consolidated, Inc. | 631 |  | 70451 |
|  Monster Beverage Corp.\* | 62155 |  | 3893389 |
|  PepsiCo, Inc. | 16720 |  | 2207709 |
|  |  |  | 18829918 |
|  ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** | ***Consumer Staples Distribution & Retail (1.8%)*** |
|  BJ's Wholesale Club Holdings, Inc.\* | 1722 |  | 185683 |
|  Casey's General Stores, Inc. | 494 |  | 252073 |
|  Costco Wholesale Corp. | 39549 |  | 39151137 |
|  Performance Food Group Co.\* | 1681 |  | 147037 |
|  Sprouts Farmers Market, Inc.\* | 8721 |  | 1435826 |
|  Sysco Corp. | 23150 |  | 1753381 |
|  Walmart, Inc. | 38733 |  | 3787313 |
|  |  |  | 46712450 |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Darling Ingredients, Inc.\* | 1560 |  | 59186 |
|  Freshpet, Inc. (x)\* | 1174 |  | 79785 |
|  Hershey Co. (The) | 1568 |  | 260210 |
|  |  |  | 399181 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Colgate-Palmolive Co. | 33948 |  | 3085873 |
|  Kimberly-Clark Corp. | 10663 |  | 1374674 |
|  |  |  | 4460547 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 70402096 |
|  **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** |
|  Cheniere Energy, Inc. | 8846 |  | 2154178 |
|  HF Sinclair Corp. | 1414 |  | 58087 |
|  Phillips 66 | 2596 |  | 309703 |
|  Targa Resources Corp. | 19135 |  | 3331021 |
|  Texas Pacific Land Corp. | 1714 |  | 1810652 |
|  Williams Cos., Inc. (The) | 5754 |  | 361409 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 8025050 |
|  **Financials (6.5%)** | **Financials (6.5%)** | **Financials (6.5%)** | **Financials (6.5%)** |
|  ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** |
|  Bank of America Corp. | 48562 |  | 2297954 |
|  Citigroup, Inc. | 29465 |  | 2508061 |
|  NU Holdings Ltd., Class A\* | 284480 |  | 3903065 |
|  Pinnacle Financial Partners, Inc. | 470 |  | 51893 |
|  Popular, Inc. | 540 |  | 59513 |
|  Western Alliance Bancorp | 2011 |  | 156818 |
|  |  |  | 8977304 |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  Ameriprise Financial, Inc. | 7729 |  | 4125199 |
|  Ares Management Corp., Class A | 16765 |  | 2903698 |
|  Bank of New York Mellon Corp. (The) | 4632 |  | 422022 |
|  Blackstone, Inc. | 65215 |  | 9754860 |
|  Blue Owl Capital, Inc., Class A | 54352 |  | 1044102 |
|  Brookfield Asset Management Ltd., Class A (x) | 11755 |  | 649816 |
|  Charles Schwab Corp. (The) | 13287 |  | 1212306 |
|  Coinbase Global, Inc., Class A\* | 1794 |  | 628779 |
|  FactSet Research Systems, Inc. | 221 |  | 98849 |
|  Freedom Holding Corp.\* | 1337 |  | 195269 |
|  Goldman Sachs Group, Inc. (The) | 1460 |  | 1033315 |
|  Hamilton Lane, Inc., Class A | 2322 |  | 330003 |
|  Houlihan Lokey, Inc., Class A | 1837 |  | 330568 |
|  Interactive Brokers Group, Inc., Class A | 2015 |  | 111651 |
|  Jefferies Financial Group, Inc. | 3332 |  | 182227 |
|  KKR & Co., Inc. | 15062 |  | 2003698 |
|  Lazard, Inc. | 1898 |  | 91066 |
|  LPL Financial Holdings, Inc. | 7100 |  | 2662287 |
|  Moody's Corp. | 13851 |  | 6947523 |
|  Morningstar, Inc. | 1422 |  | 446408 |
|  MSCI, Inc. | 3297 |  | 1901512 |
|  Robinhood Markets, Inc., Class A\* | 8827 |  | 826472 |
|  TPG, Inc., Class A | 10827 |  | 567876 |
|  Tradeweb Markets, Inc., Class A | 871 |  | 127514 |
|  XP, Inc., Class A | 3191 |  | 64458 |
|  |  |  | 38661478 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  Ally Financial, Inc. | 2896 |  | 112799 |
|  American Express Co. | 16047 |  | 5118672 |
|  Credit Acceptance Corp. (x)\* | 64 |  | 32604 |
|  SLM Corp. | 2568 |  | 84205 |
|  SoFi Technologies, Inc.\* | 12986 |  | 236475 |
|  |  |  | 5584755 |
|  ***Financial Services (4.1%)*** | ***Financial Services (4.1%)*** | ***Financial Services (4.1%)*** | ***Financial Services (4.1%)*** |
|  Affirm Holdings, Inc., Class A\* | 14217 |  | 982963 |
|  Apollo Global Management, Inc. | 25581 |  | 3629176 |
|  Block, Inc., Class A\* | 17957 |  | 1219819 |
|  Corpay, Inc.\* | 6055 |  | 2009170 |
|  Equitable Holdings, Inc.‡ | 27248 |  | 1528613 |
|  Fiserv, Inc.\* | 13579 |  | 2341155 |
|  Mastercard, Inc., Class A | 72491 |  | 40735593 |
|  Shift4 Payments, Inc., Class A (x)\* | 5913 |  | 586037 |
|  Toast, Inc., Class A\* | 40247 |  | 1782540 |
|  UWM Holdings Corp., Class A (x) | 1555 |  | 6438 |
|  Visa, Inc., Class A | 151762 |  | 53883098 |
|  WEX, Inc.\* | 246 |  | 36135 |
|  |  |  | 108740737 |
|  ***Insurance (0.4%)*** | ***Insurance (0.4%)*** | ***Insurance (0.4%)*** | ***Insurance (0.4%)*** |
|  Aon plc, Class A | 17282 |  | 6165526 |
|  Arthur J Gallagher & Co. | 1375 |  | 440165 |
|  Brown & Brown, Inc. | 2598 |  | 288040 |

---

See Notes to Financial Statements.

957

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Everest Group Ltd. | 526 | $| 178761 |
|  Kinsale Capital Group, Inc. | 1970 |  | 953283 |
|  Markel Group, Inc.\* | 227 |  | 453401 |
|  Marsh & McLennan Cos., Inc. | 5214 |  | 1139989 |
|  Progressive Corp. (The) | 2619 |  | 698906 |
|  RLI Corp. | 389 |  | 28094 |
|  Ryan Specialty Holdings, Inc., Class A | 9353 |  | 635911 |
|  |  |  | 10982076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 172946350 |
|  **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** |
|  ***Biotechnology (2.4%)*** | ***Biotechnology (2.4%)*** | ***Biotechnology (2.4%)*** | ***Biotechnology (2.4%)*** |
|  AbbVie, Inc. | 157851 |  | 29300303 |
|  Alnylam Pharmaceuticals, Inc.\* | 11121 |  | 3626447 |
|  Amgen, Inc. | 35351 |  | 9870353 |
|  Apellis Pharmaceuticals, Inc.\* | 9605 |  | 166263 |
|  Exact Sciences Corp.\* | 915 |  | 48623 |
|  Exelixis, Inc.\* | 19442 |  | 856906 |
|  Gilead Sciences, Inc. | 29873 |  | 3312019 |
|  Halozyme Therapeutics, Inc.\* | 10917 |  | 567902 |
|  Incyte Corp.\* | 3645 |  | 248224 |
|  Insmed, Inc.\* | 14907 |  | 1500240 |
|  Ionis Pharmaceuticals, Inc.\* | 12865 |  | 508296 |
|  Natera, Inc.\* | 11568 |  | 1954298 |
|  Neurocrine Biosciences, Inc.\* | 7382 |  | 927844 |
|  Sarepta Therapeutics, Inc.\* | 6875 |  | 117562 |
|  Summit Therapeutics, Inc.\* | 10407 |  | 221461 |
|  Ultragenyx Pharmaceutical, Inc.\* | 8002 |  | 290953 |
|  Vertex Pharmaceuticals, Inc.\* | 22914 |  | 10201313 |
|  Viking Therapeutics, Inc.\* | 766 |  | 20299 |
|  |  |  | 63739306 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Boston Scientific Corp.\* | 22671 |  | 2435092 |
|  Dexcom, Inc.\* | 34837 |  | 3040922 |
|  IDEXX Laboratories, Inc.\* | 7190 |  | 3856285 |
|  Inspire Medical Systems, Inc. (x)\* | 2548 |  | 330654 |
|  Insulet Corp.\* | 6247 |  | 1962682 |
|  Intuitive Surgical, Inc.\* | 31799 |  | 17279895 |
|  Masimo Corp.\* | 4015 |  | 675403 |
|  Penumbra, Inc.\* | 3332 |  | 855091 |
|  ResMed, Inc. | 3075 |  | 793350 |
|  Stryker Corp. | 7887 |  | 3120334 |
|  |  |  | 34349708 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Cardinal Health, Inc. | 10815 |  | 1816920 |
|  Cencora, Inc. | 16314 |  | 4891753 |
|  Chemed Corp. | 114 |  | 55510 |
|  Cigna Group (The) | 1895 |  | 626449 |
|  DaVita, Inc.\* | 3407 |  | 485327 |
|  HCA Healthcare, Inc. | 3296 |  | 1262698 |
|  McKesson Corp. | 10322 |  | 7563755 |
|  Molina Healthcare, Inc.\* | 2621 |  | 780796 |
|  |  |  | 17483208 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Doximity, Inc., Class A\* | 11633 |  | 713568 |
|  Veeva Systems, Inc., Class A\* | 10470 |  | 3015151 |
|  |  |  | 3728719 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Medpace Holdings, Inc.\* | 2035 |  | 638705 |
|  Repligen Corp.\* | 583 |  | 72513 |
|  Sotera Health Co.\* | 1331 |  | 14801 |
|  Tempus AI, Inc., Class A (x)\* | 7333 |  | 465939 |
|  Waters Corp.\* | 2775 |  | 968586 |
|  |  |  | 2160544 |
|  ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** | ***Pharmaceuticals (2.4%)*** |
|  Bristol-Myers Squibb Co. | 34935 |  | 1617141 |
|  Corcept Therapeutics, Inc.\* | 8373 |  | 614578 |
|  Eli Lilly & Co. | 71383 |  | 55645190 |
|  Zoetis, Inc. | 31718 |  | 4946422 |
|  |  |  | 62823331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 184284816 |
|  **Industrials (5.9%)** | **Industrials (5.9%)** | **Industrials (5.9%)** | **Industrials (5.9%)** |
|  ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** | ***Aerospace & Defense (1.8%)*** |
|  Axon Enterprise, Inc.\* | 6647 |  | 5503317 |
|  Boeing Co. (The)\* | 9136 |  | 1914266 |
|  BWX Technologies, Inc. | 1429 |  | 205862 |
|  GE Aerospace | 93697 |  | 24116671 |
|  HEICO Corp. | 3782 |  | 1240496 |
|  HEICO Corp., Class A | 6681 |  | 1728709 |
|  Howmet Aerospace, Inc. | 35728 |  | 6650053 |
|  Karman Holdings, Inc.\* | 2361 |  | 118924 |
|  Leonardo DRS, Inc. | 2649 |  | 123125 |
|  Loar Holdings, Inc. (x)\* | 3435 |  | 295994 |
|  Lockheed Martin Corp. | 5180 |  | 2399065 |
|  Rocket Lab Corp.\* | 34878 |  | 1247586 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 1129 |  | 43071 |
|  StandardAero, Inc.\* | 1115 |  | 35290 |
|  TransDigm Group, Inc. | 861 |  | 1309271 |
|  |  |  | 46931700 |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** |
|  AAON, Inc. | 5986 |  | 441467 |
|  Armstrong World Industries, Inc. | 1124 |  | 182583 |
|  AZEK Co., Inc. (The), Class A\* | 8601 |  | 467464 |
|  Carlisle Cos., Inc. | 449 |  | 167657 |
|  Lennox International, Inc. | 2859 |  | 1638893 |
|  Simpson Manufacturing Co., Inc. | 306 |  | 47525 |
|  Trane Technologies plc | 19863 |  | 8688275 |
|  |  |  | 11633864 |
|  ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** |
|  Cintas Corp. | 30633 |  | 6827177 |
|  Copart, Inc.\* | 73388 |  | 3601149 |
|  RB Global, Inc. | 1004 |  | 106615 |
|  Rollins, Inc. | 25006 |  | 1410838 |
|  Tetra Tech, Inc. | 4419 |  | 158907 |
|  Veralto Corp. | 8429 |  | 850908 |
|  Waste Management, Inc. | 32963 |  | 7542594 |
|  |  |  | 20498188 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Comfort Systems USA, Inc. | 3100 |  | 1662251 |
|  EMCOR Group, Inc. | 1362 |  | 728520 |
|  MasTec, Inc.\* | 1166 |  | 198722 |
|  Quanta Services, Inc. | 10165 |  | 3843183 |

---

See Notes to Financial Statements.

958

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  WillScot Holdings Corp. | 4035 | $| 110559 |
|  |  |  | 6543235 |
|  ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** |
|  GE Vernova, Inc. | 24360 |  | 12890094 |
|  Rockwell Automation, Inc. | 810 |  | 269057 |
|  Vertiv Holdings Co., Class A | 33897 |  | 4352714 |
|  |  |  | 17511865 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Avis Budget Group, Inc.\* | 516 |  | 87230 |
|  Lyft, Inc., Class A\* | 5683 |  | 89564 |
|  Old Dominion Freight Line, Inc. | 934 |  | 151588 |
|  Uber Technologies, Inc.\* | 179389 |  | 16736994 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 260 |  | 15746 |
|  U-Haul Holding Co. (New York Stock Exchange) | 3432 |  | 186598 |
|  Union Pacific Corp. | 4206 |  | 967716 |
|  XPO, Inc.\* | 2102 |  | 265461 |
|  |  |  | 18500897 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  3M Co. | 7725 |  | 1176054 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Allison Transmission Holdings, Inc. | 1271 |  | 120732 |
|  Caterpillar, Inc. | 5078 |  | 1971330 |
|  Illinois Tool Works, Inc. | 8547 |  | 2113246 |
|  RBC Bearings, Inc.\* | 560 |  | 215488 |
|  |  |  | 4420796 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Alaska Air Group, Inc.\* | 1885 |  | 93270 |
|  American Airlines Group, Inc. (x)\* | 3660 |  | 41065 |
|  Southwest Airlines Co. (x) | 4792 |  | 155452 |
|  |  |  | 289787 |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** |
|  Automatic Data Processing, Inc. | 33662 |  | 10381361 |
|  Booz Allen Hamilton Holding Corp. | 11128 |  | 1158759 |
|  Broadridge Financial Solutions, Inc. | 9433 |  | 2292502 |
|  Dayforce, Inc.\* | 1249 |  | 69182 |
|  Equifax, Inc. | 1914 |  | 496434 |
|  ExlService Holdings, Inc.\* | 14098 |  | 617351 |
|  KBR, Inc. | 861 |  | 41276 |
|  Paychex, Inc. | 8997 |  | 1308704 |
|  Paycom Software, Inc. | 2498 |  | 578037 |
|  Paylocity Holding Corp.\* | 3682 |  | 667142 |
|  Verisk Analytics, Inc. | 7484 |  | 2331266 |
|  |  |  | 19942014 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Core & Main, Inc., Class A\* | 9817 |  | 592456 |
|  Fastenal Co. | 84003 |  | 3528126 |
|  Ferguson Enterprises, Inc. | 1015 |  | 221016 |
|  FTAI Aviation Ltd. | 9075 |  | 1043988 |
|  SiteOne Landscape Supply, Inc.\* | 1266 |  | 153110 |
|  W.W. Grainger, Inc. | 3370 |  | 3505609 |
|  |  |  | 9044305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 156492705 |
|  **Information Technology (50.7%)** | **Information Technology (50.7%)** | **Information Technology (50.7%)** | **Information Technology (50.7%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  Arista Networks, Inc.\* | 91918 |  | 9404130 |
|  Lumentum Holdings, Inc.\* | 461 |  | 43823 |
|  Motorola Solutions, Inc. | 6253 |  | 2629136 |
|  Ubiquiti, Inc. | 375 |  | 154369 |
|  |  |  | 12231458 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  Amphenol Corp., Class A | 107436 |  | 10609305 |
|  CDW Corp. | 846 |  | 151087 |
|  Jabil, Inc. | 6132 |  | 1337389 |
|  |  |  | 12097781 |
|  ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** |
|  Cloudflare, Inc., Class A\* | 27495 |  | 5384346 |
|  Gartner, Inc.\* | 6675 |  | 2698168 |
|  Globant SA\* | 373 |  | 33883 |
|  GoDaddy, Inc., Class A\* | 12246 |  | 2205015 |
|  Kyndryl Holdings, Inc.\* | 1336 |  | 56059 |
|  MongoDB, Inc.\* | 669 |  | 140483 |
|  Okta, Inc.\* | 5781 |  | 577927 |
|  Snowflake, Inc., Class A\* | 27849 |  | 6231771 |
|  Twilio, Inc., Class A\* | 2151 |  | 267498 |
|  |  |  | 17595150 |
|  ***Semiconductors & Semiconductor Equipment (18.7%)*** | ***Semiconductors & Semiconductor Equipment (18.7%)*** | ***Semiconductors & Semiconductor Equipment (18.7%)*** | ***Semiconductors & Semiconductor Equipment (18.7%)*** |
|  Advanced Micro Devices, Inc.\* | 83935 |  | 11910377 |
|  Applied Materials, Inc. | 20521 |  | 3756780 |
|  Astera Labs, Inc.\* | 12758 |  | 1153578 |
|  Broadcom, Inc. | 411502 |  | 113430526 |
|  Enphase Energy, Inc.\* | 11340 |  | 449631 |
|  Entegris, Inc. | 2175 |  | 175414 |
|  KLA Corp. | 11858 |  | 10621685 |
|  Lam Research Corp. | 113930 |  | 11089946 |
|  Lattice Semiconductor Corp.\* | 10305 |  | 504842 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1398 |  | 200319 |
|  Marvell Technology, Inc. | 5375 |  | 416025 |
|  Monolithic Power Systems, Inc. | 4124 |  | 3016211 |
|  NVIDIA Corp. | 2085373 |  | 329468080 |
|  Onto Innovation, Inc.\* | 964 |  | 97297 |
|  QUALCOMM, Inc. | 22392 |  | 3566150 |
|  Texas Instruments, Inc. | 33131 |  | 6878658 |
|  |  |  | 496735519 |
|  ***Software (20.1%)*** | ***Software (20.1%)*** | ***Software (20.1%)*** | ***Software (20.1%)*** |
|  Adobe, Inc.\* | 37921 |  | 14670877 |
|  Appfolio, Inc., Class A\* | 1958 |  | 450888 |
|  AppLovin Corp., Class A\* | 21243 |  | 7436750 |
|  Atlassian Corp., Class A\* | 14420 |  | 2928558 |
|  Autodesk, Inc.\* | 18983 |  | 5876567 |
|  Bentley Systems, Inc., Class B | 14024 |  | 756875 |
|  Cadence Design Systems, Inc.\* | 24312 |  | 7491743 |
|  Confluent, Inc., Class A\* | 24663 |  | 614849 |
|  Crowdstrike Holdings, Inc., Class A\* | 21762 |  | 11083604 |
|  Datadog, Inc., Class A\* | 27486 |  | 3692194 |
|  Docusign, Inc.\* | 13521 |  | 1053151 |
|  Dropbox, Inc., Class A\* | 4774 |  | 136536 |
|  Dynatrace, Inc.\* | 26161 |  | 1444349 |
|  Elastic NV\* | 8077 |  | 681133 |

---

See Notes to Financial Statements.

959

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Fair Isaac Corp.\* | 1746 | $3191618 |
|  Fortinet, Inc.\* | 56693 | 5993584 |
|  Gen Digital, Inc. | 5316 | 156290 |
|  Gitlab, Inc., Class A\* | 11710 | 528238 |
|  Guidewire Software, Inc.\* | 7460 | 1756457 |
|  HubSpot, Inc.\* | 4531 | 2522091 |
|  Intuit, Inc. | 24329 | 19162250 |
|  Manhattan Associates, Inc.\* | 5341 | 1054687 |
|  Microsoft Corp.# | 660824 | 328700466 |
|  MicroStrategy, Inc., Class A (x)\* | 1233 | 498416 |
|  nCino, Inc. (x)\* | 1333 | 37284 |
|  Nutanix, Inc., Class A\* | 5591 | 427376 |
|  Oracle Corp. | 147539 | 32256452 |
|  Palantir Technologies, Inc., Class A\* | 194628 | 26531689 |
|  Palo Alto Networks, Inc.\* | 58528 | 11977170 |
|  Pegasystems, Inc. | 2568 | 139006 |
|  Procore Technologies, Inc.\* | 10209 | 698500 |
|  PTC, Inc.\* | 1227 | 211461 |
|  RingCentral, Inc., Class A\* | 7133 | 202221 |
|  Rubrik, Inc., Class A\* | 5163 | 462553 |
|  Salesforce, Inc. | 9318 | 2540925 |
|  Samsara, Inc., Class A\* | 23902 | 950822 |
|  SentinelOne, Inc., Class A\* | 18737 | 342512 |
|  ServiceNow, Inc.\* | 18416 | 18933121 |
|  Synopsys, Inc.\* | 12067 | 6186510 |
|  Teradata Corp.\* | 1930 | 43058 |
|  Tyler Technologies, Inc.\* | 3181 | 1885824 |
|  Unity Software, Inc. (x)\* | 1644 | 39785 |
|  Workday, Inc., Class A\* | 19171 | 4601040 |
|  Zscaler, Inc.\* | 8699 | 2730964 |
|  |  | 533080444 |
|  ***Technology Hardware, Storage & Peripherals (10.3%)*** | ***Technology Hardware, Storage & Peripherals (10.3%)*** | ***Technology Hardware, Storage & Peripherals (10.3%)*** |
|  Apple, Inc. | 1313464 | 269483409 |
|  Dell Technologies, Inc., Class C | 3877 | 475320 |
|  NetApp, Inc. | 7144 | 761193 |
|  Pure Storage, Inc., Class A\* | 23722 | 1365913 |
|  Super Micro Computer, Inc. (x)\* | 20971 | 1027789 |
|  |  | 273113624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 1344853976 |
|  **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Ecolab, Inc. | 5448 | 1467909 |
|  Sherwin-Williams Co. (The) | 18839 | 6468559 |
|  |  | 7936468 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. | 179 | 36178 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Anglogold Ashanti plc (x) | 5442 | 247992 |
|  Carpenter Technology Corp. | 758 | 209496 |
|  Steel Dynamics, Inc. | 1200 | 153612 |
|  |  | 611100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 8583746 |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 2910 | 407749 |
|  CoStar Group, Inc.\* | 4610 | 370644 |
|  Jones Lang LaSalle, Inc.\* | 1131 | 289287 |
|  |  | 1067680 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  Sun Communities, Inc. (REIT) | 2155 | 272586 |
|  UDR, Inc. (REIT) | 1609 | 65695 |
|  |  | 338281 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Simon Property Group, Inc. (REIT) | 6406 | 1029829 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  American Tower Corp. (REIT) | 41678 | 9211672 |
|  Lamar Advertising Co. (REIT), Class A | 7806 | 947336 |
|  Public Storage (REIT) | 1852 | 543414 |
|  |  | 10702422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 13138212 |
|  **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  NRG Energy, Inc. | 17657 | 2835361 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Vistra Corp. | 30143 | 5842015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 8677376 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $599,001,258)* |  | 2624494227 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1334970 | 1334970 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $1,334,970)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $1,334,970)* | 1334970 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $600,336,228)* |  | 2625829197 |
|  **Other Assets Less Liabilities (0.9%)** |  | 24860124 |
|  **Net Assets (100%)** |  | $2650689321 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $9,948,200.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

See Notes to Financial Statements.

960

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $7,178,006. This was collateralized by $5,927,735 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.000%, maturing 7/15/25 – 5/15/54 and by cash of $1,334,970 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 27248 | 1359722 | 8786 | (87575) | 43455 | 204225 | 1528613 | 13964 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 80 | 9/2025 | USD | 25015000 | 891035 |
|  |  |  |  |  | 891035 |

---

See Notes to Financial Statements.

961

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $302689798 | $— | $— | $302689798 |
|  Consumer Discretionary | 354400102 |  |  | 354400102 |
|  Consumer Staples | 70402096 |  |  | 70402096 |
|  Energy | 8025050 |  |  | 8025050 |
|  Financials | 172946350 |  |  | 172946350 |
|  Health Care | 184284816 |  |  | 184284816 |
|  Industrials | 156492705 |  |  | 156492705 |
|  Information Technology | 1344853976 |  |  | 1344853976 |
|  Materials | 8583746 |  |  | 8583746 |
|  Real Estate | 13138212 |  |  | 13138212 |
|  Utilities | 8677376 |  |  | 8677376 |
|  **Futures** | 891035 |  |  | 891035 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1334970 |  |  | 1334970 |
|  **Total Assets** | $**2626720232** | $**—** | $**—** | $**2626720232** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**2626720232** | $**—** | $**—** | $**2626720232** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $891035 \* |
|  **Total** |  | $891035 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1478044) | $(1478044) |
|  **Total** | $(1478044) | $(1478044) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $1329612 | $1329612 |
|  **Total** | $1329612 | $1329612 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

See Notes to Financial Statements.

962

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $16743000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $292209199.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $407436758.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2034080153 |
|  Aggregate gross unrealized depreciation | (7541843) |
|  Net unrealized appreciation | $2026538310 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $600181922 |

---

See Notes to Financial Statements.

963

------

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $697,696) | $1528613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $599,638,532) | 2624300584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 28273732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 733673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 680867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 586682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 120008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2656251535 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 2119877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1334970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 713447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 586682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 519053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 187940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 100245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5562214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2650689321 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $436558359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2214130962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2650689321 |
|  **Class IB** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $2,617,435,490 / 93,986,873 shares outstanding (unlimited amount authorized: $0.01 par value) | $27.85 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $33,253,831 / 1,132,914 shares outstanding (unlimited amount authorized: $0.01 par value) | $29.35 |

---

*(x)* *Includes value of securities on loan of $7,178,006.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($13,964 of dividend income received from affiliates) (net of $13,766 foreign withholding tax) | $7936320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 341356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 5276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8282952 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4176333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3023134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1112225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 89595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 50349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 41003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 92433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8661408 |
|  **NET INVESTMENT INCOME (LOSS)** | (378456) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($43,455 realized gain (loss) from affiliates) | 185715413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1478044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 184237369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($204,225 of change in unrealized appreciation (depreciation) from affiliates) | (44045427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1329612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (42715815) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 141521554 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $141143098 |

---

See Notes to Financial Statements.

964

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(378456) | $(214265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 184237369 | 171432117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (42715815) | 493150510 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 141143098 | 664368362 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (177515739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (2677264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (180193003) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 271,292 shares, respectively ] |  | 6594846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5202250) shares, respectively ] |  | (139279483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (490996) shares, respectively ] |  | (11910828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (144595465) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,443,007 and 7,589,095 shares, respectively ] | 86834565 | 188827361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,439,992 shares, respectively ] |  | 139279483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 6,556,786 shares, respectively ] |  | 177515739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7109786) and (13900755) shares, respectively ] | (180947585) | (344367255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (94113020) | 161255328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 153,956 and 288,283 shares, respectively ] | 4146991 | 7408148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 93,985 shares, respectively ] |  | 2677264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (474110) and (1665108) shares, respectively ] | (13031024) | (42233258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (8884033) | (32147846) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (102997053) | (15487983) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 38146045 | 468687376 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2612543276 | 2143855900 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2650689321 | $2612543276 |

---

See Notes to Financial Statements.

965

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $26.34 | $21.33 | $15.68 | $24.17 | $20.77 | $16.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) |  |  | 0.05 | 0.05 | 0.01 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.51 | 6.94 | 6.44 | (7.11) | 5.52 | 5.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 6.94 | 6.49 | (7.06) | 5.53 | 5.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.01) | (0.05) | (0.05) | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.92) | (0.79) | (1.38) | (2.12) | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.93) | (0.84) | (1.43) | (2.13) | (1.32) |
|  Net asset value, end of period | $27.85 | $26.34 | $21.33 | $15.68 | $24.17 | $20.77 |
|  Total return (b) | 5.73 | 32.34 | 41.54% | (29.53)% | 26.70% | 37.36% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $2617435 | $2572252 | $1961762 | $1456693 | $2179853 | $1860794 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.71 | 0.71 | 0.73% | 0.72% | 0.71% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.71 | 0.71 | 0.73% | 0.72% | 0.71% | 0.73% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.03) | (0.02) | 0.24% | 0.25% | 0.05% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.03) | (0.02) | 0.24% | 0.25% | 0.05% | 0.31% |
|  Portfolio turnover rate^ | 12 | 11 | 11% | 12% | 14% | 13% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $27.73 | $22.35 | $16.39 | $25.19 | $21.56 | $16.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | 0.06 | 0.10 | 0.10 | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.59 | 7.29 | 6.74 | (7.43) | 5.74 | 6.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.62 | 7.35 | 6.84 | (7.33) | 5.81 | 6.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.09) | (0.09) | (0.06) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.92) | (0.79) | (1.38) | (2.12) | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.97) | (0.88) | (1.47) | (2.18) | (1.36) |
|  Net asset value, end of period | $29.35 | $27.73 | $22.35 | $16.39 | $25.19 | $21.56 |
|  Total return (b) | 5.84 | 32.69 | 41.93% | (29.38)% | 27.04% | 37.68% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $33254 | $40291 | $61154 | $46114 | $69901 | $75541 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.46 | 0.47 | 0.48% | 0.47% | 0.47% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.46 | 0.47 | 0.48% | 0.47% | 0.47% | 0.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.21 | 0.24 | 0.49% | 0.50% | 0.30% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.21 | 0.24 | 0.49% | 0.50% | 0.30% | 0.56% |
|  Portfolio turnover rate^ | 12 | 11 | 11% | 12% | 14% | 13% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

966

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.8%)** | **Communication Services (9.8%)** | **Communication Services (9.8%)** |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** |
|  AST SpaceMobile, Inc., Class A\* | 8375 | $391364 |
|  ***Entertainment (3.2%)*** | ***Entertainment (3.2%)*** | ***Entertainment (3.2%)*** |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 236 | 24662 |
|  Live Nation Entertainment, Inc.\* | 11458 | 1733366 |
|  Netflix, Inc.\* | 74027 | 99131777 |
|  ROBLOX Corp., Class A\* | 36711 | 3861997 |
|  Sea Ltd. (ADR)\* | 12705 | 2032038 |
|  Spotify Technology SA\* | 16794 | 12886708 |
|  Take-Two Interactive Software, Inc.\* | 4503 | 1093554 |
|  TKO Group Holdings, Inc., Class A | 2320 | 422124 |
|  Walt Disney Co. (The) | 213347 | 26457161 |
|  |  | 147643387 |
|  ***Interactive Media & Services (6.5%)*** | ***Interactive Media & Services (6.5%)*** | ***Interactive Media & Services (6.5%)*** |
|  Alphabet, Inc., Class A | 357375 | 62980196 |
|  Alphabet, Inc., Class C | 400714 | 71082657 |
|  Meta Platforms, Inc., Class A | 219905 | 162309681 |
|  Pinterest, Inc., Class A\* | 20573 | 737748 |
|  Reddit, Inc., Class A\* | 7046 | 1060916 |
|  |  | 298171198 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  DoubleVerify Holdings, Inc.\* | 11972 | 179221 |
|  Trade Desk, Inc. (The), Class A\* | 28379 | 2043004 |
|  |  | 2222225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 448428174 |
|  **Consumer Discretionary (12.0%)** | **Consumer Discretionary (12.0%)** | **Consumer Discretionary (12.0%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Mobileye Global, Inc., Class A\* | 209111 | 3759816 |
|  ***Automobiles (2.1%)*** | ***Automobiles (2.1%)*** | ***Automobiles (2.1%)*** |
|  Tesla, Inc.\* | 307143 | 97567045 |
|  ***Broadline Retail (4.1%)*** | ***Broadline Retail (4.1%)*** | ***Broadline Retail (4.1%)*** |
|  Alibaba Group Holding Ltd. (ADR) | 50764 | 5757145 |
|  Amazon.com, Inc.\* | 787550 | 172780595 |
|  Coupang, Inc., Class A\* | 70254 | 2104810 |
|  MercadoLibre, Inc.\* | 2624 | 6858165 |
|  |  | 187500715 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Duolingo, Inc., Class A\* | 1972 | 808560 |
|  ***Hotels, Restaurants & Leisure (3.0%)*** | ***Hotels, Restaurants & Leisure (3.0%)*** | ***Hotels, Restaurants & Leisure (3.0%)*** |
|  Airbnb, Inc., Class A\* | 140331 | 18571405 |
|  Booking Holdings, Inc. | 4846 | 28054657 |
|  Cava Group, Inc.\* | 3008 | 253364 |
|  Chipotle Mexican Grill, Inc.\* | 100371 | 5635832 |
|  Churchill Downs, Inc. | 999 | 100899 |
|  Darden Restaurants, Inc. | 3866 | 842672 |
|  Domino's Pizza, Inc. | 19360 | 8723616 |
|  DoorDash, Inc., Class A\* | 52488 | 12938817 |
|  DraftKings, Inc., Class A\* | 28856 | 1237634 |
|  Dutch Bros, Inc., Class A\* | 4028 | 275394 |
|  Expedia Group, Inc. | 4774 | 805278 |
|  Flutter Entertainment plc, Class DI\* | 10688 | 3054203 |
|  Hilton Worldwide Holdings, Inc. | 16119 | 4293134 |
|  Las Vegas Sands Corp. | 21813 | 949084 |
|  Light & Wonder, Inc.\* | 1443 | 138903 |
|  Marriott International, Inc., Class A | 12615 | 3446544 |
|  McDonald's Corp. | 38965 | 11384404 |
|  Planet Fitness, Inc., Class A\* | 913 | 99563 |
|  Royal Caribbean Cruises Ltd. | 17453 | 5465232 |
|  Starbucks Corp. | 239924 | 21984236 |
|  Texas Roadhouse, Inc., Class A | 271 | 50788 |
|  Viking Holdings Ltd.\* | 14925 | 795353 |
|  Wingstop, Inc. | 1504 | 506457 |
|  Yum China Holdings, Inc. | 67361 | 3011710 |
|  Yum! Brands, Inc. | 30032 | 4450142 |
|  |  | 137069321 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | 16932 | 2182874 |
|  Somnigroup International, Inc. | 6144 | 418099 |
|  |  | 2600973 |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** |
|  Mattel, Inc.\* | 457825 | 9028309 |
|  ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** |
|  AutoZone, Inc.\* | 591 | 2193928 |
|  Burlington Stores, Inc.\* | 1029 | 239387 |
|  Carvana Co.\* | 13636 | 4594787 |
|  Chewy, Inc., Class A\* | 9795 | 417463 |
|  Dick's Sporting Goods, Inc. | 79535 | 15732818 |
|  Gap, Inc. (The) | 444350 | 9691273 |
|  Home Depot, Inc. (The) | 70436 | 25824655 |
|  O'Reilly Automotive, Inc.\* | 49959 | 4502805 |
|  TJX Cos., Inc. (The) | 51032 | 6301942 |
|  Tractor Supply Co. | 22524 | 1188591 |
|  Ulta Beauty, Inc.\* | 777 | 363496 |
|  Williams-Sonoma, Inc. | 60090 | 9816903 |
|  |  | 80868048 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  Deckers Outdoor Corp.\* | 10079 | 1038842 |
|  Lululemon Athletica, Inc.\* | 32777 | 7787160 |
|  NIKE, Inc., Class B | 136350 | 9686304 |
|  On Holding AG, Class A\* | 10272 | 534657 |
|  Ralph Lauren Corp. | 30749 | 8433836 |
|  Tapestry, Inc. | 1686 | 148048 |
|  Under Armour, Inc., Class A\* | 271081 | 1851483 |
|  |  | 29480330 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 548683117 |
|  **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 9369 | 1787699 |
|  Celsius Holdings, Inc.\* | 8632 | 400438 |
|  Coca-Cola Co. (The) | 417794 | 29558926 |
|  Monster Beverage Corp.\* | 283778 | 17775854 |
|  PepsiCo, Inc. | 83702 | 11052012 |
|  |  | 60574929 |
|  ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** | ***Consumer Staples Distribution & Retail (1.0%)*** |
|  Costco Wholesale Corp. | 29353 | 29057709 |
|  Maplebear, Inc.\* | 61675 | 2790177 |
|  Sprouts Farmers Market, Inc.\* | 4603 | 757838 |
|  Walmart, Inc. | 134064 | 13108778 |
|  |  | 45714502 |

---

See Notes to Financial Statements.

967

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Hershey Co. (The) | 1253 | $207935 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Colgate-Palmolive Co. | 37491 | 3407932 |
|  Kimberly-Clark Corp. | 2372 | 305798 |
|  Procter & Gamble Co. (The) | 57045 | 9088409 |
|  |  | 12802139 |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** |
|  Philip Morris International, Inc. | 48200 | 8778666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 128078171 |
|  **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
|  ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** |
|  Cheniere Energy, Inc. | 8402 | 2046055 |
|  Targa Resources Corp. | 9883 | 1720433 |
|  Texas Pacific Land Corp. | 1240 | 1309923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 5076411 |
|  **Financials (5.8%)** | **Financials (5.8%)** | **Financials (5.8%)** |
|  ***Banks (0.1%)*** | ***Banks (0.1%)*** | ***Banks (0.1%)*** |
|  Bank of America Corp. | 8122 | 384333 |
|  Citigroup, Inc. | 19057 | 1622132 |
|  NU Holdings Ltd., Class A\* | 197629 | 2711470 |
|  |  | 4717935 |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  Ameriprise Financial, Inc. | 9224 | 4923126 |
|  Ares Management Corp., Class A | 8967 | 1553084 |
|  Blackstone, Inc. | 60120 | 8992750 |
|  Blue Owl Capital, Inc., Class A | 21252 | 408251 |
|  Charles Schwab Corp. (The) | 40506 | 3695767 |
|  Coinbase Global, Inc., Class A\* | 1528 | 535549 |
|  FactSet Research Systems, Inc. | 10785 | 4823915 |
|  Goldman Sachs Group, Inc. (The) | 11211 | 7934585 |
|  Houlihan Lokey, Inc., Class A | 331 | 59563 |
|  Intercontinental Exchange, Inc. | 7150 | 1311811 |
|  KKR & Co., Inc. | 28361 | 3772864 |
|  LPL Financial Holdings, Inc. | 4703 | 1763484 |
|  Moody's Corp. | 12024 | 6031118 |
|  MSCI, Inc. | 24626 | 14202799 |
|  Robinhood Markets, Inc., Class A\* | 40613 | 3802595 |
|  SEI Investments Co. | 67318 | 6049195 |
|  |  | 69860456 |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** |
|  American Express Co. | 17680 | 5639566 |
|  SoFi Technologies, Inc.\* | 11717 | 213367 |
|  |  | 5852933 |
|  ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** |
|  Affirm Holdings, Inc., Class A\* | 8367 | 578494 |
|  Apollo Global Management, Inc. | 19210 | 2725323 |
|  Berkshire Hathaway, Inc., Class B\* | 6512 | 3163334 |
|  Block, Inc., Class A\* | 65304 | 4436101 |
|  Corpay, Inc.\* | 1752 | 581349 |
|  Fiserv, Inc.\* | 8870 | 1529277 |
|  Mastercard, Inc., Class A | 98609 | 55412342 |
|  PayPal Holdings, Inc.\* | 257673 | 19150257 |
|  Shift4 Payments, Inc., Class A\* | 129 | 12785 |
|  Toast, Inc., Class A\* | 28842 | 1277412 |
|  Visa, Inc., Class A | 229446 | 81464802 |
|  |  | 170331476 |
|  ***Insurance (0.3%)*** | ***Insurance (0.3%)*** | ***Insurance (0.3%)*** |
|  Aon plc, Class A | 28657 | 10223671 |
|  Kinsale Capital Group, Inc. | 995 | 481480 |
|  Marsh & McLennan Cos., Inc. | 5587 | 1221542 |
|  Progressive Corp. (The) | 7024 | 1874425 |
|  |  | 13801118 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 264563918 |
|  **Health Care (5.7%)** | **Health Care (5.7%)** | **Health Care (5.7%)** |
|  ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** |
|  AbbVie, Inc. | 127544 | 23674717 |
|  Alnylam Pharmaceuticals, Inc.\* | 45513 | 14841334 |
|  Amgen, Inc. | 26653 | 7441784 |
|  CRISPR Therapeutics AG\* | 44128 | 2146386 |
|  Exelixis, Inc.\* | 13783 | 607486 |
|  Gilead Sciences, Inc. | 44940 | 4982498 |
|  Halozyme Therapeutics, Inc.\* | 4746 | 246887 |
|  Insmed, Inc.\* | 32275 | 3248156 |
|  Natera, Inc.\* | 20135 | 3401607 |
|  Neurocrine Biosciences, Inc.\* | 3364 | 422821 |
|  Regeneron Pharmaceuticals, Inc. | 15445 | 8108625 |
|  Vertex Pharmaceuticals, Inc.\* | 15793 | 7031044 |
|  |  | 76153345 |
|  ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** |
|  Abbott Laboratories | 115136 | 15659647 |
|  Boston Scientific Corp.\* | 15988 | 1717271 |
|  Dexcom, Inc.\* | 21192 | 1849850 |
|  Edwards Lifesciences Corp.\* | 16300 | 1274823 |
|  IDEXX Laboratories, Inc.\* | 15248 | 8178112 |
|  Inspire Medical Systems, Inc.\* | 718 | 93175 |
|  Insulet Corp.\* | 3352 | 1053132 |
|  Intuitive Surgical, Inc.\* | 40708 | 22121134 |
|  ResMed, Inc. | 2646 | 682668 |
|  Stryker Corp. | 6914 | 2735386 |
|  |  | 55365198 |
|  ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** |
|  Cardinal Health, Inc. | 9751 | 1638168 |
|  Cencora, Inc. | 12452 | 3733732 |
|  HCA Healthcare, Inc. | 671 | 257060 |
|  McKesson Corp. | 14281 | 10464831 |
|  |  | 16093791 |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** |
|  Doximity, Inc., Class A\* | 175201 | 10746829 |
|  Veeva Systems, Inc., Class A\* | 41446 | 11935619 |
|  |  | 22682448 |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** |
|  Illumina, Inc.\* | 29183 | 2784350 |
|  Medpace Holdings, Inc.\* | 2690 | 844284 |
|  Tempus AI, Inc., Class A\* | 2284 | 145125 |
|  Thermo Fisher Scientific, Inc. | 15683 | 6358829 |
|  Waters Corp.\* | 80 | 27923 |
|  |  | 10160511 |

---

See Notes to Financial Statements.

968

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (1.8%)*** | ***Pharmaceuticals (1.8%)*** | ***Pharmaceuticals (1.8%)*** |
|  Bristol-Myers Squibb Co. | 10844 | $501969 |
|  Corcept Therapeutics, Inc.\* | 4257 | 312464 |
|  Eli Lilly & Co. | 70234 | 54749510 |
|  Johnson & Johnson | 15375 | 2348531 |
|  Novartis AG (ADR) | 27309 | 3304662 |
|  Novo Nordisk A/S (ADR) | 86577 | 5975545 |
|  Roche Holding AG (ADR) | 82562 | 3365227 |
|  Zoetis, Inc. | 78140 | 12185933 |
|  |  | 82743841 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 263199134 |
|  **Industrials (3.9%)** | **Industrials (3.9%)** | **Industrials (3.9%)** |
|  ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** |
|  Axon Enterprise, Inc.\* | 4626 | 3830050 |
|  Boeing Co. (The)\* | 100171 | 20988830 |
|  GE Aerospace | 64337 | 16559700 |
|  HEICO Corp. | 3269 | 1072232 |
|  HEICO Corp., Class A | 3669 | 949354 |
|  Howmet Aerospace, Inc. | 22146 | 4122035 |
|  Lockheed Martin Corp. | 3371 | 1561245 |
|  Rocket Lab Corp.\* | 19283 | 689753 |
|  RTX Corp. | 12195 | 1780714 |
|  TransDigm Group, Inc. | 2919 | 4438748 |
|  |  | 55992661 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Expeditors International of Washington, Inc. | 34153 | 3901980 |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** |
|  AAON, Inc. | 43 | 3171 |
|  Lennox International, Inc. | 1778 | 1019221 |
|  Trane Technologies plc | 19216 | 8405271 |
|  |  | 9427663 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Cintas Corp. | 28778 | 6413753 |
|  Copart, Inc.\* | 48877 | 2398394 |
|  Rollins, Inc. | 29454 | 1661795 |
|  Veralto Corp. | 4290 | 433075 |
|  Waste Management, Inc. | 28290 | 6473318 |
|  |  | 17380335 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Comfort Systems USA, Inc. | 2571 | 1378596 |
|  EMCOR Group, Inc. | 1681 | 899150 |
|  Quanta Services, Inc. | 13248 | 5008804 |
|  |  | 7286550 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Eaton Corp. plc | 4098 | 1462945 |
|  GE Vernova, Inc. | 17848 | 9444269 |
|  Vertiv Holdings Co., Class A | 23697 | 3042932 |
|  |  | 13950146 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Old Dominion Freight Line, Inc. | 3624 | 588175 |
|  Uber Technologies, Inc.\* | 297098 | 27719244 |
|  Union Pacific Corp. | 8891 | 2045641 |
|  |  | 30353060 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  3M Co. | 47350 | 7208564 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Caterpillar, Inc. | 4546 | 1764803 |
|  Deere & Co. | 13999 | 7118351 |
|  Illinois Tool Works, Inc. | 5813 | 1437264 |
|  |  | 10320418 |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** |
|  Automatic Data Processing, Inc. | 25920 | 7993728 |
|  Booz Allen Hamilton Holding Corp. | 4902 | 510445 |
|  Broadridge Financial Solutions, Inc. | 5031 | 1222684 |
|  Paychex, Inc. | 3620 | 526565 |
|  Paycom Software, Inc. | 20420 | 4725188 |
|  Paylocity Holding Corp.\* | 1971 | 357126 |
|  Verisk Analytics, Inc. | 4584 | 1427916 |
|  |  | 16763652 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Core & Main, Inc., Class A\* | 369 | 22269 |
|  Fastenal Co. | 78702 | 3305484 |
|  Ferguson Enterprises, Inc. | 1468 | 319657 |
|  FTAI Aviation Ltd. | 5343 | 614659 |
|  W.W. Grainger, Inc. | 4296 | 4468871 |
|  |  | 8730940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 181315969 |
|  **Information Technology (28.5%)** | **Information Technology (28.5%)** | **Information Technology (28.5%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Arista Networks, Inc.\* | 98883 | 10116720 |
|  Motorola Solutions, Inc. | 6623 | 2784706 |
|  Ubiquiti, Inc. | 543 | 223526 |
|  |  | 13124952 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  Amphenol Corp., Class A | 120793 | 11928309 |
|  CDW Corp. | 10304 | 1840191 |
|  Jabil, Inc. | 7200 | 1570320 |
|  |  | 15338820 |
|  ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** |
|  Accenture plc, Class A | 20282 | 6062087 |
|  Cloudflare, Inc., Class A\* | 31422 | 6153370 |
|  Gartner, Inc.\* | 10029 | 4053922 |
|  GoDaddy, Inc., Class A\* | 5786 | 1041827 |
|  International Business Machines Corp. | 35598 | 10493579 |
|  MongoDB, Inc.\* | 224 | 47038 |
|  Okta, Inc.\* | 604 | 60382 |
|  Shopify, Inc., Class A\* | 214189 | 24706701 |
|  Snowflake, Inc., Class A\* | 26074 | 5834579 |
|  Twilio, Inc., Class A\* | 13908 | 1729599 |
|  |  | 60183084 |
|  ***Semiconductors & Semiconductor Equipment (10.0%)*** | ***Semiconductors & Semiconductor Equipment (10.0%)*** | ***Semiconductors & Semiconductor Equipment (10.0%)*** |
|  Advanced Micro Devices, Inc.\* | 72131 | 10235389 |
|  Applied Materials, Inc. | 25299 | 4631488 |
|  ARM Holdings plc (ADR)\* | 69521 | 11244327 |
|  ASML Holding NV (Registered) (ADR) | 313 | 250835 |
|  Astera Labs, Inc.\* | 10504 | 949772 |

---

See Notes to Financial Statements.

969

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Broadcom, Inc. | 359214 | $| 99017339 |
|  Enphase Energy, Inc.\* | 13338 |  | 528852 |
|  Entegris, Inc. | 15988 |  | 1289432 |
|  KLA Corp. | 10463 |  | 9372128 |
|  Lam Research Corp. | 114770 |  | 11171712 |
|  Lattice Semiconductor Corp.\* | 20703 |  | 1014240 |
|  MACOM Technology Solutions Holdings, Inc.\* | 13928 |  | 1995743 |
|  Marvell Technology, Inc. | 13378 |  | 1035457 |
|  Monolithic Power Systems, Inc. | 4985 |  | 3645929 |
|  NVIDIA Corp. | 1773074 |  | 280127961 |
|  Onto Innovation, Inc.\* | 5267 |  | 531598 |
|  QUALCOMM, Inc. | 63489 |  | 10111258 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 12122 |  | 2745512 |
|  Texas Instruments, Inc. | 32789 |  | 6807652 |
|  |  |  | 456706624 |
|  ***Software (12.3%)*** | ***Software (12.3%)*** | ***Software (12.3%)*** | ***Software (12.3%)*** |
|  Adobe, Inc.\* | 52630 |  | 20361494 |
|  Appfolio, Inc., Class A\* | 3934 |  | 905922 |
|  AppLovin Corp., Class A\* | 19604 |  | 6862968 |
|  Atlassian Corp., Class A\* | 9578 |  | 1945196 |
|  Autodesk, Inc.\* | 61832 |  | 19141332 |
|  Bentley Systems, Inc., Class B | 16440 |  | 887267 |
|  Cadence Design Systems, Inc.\* | 19569 |  | 6030187 |
|  Confluent, Inc., Class A\* | 11154 |  | 278069 |
|  Crowdstrike Holdings, Inc., Class A\* | 19915 |  | 10142909 |
|  Datadog, Inc., Class A\* | 24346 |  | 3270398 |
|  Docusign, Inc.\* | 14738 |  | 1147943 |
|  Dropbox, Inc., Class A\* | 7422 |  | 212269 |
|  Dynatrace, Inc.\* | 19073 |  | 1053020 |
|  Elastic NV\* | 1174 |  | 99003 |
|  Fair Isaac Corp.\* | 2475 |  | 4524201 |
|  Fortinet, Inc.\* | 51641 |  | 5459487 |
|  Gen Digital, Inc. | 16790 |  | 493626 |
|  Guidewire Software, Inc.\* | 5629 |  | 1325348 |
|  HubSpot, Inc.\* | 5985 |  | 3331431 |
|  Intuit, Inc. | 23053 |  | 18157234 |
|  Manhattan Associates, Inc.\* | 4355 |  | 859982 |
|  Microsoft Corp. | 567798 |  | 282428403 |
|  MicroStrategy, Inc., Class A\* | 892 |  | 360573 |
|  Nutanix, Inc., Class A\* | 3299 |  | 252176 |
|  Oracle Corp. | 334492 |  | 73129986 |
|  Palantir Technologies, Inc., Class A\* | 137472 |  | 18740183 |
|  Palo Alto Networks, Inc.\* | 62385 |  | 12766466 |
|  Pegasystems, Inc. | 1734 |  | 93862 |
|  PTC, Inc.\* | 2761 |  | 475831 |
|  Rubrik, Inc., Class A\* | 3371 |  | 302008 |
|  Salesforce, Inc. | 42408 |  | 11564238 |
|  Samsara, Inc., Class A\* | 10486 |  | 417133 |
|  ServiceNow, Inc.\* | 29678 |  | 30511358 |
|  Synopsys, Inc.\* | 13277 |  | 6806852 |
|  Tyler Technologies, Inc.\* | 3192 |  | 1892345 |
|  Workday, Inc., Class A\* | 66912 |  | 16058880 |
|  Zscaler, Inc.\* | 7169 |  | 2250636 |
|  |  |  | 564540216 |
|  ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** |
|  Apple, Inc. | 912446 |  | 187206546 |
|  Dell Technologies, Inc., Class C | 12683 |  | 1554936 |
|  NetApp, Inc. | 24321 |  | 2591402 |
|  Pure Storage, Inc., Class A\* | 32567 |  | 1875208 |
|  Super Micro Computer, Inc.\* | 24373 |  | 1194521 |
|  |  |  | 194422613 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 1304316309 |
|  **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |
|  Ecolab, Inc. | 3342 |  | 900469 |
|  Sherwin-Williams Co. (The) | 13131 |  | 4508660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 5409129 |
|  **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 7540 |  | 1056505 |
|  CoStar Group, Inc.\* | 50096 |  | 4027718 |
|  |  |  | 5084223 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Simon Property Group, Inc. (REIT) | 158 |  | 25400 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  American Tower Corp. (REIT) | 30006 |  | 6631926 |
|  Public Storage (REIT) | 927 |  | 272001 |
|  |  |  | 6903927 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 12013550 |
|  **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** |
|  NRG Energy, Inc. | 12092 |  | 1941733 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Vistra Corp. | 22098 |  | 4282814 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 6224547 |
|  **Total Common Stocks (69.1%)**<br> *(Cost $1,098,955,037)* |  |  | 3167308429 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (20.7%)** | **Equity (20.7%)** | **Equity (20.7%)** | **Equity (20.7%)** |
|  Invesco QQQ Trust | 39840 |  | 21977337 |
|  iShares Core S&P 500 ETF | 2079 |  | 1290851 |
|  iShares Morningstar Growth ETF‡ | 2383885 |  | 230998457 |
|  iShares Morningstar U.S. Equity ETF | 15692 |  | 1346060 |
|  iShares Morningstar Value ETF | 30936 |  | 2579753 |
|  iShares Russell 1000 ETF | 3225 |  | 1095113 |
|  iShares Russell 1000 Growth ETF | 55153 |  | 23416861 |
|  SPDR Portfolio S&P 500 Growth ETF | 1654000 |  | 157659280 |
|  SPDR Portfolio S&P 500 Value ETF | 43800 |  | 2292492 |
|  Vanguard Growth ETF | 445182 |  | 195167789 |
|  Vanguard Large-Cap ETF | 600 |  | 171180 |
|  Vanguard Russell 1000 Growth ETF | 2799800 |  | 305738161 |
|  Vanguard Russell 1000 Value ETF | 25400 |  | 2164334 |

---

See Notes to Financial Statements.

970

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Vanguard Value ETF | 14900 | $2633426 |
|  **Total Exchange Traded Funds (20.7%)**<br> *(Cost $404,304,078)* | **Total Exchange Traded Funds (20.7%)**<br> *(Cost $404,304,078)* | 948531094 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (4.4%)** | **Investment Companies (4.4%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 201681823 | 201722159 |
|  **Total Short-Term Investments (4.4%)**<br> *(Cost $201,720,008)* | **Total Short-Term Investments (4.4%)**<br> *(Cost $201,720,008)* | 201722159 |
|  **Total Investments in Securities (94.2%)**<br> *(Cost $1,704,979,123)* |  | 4317561682 |
|  **Other Assets Less Liabilities (5.8%)** |  | 265287980 |
|  **Net Assets (100%)** |  | $4582849662 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions**<br>**($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. |  | 989296 |  | (1171255) | 637838 | (455879) |  | 10520 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Growth ETF | 2383885 | 231301056 |  | (18200047) | 6437117 | 11460331 | 230998457 | 485382 |  |
|  **Total** |  | **232290352** |  | **(19371302)** | **7074955** | **11004452** | **230998457** | **495902** |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 1000 Growth E-Mini Index | 2106 | 9/2025 | USD | 454580100 | 17102283 |
|  |  |  |  |  | 17102283 |

---

See Notes to Financial Statements.

971

------

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $448428174 | $— | $— | $448428174 |
|  Consumer Discretionary | 548683117 |  |  | 548683117 |
|  Consumer Staples | 128078171 |  |  | 128078171 |
|  Energy | 5076411 |  |  | 5076411 |
|  Financials | 264563918 |  |  | 264563918 |
|  Health Care | 263199134 |  |  | 263199134 |
|  Industrials | 181315969 |  |  | 181315969 |
|  Information Technology | 1304316309 |  |  | 1304316309 |
|  Materials | 5409129 |  |  | 5409129 |
|  Real Estate | 12013550 |  |  | 12013550 |
|  Utilities | 6224547 |  |  | 6224547 |
|  **Exchange Traded Funds** | 948531094 |  |  | 948531094 |
|  **Futures** | 17102283 |  |  | 17102283 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 201722159 |  |  | 201722159 |
|  **Total Assets** | $**4334663965** | $**—** | $**—** | $**4334663965** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**4334663965** | $**—** | $**—** | $**4334663965** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102283 \* |
|  **Total** |  | $17102283 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(185603418) | $(185603418) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185603418) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185603418) |

---

See Notes to Financial Statements.

972

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33851202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33851202 |
|  **Total** | $33851202 | $33851202 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437958000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 716949000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539762895 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $977952294 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 15%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 11%)\*** | **Net Realized<br>Gain (Loss)** |
| $82371709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109677623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66493228 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660949312 |
|  Aggregate gross unrealized depreciation | (33807808) |
|  Net unrealized appreciation | $2627141504 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1707522461 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $9,282 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

973

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EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $51,104,557) | $230998457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,653,874,566) | 4086563225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 231488458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 35257200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 3325693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2803225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 723911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 673607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 81147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 45898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4591960821 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 4099718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1647611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1580283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 901653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 434459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 447435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9111159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $4582849662 |
|  Net assets were comprised of: | Net assets were comprised of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1737118242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2845731420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4582849662 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,532,508,446 / 131,697,171 shares outstanding (unlimited amount authorized: $0.01 par value) | $34.42 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $50,341,216 / 1,357,310 shares outstanding (unlimited amount authorized: $0.01 par value) | $37.09 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($495,902 of dividend income received from affiliates) (net of $70,794 foreign withholding tax) | $16464717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5817870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 22282587 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9980903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 5464009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2751440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 156813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 154953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 119846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 74707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 53587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 18756258 |
|  **NET INVESTMENT INCOME (LOSS)** | 3526329 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($7,074,955 realized gain (loss) from affiliates) | 415774379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (185603418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 230170961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($11,004,451 of change in unrealized appreciation (depreciation) from affiliates) | (186527102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 33851202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 13286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (152662614) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 77508347 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $81034676 |

---

See Notes to Financial Statements.

974

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3526329 | $13274531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 230170961 | 637097002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (152662614) | 564199151 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 81034676 | 1214570684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (569201810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (5896394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (575098204) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 7,472 shares, respectively ] |  | 252862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (2265369) shares, respectively ] |  | (83238983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (98856) shares, respectively ] |  | (3326112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (86312233) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 962,133 and 1,179,912 shares, respectively ] | 30634921 | 39596918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 2,402,718 shares, respectively ] |  | 83238983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 16,331,221 shares, respectively ] |  | 569201810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10620946) and (22183239) shares, respectively ] | (344310278) | (745061969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (313675357) | (53024258) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 68,340 and 37,297 shares, respectively ] | 2533371 | 1352699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 157,338 shares, respectively ] |  | 5896394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (135408) and (345424) shares, respectively ] | (4783967) | (12413489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2250596) | (5164396) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (315925953) | (144500887) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (234891277) | 494971593 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4817740939 | 4322769346 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4582849662 | $4817740939 |

---

See Notes to Financial Statements.

975

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#### EQ ADVISORS TRUST
EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $33.72 | $29.25 | $23.02 | $38.09 | $39.79 | $34.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | 0.10 | 0.12 | 0.01 | (0.07) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.67 | 8.78 | 8.78 | (11.52) | 9.64 | 10.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.70 | 8.88 | 8.90 | (11.51) | 9.57 | 10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.12) | (0.12) | (0.02) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.29) | (2.55) | (3.54) | (11.27) | (6.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.41) | (2.67) | (3.56) | (11.27) | (6.08) |
|  Net asset value, end of period | $34.42 | $33.72 | $29.25 | $23.02 | $38.09 | $39.79 |
|  Total return (b) | 2.08% | 30.11% | 38.97% | (30.57)% | 24.38 | 31.99% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $4532508 | $4766050 | $4200505 | $3428797 | $5431974 | $4962811 |
|  Ratio of expenses to average net assets (a)(f) | 0.85% | 0.85% | 0.86% | 0.85% | 0.82 | 0.84% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.16% | 0.28% | 0.42% | 0.04% | (0.17) | 0.06% |
|  Portfolio turnover rate^ | 13 %(z) | 16% | 23% | 20% | 29 | 20% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $36.29 | $31.21 | $24.42 | $40.11 | $41.32 | $36.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.19 | 0.20 | 0.09 | 0.03 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.73 | 9.38 | 9.33 | (12.15) | 10.03 | 11.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.80 | 9.57 | 9.53 | (12.06) | 10.06 | 11.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.20) | (0.19) | (0.09) |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.29) | (2.55) | (3.54) | (11.27) | (6.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.49) | (2.74) | (3.63) | (11.27) | (6.18) |
|  Net asset value, end of period | $37.09 | $36.29 | $31.21 | $24.42 | $40.11 | $41.32 |
|  Total return (b) | 2.20% | 30.44% | 39.31% | (30.39)% | 24.66 | 32.34% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $50341 | $51691 | $49159 | $40291 | $65813 | $527792 |
|  Ratio of expenses to average net assets (a)(f) | 0.60% | 0.60% | 0.61% | 0.60% | 0.57 | 0.59% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.41% | 0.53% | 0.67% | 0.30% | 0.06 | 0.33% |
|  Portfolio turnover rate^ | 13 %(z) | 16% | 23% | 20% | 29 | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

976

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (7.5%)** | **Communication Services (7.5%)** | **Communication Services (7.5%)** |
|  ***Diversified Telecommunication Services (1.4%)*** | ***Diversified Telecommunication Services (1.4%)*** | ***Diversified Telecommunication Services (1.4%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 403 | $18832 |
|  AT&T, Inc. | 215973 | 6250259 |
|  Frontier Communications Parent, Inc.\* | 7218 | 262735 |
|  Iridium Communications, Inc. | 2689 | 81127 |
|  Liberty Global Ltd., Class A\* | 5151 | 51562 |
|  Liberty Global Ltd., Class C\* | 4314 | 44477 |
|  Verizon Communications, Inc. | 130033 | 5626528 |
|  |  | 12335520 |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** |
|  Electronic Arts, Inc. | 8030 | 1282391 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 481 | 45676 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 4454 | 465443 |
|  Liberty Media Corp.-Liberty Live, Class A\* | 606 | 48165 |
|  Liberty Media Corp.-Liberty Live, Class C\* | 1408 | 114273 |
|  Madison Square Garden Sports Corp.\* | 496 | 103639 |
|  Roku, Inc.\* | 3452 | 303396 |
|  Take-Two Interactive Software, Inc.\* | 3642 | 884460 |
|  TKO Group Holdings, Inc., Class A | 1214 | 220887 |
|  Walt Disney Co. (The) | 55756 | 6914302 |
|  Warner Bros Discovery, Inc.\* | 68675 | 787015 |
|  |  | 11169647 |
|  ***Interactive Media & Services (3.5%)*** | ***Interactive Media & Services (3.5%)*** | ***Interactive Media & Services (3.5%)*** |
|  Alphabet, Inc., Class A | 63524 | 11194835 |
|  Alphabet, Inc., Class C | 51724 | 9175320 |
|  IAC, Inc.\* | 2067 | 77182 |
|  Match Group, Inc. | 7525 | 232447 |
|  Meta Platforms, Inc., Class A | 11989 | 8848961 |
|  Pinterest, Inc., Class A\* | 9154 | 328263 |
|  Trump Media & Technology Group Corp.\* | 1460 | 26338 |
|  ZoomInfo Technologies, Inc., Class A\* | 9098 | 92072 |
|  |  | 29975418 |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** |
|  Charter Communications, Inc., Class A\* | 2792 | 1141398 |
|  Comcast Corp., Class A | 114030 | 4069731 |
|  DoubleVerify Holdings, Inc.\* | 2155 | 32260 |
|  Fox Corp., Class A | 6643 | 372274 |
|  Fox Corp., Class B | 4072 | 210237 |
|  Interpublic Group of Cos., Inc. (The) | 11355 | 277970 |
|  Liberty Broadband Corp., Class A\* | 401 | 39226 |
|  Liberty Broadband Corp., Class C\* | 2717 | 267298 |
|  New York Times Co. (The), Class A | 4940 | 276541 |
|  News Corp., Class A | 11655 | 346387 |
|  News Corp., Class B | 3445 | 118198 |
|  Nexstar Media Group, Inc., Class A | 816 | 141127 |
|  Omnicom Group, Inc. | 5950 | 428043 |
|  Paramount Global, Class A | 282 | 6472 |
|  Paramount Global, Class B | 18330 | 236457 |
|  Sirius XM Holdings, Inc. (x) | 5843 | 134214 |
|  |  | 8097833 |
|  ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** |
|  Millicom International Cellular SA | 3162 | 118480 |
|  T-Mobile US, Inc. | 13982 | 3331351 |
|  |  | 3449831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 65028249 |
|  **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 7046 | 480678 |
|  BorgWarner, Inc. | 6708 | 224584 |
|  Gentex Corp. | 6963 | 153117 |
|  Lear Corp. | 1642 | 155957 |
|  QuantumScape Corp., Class A (x)\* | 12688 | 85263 |
|  |  | 1099599 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  Ford Motor Co. | 120190 | 1304062 |
|  General Motors Co. | 29750 | 1463997 |
|  Harley-Davidson, Inc. | 3432 | 80995 |
|  Lucid Group, Inc. (x)\* | 38245 | 80697 |
|  Rivian Automotive, Inc., Class A (x)\* | 23861 | 327850 |
|  Thor Industries, Inc. | 1567 | 139165 |
|  |  | 3396766 |
|  ***Broadline Retail (2.2%)*** | ***Broadline Retail (2.2%)*** | ***Broadline Retail (2.2%)*** |
|  Amazon.com, Inc.\* | 81197 | 17813810 |
|  Dillard's, Inc., Class A (x) | 91 | 38022 |
|  eBay, Inc. | 14180 | 1055843 |
|  Etsy, Inc.\* | 1354 | 67917 |
|  Macy's, Inc. | 8530 | 99460 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 1884 | 248273 |
|  |  | 19323325 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 4270 | 517994 |
|  LKQ Corp. (x) | 7988 | 295636 |
|  Pool Corp. | 900 | 262332 |
|  |  | 1075962 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  ADT, Inc. | 10883 | 92179 |
|  Bright Horizons Family Solutions, Inc.\* | 1523 | 188227 |
|  Grand Canyon Education, Inc.\* | 616 | 116424 |
|  H&R Block, Inc. | 3393 | 186242 |
|  Service Corp. International | 4288 | 349043 |
|  |  | 932115 |
|  ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** |
|  Aramark | 8125 | 340194 |
|  Booking Holdings, Inc. | 61 | 353144 |
|  Boyd Gaming Corp. | 1788 | 139875 |
|  Caesars Entertainment, Inc.\* | 6354 | 180390 |
|  Carnival Corp.\* | 23012 | 647097 |
|  Choice Hotels International, Inc. (x) | 578 | 73337 |
|  Churchill Downs, Inc. | 314 | 31714 |
|  Darden Restaurants, Inc. | 181 | 39453 |
|  Domino's Pizza, Inc. | 682 | 307309 |
|  Flutter Entertainment plc, Class DI\* | 932 | 266328 |
|  Hyatt Hotels Corp., Class A | 1238 | 172887 |
|  Marriott International, Inc., Class A | 1631 | 445606 |
|  McDonald's Corp. | 20765 | 6066910 |

---

See Notes to Financial Statements.

977

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MGM Resorts International\* | 6307 | $| 216898 |
|  Norwegian Cruise Line Holdings Ltd.\* | 1326 |  | 26891 |
|  Penn Entertainment, Inc.\* | 4592 |  | 82059 |
|  Restaurant Brands International, Inc. (x) | 3611 |  | 239373 |
|  Starbucks Corp. | 30386 |  | 2784269 |
|  Travel + Leisure Co. | 1299 |  | 67041 |
|  Vail Resorts, Inc. | 201 |  | 31583 |
|  Wendy's Co. (The) | 2839 |  | 32421 |
|  Wyndham Hotels & Resorts, Inc. | 243 |  | 19734 |
|  Wynn Resorts Ltd. | 2571 |  | 240826 |
|  Yum! Brands, Inc. | 5698 |  | 844330 |
|  |  |  | 13649669 |
|  ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** |
|  DR Horton, Inc. | 8447 |  | 1088987 |
|  Garmin Ltd. | 5018 |  | 1047357 |
|  Lennar Corp., Class A | 7030 |  | 777589 |
|  Lennar Corp., Class B | 293 |  | 30838 |
|  Mohawk Industries, Inc.\* | 1579 |  | 165542 |
|  Newell Brands, Inc. | 12833 |  | 69298 |
|  NVR, Inc.\* | 87 |  | 642552 |
|  PulteGroup, Inc. | 6148 |  | 648368 |
|  SharkNinja, Inc.\* | 1796 |  | 177786 |
|  Toll Brothers, Inc. | 3045 |  | 347526 |
|  TopBuild Corp.\* | 835 |  | 270323 |
|  Whirlpool Corp. | 1651 |  | 167445 |
|  |  |  | 5433611 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Brunswick Corp. | 2016 |  | 111364 |
|  Hasbro, Inc. | 4069 |  | 300374 |
|  Mattel, Inc.\* | 9885 |  | 194932 |
|  YETI Holdings, Inc.\* | 2539 |  | 80029 |
|  |  |  | 686699 |
|  ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** | ***Specialty Retail (1.8%)*** |
|  AutoNation, Inc.\* | 846 |  | 168058 |
|  AutoZone, Inc.\* | 434 |  | 1611108 |
|  Bath & Body Works, Inc. | 6554 |  | 196358 |
|  Best Buy Co., Inc. | 5950 |  | 399423 |
|  CarMax, Inc.\* | 4693 |  | 315417 |
|  Dick's Sporting Goods, Inc. | 1666 |  | 329551 |
|  Five Below, Inc.\* | 1657 |  | 217365 |
|  Floor & Decor Holdings, Inc., Class A\* | 2234 |  | 169695 |
|  GameStop Corp., Class A\* | 12615 |  | 307680 |
|  Gap, Inc. (The) | 7082 |  | 154458 |
|  Home Depot, Inc. (The) | 7293 |  | 2673906 |
|  Lithia Motors, Inc., Class A | 699 |  | 236136 |
|  Lowe's Cos., Inc. | 17256 |  | 3828589 |
|  O'Reilly Automotive, Inc.\* | 2123 |  | 191346 |
|  Penske Automotive Group, Inc. | 569 |  | 97760 |
|  RH\* | 390 |  | 73714 |
|  Ross Stores, Inc. | 7936 |  | 1012475 |
|  TJX Cos., Inc. (The) | 17218 |  | 2126251 |
|  Ulta Beauty, Inc.\* | 1043 |  | 487936 |
|  Valvoline, Inc.\* | 446 |  | 16890 |
|  Wayfair, Inc., Class A\* | 2367 |  | 121048 |
|  Williams-Sonoma, Inc. | 3101 |  | 506610 |
|  |  |  | 15241774 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Amer Sports, Inc.\* | 4592 |  | 177986 |
|  Birkenstock Holding plc\* | 1148 |  | 56459 |
|  Columbia Sportswear Co. | 800 |  | 48864 |
|  Crocs, Inc.\* | 1673 |  | 169441 |
|  Lululemon Athletica, Inc.\* | 1373 |  | 326197 |
|  NIKE, Inc., Class B | 35622 |  | 2530587 |
|  PVH Corp. | 1607 |  | 110240 |
|  Ralph Lauren Corp. | 1116 |  | 306096 |
|  Skechers USA, Inc., Class A\* | 4021 |  | 253725 |
|  Tapestry, Inc. | 527 |  | 46276 |
|  Under Armour, Inc., Class A\* | 5813 |  | 39703 |
|  Under Armour, Inc., Class C\* | 5779 |  | 37506 |
|  VF Corp. | 10810 |  | 127018 |
|  |  |  | 4230098 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 65069618 |
|  **Consumer Staples (8.1%)** | **Consumer Staples (8.1%)** | **Consumer Staples (8.1%)** | **Consumer Staples (8.1%)** |
|  ***Beverages (1.4%)*** | ***Beverages (1.4%)*** | ***Beverages (1.4%)*** | ***Beverages (1.4%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 251 |  | 47893 |
|  Brown-Forman Corp., Class A | 1342 |  | 36865 |
|  Brown-Forman Corp., Class B | 4546 |  | 122333 |
|  Coca-Cola Co. (The) | 61227 |  | 4331810 |
|  Coca-Cola Consolidated, Inc. | 1375 |  | 153519 |
|  Constellation Brands, Inc., Class A | 4023 |  | 654462 |
|  Keurig Dr Pepper, Inc. | 39871 |  | 1318135 |
|  Molson Coors Beverage Co., Class B | 5163 |  | 248289 |
|  PepsiCo, Inc. | 36412 |  | 4807840 |
|  Primo Brands Corp. | 7904 |  | 234116 |
|  |  |  | 11955262 |
|  ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** | ***Consumer Staples Distribution & Retail (2.2%)*** |
|  Albertsons Cos., Inc., Class A | 12750 |  | 274252 |
|  BJ's Wholesale Club Holdings, Inc.\* | 3428 |  | 369641 |
|  Casey's General Stores, Inc. | 969 |  | 494452 |
|  Dollar General Corp. | 6762 |  | 773438 |
|  Dollar Tree, Inc.\* | 6253 |  | 619297 |
|  Kroger Co. (The) | 18670 |  | 1339199 |
|  Maplebear, Inc.\* | 5304 |  | 239953 |
|  Performance Food Group Co.\* | 4117 |  | 360114 |
|  Sysco Corp. | 6938 |  | 525484 |
|  Target Corp. | 13993 |  | 1380409 |
|  US Foods Holding Corp.\* | 7069 |  | 544384 |
|  Walgreens Boots Alliance, Inc. | 21997 |  | 252526 |
|  Walmart, Inc. | 120567 |  | 11789041 |
|  |  |  | 18962190 |
|  ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** |
|  Archer-Daniels-Midland Co. | 14715 |  | 776658 |
|  Bunge Global SA | 4088 |  | 328185 |
|  Campbell's Co. (The) | 5969 |  | 182950 |
|  Conagra Brands, Inc. | 14652 |  | 299926 |
|  Darling Ingredients, Inc.\* | 4275 |  | 162193 |
|  Flowers Foods, Inc. (x) | 5747 |  | 91837 |
|  Freshpet, Inc.\* | 1059 |  | 71970 |
|  General Mills, Inc. | 16859 |  | 873465 |
|  Hershey Co. (The) | 3943 |  | 654341 |
|  Hormel Foods Corp. | 8904 |  | 269346 |
|  Ingredion, Inc. | 1966 |  | 266629 |
|  J M Smucker Co. (The) | 3190 |  | 313258 |
|  Kellanova | 8553 |  | 680220 |

---

See Notes to Financial Statements.

978

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kraft Heinz Co. (The) | 26286 | $| 678704 |
|  Lamb Weston Holdings, Inc. | 4194 |  | 217459 |
|  McCormick & Co., Inc. (Non-Voting) | 7795 |  | 591017 |
|  Mondelez International, Inc., Class A | 39889 |  | 2690114 |
|  Pilgrim's Pride Corp. | 1273 |  | 57259 |
|  Post Holdings, Inc.\* | 1552 |  | 169215 |
|  Seaboard Corp. | 8 |  | 22890 |
|  Smithfield Foods, Inc. | 788 |  | 18542 |
|  Tyson Foods, Inc., Class A | 8613 |  | 481811 |
|  |  |  | 9897989 |
|  ***Household Products (1.7%)*** | ***Household Products (1.7%)*** | ***Household Products (1.7%)*** | ***Household Products (1.7%)*** |
|  Church & Dwight Co., Inc. | 7582 |  | 728706 |
|  Clorox Co. (The) | 3794 |  | 455545 |
|  Colgate-Palmolive Co. | 13021 |  | 1183609 |
|  Kimberly-Clark Corp. | 6546 |  | 843910 |
|  Procter & Gamble Co. (The) | 72318 |  | 11521704 |
|  Reynolds Consumer Products, Inc. | 1678 |  | 35943 |
|  |  |  | 14769417 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  BellRing Brands, Inc.\* | 3907 |  | 226333 |
|  Coty, Inc., Class A\* | 10628 |  | 49420 |
|  e.l.f. Beauty, Inc.\* | 1685 |  | 209681 |
|  Estee Lauder Cos., Inc. (The), Class A | 7195 |  | 581356 |
|  Kenvue, Inc. | 58504 |  | 1224489 |
|  |  |  | 2291279 |
|  ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** |
|  Altria Group, Inc. | 51936 |  | 3045008 |
|  Philip Morris International, Inc. | 47968 |  | 8736412 |
|  |  |  | 11781420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 69657557 |
|  **Energy (5.8%)** | **Energy (5.8%)** | **Energy (5.8%)** | **Energy (5.8%)** |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** |
|  Baker Hughes Co. | 30533 |  | 1170635 |
|  Halliburton Co. | 26393 |  | 537890 |
|  NOV, Inc. | 11502 |  | 142970 |
|  Schlumberger NV | 41880 |  | 1415544 |
|  TechnipFMC plc | 12787 |  | 440384 |
|  Weatherford International plc | 2191 |  | 110229 |
|  |  |  | 3817652 |
|  ***Oil, Gas & Consumable Fuels (5.4%)*** | ***Oil, Gas & Consumable Fuels (5.4%)*** | ***Oil, Gas & Consumable Fuels (5.4%)*** | ***Oil, Gas & Consumable Fuels (5.4%)*** |
|  Antero Midstream Corp. | 10296 |  | 195109 |
|  Antero Resources Corp.\* | 8919 |  | 359257 |
|  APA Corp. | 10917 |  | 199672 |
|  Cheniere Energy, Inc. | 3734 |  | 909304 |
|  Chevron Corp. | 50218 |  | 7190715 |
|  Chord Energy Corp. | 1818 |  | 176073 |
|  Civitas Resources, Inc. | 2840 |  | 78157 |
|  ConocoPhillips | 38974 |  | 3497527 |
|  Coterra Energy, Inc. | 23225 |  | 589451 |
|  Devon Energy Corp. | 19144 |  | 608971 |
|  Diamondback Energy, Inc. | 5870 |  | 806538 |
|  DT Midstream, Inc. | 3123 |  | 343249 |
|  EOG Resources, Inc. | 17003 |  | 2033729 |
|  EQT Corp. | 18354 |  | 1070405 |
|  Expand Energy Corp. | 6765 |  | 791099 |
|  Exxon Mobil Corp. | 133414 |  | 14382029 |
|  Hess Corp. | 8700 |  | 1205298 |
|  HF Sinclair Corp. | 4428 |  | 181902 |
|  Kinder Morgan, Inc. | 59871 |  | 1760207 |
|  Marathon Petroleum Corp. | 9594 |  | 1593659 |
|  Matador Resources Co. | 3595 |  | 171553 |
|  Occidental Petroleum Corp. | 20734 |  | 871035 |
|  ONEOK, Inc. | 19239 |  | 1570480 |
|  Ovintiv, Inc. | 7992 |  | 304096 |
|  Permian Resources Corp. | 19618 |  | 267197 |
|  Phillips 66 | 11653 |  | 1390203 |
|  Range Resources Corp. | 7268 |  | 295590 |
|  Valero Energy Corp. | 9610 |  | 1291776 |
|  Viper Energy, Inc., Class A | 4040 |  | 154045 |
|  Williams Cos., Inc. (The) | 35508 |  | 2230258 |
|  |  |  | 46518584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 50336236 |
|  **Financials (22.6%)** | **Financials (22.6%)** | **Financials (22.6%)** | **Financials (22.6%)** |
|  ***Banks (7.1%)*** | ***Banks (7.1%)*** | ***Banks (7.1%)*** | ***Banks (7.1%)*** |
|  Bank of America Corp. | 194381 |  | 9198109 |
|  Bank OZK | 3285 |  | 154592 |
|  BOK Financial Corp. | 687 |  | 67072 |
|  Citigroup, Inc. | 46852 |  | 3988042 |
|  Citizens Financial Group, Inc. | 13392 |  | 599292 |
|  Columbia Banking System, Inc. | 6432 |  | 150380 |
|  Comerica, Inc. | 4018 |  | 239674 |
|  Commerce Bancshares, Inc. | 3794 |  | 235873 |
|  Cullen/Frost Bankers, Inc. | 1830 |  | 235228 |
|  East West Bancorp, Inc. | 4207 |  | 424823 |
|  Fifth Third Bancorp | 20501 |  | 843206 |
|  First Citizens BancShares, Inc., Class A | 304 |  | 594767 |
|  First Hawaiian, Inc. | 3854 |  | 96196 |
|  First Horizon Corp. | 15477 |  | 328112 |
|  FNB Corp. | 10928 |  | 159330 |
|  Huntington Bancshares, Inc. | 44525 |  | 746239 |
|  JPMorgan Chase & Co. | 85508 |  | 24789624 |
|  KeyCorp | 29112 |  | 507131 |
|  M&T Bank Corp. | 5005 |  | 970920 |
|  Pinnacle Financial Partners, Inc. | 2187 |  | 241467 |
|  PNC Financial Services Group, Inc. (The) | 12165 |  | 2267799 |
|  Popular, Inc. | 1895 |  | 208848 |
|  Prosperity Bancshares, Inc. | 2815 |  | 197726 |
|  Regions Financial Corp. | 27658 |  | 650516 |
|  SouthState Corp. | 3087 |  | 284097 |
|  Synovus Financial Corp. | 4268 |  | 220869 |
|  TFS Financial Corp. | 1613 |  | 20888 |
|  Truist Financial Corp. | 40336 |  | 1734045 |
|  US Bancorp | 48086 |  | 2175892 |
|  Webster Financial Corp. | 5150 |  | 281190 |
|  Wells Fargo & Co. | 100332 |  | 8038600 |
|  Western Alliance Bancorp | 2626 |  | 204775 |
|  Wintrust Financial Corp. | 2031 |  | 251803 |
|  Zions Bancorp NA | 4464 |  | 231860 |
|  |  |  | 61338985 |
|  ***Capital Markets (5.9%)*** | ***Capital Markets (5.9%)*** | ***Capital Markets (5.9%)*** | ***Capital Markets (5.9%)*** |
|  Affiliated Managers Group, Inc. | 860 |  | 169222 |
|  Ameriprise Financial, Inc. | 271 |  | 144641 |
|  Bank of New York Mellon Corp. (The) | 20438 |  | 1862106 |
|  BlackRock, Inc. | 4698 |  | 4929377 |

---

See Notes to Financial Statements.

979

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Brookfield Asset Management Ltd., Class A (x) | 7710 | $| 426209 |
|  Carlyle Group, Inc. (The) | 8051 |  | 413821 |
|  Cboe Global Markets, Inc. | 3225 |  | 752102 |
|  Charles Schwab Corp. (The) | 47953 |  | 4375232 |
|  CME Group, Inc. | 11072 |  | 3051665 |
|  Coinbase Global, Inc., Class A\* | 5731 |  | 2008658 |
|  Evercore, Inc., Class A | 1135 |  | 306473 |
|  FactSet Research Systems, Inc. | 1093 |  | 488877 |
|  Franklin Resources, Inc. | 9462 |  | 225669 |
|  Freedom Holding Corp.\* | 81 |  | 11830 |
|  Goldman Sachs Group, Inc. (The) | 8871 |  | 6278450 |
|  Hamilton Lane, Inc., Class A | 427 |  | 60685 |
|  Houlihan Lokey, Inc., Class A | 1030 |  | 185348 |
|  Interactive Brokers Group, Inc., Class A | 12343 |  | 683926 |
|  Intercontinental Exchange, Inc. | 17564 |  | 3222467 |
|  Invesco Ltd. | 11204 |  | 176687 |
|  Janus Henderson Group plc | 3863 |  | 150039 |
|  Jefferies Financial Group, Inc. | 3562 |  | 194806 |
|  KKR & Co., Inc. | 15674 |  | 2085112 |
|  Lazard, Inc. | 2728 |  | 130889 |
|  MarketAxess Holdings, Inc. | 1122 |  | 250587 |
|  Morgan Stanley | 35459 |  | 4994755 |
|  Morningstar, Inc. | 233 |  | 73146 |
|  MSCI, Inc. | 1176 |  | 678246 |
|  Nasdaq, Inc. | 12696 |  | 1135276 |
|  Northern Trust Corp. | 5953 |  | 754781 |
|  Raymond James Financial, Inc. | 5629 |  | 863320 |
|  Robinhood Markets, Inc., Class A\* | 19735 |  | 1847788 |
|  S&P Global, Inc. | 9454 |  | 4985000 |
|  SEI Investments Co. | 3202 |  | 287732 |
|  State Street Corp. | 8867 |  | 942917 |
|  Stifel Financial Corp. | 3075 |  | 319123 |
| T. Rowe Price Group, Inc. | 6734 |  | 649831 |
|  TPG, Inc., Class A | 244 |  | 12798 |
|  Tradeweb Markets, Inc., Class A | 3288 |  | 481363 |
|  Virtu Financial, Inc., Class A | 2483 |  | 111214 |
|  XP, Inc., Class A | 11375 |  | 229775 |
|  |  |  | 50951943 |
|  ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** |
|  Ally Financial, Inc. | 7494 |  | 291891 |
|  American Express Co. | 11366 |  | 3625527 |
|  Capital One Financial Corp. | 19353 |  | 4117544 |
|  Credit Acceptance Corp. (x)\* | 190 |  | 96792 |
|  OneMain Holdings, Inc. | 3666 |  | 208962 |
|  SLM Corp. | 5552 |  | 182050 |
|  SoFi Technologies, Inc.\* | 28248 |  | 514396 |
|  Synchrony Financial | 11712 |  | 781659 |
|  |  |  | 9818821 |
|  ***Financial Services (4.3%)*** | ***Financial Services (4.3%)*** | ***Financial Services (4.3%)*** | ***Financial Services (4.3%)*** |
|  Affirm Holdings, Inc., Class A\* | 3348 |  | 231481 |
|  Apollo Global Management, Inc. | 3853 |  | 546625 |
|  Berkshire Hathaway, Inc., Class B\* | 56787 |  | 27585421 |
|  Block, Inc., Class A\* | 10561 |  | 717409 |
|  Corebridge Financial, Inc. | 7393 |  | 262451 |
|  Euronet Worldwide, Inc.\* | 1248 |  | 126522 |
|  Fidelity National Information Services, Inc. | 16211 |  | 1319737 |
|  Fiserv, Inc.\* | 12294 |  | 2119609 |
|  Global Payments, Inc. | 7516 |  | 601581 |
|  Jack Henry & Associates, Inc. | 2235 |  | 402680 |
|  MGIC Investment Corp. | 7182 |  | 199947 |
|  Mr Cooper Group, Inc.\* | 1932 |  | 288274 |
|  PayPal Holdings, Inc.\* | 29980 |  | 2228114 |
|  Rocket Cos., Inc., Class A (x) | 4128 |  | 58535 |
|  UWM Holdings Corp., Class A (x) | 4292 |  | 17769 |
|  Voya Financial, Inc. | 2960 |  | 210160 |
|  Western Union Co. (The) | 10163 |  | 85572 |
|  WEX, Inc.\* | 960 |  | 141014 |
|  |  |  | 37142901 |
|  ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | ***Insurance (4.0%)*** |
|  Aflac, Inc. | 14997 |  | 1581584 |
|  Allstate Corp. (The) | 8124 |  | 1635442 |
|  American Financial Group, Inc. | 2035 |  | 256837 |
|  American International Group, Inc. | 17968 |  | 1537881 |
|  Aon plc, Class A | 493 |  | 175883 |
|  Arch Capital Group Ltd. | 11233 |  | 1022765 |
|  Arthur J Gallagher & Co. | 7332 |  | 2347120 |
|  Assurant, Inc. | 1560 |  | 308084 |
|  Assured Guaranty Ltd. | 1433 |  | 124814 |
|  Axis Capital Holdings Ltd. | 2335 |  | 242420 |
|  Brighthouse Financial, Inc.\* | 1759 |  | 94581 |
|  Brown & Brown, Inc. | 7586 |  | 841060 |
|  Chubb Ltd. | 11458 |  | 3319612 |
|  Cincinnati Financial Corp. | 4742 |  | 706179 |
|  CNA Financial Corp. | 643 |  | 29919 |
|  Everest Group Ltd. | 1111 |  | 377573 |
|  Fidelity National Financial, Inc. | 8644 |  | 484583 |
|  First American Financial Corp. | 3027 |  | 185828 |
|  Globe Life, Inc. | 2552 |  | 317188 |
|  Hanover Insurance Group, Inc. (The) | 1102 |  | 187197 |
|  Hartford Insurance Group, Inc. (The) | 8738 |  | 1108590 |
|  Kemper Corp. | 1881 |  | 121400 |
|  Lincoln National Corp. | 5242 |  | 181373 |
|  Loews Corp. | 5260 |  | 482132 |
|  Markel Group, Inc.\* | 306 |  | 611192 |
|  Marsh & McLennan Cos., Inc. | 13394 |  | 2928464 |
|  MetLife, Inc. | 17321 |  | 1392955 |
|  Old Republic International Corp. | 7035 |  | 270425 |
|  Primerica, Inc. | 1015 |  | 277775 |
|  Principal Financial Group, Inc. | 6837 |  | 543063 |
|  Progressive Corp. (The) | 17137 |  | 4573180 |
|  Prudential Financial, Inc. | 10918 |  | 1173030 |
|  Reinsurance Group of America, Inc. | 2030 |  | 402671 |
|  RenaissanceRe Holdings Ltd. | 1471 |  | 357306 |
|  RLI Corp. | 2384 |  | 172172 |
|  Travelers Cos., Inc. (The) | 6960 |  | 1862078 |
|  Unum Group | 5327 |  | 430208 |
|  W.R. Berkley Corp. | 9348 |  | 686798 |
|  White Mountains Insurance Group Ltd. | 77 |  | 138270 |
|  Willis Towers Watson plc | 3051 |  | 935131 |
|  |  |  | 34424763 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  AGNC Investment Corp. (REIT) (x) | 29170 |  | 268072 |
|  Annaly Capital Management, Inc. (REIT) | 18408 |  | 346439 |
|  Rithm Capital Corp. (REIT) | 16287 |  | 183880 |

---

See Notes to Financial Statements.

980

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Starwood Property Trust, Inc. (REIT) (x) | 9791 | $| 196506 |
|  |  |  | 994897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 194672310 |
|  **Health Care (11.6%)** | **Health Care (11.6%)** | **Health Care (11.6%)** | **Health Care (11.6%)** |
|  ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** |
|  Amgen, Inc. | 4345 |  | 1213167 |
|  Biogen, Inc.\* | 4497 |  | 564778 |
|  BioMarin Pharmaceutical, Inc.\* | 5853 |  | 321739 |
|  Exact Sciences Corp.\* | 5418 |  | 287913 |
|  Exelixis, Inc.\* | 1587 |  | 69947 |
|  Gilead Sciences, Inc. | 28020 |  | 3106577 |
|  Incyte Corp.\* | 3611 |  | 245909 |
|  Insmed, Inc.\* | 344 |  | 34620 |
|  Ionis Pharmaceuticals, Inc.\* | 338 |  | 13354 |
|  Moderna, Inc.\* | 10920 |  | 301283 |
|  Neurocrine Biosciences, Inc.\* | 430 |  | 54047 |
|  Regeneron Pharmaceuticals, Inc. | 3211 |  | 1685775 |
|  Revolution Medicines, Inc.\* | 5335 |  | 196275 |
|  Roivant Sciences Ltd.\* | 11663 |  | 131442 |
|  Sarepta Therapeutics, Inc.\* | 479 |  | 8191 |
|  United Therapeutics Corp.\* | 1368 |  | 393095 |
|  Viking Therapeutics, Inc.\* | 3089 |  | 81859 |
|  |  |  | 8709971 |
|  ***Health Care Equipment & Supplies (3.1%)*** | ***Health Care Equipment & Supplies (3.1%)*** | ***Health Care Equipment & Supplies (3.1%)*** | ***Health Care Equipment & Supplies (3.1%)*** |
|  Abbott Laboratories | 53312 |  | 7250965 |
|  Align Technology, Inc.\* | 2110 |  | 399486 |
|  Baxter International, Inc. | 15770 |  | 477516 |
|  Becton Dickinson & Co. | 8806 |  | 1516834 |
|  Boston Scientific Corp.\* | 37611 |  | 4039798 |
|  Cooper Cos., Inc. (The)\* | 6132 |  | 436353 |
|  Dentsply Sirona, Inc. | 6130 |  | 97344 |
|  Edwards Lifesciences Corp.\* | 17719 |  | 1385803 |
|  Envista Holdings Corp.\* | 5168 |  | 100983 |
|  GE HealthCare Technologies, Inc. | 14091 |  | 1043720 |
|  Globus Medical, Inc., Class A\* | 3452 |  | 203737 |
|  Hologic, Inc.\* | 6867 |  | 447454 |
|  Medtronic plc | 39482 |  | 3441646 |
|  ResMed, Inc. | 3432 |  | 885456 |
|  Solventum Corp.\* | 4273 |  | 324064 |
|  STERIS plc | 3023 |  | 726185 |
|  Stryker Corp. | 7872 |  | 3114399 |
|  Teleflex, Inc. | 1374 |  | 162627 |
|  Zimmer Biomet Holdings, Inc. | 6096 |  | 556016 |
|  |  |  | 26610386 |
|  ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** |
|  Acadia Healthcare Co., Inc.\* | 2801 |  | 63555 |
|  Amedisys, Inc.\* | 992 |  | 97603 |
|  Cardinal Health, Inc. | 3698 |  | 621264 |
|  Centene Corp.\* | 15286 |  | 829724 |
|  Chemed Corp. | 403 |  | 196233 |
|  Cigna Group (The) | 7584 |  | 2507119 |
|  CVS Health Corp. | 38560 |  | 2659869 |
|  Elevance Health, Inc. | 6963 |  | 2708328 |
|  Encompass Health Corp. | 3066 |  | 375984 |
|  HCA Healthcare, Inc. | 4245 |  | 1626259 |
|  Henry Schein, Inc.\* | 3372 |  | 246325 |
|  Humana, Inc. | 3716 |  | 908488 |
|  Labcorp Holdings, Inc. | 2573 |  | 675438 |
|  McKesson Corp. | 298 |  | 218368 |
|  Molina Healthcare, Inc.\* | 745 |  | 221936 |
|  Quest Diagnostics, Inc. | 3432 |  | 616490 |
|  Tenet Healthcare Corp.\* | 2819 |  | 496144 |
|  UnitedHealth Group, Inc. | 28017 |  | 8740463 |
|  Universal Health Services, Inc., Class B | 1695 |  | 307049 |
|  |  |  | 24116639 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Certara, Inc.\* | 3732 |  | 43664 |
|  Veeva Systems, Inc., Class A\* | 927 |  | 266958 |
|  |  |  | 310622 |
|  ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** |
|  Agilent Technologies, Inc. | 8772 |  | 1035184 |
|  Avantor, Inc.\* | 20338 |  | 273749 |
|  Bio-Rad Laboratories, Inc., Class A\* | 597 |  | 144068 |
|  Bio-Techne Corp. | 4828 |  | 248401 |
|  Bruker Corp. | 3180 |  | 131016 |
|  Charles River Laboratories International, Inc.\* | 1502 |  | 227898 |
|  Danaher Corp. | 19642 |  | 3880081 |
|  Illumina, Inc.\* | 4870 |  | 464647 |
|  IQVIA Holdings, Inc.\* | 5394 |  | 850040 |
|  Mettler-Toledo International, Inc.\* | 641 |  | 752995 |
|  QIAGEN NV\* | 6561 |  | 315322 |
|  Repligen Corp.\* | 1420 |  | 176620 |
|  Revvity, Inc. | 3698 |  | 357671 |
|  Sotera Health Co.\* | 4288 |  | 47682 |
|  Thermo Fisher Scientific, Inc. | 11627 |  | 4714283 |
|  Waters Corp.\* | 875 |  | 305410 |
|  West Pharmaceutical Services, Inc. | 2204 |  | 482235 |
|  |  |  | 14407302 |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** |
|  Bristol-Myers Squibb Co. | 50673 |  | 2345653 |
|  Elanco Animal Health, Inc.\* | 15150 |  | 216342 |
|  Jazz Pharmaceuticals plc\* | 1826 |  | 193775 |
|  Johnson & Johnson | 74091 |  | 11317401 |
|  Merck & Co., Inc. | 77575 |  | 6140837 |
|  Organon & Co. | 7994 |  | 77382 |
|  Perrigo Co. plc | 4193 |  | 112037 |
|  Pfizer, Inc. | 174909 |  | 4239794 |
|  Royalty Pharma plc, Class A | 12007 |  | 432612 |
|  Viatris, Inc. | 36513 |  | 326061 |
|  Zoetis, Inc. | 2779 |  | 433385 |
|  |  |  | 25835279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 99990199 |
|  **Industrials (13.0%)** | **Industrials (13.0%)** | **Industrials (13.0%)** | **Industrials (13.0%)** |
|  ***Aerospace & Defense (2.7%)*** | ***Aerospace & Defense (2.7%)*** | ***Aerospace & Defense (2.7%)*** | ***Aerospace & Defense (2.7%)*** |
|  ATI, Inc.\* | 4305 |  | 371694 |
|  Boeing Co. (The)\* | 19154 |  | 4013338 |
|  BWX Technologies, Inc. | 2314 |  | 333355 |
|  Curtiss-Wright Corp. | 1157 |  | 565252 |
|  General Dynamics Corp. | 7780 |  | 2269115 |
|  Hexcel Corp. | 2462 |  | 139078 |
|  Huntington Ingalls Industries, Inc. | 1201 |  | 289993 |
|  L3Harris Technologies, Inc. | 5750 |  | 1442330 |
|  Leonardo DRS, Inc. | 1412 |  | 65630 |
|  Loar Holdings, Inc.\* | 125 |  | 10771 |

---

See Notes to Financial Statements.

981

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lockheed Martin Corp. | 4640 | $| 2148970 |
|  Northrop Grumman Corp. | 4175 |  | 2087416 |
|  RTX Corp. | 41191 |  | 6014710 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 3205 |  | 122271 |
|  StandardAero, Inc.\* | 3975 |  | 125809 |
|  Textron, Inc. | 5540 |  | 444807 |
|  TransDigm Group, Inc. | 1405 |  | 2136499 |
|  Woodward, Inc. | 1825 |  | 447289 |
|  |  |  | 23028327 |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** |
|  CH Robinson Worldwide, Inc. | 3616 |  | 346955 |
|  Expeditors International of Washington, Inc. | 4220 |  | 482135 |
|  FedEx Corp. | 6702 |  | 1523432 |
|  GXO Logistics, Inc.\* | 3534 |  | 172106 |
|  United Parcel Service, Inc., Class B | 22597 |  | 2280941 |
|  |  |  | 4805569 |
|  ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | ***Building Products (0.8%)*** |
|  A.O. Smith Corp. | 3558 |  | 233298 |
|  Advanced Drainage Systems, Inc. | 2175 |  | 249820 |
|  Allegion plc | 2649 |  | 381774 |
|  Armstrong World Industries, Inc. | 935 |  | 151881 |
|  AZEK Co., Inc. (The), Class A\* | 1403 |  | 76253 |
|  Builders FirstSource, Inc.\* | 3436 |  | 400947 |
|  Carlisle Cos., Inc. | 1165 |  | 435011 |
|  Carrier Global Corp. | 24797 |  | 1814892 |
|  Fortune Brands Innovations, Inc. | 3723 |  | 191660 |
|  Hayward Holdings, Inc.\* | 6109 |  | 84304 |
|  Johnson Controls International plc | 20325 |  | 2146727 |
|  Masco Corp. | 6496 |  | 418083 |
|  Owens Corning | 2613 |  | 359340 |
|  Simpson Manufacturing Co., Inc. | 1183 |  | 183732 |
|  Trex Co., Inc.\* | 3284 |  | 178584 |
|  |  |  | 7306306 |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Clean Harbors, Inc.\* | 1559 |  | 360410 |
|  Copart, Inc.\* | 1866 |  | 91565 |
|  MSA Safety, Inc. | 1138 |  | 190649 |
|  RB Global, Inc. | 5359 |  | 569072 |
|  Republic Services, Inc. | 6237 |  | 1538106 |
|  Tetra Tech, Inc. | 6694 |  | 240716 |
|  Veralto Corp. | 4427 |  | 446906 |
|  |  |  | 3437424 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  AECOM | 4073 |  | 459679 |
|  API Group Corp.\* | 7705 |  | 393340 |
|  EMCOR Group, Inc. | 892 |  | 477122 |
|  Everus Construction Group, Inc.\* | 1565 |  | 99424 |
|  MasTec, Inc.\* | 1512 |  | 257690 |
|  Quanta Services, Inc. | 1022 |  | 386398 |
|  Valmont Industries, Inc. | 611 |  | 199534 |
|  WillScot Holdings Corp. | 4082 |  | 111847 |
|  |  |  | 2385034 |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** |
|  Acuity, Inc. | 950 |  | 283423 |
|  AMETEK, Inc. | 7093 |  | 1283549 |
|  Eaton Corp. plc | 12066 |  | 4307441 |
|  Emerson Electric Co. | 17352 |  | 2313542 |
|  Generac Holdings, Inc.\* | 1797 |  | 257348 |
|  Hubbell, Inc., Class B | 1647 |  | 672651 |
|  nVent Electric plc | 5014 |  | 367276 |
|  Regal Rexnord Corp. | 2033 |  | 294704 |
|  Rockwell Automation, Inc. | 3204 |  | 1064273 |
|  Sensata Technologies Holding plc | 4465 |  | 134441 |
|  |  |  | 10978648 |
|  ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** | ***Ground Transportation (1.2%)*** |
|  Avis Budget Group, Inc.\* | 341 |  | 57646 |
|  CSX Corp. | 57793 |  | 1885786 |
|  JB Hunt Transport Services, Inc. | 2457 |  | 352825 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 4846 |  | 214339 |
|  Landstar System, Inc. | 1067 |  | 148334 |
|  Lyft, Inc., Class A\* | 10289 |  | 162155 |
|  Norfolk Southern Corp. | 6953 |  | 1779759 |
|  Old Dominion Freight Line, Inc. | 5414 |  | 878692 |
|  Ryder System, Inc. | 1238 |  | 196842 |
|  Saia, Inc.\* | 820 |  | 224672 |
|  Schneider National, Inc., Class B | 1590 |  | 38398 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 146 |  | 8842 |
|  U-Haul Holding Co. (New York Stock Exchange) | 1927 |  | 104771 |
|  Union Pacific Corp. | 16960 |  | 3902157 |
|  XPO, Inc.\* | 2802 |  | 353865 |
|  |  |  | 10309083 |
|  ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** |
|  3M Co. | 13920 |  | 2119181 |
|  Honeywell International, Inc. | 19820 |  | 4615681 |
|  |  |  | 6734862 |
|  ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | ***Machinery (3.2%)*** |
|  AGCO Corp. | 1909 |  | 196932 |
|  Allison Transmission Holdings, Inc. | 2175 |  | 206603 |
|  Caterpillar, Inc. | 12501 |  | 4853013 |
|  CNH Industrial NV | 27022 |  | 350205 |
|  Crane Co. | 1515 |  | 287683 |
|  Cummins, Inc. | 4237 |  | 1387618 |
|  Deere & Co. | 7523 |  | 3825370 |
|  Donaldson Co., Inc. | 3666 |  | 254237 |
|  Dover Corp. | 4174 |  | 764802 |
|  Esab Corp. | 1752 |  | 211204 |
|  Flowserve Corp. | 4010 |  | 209924 |
|  Fortive Corp. | 11553 |  | 602258 |
|  Gates Industrial Corp. plc\* | 7806 |  | 179772 |
|  Graco, Inc. | 5111 |  | 439393 |
|  IDEX Corp. | 2327 |  | 408551 |
|  Illinois Tool Works, Inc. | 6068 |  | 1500313 |
|  Ingersoll Rand, Inc. | 12425 |  | 1033511 |
|  ITT, Inc. | 2481 |  | 389095 |
|  Lincoln Electric Holdings, Inc. | 1669 |  | 346017 |
|  Middleby Corp. (The)\* | 1552 |  | 223488 |
|  Mueller Industries, Inc. | 3338 |  | 265271 |
|  Nordson Corp. | 1659 |  | 355640 |
|  Oshkosh Corp. | 1968 |  | 223447 |
|  Otis Worldwide Corp. | 12166 |  | 1204677 |
|  PACCAR, Inc. | 15867 |  | 1508317 |

---

See Notes to Financial Statements.

982

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Parker-Hannifin Corp. | 3963 | $| 2768037 |
|  Pentair plc | 5035 |  | 516893 |
|  RBC Bearings, Inc.\* | 761 |  | 292833 |
|  Snap-on, Inc. | 1578 |  | 491042 |
|  Stanley Black & Decker, Inc. | 4758 |  | 322355 |
|  Timken Co. (The) | 1925 |  | 139659 |
|  Toro Co. (The) | 3069 |  | 216917 |
|  Westinghouse Air Brake Technologies Corp. | 5220 |  | 1092807 |
|  Xylem, Inc. | 7491 |  | 969036 |
|  |  |  | 28036920 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Kirby Corp.\* | 1742 |  | 197560 |
|  ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** | ***Passenger Airlines (0.3%)*** |
|  Alaska Air Group, Inc.\* | 3117 |  | 154229 |
|  American Airlines Group, Inc. (x)\* | 18812 |  | 211071 |
|  Delta Air Lines, Inc. | 20078 |  | 987436 |
|  Southwest Airlines Co. (x) | 14082 |  | 456820 |
|  United Airlines Holdings, Inc.\* | 10020 |  | 797893 |
|  |  |  | 2607449 |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** |
|  Amentum Holdings, Inc.\* | 4901 |  | 115713 |
|  Automatic Data Processing, Inc. | 914 |  | 281878 |
|  Broadridge Financial Solutions, Inc. | 328 |  | 79714 |
|  CACI International, Inc., Class A\* | 669 |  | 318912 |
|  Clarivate plc (x)\* | 10898 |  | 46861 |
|  Concentrix Corp. (x) | 1395 |  | 73733 |
|  Dayforce, Inc.\* | 4267 |  | 236349 |
|  Dun & Bradstreet Holdings, Inc. | 9472 |  | 86100 |
|  Equifax, Inc. | 3150 |  | 817015 |
|  FTI Consulting, Inc.\* | 1029 |  | 166183 |
|  Genpact Ltd. | 4954 |  | 218026 |
|  Jacobs Solutions, Inc. | 3737 |  | 491229 |
|  KBR, Inc. | 3657 |  | 175317 |
|  Leidos Holdings, Inc. | 3926 |  | 619366 |
|  ManpowerGroup, Inc. | 1417 |  | 57247 |
|  Parsons Corp.\* | 1624 |  | 116554 |
|  Paychex, Inc. | 6825 |  | 992765 |
|  Paycom Software, Inc. | 716 |  | 165682 |
|  Paylocity Holding Corp.\* | 115 |  | 20837 |
|  Robert Half, Inc. | 3044 |  | 124956 |
|  Science Applications International Corp. | 1446 |  | 162834 |
|  SS&C Technologies Holdings, Inc. | 6510 |  | 539028 |
|  TransUnion | 6001 |  | 528088 |
|  Verisk Analytics, Inc. | 1723 |  | 536714 |
|  |  |  | 6971101 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  Air Lease Corp., Class A | 3206 |  | 187519 |
|  Applied Industrial Technologies, Inc. | 1173 |  | 272664 |
|  Core & Main, Inc., Class A\* | 2451 |  | 147918 |
|  Fastenal Co. | 6315 |  | 265230 |
|  Ferguson Enterprises, Inc. | 5612 |  | 1222013 |
|  MSC Industrial Direct Co., Inc., Class A | 1353 |  | 115032 |
|  QXO, Inc.\* | 18322 |  | 394656 |
|  SiteOne Landscape Supply, Inc.\* | 922 |  | 111507 |
|  United Rentals, Inc. | 1997 |  | 1504540 |
|  W.W. Grainger, Inc. | 200 |  | 208048 |
|  Watsco, Inc. | 1072 |  | 473416 |
|  WESCO International, Inc. | 1475 |  | 273170 |
|  |  |  | 5175713 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 111973996 |
|  **Information Technology (10.5%)** | **Information Technology (10.5%)** | **Information Technology (10.5%)** | **Information Technology (10.5%)** |
|  ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** |
|  Ciena Corp.\* | 4342 |  | 353135 |
|  Cisco Systems, Inc. | 122544 |  | 8502103 |
|  F5, Inc.\* | 1773 |  | 521829 |
|  Juniper Networks, Inc. | 10171 |  | 406128 |
|  Lumentum Holdings, Inc.\* | 1956 |  | 185937 |
|  Motorola Solutions, Inc. | 2969 |  | 1248346 |
|  |  |  | 11217478 |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** |
|  Arrow Electronics, Inc.\* | 1589 |  | 202486 |
|  Avnet, Inc. | 2645 |  | 140397 |
|  CDW Corp. | 3758 |  | 671141 |
|  Cognex Corp. | 5165 |  | 163834 |
|  Coherent Corp.\* | 4722 |  | 421250 |
|  Corning, Inc. | 24037 |  | 1264106 |
|  Crane NXT Co. (x) | 1507 |  | 81227 |
|  Flex Ltd.\* | 11735 |  | 585811 |
|  Ingram Micro Holding Corp. | 631 |  | 13150 |
|  IPG Photonics Corp.\* | 769 |  | 52792 |
|  Jabil, Inc. | 1128 |  | 246017 |
|  Keysight Technologies, Inc.\* | 5297 |  | 867966 |
|  Littelfuse, Inc. | 756 |  | 171408 |
|  Ralliant Corp.\* | 3851 |  | 186735 |
|  TD SYNNEX Corp. | 2422 |  | 328665 |
|  Teledyne Technologies, Inc.\* | 1431 |  | 733116 |
|  Trimble, Inc.\* | 7334 |  | 557237 |
|  Vontier Corp. | 4552 |  | 167969 |
|  Zebra Technologies Corp., Class A\* | 1565 |  | 482583 |
|  |  |  | 7337890 |
|  ***IT Services (2.2%)*** | ***IT Services (2.2%)*** | ***IT Services (2.2%)*** | ***IT Services (2.2%)*** |
|  Accenture plc, Class A | 19273 |  | 5760507 |
|  Akamai Technologies, Inc. (x)\* | 4417 |  | 352300 |
|  Amdocs Ltd. | 3398 |  | 310034 |
|  Cognizant Technology Solutions Corp., Class A | 15200 |  | 1186056 |
|  DXC Technology Co.\* | 5523 |  | 84447 |
|  EPAM Systems, Inc.\* | 1686 |  | 298118 |
|  Globant SA\* | 1200 |  | 109008 |
|  International Business Machines Corp. | 28646 |  | 8444268 |
|  Kyndryl Holdings, Inc.\* | 6658 |  | 279370 |
|  MongoDB, Inc.\* | 2196 |  | 461138 |
|  Okta, Inc.\* | 3073 |  | 307208 |
|  Twilio, Inc., Class A\* | 3609 |  | 448815 |
|  VeriSign, Inc. | 2463 |  | 711314 |
|  |  |  | 18752583 |
|  ***Semiconductors & Semiconductor Equipment (3.7%)*** | ***Semiconductors & Semiconductor Equipment (3.7%)*** | ***Semiconductors & Semiconductor Equipment (3.7%)*** | ***Semiconductors & Semiconductor Equipment (3.7%)*** |
|  Advanced Micro Devices, Inc.\* | 20579 |  | 2920160 |
|  Allegro MicroSystems, Inc.\* | 3788 |  | 129512 |
|  Amkor Technology, Inc. | 3516 |  | 73801 |
|  Analog Devices, Inc. | 15275 |  | 3635756 |
|  Applied Materials, Inc. | 17909 |  | 3278601 |
|  Cirrus Logic, Inc.\* | 1629 |  | 169831 |

---

See Notes to Financial Statements.

983

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Entegris, Inc. | 3862 | $| 311470 |
|  First Solar, Inc.\* | 3125 |  | 517313 |
|  GLOBALFOUNDRIES, Inc.\* | 3162 |  | 120788 |
|  Intel Corp. | 134546 |  | 3013830 |
|  Lattice Semiconductor Corp.\* | 624 |  | 30570 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1464 |  | 209777 |
|  Marvell Technology, Inc. | 24757 |  | 1916192 |
|  Microchip Technology, Inc. | 16248 |  | 1143372 |
|  Micron Technology, Inc. | 34400 |  | 4239800 |
|  MKS, Inc. | 2068 |  | 205476 |
|  ON Semiconductor Corp.\* | 12979 |  | 680229 |
|  Onto Innovation, Inc.\* | 1164 |  | 117483 |
|  Qorvo, Inc.\* | 2867 |  | 243437 |
|  QUALCOMM, Inc. | 26109 |  | 4158119 |
|  Skyworks Solutions, Inc. | 4718 |  | 351585 |
|  Teradyne, Inc. | 4951 |  | 445194 |
|  Texas Instruments, Inc. | 16533 |  | 3432581 |
|  Universal Display Corp. | 1352 |  | 208830 |
|  |  |  | 31553707 |
|  ***Software (2.0%)*** | ***Software (2.0%)*** | ***Software (2.0%)*** | ***Software (2.0%)*** |
|  ANSYS, Inc.\* | 2699 |  | 947943 |
|  Aurora Innovation, Inc., Class A\* | 30326 |  | 158908 |
|  BILL Holdings, Inc.\* | 2837 |  | 131240 |
|  CCC Intelligent Solutions Holdings, Inc. (x)\* | 15939 |  | 149986 |
|  Docusign, Inc.\* | 1511 |  | 117692 |
|  Dolby Laboratories, Inc., Class A | 1861 |  | 138198 |
|  Dropbox, Inc., Class A\* | 4581 |  | 131017 |
|  Fair Isaac Corp.\* | 129 |  | 235807 |
|  Gen Digital, Inc. | 15076 |  | 443234 |
|  Informatica, Inc., Class A\* | 3226 |  | 78553 |
|  MicroStrategy, Inc., Class A (x)\* | 7265 |  | 2936731 |
|  nCino, Inc.\* | 2821 |  | 78903 |
|  Nutanix, Inc., Class A\* | 5921 |  | 452601 |
|  Pegasystems, Inc. | 1789 |  | 96839 |
|  PTC, Inc.\* | 3247 |  | 559588 |
|  Roper Technologies, Inc. | 3306 |  | 1873973 |
|  Rubrik, Inc., Class A\* | 1204 |  | 107866 |
|  SailPoint, Inc.\* | 1850 |  | 42291 |
|  Salesforce, Inc. | 25526 |  | 6960685 |
|  SentinelOne, Inc., Class A\* | 2496 |  | 45627 |
|  Synopsys, Inc.\* | 582 |  | 298380 |
|  Teradata Corp.\* | 2263 |  | 50487 |
|  Tyler Technologies, Inc.\* | 226 |  | 133982 |
|  UiPath, Inc., Class A\* | 13409 |  | 171635 |
|  Unity Software, Inc.\* | 9182 |  | 222204 |
|  Zoom Communications, Inc., Class A\* | 8089 |  | 630780 |
|  |  |  | 17195150 |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** |
|  Dell Technologies, Inc., Class C | 8449 |  | 1035847 |
|  Hewlett Packard Enterprise Co. | 40370 |  | 825567 |
|  HP, Inc. | 29038 |  | 710270 |
|  NetApp, Inc. | 3784 |  | 403185 |
|  Pure Storage, Inc., Class A\* | 1364 |  | 78539 |
|  Sandisk Corp.\* | 4151 |  | 188248 |
|  Super Micro Computer, Inc.\* | 8561 |  | 419575 |
|  Western Digital Corp. | 10656 |  | 681877 |
|  |  |  | 4343108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 90399916 |
|  **Materials (4.1%)** | **Materials (4.1%)** | **Materials (4.1%)** | **Materials (4.1%)** |
|  ***Chemicals (2.1%)*** | ***Chemicals (2.1%)*** | ***Chemicals (2.1%)*** | ***Chemicals (2.1%)*** |
|  Air Products and Chemicals, Inc. | 6840 |  | 1929290 |
|  Albemarle Corp. | 3617 |  | 226677 |
|  Ashland, Inc. | 1440 |  | 72403 |
|  Axalta Coating Systems Ltd.\* | 6717 |  | 199428 |
|  Celanese Corp. | 3435 |  | 190059 |
|  CF Industries Holdings, Inc. | 5099 |  | 469108 |
|  Corteva, Inc. | 21062 |  | 1569751 |
|  Dow, Inc. | 21784 |  | 576840 |
|  DuPont de Nemours, Inc. | 12887 |  | 883919 |
|  Eastman Chemical Co. | 3533 |  | 263774 |
|  Ecolab, Inc. | 5800 |  | 1562752 |
|  Element Solutions, Inc. | 6932 |  | 157010 |
|  FMC Corp. | 3819 |  | 159443 |
|  Huntsman Corp. | 5059 |  | 52715 |
|  International Flavors & Fragrances, Inc. | 7887 |  | 580089 |
|  Linde plc | 14458 |  | 6783404 |
|  LyondellBasell Industries NV, Class A | 7886 |  | 456284 |
|  Mosaic Co. (The) | 9714 |  | 354367 |
|  NewMarket Corp. | 182 |  | 125737 |
|  Olin Corp. | 3534 |  | 70998 |
|  PPG Industries, Inc. | 6997 |  | 795909 |
|  RPM International, Inc. | 3913 |  | 429804 |
|  Scotts Miracle-Gro Co. (The) | 1344 |  | 88650 |
|  Sherwin-Williams Co. (The) | 672 |  | 230738 |
|  Westlake Corp. | 1028 |  | 78056 |
|  |  |  | 18307205 |
|  ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** | ***Construction Materials (0.5%)*** |
|  CRH plc | 20880 |  | 1916784 |
|  Eagle Materials, Inc. | 953 |  | 192611 |
|  Martin Marietta Materials, Inc. | 1847 |  | 1013929 |
|  Vulcan Materials Co. | 4070 |  | 1061537 |
|  |  |  | 4184861 |
|  ***Containers & Packaging (0.6%)*** | ***Containers & Packaging (0.6%)*** | ***Containers & Packaging (0.6%)*** | ***Containers & Packaging (0.6%)*** |
|  Amcor plc | 70060 |  | 643851 |
|  AptarGroup, Inc. | 2014 |  | 315050 |
|  Avery Dennison Corp. | 2395 |  | 420251 |
|  Ball Corp. | 8694 |  | 487646 |
|  Crown Holdings, Inc. | 3563 |  | 366918 |
|  Graphic Packaging Holding Co. (x) | 9168 |  | 193170 |
|  International Paper Co. | 16136 |  | 755649 |
|  Packaging Corp. of America | 2719 |  | 512396 |
|  Sealed Air Corp. | 4489 |  | 139294 |
|  Silgan Holdings, Inc. | 2719 |  | 147315 |
|  Smurfit WestRock plc | 16039 |  | 692083 |
|  Sonoco Products Co. | 3031 |  | 132030 |
|  |  |  | 4805653 |
|  ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** |
|  Alcoa Corp. | 7955 |  | 234752 |
|  Anglogold Ashanti plc (x) | 13626 |  | 620937 |
|  Carpenter Technology Corp. | 1220 |  | 337184 |
|  Cleveland-Cliffs, Inc.\* | 14980 |  | 113848 |
|  Freeport-McMoRan, Inc. | 44035 |  | 1908917 |
|  MP Materials Corp. (x)\* | 3712 |  | 123498 |
|  Newmont Corp. | 34273 |  | 1996745 |
|  Nucor Corp. | 7071 |  | 915977 |
|  Reliance, Inc. | 1625 |  | 510088 |

---

See Notes to Financial Statements.

984

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Royal Gold, Inc. | 2022 | $| 359592 |
|  Southern Copper Corp. | 2515 |  | 254443 |
|  Steel Dynamics, Inc. | 3909 |  | 500391 |
|  |  |  | 7876372 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 1939 |  | 166735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 35340826 |
|  **Real Estate (4.2%)** | **Real Estate (4.2%)** | **Real Estate (4.2%)** | **Real Estate (4.2%)** |
|  ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** | ***Diversified REITs (0.1%)*** |
|  WP Carey, Inc. (REIT) | 6672 |  | 416199 |
|  ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** | ***Health Care REITs (0.6%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 5280 |  | 383486 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 10102 |  | 160218 |
|  Healthpeak Properties, Inc. (REIT) | 21340 |  | 373663 |
|  Medical Properties Trust, Inc. (REIT) (x) | 15358 |  | 66193 |
|  Omega Healthcare Investors, Inc. (REIT) | 8840 |  | 323986 |
|  Ventas, Inc. (REIT) | 13432 |  | 848231 |
|  Welltower, Inc. (REIT) | 20172 |  | 3101042 |
|  |  |  | 5256819 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 21111 |  | 324265 |
|  Park Hotels & Resorts, Inc. (REIT) | 6045 |  | 61840 |
|  |  |  | 386105 |
|  ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** |
|  Americold Realty Trust, Inc. (REIT) | 8776 |  | 145945 |
|  EastGroup Properties, Inc. (REIT) | 1605 |  | 268228 |
|  First Industrial Realty Trust, Inc. (REIT) | 3940 |  | 189632 |
|  Lineage, Inc. (REIT) (x) | 2174 |  | 94612 |
|  Prologis, Inc. (REIT) | 28558 |  | 3002017 |
|  Rexford Industrial Realty, Inc. (REIT) | 7296 |  | 259519 |
|  STAG Industrial, Inc. (REIT) | 5746 |  | 208465 |
|  |  |  | 4168418 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  BXP, Inc. (REIT) | 4876 |  | 328984 |
|  Cousins Properties, Inc. (REIT) | 5137 |  | 154264 |
|  Highwoods Properties, Inc. (REIT) | 3263 |  | 101447 |
|  Kilroy Realty Corp. (REIT) (x) | 3610 |  | 123859 |
|  Vornado Realty Trust (REIT) | 5429 |  | 207605 |
|  |  |  | 916159 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  CBRE Group, Inc., Class A\* | 8148 |  | 1141698 |
|  CoStar Group, Inc.\* | 11263 |  | 905545 |
|  Howard Hughes Holdings, Inc.\* | 952 |  | 64260 |
|  Jones Lang LaSalle, Inc.\* | 1061 |  | 271383 |
|  Zillow Group, Inc., Class A\* | 1535 |  | 105132 |
|  Zillow Group, Inc., Class C\* | 5006 |  | 350670 |
|  |  |  | 2838688 |
|  ***Residential REITs (0.6%)*** | ***Residential REITs (0.6%)*** | ***Residential REITs (0.6%)*** | ***Residential REITs (0.6%)*** |
|  American Homes 4 Rent (REIT), Class A | 10518 |  | 379384 |
|  AvalonBay Communities, Inc. (REIT) | 4378 |  | 890923 |
|  Camden Property Trust (REIT) | 3308 |  | 372778 |
|  Equity LifeStyle Properties, Inc. (REIT) | 5835 |  | 359844 |
|  Equity Residential (REIT) | 11660 |  | 786933 |
|  Essex Property Trust, Inc. (REIT) | 1962 |  | 556031 |
|  Invitation Homes, Inc. (REIT) | 18837 |  | 617854 |
|  Mid-America Apartment Communities, Inc. (REIT) | 3582 |  | 530172 |
|  Sun Communities, Inc. (REIT) | 3145 |  | 397811 |
|  UDR, Inc. (REIT) | 9614 |  | 392540 |
|  |  |  | 5284270 |
|  ***Retail REITs (0.5%)*** | ***Retail REITs (0.5%)*** | ***Retail REITs (0.5%)*** | ***Retail REITs (0.5%)*** |
|  Agree Realty Corp. (REIT) | 3332 |  | 243436 |
|  Brixmor Property Group, Inc. (REIT) | 9372 |  | 244047 |
|  Federal Realty Investment Trust (REIT) | 2618 |  | 248684 |
|  Kimco Realty Corp. (REIT) | 20572 |  | 432423 |
|  NNN REIT, Inc. (REIT) | 5756 |  | 248544 |
|  Realty Income Corp. (REIT) | 27496 |  | 1584045 |
|  Regency Centers Corp. (REIT) | 5561 |  | 396110 |
|  Simon Property Group, Inc. (REIT) | 7761 |  | 1247658 |
|  |  |  | 4644947 |
|  ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** | ***Specialized REITs (1.4%)*** |
|  Crown Castle, Inc. (REIT) | 13357 |  | 1372165 |
|  CubeSmart (REIT) | 6968 |  | 296140 |
|  Digital Realty Trust, Inc. (REIT) | 10385 |  | 1810417 |
|  EPR Properties (REIT) | 2296 |  | 133765 |
|  Equinix, Inc. (REIT) | 3009 |  | 2393569 |
|  Extra Space Storage, Inc. (REIT) | 6486 |  | 956296 |
|  Gaming and Leisure Properties, Inc. (REIT) | 8124 |  | 379228 |
|  Iron Mountain, Inc. (REIT) | 9032 |  | 926412 |
|  Millrose Properties, Inc. (REIT) | 3687 |  | 105116 |
|  National Storage Affiliates Trust (REIT) | 2167 |  | 69322 |
|  Public Storage (REIT) | 4223 |  | 1239113 |
|  Rayonier, Inc. (REIT) | 4766 |  | 105710 |
|  SBA Communications Corp. (REIT) | 3306 |  | 776381 |
|  VICI Properties, Inc. (REIT), Class A | 32514 |  | 1059957 |
|  Weyerhaeuser Co. (REIT) | 22313 |  | 573221 |
|  |  |  | 12196812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 36108417 |
|  **Utilities (4.4%)** | **Utilities (4.4%)** | **Utilities (4.4%)** | **Utilities (4.4%)** |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** |
|  Alliant Energy Corp. | 7907 |  | 478136 |
|  American Electric Power Co., Inc. | 16471 |  | 1709031 |
|  Constellation Energy Corp. | 9643 |  | 3112375 |
|  Duke Energy Corp. | 23952 |  | 2826336 |
|  Edison International | 11734 |  | 605474 |
|  Entergy Corp. | 13267 |  | 1102753 |
|  Evergy, Inc. | 7086 |  | 488438 |
|  Eversource Energy | 11311 |  | 719606 |
|  Exelon Corp. | 31120 |  | 1351230 |
|  FirstEnergy Corp. | 16893 |  | 680112 |
|  IDACORP, Inc. | 1659 |  | 191532 |
|  NextEra Energy, Inc. | 63491 |  | 4407545 |
|  OGE Energy Corp. | 6184 |  | 274446 |
|  PG&E Corp. | 67499 |  | 940936 |
|  Pinnacle West Capital Corp. | 3667 |  | 328086 |
|  PPL Corp. | 22786 |  | 772218 |
|  Southern Co. (The) | 33925 |  | 3115333 |

---

See Notes to Financial Statements.

985

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Xcel Energy, Inc. | 17769 | $1210069 |
|  |  | 24313656 |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** |
|  Atmos Energy Corp. | 4872 | 750824 |
|  MDU Resources Group, Inc. | 6242 | 104054 |
|  National Fuel Gas Co. | 2760 | 233800 |
|  UGI Corp. | 6619 | 241064 |
|  |  | 1329742 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 21856 | 229925 |
|  Brookfield Renewable Corp. | 4157 | 136266 |
|  Clearway Energy, Inc., Class A | 1066 | 32257 |
|  Clearway Energy, Inc., Class C | 2504 | 80128 |
|  Talen Energy Corp.\* | 1397 | 406206 |
|  |  | 884782 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Ameren Corp. | 8308 | 797900 |
|  CenterPoint Energy, Inc. | 20060 | 737005 |
|  CMS Energy Corp. | 9158 | 634466 |
|  Consolidated Edison, Inc. | 11097 | 1113584 |
|  Dominion Energy, Inc. | 26275 | 1485063 |
|  DTE Energy Co. | 6379 | 844962 |
|  NiSource, Inc. | 14486 | 584365 |
|  Public Service Enterprise Group, Inc. | 15374 | 1294183 |
|  Sempra | 20097 | 1522750 |
|  WEC Energy Group, Inc. | 9833 | 1024599 |
|  |  | 10038877 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American Water Works Co., Inc. | 5996 | 834104 |
|  Essential Utilities, Inc. | 8485 | 315133 |
|  |  | 1149237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 37716294 |
|  **Total Common Stocks (99.3%)**<br> *(Cost $561,513,957)* |  | 856293618 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Mirati Therapeutics, Inc., CVR (r)\* <br>*(Cost $1,126)* | 2145 | 804 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.3%)** | **Investment Companies (0.3%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>4.22% (7 day yield) (xx) | 200000 | 200000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 2704206 | 2704206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 2904206 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $2,904,206)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $2,904,206)* | 2904206 |
|  **Total Investments in<br>Securities (99.6%)**<br> *(Cost $564,419,289)* |  | 859198628 |
|  **Other Assets Less Liabilities (0.4%)** |  | 3105437 |
|  **Net Assets (100%)** |  | $862304065 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,033,182. This was collateralized by $1,194,876 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $2,904,206 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 7 | 9/2025 | USD | 2188813 | 77542 |
|  S&P Midcap 400 E-Mini Index | 10 | 9/2025 | USD | 3125500 | 94478 |
|  |  |  |  |  | 172020 |

---

See Notes to Financial Statements.

986

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $65028249 | $— | $— | $65028249 |
|  Consumer Discretionary | 65069618 |  |  | 65069618 |
|  Consumer Staples | 69657557 |  |  | 69657557 |
|  Energy | 50336236 |  |  | 50336236 |
|  Financials | 194672310 |  |  | 194672310 |
|  Health Care | 99990199 |  |  | 99990199 |
|  Industrials | 111973996 |  |  | 111973996 |
|  Information Technology | 90399916 |  |  | 90399916 |
|  Materials | 35340826 |  |  | 35340826 |
|  Real Estate | 36108417 |  |  | 36108417 |
|  Utilities | 37716294 |  |  | 37716294 |
|  **Futures** | 172020 |  |  | 172020 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 804 | 804 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2904206 |  |  | 2904206 |
|  **Total Assets** | $**859369844** | $**—** | $**804** | $**859370648** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**859369844** | $**—** | $**804** | $**859370648** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $172020 \* |
|  **Total** |  | $172020 |

---

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

See Notes to Financial Statements.

987

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(157403) | $(157403) |
|  **Total** | $(157403) | $(157403) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $481993 | $481993 |
|  **Total** | $481993 | $481993 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6860000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $111024025.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $135827424.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $342843561 |
|  Aggregate gross unrealized depreciation | (48893538) |
|  Net unrealized appreciation | $293950023 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $565420625 |

---

See Notes to Financial Statements.

988

------

EQ/LARGE CAP VALUE INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $564,419,289) | $859198628.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5304949.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 747523.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 553700.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 307704.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 293937.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 26549.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1644.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9193.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 866443827.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2904206.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 359324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 334252.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 243641.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 173984.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 62364.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 61991.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4139762.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $862304065.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $508895115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 353408950.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $862304065.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $862,075,437 / 77,265,250 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.16 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $228,628 / 20,470 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.17 |

---

*(x)* *Includes value of securities on loan of $4,033,182.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $683 foreign withholding tax) | $8990482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 129768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 5596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9125846 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1467048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1047622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 380233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 49673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 43938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 34001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 40152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3076747 |
|  **NET INVESTMENT INCOME (LOSS)** | 6049099 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 50861322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (157403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 50703919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (10923445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 481993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (10441452) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 40262467 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $46311566 |

---

See Notes to Financial Statements.

989

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6049099 | $11895834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 50703919 | 44837323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (10441452) | 49796097 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 46311566 | 106529254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (56339890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (14779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (56354669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 233,435 shares, respectively ] |  | 2422836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (7030056) shares, respectively ] |  | (74730403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (665063) shares, respectively ] |  | (6938288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (79245855) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,742,670 and 6,463,954 shares, respectively ] | 40037899 | 69712082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 7,060,301 shares, respectively ] |  | 74730403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,152,458 shares, respectively ] |  | 56339890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6810131) and (11373466) shares, respectively ] | (72891115) | (123317894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (32853216) | 77464481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,352 shares, respectively ] |  | 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | 14779 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (32853216) | (1766595) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 13458350 | 48407990 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 848845715 | 800437725 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $862304065 | $848845715 |

---

See Notes to Financial Statements.

990

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.56 | $9.94 | $9.39 | $10.60 | $9.11 | $9.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.15 | 0.15 | 0.14 | 0.13 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.52 | 1.21 | 0.85 | (1.00) | 2.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.60 | 1.36 | 1.00 | (0.86) | 2.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.16) | (0.16) | (0.14) | (0.14) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.58) | (0.29) | (0.21) | (0.56) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.74) | (0.45) | (0.35) | (0.70) | (0.26) |
|  Net asset value, end of period | $11.16 | $10.56 | $9.94 | $9.39 | $10.60 | $9.11 |
|  Total return (b) | 5.68% | 13.48% | 10.71% | (8.16)% | 24.20% | 2.23% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $862075 | $848630 | $725774 | $693798 | $751472 | $621793 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.73% | 0.74% | 0.74% | 0.74% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.73% | 0.74% | 0.74% | 0.74% | 0.73% | 0.75% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.44% | 1.40% | 1.51% | 1.42% | 1.21% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.44% | 1.40% | 1.51% | 1.42% | 1.21% | 1.91% |
|  Portfolio turnover rate^ | 13 %(z) | 13% | 13% | 14% | 16% | 18% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.56 | $9.93 | $9.38 | $10.60 | $9.10 | $9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.18 | 0.17 | 0.16 | 0.15 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.52 | 1.22 | 0.85 | (1.00) | 2.07 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 1.40 | 1.02 | (0.84) | 2.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.18) | (0.17) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.58) | (0.29) | (0.21) | (0.56) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.77) | (0.47) | (0.38) | (0.72) | (0.28) |
|  Net asset value, end of period | $11.17 | $10.56 | $9.93 | $9.38 | $10.60 | $9.10 |
|  Total return (b) | 5.78% | 13.87% | 10.98% | (8.02)% | 24.61% | 2.46% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $229 | $216 | $190 | $171 | $186 | $149 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.48% | 0.49% | 0.49% | 0.49% | 0.48% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.48% | 0.49% | 0.49% | 0.49% | 0.48% | 0.50% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.69% | 1.66% | 1.76% | 1.67% | 1.47% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.69% | 1.66% | 1.76% | 1.67% | 1.47% | 2.16% |
|  Portfolio turnover rate^ | 13 %(z) | 13% | 13% | 14% | 16% | 18% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

991

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (5.6%)** | **Communication Services (5.6%)** | **Communication Services (5.6%)** |
|  ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 861 | $40235 |
|  AT&T, Inc. | 496202 | 14360086 |
|  Frontier Communications Parent, Inc.\* | 15412 | 560997 |
|  Iridium Communications, Inc. | 5742 | 173236 |
|  Liberty Global Ltd., Class A\* | 10998 | 110090 |
|  Liberty Global Ltd., Class C\* | 9211 | 94965 |
|  Verizon Communications, Inc. | 503257 | 21775930 |
|  |  | 37115539 |
|  ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** |
|  Electronic Arts, Inc. | 17145 | 2738057 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 1028 | 97619 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 9509 | 993690 |
|  Liberty Media Corp.-Liberty Live, Class A\* | 1294 | 102847 |
|  Liberty Media Corp.-Liberty Live, Class C\* | 3007 | 244048 |
|  Madison Square Garden Sports Corp.\* | 1058 | 221069 |
|  Netflix, Inc.\* | 1698 | 2273843 |
|  Roku, Inc.\* | 7372 | 647925 |
|  Take-Two Interactive Software, Inc.\* | 7776 | 1888402 |
|  TKO Group Holdings, Inc., Class A | 2593 | 471796 |
|  Walt Disney Co. (The) | 161286 | 20001077 |
|  Warner Bros Discovery, Inc.\* | 146630 | 1680380 |
|  |  | 31360753 |
|  ***Interactive Media & Services (2.7%)*** | ***Interactive Media & Services (2.7%)*** | ***Interactive Media & Services (2.7%)*** |
|  Alphabet, Inc., Class A | 135630 | 23902075 |
|  Alphabet, Inc., Class C | 235435 | 41763815 |
|  IAC, Inc.\* | 4415 | 164856 |
|  Match Group, Inc. | 16067 | 496309 |
|  Meta Platforms, Inc., Class A | 41166 | 30384213 |
|  Pinterest, Inc., Class A\* | 19545 | 700884 |
|  Trump Media & Technology Group Corp.\* | 3117 | 56231 |
|  ZoomInfo Technologies, Inc., Class A\* | 19427 | 196601 |
|  |  | 97664984 |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** |
|  Charter Communications, Inc., Class A\* | 5961 | 2436916 |
|  Comcast Corp., Class A | 380870 | 13593250 |
|  DoubleVerify Holdings, Inc.\* | 4602 | 68892 |
|  Fox Corp., Class A | 14184 | 794871 |
|  Fox Corp., Class B | 8695 | 448923 |
|  Interpublic Group of Cos., Inc. (The) | 24244 | 593493 |
|  Liberty Broadband Corp., Class A\* | 857 | 83832 |
|  Liberty Broadband Corp., Class C\* | 5801 | 570702 |
|  New York Times Co. (The), Class A | 10548 | 590477 |
|  News Corp., Class A | 24886 | 739612 |
|  News Corp., Class B | 7355 | 252350 |
|  Nexstar Media Group, Inc., Class A | 1742 | 301279 |
|  Omnicom Group, Inc. | 12705 | 913998 |
|  Paramount Global, Class A | 603 | 13839 |
|  Paramount Global, Class B | 39138 | 504880 |
|  Sirius XM Holdings, Inc. | 12476 | 286574 |
|  |  | 22193888 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  Millicom International Cellular SA | 6752 | 252997 |
|  T-Mobile US, Inc. | 47268 | 11262074 |
|  |  | 11515071 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 199850235 |
|  **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** |
|  ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** | ***Automobile Components (0.1%)*** |
|  Aptiv plc\* | 15044 | 1026302 |
|  BorgWarner, Inc. | 14324 | 479568 |
|  Gentex Corp. | 14868 | 326947 |
|  Lear Corp. | 3506 | 333000 |
|  QuantumScape Corp., Class A (x)\* | 27092 | 182058 |
|  |  | 2347875 |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** |
|  Ford Motor Co. | 256621 | 2784338 |
|  General Motors Co. | 63520 | 3125819 |
|  Harley-Davidson, Inc. | 7329 | 172965 |
|  Lucid Group, Inc. (x)\* | 81658 | 172298 |
|  Rivian Automotive, Inc., Class A (x)\* | 50946 | 699998 |
|  Tesla, Inc.\* | 8297 | 2635625 |
|  Thor Industries, Inc. | 3346 | 297158 |
|  |  | 9888201 |
|  ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** | ***Broadline Retail (1.4%)*** |
|  Amazon.com, Inc.\* | 214861 | 47138355 |
|  Dillard's, Inc., Class A (x) | 194 | 81059 |
|  eBay, Inc. | 30276 | 2254351 |
|  Etsy, Inc.\* | 2891 | 145012 |
|  Macy's, Inc. | 18213 | 212364 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 4024 | 530283 |
|  |  | 50361424 |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** |
|  Genuine Parts Co. | 9117 | 1105983 |
|  LKQ Corp. (x) | 17057 | 631280 |
|  Pool Corp. | 1921 | 559933 |
|  |  | 2297196 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  ADT, Inc. | 23237 | 196817 |
|  Bright Horizons Family Solutions, Inc.\* | 3252 | 401915 |
|  Grand Canyon Education, Inc.\* | 1315 | 248535 |
|  H&R Block, Inc. | 7245 | 397678 |
|  Service Corp. International | 9157 | 745380 |
|  |  | 1990325 |
|  ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** |
|  Aramark | 17348 | 726361 |
|  Booking Holdings, Inc. | 724 | 4191410 |
|  Boyd Gaming Corp. | 3818 | 298682 |
|  Caesars Entertainment, Inc.\* | 13566 | 385139 |
|  Carnival Corp.\* | 49133 | 1381620 |
|  Choice Hotels International, Inc. (x) | 1235 | 156697 |
|  Churchill Downs, Inc. | 671 | 67771 |

---

See Notes to Financial Statements.

992

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Darden Restaurants, Inc. | 386 | $| 84136 |
|  Domino's Pizza, Inc. | 1455 |  | 655623 |
|  Expedia Group, Inc. | 7334 |  | 1237099 |
|  Flutter Entertainment plc, Class DI\* | 1989 |  | 568377 |
|  Hyatt Hotels Corp., Class A | 2644 |  | 369234 |
|  Marriott International, Inc., Class A | 20884 |  | 5705718 |
|  McDonald's Corp. | 55899 |  | 16332011 |
|  MGM Resorts International\* | 13467 |  | 463130 |
|  Norwegian Cruise Line Holdings Ltd.\* | 2832 |  | 57433 |
|  Penn Entertainment, Inc.\* | 9804 |  | 175197 |
|  Restaurant Brands International, Inc. (x) | 7710 |  | 511096 |
|  Starbucks Corp. | 64878 |  | 5944771 |
|  Travel + Leisure Co. | 2774 |  | 143166 |
|  Vail Resorts, Inc. | 430 |  | 67566 |
|  Wendy's Co. (The) | 6062 |  | 69228 |
|  Wyndham Hotels & Resorts, Inc. | 519 |  | 42148 |
|  Wynn Resorts Ltd. | 5489 |  | 514154 |
|  Yum! Brands, Inc. | 12166 |  | 1802758 |
|  |  |  | 41950525 |
|  ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** |
|  DR Horton, Inc. | 18035 |  | 2325072 |
|  Garmin Ltd. | 10713 |  | 2236017 |
|  Lennar Corp., Class A | 93732 |  | 10367697 |
|  Lennar Corp., Class B | 626 |  | 65886 |
|  Mohawk Industries, Inc.\* | 3371 |  | 353416 |
|  Newell Brands, Inc. | 27401 |  | 147965 |
|  NVR, Inc.\* | 185 |  | 1366347 |
|  PulteGroup, Inc. | 13128 |  | 1384479 |
|  SharkNinja, Inc.\* | 3835 |  | 379627 |
|  Sony Group Corp. (ADR) | 413546 |  | 10764602 |
|  Toll Brothers, Inc. | 6502 |  | 742073 |
|  TopBuild Corp.\* | 1782 |  | 576905 |
|  Whirlpool Corp. | 3526 |  | 357607 |
|  |  |  | 31067693 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Brunswick Corp. | 4305 |  | 237808 |
|  Hasbro, Inc. | 8688 |  | 641348 |
|  Mattel, Inc.\* | 21106 |  | 416211 |
|  YETI Holdings, Inc.\* | 5423 |  | 170933 |
|  |  |  | 1466300 |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** |
|  AutoNation, Inc.\* | 1806 |  | 358762 |
|  AutoZone, Inc.\* | 1584 |  | 5880172 |
|  Bath & Body Works, Inc. | 78266 |  | 2344849 |
|  Best Buy Co., Inc. | 12704 |  | 852820 |
|  CarMax, Inc.\* | 10021 |  | 673512 |
|  Dick's Sporting Goods, Inc. | 3558 |  | 703808 |
|  Five Below, Inc.\* | 3539 |  | 464246 |
|  Floor & Decor Holdings, Inc., Class A\* | 4770 |  | 362329 |
|  GameStop Corp., Class A\* | 26935 |  | 656945 |
|  Gap, Inc. (The) | 15121 |  | 329789 |
|  Home Depot, Inc. (The) | 15571 |  | 5708952 |
|  Lithia Motors, Inc., Class A | 1493 |  | 504365 |
|  Lowe's Cos., Inc. | 109421 |  | 24277237 |
|  O'Reilly Automotive, Inc.\* | 12409 |  | 1118423 |
|  Penske Automotive Group, Inc. | 1215 |  | 208749 |
|  RH\* | 834 |  | 157634 |
|  Ross Stores, Inc. | 16945 |  | 2161843 |
|  TJX Cos., Inc. (The) | 36764 |  | 4539987 |
|  Ulta Beauty, Inc.\* | 2226 |  | 1041367 |
|  Valvoline, Inc.\* | 952 |  | 36052 |
|  Wayfair, Inc., Class A\* | 5055 |  | 258513 |
|  Williams-Sonoma, Inc. | 6622 |  | 1081836 |
|  |  |  | 53722190 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Amer Sports, Inc.\* | 9806 |  | 380081 |
|  Birkenstock Holding plc\* | 2452 |  | 120589 |
|  Columbia Sportswear Co. | 1709 |  | 104386 |
|  Crocs, Inc.\* | 3573 |  | 361873 |
|  Lululemon Athletica, Inc.\* | 2931 |  | 696347 |
|  NIKE, Inc., Class B | 76058 |  | 5403160 |
|  PVH Corp. | 3432 |  | 235435 |
|  Ralph Lauren Corp. | 7193 |  | 1972896 |
|  Skechers USA, Inc., Class A\* | 8586 |  | 541777 |
|  Tapestry, Inc. | 18180 |  | 1596386 |
|  Under Armour, Inc., Class A\* | 12412 |  | 84774 |
|  Under Armour, Inc., Class C\* | 12339 |  | 80080 |
|  VF Corp. | 23081 |  | 271202 |
|  |  |  | 11848986 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 206940715 |
|  **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 537 |  | 102465 |
|  Brown-Forman Corp., Class A | 2865 |  | 78702 |
|  Brown-Forman Corp., Class B | 9708 |  | 261242 |
|  Coca-Cola Co. (The) | 287909 |  | 20369562 |
|  Coca-Cola Consolidated, Inc. | 8717 |  | 973253 |
|  Constellation Brands, Inc., Class A | 32344 |  | 5261722 |
|  Diageo plc | 47068 |  | 1181032 |
|  Keurig Dr Pepper, Inc. | 85130 |  | 2814398 |
|  Molson Coors Beverage Co., Class B | 22413 |  | 1077841 |
|  Monster Beverage Corp.\* | 20216 |  | 1266330 |
|  PepsiCo, Inc. | 105675 |  | 13953327 |
|  Primo Brands Corp. | 16876 |  | 499867 |
|  |  |  | 47839741 |
|  ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** | ***Consumer Staples Distribution & Retail (1.6%)*** |
|  Albertsons Cos., Inc., Class A | 27223 |  | 585567 |
|  BJ's Wholesale Club Holdings, Inc.\* | 7320 |  | 789316 |
|  Casey's General Stores, Inc. | 2068 |  | 1055238 |
|  Dollar General Corp. | 14439 |  | 1651533 |
|  Dollar Tree, Inc.\* | 36448 |  | 3609810 |
|  Kroger Co. (The) | 55928 |  | 4011715 |
|  Maplebear, Inc.\* | 11326 |  | 512388 |
|  Performance Food Group Co.\* | 8790 |  | 768861 |
|  Sysco Corp. | 14814 |  | 1122012 |
|  Target Corp. | 51780 |  | 5108097 |
|  US Foods Holding Corp.\* | 15094 |  | 1162389 |
|  Walgreens Boots Alliance, Inc. | 46966 |  | 539170 |
|  Walmart, Inc. | 348840 |  | 34109575 |
|  |  |  | 55025671 |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** |
|  Archer-Daniels-Midland Co. | 31419 |  | 1658295 |
|  Bunge Global SA | 15308 |  | 1228926 |

---

See Notes to Financial Statements.

993

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Campbell's Co. (The) | 12744 | $| 390604 |
|  Conagra Brands, Inc. | 31284 |  | 640383 |
|  Darling Ingredients, Inc.\* | 9128 |  | 346316 |
|  Flowers Foods, Inc. (x) | 12271 |  | 196091 |
|  Freshpet, Inc.\* | 2261 |  | 153658 |
|  General Mills, Inc. | 35996 |  | 1864953 |
|  Hershey Co. (The) | 8419 |  | 1397133 |
|  Hormel Foods Corp. | 19013 |  | 575143 |
|  Ingredion, Inc. | 4197 |  | 569197 |
|  J M Smucker Co. (The) | 6812 |  | 668938 |
|  Kellanova | 18262 |  | 1452377 |
|  Kraft Heinz Co. (The) | 56124 |  | 1449122 |
|  Lamb Weston Holdings, Inc. | 8955 |  | 464317 |
|  McCormick & Co., Inc. (Non-Voting) | 16643 |  | 1261872 |
|  Mondelez International, Inc., Class A | 143838 |  | 9700435 |
|  Nestle SA (Registered) | 40937 |  | 4067129 |
|  Pilgrim's Pride Corp. | 2718 |  | 122256 |
|  Post Holdings, Inc.\* | 3314 |  | 361325 |
|  Seaboard Corp. | 17 |  | 48640 |
|  Smithfield Foods, Inc. | 1683 |  | 39601 |
|  Tyson Foods, Inc., Class A | 18391 |  | 1028793 |
|  |  |  | 29685504 |
|  ***Household Products (1.2%)*** | ***Household Products (1.2%)*** | ***Household Products (1.2%)*** | ***Household Products (1.2%)*** |
|  Church & Dwight Co., Inc. | 16189 |  | 1555925 |
|  Clorox Co. (The) | 8100 |  | 972567 |
|  Colgate-Palmolive Co. | 27801 |  | 2527111 |
|  Kimberly-Clark Corp. | 31798 |  | 4099398 |
|  Procter & Gamble Co. (The) | 203097 |  | 32357414 |
|  Reckitt Benckiser Group plc | 32025 |  | 2178174 |
|  Reynolds Consumer Products, Inc. | 3583 |  | 76748 |
|  |  |  | 43767337 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  BellRing Brands, Inc.\* | 8342 |  | 483252 |
|  Coty, Inc., Class A\* | 22693 |  | 105522 |
|  e.l.f. Beauty, Inc.\* | 3599 |  | 447860 |
|  Estee Lauder Cos., Inc. (The), Class A | 15363 |  | 1241330 |
|  Kenvue, Inc. | 271291 |  | 5678121 |
|  |  |  | 7956085 |
|  ***Tobacco (0.8%)*** | ***Tobacco (0.8%)*** | ***Tobacco (0.8%)*** | ***Tobacco (0.8%)*** |
|  Altria Group, Inc. | 150826 |  | 8842929 |
|  Philip Morris International, Inc. | 102418 |  | 18653390 |
|  |  |  | 27496319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 211770657 |
|  **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** |
|  Baker Hughes Co. | 161430 |  | 6189226 |
|  Halliburton Co. | 56354 |  | 1148495 |
|  NOV, Inc. | 24559 |  | 305269 |
|  Schlumberger NV | 89419 |  | 3022362 |
|  TechnipFMC plc | 27303 |  | 940315 |
|  Weatherford International plc | 4678 |  | 235350 |
|  |  |  | 11841017 |
|  ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** |
|  Antero Midstream Corp. | 21983 |  | 416578 |
|  Antero Resources Corp.\* | 19044 |  | 767092 |
|  APA Corp. | 23310 |  | 426340 |
|  Cheniere Energy, Inc. | 7973 |  | 1941585 |
|  Chevron Corp. | 139583 |  | 19986890 |
|  Chord Energy Corp. | 3882 |  | 375972 |
|  Civitas Resources, Inc. | 6064 |  | 166881 |
|  ConocoPhillips | 154099 |  | 13828844 |
|  Coterra Energy, Inc. | 319361 |  | 8105382 |
|  Devon Energy Corp. | 40876 |  | 1300266 |
|  Diamondback Energy, Inc. | 12534 |  | 1722172 |
|  DT Midstream, Inc. | 6669 |  | 732990 |
|  EOG Resources, Inc. | 77202 |  | 9234131 |
|  EQT Corp. | 39188 |  | 2285444 |
|  Expand Energy Corp. | 14444 |  | 1689081 |
|  Exxon Mobil Corp. | 381082 |  | 41080640 |
|  Hess Corp. | 18576 |  | 2573519 |
|  HF Sinclair Corp. | 9456 |  | 388453 |
|  Kinder Morgan, Inc. | 127831 |  | 3758231 |
|  Marathon Petroleum Corp. | 20485 |  | 3402763 |
|  Matador Resources Co. | 7676 |  | 366299 |
|  Occidental Petroleum Corp. | 44271 |  | 1859825 |
|  ONEOK, Inc. | 41078 |  | 3353197 |
|  Ovintiv, Inc. | 17065 |  | 649323 |
|  Permian Resources Corp. | 41888 |  | 570515 |
|  Phillips 66 | 24881 |  | 2968303 |
|  Range Resources Corp. | 15518 |  | 631117 |
|  TotalEnergies SE (ADR) | 114095 |  | 7004292 |
|  Valero Energy Corp. | 20519 |  | 2758164 |
|  Viper Energy, Inc., Class A | 8626 |  | 328909 |
|  Williams Cos., Inc. (The) | 75814 |  | 4761877 |
|  |  |  | 139435075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 151276092 |
|  **Financials (18.6%)** | **Financials (18.6%)** | **Financials (18.6%)** | **Financials (18.6%)** |
|  ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** |
|  Bank of America Corp. | 515967 |  | 24415558 |
|  Bank OZK | 7015 |  | 330126 |
|  BOK Financial Corp. | 1468 |  | 143321 |
|  Citigroup, Inc. | 171281 |  | 14579439 |
|  Citizens Financial Group, Inc. | 28593 |  | 1279537 |
|  Columbia Banking System, Inc. | 13734 |  | 321101 |
|  Comerica, Inc. | 8579 |  | 511737 |
|  Commerce Bancshares, Inc. | 76621 |  | 4763528 |
|  Cullen/Frost Bankers, Inc. | 50353 |  | 6472375 |
|  East West Bancorp, Inc. | 8984 |  | 907204 |
|  Fifth Third Bancorp | 43772 |  | 1800342 |
|  First Citizens BancShares, Inc., Class A | 1705 |  | 3335781 |
|  First Hawaiian, Inc. | 8230 |  | 205421 |
|  First Horizon Corp. | 33046 |  | 700575 |
|  FNB Corp. | 23332 |  | 340181 |
|  Huntington Bancshares, Inc. | 95067 |  | 1593323 |
|  JPMorgan Chase & Co. | 240248 |  | 69650298 |
|  KeyCorp | 62159 |  | 1082810 |
|  M&T Bank Corp. | 20237 |  | 3925776 |
|  Mitsubishi UFJ Financial Group, Inc. (ADR) | 552182 |  | 7575937 |
|  Pinnacle Financial Partners, Inc. | 4671 |  | 515725 |
|  PNC Financial Services Group, Inc. (The) | 98549 |  | 18371505 |
|  Popular, Inc. | 4046 |  | 445910 |
|  Prosperity Bancshares, Inc. | 6010 |  | 422142 |

---

See Notes to Financial Statements.

994

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Regions Financial Corp. | 59054 | $| 1388950 |
|  SouthState Corp. | 6592 |  | 606662 |
|  Synovus Financial Corp. | 9114 |  | 471649 |
|  TFS Financial Corp. | 3444 |  | 44600 |
|  Truist Financial Corp. | 86122 |  | 3702385 |
|  US Bancorp | 280774 |  | 12705023 |
|  Webster Financial Corp. | 10997 |  | 600436 |
|  Wells Fargo & Co. | 390225 |  | 31264827 |
|  Western Alliance Bancorp | 5607 |  | 437234 |
|  Wintrust Financial Corp. | 4338 |  | 537825 |
|  Zions Bancorp NA | 9532 |  | 495092 |
|  |  |  | 215944335 |
|  ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** |
|  Affiliated Managers Group, Inc. | 1837 |  | 361466 |
|  Ameriprise Financial, Inc. | 25806 |  | 13773436 |
|  Bank of New York Mellon Corp. (The) | 43638 |  | 3975858 |
|  Blackrock, Inc. | 14914 |  | 15648515 |
|  Blackstone, Inc. | 49817 |  | 7451627 |
|  Brookfield Asset Management Ltd., Class A (x) | 16462 |  | 910019 |
|  Carlyle Group, Inc. (The) | 17191 |  | 883617 |
|  Cboe Global Markets, Inc. | 6887 |  | 1606117 |
|  Charles Schwab Corp. (The) | 141483 |  | 12908909 |
|  CME Group, Inc. | 29826 |  | 8220642 |
|  Coinbase Global, Inc., Class A\* | 12236 |  | 4288596 |
|  Evercore, Inc., Class A | 2423 |  | 654258 |
|  FactSet Research Systems, Inc. | 2334 |  | 1043952 |
|  Franklin Resources, Inc. | 20203 |  | 481842 |
|  Freedom Holding Corp.\* | 173 |  | 25267 |
|  Goldman Sachs Group, Inc. (The) | 21642 |  | 15317126 |
|  Hamilton Lane, Inc., Class A | 913 |  | 129756 |
|  Houlihan Lokey, Inc., Class A | 2200 |  | 395890 |
|  Interactive Brokers Group, Inc., Class A | 26354 |  | 1460275 |
|  Intercontinental Exchange, Inc. | 37502 |  | 6880492 |
|  Invesco Ltd. | 23922 |  | 377250 |
|  Janus Henderson Group plc | 8250 |  | 320430 |
|  Jefferies Financial Group, Inc. | 7606 |  | 415972 |
|  KKR & Co., Inc. | 88835 |  | 11817720 |
|  Lazard, Inc. | 5826 |  | 279531 |
|  LPL Financial Holdings, Inc. | 3367 |  | 1262524 |
|  MarketAxess Holdings, Inc. | 2396 |  | 535123 |
|  Morgan Stanley | 157250 |  | 22150235 |
|  Morningstar, Inc. | 496 |  | 155709 |
|  MSCI, Inc. | 2512 |  | 1448771 |
|  Nasdaq, Inc. | 104346 |  | 9330619 |
|  Northern Trust Corp. | 12710 |  | 1611501 |
|  Raymond James Financial, Inc. | 12018 |  | 1843201 |
|  Robinhood Markets, Inc., Class A\* | 42137 |  | 3945287 |
|  S&P Global, Inc. | 20185 |  | 10643349 |
|  SEI Investments Co. | 6837 |  | 614373 |
|  State Street Corp. | 18932 |  | 2013229 |
|  Stifel Financial Corp. | 6566 |  | 681419 |
| T. Rowe Price Group, Inc. | 14379 |  | 1387573 |
|  TPG, Inc., Class A | 522 |  | 27379 |
|  Tradeweb Markets, Inc., Class A | 7020 |  | 1027728 |
|  Virtu Financial, Inc., Class A | 5302 |  | 237477 |
|  XP, Inc., Class A | 24287 |  | 490597 |
|  |  |  | 169034657 |
|  ***Consumer Finance (1.3%)*** | ***Consumer Finance (1.3%)*** | ***Consumer Finance (1.3%)*** | ***Consumer Finance (1.3%)*** |
|  Ally Financial, Inc. | 16001 |  | 623239 |
|  American Express Co. | 51689 |  | 16487757 |
|  Capital One Financial Corp. | 104276 |  | 22185762 |
|  Credit Acceptance Corp. (x)\* | 405 |  | 206319 |
|  OneMain Holdings, Inc. | 7828 |  | 446196 |
|  SLM Corp. | 11854 |  | 388693 |
|  SoFi Technologies, Inc. (x)\* | 60313 |  | 1098300 |
|  Synchrony Financial | 54676 |  | 3649076 |
|  |  |  | 45085342 |
|  ***Financial Services (2.7%)*** | ***Financial Services (2.7%)*** | ***Financial Services (2.7%)*** | ***Financial Services (2.7%)*** |
|  Affirm Holdings, Inc., Class A\* | 7148 |  | 494213 |
|  Apollo Global Management, Inc. | 8227 |  | 1167164 |
|  Berkshire Hathaway, Inc., Class B\* | 124258 |  | 60360809 |
|  Block, Inc., Class A\* | 22549 |  | 1531754 |
|  Corebridge Financial, Inc. | 149715 |  | 5314882 |
|  Corpay, Inc.\* | 2999 |  | 995128 |
|  Euronet Worldwide, Inc.\* | 2665 |  | 270178 |
|  Fidelity National Information Services, Inc. | 34614 |  | 2817926 |
|  Fiserv, Inc.\* | 38058 |  | 6561580 |
|  Global Payments, Inc. | 26433 |  | 2115697 |
|  Jack Henry & Associates, Inc. | 4772 |  | 859771 |
|  Mastercard, Inc., Class A | 5871 |  | 3299150 |
|  MGIC Investment Corp. | 15334 |  | 426899 |
|  Mr Cooper Group, Inc.\* | 4125 |  | 615491 |
|  PayPal Holdings, Inc.\* | 67817 |  | 5040159 |
|  Rocket Cos., Inc., Class A (x) | 8814 |  | 124982 |
|  UWM Holdings Corp., Class A (x) | 9165 |  | 37943 |
|  Visa, Inc., Class A | 7340 |  | 2606067 |
|  Voya Financial, Inc. | 6320 |  | 448720 |
|  Western Union Co. (The) | 21700 |  | 182714 |
|  WEX, Inc.\* | 2049 |  | 300978 |
|  |  |  | 95572205 |
|  ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | ***Insurance (3.8%)*** |
|  Aflac, Inc. | 32021 |  | 3376935 |
|  Allstate Corp. (The) | 17346 |  | 3491923 |
|  American Financial Group, Inc. | 4346 |  | 548509 |
|  American International Group, Inc. | 156866 |  | 13426161 |
|  Aon plc, Class A | 19411 |  | 6925068 |
|  Arch Capital Group Ltd. | 23984 |  | 2183743 |
|  Arthur J Gallagher & Co. | 15656 |  | 5011799 |
|  Assurant, Inc. | 3331 |  | 657839 |
|  Assured Guaranty Ltd. | 3060 |  | 266526 |
|  Axis Capital Holdings Ltd. | 4985 |  | 517543 |
|  Brighthouse Financial, Inc.\* | 3756 |  | 201960 |
|  Brown & Brown, Inc. | 16198 |  | 1795872 |
|  Chubb Ltd. | 45728 |  | 13248316 |
|  Cincinnati Financial Corp. | 10125 |  | 1507815 |
|  CNA Financial Corp. | 1374 |  | 63932 |
|  Everest Group Ltd. | 2372 |  | 806124 |
|  Fidelity National Financial, Inc. | 18657 |  | 1045911 |
|  First American Financial Corp. | 6463 |  | 396764 |
|  Globe Life, Inc. | 5450 |  | 677380 |
|  Hanover Insurance Group, Inc. (The) | 2354 |  | 399874 |
|  Hartford Insurance Group, Inc. (The) | 28447 |  | 3609071 |
|  Kemper Corp. | 4018 |  | 259322 |
|  Lincoln National Corp. | 11193 |  | 387278 |
|  Loews Corp. | 11231 |  | 1029433 |
|  Markel Group, Inc.\* | 652 |  | 1302279 |

---

See Notes to Financial Statements.

995

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Marsh & McLennan Cos., Inc. | 65493 | $| 14319389 |
|  MetLife, Inc. | 55337 |  | 4450202 |
|  Old Republic International Corp. | 15021 |  | 577407 |
|  Primerica, Inc. | 2167 |  | 593043 |
|  Principal Financial Group, Inc. | 14598 |  | 1159519 |
|  Progressive Corp. (The) | 111086 |  | 29644410 |
|  Prudential Financial, Inc. | 23311 |  | 2504534 |
|  Reinsurance Group of America, Inc. | 4335 |  | 859891 |
|  RenaissanceRe Holdings Ltd. | 3140 |  | 762706 |
|  RLI Corp. | 5090 |  | 367600 |
|  Travelers Cos., Inc. (The) | 39279 |  | 10508704 |
|  Unum Group | 19113 |  | 1543566 |
|  W.R. Berkley Corp. | 19960 |  | 1466461 |
|  White Mountains Insurance Group Ltd. | 165 |  | 296294 |
|  Willis Towers Watson plc | 10521 |  | 3224686 |
|  |  |  | 135415789 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** |
|  AGNC Investment Corp. (REIT) (x) | 62281 |  | 572362 |
|  Annaly Capital Management, Inc. (REIT) | 39304 |  | 739701 |
|  Rithm Capital Corp. (REIT) | 34776 |  | 392621 |
|  Starwood Property Trust, Inc. (REIT) (x) | 20906 |  | 419584 |
|  |  |  | 2124268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 663176596 |
|  **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** |
|  ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** |
|  AbbVie, Inc. | 45532 |  | 8451650 |
|  Amgen, Inc. | 38059 |  | 10626453 |
|  Biogen, Inc.\* | 9602 |  | 1205915 |
|  BioMarin Pharmaceutical, Inc.\* | 12496 |  | 686905 |
|  Exact Sciences Corp.\* | 11568 |  | 614724 |
|  Exelixis, Inc.\* | 3388 |  | 149326 |
|  Gilead Sciences, Inc. | 83800 |  | 9290906 |
|  Incyte Corp.\* | 7710 |  | 525051 |
|  Insmed, Inc.\* | 736 |  | 74071 |
|  Ionis Pharmaceuticals, Inc.\* | 722 |  | 28526 |
|  Moderna, Inc.\* | 24640 |  | 679818 |
|  Neurocrine Biosciences, Inc.\* | 919 |  | 115509 |
|  Regeneron Pharmaceuticals, Inc. | 6856 |  | 3599400 |
|  Revolution Medicines, Inc.\* | 11392 |  | 419112 |
|  Roivant Sciences Ltd.\* | 24903 |  | 280657 |
|  Sarepta Therapeutics, Inc.\* | 1023 |  | 17493 |
|  United Therapeutics Corp.\* | 2920 |  | 839062 |
|  Viking Therapeutics, Inc.\* | 6596 |  | 174794 |
|  |  |  | 37779372 |
|  ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** |
|  Abbott Laboratories | 153054 |  | 20816875 |
|  Alcon AG | 82979 |  | 7325386 |
|  Align Technology, Inc.\* | 4505 |  | 852932 |
|  Baxter International, Inc. | 33672 |  | 1019588 |
|  Becton Dickinson & Co. | 18803 |  | 3238817 |
|  Boston Scientific Corp.\* | 80305 |  | 8625560 |
|  Cooper Cos., Inc. (The)\* | 13093 |  | 931698 |
|  Dentsply Sirona, Inc. | 13088 |  | 207838 |
|  Edwards Lifesciences Corp.\* | 37833 |  | 2958919 |
|  Envista Holdings Corp.\* | 11036 |  | 215643 |
|  GE HealthCare Technologies, Inc. | 30087 |  | 2228544 |
|  Globus Medical, Inc., Class A\* | 7370 |  | 434977 |
|  Hologic, Inc.\* | 14663 |  | 955441 |
|  Medtronic plc | 187389 |  | 16334699 |
|  ResMed, Inc. | 7328 |  | 1890624 |
|  Solventum Corp.\* | 9125 |  | 692040 |
|  STERIS plc | 6454 |  | 1550380 |
|  Stryker Corp. | 16808 |  | 6649749 |
|  Teleflex, Inc. | 2934 |  | 347268 |
|  Zimmer Biomet Holdings, Inc. | 16454 |  | 1500769 |
|  |  |  | 78777747 |
|  ***Health Care Providers & Services (2.7%)*** | ***Health Care Providers & Services (2.7%)*** | ***Health Care Providers & Services (2.7%)*** | ***Health Care Providers & Services (2.7%)*** |
|  Acadia Healthcare Co., Inc.\* | 5981 |  | 135709 |
|  Amedisys, Inc.\* | 2118 |  | 208390 |
|  Cardinal Health, Inc. | 15174 |  | 2549232 |
|  Centene Corp.\* | 56882 |  | 3087555 |
|  Chemed Corp. | 860 |  | 418760 |
|  Cigna Group (The) | 55645 |  | 18395124 |
|  CVS Health Corp. | 95800 |  | 6608284 |
|  Elevance Health, Inc. | 25543 |  | 9935205 |
|  Encompass Health Corp. | 27103 |  | 3323641 |
|  HCA Healthcare, Inc. | 11573 |  | 4433616 |
|  Henry Schein, Inc.\* | 7200 |  | 525960 |
|  Humana, Inc. | 7935 |  | 1939949 |
|  Labcorp Holdings, Inc. | 22396 |  | 5879174 |
|  McKesson Corp. | 16844 |  | 12342946 |
|  Molina Healthcare, Inc.\* | 1591 |  | 473959 |
|  Quest Diagnostics, Inc. | 7327 |  | 1316149 |
|  Tenet Healthcare Corp.\* | 6019 |  | 1059344 |
|  UnitedHealth Group, Inc. | 70545 |  | 22007924 |
|  Universal Health Services, Inc., Class B | 3619 |  | 655582 |
|  |  |  | 95296503 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Certara, Inc.\* | 7968 |  | 93226 |
|  Veeva Systems, Inc., Class A\* | 1979 |  | 569912 |
|  |  |  | 663138 |
|  ***Life Sciences Tools & Services (1.1%)*** | ***Life Sciences Tools & Services (1.1%)*** | ***Life Sciences Tools & Services (1.1%)*** | ***Life Sciences Tools & Services (1.1%)*** |
|  Agilent Technologies, Inc. | 18730 |  | 2210327 |
|  Avantor, Inc.\* | 43425 |  | 584500 |
|  Bio-Rad Laboratories, Inc., Class A\* | 1274 |  | 307442 |
|  Bio-Techne Corp. | 10308 |  | 530347 |
|  Bruker Corp. | 6789 |  | 279707 |
|  Charles River Laboratories International, Inc.\* | 3206 |  | 486446 |
|  Danaher Corp. | 75622 |  | 14938370 |
|  ICON plc\* | 9756 |  | 1419010 |
|  Illumina, Inc.\* | 10398 |  | 992073 |
|  IQVIA Holdings, Inc.\* | 11516 |  | 1814806 |
|  Mettler-Toledo International, Inc.\* | 1368 |  | 1607017 |
|  QIAGEN NV\* | 14009 |  | 673273 |
|  Repligen Corp.\* | 3032 |  | 377120 |
|  Revvity, Inc. | 7897 |  | 763798 |
|  Sotera Health Co.\* | 9156 |  | 101815 |
|  Thermo Fisher Scientific, Inc. | 30714 |  | 12453298 |
|  Waters Corp.\* | 1868 |  | 652007 |
|  West Pharmaceutical Services, Inc. | 4705 |  | 1029454 |
|  |  |  | 41220810 |

---

See Notes to Financial Statements.

996

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Pharmaceuticals (2.3%)*** | ***Pharmaceuticals (2.3%)*** | ***Pharmaceuticals (2.3%)*** |
|  Bristol-Myers Squibb Co. | 149898 | $6938778 |
|  Elanco Animal Health, Inc.\* | 32348 | 461929 |
|  Jazz Pharmaceuticals plc\* | 3899 | 413762 |
|  Johnson & Johnson | 224814 | 34340339 |
|  Merck & Co., Inc. | 294935 | 23347055 |
|  Organon & Co. | 17070 | 165238 |
|  Perrigo Co. plc | 8953 | 239224 |
|  Pfizer, Inc.# | 565033 | 13696400 |
|  Royalty Pharma plc, Class A | 25637 | 923701 |
|  Viatris, Inc. | 77959 | 696174 |
|  Zoetis, Inc. | 5934 | 925407 |
|  |  | 82148007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 335885577 |
|  **Industrials (10.2%)** | **Industrials (10.2%)** | **Industrials (10.2%)** |
|  ***Aerospace & Defense (2.6%)*** | ***Aerospace & Defense (2.6%)*** | ***Aerospace & Defense (2.6%)*** |
|  ATI, Inc.\* | 9193 | 793724 |
|  Boeing Co. (The)\* | 82345 | 17253748 |
|  BWX Technologies, Inc. | 4942 | 711944 |
|  Curtiss-Wright Corp. | 2471 | 1207207 |
|  General Dynamics Corp. | 65866 | 19210478 |
|  Hexcel Corp. | 22073 | 1246904 |
|  Huntington Ingalls Industries, Inc. | 2564 | 619103 |
|  L3Harris Technologies, Inc. | 12277 | 3079563 |
|  Leonardo DRS, Inc. | 3016 | 140184 |
|  Loar Holdings, Inc.\* | 268 | 23093 |
|  Lockheed Martin Corp. | 14524 | 6726645 |
|  Northrop Grumman Corp. | 17212 | 8605656 |
|  RTX Corp. | 172504 | 25189034 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 6844 | 261099 |
|  StandardAero, Inc.\* | 8488 | 268645 |
|  Textron, Inc. | 11828 | 949670 |
|  TransDigm Group, Inc. | 2999 | 4560399 |
|  Woodward, Inc. | 3897 | 955116 |
|  |  | 91802212 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  CH Robinson Worldwide, Inc. | 19196 | 1841856 |
|  Expeditors International of Washington, Inc. | 9010 | 1029393 |
|  FedEx Corp. | 14310 | 3252806 |
|  GXO Logistics, Inc.\* | 7547 | 367539 |
|  United Parcel Service, Inc., Class B | 48248 | 4870153 |
|  |  | 11361747 |
|  ***Building Products (0.5%)*** | ***Building Products (0.5%)*** | ***Building Products (0.5%)*** |
|  A.O. Smith Corp. | 7598 | 498201 |
|  Advanced Drainage Systems, Inc. | 4643 | 533295 |
|  Allegion plc | 5656 | 815143 |
|  Armstrong World Industries, Inc. | 1996 | 324230 |
|  AZEK Co., Inc. (The), Class A\* | 3027 | 164517 |
|  Builders FirstSource, Inc.\* | 29487 | 3440838 |
|  Carlisle Cos., Inc. | 2488 | 929019 |
|  Carrier Global Corp. | 52945 | 3875045 |
|  Fortune Brands Innovations, Inc. | 7950 | 409266 |
|  Hayward Holdings, Inc.\* | 13044 | 180007 |
|  Johnson Controls International plc | 43397 | 4583591 |
|  Masco Corp. | 13869 | 892609 |
|  Owens Corning | 5579 | 767224 |
|  Simpson Manufacturing Co., Inc. | 2527 | 392468 |
|  Trane Technologies plc | 2604 | 1139016 |
|  Trex Co., Inc.\* | 7013 | 381367 |
|  |  | 19325836 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  Clean Harbors, Inc.\* | 3330 | 769829 |
|  Copart, Inc.\* | 3985 | 195544 |
|  MSA Safety, Inc. | 2431 | 407266 |
|  RB Global, Inc. | 11443 | 1215132 |
|  Republic Services, Inc. | 13316 | 3283859 |
|  Tetra Tech, Inc. | 14293 | 513976 |
|  Veralto Corp. | 9453 | 954280 |
|  |  | 7339886 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  AECOM | 8698 | 981656 |
|  API Group Corp.\* | 16631 | 849013 |
|  EMCOR Group, Inc. | 1903 | 1017896 |
|  Everus Construction Group, Inc.\* | 3343 | 212381 |
|  MasTec, Inc.\* | 3228 | 550148 |
|  Quanta Services, Inc. | 2181 | 824592 |
|  Valmont Industries, Inc. | 1304 | 425847 |
|  WillScot Holdings Corp. | 8717 | 238846 |
|  |  | 5100379 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  Acuity, Inc. | 2029 | 605332 |
|  AMETEK, Inc. | 15144 | 2740458 |
|  Eaton Corp. plc | 48497 | 17312944 |
|  Emerson Electric Co. | 37050 | 4939877 |
|  GE Vernova, Inc. | 3177 | 1681110 |
|  Generac Holdings, Inc.\* | 3838 | 549640 |
|  Hubbell, Inc., Class B | 3517 | 1436378 |
|  nVent Electric plc | 10706 | 784214 |
|  Regal Rexnord Corp. | 4340 | 629126 |
|  Rockwell Automation, Inc. | 6841 | 2272375 |
|  Sensata Technologies Holding plc | 29977 | 902607 |
|  Vertiv Holdings Co., Class A | 2010 | 258104 |
|  |  | 34112165 |
|  ***Ground Transportation (1.1%)*** | ***Ground Transportation (1.1%)*** | ***Ground Transportation (1.1%)*** |
|  ArcBest Corp. | 4576 | 352398 |
|  Avis Budget Group, Inc.\* | 729 | 123237 |
|  Canadian National Railway Co. | 12760 | 1327550 |
|  CSX Corp. | 123396 | 4026411 |
|  JB Hunt Transport Services, Inc. | 5246 | 753326 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 10347 | 457648 |
|  Landstar System, Inc. | 2278 | 316688 |
|  Lyft, Inc., Class A\* | 21968 | 346216 |
|  Norfolk Southern Corp. | 14845 | 3799875 |
|  Old Dominion Freight Line, Inc. | 11560 | 1876188 |
|  Ryder System, Inc. | 2644 | 420396 |
|  Saia, Inc.\* | 1752 | 480030 |
|  Schneider National, Inc., Class B | 3396 | 82013 |
|  Uber Technologies, Inc.\* | 97617 | 9107666 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 312 | 18895 |
|  U-Haul Holding Co. (New York Stock Exchange) | 4115 | 223733 |
|  Union Pacific Corp. | 62767 | 14441431 |

---

See Notes to Financial Statements.

997

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  XPO, Inc.\* | 5983 | $| 755593 |
|  |  |  | 38909294 |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** |
|  3M Co. | 29721 |  | 4524725 |
|  Honeywell International, Inc. | 68174 |  | 15876361 |
|  |  |  | 20401086 |
|  ***Machinery (2.7%)*** | ***Machinery (2.7%)*** | ***Machinery (2.7%)*** | ***Machinery (2.7%)*** |
|  AGCO Corp. | 4077 |  | 420583 |
|  Allison Transmission Holdings, Inc. | 4644 |  | 441134 |
|  Caterpillar, Inc. | 26692 |  | 10362101 |
|  CNH Industrial NV | 153930 |  | 1994933 |
|  Crane Co. | 3234 |  | 614104 |
|  Cummins, Inc. | 9047 |  | 2962893 |
|  Deere & Co. | 21423 |  | 10893381 |
|  Donaldson Co., Inc. | 7828 |  | 542872 |
|  Dover Corp. | 8913 |  | 1633129 |
|  Esab Corp. | 3741 |  | 450978 |
|  Flowserve Corp. | 8563 |  | 448273 |
|  Fortive Corp. | 24937 |  | 1299966 |
|  Gates Industrial Corp. plc\* | 16667 |  | 383841 |
|  Graco, Inc. | 10913 |  | 938191 |
|  IDEX Corp. | 4968 |  | 872232 |
|  Illinois Tool Works, Inc. | 28221 |  | 6977642 |
|  Ingersoll Rand, Inc. | 26529 |  | 2206682 |
|  ITT, Inc. | 5298 |  | 830885 |
|  Lincoln Electric Holdings, Inc. | 3564 |  | 738889 |
|  Middleby Corp. (The)\* | 3314 |  | 477216 |
|  Mueller Industries, Inc. | 7127 |  | 566383 |
|  Nordson Corp. | 3543 |  | 759513 |
|  Oshkosh Corp. | 50900 |  | 5779186 |
|  Otis Worldwide Corp. | 37505 |  | 3713745 |
|  PACCAR, Inc. | 75138 |  | 7142618 |
|  Parker-Hannifin Corp. | 33864 |  | 23652988 |
|  Pentair plc | 24300 |  | 2494638 |
|  RBC Bearings, Inc.\* | 1624 |  | 624915 |
|  Snap-on, Inc. | 3369 |  | 1048365 |
|  Stanley Black & Decker, Inc. | 17472 |  | 1183728 |
|  Timken Co. (The) | 4111 |  | 298253 |
|  Toro Co. (The) | 6554 |  | 463237 |
|  Westinghouse Air Brake Technologies Corp.# | 11146 |  | 2333415 |
|  Xylem, Inc. | 15995 |  | 2069113 |
|  |  |  | 97620022 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Kirby Corp.\* | 3721 |  | 421999 |
|  ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** | ***Passenger Airlines (0.2%)*** |
|  Alaska Air Group, Inc.\* | 6657 |  | 329388 |
|  American Airlines Group, Inc. (x)\* | 40165 |  | 450651 |
|  Delta Air Lines, Inc. | 42870 |  | 2108347 |
|  Southwest Airlines Co. | 30067 |  | 975374 |
|  United Airlines Holdings, Inc.\* | 21395 |  | 1703684 |
|  |  |  | 5567444 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Amentum Holdings, Inc.\* | 10465 |  | 247079 |
|  Automatic Data Processing, Inc. | 1952 |  | 601997 |
|  Broadridge Financial Solutions, Inc. | 701 |  | 170364 |
|  CACI International, Inc., Class A\* | 1427 |  | 680251 |
|  Clarivate plc (x)\* | 23270 |  | 100061 |
|  Concentrix Corp. (x) | 2980 |  | 157508 |
|  Dayforce, Inc.\* | 9111 |  | 504658 |
|  Dun & Bradstreet Holdings, Inc. | 20224 |  | 183836 |
|  Equifax, Inc. | 20676 |  | 5362734 |
|  FTI Consulting, Inc.\* | 2198 |  | 354977 |
|  Genpact Ltd. | 10579 |  | 465582 |
|  Jacobs Solutions, Inc. | 7979 |  | 1048840 |
|  KBR, Inc. | 7808 |  | 374315 |
|  Leidos Holdings, Inc. | 12674 |  | 1999450 |
|  ManpowerGroup, Inc. | 3027 |  | 122291 |
|  Parsons Corp.\* | 3468 |  | 248898 |
|  Paychex, Inc. | 14573 |  | 2119789 |
|  Paycom Software, Inc. | 1530 |  | 354042 |
|  Paylocity Holding Corp.\* | 245 |  | 44391 |
|  Robert Half, Inc. | 6499 |  | 266784 |
|  Science Applications International Corp. | 3089 |  | 347852 |
|  SS&C Technologies Holdings, Inc. | 13901 |  | 1151003 |
|  TransUnion | 12812 |  | 1127456 |
|  Verisk Analytics, Inc. | 3678 |  | 1145697 |
|  |  |  | 19179855 |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** |
|  Air Lease Corp., Class A | 6846 |  | 400422 |
|  Applied Industrial Technologies, Inc. | 2504 |  | 582055 |
|  Core & Main, Inc., Class A\* | 5234 |  | 315872 |
|  Fastenal Co. | 13484 |  | 566328 |
|  Ferguson Enterprises, Inc. | 11982 |  | 2609080 |
|  MSC Industrial Direct Co., Inc., Class A | 2888 |  | 245538 |
|  QXO, Inc.\* | 39121 |  | 842666 |
|  SiteOne Landscape Supply, Inc.\* | 1970 |  | 238252 |
|  United Rentals, Inc. | 4262 |  | 3210991 |
|  W.W. Grainger, Inc. | 1734 |  | 1803776 |
|  Watsco, Inc. | 2288 |  | 1010427 |
|  WESCO International, Inc. | 3149 |  | 583195 |
|  |  |  | 12408602 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 363550527 |
|  **Information Technology (11.4%)** | **Information Technology (11.4%)** | **Information Technology (11.4%)** | **Information Technology (11.4%)** |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** |
|  Arista Networks, Inc.\* | 6305 |  | 645064 |
|  Ciena Corp.\* | 9272 |  | 754092 |
|  Cisco Systems, Inc.# | 261646 |  | 18152999 |
|  F5, Inc.\* | 7349 |  | 2162958 |
|  Juniper Networks, Inc. | 21716 |  | 867120 |
|  Lumentum Holdings, Inc.\* | 4176 |  | 396971 |
|  Motorola Solutions, Inc. | 6340 |  | 2665716 |
|  |  |  | 25644920 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Arrow Electronics, Inc.\* | 9175 |  | 1169170 |
|  Avnet, Inc. | 5647 |  | 299743 |
|  CDW Corp. | 13480 |  | 2407393 |
|  Cognex Corp. | 11028 |  | 349808 |
|  Coherent Corp.\* | 10083 |  | 899504 |
|  Corning, Inc. | 51323 |  | 2699077 |
|  Crane NXT Co. (x) | 3218 |  | 173450 |
|  Flex Ltd.\* | 25056 |  | 1250796 |
|  Ingram Micro Holding Corp. | 1348 |  | 28092 |

---

See Notes to Financial Statements.

998

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  IPG Photonics Corp.\* | 1642 | $| 112723 |
|  Jabil, Inc. | 2409 |  | 525403 |
|  Keysight Technologies, Inc.\* | 11310 |  | 1853257 |
|  Littelfuse, Inc. | 1614 |  | 365942 |
|  Ralliant Corp.\* | 8312 |  | 403065 |
|  TD SYNNEX Corp. | 5172 |  | 701840 |
|  Teledyne Technologies, Inc.\* | 18525 |  | 9490543 |
|  Trimble, Inc.\* | 15660 |  | 1189847 |
|  Vontier Corp. | 9719 |  | 358631 |
|  Zebra Technologies Corp., Class A\* | 3341 |  | 1030231 |
|  |  |  | 25308515 |
|  ***IT Services (1.4%)*** | ***IT Services (1.4%)*** | ***IT Services (1.4%)*** | ***IT Services (1.4%)*** |
|  Accenture plc, Class A | 61963 |  | 18520121 |
|  Akamai Technologies, Inc.\* | 9431 |  | 752217 |
|  Amdocs Ltd. | 7256 |  | 662037 |
|  Cognizant Technology Solutions Corp., Class A | 32454 |  | 2532386 |
|  DXC Technology Co.\* | 11793 |  | 180315 |
|  EPAM Systems, Inc.\* | 3599 |  | 636375 |
|  Globant SA\* | 2562 |  | 232732 |
|  GoDaddy, Inc., Class A\* | 5726 |  | 1031024 |
|  International Business Machines Corp. | 61162 |  | 18029334 |
|  Kyndryl Holdings, Inc.\* | 14217 |  | 596545 |
|  MongoDB, Inc.\* | 4690 |  | 984853 |
|  Okta, Inc.\* | 6563 |  | 656103 |
|  Twilio, Inc., Class A\* | 7707 |  | 958443 |
|  VeriSign, Inc. | 9221 |  | 2663025 |
|  |  |  | 48435510 |
|  ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** |
|  Advanced Micro Devices, Inc.\* | 43939 |  | 6234944 |
|  Allegro MicroSystems, Inc.\* | 8089 |  | 276563 |
|  Amkor Technology, Inc. | 7507 |  | 157572 |
|  Analog Devices, Inc. | 62360 |  | 14842927 |
|  Applied Materials, Inc. | 51457 |  | 9420233 |
|  Broadcom, Inc. | 29069 |  | 8012870 |
|  Cirrus Logic, Inc.\* | 3480 |  | 362807 |
|  Entegris, Inc. | 8247 |  | 665121 |
|  First Solar, Inc.\* | 6672 |  | 1104483 |
|  GLOBALFOUNDRIES, Inc.\* | 6753 |  | 257965 |
|  Intel Corp. | 322751 |  | 7229622 |
|  KLA Corp. | 6834 |  | 6121487 |
|  Lam Research Corp. | 47003 |  | 4575272 |
|  Lattice Semiconductor Corp.\* | 1334 |  | 65353 |
|  MACOM Technology Solutions Holdings, Inc.\* | 3127 |  | 448068 |
|  Marvell Technology, Inc. | 52859 |  | 4091287 |
|  Microchip Technology, Inc. | 148042 |  | 10417716 |
|  Micron Technology, Inc. | 76922 |  | 9480636 |
|  MKS, Inc. | 4415 |  | 438674 |
|  NVIDIA Corp. | 179219 |  | 28314810 |
|  NXP Semiconductors NV | 40802 |  | 8914829 |
|  ON Semiconductor Corp.\* | 27712 |  | 1452386 |
|  Onto Innovation, Inc.\* | 2485 |  | 250811 |
|  Qorvo, Inc.\* | 6123 |  | 519904 |
|  QUALCOMM, Inc. | 123499 |  | 19668451 |
|  Skyworks Solutions, Inc. | 10074 |  | 750714 |
|  Teradyne, Inc. | 10571 |  | 950544 |
|  Texas Instruments, Inc. | 61923 |  | 12856453 |
|  Universal Display Corp. | 2887 |  | 445926 |
|  |  |  | 158328428 |
|  ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** |
|  Adobe, Inc.\* | 22673 |  | 8771730 |
|  ANSYS, Inc.\* | 7136 |  | 2506306 |
|  Aurora Innovation, Inc., Class A\* | 64749 |  | 339285 |
|  BILL Holdings, Inc.\* | 6058 |  | 280243 |
|  CCC Intelligent Solutions Holdings, Inc. (x)\* | 34033 |  | 320251 |
|  Docusign, Inc.\* | 3226 |  | 251273 |
|  Dolby Laboratories, Inc., Class A | 3974 |  | 295109 |
|  Dropbox, Inc., Class A\* | 9781 |  | 279737 |
|  Fair Isaac Corp.\* | 275 |  | 502689 |
|  Fortinet, Inc.\* | 7314 |  | 773236 |
|  Gen Digital, Inc. | 157010 |  | 4616094 |
|  Informatica, Inc., Class A\* | 6889 |  | 167747 |
|  Microsoft Corp. | 85143 |  | 42350980 |
|  MicroStrategy, Inc., Class A\* | 15510 |  | 6269607 |
|  nCino, Inc.\* | 6023 |  | 168463 |
|  Nutanix, Inc., Class A\* | 12643 |  | 966431 |
|  Oracle Corp. | 38446 |  | 8405449 |
|  Palantir Technologies, Inc., Class A\* | 8270 |  | 1127366 |
|  Pegasystems, Inc. | 3819 |  | 206722 |
|  PTC, Inc.\* | 6933 |  | 1194833 |
|  Roper Technologies, Inc. | 7058 |  | 4000757 |
|  Rubrik, Inc., Class A\* | 2571 |  | 230336 |
|  SailPoint, Inc.\* | 3952 |  | 90343 |
|  Salesforce, Inc. | 67344 |  | 18364035 |
|  SentinelOne, Inc., Class A\* | 5329 |  | 97414 |
|  Synopsys, Inc.\* | 17978 |  | 9216961 |
|  Teradata Corp.\* | 4832 |  | 107802 |
|  Tyler Technologies, Inc.\* | 483 |  | 286342 |
|  UiPath, Inc., Class A\* | 28631 |  | 366477 |
|  Unity Software, Inc.\* | 19604 |  | 474417 |
|  Zoom Communications, Inc., Class A\* | 17271 |  | 1346793 |
|  |  |  | 114375228 |
|  ***Technology Hardware, Storage & Peripherals (0.9%)*** | ***Technology Hardware, Storage & Peripherals (0.9%)*** | ***Technology Hardware, Storage & Peripherals (0.9%)*** | ***Technology Hardware, Storage & Peripherals (0.9%)*** |
|  Apple, Inc. | 105688 |  | 21684007 |
|  Dell Technologies, Inc., Class C | 18040 |  | 2211704 |
|  Hewlett Packard Enterprise Co. | 86195 |  | 1762688 |
|  HP, Inc. | 61999 |  | 1516495 |
|  NetApp, Inc. | 8079 |  | 860817 |
|  Pure Storage, Inc., Class A\* | 2913 |  | 167731 |
|  Sandisk Corp.\* | 23047 |  | 1045181 |
|  Super Micro Computer, Inc.\* | 18279 |  | 895854 |
|  Western Digital Corp. | 41714 |  | 2669279 |
|  |  |  | 32813756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 404906357 |
|  **Materials (3.8%)** | **Materials (3.8%)** | **Materials (3.8%)** | **Materials (3.8%)** |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** |
|  Air Products and Chemicals, Inc. | 40942 |  | 11548100 |
|  Albemarle Corp. | 7724 |  | 484063 |
|  Ashland, Inc. | 3075 |  | 154611 |
|  Axalta Coating Systems Ltd.\* | 14343 |  | 425844 |
|  Celanese Corp. | 7334 |  | 405790 |
|  CF Industries Holdings, Inc. | 10888 |  | 1001696 |
|  Corteva, Inc. | 266558 |  | 19866568 |

---

See Notes to Financial Statements.

999

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Dow, Inc. | 46512 | $| 1231638 |
|  DuPont de Nemours, Inc. | 48079 |  | 3297739 |
|  Eastman Chemical Co. | 7543 |  | 563160 |
|  Ecolab, Inc. | 46981 |  | 12658561 |
|  Element Solutions, Inc. | 14801 |  | 335243 |
|  FMC Corp. | 8155 |  | 340471 |
|  Huntsman Corp. | 10802 |  | 112557 |
|  International Flavors & Fragrances, Inc. | 16840 |  | 1238582 |
|  Linde plc | 30870 |  | 14483587 |
|  LyondellBasell Industries NV, Class A (x) | 64890 |  | 3754535 |
|  Mosaic Co. (The) | 20740 |  | 756595 |
|  NewMarket Corp. | 389 |  | 268745 |
|  Olin Corp. | 7547 |  | 151619 |
|  PPG Industries, Inc. | 14939 |  | 1699311 |
|  RPM International, Inc. | 78588 |  | 8632106 |
|  Scotts Miracle-Gro Co. (The) | 2869 |  | 189239 |
|  Sherwin-Williams Co. (The) | 5858 |  | 2011403 |
|  Westlake Corp. | 2196 |  | 166742 |
|  |  |  | 85778505 |
|  ***Construction Materials (0.6%)*** | ***Construction Materials (0.6%)*** | ***Construction Materials (0.6%)*** | ***Construction Materials (0.6%)*** |
|  CRH plc | 67779 |  | 6222112 |
|  Eagle Materials, Inc. | 2035 |  | 411294 |
|  Martin Marietta Materials, Inc. | 22322 |  | 12253885 |
|  Vulcan Materials Co. | 8690 |  | 2266526 |
|  |  |  | 21153817 |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** |
|  Amcor plc | 149586 |  | 1374695 |
|  AptarGroup, Inc. | 4299 |  | 672493 |
|  Avery Dennison Corp. | 5113 |  | 897178 |
|  Ball Corp. | 18564 |  | 1041255 |
|  Crown Holdings, Inc. | 7607 |  | 783369 |
|  Graphic Packaging Holding Co. (x) | 19574 |  | 412424 |
|  International Paper Co. | 34452 |  | 1613387 |
|  Packaging Corp. of America | 5805 |  | 1093952 |
|  Sealed Air Corp. | 9585 |  | 297423 |
|  Silgan Holdings, Inc. | 5807 |  | 314623 |
|  Smurfit WestRock plc | 34246 |  | 1477715 |
|  Sonoco Products Co. | 6471 |  | 281877 |
|  |  |  | 10260391 |
|  ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** |
|  Alcoa Corp. | 16985 |  | 501227 |
|  Anglogold Ashanti plc (x) | 29094 |  | 1325814 |
|  Carpenter Technology Corp. | 2604 |  | 719694 |
|  Cleveland-Cliffs, Inc.\* | 31984 |  | 243078 |
|  Freeport-McMoRan, Inc. | 94021 |  | 4075810 |
|  MP Materials Corp. (x)\* | 7926 |  | 263698 |
|  Newmont Corp. | 97813 |  | 5698585 |
|  Nucor Corp. | 17673 |  | 2289361 |
|  Reliance, Inc. | 3470 |  | 1089233 |
|  Royal Gold, Inc. | 4318 |  | 767913 |
|  Southern Copper Corp. | 5371 |  | 543384 |
|  Steel Dynamics, Inc. | 8347 |  | 1068500 |
|  |  |  | 18586297 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 4141 |  | 356084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 136135094 |
|  **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  WP Carey, Inc. (REIT) | 14247 |  | 888728 |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 11274 |  | 818831 |
|  American Healthcare REIT, Inc. (REIT) | 16923 |  | 621751 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 21569 |  | 342084 |
|  Healthpeak Properties, Inc. (REIT) | 45564 |  | 797826 |
|  Medical Properties Trust, Inc. (REIT) (x) | 32791 |  | 141329 |
|  Omega Healthcare Investors, Inc. (REIT) | 18876 |  | 691805 |
|  Ventas, Inc. (REIT) | 28679 |  | 1811079 |
|  Welltower, Inc. (REIT) | 43069 |  | 6620997 |
|  |  |  | 11845702 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 45075 |  | 692352 |
|  Park Hotels & Resorts, Inc. (REIT) | 12907 |  | 132039 |
|  Ryman Hospitality Properties, Inc. (REIT) | 16697 |  | 1647493 |
|  |  |  | 2471884 |
|  ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** | ***Industrial REITs (0.5%)*** |
|  Americold Realty Trust, Inc. (REIT) | 18739 |  | 311630 |
|  EastGroup Properties, Inc. (REIT) | 3426 |  | 572553 |
|  First Industrial Realty Trust, Inc. (REIT) | 8412 |  | 404869 |
|  Lineage, Inc. (REIT) (x) | 4642 |  | 202020 |
|  Prologis, Inc. (REIT) | 114595 |  | 12046226 |
|  Rexford Industrial Realty, Inc. (REIT) | 75741 |  | 2694107 |
|  STAG Industrial, Inc. (REIT) | 12270 |  | 445156 |
|  |  |  | 16676561 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  BXP, Inc. (REIT) | 10411 |  | 702430 |
|  COPT Defense Properties (REIT) | 17798 |  | 490869 |
|  Cousins Properties, Inc. (REIT) | 10968 |  | 329369 |
|  Highwoods Properties, Inc. (REIT) | 6968 |  | 216635 |
|  Kilroy Realty Corp. (REIT) (x) | 7709 |  | 264496 |
|  Vornado Realty Trust (REIT) | 11592 |  | 443278 |
|  |  |  | 2447077 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  CBRE Group, Inc., Class A\* | 17398 |  | 2437808 |
|  CoStar Group, Inc.\* | 24048 |  | 1933459 |
|  Howard Hughes Holdings, Inc.\* | 2033 |  | 137228 |
|  Jones Lang LaSalle, Inc.\* | 2266 |  | 579597 |
|  Zillow Group, Inc., Class A\* | 3279 |  | 224579 |
|  Zillow Group, Inc., Class C\* | 10688 |  | 748694 |
|  |  |  | 6061365 |
|  ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** |
|  American Homes 4 Rent (REIT), Class A | 22458 |  | 810060 |
|  AvalonBay Communities, Inc. (REIT) | 9348 |  | 1902318 |
|  Camden Property Trust (REIT) | 7064 |  | 796042 |
|  Equity LifeStyle Properties, Inc. (REIT) | 94844 |  | 5849030 |

---

See Notes to Financial Statements.

1000

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Equity Residential (REIT) | 24896 | $| 1680231 |
|  Essex Property Trust, Inc. (REIT) | 4189 |  | 1187163 |
|  Invitation Homes, Inc. (REIT) | 40219 |  | 1319183 |
|  Mid-America Apartment Communities, Inc. (REIT) | 7648 |  | 1131981 |
|  Sun Communities, Inc. (REIT) | 6715 |  | 849380 |
|  UDR, Inc. (REIT) | 20528 |  | 838158 |
|  |  |  | 16363546 |
|  ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** |
|  Agree Realty Corp. (REIT) | 7115 |  | 519822 |
|  Brixmor Property Group, Inc. (REIT) | 20011 |  | 521086 |
|  Federal Realty Investment Trust (REIT) | 5591 |  | 531089 |
|  Kimco Realty Corp. (REIT) | 43924 |  | 923283 |
|  NNN REIT, Inc. (REIT) | 12290 |  | 530682 |
|  Realty Income Corp. (REIT) | 58708 |  | 3382168 |
|  Regency Centers Corp. (REIT) | 11873 |  | 845714 |
|  Simon Property Group, Inc. (REIT) | 16571 |  | 2663954 |
|  |  |  | 9917798 |
|  ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** | ***Specialized REITs (0.8%)*** |
|  Crown Castle, Inc. (REIT) | 28520 |  | 2929859 |
|  CubeSmart (REIT) | 14878 |  | 632315 |
|  Digital Realty Trust, Inc. (REIT) | 32814 |  | 5720465 |
|  EPR Properties (REIT) | 4904 |  | 285707 |
|  Equinix, Inc. (REIT) | 6425 |  | 5110895 |
|  Extra Space Storage, Inc. (REIT) | 13848 |  | 2041749 |
|  Gaming and Leisure Properties, Inc. (REIT) | 17347 |  | 809758 |
|  Iron Mountain, Inc. (REIT) | 19285 |  | 1978062 |
|  Millrose Properties, Inc. (REIT) | 7874 |  | 224488 |
|  National Storage Affiliates Trust (REIT) | 4627 |  | 148018 |
|  Public Storage (REIT) | 12706 |  | 3728194 |
|  Rayonier, Inc. (REIT) | 10176 |  | 225704 |
|  SBA Communications Corp. (REIT) | 7058 |  | 1657501 |
|  VICI Properties, Inc. (REIT), Class A | 69423 |  | 2263190 |
|  Weyerhaeuser Co. (REIT) | 47641 |  | 1223897 |
|  |  |  | 28979802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 95652463 |
|  **Utilities (4.1%)** | **Utilities (4.1%)** | **Utilities (4.1%)** | **Utilities (4.1%)** |
|  ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** | ***Electric Utilities (2.5%)*** |
|  Alliant Energy Corp. | 16883 |  | 1020915 |
|  American Electric Power Co., Inc. | 76924 |  | 7981634 |
|  Constellation Energy Corp. | 20590 |  | 6645629 |
|  Duke Energy Corp. | 112018 |  | 13218124 |
|  Edison International | 25053 |  | 1292735 |
|  Entergy Corp. | 28327 |  | 2354540 |
|  Evergy, Inc. | 15130 |  | 1042911 |
|  Eversource Energy | 24150 |  | 1536423 |
|  Exelon Corp. | 127772 |  | 5547860 |
|  FirstEnergy Corp. | 36070 |  | 1452178 |
|  IDACORP, Inc. | 3543 |  | 409039 |
|  NextEra Energy, Inc. | 135561 |  | 9410645 |
|  NRG Energy, Inc. | 8061 |  | 1294435 |
|  OGE Energy Corp. | 13204 |  | 585994 |
|  PG&E Corp. | 414682 |  | 5780667 |
|  Pinnacle West Capital Corp. | 7830 |  | 700550 |
|  PPL Corp. | 48651 |  | 1648782 |
|  Southern Co. (The) | 144732 |  | 13290740 |
|  Xcel Energy, Inc. | 205047 |  | 13963701 |
|  |  |  | 89177502 |
|  ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** | ***Gas Utilities (0.4%)*** |
|  Atmos Energy Corp. | 72851 |  | 11227067 |
|  MDU Resources Group, Inc. | 13328 |  | 222178 |
|  National Fuel Gas Co. | 5894 |  | 499281 |
|  UGI Corp. | 14134 |  | 514760 |
|  |  |  | 12463286 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | 46666 |  | 490926 |
|  Brookfield Renewable Corp. | 8877 |  | 290988 |
|  Clearway Energy, Inc., Class A | 2276 |  | 68872 |
|  Clearway Energy, Inc., Class C | 5346 |  | 171072 |
|  Talen Energy Corp.\* | 2982 |  | 867076 |
|  Vistra Corp. | 10480 |  | 2031129 |
|  |  |  | 3920063 |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** |
|  Ameren Corp. | 44047 |  | 4230274 |
|  CenterPoint Energy, Inc. | 42832 |  | 1573648 |
|  CMS Energy Corp. | 19554 |  | 1354701 |
|  Consolidated Edison, Inc. | 23694 |  | 2377693 |
|  Dominion Energy, Inc. | 166747 |  | 9424540 |
|  DTE Energy Co. | 13620 |  | 1804105 |
|  NiSource, Inc. | 30930 |  | 1247716 |
|  Public Service Enterprise Group, Inc. | 32825 |  | 2763209 |
|  Sempra | 42910 |  | 3251291 |
|  WEC Energy Group, Inc. | 20995 |  | 2187679 |
|  |  |  | 30214856 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  American Water Works Co., Inc. | 67615 |  | 9405923 |
|  Essential Utilities, Inc. | 18117 |  | 672865 |
|  |  |  | 10078788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 145854495 |
|  **Total Common Stocks (81.8%)**<br> *(Cost $1,785,529,640)* |  |  | 2914998808 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (9.0%)** | **Equity (9.0%)** | **Equity (9.0%)** | **Equity (9.0%)** |
|  iShares Core S&P 500 ETF | 794 |  | 492995 |
|  iShares Morningstar Growth ETF (x) | 10600 |  | 1027140 |
|  iShares Morningstar U.S. Equity ETF (x) | 5416 |  | 464584 |
|  iShares Morningstar Value ETF‡ | 841410 |  | 70165180 |
|  iShares Russell 1000 ETF | 1631 |  | 553839 |
|  iShares Russell 1000 Value ETF (x) | 234788 |  | 45602873 |
|  iShares S&P 500 Value ETF (x) | 18991 |  | 3711221 |
|  SPDR Portfolio S&P 500 Growth ETF | 9900 |  | 943668 |
|  SPDR Portfolio S&P 500 Value ETF (x) | 1302900 |  | 68193786 |
|  Vanguard Growth ETF | 2290 |  | 1003936 |
|  Vanguard Large-Cap ETF | 1464 |  | 417679 |
|  Vanguard Russell 1000 Growth ETF | 63800 |  | 6966960 |
|  Vanguard Russell 1000 Value ETF (x) | 723000 |  | 61606830 |
|  Vanguard Value ETF (x) | 336601 |  | 59490861 |
|  **Total Exchange Traded Funds (9.0%)**<br> *(Cost $191,375,615)* | **Total Exchange Traded Funds (9.0%)**<br> *(Cost $191,375,615)* |  | 320641552 |

---

See Notes to Financial Statements.

1001

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Mirati Therapeutics, Inc., CVR(r)\* <br>*(Cost $2,342)* | 4461 | $1673 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.6%)** | **Investment Companies (2.6%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 22208934 | 22208934 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 70338881 | 70352949 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 92561883 |
|  **Total Short-Term Investments (2.6%)**<br> *(Cost $92,562,966)* | **Total Short-Term Investments (2.6%)**<br> *(Cost $92,562,966)* | 92561883 |
|  **Total Investments in Securities (93.4%)**<br> *(Cost $2,069,470,563)* |  | 3328203916 |
|  **Other Assets Less Liabilities (6.6%)** |  | 236462978 |
|  **Net Assets (100%)** |  | $3564666894 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $52,525,515.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $61,404,678. This was collateralized by $40,523,736 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $22,208,934 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security<br>Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Value ETF | 841410 | 71684306 | 2548847 | (6432901) | 1338328 | 1026600 | 70165180 | 672721 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 466 | 9/2025 | USD | 145712375 | 5018935 |
|  S&P Midcap 400 E-Mini Index | 548 | 9/2025 | USD | 171277400 | 4620322 |
|  |  |  |  |  | 9639257 |

---

See Notes to Financial Statements.

1002

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $199850235 | $— | $— | $199850235 |
|  Consumer Discretionary | 206940715 |  |  | 206940715 |
|  Consumer Staples | 204344322 | 7426335 |  | 211770657 |
|  Energy | 151276092 |  |  | 151276092 |
|  Financials | 663176596 |  |  | 663176596 |
|  Health Care | 335885577 |  |  | 335885577 |
|  Industrials | 363550527 |  |  | 363550527 |
|  Information Technology | 404906357 |  |  | 404906357 |
|  Materials | 136135094 |  |  | 136135094 |
|  Real Estate | 95652463 |  |  | 95652463 |
|  Utilities | 145854495 |  |  | 145854495 |
|  **Exchange Traded Funds** | 320641552 |  |  | 320641552 |
|  **Futures** | 9639257 |  |  | 9639257 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 1673 | 1673 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 92561883 |  |  | 92561883 |
|  **Total Assets** | $**3330415165** | $**7426335** | $**1673** | $**3337843173** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3330415165** | $**7426335** | $**1673** | $**3337843173** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $9639257 \* |
|  **Total** |  | $9639257 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(134159102) | $(134159102) |
|  **Total** | $(134159102) | $(134159102) |

---

See Notes to Financial Statements.

1003

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $22645348 | $22645348 |
|  **Total** | $22645348 | $22645348 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $313301000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 623601000.0 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $347255448.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $685094232.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1330530357 |
|  Aggregate gross unrealized depreciation | (119309059) |
|  Net unrealized appreciation | $1211221298 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2126621875 |

---

See Notes to Financial Statements.

1004

------

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $38,176,132) | $70165180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $2,031,294,431) | 3258038736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 257372424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4014561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 658164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 598560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 587247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 120132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 20563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 38306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3591613873 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 22208934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1678990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1320940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 654151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 504959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 343510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 232305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 26946979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3564666894 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2329940253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1234726641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3564666894 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,242,925,943 / 175,526,007 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.48 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $321,740,951 / 17,295,894 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.60 |

---

*(x)* *Includes value of securities on loan of $61,404,678.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($672,721 of dividend income received from affiliates) (net of $91,677 foreign withholding tax) | $36112178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5266285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 100964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 41479427 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8173000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4051772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2222981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 157148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 127959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 101252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 60578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 43261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14937951 |
|  **NET INVESTMENT INCOME (LOSS)** | 26541476 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($1,338,328 realized gain (loss) from affiliates) | 243097843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (134159102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 12165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 108950906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($1,026,600 of change in unrealized appreciation (depreciation) from affiliates) | (92257048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 22645348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 6873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (69604827) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 39346079 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $65887555 |

---

See Notes to Financial Statements.

1005

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $26541476 | $56736094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 108950906 | 360753846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (69604827) | 94275005 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 65887555 | 511764945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (368819761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (37708321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (406528082) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 323,986 shares, respectively ] |  | 6050293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (56529624) shares, respectively ] |  | (1084074747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (2952245) shares, respectively ] |  | (54809388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (1132833842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 876,341 and 1,405,600 shares, respectively ] | 15837000 | 27040381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 56,745,763 shares, respectively ] |  | 1084074747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 19,471,436 shares, respectively ] |  | 368819761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12325837) and (23096799) shares, respectively ] | (223125852) | (447564755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (207288852) | 1032370134 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 786,837 and 94,977 shares, respectively ] | 13387010 | 1834977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,979,504 shares, respectively ] |  | 37708321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2154099) and (5511002) shares, respectively ] | (38914341) | (104945181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (25527331) | (65401883) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (232816183) | (165865591) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (166928628) | (60628728) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3731595522 | 3792224250 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3564666894 | $3731595522 |

---

See Notes to Financial Statements.

1006

------

#### EQ ADVISORS TRUST
EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.14 | $17.72 | $16.68 | $19.89 | $17.95 | $18.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.28 | 0.26 | 0.21 | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.21 | 2.29 | 2.05 | (2.51) | 4.22 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.34 | 2.57 | 2.31 | (2.30) | 4.40 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.31) | (0.29) | (0.23) | (0.20) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.84) | (0.98) | (0.68) | (2.26) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.15) | (1.27) | (0.91) | (2.46) | (1.28) |
|  Net asset value, end of period | $18.48 | $18.14 | $17.72 | $16.68 | $19.89 | $17.95 |
|  Total return (b) | 1.87% | 14.14% | 14.01% | (11.59)% | 24.80% | 5.70% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3242926 | $3391201 | $2346650 | $2334134 | $3004157 | $2738938 |
|  Ratio of expenses to average net assets (a)(f) | 0.86% | 0.86% | 0.86% | 0.85% | 0.84% | 0.85% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.46% | 1.45% | 1.52% | 1.19% | 0.89% | 1.54% |
|  Portfolio turnover rate^ | 10 %(z) | 13% | 13% | 13% | 25% | 26% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.24 | $17.80 | $16.76 | $19.98 | $18.01 | $18.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.33 | 0.31 | 0.26 | 0.23 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.21 | 2.31 | 2.05 | (2.52) | 4.25 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.36 | 2.64 | 2.36 | (2.26) | 4.48 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.36) | (0.34) | (0.28) | (0.25) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.84) | (0.98) | (0.68) | (2.26) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.20) | (1.32) | (0.96) | (2.51) | (1.32) |
|  Net asset value, end of period | $18.60 | $18.24 | $17.80 | $16.76 | $19.98 | $18.01 |
|  Total return (b) | 1.97% | 14.45% | 14.20% | (11.36)% | 25.16% | 5.98% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $321741 | $340395 | $393449 | $398741 | $615379 | $601788 |
|  Ratio of expenses to average net assets (a)(f) | 0.61% | 0.61% | 0.61% | 0.60% | 0.59% | 0.60% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.71% | 1.70% | 1.77% | 1.42% | 1.14% | 1.78% |
|  Portfolio turnover rate^ | 10 %(z) | 13% | 13% | 13% | 25% | 26% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1007

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Brazil (12.0%)** | **Brazil (12.0%)** | **Brazil (12.0%)** |
|  Arcos Dorados Holdings, Inc., Class A (x) | 325066 | $2564771 |
|  Banco do Brasil SA | 1652000 | 6741058 |
|  BB Seguridade Participacoes SA | 1414800 | 9340685 |
|  Engie Brasil Energia SA | 522200 | 4373212 |
|  Motiva Infraestrutura de Mobilidade SA | 1876610 | 4783834 |
|  Petroleo Brasileiro SA – Petrobras (ADR) | 471052 | 5892860 |
|  PRIO SA\* | 635600 | 4950874 |
|  Rede D'Or Sao Luiz SA (m)\* | 651000 | 4240469 |
|  Suzano SA\* | 345800 | 3262540 |
|  Vale SA (ADR), Class B | 591236 | 5740901 |
|  Vibra Energia SA | 1677600 | 6712747 |
|  |  | 58603951 |
|  **Chile (0.3%)** | **Chile (0.3%)** | **Chile (0.3%)** |
|  Sociedad Quimica y Minera de Chile SA (ADR)\* | 40894 | 1442331 |
|  **China (23.5%)** | **China (23.5%)** | **China (23.5%)** |
|  Alibaba Group Holding Ltd. | 520800 | 7284612 |
|  Anhui Conch Cement Co. Ltd., Class H | 1861874 | 4734171 |
|  China Construction Bank Corp., Class H | 15157574 | 15292834 |
|  China Medical System Holdings Ltd. | 4342000 | 6637495 |
|  China Merchants Bank Co. Ltd., Class H | 1303281 | 9106423 |
|  DaShenLin Pharmaceutical Group Co. Ltd., Class A | 1837700 | 4180380 |
|  ENN Natural Gas Co. Ltd., Class A | 1568110 | 4136108 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 518498 | 3250426 |
|  Hengan International Group Co. Ltd. | 1451473 | 4169545 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1521896 | 3748722 |
|  Lenovo Group Ltd. | 2974000 | 3568823 |
|  Midea Group Co. Ltd., Class A | 548800 | 5529741 |
|  NetEase, Inc. | 275000 | 7391767 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 1082000 | 6871088 |
|  Sinopharm Group Co. Ltd., Class H | 2990231 | 7001375 |
|  Tencent Holdings Ltd. | 68600 | 4395671 |
|  Tingyi Cayman Islands Holding Corp. | 4248000 | 6223224 |
|  Want Want China Holdings Ltd. | 6655000 | 4645813 |
|  Weichai Power Co. Ltd., Class H | 3358906 | 6820548 |
|  |  | 114988766 |
|  **Egypt (0.8%)** | **Egypt (0.8%)** | **Egypt (0.8%)** |
|  Commercial International Bank – Egypt (CIB) (Registered) (GDR) (m) | 2316931 | 3892444 |
|  **Greece (2.9%)** | **Greece (2.9%)** | **Greece (2.9%)** |
|  Metlen Energy & Metals SA | 64388 | 3490426 |
|  National Bank of Greece SA | 595320 | 7594616 |
|  OPAP SA | 147828 | 3352079 |
|  |  | 14437121 |
|  **Hong Kong (0.7%)** | **Hong Kong (0.7%)** | **Hong Kong (0.7%)** |
|  ASMPT Ltd. | 452912 | 3320414 |
|  **Hungary (3.1%)** | **Hungary (3.1%)** | **Hungary (3.1%)** |
|  MOL Hungarian Oil & Gas plc | 601312 | 5235817 |
|  OTP Bank Nyrt. | 125754 | 10045354 |
|  |  | 15281171 |
|  **India (4.9%)** | **India (4.9%)** | **India (4.9%)** |
|  Axis Bank Ltd. | 272884 | 3815794 |
|  Indus Towers Ltd.\* | 2218708 | 10894332 |
|  Tata Consultancy Services Ltd. | 82529 | 3331570 |
|  UPL Ltd. | 773949 | 5967511 |
|  |  | 24009207 |
|  **Indonesia (3.7%)** | **Indonesia (3.7%)** | **Indonesia (3.7%)** |
|  Astra International Tbk. PT | 15470496 | 4288095 |
|  Bank Mandiri Persero Tbk. PT | 18265256 | 5490265 |
|  Telkom Indonesia Persero Tbk. PT (ADR) (x)\* | 343671 | 5821787 |
|  United Tractors Tbk. PT | 2049200 | 2707443 |
|  |  | 18307590 |
|  **Mexico (7.9%)** | **Mexico (7.9%)** | **Mexico (7.9%)** |
|  America Movil SAB de CV (ADR) | 361357 | 6482745 |
|  Cemex SAB de CV (ADR) | 547017 | 3790828 |
|  Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 28960 | 6649795 |
|  Grupo Financiero Banorte SAB de CV, Class O | 938647 | 8613372 |
|  Grupo Mexico SAB de CV | 860679 | 5194484 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 2326973 | 4265921 |
|  Ternium SA (ADR) (x) | 114290 | 3440129 |
|  |  | 38437274 |
|  **Peru (0.8%)** | **Peru (0.8%)** | **Peru (0.8%)** |
|  Credicorp Ltd. | 17625 | 3939540 |
|  **Philippines (0.8%)** | **Philippines (0.8%)** | **Philippines (0.8%)** |
|  International Container Terminal Services, Inc. | 572920 | 4180190 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Mobile TeleSystems PJSC (ADR) (r)\* | 580455 |  |
|  Sberbank of Russia PJSC (r)\* | 1680737 |  |
|  **South Africa (7.1%)** | **South Africa (7.1%)** | **South Africa (7.1%)** |
|  Bidvest Group Ltd. | 384530 | 5072114 |
|  Life Healthcare Group Holdings Ltd. | 3955930 | 3190888 |
|  Nedbank Group Ltd. | 494206 | 6784821 |
|  Sanlam Ltd. | 1260411 | 6312823 |
|  Standard Bank Group Ltd. | 523928 | 6733564 |
|  Vodacom Group Ltd. | 865384 | 6682087 |
|  |  | 34776297 |
|  **South Korea (12.0%)** | **South Korea (12.0%)** | **South Korea (12.0%)** |
|  Coway Co. Ltd. | 75803 | 5436967 |
|  Hyundai Mobis Co. Ltd. | 21386 | 4547853 |
|  KB Financial Group, Inc. | 131073 | 10770595 |
|  Kia Corp. | 59661 | 4283603 |
|  KT Corp. | 134987 | 5571114 |
|  KT&G Corp. | 41273 | 3905277 |
|  Shinhan Financial Group Co. Ltd. | 190198 | 8653051 |
|  SK Hynix, Inc. | 71261 | 15418059 |
|  |  | 58586519 |

---

See Notes to Financial Statements.

1008

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Taiwan (13.9%)** | **Taiwan (13.9%)** | **Taiwan (13.9%)** |
|  ASE Technology Holding Co. Ltd. | 1795000 | $9063484 |
|  Globalwafers Co. Ltd. | 338000 | 3488532 |
|  MediaTek, Inc. | 196000 | 8386964 |
|  Novatek Microelectronics Corp. | 348000 | 6492537 |
|  Quanta Computer, Inc. | 529000 | 4970920 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 653429 | 23710624 |
|  Wiwynn Corp. | 76000 | 6582226 |
|  Yageo Corp. | 321826 | 5343202 |
|  |  | 68038489 |
|  **Thailand (1.5%)** | **Thailand (1.5%)** | **Thailand (1.5%)** |
|  Kasikornbank PCL | 903267 | 4223373 |
|  PTT Exploration & Production PCL | 889900 | 2997472 |
|  |  | 7220845 |
|  **Turkiye (0.7%)** | **Turkiye (0.7%)** | **Turkiye (0.7%)** |
|  BIM Birlesik Magazalar A/S | 286099 | 3554884 |
|  **United Kingdom (1.2%)** | **United Kingdom (1.2%)** | **United Kingdom (1.2%)** |
|  Unilever plc | 95485 | 5821787 |
|  **United States (1.0%)** | **United States (1.0%)** | **United States (1.0%)** |
|  Schlumberger NV | 145002 | 4901068 |
|  **Total Common Stocks (98.8%)** <br>*(Cost $417,225,532)* |  | 483739888 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.8%)** | **Investment Company (0.8%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 3824365 | 3824365 |
|  **Total Short-Term Investments (0.8%)**<br> *(Cost $3,824,365)* |  | 3824365 |
|  **Total Investments in Securities (99.6%)**<br> *(Cost $421,049,897)* |  | 487564253 |
|  **Other Assets Less Liabilities (0.4%)** |  | 1714000 |
|  **Net Assets (100%)** |  | $489278253 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $8,132,913 or 1.7% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $7,845,265. This was collateralized by $4,139,391 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $3,824,365 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*GDR* *— Global Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Brazil | $58603951 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $58603951 |
|  Chile | 1442331 |  |  | 1442331 |
|  China |  | 114988766 |  | 114988766 |

---

See Notes to Financial Statements.

1009

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Egypt | $— | $3892444 | $— | $3892444 |
|  Greece |  | 14437121 |  | 14437121 |
|  Hong Kong |  | 3320414 |  | 3320414 |
|  Hungary |  | 15281171 |  | 15281171 |
|  India |  | 24009207 |  | 24009207 |
|  Indonesia | 5821787 | 12485803 |  | 18307590 |
|  Mexico | 38437274 |  |  | 38437274 |
|  Peru | 3939540 |  |  | 3939540 |
|  Philippines |  | 4180190 |  | 4180190 |
|  Russia |  |  | — (a) | — (a) |
|  South Africa |  | 34776297 |  | 34776297 |
|  South Korea |  | 58586519 |  | 58586519 |
|  Taiwan |  | 68038489 |  | 68038489 |
|  Thailand |  | 7220845 |  | 7220845 |
|  Turkiye |  | 3554884 |  | 3554884 |
|  United Kingdom |  | 5821787 |  | 5821787 |
|  United States | 4901068 |  |  | 4901068 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 3824365 |  |  | 3824365 |
|  **Total Assets** | $**116970316** | $**370593937** | $**—** | $**487564253** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**116970316** | $**370593937** | $**—** | $**487564253** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $60629923.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $67896522.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $107560332 |
|  Aggregate gross unrealized depreciation | (43257911) |
|  Net unrealized appreciation | $64302421 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $423261832 |

---

See Notes to Financial Statements.

1010

------

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $421,049,897) | $487564253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5379361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2152528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 178576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 166929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 79701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 495526990 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3824365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 1075528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 366743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 352208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 164917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 162258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 97860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 35223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 169635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6248737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $489278253 |
|  Net assets were comprised of: | Net assets were comprised of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $405712185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 83566068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $489278253 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $489,278,253 / 21,052,514 shares outstanding (unlimited amount authorized: $0.01 par value) | $23.24 |

---

*(x)* *Includes value of securities on loan of $7,845,265.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,169,621 foreign withholding tax) | $11533008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 110533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 107053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11750594 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2215071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 553766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 201075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 199145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3265839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (272461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2993378 |
|  **NET INVESTMENT INCOME (LOSS)** | 8757216 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $18,825 on realized gain on investments) | 12043702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (70774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11972928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $438,649 on unrealized appreciation on investments) | 63037216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 47696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 63084912 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 75057840 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $83815056 |

---

See Notes to Financial Statements.

1011

------

#### EQ ADVISORS TRUST
EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8757216 | $14489377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11972928 | 17222481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 63084912 | (1256428) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 83815056 | 30455430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (33922758) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 759,761 and 1,543,111 shares, respectively ] | 15643459 | 31937162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,693,897 shares, respectively ] |  | 33922758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1412535) and (2789209) shares, respectively ] | (29407836) | (57900500) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (13764377) | 7959420 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 70050679 | 4492092 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 419227574 | 414735482 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $489278253 | $419227574 |

---

See Notes to Financial Statements.

1012

------

#### EQ ADVISORS TRUST
EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.31 | $19.51 | $16.68 | $20.67 | $21.23 | $22.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.41 | 0.70 | 0.69 | 0.85 | 0.63 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.52 | 0.78 | 2.90 | (3.94) | 0.60 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.93 | 1.48 | 3.59 | (3.09) | 1.23 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.82) | (0.74) | (0.76) | (0.61) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.86) | (0.02) | (0.14) | (1.18) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.68) | (0.76) | (0.90) | (1.79) | (0.41) |
|  Net asset value, end of period | $23.24 | $19.31 | $19.51 | $16.68 | $20.67 | $21.23 |
|  Total return (b) | 20.35% | 7.33 | 21.68% | (14.89)% | 5.92% | (1.56)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $489278 | $419228 | $414735 | $359867 | $423150 | $411891 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.35 %(j) | 1.35 | 1.35 %(j) | 1.35 %(j) | 1.35 %(j) | 1.37 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.47% | 1.48 | 1.48% | 1.46% | 1.47% | 1.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.95% | 3.37 | 3.74% | 4.69% | 2.78% | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.83% | 3.23 | 3.61% | 4.58% | 2.66% | 2.17% |
|  Portfolio turnover rate^ | 14 %(z) | 23 | 25% | 20% | 34% | 36% |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.62 for Class IB.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.35% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.37% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.35% lower.* 

See Notes to Financial Statements.

1013

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Corporate Bonds (43.7%)** |  |  |
|  **Communication Services (6.2%)** | **Communication Services (6.2%)** | **Communication Services (6.2%)** |
|  ***Diversified Telecommunication Services (2.4%)*** | ***Diversified Telecommunication Services (2.4%)*** | ***Diversified Telecommunication Services (2.4%)*** |
|  AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/41 | $15543000 | $12143424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/15/42 | 12555000 | 10549702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/46 | 6940000 | 6046660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/9/49 (x) | 7826000 | 6474210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 9/15/55 | 7260000 | 4867849 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.213%, 3/8/47 | 4800000 | 4226760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.895%, 3/6/48 | 640000 | 537389 |
|  TELUS Corp. <br>4.300%, 6/15/49 | 1866000 | 1433463 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/22/41 | 8272000 | 6375851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/3/41 | 6480000 | 4576469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.862%, 8/21/46 | 4360000 | 3868531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/22/61 | 155000 | 107304 |
|  |  | 61207612 |
|  ***Entertainment (0.2%)*** |  |  |
|  NBCUniversal Media LLC <br>6.400%, 4/30/40 | 242000 | 262992 |
|  Warnermedia Holdings, Inc. <br>5.050%, 3/15/42 | 7561000 | 5122578 |
|  |  | 5385570 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  Alphabet, Inc. <br>2.250%, 8/15/60 | 6970000 | 3714452 |
|  ***Media (2.5%)*** |  |  |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 | 3019000 | 2968160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/47 | 2529000 | 2176103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/48 | 7520000 | 6774768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/52 | 2045000 | 1399843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/55 | 5753000 | 5846832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/30/62 | 1487000 | 955933 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/1/39 | 6253000 | 4889010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/40 | 210000 | 174044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969%, 11/1/47 | 2640000 | 2029804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.049%, 11/1/52 | 225000 | 168702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/1/54 | 4600000 | 4463429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/1/56 | 8190000 | 4767139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/1/63 | 289000 | 162384 |
|  Discovery Communications LLC <br>5.200%, 9/20/47 | 71000 | 45262 |
|  Fox Corp. <br>5.576%, 1/25/49 (x) | 7279000 | 6818897 |
|  Grupo Televisa SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/40 | 2970000 | 2775643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/13/45 | 400000 | 285340 |
|  Interpublic Group of Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/1/48 | 8400000 | 7778585 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/40 (x) | 1328000 | 1207794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 7/1/42 | 710000 | 559597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/43 (x) | 678000 | 497612 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/40 | 4068000 | 3890147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/42 (x) | 4211000 | 3338944 |
|  |  | 63973972 |
|  ***Wireless Telecommunication Services (1.0%)*** | ***Wireless Telecommunication Services (1.0%)*** | ***Wireless Telecommunication Services (1.0%)*** |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/1/43 | 1064000 | 995824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/44 | 3712000 | 3311924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/1/49 | 3960000 | 3182181 |
|  T-Mobile USA, Inc. <br>4.500%, 4/15/50 | 8235000 | 6745248 |
|  Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/30/48 | 6920000 | 6323580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/19/49 | 5530000 | 4737967 |
|  |  | 25296724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 159578330 |
|  **Consumer Discretionary (2.0%)** | **Consumer Discretionary (2.0%)** | **Consumer Discretionary (2.0%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Aptiv Swiss Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/15/49 | 428000 | 365741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/13/54 | 4400000 | 3931426 |
|  |  | 4297167 |
|  ***Automobiles (0.2%)*** |  |  |
|  General Motors Co. <br>5.200%, 4/1/45 | 5143000 | 4413337 |
|  ***Broadline Retail (0.9%)*** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/9/41 | 8800000 | 6112920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 2/9/51 | 200000 | 130000 |
|  Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/12/41 | 540000 | 402433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/5/44 | 2136000 | 2062744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/22/47 | 5610000 | 4636342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/12/61 | 41000 | 26618 |
|  eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/42 | 4984000 | 4018252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/10/51 | 6826000 | 4914493 |
|  JD.com, Inc. <br>4.125%, 1/14/50 | 2400000 | 1885068 |
|  |  | 24188870 |
|  ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/1/47 | 2590000 | 2189970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/1/49 | 67000 | 48569 |
|  Starbucks Corp. <br>4.500%, 11/15/48 (x) | 251000 | 207751 |
|  |  | 2446290 |
|  ***Household Durables (0.1%)*** |  |  |
|  M.D.C. Holdings, Inc. <br>6.000%, 1/15/43 | 2605000 | 2343536 |
|  ***Leisure Products (0.1%)*** |  |  |
|  Hasbro, Inc. <br>5.100%, 5/15/44 | 3780000 | 3270669 |

---

See Notes to Financial Statements.

1014

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Specialty Retail (0.4%)*** |  |  |  |  |
|  Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52 | $| 1100000 | $| 787252 |
|  Home Depot, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/41 |  | 79000 |  | 83014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/1/46 |  | 1522000 |  | 1272768 |
|  Lowe's Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/3/47 |  | 124000 |  | 96375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/50 |  | 394000 |  | 244399 |
|  TJX Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/50 |  | 8008000 |  | 6965895 |
|  |  |  |  | 9449703 |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** |
|  NIKE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/45 |  | 1462000 |  | 1159119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/27/50 (x) |  | 150000 |  | 105844 |
|  |  |  |  | 1264963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 51674535 |
|  **Consumer Staples (3.4%)** |  |  |  |  |
|  ***Beverages (0.7%)*** |  |  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/15/39 |  | 132000 |  | 167155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/23/49 |  | 5560000 |  | 5472981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/23/59 |  | 819000 |  | 841749 |
|  Coca-Cola Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/5/41 |  | 755000 |  | 565506 |
|  Diageo Capital plc <br>3.875%, 4/29/43 |  | 922000 |  | 739296 |
|  Molson Coors Beverage Co. <br>5.000%, 5/1/42 |  | 10206000 |  | 9301398 |
|  PepsiCo, Inc. <br>3.450%, 10/6/46 |  | 719000 |  | 535287 |
|  |  |  |  | 17623372 |
|  ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** | ***Consumer Staples Distribution & Retail (0.4%)*** |
|  Kroger Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/1/43 |  | 141000 |  | 130617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/1/47 |  | 3500000 |  | 2898669 |
|  Sysco Corp. <br>6.600%, 4/1/50 |  | 2690000 |  | 2907551 |
|  Target Corp. <br>3.625%, 4/15/46 |  | 1628000 |  | 1228789 |
|  Walmart, Inc. <br>4.050%, 6/29/48 |  | 3609000 |  | 2982911 |
|  |  |  |  | 10148537 |
|  ***Food Products (0.8%)*** |  |  |  |  |
|  Archer-Daniels-Midland Co. <br>4.500%, 3/15/49 |  | 1957000 |  | 1648183 |
|  Conagra Brands, Inc. <br>5.400%, 11/1/48 |  | 10853000 |  | 9784826 |
|  General Mills, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/15/40 |  | 147000 |  | 142971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/17/48 |  | 390000 |  | 335522 |
|  JBS USA Holding Lux Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/2/52 |  | 961000 |  | 742742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/1/52 |  | 2330000 |  | 2410211 |
|  Mead Johnson Nutrition Co. <br>4.600%, 6/1/44 |  | 755000 |  | 660933 |
|  Tyson Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 6/2/47 |  | 3434000 |  | 2844573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/28/48 |  | 3472000 |  | 3105444 |
|  |  |  |  | 21675405 |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Colgate-Palmolive Co. <br>3.700%, 8/1/47 |  | 5314000 |  | 4166480 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Kenvue, Inc. <br>5.100%, 3/22/43 |  | 5370000 |  | 5215253 |
|  ***Tobacco (1.1%)*** |  |  |  |  |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/16/46 |  | 849000 |  | 628058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 2/14/49 |  | 3077000 |  | 3055922 |
|  BAT Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 8/2/43 |  | 7240000 |  | 7914939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 |  | 3549000 |  | 2852764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.758%, 9/6/49 |  | 6550000 |  | 5399622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.081%, 8/2/53 |  | 5472000 |  | 6086115 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/16/38 |  | 59000 |  | 65303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/10/44 |  | 623000 |  | 527408 |
|  Reynolds American, Inc. <br>5.850%, 8/15/45 |  | 1350000 |  | 1301540 |
|  |  |  |  | 27831671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 86660718 |
|  **Energy (3.6%)** |  |  |  |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  Baker Hughes Holdings LLC <br>4.080%, 12/15/47 |  | 740000 |  | 577190 |
|  Halliburton Co. <br>5.000%, 11/15/45 |  | 540000 |  | 477937 |
|  NOV, Inc. <br>3.950%, 12/1/42 |  | 767000 |  | 566582 |
|  |  |  |  | 1621709 |
|  ***Oil, Gas & Consumable Fuels (3.6%)*** | ***Oil, Gas & Consumable Fuels (3.6%)*** | ***Oil, Gas & Consumable Fuels (3.6%)*** | ***Oil, Gas & Consumable Fuels (3.6%)*** | ***Oil, Gas & Consumable Fuels (3.6%)*** |
|  BP Capital Markets America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 6/17/41 |  | 1600000 |  | 1177165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939%, 6/4/51 |  | 8235000 |  | 5123810 |
|  Cenovus Energy, Inc. <br>5.400%, 6/15/47 |  | 284000 |  | 251873 |
|  Devon Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 7/15/41 |  | 854000 |  | 786650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/15/54 (x) |  | 3730000 |  | 3353827 |
|  Diamondback Energy, Inc. <br>4.400%, 3/24/51 (x) |  | 2455000 |  | 1885356 |
|  Enbridge Energy Partners LP <br>7.375%, 10/15/45 |  | 4590000 |  | 5226190 |
|  Enbridge, Inc. <br>4.500%, 6/10/44 |  | 185000 |  | 151602 |
|  Energy Transfer LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 6/1/41 |  | 2270000 |  | 2255434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/42 |  | 7690000 |  | 7951558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/44 (e) |  | 69000 |  | 59289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/45 |  | 4377000 |  | 4278131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/15/47 |  | 538000 |  | 473902 |

---

See Notes to Financial Statements.

1015

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/1/47 | $982000 | $872314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/15/48 | 180000 | 172372 |
|  Enterprise Products Operating LLC <br>5.550%, 2/16/55 | 5650000 | 5454383 |
|  EOG Resources, Inc. <br>4.950%, 4/15/50 | 2348000 | 2083153 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 3/19/40 | 2176000 | 1943709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 3/19/50 | 6275000 | 5187525 |
|  Hess Corp. <br>5.800%, 4/1/47 | 1250000 | 1231545 |
|  Kinder Morgan, Inc. <br>3.250%, 8/1/50 | 957000 | 616632 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/1/41 | 4468000 | 4663189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/15/44 | 1055000 | 871020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/54 | 2494000 | 2036540 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/47 | 2449000 | 2134528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/15/49 | 880000 | 788806 |
|  Occidental Petroleum Corp. <br>6.600%, 3/15/46 | 4540000 | 4472480 |
|  ONEOK Partners LP <br>6.125%, 2/1/41 | 86000 | 85585 |
|  ONEOK, Inc. <br>7.150%, 1/15/51 | 2557000 | 2749766 |
|  Ovintiv, Inc. <br>7.100%, 7/15/53 | 4690000 | 4849601 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 5/1/42 | 1742000 | 1729340 |
|  Plains All American Pipeline LP <br>4.900%, 2/15/45 | 8238000 | 6995684 |
|  Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/46 (x) | 820000 | 652569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/6/50 | 5890000 | 4026931 |
|  TotalEnergies Capital International SA <br>3.127%, 5/29/50 | 2850000 | 1882335 |
|  Transcontinental Gas Pipe Line Co. LLC <br>4.600%, 3/15/48 | 2340000 | 1950906 |
|  Valero Energy Corp. <br>6.625%, 6/15/37 | 104000 | 111006 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/15/45 | 1435000 | 1294259 |
|  |  | 91830965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 93452674 |
|  **Financials (7.3%)** |  |  |
|  ***Banks (2.6%)*** |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.08%),<br>4.244%, 4/24/38 (k) | 85000 | 77320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/7/42 | 12210000 | 12767301 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 3.311%, 4/22/42 (k) | 8700000 | 6672158 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.25%),<br>4.443%, 1/20/48 (k) | 4559000 | 3881447 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.78%),<br>4.330%, 3/15/50 (k) | 152000 | 125727 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/30/42 | 980000 | 1013451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.10%),<br>4.281%, 4/24/48 (k) | 2778000 | 2288276 |
|  Cooperatieve Rabobank UA <br>5.250%, 5/24/41 | 396000 | 385003 |
|  HSBC Holdings plc <br>6.100%, 1/14/42 | 5777000 | 6101592 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.62%),<br>3.882%, 7/24/38 (k) | 159000 | 139814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/6/42 | 163000 | 162828 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>3.157%, 4/22/42 (k) | 8690000 | 6555508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/43 | 7704000 | 7766320 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/18/36 | 48000 | 29832 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/29/37 | 135000 | 79591 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.296%, 1/12/41 | 1600000 | 1087198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 9/17/41 | 212000 | 153337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.184%, 7/13/43 (x) | 7050000 | 7519278 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%), 3.068%, 4/30/41 (k) | 4004000 | 3023872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606%, 1/15/44 | 151000 | 145982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/1/45 | 408000 | 322944 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 4.50%),<br>5.013%, 4/4/51 (k) | 4593000 | 4154773 |
|  Westpac Banking Corp. <br>3.133%, 11/18/41 | 1540000 | 1118886 |
|  |  | 65572438 |
|  ***Capital Markets (1.8%)*** |  |  |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/30/51 | 1221000 | 834896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, 3/4/54 | 20000 | 19955 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>3.210%, 4/22/42 (k) | 8542000 | 6371935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%), 2.908%, 7/21/42 (k) | 8660000 | 6187932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/8/44 | 6797000 | 6096578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/21/45 | 1250000 | 1107702 |
|  Intercontinental Exchange, Inc. <br>4.250%, 9/21/48 | 6272000 | 5155530 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/44 | 55000 | 52373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/17/48 | 6262000 | 5588310 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 3.217%, 4/22/42 (k) | 8730000 | 6619686 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.84%), 5.597%, 3/24/51 (k) | 3845000 | 3815630 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 2.802%, 1/25/52 (k) | 111000 | 68678 |

---

See Notes to Financial Statements.

1016

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Raymond James Financial, Inc. <br>3.750%, 4/1/51 | $| 3680000 | $| 2671989 |
|  UBS AG <br>4.500%, 6/26/48 |  | 3200000 |  | 2750227 |
|  |  |  |  | 47341421 |
|  ***Consumer Finance (0.1%)*** |  |  |  |  |
|  AerCap Ireland Capital DAC <br>3.850%, 10/29/41 |  | 3271000 |  | 2608470 |
|  ***Financial Services (0.4%)*** |  |  |  |  |
|  Global Payments, Inc. <br>4.150%, 8/15/49 |  | 290000 |  | 214218 |
|  Mastercard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 2/26/48 (x) |  | 493000 |  | 397752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/1/49 |  | 64000 |  | 48744 |
|  National Rural Utilities Cooperative Finance Corp. <br>4.300%, 3/15/49 |  | 5268000 |  | 4378529 |
|  PayPal Holdings, Inc. <br>5.500%, 6/1/54 |  | 4060000 |  | 3971256 |
|  Woodside Finance Ltd. <br>5.700%, 9/12/54 |  | 1370000 |  | 1236504 |
|  |  |  |  | 10247003 |
|  ***Insurance (2.4%)*** |  |  |  |  |
|  Alleghany Corp. <br>3.250%, 8/15/51 |  | 850000 |  | 570164 |
|  Allstate Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 12/15/46 |  | 1154000 |  | 943324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/10/49 |  | 2664000 |  | 2032637 |
|  American International Group, Inc. <br>4.750%, 4/1/48 |  | 6870000 |  | 6097455 |
|  Aon Corp. <br>2.900%, 8/23/51 |  | 5200000 |  | 3215903 |
|  Aon Global Ltd. <br>4.750%, 5/15/45 |  | 846000 |  | 740783 |
|  Aon North America, Inc. <br>5.750%, 3/1/54 |  | 5850000 |  | 5757425 |
|  Arthur J Gallagher & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/54 |  | 3250000 |  | 3595982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/55 |  | 5220000 |  | 4996488 |
|  Berkshire Hathaway Finance Corp. <br>4.200%, 8/15/48 |  | 6950000 |  | 5839915 |
|  Chubb INA Holdings LLC <br>4.350%, 11/3/45 |  | 6282000 |  | 5436334 |
|  Hartford Insurance Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/48 |  | 7230000 |  | 6103388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/15/51 |  | 166000 |  | 103821 |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/15/49 |  | 23000 |  | 20646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/15/53 |  | 780000 |  | 781191 |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 12/15/36 |  | 170000 |  | 176800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/13/43 |  | 686000 |  | 626289 |
|  Progressive Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/15/47 |  | 832000 |  | 683767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/26/50 |  | 691000 |  | 543644 |
|  Prudential Financial, Inc. <br>3.935%, 12/7/49 |  | 7385000 |  | 5649922 |
|  Travelers Cos., Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/46 |  | 871000 |  | 677403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/30/47 |  | 174000 |  | 139606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/27/50 |  | 172000 |  | 102845 |
|  Willis North America, Inc. <br>5.900%, 3/5/54 |  | 5450000 |  | 5416640 |
|  |  |  |  | 60252372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 186021704 |
|  **Health Care (7.3%)** |  |  |  |  |
|  ***Biotechnology (1.7%)*** |  |  |  |  |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/6/42 |  | 31000 |  | 27207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/14/46 |  | 297000 |  | 255155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/48 |  | 5889000 |  | 5333793 |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/41 |  | 8878000 |  | 6411330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/41 |  | 8059000 |  | 7571893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/2/43 |  | 7510000 |  | 7448665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563%, 6/15/48 |  | 1009000 |  | 855892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/2/53 |  | 680000 |  | 662844 |
|  Baxalta, Inc. <br>5.250%, 6/23/45 |  | 2075000 |  | 1926406 |
|  Biogen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/45 |  | 2833000 |  | 2550114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/50 |  | 1279000 |  | 797633 |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 12/1/41 |  | 6850000 |  | 6970072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/46 |  | 1570000 |  | 1403620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/1/47 |  | 804000 |  | 655803 |
|  |  |  |  | 42870427 |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/43 |  | 5630000 |  | 5323481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/30/46 |  | 6620000 |  | 6269453 |
|  Baxter International, Inc. <br>3.132%, 12/1/51 |  | 1402000 |  | 894769 |
|  Becton Dickinson & Co. <br>4.669%, 6/6/47 |  | 145000 |  | 124259 |
|  Boston Scientific Corp. <br>4.700%, 3/1/49 |  | 4319000 |  | 3879040 |
|  DH Europe Finance II Sarl <br>3.400%, 11/15/49 |  | 400000 |  | 283988 |
|  Koninklijke Philips NV <br>5.000%, 3/15/42 |  | 3237000 |  | 2894071 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/44 |  | 157000 |  | 134055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/46 |  | 144000 |  | 126859 |
|  |  |  |  | 19929975 |
|  ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** | ***Health Care Providers & Services (3.0%)*** |
|  Banner Health <br>2.907%, 1/1/42 |  | 5162000 |  | 3614401 |
|  Baylor Scott & White Holdings<br>Series 2021<br>2.839%, 11/15/50 |  | 1487000 |  | 941105 |
|  Cardinal Health, Inc. <br>4.368%, 6/15/47 |  | 1086000 |  | 883454 |
|  Cencora, Inc. <br>4.300%, 12/15/47 |  | 1551000 |  | 1253755 |

---

See Notes to Financial Statements.

1017

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Children's Health System of Texas <br>2.511%, 8/15/50 | $| 590000 | $| 345023 |
|  Cigna Group (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/40 |  | 7987000 |  | 6107186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/41 |  | 261000 |  | 271000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/15/46 |  | 1279000 |  | 1110260 |
|  CommonSpirit Health <br>3.910%, 10/1/50 |  | 1192000 |  | 879464 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/21/40 |  | 219000 |  | 150779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/44 (x) |  | 3860000 |  | 3806995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/20/45 |  | 2245000 |  | 1983457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/25/48 |  | 10191000 |  | 8790936 |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1/15/43 |  | 1627000 |  | 1432019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/1/47 |  | 920000 |  | 751386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/48 |  | 6930000 |  | 5765984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/50 |  | 3631000 |  | 2355208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/51 |  | 1927000 |  | 1357254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/15/54 |  | 720000 |  | 691855 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/47 |  | 6086000 |  | 5672935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/49 |  | 3520000 |  | 3127881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/51 |  | 419000 |  | 276842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 6/1/53 |  | 4960000 |  | 4779884 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/1/44 |  | 909000 |  | 772786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/15/54 |  | 1320000 |  | 1229888 |
|  Kaiser Foundation Hospitals<br>Series 2021<br>3.002%, 6/1/51 |  | 4580000 |  | 2942633 |
|  Laboratory Corp. of America Holdings <br>4.700%, 2/1/45 |  | 1058000 |  | 925819 |
|  Memorial Sloan-Kettering Cancer Center<br>Series 2020<br>2.955%, 1/1/50 |  | 656000 |  | 426619 |
|  Providence St Joseph Health Obligated Group<br>Series 21A<br>2.700%, 10/1/51 |  | 4788000 |  | 2672747 |
|  Rady Children's Hospital-San Diego<br>Series 21A<br>3.154%, 8/15/51 |  | 964000 |  | 633845 |
|  Sutter Health<br>Series 20A<br>3.161%, 8/15/40 |  | 679000 |  | 524614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.361%, 8/15/50 |  | 2003000 |  | 1380437 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/44 |  | 7030000 |  | 6822690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/47 |  | 96000 |  | 76070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/49 |  | 4300000 |  | 3062956 |
|  Yale-New Haven Health Services Corp.<br>Series 2020<br>2.496%, 7/1/50 |  | 1023000 |  | 595272 |
|  |  |  |  | 78415439 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Thermo Fisher Scientific, Inc. <br>4.100%, 8/15/47 |  | 2116000 |  | 1734052 |
|  ***Pharmaceuticals (1.7%)*** |  |  |  |  |
|  AstraZeneca plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/18/42 |  | 9162000 |  | 7708485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/17/48 |  | 5814000 |  | 4968263 |
|  Eli Lilly & Co. <br>4.150%, 3/15/59 |  | 673000 |  | 539156 |
|  GlaxoSmithKline Capital, Inc. <br>4.200%, 3/18/43 |  | 1011000 |  | 870262 |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/46 |  | 483000 |  | 386991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/3/47 |  | 1568000 |  | 1263189 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 5/18/43 |  | 232000 |  | 197993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/7/49 |  | 4607000 |  | 3669878 |
|  Mylan, Inc. <br>5.200%, 4/15/48 |  | 1431000 |  | 1135074 |
|  Pfizer Investment Enterprises Pte. Ltd. <br>5.110%, 5/19/43 |  | 2670000 |  | 2539024 |
|  Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/39 |  | 33000 |  | 28760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/43 |  | 179000 |  | 154997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/46 |  | 227000 |  | 186396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/15/48 |  | 4713000 |  | 3875822 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025%, 7/9/40 |  | 6881000 |  | 5123594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.175%, 7/9/50 |  | 400000 |  | 261708 |
|  Viatris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/22/40 |  | 7200000 |  | 5293177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/22/50 (x) |  | 7991000 |  | 5309610 |
|  |  |  |  | 43512379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 186462272 |
|  **Industrials (3.4%)** |  |  |  |  |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** |
|  Boeing Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/1/48 |  | 38000 |  | 27233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 5/1/50 |  | 11061000 |  | 10603506 |
|  General Dynamics Corp. <br>4.250%, 4/1/40 |  | 552000 |  | 495397 |
|  L3Harris Technologies, Inc. <br>5.054%, 4/27/45 |  | 766000 |  | 710600 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/40 |  | 1393000 |  | 1355374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/1/43 |  | 402000 |  | 363521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/1/50 (x) |  | 12515000 |  | 11748544 |
|  RTX Corp. <br>4.350%, 4/15/47 |  | 298000 |  | 248695 |
|  |  |  |  | 25552870 |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** |
|  FedEx Corp. <br>4.400%, 1/15/47§ |  | 7305000 |  | 5736640 |
|  United Parcel Service, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/1/50 |  | 2870000 |  | 2716989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/22/54 |  | 1490000 |  | 1445058 |
|  |  |  |  | 9898687 |

---

See Notes to Financial Statements.

1018

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** |
|  Republic Services, Inc. <br>3.050%, 3/1/50 | $1275000 | $858042 |
|  Rockefeller Foundation (The)<br>Series 2020<br>2.492%, 10/1/50 | 5726000 | 3393205 |
|  Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/50 | 1480000 | 875891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 10/15/54 | 5460000 | 5220804 |
|  |  | 10347942 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/2/42 | 750000 | 641205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.915%, 9/15/47 | 329000 | 261046 |
|  Rockwell Automation, Inc. <br>4.200%, 3/1/49 | 2973000 | 2442846 |
|  |  | 3345097 |
|  ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** | ***Ground Transportation (1.0%)*** |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/42 | 92000 | 80907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/1/44 | 850000 | 795165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/47 | 539000 | 439882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/15/55 | 5400000 | 5341094 |
|  Canadian National Railway Co. <br>3.650%, 2/3/48 | 264000 | 201387 |
|  Canadian Pacific Railway Co. <br>3.100%, 12/2/51 | 830000 | 539490 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/1/37 | 32000 | 34735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/44 | 32000 | 26598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/48 | 4706000 | 4158253 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%, 10/1/41 | 219000 | 200801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942%, 11/1/47 | 7186000 | 5621529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/15/52 | 1015000 | 783494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.155%, 5/15/55 | 4276000 | 2729912 |
|  Uber Technologies, Inc. <br>5.350%, 9/15/54 | 160000 | 149186 |
|  Union Pacific Corp. <br>5.600%, 12/1/54 | 5400000 | 5334526 |
|  |  | 26436959 |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/14/48 | 31000 | 24589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/26/49 | 3076000 | 2088499 |
|  Honeywell International, Inc. <br>3.812%, 11/21/47 | 3876000 | 3008809 |
|  |  | 5121897 |
|  ***Machinery (0.3%)*** |  |  |
|  Caterpillar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 5/27/41 | 28000 | 27780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803%, 8/15/42 | 522000 | 430464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/64 | 522000 | 457884 |
|  Cummins, Inc. <br>4.875%, 10/1/43 | 3460000 | 3237956 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/9/42 (x) | 503000 | 427763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/7/49 | 804000 | 528069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/50 | 665000 | 514940 |
|  Parker-Hannifin Corp. <br>4.000%, 6/14/49 | 1385000 | 1088104 |
|  |  | 6712960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 87416412 |
|  **Information Technology (3.4%)** | **Information Technology (3.4%)** | **Information Technology (3.4%)** |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  Cisco Systems, Inc. <br>5.500%, 1/15/40 | 30000 | 30977 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  Amphenol Corp. <br>5.375%, 11/15/54 | 4590000 | 4490856 |
|  Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/42 | 201000 | 180166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/48 | 5255000 | 4907612 |
|  |  | 9578634 |
|  ***IT Services (0.1%)*** |  |  |
|  IBM International Capital Pte. Ltd.<br>5.300%, 2/5/54 | 2300000 | 2145097 |
|  International Business Machines Corp. <br>4.700%, 2/19/46 | 319000 | 280281 |
|  |  | 2425378 |
|  ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** |
|  Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/15/41 | 1103000 | 1166159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/1/47 | 2900000 | 2482026 |
|  Broadcom, Inc. <br>3.500%, 2/15/41 (x)§ | 1116000 | 877616 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/25/40 | 1715000 | 1503607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/1/41 | 87000 | 75324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/10/43 | 5260000 | 4990582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/19/46 | 1472000 | 1102388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/11/47 | 7099000 | 5297292 |
|  KLA Corp. <br>5.000%, 3/15/49 | 4044000 | 3730359 |
|  NXP BV <br>3.250%, 5/11/41 | 3363000 | 2456772 |
|  QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/20/45 | 1201000 | 1092871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/20/47 | 801000 | 671150 |
|  Texas Instruments, Inc. <br>4.150%, 5/15/48 | 406000 | 334078 |
|  TSMC Arizona Corp. <br>4.500%, 4/22/52 (x) | 800000 | 718392 |
|  |  | 26498616 |
|  ***Software (1.5%)*** |  |  |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/8/36 | 65000 | 58293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/3/45 | 925000 | 844675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/8/46 | 997000 | 800921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/8/56 | 5800000 | 4616392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675%, 6/1/60 | 8468000 | 4996852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 3/17/62 | 4340000 | 2780058 |

---

See Notes to Financial Statements.

1019

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 4/15/38 | $| 346000 | $| 375648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/40 |  | 9587000 |  | 7670142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/8/44 |  | 1011000 |  | 851189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/45 |  | 870000 |  | 689511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/47 |  | 4340000 |  | 3316914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 11/9/52 |  | 5530000 |  | 6148861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/6/53 |  | 6410000 |  | 6011425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/55 |  | 305000 |  | 238114 |
|  |  |  |  | 39398995 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Apple, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 2/23/46 |  | 1540000 |  | 1403784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/4/46 |  | 4660000 |  | 3770640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/9/47 |  | 1000000 |  | 857420 |
|  Dell International LLC <br>8.350%, 7/15/46 |  | 250000 |  | 318027 |
|  Hewlett Packard Enterprise Co. <br>6.350%, 10/15/45 (e) |  | 2080000 |  | 2120153 |
|  HP, Inc. <br>6.000%, 9/15/41 |  | 930000 |  | 937296 |
|  |  |  |  | 9407320 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 87339920 |
|  **Materials (1.7%)** |  |  |  |  |
|  ***Chemicals (0.9%)*** |  |  |  |  |
|  Air Products and Chemicals, Inc. <br>2.700%, 5/15/40 |  | 1383000 |  | 1006368 |
|  Dow Chemical Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/30/48 |  | 6791000 |  | 6215475 |
|  DuPont de Nemours, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319%, 11/15/38 |  | 202000 |  | 209053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%, 11/15/48 |  | 8454000 |  | 8438146 |
|  Eastman Chemical Co. <br>4.800%, 9/1/42 |  | 1090000 |  | 952731 |
|  Ecolab, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/8/41 |  | 1435000 |  | 1453104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/47 |  | 202000 |  | 160542 |
|  LYB International Finance III LLC <br>4.200%, 10/15/49 |  | 1020000 |  | 756916 |
|  Sherwin-Williams Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/47 |  | 185000 |  | 154504 |
|  Westlake Corp. <br>2.875%, 8/15/41 |  | 5000000 |  | 3374404 |
|  |  |  |  | 22721243 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. <br>3.200%, 7/15/51 |  | 51000 |  | 33735 |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** |
|  International Paper Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/41 |  | 4800000 |  | 4862741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/44 |  | 258000 |  | 224194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/15/47 |  | 492000 |  | 396094 |
|  Packaging Corp. of America <br>4.050%, 12/15/49 |  | 898000 |  | 690665 |
|  |  |  |  | 6173694 |
|  ***Metals & Mining (0.5%)*** |  |  |  |  |
|  ArcelorMittal SA <br>6.750%, 3/1/41 (e) |  | 1435000 |  | 1515740 |
|  BHP Billiton Finance USA Ltd. <br>5.500%, 9/8/53 |  | 3350000 |  | 3309981 |
|  Freeport-McMoRan, Inc. <br>5.450%, 3/15/43 |  | 2100000 |  | 1973392 |
|  Nucor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/43 |  | 559000 |  | 539106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/48 |  | 3428000 |  | 2884589 |
|  Rio Tinto Finance USA Ltd. <br>2.750%, 11/2/51 |  | 130000 |  | 78218 |
|  Rio Tinto Finance USA plc <br>4.125%, 8/21/42 |  | 1399000 |  | 1178493 |
|  Vale SA <br>5.625%, 9/11/42 |  | 2170000 |  | 2106831 |
|  |  |  |  | 13586350 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Celulosa Arauco y Constitucion SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/2/47 |  | 600000 |  | 521820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 43036842 |
|  **Real Estate (0.7%)** |  |  |  |  |
|  ***Diversified REITs (0.3%)*** |  |  |  |  |
|  Simon Property Group LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/42 |  | 6281000 |  | 5634904 |
|  VICI Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/52 |  | 1650000 |  | 1515632 |
|  |  |  |  | 7150536 |
|  ***Health Care REITs (0.2%)*** |  |  |  |  |
|  Ventas Realty LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/30/43 |  | 470000 |  | 456825 |
|  Welltower OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/15/41 |  | 3077000 |  | 3379583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/48 |  | 1523000 |  | 1400280 |
|  |  |  |  | 5236688 |
|  ***Industrial REITs (0.1%)*** |  |  |  |  |
|  Prologis LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/15/48 |  | 2339000 |  | 1939253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/15/50 |  | 284000 |  | 149757 |
|  |  |  |  | 2089010 |
|  ***Residential REITs (0.0%)†*** |  |  |  |  |
|  AvalonBay Communities, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 7/1/47 |  | 538000 |  | 434593 |
|  ERP Operating LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/44 |  | 205000 |  | 177902 |
|  |  |  |  | 612495 |
|  ***Retail REITs (0.1%)*** |  |  |  |  |
|  Kimco Realty OP LLC (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/1/45 |  | 760000 |  | 625380 |
|  Realty Income Corp. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/47 |  | 2329000 |  | 2023063 |
|  |  |  |  | 2648443 |

---

See Notes to Financial Statements.

1020

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Specialized REITs (0.0%)†*** |  |  |  |  |
|  American Tower Corp. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/49 | $| 384000 | $| 280655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 18017827 |
|  **Utilities (4.7%)** |  |  |  |  |
|  ***Electric Utilities (2.9%)*** |  |  |  |  |
|  Arizona Public Service Co. <br>4.350%, 11/15/45 |  | 1626000 |  | 1333911 |
|  CenterPoint Energy Houston Electric LLC <br>4.500%, 4/1/44 |  | 511000 |  | 442848 |
|  Commonwealth Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 10/1/42 |  | 263000 |  | 209233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/48 |  | 347000 |  | 274566 |
|  DTE Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>3.250%, 4/1/51 |  | 3710000 |  | 2530732 |
|  Duke Energy Carolinas LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 4/15/38 |  | 243000 |  | 258725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/41 |  | 293000 |  | 249453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/15/51 |  | 5398000 |  | 3815964 |
|  Duke Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/15/41 |  | 1991000 |  | 1485468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/51 |  | 467000 |  | 320093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 9/15/53 |  | 6050000 |  | 6135498 |
|  Duke Energy Indiana LLC <br>4.900%, 7/15/43 |  | 7460000 |  | 6774692 |
|  Entergy Arkansas LLC <br>3.350%, 6/15/52 |  | 2477000 |  | 1643123 |
|  Entergy Corp. <br>3.750%, 6/15/50 |  | 1800000 |  | 1274978 |
|  Eversource Energy <br>3.450%, 1/15/50 |  | 3723000 |  | 2595153 |
|  Exelon Corp. <br>5.600%, 3/15/53 |  | 1810000 |  | 1741698 |
|  Georgia Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>3.700%, 1/30/50 |  | 1501000 |  | 1113780 |
|  Kentucky Utilities Co. <br>5.125%, 11/1/40 |  | 1082000 |  | 1037654 |
|  Nevada Power Co. <br>6.000%, 3/15/54 |  | 280000 |  | 283666 |
|  NSTAR Electric Co. <br>4.400%, 3/1/44 |  | 563000 |  | 474772 |
|  Oncor Electric Delivery Co. LLC <br>3.800%, 9/30/47 |  | 804000 |  | 608287 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 |  | 9440000 |  | 7819435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 6/1/41 |  | 9666000 |  | 7438451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/53 |  | 5830000 |  | 5833948 |
|  PacifiCorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/50 |  | 338000 |  | 255985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/15/55 |  | 1920000 |  | 1829492 |
|  PECO Energy Co. <br>2.850%, 9/15/51 |  | 757000 |  | 474607 |
|  Public Service Co. of Colorado <br>6.500%, 8/1/38 |  | 130000 |  | 142593 |
|  Public Service Electric & Gas Co. <br>3.800%, 3/1/46 |  | 1061000 |  | 824130 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/42 |  | 40000 |  | 30223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/43 |  | 8111000 |  | 6540175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/47 |  | 1031000 |  | 734070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H<br>3.650%, 6/1/51 |  | 7241000 |  | 4892753 |
|  Southwestern Electric Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>3.900%, 4/1/45 |  | 50000 |  | 37406 |
|  Southwestern Public Service Co. <br>6.000%, 6/1/54 |  | 560000 |  | 563476 |
|  Virginia Electric and Power Co. <br>6.350%, 11/30/37 |  | 1553000 |  | 1668506 |
|  |  |  |  | 73689544 |
|  ***Gas Utilities (0.4%)*** |  |  |  |  |
|  Atmos Energy Corp. <br>2.850%, 2/15/52 |  | 2436000 |  | 1496869 |
|  ONE Gas, Inc. <br>4.658%, 2/1/44 |  | 3502000 |  | 3067604 |
|  Southern California Gas Co. <br>5.600%, 4/1/54 |  | 6180000 |  | 6004093 |
|  |  |  |  | 10568566 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Constellation Energy Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/1/41 |  | 1092000 |  | 1090404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/53 |  | 1730000 |  | 1848663 |
|  |  |  |  | 2939067 |
|  ***Multi-Utilities (1.2%)*** |  |  |  |  |
|  Berkshire Hathaway Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/43 |  | 7210000 |  | 6689491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/45 |  | 1770000 |  | 1516952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/15/51 (x) |  | 82000 |  | 50150 |
|  Consolidated Edison Co. of New York, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/15/44 |  | 8335000 |  | 7142738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/54 |  | 2650000 |  | 2633455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/58 |  | 431000 |  | 347837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.650%, 12/1/48 |  | 61000 |  | 51914 |
|  Consumers Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/15/43 |  | 854000 |  | 700054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/50 |  | 793000 |  | 603111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/50 |  | 215000 |  | 143984 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>4.600%, 3/15/49 |  | 459000 |  | 376032 |
|  NiSource, Inc. <br>5.650%, 2/1/45 |  | 4981000 |  | 4863779 |
|  Puget Sound Energy, Inc. <br>5.685%, 6/15/54 |  | 4650000 |  | 4553551 |
|  Sempra |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/48 |  | 912000 |  | 671364 |
|  Southern Co. Gas Capital Corp. <br>3.950%, 10/1/46 |  | 160000 |  | 122429 |
|  |  |  |  | 30466841 |

---

See Notes to Financial Statements.

1021

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ***Water Utilities (0.1%)*** |  |  |  |  |
|  American Water Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/1/49 | $| 2197000 | $| 1741257 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 119405275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 1119066509 |
|  **Foreign Government Securities (2.2%)** | **Foreign Government Securities (2.2%)** | **Foreign Government Securities (2.2%)** | **Foreign Government Securities (2.2%)** | **Foreign Government Securities (2.2%)** |
|  Hungary Government Bond <br>7.625%, 3/29/41 |  | 68000 |  | 76444 |
|  Italian Republic Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/17/49 |  | 437000 |  | 313462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/6/51 |  | 799000 |  | 543002 |
|  Republic of Chile |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/7/41 |  | 2309000 |  | 1716164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.340%, 3/7/42 |  | 8600000 |  | 7436850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330%, 1/5/54 (x) |  | 5800000 |  | 5441850 |
|  Republic of Indonesia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/12/51 |  | 500000 |  | 328750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/20/52 |  | 5200000 |  | 5023200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/12/71 |  | 485000 |  | 306156 |
|  Republic of Peru |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/10/51 |  | 2614000 |  | 1801046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/8/54 (x) |  | 3430000 |  | 3320240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.780%, 12/1/60 |  | 635000 |  | 340995 |
|  Republic of Philippines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/10/45 |  | 408000 |  | 264333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 10/13/47 |  | 3600000 |  | 3717000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/48 |  | 3200000 |  | 3116400 |
|  Republic of Poland <br>5.500%, 4/4/53 |  | 3430000 |  | 3190758 |
|  State of Israel Government Bond <br>3.875%, 7/3/50 |  | 3436000 |  | 2413790 |
|  United Mexican States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 8/14/41 |  | 10597000 |  | 8154392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/21/45 |  | 615000 |  | 551240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/27/51 |  | 5064000 |  | 3939792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/12/52 |  | 400000 |  | 280800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 5/7/54 |  | 4200000 |  | 3868200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771%, 5/24/61 (x) |  | 810000 |  | 474533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  |  | 56619397 |
|  **Municipal Bonds (1.4%)** |  |  |  |  |
|  American Municipal Power, Inc. <br>8.084%, 2/15/50 |  | 2995000 |  | 3798474 |
|  Charlotte-Mecklenburg Hospital Authority (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.204%, 1/15/51 |  | 1860000 |  | 1262283 |
|  Commonwealth of Massachusetts<br>2.900%, 9/1/49 |  | 1615000 |  | 1084374 |
|  Dallas Fort Worth TX International Airport Joint Revenue Refunding Bonds, Series 2019A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.994%, 11/1/38 |  | 2000000 |  | 1687417 |
|  Golden State Tobacco Securitization Corp., ST APPROP <br>3.115%, 6/1/38 |  | 3040000 |  | 2446272 |
|  Kansas Development Finance Authority, BAM <br>2.774%, 5/1/51 |  | 4900000 |  | 3289461 |
|  Metropolitan Transportation Authority, Revenue Bonds, Series 2010A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.668%, 11/15/39 |  | 150000 |  | 162215 |
|  Michigan Finance Authority <br>3.384%, 12/1/40 |  | 1825000 |  | 1492638 |
|  Port Authority of New York & New Jersey |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.229%, 10/15/57 |  | 1470000 |  | 1212161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 10/1/62 |  | 3900000 |  | 3272716 |
|  Rutgers The State University of New Jersey <br>3.915%, 5/1/19 |  | 15000 |  | 9948 |
|  State of California |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/40 |  | 4735000 |  | 5667672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/1/40 |  | 2980000 |  | 3593365 |
|  State of California, Various Purposes, General Obligation Bonds,<br>Series 2009 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 4/1/39 |  | 5170000 |  | 6196151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  |  | 35175147 |
|  **Supranational (0.1%)** |  |  |  |  |
|  European Investment Bank <br>4.875%, 2/15/36 |  | 2846000 |  | 2980771 |
|  Inter-American Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/7/42 |  | 31000 |  | 24626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/24/44 |  | 27000 |  | 24995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 3030392 |
|  **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** | **U.S. Government Agency Securities (0.5%)** |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 |  | 4730000 |  | 5148193 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 7/15/37 |  | 5251000 |  | 5749307 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/38 |  | 1439000 |  | 1626682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/39 |  | 172000 |  | 178758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/65 |  | 1226000 |  | 988026 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  |  | 13690966 |
|  **U.S. Treasury Obligations (49.9%)** | **U.S. Treasury Obligations (49.9%)** | **U.S. Treasury Obligations (49.9%)** | **U.S. Treasury Obligations (49.9%)** | **U.S. Treasury Obligations (49.9%)** |
|  U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/15/40 |  | 112436500 |  | 69921449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/40 |  | 3551000 |  | 3472212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/15/40 |  | 57442000 |  | 35342598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 |  | 90750000 |  | 57824439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 |  | 107259700 |  | 73841600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/41 |  | 54861200 |  | 55624116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/41 |  | 53071700 |  | 38560008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 |  | 12146000 |  | 8069649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 |  | 27486800 |  | 18916875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 |  | 23035300 |  | 19825727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 |  | 17242000 |  | 12707563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/48 |  | 22329700 |  | 16963690 |

---

See Notes to Financial Statements.

1022

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 | $| 22563000 | $16707198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 |  | 307656900 | 243671802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 |  | 102457000 | 75582252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 |  | 8132800 | 5846721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 |  | 34079200 | 21950607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 |  | 2734100 | 1927505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 |  | 76475000 | 55312937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 |  | 8340800 | 7308626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/53 |  | 159489400 | 130432425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 |  | 52273900 | 42709413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/53 |  | 40300000 | 36055636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 |  | 14705000 | 14594792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 |  | 84053000 | 76816566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/54 |  | 91152000 | 88688535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 |  | 31921000 | 29207715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 |  | 10154000 | 9694346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 |  | 9043000 | 8819761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 |  | 3989900 | 3973842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 1280370605 |
|  **Total Long-Term Debt Securities (97.8%)**<br> *(Cost $2,872,491,262)* | **Total Long-Term Debt Securities (97.8%)**<br> *(Cost $2,872,491,262)* | **Total Long-Term Debt Securities (97.8%)**<br> *(Cost $2,872,491,262)* | 2507953016 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.9%)** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) |  | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) |  | 7488760 | 7488760 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>4.47% (7 day yield) |  | 12826085 | 12828651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  |  | 22317411 |
|  **Total Short-Term Investments (0.9%)**<br> *(Cost $22,318,306)* | **Total Short-Term Investments (0.9%)**<br> *(Cost $22,318,306)* | **Total Short-Term Investments (0.9%)**<br> *(Cost $22,318,306)* | 22317411 |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $2,894,809,568)* |  |  | 2530270427 |
|  **Other Assets Less Liabilities (1.3%)** |  |  | 32354422 |
|  **Net Assets (100%)** |  |  | $2562624849 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $6,614,256 or 0.3% of net assets.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $9,368,014. This was collateralized by cash of $9,488,760 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*BAM* *— Build America Mutual Assurance Co.* 

*CME* *— Chicago Mercantile Exchange* 

*FHLB* *— Federal Home Loan Bank* 

*FNMA* *— Federal National Mortgage Association* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*ST* *APPROP — State Appropriation* 

See Notes to Financial Statements.

1023

------

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $159578330 | $— | $159578330 |
|  Consumer Discretionary |  | 51674535 |  | 51674535 |
|  Consumer Staples |  | 86660718 |  | 86660718 |
|  Energy |  | 93452674 |  | 93452674 |
|  Financials |  | 186021704 |  | 186021704 |
|  Health Care |  | 186462272 |  | 186462272 |
|  Industrials |  | 87416412 |  | 87416412 |
|  Information Technology |  | 87339920 |  | 87339920 |
|  Materials |  | 43036842 |  | 43036842 |
|  Real Estate |  | 18017827 |  | 18017827 |
|  Utilities |  | 119405275 |  | 119405275 |
|  **Foreign Government Securities** |  | 56619397 |  | 56619397 |
|  **Municipal Bonds** |  | 35175147 |  | 35175147 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 22317411 |  |  | 22317411 |
|  **Supranational** |  | 3030392 |  | 3030392 |
|  **U.S. Government Agency Securities** |  | 13690966 |  | 13690966 |
|  **U.S. Treasury Obligations** |  | 1280370605 |  | 1280370605 |
|  **Total Assets** | $**22317411** | $**2507953016** | $**—** | $**2530270427** |
|  **Total** | $**22317411** | $**2507953016** | $**—** | $**2530270427** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $86255145.0 |
|  Long-term U.S. government debt securities | 595550562.0 |
|  | $681805707.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $178002530.0 |
|  Long-term U.S. government debt securities | 523819177.0 |
|  | $701821707.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6538919 |
|  Aggregate gross unrealized depreciation | (377208260) |
|  Net unrealized depreciation | $(370669341) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $2900939768 |

---

See Notes to Financial Statements.

1024

------

EQ/LONG-TERM BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $2,894,809,568) | $2530270427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 30282565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 18687184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 31436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 32382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2580057172 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9488760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 5092098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 1962251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 592572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 183458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 112743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 17432323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2562624849 |
|  Net assets were comprised of: | Net assets were comprised of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3577318069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1014693220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2562624849 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,188,731 / 323,379 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.77 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,560,436,118 / 377,672,524 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.78 |

---

*(x)* *Includes value of securities on loan of $9,368,014.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $60327146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 315790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 23984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 60666920 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4240734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1131905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 91273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 84334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 41885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 33548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 41314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5667323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (671268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4996055 |
|  **NET INVESTMENT INCOME (LOSS)** | 55670865 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (137158778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 161047156 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 23888378 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $79559243 |

---

See Notes to Financial Statements.

1025

------

#### EQ ADVISORS TRUST
EQ/LONG-TERM BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $55670865 | $105371979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (137158778) | (194866825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 161047156 | (17586489) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 79559243 | (107081335) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (57824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (105527618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (105585442) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 120,770 and 237,013 shares, respectively ] | 802922 | 1704704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 8,602 shares, respectively ] |  | 57824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (36424) and (17238) shares ] | (241263) | (121980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 561659 | 1640548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 22,743,998 and 60,121,269 shares, respectively ] | 149292950 | 417416656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 15,694,183 shares, respectively ] |  | 105527618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (33336926) and (64179550) shares, respectively ] | (220974669) | (448891791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (71681719) | 74052483 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (71120060) | 75693031 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8439183 | (136973746) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2554185666 | 2691159412 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2562624849 | $2554185666 |

---

See Notes to Financial Statements.

1026

------

#### EQ ADVISORS TRUST
EQ/LONG-TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **August 2, 2021\* to<br>December 31, 2021** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  Net asset value, beginning of period | $6.57 | $7.14 | $6.92 | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.27 | 0.24 | 0.21 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | (0.58) | 0.20 | (2.88) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.20 | (0.31) | 0.44 | (2.67) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.22) | (0.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.26) | (0.22) | (0.23) | (0.02) |
|  Net asset value, end of period | $6.77 | $6.57 | $7.14 | $6.92 | $9.82 |
|  Total return (b) | 3.04% | (4.37)% | 6.35% | (27.31)% | (1.58) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $2189 | $1571 | $76 | $72 | $98 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.70% | 0.70% | 0.71% | 0.70% | 1.70 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.21% | 3.81% | 3.46% | 2.67% | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.16% | 3.75% | 3.40% | 2.62% | 0.64 |
|  Portfolio turnover rate^ | 27 %(z) | 55% | 39% | 49% | 10 |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **August 2, 2021\* to<br>December 31, 2021** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  Net asset value, beginning of period | $6.57 | $7.15 | $6.92 | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.28 | 0.26 | 0.23 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | (0.58) | 0.21 | (2.88) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.21 | (0.30) | 0.47 | (2.65) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.24) | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.28) | (0.24) | (0.25) | (0.03) |
|  Net asset value, end of period | $6.78 | $6.57 | $7.15 | $6.92 | $9.82 |
|  Total return (b) | 3.20% | (4.26)% | 6.76% | (27.12)% | (1.50) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $2560436 | $2552615 | $2691083 | $2170933 | $3379129 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.45% | 0.45% | 0.46% | 0.45% | 0.45 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.46% | 4.02% | 3.72% | 2.91% | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.41% | 3.97% | 3.66% | 2.85% | 1.98 |
|  Portfolio turnover rate^ | 27 %(z) | 55% | 39% | 49% | 10 |

---

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1027

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (22.9%)** | **Communication Services (22.9%)** | **Communication Services (22.9%)** |
|  ***Entertainment (10.4%)*** | ***Entertainment (10.4%)*** | ***Entertainment (10.4%)*** |
|  Netflix, Inc.\* | 54068 | $72404081 |
|  Walt Disney Co. (The) | 177252 | 21981020 |
|  |  | 94385101 |
|  ***Interactive Media & Services (12.5%)*** | ***Interactive Media & Services (12.5%)*** | ***Interactive Media & Services (12.5%)*** |
|  Alphabet, Inc., Class A | 223579 | 39401327 |
|  Alphabet, Inc., Class C | 6496 | 1152326 |
|  Meta Platforms, Inc., Class A | 97579 | 72022084 |
|  |  | 112575737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 206960838 |
|  **Consumer Discretionary (15.8%)** | **Consumer Discretionary (15.8%)** | **Consumer Discretionary (15.8%)** |
|  ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** |
|  Mobileye Global, Inc., Class A (x)\* | 401475 | 7218521 |
|  ***Automobiles (5.5%)*** | ***Automobiles (5.5%)*** | ***Automobiles (5.5%)*** |
|  Tesla, Inc.\* | 158090 | 50218869 |
|  ***Broadline Retail (6.4%)*** | ***Broadline Retail (6.4%)*** | ***Broadline Retail (6.4%)*** |
|  Alibaba Group Holding Ltd. (ADR) (x) | 35297 | 4003033 |
|  Amazon.com, Inc.\* | 245448 | 53848836 |
|  |  | 57851869 |
|  ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** |
|  Starbucks Corp. | 132344 | 12126681 |
|  Yum China Holdings, Inc. | 127606 | 5705264 |
|  Yum! Brands, Inc. | 43929 | 6509399 |
|  |  | 24341344 |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  Under Armour, Inc., Class A\* | 518949 | 3544422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 143175025 |
|  **Consumer Staples (3.5%)** | **Consumer Staples (3.5%)** | **Consumer Staples (3.5%)** |
|  ***Beverages (3.5%)*** | ***Beverages (3.5%)*** | ***Beverages (3.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 17946 | 3424276 |
|  Monster Beverage Corp.\* | 451284 | 28268430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 31692706 |
|  **Financials (8.9%)** | **Financials (8.9%)** | **Financials (8.9%)** |
|  ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** |
|  FactSet Research Systems, Inc. | 20652 | 9237227 |
|  MSCI, Inc. | 17089 | 9855910 |
|  SEI Investments Co. | 128904 | 11583313 |
|  |  | 30676450 |
|  ***Financial Services (5.5%)*** | ***Financial Services (5.5%)*** | ***Financial Services (5.5%)*** |
|  Block, Inc., Class A\* | 99375 | 6750544 |
|  PayPal Holdings, Inc.\* | 92811 | 6897714 |
|  Visa, Inc., Class A | 101230 | 35941711 |
|  |  | 49589969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 80266419 |
|  **Health Care (13.5%)** | **Health Care (13.5%)** | **Health Care (13.5%)** |
|  ***Biotechnology (4.8%)*** | ***Biotechnology (4.8%)*** | ***Biotechnology (4.8%)*** |
|  Alnylam Pharmaceuticals, Inc.\* | 74711 | 24362510 |
|  CRISPR Therapeutics AG (x)\* | 84519 | 4111004 |
|  Regeneron Pharmaceuticals, Inc. | 29023 | 15237075 |
|  |  | 43710589 |
|  ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** |
|  Intuitive Surgical, Inc.\* | 19440 | 10563890 |
|  ***Health Care Technology (4.2%)*** | ***Health Care Technology (4.2%)*** | ***Health Care Technology (4.2%)*** |
|  Doximity, Inc., Class A\* | 314929 | 19317745 |
|  Veeva Systems, Inc., Class A\* | 64266 | 18507323 |
|  |  | 37825068 |
|  ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** |
|  Illumina, Inc.\* | 55895 | 5332942 |
|  ***Pharmaceuticals (2.7%)*** | ***Pharmaceuticals (2.7%)*** | ***Pharmaceuticals (2.7%)*** |
|  Novartis AG (ADR) | 52301 | 6328944 |
|  Novo Nordisk A/S (ADR) (x) | 165347 | 11412250 |
|  Roche Holding AG (ADR) (x) | 158053 | 6442240 |
|  |  | 24183434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 121615923 |
|  **Industrials (6.2%)** | **Industrials (6.2%)** | **Industrials (6.2%)** |
|  ***Aerospace & Defense (4.3%)*** | ***Aerospace & Defense (4.3%)*** | ***Aerospace & Defense (4.3%)*** |
|  Boeing Co. (The)\* | 183541 | 38457346 |
|  ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** |
|  Expeditors International of Washington, Inc. | 65402 | 7472178 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  Deere & Co. | 19865 | 10101154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 56030678 |
|  **Information Technology (28.0%)** | **Information Technology (28.0%)** | **Information Technology (28.0%)** |
|  ***IT Services (2.1%)*** | ***IT Services (2.1%)*** | ***IT Services (2.1%)*** |
|  Shopify, Inc., Class A\* | 164036 | 18921553 |
|  ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** | ***Semiconductors & Semiconductor Equipment (11.5%)*** |
|  ARM Holdings plc (ADR) (x)\* | 134173 | 21701141 |
|  NVIDIA Corp. | 455824 | 72015634 |
|  QUALCOMM, Inc. | 66392 | 10573590 |
|  |  | 104290365 |
|  ***Software (14.4%)*** | ***Software (14.4%)*** | ***Software (14.4%)*** |
|  Autodesk, Inc.\* | 81043 | 25088481 |
|  Microsoft Corp. | 53997 | 26858648 |
|  Oracle Corp. | 231015 | 50506809 |
|  Salesforce, Inc. | 55566 | 15152293 |
|  Workday, Inc., Class A\* | 52145 | 12514800 |
|  |  | 130121031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 253332949 |
|  **Total Common Stocks (98.8%)**<br> *(Cost $351,110,902)* |  | 893074538 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.2%)** | **Investment Companies (3.2%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares<br>4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) | 15000000 | 15000000 |

---

See Notes to Financial Statements.

1028

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 11249308 | $11249308 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio<br>4.23% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 29249308 |
|  **Total Short-Term Investments (3.2%)**<br> *(Cost $29,249,308)* | **Total Short-Term Investments (3.2%)**<br> *(Cost $29,249,308)* | 29249308 |
|  **Total Investments in Securities (102.0%)**<br> *(Cost $380,360,210)* |  | 922323846 |
|  **Other Assets Less Liabilities (-2.0%)** |  | (17680931) |
|  **Net Assets (100%)** |  | $904642915 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $30,554,198. This was collateralized by $2,291,186 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.875%, maturing 7/15/25 – 2/15/54 and by cash of $29,249,308 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $206960838 | $— | $— | $206960838 |
|  Consumer Discretionary | 143175025 |  |  | 143175025 |
|  Consumer Staples | 31692706 |  |  | 31692706 |
|  Financials | 80266419 |  |  | 80266419 |
|  Health Care | 121615923 |  |  | 121615923 |
|  Industrials | 56030678 |  |  | 56030678 |
|  Information Technology | 253332949 |  |  | 253332949 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 29249308 |  |  | 29249308 |
|  **Total Assets** | $**922323846** | $**—** | $**—** | $**922323846** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**922323846** | $**—** | $**—** | $**922323846** |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $14277970.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $65082299.0 |

---

See Notes to Financial Statements.

1029

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $580573131 |
|  Aggregate gross unrealized depreciation | (39057452) |
|  Net unrealized appreciation | $541515679 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $380808167 |

---

See Notes to Financial Statements.

1030

------

EQ/LOOMIS SAYLES GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $380,360,210) | $922323846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11238786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 818025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 642570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 272765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 7619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 935312446 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 29249308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 676527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 491462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 133676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 64162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 54396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 30669531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $904642915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $320134979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 584507936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $904642915 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $677,185,967 / 53,646,273 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.62 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $227,456,948 / 17,852,390 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.74 |

---

*(x)* *Includes value of securities on loan of $30,554,198.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $100,657 foreign withholding tax) | $2166290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 116101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 50042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2332433 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3090404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 770077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 376278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 33227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 22226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4357005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (264608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4092397 |
|  **NET INVESTMENT INCOME (LOSS)** | (1759964) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 30028732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 48699696 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 78728428 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $76968464 |

---

See Notes to Financial Statements.

1031

------

#### EQ ADVISORS TRUST
EQ/LOOMIS SAYLES GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1759964) | $(3414546) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30028732 | 157901520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 48699696 | 89432181 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 76968464 | 243919155 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (109672333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (37884319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (147556652) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 421,002 shares, respectively ] |  | 4589403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (10838643) shares, respectively ] |  | (128263923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1285606) shares, respectively ] |  | (14187422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (137861942) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,678,836 and 4,209,793 shares, respectively ] | 30397170 | 49855601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 10,751,166 shares, respectively ] |  | 128263923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,119,544 shares, respectively ] |  | 109672333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4955886) and (8290952) shares, respectively ] | (55903071) | (98535685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (25505901) | 189256172 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 661,051 and 470,947 shares, respectively ] | 6652963 | 5748299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,125,058 shares, respectively ] |  | 37884319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2014363) and (12915291) shares, respectively ] | (23610693) | (150477291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (16957730) | (106844673) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (42463631) | (55450443) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 34504833 | 40912060 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 870138082 | 829226022 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $904642915 | $870138082 |

---

See Notes to Financial Statements.

1032

------

#### EQ ADVISORS TRUST
EQ/LOOMIS SAYLES GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.56 | $10.32 | $7.48 | $11.76 | $11.16 | $9.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.06) | (0.05) | (0.05) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.09 | 3.61 | 3.32 | (3.21) | 1.85 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.06 | 3.55 | 3.27 | (3.26) | 1.79 | 2.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.31) | (0.43) | (1.02) | (1.19) | (0.99) |
|  Net asset value, end of period | $12.62 | $11.56 | $10.32 | $7.48 | $11.76 | $11.16 |
|  Total return (b) | 9.17% | 33.74% | 43.89% | (28.02)% | 16.20% | 30.86% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $677186 | $646364 | $413983 | $306054 | $421734 | $385668 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.11% | 1.12% | 1.12% | 1.12% | 1.11% | 1.13% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.49)% | (0.49)% | (0.57)% | (0.53)% | (0.51)% | (0.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.55)% | (0.56)% | (0.64)% | (0.60)% | (0.57)% | (0.41)% |
|  Portfolio turnover rate^ | 2 %(z) | 8% | 5% | 27% | 8% | 20% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.65 | $10.36 | $7.50 | $11.75 | $11.12 | $9.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.01) | (0.03) | (0.03) | (0.03) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.10 | 3.63 | 3.32 | (3.20) | 1.85 | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.09 | 3.60 | 3.29 | (3.23) | 1.82 | 2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.31) | (0.43) | (1.02) | (1.19) | (0.99) |
|  Net asset value, end of period | $12.74 | $11.65 | $10.36 | $7.50 | $11.75 | $11.12 |
|  Total return (b) | 9.36% | 34.08% | 44.03% | (27.77)% | 16.54% | 31.13% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $227457 | $223774 | $295498 | $246386 | $318641 | $307350 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.86% | 0.87% | 0.87% | 0.87% | 0.86% | 0.88% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.24)% | (0.23)% | (0.32)% | (0.28)% | (0.26)% | (0.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.30)% | (0.30)% | (0.39)% | (0.35)% | (0.32)% | (0.16)% |
|  Portfolio turnover rate^ | 2 %(z) | 8% | 5% | 27% | 8% | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1033

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (1.9%)** | **Australia (1.9%)** | **Australia (1.9%)** |
|  Aristocrat Leisure Ltd. | 269993 | $11580441 |
|  Lottery Corp. Ltd. (The) | 682832 | 2395334 |
|  Northern Star Resources Ltd. | 515950 | 6299070 |
|  WiseTech Global Ltd. | 86281 | 6191360 |
|  |  | 26466205 |
|  **Brazil (2.8%)** | **Brazil (2.8%)** | **Brazil (2.8%)** |
|  B3 SA – Brasil Bolsa Balcao | 4738000 | 12679781 |
|  Banco BTG Pactual SA | 534922 | 4159771 |
|  MercadoLibre, Inc.\* | 3036 | 7934981 |
|  TOTVS SA | 1001100 | 7796017 |
|  XP, Inc., Class A | 342323 | 6914925 |
|  |  | 39485475 |
|  **Canada (6.5%)** | **Canada (6.5%)** | **Canada (6.5%)** |
|  Agnico Eagle Mines Ltd. | 196831 | 23450605 |
|  Element Fleet Management Corp. | 639044 | 16007190 |
|  Franco-Nevada Corp. | 144704 | 23757278 |
|  RB Global, Inc. | 264878 | 28140187 |
|  |  | 91355260 |
|  **China (3.0%)** | **China (3.0%)** | **China (3.0%)** |
|  Alibaba Group Holding Ltd. | 645600 | 9030233 |
|  China Resources Gas Group Ltd. | 1442200 | 3683605 |
|  Kingsoft Corp. Ltd. | 948600 | 4942419 |
|  Tencent Holdings Ltd. | 278600 | 17851808 |
|  Yum China Holdings, Inc. | 161830 | 7235419 |
|  |  | 42743484 |
|  **Denmark (0.9%)** | **Denmark (0.9%)** | **Denmark (0.9%)** |
|  Novo Nordisk A/S, Class B | 182139 | 12641532 |
|  **France (10.1%)** | **France (10.1%)** | **France (10.1%)** |
|  Air Liquide SA | 139125 | 28702345 |
|  Capgemini SE | 142600 | 24364871 |
|  Dassault Systemes SE | 354339 | 12826506 |
|  EssilorLuxottica SA | 119787 | 32862911 |
|  Kering SA | 20229 | 4397834 |
|  LVMH Moet Hennessy Louis Vuitton SE | 46407 | 24304115 |
|  Pernod Ricard SA | 105169 | 10480572 |
|  Sodexo SA | 66814 | 4108325 |
|  |  | 142047479 |
|  **Germany (9.2%)** | **Germany (9.2%)** | **Germany (9.2%)** |
|  Deutsche Boerse AG | 68644 | 22389913 |
|  GEA Group AG | 298541 | 20888982 |
|  Merck KGaA | 62604 | 8111882 |
|  SAP SE | 181496 | 55190718 |
|  Symrise AG, Class A | 125296 | 13156389 |
|  Zalando SE (m)\* | 288843 | 9509781 |
|  |  | 129247665 |
|  **Hong Kong (2.4%)** | **Hong Kong (2.4%)** | **Hong Kong (2.4%)** |
|  AIA Group Ltd. | 3837769 | 34417918 |
|  **India (3.6%)** | **India (3.6%)** | **India (3.6%)** |
|  HDFC Bank Ltd. | 1095695 | 25571753 |
|  Kotak Mahindra Bank Ltd. | 243860 | 6151949 |
|  Reliance Industries Ltd. | 660137 | 11550858 |
|  UPL Ltd. | 909388 | 7011810 |
|  |  | 50286370 |
|  **Ireland (0.3%)** | **Ireland (0.3%)** | **Ireland (0.3%)** |
|  Kingspan Group plc | 53128 | 4518430 |
|  **Japan (10.4%)** | **Japan (10.4%)** | **Japan (10.4%)** |
|  Daiichi Sankyo Co. Ltd. | 335000 | 7828027 |
|  Hitachi Ltd. | 1824900 | 53287764 |
|  Kose Corp. | 2500 | 98313 |
|  LY Corp. | 2193900 | 8080584 |
|  Nomura Research Institute Ltd. | 429300 | 17239970 |
|  Obic Co. Ltd. | 385200 | 15008904 |
|  Oracle Corp. | 91400 | 10907323 |
|  Pan Pacific International Holdings Corp. | 276000 | 9504420 |
|  Resonac Holdings Corp. | 326200 | 7586152 |
|  Sugi Holdings Co. Ltd. | 289400 | 6621805 |
|  Terumo Corp. | 585500 | 10774452 |
|  |  | 146937714 |
|  **Macau (0.4%)** | **Macau (0.4%)** | **Macau (0.4%)** |
|  Sands China Ltd. | 2727200 | 5676781 |
|  **Mexico (0.8%)** | **Mexico (0.8%)** | **Mexico (0.8%)** |
|  Grupo Financiero Banorte SAB de CV, Class O | 1235795 | 11340112 |
|  **Netherlands (3.8%)** | **Netherlands (3.8%)** | **Netherlands (3.8%)** |
|  Akzo Nobel NV | 104263 | 7295306 |
|  ASML Holding NV | 16953 | 13531527 |
|  Heineken NV | 376717 | 32846656 |
|  |  | 53673489 |
|  **Peru (1.1%)** | **Peru (1.1%)** | **Peru (1.1%)** |
|  Credicorp Ltd. | 68998 | 15422433 |
|  **Singapore (1.6%)** | **Singapore (1.6%)** | **Singapore (1.6%)** |
|  DBS Group Holdings Ltd. | 526010 | 18578930 |
|  Singapore Technologies Engineering Ltd. | 542100 | 3321242 |
|  |  | 21900172 |
|  **South Korea (1.4%)** | **South Korea (1.4%)** | **South Korea (1.4%)** |
|  Amorepacific Corp. | 76840 | 7783067 |
|  NAVER Corp. | 60803 | 11826310 |
|  |  | 19609377 |
|  **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** |
|  Amadeus IT Group SA | 407986 | 34352367 |
|  **Sweden (1.7%)** | **Sweden (1.7%)** | **Sweden (1.7%)** |
|  Assa Abloy AB, Class B | 783017 | 24431779 |
|  **Switzerland (1.3%)** | **Switzerland (1.3%)** | **Switzerland (1.3%)** |
|  Sika AG (Registered) | 34840 | 9458108 |
|  Sonova Holding AG (Registered) | 31315 | 9329972 |
|  |  | 18788080 |
|  **Taiwan (6.3%)** | **Taiwan (6.3%)** | **Taiwan (6.3%)** |
|  Delta Electronics, Inc. | 1093000 | 15452862 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 2042000 | 74096946 |
|  |  | 89549808 |
|  **Thailand (0.3%)** | **Thailand (0.3%)** | **Thailand (0.3%)** |
|  Kasikornbank PCL | 1016100 | 4750942 |

---

See Notes to Financial Statements.

1034

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **United Kingdom (9.4%)** | **United Kingdom (9.4%)** | **United Kingdom (9.4%)** |
|  AstraZeneca plc | 146094 | $20294236 |
|  Burberry Group plc\* | 282420 | 4582186 |
|  Compass Group plc | 396205 | 13416799 |
|  Diageo plc | 586222 | 14709507 |
|  Flutter Entertainment plc, Class DI\* | 72898 | 20831333 |
|  London Stock Exchange Group plc | 74176 | 10828311 |
|  Reckitt Benckiser Group plc | 313111 | 21296184 |
|  Rolls-Royce Holdings plc | 2031748 | 26985192 |
|  |  | 132943748 |
|  **United States (16.8%)** | **United States (16.8%)** | **United States (16.8%)** |
|  Experian plc | 379635 | 19551897 |
|  Haleon plc | 1799188 | 9246390 |
|  James Hardie Industries plc (CHDI)\* | 437033 | 11994307 |
|  Linde plc | 71955 | 33759847 |
|  Nestle SA (Registered) | 443714 | 44083401 |
|  QIAGEN NV\* | 301867 | 14538061 |
|  Roche Holding AG | 141499 | 46081469 |
|  Schneider Electric SE | 192686 | 51250836 |
|  Tenaris SA | 332459 | 6256131 |
|  |  | 236762339 |
|  **Total Investments in Securities (98.4%)**<br> *(Cost $852,364,553)* |  | 1389348959 |
|  **Other Assets Less Liabilities (1.6%)** |  | 22459296 |
|  **Net Assets (100%)** |  | $1411808255 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $9,509,781 or 0.7% of net assets.* 

*Glossary:* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS) Depository Interest* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $26466205 | $— | $26466205 |
|  Brazil | 39485475 |  |  | 39485475 |
|  Canada | 91355260 |  |  | 91355260 |
|  China | 7235419 | 35508065 |  | 42743484 |
|  Denmark |  | 12641532 |  | 12641532 |
|  France |  | 142047479 |  | 142047479 |
|  Germany |  | 129247665 |  | 129247665 |
|  Hong Kong |  | 34417918 |  | 34417918 |
|  India |  | 50286370 |  | 50286370 |
|  Ireland |  | 4518430 |  | 4518430 |
|  Japan |  | 146937714 |  | 146937714 |
|  Macau |  | 5676781 |  | 5676781 |
|  Mexico | 11340112 |  |  | 11340112 |
|  Netherlands |  | 53673489 |  | 53673489 |
|  Peru | 15422433 |  |  | 15422433 |

---

See Notes to Financial Statements.

1035

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Singapore | $— | $21900172 | $— | $21900172 |
|  South Korea |  | 19609377 |  | 19609377 |
|  Spain |  | 34352367 |  | 34352367 |
|  Sweden |  | 24431779 |  | 24431779 |
|  Switzerland |  | 18788080 |  | 18788080 |
|  Taiwan |  | 89549808 |  | 89549808 |
|  Thailand |  | 4750942 |  | 4750942 |
|  United Kingdom | 20831333 | 112112415 |  | 132943748 |
|  United States | 33759847 | 203002492 |  | 236762339 |
|  **Total Assets** | $**219429879** | $**1169919080** | $**—** | $**1389348959** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**219429879** | $**1169919080** | $**—** | $**1389348959** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $91092517.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $161308519.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $580685506 |
|  Aggregate gross unrealized depreciation | (50559570) |
|  Net unrealized appreciation | $530125936 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $859223023 |

---

See Notes to Financial Statements.

1036

------

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $852,364,553) | $1389348959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 18854432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $147,871) | 150668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 7634798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 408093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 192602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1416605084 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 2732576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 821355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 736951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 165785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 103596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 236104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4796829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1411808255 |
|  Net assets were comprised of: | Net assets were comprised of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $777652651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 634155604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1411808255 |
|  **Class IB** | **Class IB** |
|  Net asset value, offering and redemption price per share, $818,792,753 / 95,764,365 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.55 |
|  **Class K** | **Class K** |
|  Net asset value, offering and redemption price per share, $593,015,502 / 69,386,128 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.55 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,993,815 foreign withholding tax) | $17650367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 338290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17988657 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5574845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 949642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 611051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 185702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 51374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 21936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7477356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (796800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6680556 |
|  **NET INVESTMENT INCOME (LOSS)** | 11308101 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $287,203 on realized gain on investments) | 48779235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 80909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 48860144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $1,225,572 on unrealized appreciation on investments) | 132142062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 694726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 132836788 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 181696932 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $193005033 |

---

See Notes to Financial Statements.

1037

------

#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11308101 | $11616337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 48860144 | 118512075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 132836788 | (17949246) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 193005033 | 112179166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (48027065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (39545049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (87572114) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 160,246 shares, respectively ] |  | 1188452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (7811292) shares, respectively ] |  | (60440962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (739544) shares, respectively ] |  | (5558945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (64811455) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,007,202 and 6,194,076 shares, respectively ] | 31792086 | 48150451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 7,787,960 shares, respectively ] |  | 60440962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 6,231,809 shares, respectively ] |  | 48027065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5324030) and (8230248) shares, respectively ] | (42136863) | (64551747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (10344777) | 92066731 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,354,105 and 830,763 shares, respectively ] | 26204904 | 6428643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,139,968 shares, respectively ] |  | 39545049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10665839) and (10538573) shares, respectively ] | (86777134) | (81931708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (60572230) | (35958016) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (70917007) | (8702740) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 122088026 | 15904312 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1289720229 | 1273815917 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1411808255 | $1289720229 |

---

See Notes to Financial Statements.

1038

------

#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.43 | $7.30 | $6.71 | $8.31 | $8.66 | $8.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.06 | 0.06 | 0.06 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.06 | 0.60 | 0.89 | (1.32) | 0.75 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 | 0.66 | 0.95 | (1.26) | 0.78 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.06) | (0.09) | (0.06) | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.47) | (0.27) | (0.28) | (1.11) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.53) | (0.36) | (0.34) | (1.13) | (0.82) |
|  Net asset value, end of period | $8.55 | $7.43 | $7.30 | $6.71 | $8.31 | $8.66 |
|  Total return (b) | 15.07% | 8.76% | 14.52% | (15.20)% | 9.35% | 15.41% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $818793 | $721011 | $620848 | $539166 | $458875 | $396055 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.22% | 1.22% | 1.23% | 1.22% | 1.22% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.56% | 0.73% | 0.83% | 0.85% | 0.31% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.44% | 0.61% | 0.70% | 0.73% | 0.19% | 0.35% |
|  Portfolio turnover rate^ | 7 %(z) | 16% | 15% | 14% | 16% | 21% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.41 | $7.28 | $6.70 | $8.30 | $8.64 | $8.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.08 | 0.08 | 0.08 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.07 | 0.60 | 0.88 | (1.32) | 0.76 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.14 | 0.68 | 0.96 | (1.24) | 0.81 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.08) | (0.11) | (0.08) | (0.04) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.47) | (0.27) | (0.28) | (1.11) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.55) | (0.38) | (0.36) | (1.15) | (0.84) |
|  Net asset value, end of period | $8.55 | $7.41 | $7.28 | $6.70 | $8.30 | $8.64 |
|  Total return (b) | 15.38% | 9.04% | 14.66% | (15.02)% | 9.74% | 15.54% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $593016 | $568710 | $591935 | $632432 | $779886 | $801458 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.97% | 0.97% | 0.98% | 0.97% | 0.97% | 0.97% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.83% | 1.02% | 1.11% | 1.13% | 0.57% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.71% | 0.90% | 0.99% | 1.00% | 0.45% | 0.65% |
|  Portfolio turnover rate^ | 7 %(z) | 16% | 15% | 14% | 16% | 21% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1039

------

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (2.0%)** | **Australia (2.0%)** | **Australia (2.0%)** |
|  Glencore plc | 3409969 | $13274448 |
|  Northern Star Resources Ltd. | 329112 | 4018024 |
|  Woodside Energy Group Ltd. | 623513 | 9696927 |
|  |  | 26989399 |
|  **Brazil (2.0%)** | **Brazil (2.0%)** | **Brazil (2.0%)** |
|  Petroleo Brasileiro SA – Petrobras (ADR) | 439259 | 5069049 |
|  Wheaton Precious Metals Corp. | 244287 | 21968339 |
|  |  | 27037388 |
|  **Canada (4.7%)** | **Canada (4.7%)** | **Canada (4.7%)** |
|  Agnico Eagle Mines Ltd. | 149780 | 17844911 |
|  Franco-Nevada Corp. | 276935 | 45466758 |
|  |  | 63311669 |
|  **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** |
|  Novonesis Novozymes B | 36728 | 2633224 |
|  **France (11.9%)** | **France (11.9%)** | **France (11.9%)** |
|  Capgemini SE | 87981 | 15032578 |
|  Cie de Saint-Gobain SA | 191789 | 22510455 |
|  Dassault Systemes SE | 424448 | 15364340 |
|  EssilorLuxottica SA | 67507 | 18520178 |
|  Legrand SA | 289437 | 38696953 |
|  LVMH Moet Hennessy Louis Vuitton SE | 6909 | 3618358 |
|  Pernod Ricard SA | 122477 | 12205393 |
|  TotalEnergies SE | 555891 | 34115695 |
|  |  | 160063950 |
|  **Germany (7.3%)** | **Germany (7.3%)** | **Germany (7.3%)** |
|  Beiersdorf AG | 76551 | 9612469 |
|  Deutsche Boerse AG | 104865 | 34204274 |
|  GEA Group AG | 75137 | 5257353 |
|  Knorr-Bremse AG | 100837 | 9745976 |
|  SAP SE | 101068 | 30733545 |
|  Symrise AG, Class A | 80471 | 8449653 |
|  |  | 98003270 |
|  **Greece (0.8%)** | **Greece (0.8%)** | **Greece (0.8%)** |
|  National Bank of Greece SA | 787322 | 10044023 |
|  **Ireland (4.2%)** | **Ireland (4.2%)** | **Ireland (4.2%)** |
|  AIB Group plc | 4190505 | 34479395 |
|  Bank of Ireland Group plc | 1543166 | 21967779 |
|  |  | 56447174 |
|  **Israel (0.5%)** | **Israel (0.5%)** | **Israel (0.5%)** |
|  Nice Ltd. (ADR)\* | 37906 | 6402702 |
|  **Italy (1.7%)** | **Italy (1.7%)** | **Italy (1.7%)** |
|  BPER Banca SpA | 763314 | 6937808 |
|  Ryanair Holdings plc (ADR) | 266836 | 15388432 |
|  |  | 22326240 |
|  **Japan (12.6%)** | **Japan (12.6%)** | **Japan (12.6%)** |
|  Chiba Bank Ltd. (The) | 1249400 | 11578239 |
|  Ezaki Glico Co. Ltd. | 150300 | 4811520 |
|  Hirose Electric Co. Ltd. | 63100 | 7650609 |
|  Kose Corp. | 33800 | 1329186 |
|  Lion Corp. | 118600 | 1227138 |
|  M3, Inc. | 682800 | 9414252 |
|  Mitsubishi Electric Corp. | 1228800 | 26546278 |
|  Nitto Denko Corp. | 422800 | 8195870 |
|  Nomura Research Institute Ltd. | 217400 | 8730420 |
|  Olympus Corp. | 446000 | 5311552 |
|  Resona Holdings, Inc. | 3407500 | 31518281 |
|  Rohto Pharmaceutical Co. Ltd. | 620200 | 8807396 |
|  Shimadzu Corp. | 598900 | 14855531 |
|  Taisei Corp. | 197700 | 11532100 |
|  Toyo Suisan Kaisha Ltd. | 266300 | 17724978 |
|  |  | 169233350 |
|  **Netherlands (3.5%)** | **Netherlands (3.5%)** | **Netherlands (3.5%)** |
|  ASML Holding NV | 11902 | 9499926 |
|  Euronext NV(m) | 138219 | 23624467 |
|  Wolters Kluwer NV | 84591 | 14144461 |
|  |  | 47268854 |
|  **Norway (0.9%)** | **Norway (0.9%)** | **Norway (0.9%)** |
|  Aker BP ASA | 460808 | 11786049 |
|  **Portugal (0.5%)** | **Portugal (0.5%)** | **Portugal (0.5%)** |
|  Galp Energia SGPS SA | 366815 | 6727637 |
|  **South Korea (2.3%)** | **South Korea (2.3%)** | **South Korea (2.3%)** |
|  Samsung Electronics Co. Ltd. | 508422 | 22527887 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 26335 | 8468724 |
|  |  | 30996611 |
|  **Spain (4.2%)** | **Spain (4.2%)** | **Spain (4.2%)** |
|  Amadeus IT Group SA | 245959 | 20709715 |
|  CaixaBank SA | 4088291 | 35415411 |
|  |  | 56125126 |
|  **Sweden (2.1%)** | **Sweden (2.1%)** | **Sweden (2.1%)** |
|  Assa Abloy AB, Class B | 495173 | 15450440 |
|  Epiroc AB, Class A | 279008 | 6057377 |
|  Svenska Cellulosa AB SCA, Class B | 473892 | 6161012 |
|  |  | 27668829 |
|  **Switzerland (5.4%)** | **Switzerland (5.4%)** | **Switzerland (5.4%)** |
|  Chocoladefabriken Lindt & Spruengli AG | 323 | 5434558 |
|  Cie Financiere Richemont SA (Registered) | 33789 | 6364315 |
|  Julius Baer Group Ltd. | 131714 | 8904328 |
|  Sandoz Group AG | 298775 | 16349878 |
|  Schindler Holding AG | 22136 | 8230034 |
|  Sika AG (Registered) | 25106 | 6815593 |
|  UBS Group AG (Registered) | 613124 | 20747847 |
|  |  | 72846553 |
|  **Taiwan (3.3%)** | **Taiwan (3.3%)** | **Taiwan (3.3%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 194921 | 44147657 |
|  **United Kingdom (11.2%)** | **United Kingdom (11.2%)** | **United Kingdom (11.2%)** |
|  Croda International plc | 82592 | 3314936 |
|  Diageo plc | 549001 | 13775556 |
|  Hiscox Ltd. | 397774 | 6852357 |
|  IMI plc | 707396 | 20332889 |
|  Intertek Group plc | 74533 | 4849386 |
|  Lloyds Banking Group plc | 13559361 | 14275601 |

---

See Notes to Financial Statements.

1040

------

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  London Stock Exchange Group plc | 138845 | $20268778 |
|  NatWest Group plc | 5862169 | 41150856 |
|  Reckitt Benckiser Group plc | 116105 | 7896859 |
|  Smith & Nephew plc | 872042 | 13322704 |
|  Spirax Group plc | 56835 | 4645767 |
|  |  | 150685689 |
|  **United States (15.3%)** | **United States (15.3%)** | **United States (15.3%)** |
|  Agilent Technologies, Inc. | 133750 | 15783838 |
|  Alcon AG | 105348 | 9320599 |
|  Cadence Design Systems, Inc.\* | 26464 | 8154882 |
|  CRH plc | 183267 | 16823911 |
|  Experian plc | 407692 | 20996883 |
|  Haleon plc | 5246924 | 26965000 |
|  Kenvue, Inc. | 732989 | 15341460 |
|  Roche Holding AG | 72873 | 23732287 |
|  Schneider Electric SE | 138812 | 36921370 |
|  Tenaris SA | 386383 | 7270859 |
|  Waters Corp.\* | 24541 | 8565791 |
|  Willis Towers Watson plc | 49275 | 15102787 |
|  |  | 204979667 |
|  **Total Common Stocks (96.6%)** <br> *(Cost $925,775,474)* |  | 1295725061 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (1.0%)** | **Investment Company (1.0%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares<br>4.47% (7 day yield) | 13748350 | 13751100 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $13,750,964)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $13,750,964)* | 13751100 |
|  **Total Investments in Securities (97.6%)**<br> *(Cost $939,526,438)* |  | 1309476161 |
|  **Other Assets Less Liabilities (2.4%)** |  | 32437272 |
|  **Net Assets (100%)** |  | $1341913433 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $23,624,467 or 1.8% of net assets.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $26989399 | $— | $26989399 |
|  Brazil | 27037388 |  |  | 27037388 |
|  Canada | 63311669 |  |  | 63311669 |
|  Denmark |  | 2633224 |  | 2633224 |
|  France |  | 160063950 |  | 160063950 |
|  Germany |  | 98003270 |  | 98003270 |
|  Greece |  | 10044023 |  | 10044023 |
|  Ireland |  | 56447174 |  | 56447174 |
|  Israel | 6402702 |  |  | 6402702 |
|  Italy | 15388432 | 6937808 |  | 22326240 |
|  Japan |  | 169233350 |  | 169233350 |
|  Netherlands |  | 47268854 |  | 47268854 |
|  Norway |  | 11786049 |  | 11786049 |
|  Portugal |  | 6727637 |  | 6727637 |
|  South Korea |  | 30996611 |  | 30996611 |
|  Spain |  | 56125126 |  | 56125126 |
|  Sweden |  | 27668829 |  | 27668829 |

---

See Notes to Financial Statements.

1041

------

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Switzerland | $— | $72846553 | $— | $72846553 |
|  Taiwan | 44147657 |  |  | 44147657 |
|  United Kingdom |  | 150685689 |  | 150685689 |
|  United States | 79772669 | 125206998 |  | 204979667 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 13751100 |  |  | 13751100 |
|  **Total Assets** | $**249811617** | $**1059664544** | $**—** | $**1309476161** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**249811617** | $**1059664544** | $**—** | $**1309476161** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $101862687.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $142939810.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $422252208 |
|  Aggregate gross unrealized depreciation | (52462507) |
|  Net unrealized appreciation | $369789701 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $939686460 |

---

See Notes to Financial Statements.

1042

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EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $939,526,438) | $1309476161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 25270996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $2,296) | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4930016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3509110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 406530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1343610914 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 843158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 397371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 272463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 97888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 20440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 66161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1697481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1341913433 |
|  Net assets were comprised of: | Net assets were comprised of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $918182002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 423731431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1341913433 |
|  **Class IB** | **Class IB** |
|  Net asset value, offering and redemption price per share, $1,341,913,433 / 35,054,632 shares outstanding (unlimited amount authorized: $0.01 par value) | $38.28 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,073,462 foreign withholding tax) | $20656330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 519030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21175360 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5223122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1547057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 561571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 83529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 62031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 47399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 19918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7560678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (442722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7117956 |
|  **NET INVESTMENT INCOME (LOSS)** | 14057404 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 37034135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 184567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37218702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 168765196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 438665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 169203861 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 206422563 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $220479967 |

---

See Notes to Financial Statements.

1043

------

#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14057404 | $16476768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37218702 | 61986030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 169203861 | 1635107 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 220479967 | 80097905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (89942629) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,132,379 and 1,509,202 shares, respectively ] | 39642063 | 51988065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,685,951 shares, respectively ] |  | 89942629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2011996) and (3369014) shares, respectively ] | (70381129) | (116727749) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (30739066) | 25202945 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 189740901 | 15358221 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1152172532 | 1136814311 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1341913433 | $1152172532 |

---

See Notes to Financial Statements.

1044

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#### EQ ADVISORS TRUST
EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $32.06 | $32.38 | $28.42 | $38.86 | $36.38 | $30.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.40 | 0.48 | 0.37 | 0.14 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.82 | 1.88 | 4.54 | (9.36) | 3.62 | 6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.22 | 2.36 | 4.91 | (9.22) | 3.69 | 6.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.51) | (0.40) | (0.13) | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.17) | (0.55) | (1.09) | (1.07) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.68) | (0.95) | (1.22) | (1.21) | (0.41) |
|  Net asset value, end of period | $38.28 | $32.06 | $32.38 | $28.42 | $38.86 | $36.38 |
|  Total return (b) | 19.40% | 6.99% | 17.37% | (23.79)% | 10.24% | 20.03% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1341913 | $1152173 | $1136814 | $1000942 | $1290974 | $1165985 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.22% | 1.23% | 1.24% | 1.23% | 1.22% | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.27% | 1.39% | 1.20% | 0.46% | 0.19% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.20% | 1.31% | 1.11% | 0.38% | 0.12% | 0.26% |
|  Portfolio turnover rate^ | 8 %(z) | 15% | 20% | 30% | 13% | 12% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1045

------

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (15.8%)** | **Communication Services (15.8%)** | **Communication Services (15.8%)** |
|  ***Entertainment (15.8%)*** | ***Entertainment (15.8%)*** | ***Entertainment (15.8%)*** |
|  Live Nation Entertainment, Inc.\* | 63757 | $9645159 |
|  ROBLOX Corp., Class A\* | 133031 | 13994861 |
|  Spotify Technology SA\* | 41440 | 31798569 |
|  Take-Two Interactive Software, Inc.\* | 82036 | 19922443 |
|  TKO Group Holdings, Inc., Class A | 79377 | 14442645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 89803677 |
|  **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** | **Consumer Discretionary (10.3%)** |
|  ***Broadline Retail (1.7%)*** | ***Broadline Retail (1.7%)*** | ***Broadline Retail (1.7%)*** |
|  Coupang, Inc., Class A\* | 309981 | 9287031 |
|  ***Diversified Consumer Services (1.7%)*** | ***Diversified Consumer Services (1.7%)*** | ***Diversified Consumer Services (1.7%)*** |
|  Bright Horizons Family Solutions, Inc.\* | 78293 | 9676232 |
|  ***Hotels, Restaurants & Leisure (3.9%)*** | ***Hotels, Restaurants & Leisure (3.9%)*** | ***Hotels, Restaurants & Leisure (3.9%)*** |
|  Aramark | 193860 | 8116918 |
|  DraftKings, Inc., Class A\* | 199706 | 8565390 |
|  Wingstop, Inc. | 16581 | 5583486 |
|  |  | 22265794 |
|  ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** |
|  Burlington Stores, Inc.\* | 27350 | 6362704 |
|  O'Reilly Automotive, Inc.\* | 116760 | 10523579 |
|  |  | 16886283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 58115340 |
|  **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** |
|  ***Household Products (1.0%)*** | ***Household Products (1.0%)*** | ***Household Products (1.0%)*** |
|  Church & Dwight Co., Inc. | 59132 | 5683177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 5683177 |
|  **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** |
|  ***Oil, Gas & Consumable Fuels (3.4%)*** | ***Oil, Gas & Consumable Fuels (3.4%)*** | ***Oil, Gas & Consumable Fuels (3.4%)*** |
|  Cheniere Energy, Inc. | 51836 | 12623103 |
|  Expand Energy Corp. | 55681 | 6511336 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 19134439 |
|  **Financials (13.4%)** | **Financials (13.4%)** | **Financials (13.4%)** |
|  ***Capital Markets (11.0%)*** | ***Capital Markets (11.0%)*** | ***Capital Markets (11.0%)*** |
|  Ares Management Corp., Class A | 61687 | 10684189 |
|  Carlyle Group, Inc. (The) | 153810 | 7905834 |
|  LPL Financial Holdings, Inc. | 40320 | 15118790 |
|  Morningstar, Inc. | 27419 | 8607647 |
|  MSCI, Inc. | 14553 | 8393297 |
|  Nasdaq, Inc. | 132836 | 11878195 |
|  |  | 62587952 |
|  ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** |
|  Arthur J Gallagher & Co. | 42598 | 13636472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 76224424 |
|  **Health Care (12.4%)** | **Health Care (12.4%)** | **Health Care (12.4%)** |
|  ***Biotechnology (4.5%)*** | ***Biotechnology (4.5%)*** | ***Biotechnology (4.5%)*** |
|  Ascendis Pharma A/S (ADR)\* | 67083 | 11578526 |
|  Natera, Inc.\* | 82433 | 13926231 |
|  |  | 25504757 |
|  ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** |
|  Dexcom, Inc.\* | 99396 | 8676277 |
|  Masimo Corp.\* | 69470 | 11686243 |
|  |  | 20362520 |
|  ***Health Care Technology (1.5%)*** | ***Health Care Technology (1.5%)*** | ***Health Care Technology (1.5%)*** |
|  Veeva Systems, Inc., Class A\* | 30267 | 8716291 |
|  ***Life Sciences Tools & Services (2.8%)*** | ***Life Sciences Tools & Services (2.8%)*** | ***Life Sciences Tools & Services (2.8%)*** |
|  Agilent Technologies, Inc. | 70566 | 8327493 |
|  Waters Corp.\* | 21619 | 7545896 |
|  |  | 15873389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 70456957 |
|  **Industrials (20.3%)** | **Industrials (20.3%)** | **Industrials (20.3%)** |
|  ***Aerospace & Defense (8.2%)*** | ***Aerospace & Defense (8.2%)*** | ***Aerospace & Defense (8.2%)*** |
|  Axon Enterprise, Inc.\* | 21068 | 17443040 |
|  Howmet Aerospace, Inc. | 156091 | 29053218 |
|  |  | 46496258 |
|  ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** |
|  Copart, Inc.\* | 177810 | 8725136 |
|  ***Construction & Engineering (1.8%)*** | ***Construction & Engineering (1.8%)*** | ***Construction & Engineering (1.8%)*** |
|  Quanta Services, Inc. | 27812 | 10515161 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  AMETEK, Inc. | 30356 | 5493222 |
|  ***Machinery (2.4%)*** | ***Machinery (2.4%)*** | ***Machinery (2.4%)*** |
|  Westinghouse Air Brake Technologies Corp. | 63821 | 13360926 |
|  ***Professional Services (5.4%)*** | ***Professional Services (5.4%)*** | ***Professional Services (5.4%)*** |
|  TransUnion | 109258 | 9614704 |
|  Verisk Analytics, Inc. | 66680 | 20770820 |
|  |  | 30385524 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 114976227 |
|  **Information Technology (15.0%)** | **Information Technology (15.0%)** | **Information Technology (15.0%)** |
|  ***IT Services (1.2%)*** | ***IT Services (1.2%)*** | ***IT Services (1.2%)*** |
|  Okta, Inc.\* | 66102 | 6608217 |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** |
|  Monolithic Power Systems, Inc. | 19380 | 14174145 |
|  ***Software (11.3%)*** | ***Software (11.3%)*** | ***Software (11.3%)*** |
|  Cadence Design Systems, Inc.\* | 29549 | 9105524 |
|  Constellation Software, Inc. | 3614 | 13251643 |
|  Guidewire Software, Inc.\* | 85543 | 20141099 |
|  HubSpot, Inc.\* | 15513 | 8635001 |
|  Tyler Technologies, Inc.\* | 22329 | 13237525 |
|  |  | 64370792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 85153154 |
|  **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
|  ***Construction Materials (2.2%)*** | ***Construction Materials (2.2%)*** | ***Construction Materials (2.2%)*** |
|  Vulcan Materials Co. | 46706 | 12181859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 12181859 |
|  **Real Estate (2.6%)** | **Real Estate (2.6%)** | **Real Estate (2.6%)** |
|  ***Real Estate Management & Development (2.6%)*** | ***Real Estate Management & Development (2.6%)*** | ***Real Estate Management & Development (2.6%)*** |
|  CBRE Group, Inc., Class A\* | 43515 | 6097322 |

---

See Notes to Financial Statements.

1046

------

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  CoStar Group, Inc.\* | 108743 | $8742937 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 14840259 |
|  **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
|  ***Independent Power and Renewable Electricity Producers (2.6%)*** | ***Independent Power and Renewable Electricity Producers (2.6%)*** | ***Independent Power and Renewable Electricity Producers (2.6%)*** |
|  Vistra Corp. | 76330 | 14793517 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 14793517 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $368,909,972)* |  | 561363030 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Information Technology (0.0%)** | **Information Technology (0.0%)** | **Information Technology (0.0%)** |
|  ***Software (0.0%)*** | ***Software (0.0%)*** | ***Software (0.0%)*** |
|  Constellation Software, Inc., expiring 3/31/40 (r)\* <br>*(Cost $—)* | 6159 |  |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $368,909,972)* |  | 561363030 |
|  **Other Assets Less Liabilities (1.0%)** |  | 5686124 |
|  **Net Assets (100%)** |  | $567049154 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $89803677 | $— | $— | $89803677 |
|  Consumer Discretionary | 58115340 |  |  | 58115340 |
|  Consumer Staples | 5683177 |  |  | 5683177 |
|  Energy | 19134439 |  |  | 19134439 |
|  Financials | 76224424 |  |  | 76224424 |
|  Health Care | 70456957 |  |  | 70456957 |
|  Industrials | 114976227 |  |  | 114976227 |
|  Information Technology | 85153154 |  |  | 85153154 |
|  Materials | 12181859 |  |  | 12181859 |
|  Real Estate | 14840259 |  |  | 14840259 |
|  Utilities | 14793517 |  |  | 14793517 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**561363030** | $**—** | $**—** | $**561363030** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**561363030** | $**—** | $**—** | $**561363030** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

1047

------

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $128305603.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $137340532.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $199577878 |
|  Aggregate gross unrealized depreciation | (7127153) |
|  Net unrealized appreciation | $192450725 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $368912305 |

---

See Notes to Financial Statements.

1048

------

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $368,909,972) | $561363030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5937574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 340386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 46106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 567693640 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 329333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 113022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 112883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 40572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 48676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 644486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^**<br>|  |
|  **NET ASSETS** | $567049154 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $338786402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 228262752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $567049154 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $567,049,154 / 27,216,778 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.83 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $16,569 foreign withholding tax) | $1170134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 63996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1234130 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2202756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 647867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 235133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 37658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3177900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (325509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2852391 |
|  **NET INVESTMENT INCOME (LOSS)** | (1618261) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 36981346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 36980654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 25475490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25475519 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 62456173 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $60837912 |

---

See Notes to Financial Statements.

1049

------

#### EQ ADVISORS TRUST
EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1618261) | $(3124918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 36980654 | 43673616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25475519 | 24932702 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 60837912 | 65481400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (43649504) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,211,934 and 2,063,647 shares, respectively ] | 23456000 | 39978708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,256,906 shares, respectively ] |  | 43649504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1491379) and (2498556) shares, respectively ] | (28421512) | (48409732) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (4965512) | 35218480 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 55872400 | 57050376 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 511176754 | 454126378 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $567049154 | $511176754 |

---

See Notes to Financial Statements.

1050

------

#### EQ ADVISORS TRUST
EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.59 | $17.69 | $14.61 | $20.07 | $17.16 | $15.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.06) | (0.12) | (0.08) | (0.08) | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.30 | 2.75 | 3.34 | (5.35) | 3.35 | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.24 | 2.63 | 3.26 | (5.43) | 3.22 | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.73) | (0.18) | (0.03) | (0.31) | (2.06) |
|  Net asset value, end of period | $20.83 | $18.59 | $17.69 | $14.61 | $20.07 | $17.16 |
|  Total return (b) | 12.05% | 14.48 | 22.32 | (27.04)% | 18.83% | 29.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $567049 | $511177 | $454126 | $376260 | $513684 | $441210 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10 %(j) | 1.10 | 1.10 | 1.10 %(j) | 1.10 %(j) | 1.10 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.23% | 1.23 | 1.24 | 1.23% | 1.22% | 1.24% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.62)% | (0.63) | (0.48) | (0.50)% | (0.72)% | (0.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.75)% | (0.76) | (0.62) | (0.62)% | (0.83)% | (0.70)% |
|  Portfolio turnover rate^ | 24 %(z) | 41 | 30 | 41% | 9% | 40% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.08) for Class IB.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $(0.13) for Class IB.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.05% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for the class would have been 0.07% lower.* 

See Notes to Financial Statements.

1051

------

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (19.7%)** | **Communication Services (19.7%)** | **Communication Services (19.7%)** |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Take-Two Interactive Software, Inc.\* | 13849 | $3363229 |
|  ***Interactive Media & Services (19.4%)*** | ***Interactive Media & Services (19.4%)*** | ***Interactive Media & Services (19.4%)*** |
|  Alphabet, Inc., Class A | 474948 | 83700086 |
|  Meta Platforms, Inc., Class A | 186752 | 137839784 |
|  |  | 221539870 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 224903099 |
|  **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** | **Consumer Discretionary (1.4%)** |
|  ***Broadline Retail (0.9%)*** | ***Broadline Retail (0.9%)*** | ***Broadline Retail (0.9%)*** |
|  Amazon.com, Inc.\* | 50049 | 10980250 |
|  ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** |
|  Booking Holdings, Inc. | 924 | 5349258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 16329508 |
|  **Financials (2.7%)** | **Financials (2.7%)** | **Financials (2.7%)** |
|  ***Capital Markets (2.2%)*** | ***Capital Markets (2.2%)*** | ***Capital Markets (2.2%)*** |
|  FactSet Research Systems, Inc. | 33181 | 14841198 |
|  S&P Global, Inc. | 20181 | 10641239 |
|  |  | 25482437 |
|  ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | ***Insurance (0.5%)*** |
|  Aon plc, Class A | 16429 | 5861210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 31343647 |
|  **Industrials (2.6%)** | **Industrials (2.6%)** | **Industrials (2.6%)** |
|  ***Industrial Conglomerates (1.7%)*** | ***Industrial Conglomerates (1.7%)*** | ***Industrial Conglomerates (1.7%)*** |
|  Hitachi Ltd. | 676300 | 19748214 |
|  ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** |
|  Verisk Analytics, Inc. | 32872 | 10239628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 29987842 |
|  **Information Technology (71.9%)** | **Information Technology (71.9%)** | **Information Technology (71.9%)** |
|  ***Communications Equipment (2.4%)*** | ***Communications Equipment (2.4%)*** | ***Communications Equipment (2.4%)*** |
|  Arista Networks, Inc.\* | 53230 | 5445962 |
|  Cisco Systems, Inc. | 320395 | 22229005 |
|  |  | 27674967 |
|  ***Electronic Equipment, Instruments & Components (1.3%)*** | ***Electronic Equipment, Instruments & Components (1.3%)*** | ***Electronic Equipment, Instruments & Components (1.3%)*** |
|  Amphenol Corp., Class A | 99257 | 9801629 |
|  CDW Corp. | 30112 | 5377702 |
|  |  | 15179331 |
|  ***IT Services (12.5%)*** | ***IT Services (12.5%)*** | ***IT Services (12.5%)*** |
|  Accenture plc, Class A | 82829 | 24756760 |
|  EPAM Systems, Inc.\* | 68647 | 12138163 |
|  Gartner, Inc.\* | 3365 | 1360200 |
|  International Business Machines Corp. | 141635 | 41751165 |
|  Okta, Inc.\* | 135164 | 13512345 |
|  Shopify, Inc., Class A\* | 259860 | 29974851 |
|  Snowflake, Inc., Class A\* | 88631 | 19832959 |
|  |  | 143326443 |
|  ***Semiconductors & Semiconductor Equipment (18.2%)*** | ***Semiconductors & Semiconductor Equipment (18.2%)*** | ***Semiconductors & Semiconductor Equipment (18.2%)*** |
|  Analog Devices, Inc. | 41020 | 9763580 |
|  Applied Materials, Inc. | 43539 | 7970685 |
|  Broadcom, Inc. | 213438 | 58834185 |
|  KLA Corp. | 8017 | 7181148 |
|  Lam Research Corp. | 80098 | 7796739 |
|  MACOM Technology Solutions Holdings, Inc.\* | 29183 | 4181632 |
|  Marvell Technology, Inc. | 64435 | 4987269 |
|  NVIDIA Corp. | 536110 | 84700019 |
|  Onto Innovation, Inc.\* | 32401 | 3270233 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 412000 | 14950020 |
|  Teradyne, Inc. | 51061 | 4591405 |
|  |  | 208226915 |
|  ***Software (32.1%)*** | ***Software (32.1%)*** | ***Software (32.1%)*** |
|  Atlassian Corp., Class A\* | 59645 | 12113303 |
|  Cadence Design Systems, Inc.\* | 30907 | 9523992 |
|  Constellation Software, Inc. | 3227 | 11832610 |
|  Crowdstrike Holdings, Inc., Class A\* | 12084 | 6154502 |
|  Datadog, Inc., Class A\* | 127389 | 17112164 |
|  Descartes Systems Group, Inc. (The)\* | 156412 | 15888726 |
|  Docusign, Inc.\* | 250484 | 19510199 |
|  Guidewire Software, Inc.\* | 65240 | 15360758 |
|  HubSpot, Inc.\* | 26623 | 14819161 |
|  Intuit, Inc. | 22984 | 18102888 |
|  Microsoft Corp. | 211510 | 105207189 |
|  Oracle Corp. | 137975 | 30165474 |
|  Palantir Technologies, Inc., Class A\* | 98803 | 13468825 |
|  Palo Alto Networks, Inc.\* | 29610 | 6059390 |
|  Salesforce, Inc. | 61116 | 16665722 |
|  SentinelOne, Inc., Class A\* | 153411 | 2804353 |
|  ServiceNow, Inc.\* | 25057 | 25760601 |
|  ServiceTitan, Inc., Class A\* | 70347 | 7539791 |
|  Tyler Technologies, Inc.\* | 20645 | 12239182 |
|  Zscaler, Inc.\* | 22942 | 7202411 |
|  |  | 367531241 |
|  ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** |
|  Apple, Inc. | 298231 | 61188054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 823126951 |
|  **Total Common Stocks (98.3%)**<br> *(Cost $666,334,581)* |  | 1125691047 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Information Technology (0.0%)** | **Information Technology (0.0%)** | **Information Technology (0.0%)** |
|  ***Software (0.0%)*** | ***Software (0.0%)*** | ***Software (0.0%)*** |
|  Constellation Software, Inc., expiring 3/31/40 (r)\* <br>*(Cost $—)* | 4387 |  |

---

See Notes to Financial Statements.

1052

------

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 13310035 | $13312697 |
|  **Total Short-Term Investments (1.2%)**<br> *(Cost $13,313,802)* |  | 13312697 |
|  **Total Investments in Securities (99.5%)**<br> *(Cost $679,648,383)* |  | 1139003744 |
|  **Other Assets Less Liabilities (0.5%)** |  | 5977692 |
|  **Net Assets (100%)** |  | $1144981436 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $224903099 | $— | $— | $224903099 |
|  Consumer Discretionary | 16329508 |  |  | 16329508 |
|  Financials | 31343647 |  |  | 31343647 |
|  Industrials | 10239628 | 19748214 |  | 29987842 |
|  Information Technology | 808176931 | 14950020 |  | 823126951 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 13312697 |  |  | 13312697 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**1104305510** | $**34698234** | $**—** | $**1139003744** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1104305510** | $**34698234** | $**—** | $**1139003744** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $271730834.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $249295011.0 |

---

See Notes to Financial Statements.

1053

------

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $470733920 |
|  Aggregate gross unrealized depreciation | (12099294) |
|  Net unrealized appreciation | $458634626 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $680369118 |

---

See Notes to Financial Statements.

1054

------

EQ/MFS TECHNOLOGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $679,648,383) | $1139003744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1424017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 180332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1146820812 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 797539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 661088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 225072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 80658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 75019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1839376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1144981436 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $652271246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 492710190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1144981436 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,144,981,436 / 27,900,668 shares outstanding (unlimited amount authorized: $0.01 par value) | $41.04 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $33,648 foreign withholding tax) | $3294991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 129408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3424399 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3779258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1283320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 465602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 49314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 40013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 34958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 16872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5678077 |
|  **NET INVESTMENT INCOME (LOSS)** | (2253678) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 18980693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 6119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18986812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 39698815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 39699848 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 58686660 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $56432982 |

---

See Notes to Financial Statements.

1055

------

#### EQ ADVISORS TRUST
EQ/MFS TECHNOLOGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2253678) | $(3927211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18986812 | 127658269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 39699848 | 153064956 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 56432982 | 276796014 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (107963404) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,597,376 and 4,072,171 shares, respectively ] | 97704569 | 155230355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,683,109 shares ] |  | 107963404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2094441) and (3040187) shares, respectively ] | (78177855) | (115928925) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 19526714 | 147264834 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 75959696 | 316097444 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1069021740 | 752924296 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1144981436 | $1069021740 |

---

See Notes to Financial Statements.

1056

------

#### EQ ADVISORS TRUST
EQ/MFS TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $39.02 | $31.79 | $20.63 | $33.36 | $32.15 | $22.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.08) | (0.16) | (0.07) | (0.16) | (0.31) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.10 | 11.76 | 11.23 | (11.91) | 4.69 | 10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.02 | 11.60 | 11.16 | (12.07) | 4.38 | 10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.37) |  | (0.66) | (3.17) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.37) |  | (0.66) | (3.17) | (0.67) |
|  Net asset value, end of period | $41.04 | $39.02 | $31.79 | $20.63 | $33.36 | $32.15 |
|  Total return (b) | 5.18% | 36.09% | 54.10% | (36.29)% | 13.76% | 46.83% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1144981 | $1069022 | $752924 | $485538 | $750442 | $666903 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.11 %(j) | 1.11 %(j) | 1.13 %(k) | 1.13 %(k) | 1.12 %(o) | 1.13 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.11% | 1.11% | 1.14% | 1.13% | 1.12% | 1.13% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.44)% | (0.42)% | (0.27)% | (0.63)% | (0.88)% | (0.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.44)% | (0.42)% | (0.28)% | (0.63)% | (0.88)% | (0.77)% |
|  Portfolio turnover rate^ | 24 %(z) | 51% | 47% | 29% | 40% | 44% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.11% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.13% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1057

------

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.1%)** | **Communication Services (3.1%)** | **Communication Services (3.1%)** |
|  ***Diversified Telecommunication Services (2.3%)*** | ***Diversified Telecommunication Services (2.3%)*** | ***Diversified Telecommunication Services (2.3%)*** |
|  Cellnex Telecom SA (m) | 100510 | $3901140 |
|  Hellenic Telecommunications Organization SA | 63118 | 1200007 |
|  |  | 5101147 |
|  ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** |
|  Rogers Communications, Inc., Class B | 56400 | 1672844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 6773991 |
|  **Real Estate (2.2%)** | **Real Estate (2.2%)** | **Real Estate (2.2%)** |
|  ***Specialized REITs (2.2%)*** | ***Specialized REITs (2.2%)*** | ***Specialized REITs (2.2%)*** |
|  SBA Communications Corp. (REIT) | 20380 | 4786039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4786039 |
|  **Utilities (93.4%)** | **Utilities (93.4%)** | **Utilities (93.4%)** |
|  ***Electric Utilities (56.9%)*** | ***Electric Utilities (56.9%)*** | ***Electric Utilities (56.9%)*** |
|  Alliant Energy Corp. | 96201 | 5817274 |
|  American Electric Power Co., Inc. | 78629 | 8158545 |
|  Constellation Energy Corp. | 54366 | 17547170 |
|  Duke Energy Corp. | 19313 | 2278934 |
|  Edison International | 121882 | 6289111 |
|  EDP SA | 647740 | 2809386 |
|  Enel SpA | 555937 | 5275600 |
|  Equatorial Energia SA | 85171 | 569207 |
|  Exelon Corp. | 25252 | 1096442 |
|  NextEra Energy, Inc. | 318450 | 22106799 |
|  OGE Energy Corp. | 54172 | 2404153 |
|  PG&E Corp. | 825652 | 11509589 |
|  Pinnacle West Capital Corp. | 44469 | 3978641 |
|  Portland General Electric Co. | 73514 | 2986874 |
|  PPL Corp. | 214893 | 7282724 |
|  Southern Co. (The) | 94656 | 8692261 |
|  SSE plc | 203893 | 5124488 |
|  Xcel Energy, Inc. | 158938 | 10823678 |
|  |  | 124750876 |
|  ***Gas Utilities (2.2%)*** | ***Gas Utilities (2.2%)*** | ***Gas Utilities (2.2%)*** |
|  Atmos Energy Corp. | 30867 | 4756913 |
|  ***Independent Power and Renewable Electricity Producers (10.8%)*** | ***Independent Power and Renewable Electricity Producers (10.8%)*** | ***Independent Power and Renewable Electricity Producers (10.8%)*** |
|  EDP Renovaveis SA | 396029 | 4420110 |
|  RWE AG | 194336 | 8110568 |
|  Vistra Corp. | 57531 | 11150083 |
|  |  | 23680761 |
|  ***Multi-Utilities (22.1%)*** | ***Multi-Utilities (22.1%)*** | ***Multi-Utilities (22.1%)*** |
|  Ameren Corp. | 83136 | 7984381 |
|  CenterPoint Energy, Inc. | 43909 | 1613217 |
|  Dominion Energy, Inc. | 144983 | 8194439 |
|  DTE Energy Co. | 75122 | 9950660 |
|  E.ON SE | 99422 | 1829909 |
|  National Grid plc | 193146 | 2814269 |
|  Public Service Enterprise Group, Inc. | 64010 | 5388362 |
|  Sempra | 126396 | 9577025 |
|  Veolia Environnement SA | 32074 | 1142892 |
|  |  | 48495154 |
|  ***Water Utilities (1.4%)*** | ***Water Utilities (1.4%)*** | ***Water Utilities (1.4%)*** |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 23600 | 519555 |
|  United Utilities Group plc | 157465 | 2467288 |
|  |  | 2986843 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 204670547 |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $164,541,308)* |  | 216230577 |
|  **Other Assets Less Liabilities (1.3%)** |  | 2824609 |
|  **Net Assets (100%)** |  | $219055186 |

---

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $3,901,140 or 1.8% of net assets.* 

*Glossary:* 

*CAD* *— Canadian Dollar* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1058

------

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CAD | 9811 | USD | 7106 | HSBC Bank plc | 7/18/2025 | 106 |
|  CAD | 101758 | USD | 71996 | State Street Bank & Trust | 7/18/2025 | 2796 |
|  EUR | 75004 | USD | 85715 | BNP Paribas | 7/18/2025 | 2735 |
|  EUR | 230078 | USD | 260954 | Merrill Lynch International | 7/18/2025 | 10374 |
|  EUR | 423606 | USD | 485686 | Morgan Stanley | 7/18/2025 | 13866 |
|  EUR | 378941 | USD | 436439 | State Street Bank & Trust | 7/18/2025 | 10441 |
|  GBP | 605645 | USD | 823273 | Citibank NA | 7/18/2025 | 8129 |
|  GBP | 101465 | USD | 139239 | HSBC Bank plc | 7/18/2025 | 47 |
|  GBP | 427246 | USD | 569035 | State Street Bank & Trust | 7/18/2025 | 17469 |
|  GBP | 17940 | USD | 23715 | UBS AG | 7/18/2025 | 913 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 66876 |
|  USD | 393455 | CAD | 541959 | BNP Paribas | 7/18/2025 | (4883) |
|  USD | 310556 | CAD | 429151 | Goldman Sachs International | 7/18/2025 | (4869) |
|  USD | 442429 | CAD | 610698 | Merrill Lynch International | 7/18/2025 | (6433) |
|  USD | 10499434 | EUR | 9244502 | Citibank NA | 7/18/2025 | (402474) |
|  USD | 2824 | EUR | 2573 | HSBC Bank plc | 7/18/2025 | (210) |
|  USD | 4201515 | EUR | 3697801 | Merrill Lynch International | 7/18/2025 | (159248) |
|  USD | 1460664 | EUR | 1259302 | Morgan Stanley | 7/18/2025 | (24413) |
|  USD | 3091190 | EUR | 2724623 | State Street Bank & Trust | 7/18/2025 | (121918) |
|  USD | 43008 | GBP | 31660 | Morgan Stanley | 7/18/2025 | (453) |
|  USD | 7558392 | GBP | 5772572 | State Street Bank & Trust | 7/18/2025 | (365931) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1090832) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (1023956) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $1672844 | $5101147 | $— | $6773991 |
|  Real Estate | 4786039 |  |  | 4786039 |
|  Utilities | 170676037 | 33994510 |  | 204670547 |
|  **Forward Currency Contracts** |  | 66876 |  | 66876 |
|  **Total Assets** | $**177134920** | $**39162533** | $**—** | $**216297453** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1090832) | $— | $(1090832) |
|  **Total Liabilities** | $**—** | $**(1090832)** | $**—** | $**(1090832)** |
|  **Total** | $**177134920** | $**38071701** | $**—** | $**215206621** |

---

See Notes to Financial Statements.

1059

------

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | $66876 |
|  **Total** |  | $66876 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | $(1090832) |
|  **Total** |  | $(1090832) |

---

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(238920) | $(238920) |
|  **Total** | $(238920) | $(238920) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(2438789) | $(2438789) |
|  **Total** | $(2438789) | $(2438789) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $2206000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 26628000.0 |

---

See Notes to Financial Statements.

1060

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EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  BNP Paribas | $2735 | $(2735) | $— | $— |
|  Citibank NA | 8129 | (8129) |  |  |
|  HSBC Bank plc | 153 | (153) |  |  |
|  Merrill Lynch International | 10374 | (10374) |  |  |
|  Morgan Stanley | 13866 | (13866) |  |  |
|  State Street Bank & Trust | 30706 | (30706) |  |  |
|  UBS AG | 913 |  |  | 913 |
|  **Total** | $66876 | $(65963) | $— | $913 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  BNP Paribas | $4883 | $(2735) | $— | $2148 |
|  Citibank NA | 402474 | (8129) |  | 394345 |
|  Goldman Sachs International | 4869 |  |  | 4869 |
|  HSBC Bank plc | 210 | (153) |  | 57 |
|  Merrill Lynch International | 165681 | (10374) |  | 155307 |
|  Morgan Stanley | 24866 | (13866) |  | 11000 |
|  State Street Bank & Trust | 487849 | (30706) |  | 457143 |
|  **Total** | $1090832 | $(65963) | $— | $1024869 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $17210541.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $20272818.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $55493469 |
|  Aggregate gross unrealized depreciation | (7060796) |
|  Net unrealized appreciation | $48432673 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $166773948 |

---

See Notes to Financial Statements.

1061

------

EQ/MFS UTILITIES SERIES PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $164,541,308) | $216230577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1459393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1701899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 758115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 171674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 66876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 220391336 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1090832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 113987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 44628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 26847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 16110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 39750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1336150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $219055186 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $165937637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 53117549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $219055186 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $218,992,304 / 5,580,067 shares outstanding (unlimited amount authorized: $0.01 par value) | $39.25 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $62,882 / 1,563 shares outstanding (unlimited amount authorized: $0.01 par value) | $40.23 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $123,174 foreign withholding tax) | $3339941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 64180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3404121 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 766478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 262419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 95358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 21686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 12385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1202836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (100077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1102759 |
|  **NET INVESTMENT INCOME (LOSS)** | 2301362 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1101809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (238920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 860171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 13245425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2438789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 24204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10830840 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 11691011 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $13992373 |

---

See Notes to Financial Statements.

1062

------

#### EQ ADVISORS TRUST
EQ/MFS UTILITIES SERIES PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2301362 | $3999536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 860171 | 2464990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10830840 | 15727181 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 13992373 | 22191707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (6243801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (6245621) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 274,223 and 410,208 shares, respectively ] | 10286603 | 14886010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 165,524 shares, respectively ] |  | 6243801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (410675) and (889836) shares, respectively ] | (15352624) | (32146439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (5066021) | (11016628) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 36 and 58 shares, respectively ] | 1400 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 47 shares, respectively ] |  | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (20) and (41) shares, respectively ] | (762) | (1518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 638 | 2434 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (5065383) | (11014194) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8926990 | 4931892 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 210128196 | 205196304 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $219055186 | $210128196 |

---

See Notes to Financial Statements.

1063

------

#### EQ ADVISORS TRUST
EQ/MFS UTILITIES SERIES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $36.75 | $34.02 | $36.27 | $39.09 | $35.38 | $34.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.41 | 0.69 | 0.77 | 0.56 | 0.70 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.09 | 3.16 | (1.62) | (0.33) | 4.20 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.50 | 3.85 | (0.85) | 0.23 | 4.90 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.56) | (0.74) | (1.72) | (0.46) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.66) | (1.33) | (0.73) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.12) | (1.40) | (3.05) | (1.19) | (1.26) |
|  Net asset value, end of period | $39.25 | $36.75 | $34.02 | $36.27 | $39.09 | $35.38 |
|  Total return (b) | 6.80% | 11.24% | (2.36)% | 0.42% | 13.92% | 5.55% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $218992 | $210070 | $205145 | $223243 | $219669 | $202257 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.15% | 1.15% | 1.16% | 1.15% | 1.15% | 1.17% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.19% | 1.92% | 2.19% | 1.46% | 1.90% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.10% | 1.81% | 2.08% | 1.37% | 1.80% | 1.62% |
|  Portfolio turnover rate^ | 8 %(z) | 11% | 18% | 29% | 19% | 36% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $37.63 | $34.80 | $37.07 | $39.87 | $36.05 | $35.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.47 | 0.80 | 0.86 | 0.67 | 0.81 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.13 | 3.24 | (1.65) | (0.33) | 4.28 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.60 | 4.04 | (0.79) | 0.34 | 5.09 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.65) | (0.82) | (1.81) | (0.54) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.56) | (0.66) | (1.33) | (0.73) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.21) | (1.48) | (3.14) | (1.27) | (1.34) |
|  Net asset value, end of period | $40.23 | $37.63 | $34.80 | $37.07 | $39.87 | $36.05 |
|  Total return (b) | 6.91% | 11.53% | (2.13)% | 0.70% | 14.20% | 5.80% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $63 | $58 | $52 | $64 | $64 | $56 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.89% | 0.90% | 0.91% | 0.90% | 0.90% | 0.92% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.44% | 2.16% | 2.41% | 1.71% | 2.15% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.35% | 2.06% | 2.30% | 1.62% | 2.05% | 1.86% |
|  Portfolio turnover rate^ | 8 %(z) | 11% | 18% | 29% | 19% | 36% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.05% for Class IB and 0.80% for Class K.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1064

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.2%)** | **Communication Services (1.2%)** | **Communication Services (1.2%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Frontier Communications Parent, Inc.\* | 185979 | $6769635 |
|  Iridium Communications, Inc. | 91334 | 2755547 |
|  |  | 9525182 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Warner Music Group Corp., Class A | 121664 | 3314127 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  ZoomInfo Technologies, Inc., Class A\* | 227634 | 2303656 |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** |
|  EchoStar Corp., Class A\* | 101391 | 2808531 |
|  New York Times Co. (The), Class A | 136930 | 7665341 |
|  Nexstar Media Group, Inc., Class A | 24471 | 4232260 |
|  |  | 14706132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 29849097 |
|  **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** | **Consumer Discretionary (13.3%)** |
|  ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** |
|  Autoliv, Inc. | 59996 | 6713552 |
|  Gentex Corp. | 190854 | 4196880 |
|  Goodyear Tire & Rubber Co. (The)\* | 239141 | 2479892 |
|  Lear Corp. | 45011 | 4275145 |
|  Visteon Corp.\* | 23177 | 2162414 |
|  |  | 19827883 |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** |
|  Harley-Davidson, Inc. | 96164 | 2269470 |
|  Thor Industries, Inc. (x) | 44661 | 3966344 |
|  |  | 6235814 |
|  ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** | ***Broadline Retail (0.4%)*** |
|  Macy's, Inc. | 232983 | 2716582 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 51422 | 6776391 |
|  |  | 9492973 |
|  ***Diversified Consumer Services (1.5%)*** | ***Diversified Consumer Services (1.5%)*** | ***Diversified Consumer Services (1.5%)*** |
|  Duolingo, Inc., Class A\* | 31802 | 13039456 |
|  Graham Holdings Co., Class B | 2828 | 2675769 |
|  Grand Canyon Education, Inc.\* | 24120 | 4558680 |
|  H&R Block, Inc. | 112322 | 6165354 |
|  Service Corp. International | 121018 | 9850865 |
|  |  | 36290124 |
|  ***Hotels, Restaurants & Leisure (3.5%)*** | ***Hotels, Restaurants & Leisure (3.5%)*** | ***Hotels, Restaurants & Leisure (3.5%)*** |
|  Aramark | 222468 | 9314735 |
|  Boyd Gaming Corp. | 55630 | 4351935 |
|  Cava Group, Inc.\* | 68268 | 5750214 |
|  Choice Hotels International, Inc. (x) | 18748 | 2378746 |
|  Churchill Downs, Inc. | 61676 | 6229276 |
|  Hilton Grand Vacations, Inc.\* | 52069 | 2162426 |
|  Hyatt Hotels Corp., Class A | 35786 | 4997515 |
|  Light & Wonder, Inc.\* | 74105 | 7133347 |
|  Marriott Vacations Worldwide Corp. | 26953 | 1948971 |
|  Planet Fitness, Inc., Class A\* | 70642 | 7703510 |
|  Texas Roadhouse, Inc., Class A | 55984 | 10491962 |
|  Travel + Leisure Co. | 57403 | 2962569 |
|  Vail Resorts, Inc. (x) | 31417 | 4936553 |
|  Wendy's Co. (The) | 143683 | 1640860 |
|  Wingstop, Inc. | 24514 | 8254844 |
|  Wyndham Hotels & Resorts, Inc. | 65242 | 5298303 |
|  |  | 85555766 |
|  ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** |
|  KB Home | 58237 | 3084814 |
|  Somnigroup International, Inc. | 172614 | 11746383 |
|  Taylor Morrison Home Corp., Class A\* | 86836 | 5333467 |
|  Toll Brothers, Inc. | 83824 | 9566833 |
|  TopBuild Corp.\* | 24605 | 7965622 |
|  Whirlpool Corp. (x) | 46476 | 4713596 |
|  |  | 42410715 |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** |
|  Brunswick Corp. | 55371 | 3058694 |
|  Mattel, Inc.\* | 282716 | 5575159 |
|  Polaris, Inc. (x) | 43992 | 1788275 |
|  YETI Holdings, Inc.\* | 71182 | 2243657 |
|  |  | 12665785 |
|  ***Specialty Retail (3.7%)*** | ***Specialty Retail (3.7%)*** | ***Specialty Retail (3.7%)*** |
|  Abercrombie & Fitch Co., Class A\* | 42271 | 3502152 |
|  AutoNation, Inc.\* | 21632 | 4297197 |
|  Bath & Body Works, Inc. | 181749 | 5445200 |
|  Burlington Stores, Inc.\* | 52707 | 12261757 |
|  Chewy, Inc., Class A\* | 184853 | 7878435 |
|  Dick's Sporting Goods, Inc. | 48591 | 9611786 |
|  Five Below, Inc.\* | 46163 | 6055662 |
|  Floor & Decor Holdings, Inc., Class A\* | 89985 | 6835261 |
|  GameStop Corp., Class A\* | 341196 | 8321770 |
|  Gap, Inc. (The) | 186717 | 4072298 |
|  Lithia Motors, Inc., Class A | 22353 | 7551290 |
|  Murphy USA, Inc. | 15285 | 6217938 |
|  Penske Automotive Group, Inc. | 15689 | 2695527 |
|  RH\* | 12645 | 2390031 |
|  Valvoline, Inc.\* | 106658 | 4039139 |
|  |  | 91175443 |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** |
|  Capri Holdings Ltd.\* | 98946 | 1751344 |
|  Columbia Sportswear Co. | 26877 | 1641647 |
|  Crocs, Inc.\* | 47040 | 4764211 |
|  PVH Corp. | 46685 | 3202591 |
|  Skechers USA, Inc., Class A\* | 110429 | 6968070 |
|  Under Armour, Inc., Class A\* | 158454 | 1082241 |
|  Under Armour, Inc., Class C\* | 107483 | 697565 |
|  VF Corp. | 277880 | 3265090 |
|  |  | 23372759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 327027262 |
|  **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** | **Consumer Staples (5.3%)** |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 7221 | 1377839 |
|  Celsius Holdings, Inc.\* | 132145 | 6130207 |
|  Coca-Cola Consolidated, Inc. | 49470 | 5523325 |
|  |  | 13031371 |

---

See Notes to Financial Statements.

1065

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Consumer Staples Distribution & Retail (3.3%)*** | ***Consumer Staples Distribution & Retail (3.3%)*** | ***Consumer Staples Distribution & Retail (3.3%)*** |
|  Albertsons Cos., Inc., Class A | 340338 | $7320671 |
|  BJ's Wholesale Club Holdings, Inc.\* | 110849 | 11952848 |
|  Casey's General Stores, Inc. | 31148 | 15893890 |
|  Maplebear, Inc.\* | 135814 | 6144225 |
|  Performance Food Group Co.\* | 131092 | 11466617 |
|  Sprouts Farmers Market, Inc.\* | 83909 | 13814778 |
|  US Foods Holding Corp.\* | 193327 | 14888112 |
|  |  | 81481141 |
|  ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** |
|  Darling Ingredients, Inc.\* | 133468 | 5063776 |
|  Flowers Foods, Inc. (x) | 164356 | 2626409 |
|  Ingredion, Inc. | 54126 | 7340568 |
|  Lancaster Colony Corp. | 16196 | 2798183 |
|  Pilgrim's Pride Corp. | 33828 | 1521583 |
|  Post Holdings, Inc.\* | 38392 | 4185880 |
|  |  | 23536399 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  BellRing Brands, Inc.\* | 107651 | 6236222 |
|  Coty, Inc., Class A\* | 307335 | 1429108 |
|  e.l.f. Beauty, Inc.\* | 47328 | 5889496 |
|  |  | 13554826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 131603737 |
|  **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  ChampionX Corp. | 160113 | 3977207 |
|  NOV, Inc. | 319572 | 3972280 |
|  Valaris Ltd. (x)\* | 54906 | 2312092 |
|  Weatherford International plc | 61130 | 3075450 |
|  |  | 13337029 |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** |
|  Antero Midstream Corp. | 281142 | 5327641 |
|  Antero Resources Corp.\* | 245464 | 9887290 |
|  Chord Energy Corp. | 51298 | 4968211 |
|  Civitas Resources, Inc. | 74512 | 2050570 |
|  CNX Resources Corp.\* | 124904 | 4206767 |
|  DT Midstream, Inc. | 85029 | 9345537 |
|  HF Sinclair Corp. | 134208 | 5513265 |
|  Matador Resources Co. | 97376 | 4646783 |
|  Murphy Oil Corp. | 115044 | 2588490 |
|  Ovintiv, Inc. | 218456 | 8312251 |
|  PBF Energy, Inc., Class A | 82252 | 1782401 |
|  Permian Resources Corp. | 536807 | 7311311 |
|  Range Resources Corp. | 202500 | 8235675 |
|  Viper Energy, Inc., Class A | 110194 | 4201697 |
|  |  | 78377889 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 91714918 |
|  **Financials (18.2%)** | **Financials (18.2%)** | **Financials (18.2%)** |
|  ***Banks (6.6%)*** | ***Banks (6.6%)*** | ***Banks (6.6%)*** |
|  Associated Banc-Corp. | 137570 | 3355332 |
|  Bank OZK | 88537 | 4166551 |
|  Cadence Bank | 154013 | 4925336 |
|  Columbia Banking System, Inc. | 175836 | 4111046 |
|  Comerica, Inc. | 110274 | 6577844 |
|  Commerce Bancshares, Inc. | 102444 | 6368943 |
|  Cullen/Frost Bankers, Inc. | 53904 | 6928820 |
|  East West Bancorp, Inc. | 116333 | 11747306 |
|  First Financial Bankshares, Inc. | 107933 | 3883429 |
|  First Horizon Corp. | 439724 | 9322149 |
|  Flagstar Financial, Inc. | 254297 | 2695548 |
|  FNB Corp. | 301779 | 4399938 |
|  Glacier Bancorp, Inc. | 95163 | 4099622 |
|  Hancock Whitney Corp. | 72219 | 4145371 |
|  Home BancShares, Inc. | 155147 | 4415484 |
|  International Bancshares Corp. | 44891 | 2987945 |
|  Old National Bancorp | 267683 | 5712355 |
|  Pinnacle Financial Partners, Inc. | 64221 | 7090641 |
|  Prosperity Bancshares, Inc. | 79952 | 5615828 |
|  SouthState Corp. | 82390 | 7582352 |
|  Synovus Financial Corp. | 118462 | 6130408 |
|  Texas Capital Bancshares, Inc.\* | 38613 | 3065872 |
|  UMB Financial Corp. | 57111 | 6005793 |
|  United Bankshares, Inc. | 119803 | 4364423 |
|  Valley National Bancorp | 398578 | 3559302 |
|  Webster Financial Corp. | 143826 | 7852900 |
|  Western Alliance Bancorp | 91527 | 7137275 |
|  Wintrust Financial Corp. | 55801 | 6918208 |
|  Zions Bancorp NA | 124089 | 6445183 |
|  |  | 161611204 |
|  ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** |
|  Affiliated Managers Group, Inc. | 24552 | 4831097 |
|  Carlyle Group, Inc. (The) | 177091 | 9102477 |
|  Evercore, Inc., Class A | 29710 | 8022294 |
|  Federated Hermes, Inc., Class B | 65386 | 2897908 |
|  Hamilton Lane, Inc., Class A | 36367 | 5168478 |
|  Houlihan Lokey, Inc., Class A | 45337 | 8158393 |
|  Interactive Brokers Group, Inc., Class A | 365472 | 20250804 |
|  Janus Henderson Group plc | 106739 | 4145743 |
|  Jefferies Financial Group, Inc. | 136629 | 7472240 |
|  Morningstar, Inc. | 22672 | 7117421 |
|  SEI Investments Co. | 80895 | 7269225 |
|  Stifel Financial Corp. | 85739 | 8897993 |
|  |  | 93334073 |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** |
|  Ally Financial, Inc. | 230645 | 8983623 |
|  FirstCash Holdings, Inc. | 32679 | 4416240 |
|  SLM Corp. | 176561 | 5789435 |
|  |  | 19189298 |
|  ***Financial Services (1.9%)*** | ***Financial Services (1.9%)*** | ***Financial Services (1.9%)*** |
|  Equitable Holdings, Inc.‡ | 260058 | 14589254 |
|  Essent Group Ltd. | 88125 | 5351831 |
|  Euronet Worldwide, Inc.\* | 34654 | 3513223 |
|  MGIC Investment Corp. | 208491 | 5804390 |
|  Shift4 Payments, Inc., Class A (x)\* | 57622 | 5710916 |
|  Voya Financial, Inc. | 80743 | 5732753 |
|  Western Union Co. (The) | 283555 | 2387533 |
|  WEX, Inc.\* | 29298 | 4303583 |
|  |  | 47393483 |
|  ***Insurance (4.5%)*** | ***Insurance (4.5%)*** | ***Insurance (4.5%)*** |
|  American Financial Group, Inc. | 60606 | 7649083 |
|  Brighthouse Financial, Inc.\* | 49200 | 2645484 |
|  CNO Financial Group, Inc. | 85275 | 3289910 |

---

See Notes to Financial Statements.

1066

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Fidelity National Financial, Inc. | 218148 | $| 12229377 |
|  First American Financial Corp. | 86438 |  | 5306429 |
|  Hanover Insurance Group, Inc. (The) | 30238 |  | 5136529 |
|  Kemper Corp. | 50406 |  | 3253203 |
|  Kinsale Capital Group, Inc. | 18565 |  | 8983604 |
|  Old Republic International Corp. | 195755 |  | 7524822 |
|  Primerica, Inc. | 28004 |  | 7663855 |
|  Reinsurance Group of America, Inc. | 55278 |  | 10964944 |
|  RenaissanceRe Holdings Ltd. | 41330 |  | 10039057 |
|  RLI Corp. | 69983 |  | 5054172 |
|  Ryan Specialty Holdings, Inc., Class A | 89284 |  | 6070419 |
|  Selective Insurance Group, Inc. | 51026 |  | 4421403 |
|  Unum Group | 137886 |  | 11135673 |
|  |  |  | 111367964 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** |
|  Annaly Capital Management, Inc. (REIT) | 485340 |  | 9134099 |
|  Starwood Property Trust, Inc. (REIT) (x) | 268787 |  | 5394555 |
|  |  |  | 14528654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 447424676 |
|  **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** |
|  ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** |
|  BioMarin Pharmaceutical, Inc.\* | 159931 |  | 8791407 |
|  Cytokinetics, Inc.\* | 99034 |  | 3272083 |
|  Exelixis, Inc.\* | 234867 |  | 10351763 |
|  Halozyme Therapeutics, Inc.\* | 106765 |  | 5553915 |
|  Neurocrine Biosciences, Inc.\* | 83668 |  | 10516231 |
|  Roivant Sciences Ltd.\* | 353285 |  | 3981522 |
|  Sarepta Therapeutics, Inc.\* | 80157 |  | 1370685 |
|  United Therapeutics Corp.\* | 37465 |  | 10765568 |
|  |  |  | 54603174 |
|  ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** |
|  Dentsply Sirona, Inc. | 166810 |  | 2648943 |
|  Envista Holdings Corp.\* | 144495 |  | 2823432 |
|  Globus Medical, Inc., Class A\* | 95444 |  | 5633105 |
|  Haemonetics Corp.\* | 42157 |  | 3145334 |
|  Lantheus Holdings, Inc.\* | 58345 |  | 4776122 |
|  LivaNova plc\* | 45568 |  | 2051471 |
|  Masimo Corp.\* | 37292 |  | 6273260 |
|  Penumbra, Inc.\* | 32206 |  | 8265026 |
|  |  |  | 35616693 |
|  ***Health Care Providers & Services (2.5%)*** | ***Health Care Providers & Services (2.5%)*** | ***Health Care Providers & Services (2.5%)*** | ***Health Care Providers & Services (2.5%)*** |
|  Acadia Healthcare Co., Inc.\* | 77946 |  | 1768595 |
|  Amedisys, Inc.\* | 27484 |  | 2704151 |
|  Chemed Corp. | 12573 |  | 6122171 |
|  Encompass Health Corp. | 84546 |  | 10367876 |
|  Ensign Group, Inc. (The) | 47849 |  | 7381187 |
|  HealthEquity, Inc.\* | 72725 |  | 7618671 |
|  Hims & Hers Health, Inc. (x)\* | 160442 |  | 7998033 |
|  Option Care Health, Inc.\* | 142811 |  | 4638501 |
|  Tenet Healthcare Corp.\* | 79802 |  | 14045152 |
|  |  |  | 62644337 |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** |
|  Doximity, Inc., Class A\* | 112031 |  | 6871981 |
|  ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** |
|  Avantor, Inc.\* | 571392 |  | 7690936 |
|  Bio-Rad Laboratories, Inc., Class A\* | 16171 |  | 3902386 |
|  Bruker Corp. | 92868 |  | 3826162 |
|  Illumina, Inc.\* | 132924 |  | 12682279 |
|  Medpace Holdings, Inc.\* | 20965 |  | 6580075 |
|  Repligen Corp.\* | 43725 |  | 5438515 |
|  Sotera Health Co.\* | 128350 |  | 1427252 |
|  |  |  | 41547605 |
|  ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** |
|  Jazz Pharmaceuticals plc\* | 50732 |  | 5383680 |
|  Perrigo Co. plc | 114486 |  | 3059066 |
|  |  |  | 8442746 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 209726536 |
|  **Industrials (22.8%)** | **Industrials (22.8%)** | **Industrials (22.8%)** | **Industrials (22.8%)** |
|  ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** |
|  ATI, Inc.\* | 119702 |  | 10335071 |
|  BWX Technologies, Inc. | 76737 |  | 11054732 |
|  Curtiss-Wright Corp. | 31602 |  | 15439157 |
|  Hexcel Corp. | 68083 |  | 3846009 |
|  Woodward, Inc. | 49813 |  | 12208668 |
|  |  |  | 52883637 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  GXO Logistics, Inc.\* | 100277 |  | 4883490 |
|  ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** |
|  AAON, Inc. | 56612 |  | 4175135 |
|  Advanced Drainage Systems, Inc. | 59240 |  | 6804306 |
|  Carlisle Cos., Inc. | 37308 |  | 13930807 |
|  Fortune Brands Innovations, Inc. | 104247 |  | 5366636 |
|  Owens Corning | 71987 |  | 9899652 |
|  Simpson Manufacturing Co., Inc. | 35383 |  | 5495334 |
|  Trex Co., Inc.\* | 89912 |  | 4889415 |
|  UFP Industries, Inc. | 50959 |  | 5063286 |
|  |  |  | 55624571 |
|  ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** |
|  Brink's Co. (The) | 36624 |  | 3270157 |
|  Clean Harbors, Inc.\* | 42517 |  | 9829080 |
|  MSA Safety, Inc. | 32939 |  | 5518271 |
|  RB Global, Inc. | 154756 |  | 16433539 |
|  Tetra Tech, Inc. | 224927 |  | 8088375 |
|  |  |  | 43139422 |
|  ***Construction & Engineering (3.3%)*** | ***Construction & Engineering (3.3%)*** | ***Construction & Engineering (3.3%)*** | ***Construction & Engineering (3.3%)*** |
|  AECOM | 111349 |  | 12566848 |
|  API Group Corp.\* | 205294 |  | 10480259 |
|  Comfort Systems USA, Inc. | 29774 |  | 15965117 |
|  EMCOR Group, Inc. | 38604 |  | 20648894 |
|  Fluor Corp.\* | 143931 |  | 7379342 |
|  MasTec, Inc.\* | 51663 |  | 8804925 |
|  Valmont Industries, Inc. | 16813 |  | 5490621 |
|  |  |  | 81336006 |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** |
|  Acuity, Inc. | 25728 |  | 7675692 |
|  EnerSys | 33087 |  | 2837872 |
|  NEXTracker, Inc., Class A\* | 120597 |  | 6556859 |
|  nVent Electric plc | 138308 |  | 10131061 |

---

See Notes to Financial Statements.

1067

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Regal Rexnord Corp. | 55576 | $| 8056297 |
|  Sensata Technologies Holding plc | 125511 |  | 3779136 |
|  |  |  | 39036917 |
|  ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** | ***Ground Transportation (1.5%)*** |
|  Avis Budget Group, Inc.\* | 14154 |  | 2392733 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 135856 |  | 6008911 |
|  Landstar System, Inc. | 29636 |  | 4119997 |
|  Ryder System, Inc. | 35316 |  | 5615244 |
|  Saia, Inc.\* | 22318 |  | 6114909 |
|  XPO, Inc.\* | 98387 |  | 12425294 |
|  |  |  | 36677088 |
|  ***Machinery (5.2%)*** | ***Machinery (5.2%)*** | ***Machinery (5.2%)*** | ***Machinery (5.2%)*** |
|  AGCO Corp. | 51991 |  | 5363392 |
|  Chart Industries, Inc.\* | 35287 |  | 5810005 |
|  CNH Industrial NV | 733675 |  | 9508428 |
|  Crane Co. | 40823 |  | 7751879 |
|  Donaldson Co., Inc. | 100218 |  | 6950118 |
|  Esab Corp. | 47683 |  | 5748186 |
|  Flowserve Corp. | 110247 |  | 5771430 |
|  Graco, Inc. | 141694 |  | 12181433 |
|  ITT, Inc. | 68308 |  | 10712744 |
|  Lincoln Electric Holdings, Inc. | 47351 |  | 9816809 |
|  Middleby Corp. (The)\* | 45141 |  | 6500304 |
|  Mueller Industries, Inc. | 95443 |  | 7584855 |
|  Oshkosh Corp. | 54601 |  | 6199398 |
|  RBC Bearings, Inc.\* | 26242 |  | 10097922 |
|  Terex Corp. | 55721 |  | 2601613 |
|  Timken Co. (The) | 53544 |  | 3884617 |
|  Toro Co. (The) | 84442 |  | 5968361 |
|  Watts Water Technologies, Inc., Class A | 22966 |  | 5647110 |
|  |  |  | 128098604 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Kirby Corp.\* | 48168 |  | 5462733 |
|  ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** |
|  Alaska Air Group, Inc.\* | 103283 |  | 5110443 |
|  American Airlines Group, Inc. (x)\* | 551809 |  | 6191297 |
|  |  |  | 11301740 |
|  ***Professional Services (2.3%)*** | ***Professional Services (2.3%)*** | ***Professional Services (2.3%)*** | ***Professional Services (2.3%)*** |
|  CACI International, Inc., Class A\* | 18814 |  | 8968634 |
|  Concentrix Corp. (x) | 38873 |  | 2054632 |
|  ExlService Holdings, Inc.\* | 135007 |  | 5911957 |
|  Exponent, Inc. | 42600 |  | 3182646 |
|  FTI Consulting, Inc.\* | 29643 |  | 4787345 |
|  Genpact Ltd. | 134845 |  | 5934528 |
|  Insperity, Inc. | 29680 |  | 1784362 |
|  KBR, Inc. | 111813 |  | 5360315 |
|  ManpowerGroup, Inc. | 39387 |  | 1591235 |
|  Maximus, Inc. | 47497 |  | 3334289 |
|  Parsons Corp.\* | 39209 |  | 2814030 |
|  Paylocity Holding Corp.\* | 36581 |  | 6628111 |
|  Science Applications International Corp. | 41020 |  | 4619262 |
|  |  |  | 56971346 |
|  ***Trading Companies & Distributors (1.8%)*** | ***Trading Companies & Distributors (1.8%)*** | ***Trading Companies & Distributors (1.8%)*** | ***Trading Companies & Distributors (1.8%)*** |
|  Applied Industrial Technologies, Inc. | 32205 |  | 7486052 |
|  Core & Main, Inc., Class A\* | 159601 |  | 9631920 |
|  GATX Corp. | 29823 |  | 4579620 |
|  MSC Industrial Direct Co., Inc., Class A | 37500 |  | 3188250 |
|  Watsco, Inc. | 29228 |  | 12907669 |
|  WESCO International, Inc. | 37263 |  | 6901108 |
|  |  |  | 44694619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 560110173 |
|  **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** |
|  Ciena Corp.\* | 119259 |  | 9699335 |
|  Lumentum Holdings, Inc.\* | 58070 |  | 5520134 |
|  |  |  | 15219469 |
|  ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** | ***Electronic Equipment, Instruments & Components (3.2%)*** |
|  Arrow Electronics, Inc.\* | 43781 |  | 5579013 |
|  Avnet, Inc. | 72592 |  | 3853183 |
|  Belden, Inc. | 33792 |  | 3913114 |
|  Cognex Corp. | 142546 |  | 4521559 |
|  Coherent Corp.\* | 130043 |  | 11601136 |
|  Crane NXT Co. | 41265 |  | 2224183 |
|  Fabrinet\* | 30202 |  | 8899925 |
|  Flex Ltd.\* | 321488 |  | 16048681 |
|  IPG Photonics Corp.\* | 22138 |  | 1519774 |
|  Littelfuse, Inc. | 20824 |  | 4721425 |
|  Novanta, Inc.\* | 30144 |  | 3886466 |
|  TD SYNNEX Corp. | 63223 |  | 8579361 |
|  Vontier Corp. | 124784 |  | 4604530 |
|  |  |  | 79952350 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  ASGN, Inc.\* | 37091 |  | 1851954 |
|  Kyndryl Holdings, Inc.\* | 195270 |  | 8193529 |
|  Okta, Inc.\* | 136741 |  | 13669998 |
|  |  |  | 23715481 |
|  ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** |
|  Allegro MicroSystems, Inc.\* | 109670 |  | 3749617 |
|  Amkor Technology, Inc. | 95204 |  | 1998332 |
|  Cirrus Logic, Inc.\* | 44598 |  | 4649564 |
|  Entegris, Inc. | 126821 |  | 10228114 |
|  Lattice Semiconductor Corp.\* | 115781 |  | 5672111 |
|  MACOM Technology Solutions Holdings, Inc.\* | 49907 |  | 7151174 |
|  MKS, Inc. | 56475 |  | 5611356 |
|  Onto Innovation, Inc.\* | 41447 |  | 4183246 |
|  Power Integrations, Inc. | 47776 |  | 2670678 |
|  Rambus, Inc.\* | 89434 |  | 5725565 |
|  Silicon Laboratories, Inc.\* | 27238 |  | 4013792 |
|  Synaptics, Inc.\* | 32885 |  | 2131606 |
|  Universal Display Corp. | 37040 |  | 5721198 |
|  |  |  | 63506353 |
|  ***Software (3.6%)*** | ***Software (3.6%)*** | ***Software (3.6%)*** | ***Software (3.6%)*** |
|  Appfolio, Inc., Class A\* | 19504 |  | 4491381 |
|  BILL Holdings, Inc.\* | 78707 |  | 3640986 |
|  Blackbaud, Inc.\* | 31918 |  | 2049455 |
|  Commvault Systems, Inc.\* | 36922 |  | 6436612 |
|  Docusign, Inc.\* | 169531 |  | 13204770 |
|  Dolby Laboratories, Inc., Class A | 51362 |  | 3814142 |

---

See Notes to Financial Statements.

1068

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Dropbox, Inc., Class A\* | 181632 | $| 5194675 |
|  Dynatrace, Inc.\* | 251205 |  | 13869028 |
|  Guidewire Software, Inc.\* | 70086 |  | 16501749 |
|  Manhattan Associates, Inc.\* | 51293 |  | 10128829 |
|  Pegasystems, Inc. | 74900 |  | 4054337 |
|  Qualys, Inc.\* | 30705 |  | 4386823 |
|  |  |  | 87772787 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Pure Storage, Inc., Class A\* | 260080 |  | 14975406 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 285141846 |
|  **Materials (5.4%)** | **Materials (5.4%)** | **Materials (5.4%)** | **Materials (5.4%)** |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** |
|  Ashland, Inc. | 39595 |  | 1990836 |
|  Avient Corp. | 76670 |  | 2477208 |
|  Axalta Coating Systems Ltd.\* | 183059 |  | 5435022 |
|  Cabot Corp. | 45501 |  | 3412575 |
|  NewMarket Corp. | 6394 |  | 4417359 |
|  Olin Corp. | 97092 |  | 1950578 |
|  RPM International, Inc. | 107890 |  | 11850638 |
|  Scotts Miracle-Gro Co. (The) | 36172 |  | 2385905 |
|  Westlake Corp. | 28082 |  | 2132266 |
|  |  |  | 36052387 |
|  ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** | ***Construction Materials (0.4%)*** |
|  Eagle Materials, Inc. | 27934 |  | 5645741 |
|  Knife River Corp.\* | 47508 |  | 3878553 |
|  |  |  | 9524294 |
|  ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** |
|  AptarGroup, Inc. | 55801 |  | 8728951 |
|  Crown Holdings, Inc. | 98232 |  | 10115931 |
|  Graphic Packaging Holding Co. (x) | 251930 |  | 5308165 |
|  Greif, Inc., Class A | 21693 |  | 1409828 |
|  Silgan Holdings, Inc. | 68110 |  | 3690200 |
|  Sonoco Products Co. | 82457 |  | 3591827 |
|  |  |  | 32844902 |
|  ***Metals & Mining (2.0%)*** | ***Metals & Mining (2.0%)*** | ***Metals & Mining (2.0%)*** | ***Metals & Mining (2.0%)*** |
|  Alcoa Corp. | 216803 |  | 6397857 |
|  Carpenter Technology Corp. | 41916 |  | 11584744 |
|  Cleveland-Cliffs, Inc.\* | 406212 |  | 3087211 |
|  Commercial Metals Co. | 95365 |  | 4664302 |
|  Reliance, Inc. | 45416 |  | 14256082 |
|  Royal Gold, Inc. | 55183 |  | 9813745 |
|  |  |  | 49803941 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Louisiana-Pacific Corp. | 52458 |  | 4510863 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 132736387 |
|  **Real Estate (6.8%)** | **Real Estate (6.8%)** | **Real Estate (6.8%)** | **Real Estate (6.8%)** |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  WP Carey, Inc. (REIT) | 183651 |  | 11456149 |
|  ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** | ***Health Care REITs (0.7%)*** |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 297391 |  | 4716621 |
|  Omega Healthcare Investors, Inc. (REIT) | 236509 |  | 8668055 |
|  Sabra Health Care REIT, Inc. (REIT) | 198536 |  | 3661004 |
|  |  |  | 17045680 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Park Hotels & Resorts, Inc. (REIT) | 173209 |  | 1771928 |
|  ***Industrial REITs (1.0%)*** | ***Industrial REITs (1.0%)*** | ***Industrial REITs (1.0%)*** | ***Industrial REITs (1.0%)*** |
|  EastGroup Properties, Inc. (REIT) | 43586 |  | 7284092 |
|  First Industrial Realty Trust, Inc. (REIT) | 111100 |  | 5347243 |
|  Rexford Industrial Realty, Inc. (REIT) | 190951 |  | 6792127 |
|  STAG Industrial, Inc. (REIT) | 156560 |  | 5679997 |
|  |  |  | 25103459 |
|  ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** | ***Office REITs (0.6%)*** |
|  COPT Defense Properties (REIT) | 94385 |  | 2603138 |
|  Cousins Properties, Inc. (REIT) | 140695 |  | 4225071 |
|  Kilroy Realty Corp. (REIT) (x) | 89223 |  | 3061241 |
|  Vornado Realty Trust (REIT) | 139333 |  | 5328094 |
|  |  |  | 15217544 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Jones Lang LaSalle, Inc.\* | 39814 |  | 10183625 |
|  ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** | ***Residential REITs (0.9%)*** |
|  American Homes 4 Rent (REIT), Class A | 266209 |  | 9602159 |
|  Equity LifeStyle Properties, Inc. (REIT) | 160329 |  | 9887490 |
|  Independence Realty Trust, Inc. (REIT) | 193402 |  | 3421281 |
|  |  |  | 22910930 |
|  ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** | ***Retail REITs (1.0%)*** |
|  Agree Realty Corp. (REIT) | 89817 |  | 6562030 |
|  Brixmor Property Group, Inc. (REIT) | 256729 |  | 6685223 |
|  Kite Realty Group Trust (REIT) | 184338 |  | 4175256 |
|  NNN REIT, Inc. (REIT) | 157389 |  | 6796057 |
|  |  |  | 24218566 |
|  ***Specialized REITs (1.6%)*** | ***Specialized REITs (1.6%)*** | ***Specialized REITs (1.6%)*** | ***Specialized REITs (1.6%)*** |
|  CubeSmart (REIT) | 189780 |  | 8065650 |
|  EPR Properties (REIT) | 63551 |  | 3702481 |
|  Gaming and Leisure Properties, Inc. (REIT) | 230261 |  | 10748584 |
|  Lamar Advertising Co. (REIT), Class A (x) | 73795 |  | 8955761 |
|  National Storage Affiliates Trust (REIT) | 58847 |  | 1882516 |
|  PotlatchDeltic Corp. (REIT) | 60166 |  | 2308569 |
|  Rayonier, Inc. (REIT) | 117923 |  | 2615532 |
|  |  |  | 38279093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 166186974 |
|  **Utilities (2.8%)** | **Utilities (2.8%)** | **Utilities (2.8%)** | **Utilities (2.8%)** |
|  ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** | ***Electric Utilities (1.0%)*** |
|  ALLETE, Inc. | 48589 |  | 3113097 |
|  IDACORP, Inc. | 44703 |  | 5160961 |
|  OGE Energy Corp. | 168629 |  | 7483755 |
|  Portland General Electric Co. | 91761 |  | 3728250 |
|  TXNM Energy, Inc. | 75693 |  | 4263030 |
|  |  |  | 23749093 |

---

See Notes to Financial Statements.

1069

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** |
|  National Fuel Gas Co. | 75988 | $6436944 |
|  New Jersey Resources Corp. | 84159 | 3772006 |
|  ONE Gas, Inc. | 47543 | 3416440 |
|  Southwest Gas Holdings, Inc. | 50572 | 3762051 |
|  Spire, Inc. | 48962 | 3573736 |
|  UGI Corp. | 180264 | 6565215 |
|  |  | 27526392 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Ormat Technologies, Inc. | 48226 | 4039410 |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  Black Hills Corp. | 60099 | 3371554 |
|  Northwestern Energy Group, Inc. | 51465 | 2640155 |
|  |  | 6011709 |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** |
|  Essential Utilities, Inc. | 212009 | 7874014 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 69200618 |
|  **Total Common Stocks (99.6%)**<br> *(Cost $1,600,656,602)* |  | 2450722224 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.7%)** | **Investment Companies (0.7%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19%<br>(7 day yield) (xx) | 2000000 | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 9421574 | 9421574 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 16421574 |
|  **Total Short-Term Investments (0.7%)**<br> *(Cost $16,421,574)* | **Total Short-Term Investments (0.7%)**<br> *(Cost $16,421,574)* | 16421574 |
|  **Total Investments in Securities (100.3%)**<br> *(Cost $1,617,078,176)* |  | 2467143798 |
|  **Other Assets Less Liabilities (-0.3%)** |  | (6249435) |
|  **Net Assets (100%)** |  | $2460894363 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $45,928,518. This was collateralized by $30,717,097 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.000%, maturing 7/15/25 – 2/15/54 and by cash of $16,421,574 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market<br>Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 260058 | 12682598 |  | (454317) | 154356 | 2206617 | 14589254 | 133755 |  |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 25 | 9/2025 | USD | 7813750 | 236195 |
|  |  |  |  |  | 236195 |

---

See Notes to Financial Statements.

1070

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $29849097 | $— | $— | $29849097 |
|  Consumer Discretionary | 327027262 |  |  | 327027262 |
|  Consumer Staples | 131603737 |  |  | 131603737 |
|  Energy | 91714918 |  |  | 91714918 |
|  Financials | 447424676 |  |  | 447424676 |
|  Health Care | 209726536 |  |  | 209726536 |
|  Industrials | 560110173 |  |  | 560110173 |
|  Information Technology | 285141846 |  |  | 285141846 |
|  Materials | 132736387 |  |  | 132736387 |
|  Real Estate | 166186974 |  |  | 166186974 |
|  Utilities | 69200618 |  |  | 69200618 |
|  **Futures** | 236195 |  |  | 236195 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 16421574 |  |  | 16421574 |
|  **Total Assets** | $**2467379993** | $**—** | $**—** | $**2467379993** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**2467379993** | $**—** | $**—** | $**2467379993** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $236195 \* |
|  **Total** |  | $236195 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(726781) | $(726781) |
|  **Total** | $(726781) | $(726781) |

---

See Notes to Financial Statements.

1071

------

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $849056 | $849056 |
|  **Total** | $849056 | $849056 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $13661000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $134225678.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $165298718.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1016658552 |
|  Aggregate gross unrealized depreciation | (166463275) |
|  Net unrealized appreciation | $850195277 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1617184716 |

---

See Notes to Financial Statements.

1072

------

EQ/MID CAP INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $8,852,374) | $14589254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,608,225,802) | 2452554544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8142355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2380955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1211054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 593487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 25534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2479508770 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 16421574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 881509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 552708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 491517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 177768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 89331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18614407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2460894363 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1511812816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 949081547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2460894363 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,439,389,833 / 152,366,411 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.01 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $21,504,530 / 1,304,388 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.49 |

---

*(x)* *Includes value of securities on loan of $45,928,518.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($133,755 of dividend income received from affiliates) (net of $20,213 foreign withholding tax) | $19262947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 367010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 35840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19665797 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4083495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2963059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1084888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 87679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 47693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 40656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 8406983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (253757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (526336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7626890 |
|  **NET INVESTMENT INCOME (LOSS)** | 12038907 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($154,356 realized gain (loss) from affiliates) | 44196650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (726781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 43469869 |
|  Change in unrealized appreciation (depreciation) on: | Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($2,206,617 of change in unrealized appreciation (depreciation) from affiliates) | (59771199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 849056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (58922143) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (15452274) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3413367) |

---

See Notes to Financial Statements.

1073

------

#### EQ ADVISORS TRUST
EQ/MID CAP INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12038907 | $21051024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 43469869 | 167630998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (58922143) | 117158993 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (3413367) | 305841015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (180636594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1681948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (182318542) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 145,898 shares, respectively ] |  | 2370291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (8080367) shares, respectively ] |  | (133213293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (562034) shares, respectively ] |  | (9104851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (139947853) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,671,228 and 7,736,407 shares, respectively ] | 72037621 | 126327405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 8,280,090 shares, respectively ] |  | 133213293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 10,730,360 shares, respectively ] |  | 180636594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8166785) and (15996867) shares, respectively ] | (126998173) | (262321994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (54960552) | 177855298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 42,015 and 114,162 shares, respectively ] | 671046 | 1923610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 97,156 shares, respectively ] |  | 1681948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (142854) and (298276) shares, respectively ] | (2326791) | (5036589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1655745) | (1431031) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (56616297) | 36476414 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (60029664) | 159998887 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2520924027 | 2360925140 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2460894363 | $2520924027 |

---

See Notes to Financial Statements.

1074

------

#### EQ ADVISORS TRUST
EQ/MID CAP INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.03 | $15.20 | $13.80 | $17.25 | $15.27 | $14.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.14 | 0.14 | 0.14 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.10) | 1.92 | 2.01 | (2.48) | 3.49 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.02) | 2.06 | 2.15 | (2.34) | 3.59 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.15) | (0.15) | (0.15) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.08) | (0.60) | (0.96) | (1.50) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.23) | (0.75) | (1.11) | (1.61) | (0.91) |
|  Net asset value, end of period | $16.01 | $16.03 | $15.20 | $13.80 | $17.25 | $15.27 |
|  Total return (b) | (0.12)% | 13.21% | 15.77% | (13.60)% | 23.87% | 12.84% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $2439390 | $2497763 | $2205336 | $1967768 | $2367101 | $2016103 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.64 %(i) | 0.65 %(r) | 0.66% | 0.66% | 0.69% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.71% | 0.71% | 0.72% | 0.71% | 0.70% | 0.72% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00% | 0.84% | 0.96% | 0.91% | 0.58% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.94% | 0.79% | 0.90% | 0.86% | 0.57% | 0.89% |
|  Portfolio turnover rate^ | 6 %(z) | 17% | 20% | 14% | 18% | 17% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.48 | $15.60 | $14.14 | $17.64 | $15.58 | $14.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.18 | 0.18 | 0.18 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 1.97 | 2.07 | (2.54) | 3.56 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.01 | 2.15 | 2.25 | (2.36) | 3.71 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.19) | (0.18) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.08) | (0.60) | (0.96) | (1.50) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.27) | (0.79) | (1.14) | (1.65) | (0.95) |
|  Net asset value, end of period | $16.49 | $16.48 | $15.60 | $14.14 | $17.64 | $15.58 |
|  Total return (b) | 0.06% | 13.44% | 16.08% | (13.37)% | 24.18% | 13.10% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $21505 | $23161 | $23272 | $22777 | $29909 | $25082 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.39 %(i) | 0.40 %(r) | 0.41% | 0.41% | 0.44% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.46% | 0.46% | 0.47% | 0.46% | 0.45% | 0.47% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.25% | 1.09% | 1.20% | 1.15% | 0.83% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.18% | 1.03% | 1.14% | 1.10% | 0.82% | 1.13% |
|  Portfolio turnover rate^ | 6 %(z) | 17% | 20% | 14% | 18% | 17% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(i)* *Includes voluntary waiver from investment manager of 0.04%.* 

*(r)* *Includes voluntary waiver from investment manager of 0.02%* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1075

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.1%)** | **Communication Services (2.1%)** | **Communication Services (2.1%)** |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 1075 | $50235 |
|  Frontier Communications Parent, Inc.\* | 19294 | 702301 |
|  Iridium Communications, Inc. | 7195 | 217073 |
|  Liberty Global Ltd., Class A\* | 14469 | 144835 |
|  Liberty Global Ltd., Class C\* | 10858 | 111946 |
|  |  | 1226390 |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Electronic Arts, Inc. | 21486 | 3431314 |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 1427 | 135508 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 48789 | 5098451 |
|  Liberty Media Corp.-Liberty Live, Class A\* | 1775 | 141077 |
|  Liberty Media Corp.-Liberty Live, Class C\* | 3781 | 306866 |
|  Madison Square Garden Sports Corp.\* | 1313 | 274351 |
|  Roku, Inc.\* | 9324 | 819486 |
|  Take-Two Interactive Software, Inc.\* | 9751 | 2368030 |
|  TKO Group Holdings, Inc., Class A | 3254 | 592065 |
|  Warner Bros Discovery, Inc.\* | 183577 | 2103793 |
|  |  | 15270941 |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** |
|  Cargurus, Inc., Class A\* | 65116 | 2179432 |
|  IAC, Inc.\* | 5458 | 203802 |
|  Match Group, Inc. | 20231 | 624936 |
|  Pinterest, Inc., Class A\* | 24477 | 877745 |
|  Trump Media & Technology Group Corp.\* | 3920 | 70717 |
|  ZoomInfo Technologies, Inc., Class A\* | 22975 | 232507 |
|  |  | 4189139 |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** |
|  Charter Communications, Inc., Class A\* | 7472 | 3054628 |
|  DoubleVerify Holdings, Inc.\* | 6100 | 91317 |
|  Fox Corp., Class A | 17374 | 973639 |
|  Fox Corp., Class B | 11416 | 589408 |
|  Interpublic Group of Cos., Inc. (The) | 30576 | 748501 |
|  Liberty Broadband Corp., Class A\* | 1297 | 126873 |
|  Liberty Broadband Corp., Class C\* | 7045 | 693087 |
|  New York Times Co. (The), Class A | 13066 | 731435 |
|  News Corp., Class A | 30861 | 917189 |
|  News Corp., Class B | 9492 | 325670 |
|  Nexstar Media Group, Inc., Class A | 2183 | 377550 |
|  Omnicom Group, Inc. | 16361 | 1177010 |
|  Paramount Global, Class A | 526 | 12072 |
|  Paramount Global, Class B | 48095 | 620425 |
|  Sirius XM Holdings, Inc.(x) | 15569 | 357620 |
|  |  | 10796424 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  Millicom International Cellular SA | 8403 | 314861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 31797755 |
|  **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** |
|  ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** |
|  Aptiv plc\* | 18851 | 1286015 |
|  BorgWarner, Inc. | 17652 | 590989 |
|  Gentex Corp. | 19005 | 417920 |
|  Goodyear Tire & Rubber Co. (The)\* | 151652 | 1572631 |
|  Lear Corp. | 28572 | 2713769 |
|  QuantumScape Corp., Class A (x)\* | 32538 | 218655 |
|  |  | 6799979 |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** |
|  Ford Motor Co. | 321331 | 3486441 |
|  Harley-Davidson, Inc. | 9498 | 224153 |
|  Lucid Group, Inc. (x)\* | 101893 | 214994 |
|  Rivian Automotive, Inc., Class A (x)\* | 63834 | 877079 |
|  Thor Industries, Inc. | 4269 | 379130 |
|  |  | 5181797 |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Dillard's, Inc., Class A (x) | 257 | 107382 |
|  eBay, Inc. | 38009 | 2830150 |
|  Etsy, Inc.\* | 3471 | 174106 |
|  Macy's, Inc. | 23209 | 270617 |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 4956 | 653102 |
|  |  | 4035357 |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** |
|  Genuine Parts Co. | 11431 | 1386695 |
|  LKQ Corp. | 21233 | 785833 |
|  Pool Corp. | 2400 | 699552 |
|  |  | 2872080 |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** |
|  ADT, Inc. | 28211 | 238947 |
|  Bright Horizons Family Solutions, Inc.\* | 4103 | 507090 |
|  Grand Canyon Education, Inc.\* | 1621 | 306369 |
|  H&R Block, Inc. | 9140 | 501695 |
|  OneSpaWorld Holdings Ltd. | 118874 | 2423841 |
|  Service Corp. International | 11416 | 929262 |
|  |  | 4907204 |
|  ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** | ***Hotels, Restaurants & Leisure (1.7%)*** |
|  Aramark | 22036 | 922647 |
|  Boyd Gaming Corp. | 4792 | 374878 |
|  Caesars Entertainment, Inc.\* | 16948 | 481154 |
|  Carnival Corp.\* | 61609 | 1732445 |
|  Choice Hotels International, Inc. (x) | 1497 | 189939 |
|  Churchill Downs, Inc. | 829 | 83729 |
|  Darden Restaurants, Inc. | 485 | 105715 |
|  Domino's Pizza, Inc. | 1820 | 820092 |
|  Flutter Entertainment plc, Class DI\* | 2485 | 710114 |
|  Hyatt Hotels Corp., Class A | 3310 | 462241 |
|  International Game Technology plc | 60238 | 952363 |
|  MGM Resorts International\* | 16876 | 580366 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3514 | 71264 |
|  Penn Entertainment, Inc.\* | 12493 | 223250 |
|  Red Rock Resorts, Inc., Class A | 212836 | 11073857 |
|  Restaurant Brands International, Inc. (x) | 9649 | 639632 |
|  Travel + Leisure Co. | 3499 | 180583 |

---

See Notes to Financial Statements.

1076

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Vail Resorts, Inc. (x) | 605 | $| 95064 |
|  Wendy's Co. (The) | 6642 |  | 75852 |
|  Wyndham Hotels & Resorts, Inc. | 41680 |  | 3384833 |
|  Wynn Resorts Ltd. | 6890 |  | 645386 |
|  Yum! Brands, Inc. | 15214 |  | 2254411 |
|  |  |  | 26059815 |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** |
|  Century Communities, Inc. | 42698 |  | 2404751 |
|  DR Horton, Inc. | 22605 |  | 2914237 |
|  Garmin Ltd. | 13419 |  | 2800814 |
|  Lennar Corp., Class A | 18590 |  | 2056240 |
|  Lennar Corp., Class B | 1024 |  | 107776 |
|  Mohawk Industries, Inc.\* | 4191 |  | 439384 |
|  Newell Brands, Inc. | 36395 |  | 196533 |
|  NVR, Inc.\* | 801 |  | 5915914 |
|  PulteGroup, Inc. | 16482 |  | 1738192 |
|  SharkNinja, Inc.\* | 4803 |  | 475449 |
|  Somnigroup International, Inc. | 35157 |  | 2392434 |
|  Toll Brothers, Inc. | 8148 |  | 929931 |
|  TopBuild Corp.\* | 2217 |  | 717731 |
|  Whirlpool Corp. | 4442 |  | 450508 |
|  |  |  | 23539894 |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** |
|  Brunswick Corp. | 5123 |  | 282995 |
|  Hasbro, Inc. | 10876 |  | 802866 |
|  Malibu Boats, Inc., Class A\* | 60969 |  | 1910768 |
|  Mattel, Inc.\* | 26504 |  | 522659 |
|  YETI Holdings, Inc.\* | 6719 |  | 211783 |
|  |  |  | 3731071 |
|  ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** |
|  AutoNation, Inc.\* | 2259 |  | 448750 |
|  Bath & Body Works, Inc. | 62996 |  | 1887360 |
|  Best Buy Co., Inc. | 15926 |  | 1069112 |
|  Boot Barn Holdings, Inc.\* | 10705 |  | 1627160 |
|  CarMax, Inc.\* | 39538 |  | 2657349 |
|  Dick's Sporting Goods, Inc. | 23791 |  | 4706098 |
|  Five Below, Inc.\* | 16218 |  | 2127477 |
|  Floor & Decor Holdings, Inc., Class A\* | 5964 |  | 453025 |
|  GameStop Corp., Class A\* | 33024 |  | 805455 |
|  Gap, Inc. (The) | 18952 |  | 413343 |
|  Lithia Motors, Inc., Class A | 1873 |  | 632737 |
|  Penske Automotive Group, Inc. | 1544 |  | 265275 |
|  RH\* | 1111 |  | 209990 |
|  Ross Stores, Inc. | 21229 |  | 2708396 |
|  Ulta Beauty, Inc.\* | 2785 |  | 1302879 |
|  Valvoline, Inc.\* | 81541 |  | 3087958 |
|  Wayfair, Inc., Class A\* | 6339 |  | 324177 |
|  Williams-Sonoma, Inc. | 8292 |  | 1354664 |
|  |  |  | 26081205 |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  Amer Sports, Inc.\* | 12278 |  | 475895 |
|  Birkenstock Holding plc\* | 3089 |  | 151917 |
|  Columbia Sportswear Co. | 2129 |  | 130039 |
|  Crocs, Inc.\* | 4484 |  | 454140 |
|  Lululemon Athletica, Inc.\* | 3673 |  | 872631 |
|  PVH Corp. | 4308 |  | 295529 |
|  Ralph Lauren Corp. | 2993 |  | 820920 |
|  Skechers USA, Inc., Class A\* | 10754 |  | 678577 |
|  Steven Madden Ltd. | 90357 |  | 2166761 |
|  Tapestry, Inc. | 1440 |  | 126446 |
|  Under Armour, Inc., Class A\* | 17963 |  | 122687 |
|  Under Armour, Inc., Class C\* | 12650 |  | 82099 |
|  VF Corp. | 29498 |  | 346602 |
|  |  |  | 6724243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 109932645 |
|  **Consumer Staples (4.5%)** | **Consumer Staples (4.5%)** | **Consumer Staples (4.5%)** | **Consumer Staples (4.5%)** |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 660 |  | 125935 |
|  Brown-Forman Corp., Class A | 4010 |  | 110155 |
|  Brown-Forman Corp., Class B | 11837 |  | 318533 |
|  Coca-Cola Consolidated, Inc. | 3706 |  | 413775 |
|  Constellation Brands, Inc., Class A | 10761 |  | 1750599 |
|  Molson Coors Beverage Co., Class B | 13842 |  | 665662 |
|  Primo Brands Corp. | 21111 |  | 625308 |
|  |  |  | 4009967 |
|  ***Consumer Staples Distribution & Retail (1.3%)*** | ***Consumer Staples Distribution & Retail (1.3%)*** | ***Consumer Staples Distribution & Retail (1.3%)*** | ***Consumer Staples Distribution & Retail (1.3%)*** |
|  Albertsons Cos., Inc., Class A | 34163 |  | 734846 |
|  BJ's Wholesale Club Holdings, Inc.\* | 9171 |  | 988909 |
|  Casey's General Stores, Inc. | 2568 |  | 1310373 |
|  Dollar General Corp. | 18092 |  | 2069363 |
|  Dollar Tree, Inc.\* | 16726 |  | 1656543 |
|  Kroger Co. (The) | 49971 |  | 3584420 |
|  Maplebear, Inc.\* | 13982 |  | 632546 |
|  Performance Food Group Co.\* | 10976 |  | 960071 |
|  Sysco Corp. | 18560 |  | 1405734 |
|  US Foods Holding Corp.\* | 73272 |  | 5642677 |
|  Walgreens Boots Alliance, Inc. | 60217 |  | 691291 |
|  |  |  | 19676773 |
|  ***Food Products (2.3%)*** | ***Food Products (2.3%)*** | ***Food Products (2.3%)*** | ***Food Products (2.3%)*** |
|  Archer-Daniels-Midland Co. | 39372 |  | 2078054 |
|  Bunge Global SA | 11190 |  | 898333 |
|  Campbell's Co. (The) | 16201 |  | 496561 |
|  Conagra Brands, Inc. | 39050 |  | 799353 |
|  Darling Ingredients, Inc.\* | 11447 |  | 434299 |
|  Flowers Foods, Inc. (x) | 15385 |  | 245852 |
|  Freshpet, Inc.\* | 2782 |  | 189065 |
|  General Mills, Inc. | 45317 |  | 2347874 |
|  Hershey Co. (The) | 10546 |  | 1750109 |
|  Hormel Foods Corp. | 23648 |  | 715352 |
|  Ingredion, Inc. | 5280 |  | 716074 |
|  J M Smucker Co. (The) | 8440 |  | 828808 |
|  Kellanova | 22884 |  | 1819965 |
|  Kraft Heinz Co. (The) | 70083 |  | 1809543 |
|  Lamb Weston Holdings, Inc. | 11221 |  | 581809 |
|  Lancaster Colony Corp. | 20435 |  | 3530555 |
|  McCormick & Co., Inc. (Non-Voting) | 20883 |  | 1583349 |
|  Pilgrim's Pride Corp. | 3341 |  | 150278 |
|  Post Holdings, Inc.\* | 87203 |  | 9507743 |
|  Seaboard Corp. | 17 |  | 48640 |
|  Simply Good Foods Co. (The)\* | 66451 |  | 2099187 |
|  Smithfield Foods, Inc. | 1989 |  | 46801 |
|  Tyson Foods, Inc., Class A | 23004 |  | 1286844 |
|  |  |  | 33964448 |

---

See Notes to Financial Statements.

1077

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Church & Dwight Co., Inc. | 20265 | $1947669 |
|  Clorox Co. (The) | 10144 | 1217990 |
|  Reynolds Consumer Products, Inc. | 4349 | 93156 |
|  |  | 3258815 |
|  ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** | ***Personal Care Products (0.4%)*** |
|  BellRing Brands, Inc.\* | 10379 | 601255 |
|  Coty, Inc., Class A\* | 27704 | 128824 |
|  e.l.f. Beauty, Inc.\* | 4507 | 560851 |
|  Estee Lauder Cos., Inc. (The), Class A | 19242 | 1554753 |
|  Kenvue, Inc. | 156601 | 3277659 |
|  |  | 6123342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 67033345 |
|  **Energy (4.7%)** | **Energy (4.7%)** | **Energy (4.7%)** |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** |
|  Baker Hughes Co. | 81777 | 3135330 |
|  Halliburton Co. | 70861 | 1444147 |
|  NOV, Inc. | 30999 | 385318 |
|  TechnipFMC plc | 34247 | 1179467 |
|  Weatherford International plc | 5823 | 292955 |
|  |  | 6437217 |
|  ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** |
|  Antero Midstream Corp. | 27254 | 516463 |
|  Antero Resources Corp.\* | 120963 | 4872390 |
|  APA Corp. | 29364 | 537068 |
|  Cheniere Energy, Inc. | 9994 | 2433739 |
|  Chord Energy Corp. | 23597 | 2285369 |
|  Civitas Resources, Inc. | 121749 | 3350533 |
|  Coterra Energy, Inc. | 262677 | 6666742 |
|  Devon Energy Corp. | 51351 | 1633475 |
|  Diamondback Energy, Inc. | 15723 | 2160340 |
|  DT Midstream, Inc. | 8470 | 930938 |
|  EQT Corp. | 57406 | 3347918 |
|  Expand Energy Corp. | 26950 | 3151533 |
|  Hess Corp. | 23250 | 3221055 |
|  HF Sinclair Corp. | 11776 | 483758 |
|  Kinder Morgan, Inc. | 160187 | 4709498 |
|  Marathon Petroleum Corp. | 25651 | 4260888 |
|  Matador Resources Co. | 9613 | 458732 |
|  Occidental Petroleum Corp. | 55383 | 2326640 |
|  ONEOK, Inc. | 51488 | 4202965 |
|  Ovintiv, Inc. | 21283 | 809818 |
|  Permian Resources Corp. | 52175 | 710624 |
|  Phillips 66 | 31150 | 3716195 |
|  Range Resources Corp. | 19326 | 785988 |
|  Valero Energy Corp. | 25681 | 3452040 |
|  Viper Energy, Inc., Class A | 62039 | 2365547 |
|  |  | 63390256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 69827473 |
|  **Financials (14.2%)** | **Financials (14.2%)** | **Financials (14.2%)** |
|  ***Banks (4.2%)*** | ***Banks (4.2%)*** | ***Banks (4.2%)*** |
|  Ameris Bancorp | 40705 | 2633613 |
|  Bank OZK | 61831 | 2909767 |
|  BOK Financial Corp. | 1848 | 180420 |
|  Cadence Bank | 121800 | 3895164 |
|  Citizens Financial Group, Inc. | 35963 | 1609344 |
|  Columbia Banking System, Inc. | 140022 | 3273714 |
|  Comerica, Inc. | 10801 | 644280 |
|  Commerce Bancshares, Inc. | 9991 | 621140 |
|  Cullen/Frost Bankers, Inc. | 4957 | 637173 |
|  East West Bancorp, Inc. | 11305 | 1141579 |
|  Fifth Third Bancorp | 55022 | 2263055 |
|  First Citizens BancShares, Inc., Class A | 816 | 1596480 |
|  First Hawaiian, Inc. | 10046 | 250748 |
|  First Horizon Corp. | 117415 | 2489198 |
|  FNB Corp. | 30005 | 437473 |
|  Huntington Bancshares, Inc. | 119558 | 2003792 |
|  KeyCorp | 78274 | 1363533 |
|  Live Oak Bancshares, Inc. | 110378 | 3289264 |
|  M&T Bank Corp. | 13416 | 2602570 |
|  Pinnacle Financial Partners, Inc. | 5869 | 647996 |
|  Popular, Inc. | 5224 | 575737 |
|  Prosperity Bancshares, Inc. | 7486 | 525817 |
|  Regions Financial Corp. | 74483 | 1751840 |
|  SouthState Corp. | 49796 | 4582726 |
|  Synovus Financial Corp. | 133193 | 6892738 |
|  TFS Financial Corp. | 3776 | 48899 |
|  UMB Financial Corp. | 29104 | 3060577 |
|  Webster Financial Corp. | 170420 | 9304932 |
|  Western Alliance Bancorp | 7085 | 552488 |
|  Wintrust Financial Corp. | 5461 | 677055 |
|  Zions Bancorp NA | 11902 | 618190 |
|  |  | 63081302 |
|  ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** | ***Capital Markets (3.5%)*** |
|  Affiliated Managers Group, Inc. | 2318 | 456113 |
|  Ameriprise Financial, Inc. | 717 | 382685 |
|  Bank of New York Mellon Corp. (The) | 54807 | 4993466 |
|  Carlyle Group, Inc. (The) | 21560 | 1108184 |
|  Cboe Global Markets, Inc. | 8632 | 2013069 |
|  Coinbase Global, Inc., Class A\* | 15331 | 5373362 |
|  Evercore, Inc., Class A | 9684 | 2614874 |
|  FactSet Research Systems, Inc. | 2916 | 1304269 |
|  Franklin Resources, Inc. | 25213 | 601330 |
|  Freedom Holding Corp.(x)\* | 205 | 29940 |
|  Hamilton Lane, Inc., Class A | 1134 | 161164 |
|  Houlihan Lokey, Inc., Class A | 2754 | 495582 |
|  Invesco Ltd. | 29472 | 464774 |
|  Janus Henderson Group plc | 10238 | 397644 |
|  Jefferies Financial Group, Inc. | 9572 | 523493 |
|  Lazard, Inc. | 7239 | 347327 |
|  MarketAxess Holdings, Inc. | 3001 | 670243 |
|  Morningstar, Inc. | 613 | 192439 |
|  MSCI, Inc. | 3142 | 1812117 |
|  Nasdaq, Inc. | 34002 | 3040459 |
|  Northern Trust Corp. | 15970 | 2024836 |
|  Raymond James Financial, Inc. | 15096 | 2315274 |
|  Robinhood Markets, Inc., Class A\* | 52807 | 4944319 |
|  SEI Investments Co. | 8541 | 767494 |
|  State Street Corp. | 23774 | 2528127 |
|  Stifel Financial Corp. | 70190 | 7284318 |
| T. Rowe Price Group, Inc. | 18078 | 1744527 |
|  TPG, Inc., Class A | 43765 | 2295474 |
|  Tradeweb Markets, Inc., Class A | 8773 | 1284367 |
|  Virtu Financial, Inc., Class A | 6610 | 296062 |

---

See Notes to Financial Statements.

1078

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  XP, Inc., Class A | 30937 | $| 624927 |
|  |  |  | 53092259 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Ally Financial, Inc. | 51749 |  | 2015624 |
|  Bread Financial Holdings, Inc. | 44413 |  | 2536871 |
|  Credit Acceptance Corp. (x)\* | 503 |  | 256243 |
|  OneMain Holdings, Inc. | 9632 |  | 549024 |
|  PRA Group, Inc.\* | 90831 |  | 1339757 |
|  SLM Corp. | 14959 |  | 490506 |
|  SoFi Technologies, Inc. (x)\* | 75744 |  | 1379298 |
|  Synchrony Financial | 31425 |  | 2097304 |
|  |  |  | 10664627 |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Affirm Holdings, Inc., Class A\* | 8968 |  | 620047 |
|  Block, Inc., Class A\* | 28247 |  | 1918819 |
|  Euronet Worldwide, Inc.\* | 3504 |  | 355235 |
|  Fidelity National Information Services, Inc. | 43382 |  | 3531729 |
|  Global Payments, Inc. | 20123 |  | 1610645 |
|  Jack Henry & Associates, Inc. | 5966 |  | 1074894 |
|  MGIC Investment Corp. | 19289 |  | 537006 |
|  Mr Cooper Group, Inc.\* | 71295 |  | 10637927 |
|  Rocket Cos., Inc., Class A (x) | 19756 |  | 280140 |
|  UWM Holdings Corp., Class A (x) | 11240 |  | 46534 |
|  Voya Financial, Inc. | 62914 |  | 4466894 |
|  Western Union Co. (The) | 22798 |  | 191959 |
|  WEX, Inc.\* | 2584 |  | 379564 |
|  |  |  | 25651393 |
|  ***Insurance (3.9%)*** | ***Insurance (3.9%)*** | ***Insurance (3.9%)*** | ***Insurance (3.9%)*** |
|  Aegon Ltd. (NYRS) | 235906 |  | 1707959 |
|  Allstate Corp. (The) | 21767 |  | 4381915 |
|  American Financial Group, Inc. | 5535 |  | 698572 |
|  Arch Capital Group Ltd. | 30199 |  | 2749619 |
|  Assurant, Inc. | 4358 |  | 860661 |
|  Assured Guaranty Ltd. | 3901 |  | 339777 |
|  Axis Capital Holdings Ltd. | 6592 |  | 684381 |
|  Brighthouse Financial, Inc.\* | 4893 |  | 263097 |
|  Brown & Brown, Inc. | 32788 |  | 3635206 |
|  Cincinnati Financial Corp. | 12791 |  | 1904836 |
|  CNA Financial Corp. | 1975 |  | 91897 |
|  Enstar Group Ltd.\* | 6252 |  | 2102923 |
|  Everest Group Ltd. | 12202 |  | 4146850 |
|  Fidelity National Financial, Inc. | 21428 |  | 1201254 |
|  First American Financial Corp. | 8165 |  | 501249 |
|  Globe Life, Inc. | 7074 |  | 879227 |
|  Hanover Insurance Group, Inc. (The) | 2937 |  | 498908 |
|  Hartford Insurance Group, Inc. (The) | 23664 |  | 3002252 |
|  Kemper Corp. | 63472 |  | 4096483 |
|  Lincoln National Corp. | 14708 |  | 508897 |
|  Loews Corp. | 35045 |  | 3212225 |
|  Markel Group, Inc.\* | 820 |  | 1637835 |
|  Old Republic International Corp. | 19485 |  | 749003 |
|  Primerica, Inc. | 2847 |  | 779138 |
|  Principal Financial Group, Inc. | 18765 |  | 1490504 |
|  Prudential Financial, Inc. | 29555 |  | 3175389 |
|  Reinsurance Group of America, Inc. | 5425 |  | 1076103 |
|  RenaissanceRe Holdings Ltd. | 20372 |  | 4948359 |
|  RLI Corp. | 6313 |  | 455925 |
|  Unum Group | 14711 |  | 1188060 |
|  W.R. Berkley Corp. | 25133 |  | 1846522 |
|  White Mountains Insurance Group Ltd. | 210 |  | 377101 |
|  Willis Towers Watson plc | 8196 |  | 2512074 |
|  |  |  | 57704201 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** |
|  AGNC Investment Corp. (REIT) (x) | 77365 |  | 710984 |
|  Annaly Capital Management, Inc. (REIT) | 48139 |  | 905976 |
|  Rithm Capital Corp. (REIT) | 44426 |  | 501570 |
|  Starwood Property Trust, Inc. (REIT) (x) | 26808 |  | 538037 |
|  |  |  | 2656567 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 212850349 |
|  **Health Care (6.4%)** | **Health Care (6.4%)** | **Health Care (6.4%)** | **Health Care (6.4%)** |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** |
|  Biogen, Inc.\* | 12050 |  | 1513360 |
|  BioMarin Pharmaceutical, Inc.\* | 15471 |  | 850441 |
|  Exact Sciences Corp.\* | 14486 |  | 769786 |
|  Exelixis, Inc.\* | 3970 |  | 174978 |
|  Incyte Corp.\* | 9666 |  | 658255 |
|  Insmed, Inc.\* | 922 |  | 92790 |
|  Ionis Pharmaceuticals, Inc.\* | 1019 |  | 40261 |
|  Moderna, Inc.\* | 29194 |  | 805462 |
|  Neurocrine Biosciences, Inc.\* | 1154 |  | 145046 |
|  Revolution Medicines, Inc.\* | 14232 |  | 523595 |
|  Roivant Sciences Ltd.\* | 31597 |  | 356098 |
|  Sarepta Therapeutics, Inc.\* | 1281 |  | 21905 |
|  United Therapeutics Corp.\* | 3681 |  | 1057735 |
|  Viking Therapeutics, Inc.\* | 8249 |  | 218599 |
|  |  |  | 7228311 |
|  ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** |
|  Align Technology, Inc.\* | 5635 |  | 1066875 |
|  Baxter International, Inc. | 42144 |  | 1276120 |
|  Boston Scientific Corp.\* | 14888 |  | 1599120 |
|  Cooper Cos., Inc. (The)\* | 16449 |  | 1170511 |
|  Dentsply Sirona, Inc. | 16466 |  | 261480 |
|  Enovis Corp.\* | 52990 |  | 1661766 |
|  Envista Holdings Corp.\* | 85528 |  | 1671217 |
|  GE HealthCare Technologies, Inc. | 37703 |  | 2792661 |
|  Globus Medical, Inc., Class A\* | 9418 |  | 555850 |
|  Hologic, Inc.\* | 18377 |  | 1197445 |
|  LivaNova plc\* | 44866 |  | 2019867 |
|  ResMed, Inc. | 9172 |  | 2366376 |
|  Solventum Corp.\* | 43183 |  | 3274999 |
|  STERIS plc | 8089 |  | 1943140 |
|  Teleflex, Inc. | 36052 |  | 4267115 |
|  Zimmer Biomet Holdings, Inc. | 16318 |  | 1488365 |
|  |  |  | 28612907 |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** |
|  Acadia Healthcare Co., Inc.\* | 59752 |  | 1355773 |
|  Amedisys, Inc.\* | 2562 |  | 252075 |
|  Cardinal Health, Inc. | 9898 |  | 1662864 |
|  Centene Corp.\* | 40990 |  | 2224937 |
|  Chemed Corp. | 1060 |  | 516146 |
|  Encompass Health Corp. | 8144 |  | 998699 |
|  Henry Schein, Inc.\* | 9018 |  | 658765 |

---

See Notes to Financial Statements.

1079

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Humana, Inc. | 9956 | $| 2434043 |
|  Labcorp Holdings, Inc. | 22727 |  | 5966065 |
|  Molina Healthcare, Inc.\* | 8296 |  | 2471378 |
|  Quest Diagnostics, Inc. | 9173 |  | 1647746 |
|  Tenet Healthcare Corp.\* | 7549 |  | 1328624 |
|  Universal Health Services, Inc., Class B | 4533 |  | 821153 |
|  |  |  | 22338268 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Certara, Inc.\* | 9851 |  | 115257 |
|  Veeva Systems, Inc., Class A\* | 2473 |  | 712174 |
|  |  |  | 827431 |
|  ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** |
|  Agilent Technologies, Inc. | 23476 |  | 2770403 |
|  Avantor, Inc.\* | 54480 |  | 733301 |
|  Bio-Rad Laboratories, Inc., Class A\* | 1590 |  | 383699 |
|  Bio-Techne Corp. | 13215 |  | 679912 |
|  Bruker Corp. | 8465 |  | 348758 |
|  Charles River Laboratories International, Inc.\* | 4019 |  | 609803 |
|  Evotec SE (ADR) (x)\* | 221700 |  | 931140 |
|  ICON plc\* | 39552 |  | 5752838 |
|  Illumina, Inc.\* | 47052 |  | 4489231 |
|  IQVIA Holdings, Inc.\* | 14435 |  | 2274812 |
|  Mettler-Toledo International, Inc.\* | 1716 |  | 2015819 |
|  QIAGEN NV\* | 69553 |  | 3342717 |
|  Repligen Corp.\* | 3802 |  | 472893 |
|  Revvity, Inc. | 9905 |  | 958012 |
|  Sotera Health Co.\* | 12608 |  | 140201 |
|  Waters Corp.\* | 2336 |  | 815357 |
|  West Pharmaceutical Services, Inc. | 5891 |  | 1288951 |
|  |  |  | 28007847 |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** |
|  Elanco Animal Health, Inc.\* | 39968 |  | 570743 |
|  Jazz Pharmaceuticals plc\* | 4781 |  | 507360 |
|  Organon & Co. | 21084 |  | 204093 |
|  Perrigo Co. plc | 235496 |  | 6292453 |
|  Royalty Pharma plc, Class A | 32553 |  | 1172885 |
|  Viatris, Inc. | 97593 |  | 871505 |
|  |  |  | 9619039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 96633803 |
|  **Industrials (16.0%)** | **Industrials (16.0%)** | **Industrials (16.0%)** | **Industrials (16.0%)** |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** |
|  ATI, Inc.\* | 11513 |  | 994032 |
|  BWX Technologies, Inc. | 6116 |  | 881071 |
|  Curtiss-Wright Corp. | 8038 |  | 3926965 |
|  Ducommun, Inc.\* | 36192 |  | 2990545 |
|  Hexcel Corp. | 6484 |  | 366281 |
|  Huntington Ingalls Industries, Inc. | 33821 |  | 8166419 |
|  L3Harris Technologies, Inc. | 15398 |  | 3862434 |
|  Leonardo DRS, Inc. | 3754 |  | 174486 |
|  Loar Holdings, Inc.\* | 323 |  | 27833 |
|  Moog, Inc., Class A | 9823 |  | 1777668 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 8604 |  | 328243 |
|  StandardAero, Inc.\* | 89167 |  | 2822136 |
|  Textron, Inc. | 14889 |  | 1195438 |
|  Woodward, Inc. | 4870 |  | 1193588 |
|  |  |  | 28707139 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  CH Robinson Worldwide, Inc. | 9540 |  | 915363 |
|  Expeditors International of Washington, Inc. | 11219 |  | 1281771 |
|  GXO Logistics, Inc.\* | 9326 |  | 454176 |
|  |  |  | 2651310 |
|  ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** |
|  A.O. Smith Corp. | 9510 |  | 623571 |
|  Advanced Drainage Systems, Inc. | 5811 |  | 667451 |
|  Allegion plc | 7104 |  | 1023829 |
|  Armstrong World Industries, Inc. | 2426 |  | 394079 |
|  AZEK Co., Inc. (The), Class A\* | 4211 |  | 228868 |
|  Builders FirstSource, Inc.\* | 23510 |  | 2743382 |
|  Carlisle Cos., Inc. | 3121 |  | 1165381 |
|  Fortune Brands Innovations, Inc. | 60475 |  | 3113253 |
|  Hayward Holdings, Inc.\* | 120982 |  | 1669552 |
|  Masco Corp. | 17419 |  | 1121087 |
|  Owens Corning | 7000 |  | 962640 |
|  Simpson Manufacturing Co., Inc. | 3227 |  | 501185 |
|  Trex Co., Inc.\* | 8739 |  | 475227 |
|  |  |  | 14689505 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  Clean Harbors, Inc.\* | 4189 |  | 968413 |
|  MSA Safety, Inc. | 2978 |  | 498904 |
|  RB Global, Inc. | 14351 |  | 1523933 |
|  Tetra Tech, Inc. | 17604 |  | 633040 |
|  Veralto Corp. | 11847 |  | 1195955 |
|  |  |  | 4820245 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  AECOM | 10898 |  | 1229948 |
|  API Group Corp.\* | 20177 |  | 1030036 |
|  EMCOR Group, Inc. | 2377 |  | 1271434 |
|  Everus Construction Group, Inc.\* | 4063 |  | 258122 |
|  Fluor Corp.\* | 37157 |  | 1905039 |
|  MasTec, Inc.\* | 4047 |  | 689730 |
|  Quanta Services, Inc. | 2737 |  | 1034805 |
|  Valmont Industries, Inc. | 1611 |  | 526104 |
|  WillScot Holdings Corp. | 11524 |  | 315758 |
|  |  |  | 8260976 |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** |
|  Acuity, Inc. | 2515 |  | 750325 |
|  AMETEK, Inc. | 18966 |  | 3432087 |
|  Generac Holdings, Inc.\* | 13793 |  | 1975296 |
|  Hubbell, Inc., Class B | 4406 |  | 1799454 |
|  nVent Electric plc | 13418 |  | 982869 |
|  Regal Rexnord Corp. | 63216 |  | 9163791 |
|  Rockwell Automation, Inc. | 8571 |  | 2847029 |
|  Sensata Technologies Holding plc | 11509 |  | 346536 |
|  |  |  | 21297387 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Avis Budget Group, Inc.\* | 972 |  | 164317 |
|  JB Hunt Transport Services, Inc. | 6581 |  | 945032 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 13139 |  | 581138 |

---

See Notes to Financial Statements.

1080

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Landstar System, Inc. | 2915 | $| 405243 |
|  Lyft, Inc., Class A\* | 27544 |  | 434093 |
|  Old Dominion Freight Line, Inc. | 14451 |  | 2345397 |
|  Ryder System, Inc. | 24796 |  | 3942564 |
|  Saia, Inc.\* | 2192 |  | 600586 |
|  Schneider National, Inc., Class B | 4643 |  | 112128 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 358 |  | 21681 |
|  U-Haul Holding Co. (New York Stock Exchange) | 5165 |  | 280821 |
|  XPO, Inc.\* | 7489 |  | 945786 |
|  |  |  | 10778786 |
|  ***Machinery (4.3%)*** | ***Machinery (4.3%)*** | ***Machinery (4.3%)*** | ***Machinery (4.3%)*** |
|  AGCO Corp. | 5013 |  | 517141 |
|  Allison Transmission Holdings, Inc. | 5849 |  | 555597 |
|  Atmus Filtration Technologies, Inc. | 59409 |  | 2163676 |
|  CNH Industrial NV | 73954 |  | 958444 |
|  Crane Co. | 4115 |  | 781397 |
|  Cummins, Inc. | 11341 |  | 3714178 |
|  Donaldson Co., Inc. | 9772 |  | 677688 |
|  Dover Corp. | 11193 |  | 2050893 |
|  Energy Recovery, Inc.\* | 132057 |  | 1687688 |
|  Esab Corp. | 13273 |  | 1600060 |
|  Flowserve Corp. | 45110 |  | 2361509 |
|  Fortive Corp. | 29218 |  | 1523134 |
|  Gates Industrial Corp. plc\* | 366688 |  | 8444825 |
|  Graco, Inc. | 13601 |  | 1169278 |
|  Helios Technologies, Inc. | 38441 |  | 1282776 |
|  IDEX Corp. | 22847 |  | 4011248 |
|  Ingersoll Rand, Inc. | 72327 |  | 6016160 |
|  ITT, Inc. | 6647 |  | 1042449 |
|  JBT Marel Corp. | 27664 |  | 3326873 |
|  Lincoln Electric Holdings, Inc. | 4452 |  | 922989 |
|  Middleby Corp. (The)\* | 26119 |  | 3761136 |
|  Mueller Industries, Inc. | 8909 |  | 707998 |
|  Nordson Corp. | 4446 |  | 953089 |
|  Oshkosh Corp. | 5267 |  | 598015 |
|  Otis Worldwide Corp. | 32542 |  | 3222309 |
|  Pentair plc | 13488 |  | 1384678 |
|  RBC Bearings, Inc.\* | 2038 |  | 784222 |
|  Snap-on, Inc. | 4224 |  | 1314424 |
|  Stanley Black & Decker, Inc. | 12636 |  | 856089 |
|  Timken Co. (The) | 5167 |  | 374866 |
|  Toro Co. (The) | 8223 |  | 581202 |
|  Westinghouse Air Brake Technologies Corp. | 13980 |  | 2926713 |
|  Xylem, Inc. | 20043 |  | 2592762 |
|  |  |  | 64865506 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Kirby Corp.\* | 4605 |  | 522253 |
|  ***Passenger Airlines (0.6%)*** | ***Passenger Airlines (0.6%)*** | ***Passenger Airlines (0.6%)*** | ***Passenger Airlines (0.6%)*** |
|  Alaska Air Group, Inc.\* | 35377 |  | 1750454 |
|  American Airlines Group, Inc. (x)\* | 51401 |  | 576719 |
|  Delta Air Lines, Inc. | 53618 |  | 2636933 |
|  Southwest Airlines Co. | 37629 |  | 1220685 |
|  United Airlines Holdings, Inc.\* | 26792 |  | 2133447 |
|  |  |  | 8318238 |
|  ***Professional Services (2.8%)*** | ***Professional Services (2.8%)*** | ***Professional Services (2.8%)*** | ***Professional Services (2.8%)*** |
|  Amentum Holdings, Inc.\* | 12847 |  | 303318 |
|  Broadridge Financial Solutions, Inc. | 5071 |  | 1232405 |
|  CACI International, Inc., Class A\* | 8933 |  | 4258361 |
|  Clarivate plc (x)\* | 28940 |  | 124442 |
|  Concentrix Corp. (x) | 3732 |  | 197255 |
|  Dayforce, Inc.\* | 11351 |  | 628732 |
|  Dun & Bradstreet Holdings, Inc. | 25453 |  | 231368 |
|  Equifax, Inc. | 8427 |  | 2185711 |
|  First Advantage Corp.\* | 205254 |  | 3409269 |
|  FTI Consulting, Inc.\* | 9673 |  | 1562189 |
|  Genpact Ltd. | 13285 |  | 584673 |
|  Jacobs Solutions, Inc. | 10024 |  | 1317655 |
|  KBR, Inc. | 9787 |  | 469189 |
|  Leidos Holdings, Inc. | 10509 |  | 1657900 |
|  ManpowerGroup, Inc. | 3690 |  | 149076 |
|  Parsons Corp.\* | 4347 |  | 311984 |
|  Paychex, Inc. | 18250 |  | 2654645 |
|  Paycom Software, Inc. | 1917 |  | 443594 |
|  Paylocity Holding Corp.\* | 306 |  | 55444 |
|  Robert Half, Inc. | 7997 |  | 328277 |
|  Science Applications International Corp. | 3879 |  | 436814 |
|  SS&C Technologies Holdings, Inc. | 89387 |  | 7401243 |
|  TransUnion | 80555 |  | 7088840 |
|  Verisk Analytics, Inc. | 4598 |  | 1432277 |
|  WNS Holdings Ltd.\* | 62647 |  | 3961796 |
|  |  |  | 42426457 |
|  ***Trading Companies & Distributors (2.3%)*** | ***Trading Companies & Distributors (2.3%)*** | ***Trading Companies & Distributors (2.3%)*** | ***Trading Companies & Distributors (2.3%)*** |
|  Air Lease Corp., Class A | 61536 |  | 3599241 |
|  Applied Industrial Technologies, Inc. | 3119 |  | 725012 |
|  Boise Cascade Co. | 27754 |  | 2409602 |
|  Core & Main, Inc., Class A\* | 6550 |  | 395292 |
|  Fastenal Co. | 16722 |  | 702324 |
|  Ferguson Enterprises, Inc. | 15012 |  | 3268863 |
|  MSC Industrial Direct Co., Inc., Class A | 3824 |  | 325116 |
|  QXO, Inc.\* | 48949 |  | 1054361 |
|  SiteOne Landscape Supply, Inc.\* | 2364 |  | 285902 |
|  United Rentals, Inc. | 5339 |  | 4022403 |
|  W.W. Grainger, Inc. | 526 |  | 547166 |
|  Watsco, Inc. | 2856 |  | 1261267 |
|  WESCO International, Inc. | 82933 |  | 15359192 |
|  |  |  | 33955741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 241293543 |
|  **Information Technology (7.6%)** | **Information Technology (7.6%)** | **Information Technology (7.6%)** | **Information Technology (7.6%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Ciena Corp.\* | 52363 |  | 4258683 |
|  F5, Inc.\* | 14342 |  | 4221138 |
|  Juniper Networks, Inc. | 27366 |  | 1092724 |
|  Lumentum Holdings, Inc.\* | 5232 |  | 497354 |
|  Viavi Solutions, Inc.\* | 223001 |  | 2245620 |
|  |  |  | 12315519 |
|  ***Electronic Equipment, Instruments & Components (1.9%)*** | ***Electronic Equipment, Instruments & Components (1.9%)*** | ***Electronic Equipment, Instruments & Components (1.9%)*** | ***Electronic Equipment, Instruments & Components (1.9%)*** |
|  Arrow Electronics, Inc.\* | 4237 |  | 539921 |
|  Avnet, Inc. | 7228 |  | 383662 |
|  Belden, Inc. | 26842 |  | 3108304 |
|  CDW Corp. | 10064 |  | 1797330 |
|  Cognex Corp. | 13684 |  | 434056 |
|  Coherent Corp.\* | 12627 |  | 1126455 |

---

See Notes to Financial Statements.

1081

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Corning, Inc. | 64591 | $| 3396841 |
|  Crane NXT Co. | 4222 |  | 227566 |
|  Flex Ltd.\* | 113547 |  | 5668266 |
|  Ingram Micro Holding Corp. | 1222 |  | 25466 |
|  IPG Photonics Corp.\* | 2022 |  | 138810 |
|  Jabil, Inc. | 3026 |  | 659971 |
|  Keysight Technologies, Inc.\* | 14181 |  | 2323699 |
|  Littelfuse, Inc. | 1962 |  | 444844 |
|  Ralliant Corp.\* | 9739 |  | 472260 |
|  TD SYNNEX Corp. | 6349 |  | 861559 |
|  Teledyne Technologies, Inc.\* | 8690 |  | 4451974 |
|  Trimble, Inc.\* | 19677 |  | 1495058 |
|  Vontier Corp. | 12544 |  | 462874 |
|  Zebra Technologies Corp., Class A\* | 4186 |  | 1290795 |
|  |  |  | 29309711 |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** |
|  Akamai Technologies, Inc.\* | 11829 |  | 943481 |
|  Amdocs Ltd. | 38895 |  | 3548780 |
|  Cognizant Technology Solutions Corp., Class A | 40708 |  | 3176445 |
|  DXC Technology Co.\* | 15090 |  | 230726 |
|  EPAM Systems, Inc.\* | 4511 |  | 797635 |
|  Globant SA\* | 3208 |  | 291415 |
|  GoDaddy, Inc., Class A\* | 13971 |  | 2515618 |
|  Kyndryl Holdings, Inc.\* | 17826 |  | 747979 |
|  MongoDB, Inc.\* | 5877 |  | 1234111 |
|  Okta, Inc.\* | 8226 |  | 822353 |
|  Twilio, Inc., Class A\* | 9661 |  | 1201442 |
|  VeriSign, Inc. | 23595 |  | 6814236 |
|  |  |  | 22324221 |
|  ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** |
|  Allegro MicroSystems, Inc.\* | 84117 |  | 2875960 |
|  Amkor Technology, Inc. | 10069 |  | 211348 |
|  Cirrus Logic, Inc.\* | 4413 |  | 460077 |
|  Entegris, Inc. | 10302 |  | 830856 |
|  First Solar, Inc.\* | 8359 |  | 1383749 |
|  GLOBALFOUNDRIES, Inc.\* | 8293 |  | 316793 |
|  Lattice Semiconductor Corp.\* | 1314 |  | 64373 |
|  MACOM Technology Solutions Holdings, Inc.\* | 3904 |  | 559404 |
|  Microchip Technology, Inc. | 43462 |  | 3058421 |
|  MKS, Inc. | 37945 |  | 3770215 |
|  ON Semiconductor Corp.\* | 34723 |  | 1819832 |
|  Onto Innovation, Inc.\* | 3060 |  | 308846 |
|  Qorvo, Inc.\* | 7848 |  | 666374 |
|  Skyworks Solutions, Inc. | 12613 |  | 939921 |
|  Teradyne, Inc. | 13216 |  | 1188383 |
|  Universal Display Corp. | 3598 |  | 555747 |
|  |  |  | 19010299 |
|  ***Software (1.5%)*** | ***Software (1.5%)*** | ***Software (1.5%)*** | ***Software (1.5%)*** |
|  ANSYS, Inc.\* | 7229 |  | 2538969 |
|  Aurora Innovation, Inc., Class A\* | 81036 |  | 424629 |
|  BILL Holdings, Inc.\* | 7589 |  | 351067 |
|  CCC Intelligent Solutions Holdings, Inc.\* | 42796 |  | 402710 |
|  Docusign, Inc.\* | 4032 |  | 314053 |
|  Dolby Laboratories, Inc., Class A | 5028 |  | 373379 |
|  Dropbox, Inc., Class A\* | 12231 |  | 349807 |
|  Fair Isaac Corp.\* | 344 |  | 628818 |
|  Gen Digital, Inc. | 40491 |  | 1190436 |
|  Informatica, Inc., Class A\* | 8623 |  | 209970 |
|  nCino, Inc.\* | 7504 |  | 209887 |
|  Nutanix, Inc., Class A\* | 15846 |  | 1211268 |
|  Pegasystems, Inc. | 23226 |  | 1257223 |
|  Progress Software Corp. | 72229 |  | 4611099 |
|  PTC, Inc.\* | 27950 |  | 4816903 |
|  Rubrik, Inc., Class A\* | 3222 |  | 288659 |
|  SailPoint, Inc.\* | 4923 |  | 112540 |
|  SentinelOne, Inc., Class A\* | 6794 |  | 124194 |
|  Teradata Corp.\* | 5941 |  | 132544 |
|  Tyler Technologies, Inc.\* | 604 |  | 358075 |
|  UiPath, Inc., Class A\* | 35789 |  | 458099 |
|  Unity Software, Inc.\* | 24552 |  | 594159 |
|  Zoom Communications, Inc., Class A\* | 21657 |  | 1688813 |
|  |  |  | 22647301 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Hewlett Packard Enterprise Co. | 108175 |  | 2212179 |
|  HP, Inc. | 77839 |  | 1903942 |
|  NetApp, Inc. | 10144 |  | 1080843 |
|  Pure Storage, Inc., Class A\* | 3672 |  | 211434 |
|  Sandisk Corp.\* | 11224 |  | 509008 |
|  Super Micro Computer, Inc.\* | 22913 |  | 1122966 |
|  Western Digital Corp. | 28549 |  | 1826851 |
|  |  |  | 8867223 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 114474274 |
|  **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
|  ***Chemicals (2.1%)*** | ***Chemicals (2.1%)*** | ***Chemicals (2.1%)*** | ***Chemicals (2.1%)*** |
|  Albemarle Corp. | 9906 |  | 620809 |
|  Ashland, Inc. | 75916 |  | 3817056 |
|  Avient Corp. | 73338 |  | 2369551 |
|  Axalta Coating Systems Ltd.\* | 71282 |  | 2116363 |
|  Celanese Corp. | 9170 |  | 507376 |
|  CF Industries Holdings, Inc. | 13668 |  | 1257456 |
|  Corteva, Inc. | 56356 |  | 4200213 |
|  Dow, Inc. | 58417 |  | 1546882 |
|  DuPont de Nemours, Inc. | 34504 |  | 2366629 |
|  Eastman Chemical Co. | 9461 |  | 706358 |
|  Element Solutions, Inc. | 18887 |  | 427791 |
|  FMC Corp. | 9992 |  | 417166 |
|  Huntsman Corp. | 13707 |  | 142827 |
|  Ingevity Corp.\* | 69430 |  | 2991739 |
|  International Flavors & Fragrances, Inc. | 21095 |  | 1551537 |
|  LyondellBasell Industries NV, Class A | 21168 |  | 1224780 |
|  Mosaic Co. (The) | 26000 |  | 948480 |
|  NewMarket Corp. | 490 |  | 338521 |
|  Olin Corp. | 9690 |  | 194672 |
|  PPG Industries, Inc. | 18766 |  | 2134633 |
|  RPM International, Inc. | 10458 |  | 1148707 |
|  Scotts Miracle-Gro Co. (The) | 3785 |  | 249659 |
|  Westlake Corp. | 2567 |  | 194912 |
|  |  |  | 31474117 |
|  ***Construction Materials (0.6%)*** | ***Construction Materials (0.6%)*** | ***Construction Materials (0.6%)*** | ***Construction Materials (0.6%)*** |
|  Eagle Materials, Inc. | 2540 |  | 513359 |
|  James Hardie Industries plc (ADR)\* | 81645 |  | 2195434 |

---

See Notes to Financial Statements.

1082

------

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Knife River Corp.\* | 13494 | $| 1101650 |
|  Martin Marietta Materials, Inc. | 4938 |  | 2710765 |
|  Vulcan Materials Co. | 10878 |  | 2837200 |
|  |  |  | 9358408 |
|  ***Containers & Packaging (1.1%)*** | ***Containers & Packaging (1.1%)*** | ***Containers & Packaging (1.1%)*** | ***Containers & Packaging (1.1%)*** |
|  Amcor plc | 187920 |  | 1726985 |
|  AptarGroup, Inc. | 5387 |  | 842688 |
|  Avery Dennison Corp. | 6385 |  | 1120376 |
|  Ball Corp. | 23327 |  | 1308411 |
|  Crown Holdings, Inc. | 9532 |  | 981605 |
|  Graphic Packaging Holding Co. (x) | 25099 |  | 528836 |
|  International Paper Co. | 43167 |  | 2021511 |
|  Packaging Corp. of America | 7278 |  | 1371539 |
|  Sealed Air Corp. | 10550 |  | 327366 |
|  Silgan Holdings, Inc. | 78664 |  | 4262016 |
|  Smurfit WestRock plc | 42893 |  | 1850833 |
|  Sonoco Products Co. | 8262 |  | 359893 |
|  |  |  | 16702059 |
|  ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** |
|  Alcoa Corp. | 21557 |  | 636147 |
|  Anglogold Ashanti plc (x) | 36415 |  | 1659432 |
|  Carpenter Technology Corp. | 3256 |  | 899893 |
|  Cleveland-Cliffs, Inc.\* | 39625 |  | 301150 |
|  MP Materials Corp. (x)\* | 9934 |  | 330504 |
|  Nucor Corp. | 18923 |  | 2451285 |
|  Reliance, Inc. | 17164 |  | 5387780 |
|  Royal Gold, Inc. | 5394 |  | 959269 |
|  Steel Dynamics, Inc. | 10482 |  | 1341801 |
|  Taseko Mines Ltd.\* | 570559 |  | 1797261 |
|  |  |  | 15764522 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 5145 |  | 442419 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 73741525 |
|  **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Essential Properties Realty Trust, Inc. (REIT) | 100760 |  | 3215251 |
|  WP Carey, Inc. (REIT) | 17831 |  | 1112298 |
|  |  |  | 4327549 |
|  ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** | ***Health Care REITs (0.5%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 14100 |  | 1024083 |
|  American Healthcare REIT, Inc. (REIT) | 65807 |  | 2417749 |
|  Healthcare Realty Trust, Inc. (REIT), Class A | 26736 |  | 424033 |
|  Healthpeak Properties, Inc. (REIT) | 57162 |  | 1000906 |
|  Medical Properties Trust, Inc. (REIT) (x) | 40964 |  | 176555 |
|  Omega Healthcare Investors, Inc. (REIT) | 23563 |  | 863584 |
|  Ventas, Inc. (REIT) | 35911 |  | 2267780 |
|  |  |  | 8174690 |
|  ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 56675 |  | 870528 |
|  Park Hotels & Resorts, Inc. (REIT) | 16063 |  | 164324 |
|  Ryman Hospitality Properties, Inc. (REIT) | 36625 |  | 3613789 |
|  |  |  | 4648641 |
|  ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** | ***Industrial REITs (0.6%)*** |
|  Americold Realty Trust, Inc. (REIT) | 23952 |  | 398322 |
|  EastGroup Properties, Inc. (REIT) | 4267 |  | 713101 |
|  First Industrial Realty Trust, Inc. (REIT) | 63946 |  | 3077721 |
|  Lineage, Inc. (REIT) (x) | 5761 |  | 250719 |
|  Rexford Industrial Realty, Inc. (REIT) | 91790 |  | 3264970 |
|  STAG Industrial, Inc. (REIT) | 15191 |  | 551129 |
|  |  |  | 8255962 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  BXP, Inc. (REIT) | 13256 |  | 894382 |
|  Cousins Properties, Inc. (REIT) | 13251 |  | 397928 |
|  Douglas Emmett, Inc. (REIT) | 80472 |  | 1210299 |
|  Highwoods Properties, Inc. (REIT) | 9074 |  | 282111 |
|  Kilroy Realty Corp. (REIT) | 9733 |  | 333939 |
|  Vornado Realty Trust (REIT) | 14799 |  | 565914 |
|  |  |  | 3684573 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  CBRE Group, Inc., Class A\* | 21802 |  | 3054896 |
|  CoStar Group, Inc.\* | 30158 |  | 2424703 |
|  Howard Hughes Holdings, Inc.\* | 2517 |  | 169898 |
|  Jones Lang LaSalle, Inc.\* | 2824 |  | 722323 |
|  Zillow Group, Inc., Class A\* | 3672 |  | 251495 |
|  Zillow Group, Inc., Class C\* | 13819 |  | 968021 |
|  |  |  | 7591336 |
|  ***Residential REITs (1.8%)*** | ***Residential REITs (1.8%)*** | ***Residential REITs (1.8%)*** | ***Residential REITs (1.8%)*** |
|  American Homes 4 Rent (REIT), Class A | 28351 |  | 1022621 |
|  AvalonBay Communities, Inc. (REIT) | 11716 |  | 2384206 |
|  Camden Property Trust (REIT) | 41450 |  | 4671000 |
|  Equity LifeStyle Properties, Inc. (REIT) | 15545 |  | 958660 |
|  Equity Residential (REIT) | 31216 |  | 2106768 |
|  Essex Property Trust, Inc. (REIT) | 5255 |  | 1489267 |
|  Invitation Homes, Inc. (REIT) | 50373 |  | 1652234 |
|  Mid-America Apartment Communities, Inc. (REIT) | 45811 |  | 6780486 |
|  Sun Communities, Inc. (REIT) | 8414 |  | 1064287 |
|  UDR, Inc. (REIT) | 118525 |  | 4839376 |
|  |  |  | 26968905 |
|  ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** | ***Retail REITs (1.1%)*** |
|  Agree Realty Corp. (REIT) | 8772 |  | 640882 |
|  Brixmor Property Group, Inc. (REIT) | 184703 |  | 4809666 |
|  Federal Realty Investment Trust (REIT) | 7126 |  | 676899 |
|  Kimco Realty Corp. (REIT) | 55402 |  | 1164550 |
|  NNN REIT, Inc. (REIT) | 15260 |  | 658927 |
|  Realty Income Corp. (REIT) | 73662 |  | 4243668 |
|  Regency Centers Corp. (REIT) | 14866 |  | 1058905 |
|  Simon Property Group, Inc. (REIT) | 20771 |  | 3339146 |
|  |  |  | 16592643 |
|  ***Specialized REITs (2.0%)*** | ***Specialized REITs (2.0%)*** | ***Specialized REITs (2.0%)*** | ***Specialized REITs (2.0%)*** |
|  Crown Castle, Inc. (REIT) | 35732 |  | 3670748 |

---

See Notes to Financial Statements.

1083

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  CubeSmart (REIT) | 182399 | $| 7751958 |
|  Digital Realty Trust, Inc. (REIT) | 27769 |  | 4840970 |
|  EPR Properties (REIT) | 6263 |  | 364882 |
|  Extra Space Storage, Inc. (REIT) | 17355 |  | 2558821 |
|  Gaming and Leisure Properties, Inc. (REIT) | 21543 |  | 1005627 |
|  Iron Mountain, Inc. (REIT) | 24150 |  | 2477066 |
|  Millrose Properties, Inc. (REIT) | 9586 |  | 273297 |
|  National Storage Affiliates Trust (REIT) | 5891 |  | 188453 |
|  Rayonier, Inc. (REIT) | 12350 |  | 273923 |
|  SBA Communications Corp. (REIT) | 8852 |  | 2078804 |
|  VICI Properties, Inc. (REIT), Class A | 87034 |  | 2837308 |
|  Weyerhaeuser Co. (REIT) | 59721 |  | 1534233 |
|  |  |  | 29856090 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 110100389 |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
|  ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** | ***Electric Utilities (1.7%)*** |
|  Alliant Energy Corp. | 21157 |  | 1279364 |
|  Edison International | 31394 |  | 1619930 |
|  Entergy Corp. | 35506 |  | 2951259 |
|  Evergy, Inc. | 18797 |  | 1295677 |
|  Eversource Energy | 30239 |  | 1923805 |
|  Exelon Corp. | 83277 |  | 3615887 |
|  FirstEnergy Corp. | 45197 |  | 1819631 |
|  IDACORP, Inc. | 13861 |  | 1600253 |
|  OGE Energy Corp. | 16380 |  | 726944 |
|  PG&E Corp. | 180599 |  | 2517550 |
|  Pinnacle West Capital Corp. | 9783 |  | 875285 |
|  PPL Corp. | 60934 |  | 2065053 |
|  Xcel Energy, Inc. | 47565 |  | 3239177 |
|  |  |  | 25529815 |
|  ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** |
|  Atmos Energy Corp. | 13006 |  | 2004355 |
|  Chesapeake Utilities Corp. | 17328 |  | 2083172 |
|  MDU Resources Group, Inc. | 17070 |  | 284557 |
|  National Fuel Gas Co. | 7512 |  | 636341 |
|  ONE Gas, Inc. | 28958 |  | 2080922 |
|  UGI Corp. | 105699 |  | 3849557 |
|  |  |  | 10938904 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  AES Corp. (The) | 59865 |  | 629780 |
|  Brookfield Renewable Corp. (x) | 10955 |  | 359105 |
|  Clearway Energy, Inc., Class A | 3146 |  | 95198 |
|  Clearway Energy, Inc., Class C | 6389 |  | 204448 |
|  Talen Energy Corp.\* | 3734 |  | 1085735 |
|  |  |  | 2374266 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Ameren Corp. | 22190 |  | 2131128 |
|  CenterPoint Energy, Inc. | 53697 |  | 1972828 |
|  CMS Energy Corp. | 24543 |  | 1700339 |
|  Consolidated Edison, Inc. | 29671 |  | 2977485 |
|  DTE Energy Co. | 17077 |  | 2262019 |
|  NiSource, Inc. | 38769 |  | 1563942 |
|  Public Service Enterprise Group, Inc. | 41140 |  | 3463165 |
|  WEC Energy Group, Inc. | 26342 |  | 2744836 |
|  |  |  | 18815742 |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** |
|  American Water Works Co., Inc. | 16045 |  | 2232020 |
|  Essential Utilities, Inc. | 22627 |  | 840367 |
|  |  |  | 3072387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 60731114 |
|  **Total Common Stocks (79.0%)**<br> *(Cost $918,632,083)* |  |  | 1188416215 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (10.5%)** | **Equity (10.5%)** | **Equity (10.5%)** | **Equity (10.5%)** |
|  iShares Core S&P Mid-Cap ETF | 8975 |  | 556630 |
|  iShares Morningstar Mid-Cap ETF (x) | 7464 |  | 594582 |
|  iShares Morningstar Mid-Cap Growth ETF (x) | 109080 |  | 8751488 |
|  iShares Morningstar Mid-Cap Value ETF (x)‡ | 353811 |  | 26882560 |
|  iShares Russell Mid-Cap ETF | 6120 |  | 562856 |
|  iShares Russell Mid-Cap Growth ETF (x) | 10808 |  | 1498854 |
|  iShares Russell Mid-Cap Value ETF (x) | 416275 |  | 55006579 |
|  iShares S&P Mid-Cap 400 Growth ETF (x) | 124040 |  | 11285159 |
|  SPDR S&P 400 Mid Cap Value ETF (x) | 310588 |  | 24670005 |
|  Vanguard Mid-Cap Growth ETF (x) | 12100 |  | 3441119 |
|  Vanguard Mid-Cap Value ETF (x) | 149900 |  | 24652554 |
|  **Total Exchange Traded Funds (10.5%)**<br> *(Cost $69,922,648)* |  |  | 157902386 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (5.4%)** | **Investment Companies (5.4%)** |  |  |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 5000000 |  | 5000000 |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 |  | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 2000000 |  | 2000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 18195092 |  | 18195092 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 54265945 |  | 54276798 |

---

See Notes to Financial Statements.

1084

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 81471890 |
|  **Total Short-Term Investments (5.4%)**<br> *(Cost $81,471,484)* |  | 81471890 |
|  **Total Investments in Securities (94.9%)**<br> *(Cost $1,070,026,215)* |  | 1427790491 |
|  **Other Assets Less Liabilities (5.1%)** |  | 77381728 |
|  **Net Assets (100%)** |  | $1505172219 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $37,767,954. This was collateralized by $11,235,248 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $27,195,092 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Mid-Cap Value ETF (x) | 353811 | 31034071 |  | (4786267) | (91573) | 726329 | 26882560 | 315108 |  |

---

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 87 | 9/2025 | USD | 27203813 | 802654 |
|  S&P Midcap 400 E-Mini Index | 393 | 9/2025 | USD | 122832150 | 2772343 |
|  |  |  |  |  | 3574997 |

---

See Notes to Financial Statements.

1085

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $31797755 | $— | $— | $31797755 |
|  Consumer Discretionary | 109932645 |  |  | 109932645 |
|  Consumer Staples | 67033345 |  |  | 67033345 |
|  Energy | 69827473 |  |  | 69827473 |
|  Financials | 212850349 |  |  | 212850349 |
|  Health Care | 96633803 |  |  | 96633803 |
|  Industrials | 241293543 |  |  | 241293543 |
|  Information Technology | 114474274 |  |  | 114474274 |
|  Materials | 73741525 |  |  | 73741525 |
|  Real Estate | 110100389 |  |  | 110100389 |
|  Utilities | 60731114 |  |  | 60731114 |
|  **Exchange Traded Funds** | 157902386 |  |  | 157902386 |
|  **Futures** | 3574997 |  |  | 3574997 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 81471890 |  |  | 81471890 |
|  **Total Assets** | $**1431365488** | $**—** | $**—** | $**1431365488** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1431365488** | $**—** | $**—** | $**1431365488** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $3574997 \* |
|  **Total** |  | $3574997 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(59735492) | $(59735492) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59735492) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59735492) |

---

See Notes to Financial Statements.

1086

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $11866293 | $11866293 |
|  **Total** | $11866293 | $11866293 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $152075000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 195235000.0 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $389719908.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $500886888.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 14%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 9%)\*** | **Net Realized<br>Gain (Loss)** |
| $53232337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45611213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19920706 |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

For the six months ended June 30, 2025, the Portfolio incurred approximately $717 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $451605520 |
|  Aggregate gross unrealized depreciation | (95492443) |
|  Net unrealized appreciation | $356113077 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1075252411 |

---

See Notes to Financial Statements.

1087

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $10,057,206) | $26882560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,059,969,009) | 1400907931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 93911318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 10302400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1957403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 265836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 99260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 36106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 15146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1534393887 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 27195092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 656570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 653206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 301725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 144905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 113419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 155799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 29221668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1505172219 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1125472587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 379699632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1505172219 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,495,484,141 / 96,495,178 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.50 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $9,688,078 / 613,268 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.80 |

---

*(x)* *Includes value of securities on loan of $37,767,954.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($315,108 of dividend income received from affiliates) (net of $13,555 foreign withholding tax) | $14281424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2228107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 68486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 16578017 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4051810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1875495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 940740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 112423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 57070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 25827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7146836 |
|  **NET INVESTMENT INCOME (LOSS)** | 9431181 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(91573) realized gain (loss) from affiliates) | 70310565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (59735492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10575073 |
|  Change in unrealized appreciation (depreciation) on: | Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($726,329 of change in unrealized appreciation (depreciation) from affiliates) | (64117840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11866293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (52251547) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (41676474) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(32245293) |

---

See Notes to Financial Statements.

1088

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#### EQ ADVISORS TRUST
EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9431181 | $20689216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10575073 | 184440414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (52251547) | (21624246) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (32245293) | 183505384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (199169281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1322214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (200491495) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 78,755 shares, respectively ] |  | 1302838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (12226944) shares, respectively ] |  | (205100103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (579462) shares, respectively ] |  | (9636752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (213434017) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 642,864 and 938,942 shares, respectively ] | 9755609 | 15845481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 12,404,176 shares, respectively ] |  | 205100103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 11,955,501 shares, respectively ] |  | 199169281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6033549) and (12668948) shares, respectively ] | (92482521) | (215515319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (82726912) | 204599546 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,927 and 45,999 shares, respectively ] | 240597 | 796294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 77,989 shares, respectively ] |  | 1322214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (76660) and (127809) shares, respectively ] | (1182582) | (2209068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (941985) | (90560) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (83668897) | (8925031) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (115914190) | (25911142) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1621086409 | 1646997551 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1505172219 | $1621086409 |

---

See Notes to Financial Statements.

1089

------

#### EQ ADVISORS TRUST
EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.80 | $16.01 | $15.07 | $18.30 | $16.37 | $16.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.21 | 0.19 | 0.14 | 0.10 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.39) | 1.73 | 1.76 | (2.81) | 4.30 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.30) | 1.94 | 1.95 | (2.67) | 4.40 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.23) | (0.15) | (0.11) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.91) | (0.78) | (0.41) | (2.36) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.15) | (1.01) | (0.56) | (2.47) | (0.69) |
|  Net asset value, end of period | $15.50 | $15.80 | $16.01 | $15.07 | $18.30 | $16.37 |
|  Total return (b) | (1.90)% | 11.66% | 13.19% | (14.58)% | 27.38% | 4.99% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $1495484 | $1610242 | $1429217 | $1397370 | $1818559 | $1612699 |
|  Ratio of expenses to average net assets (a)(f) | 0.95% | 0.94% | 0.95% | 0.93% | 0.92% | 0.94% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.25% | 1.25% | 1.22% | 0.84% | 0.51% | 1.00% |
|  Portfolio turnover rate^ | 28 %(z) | 42% | 28% | 28% | 23% | 29% |
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $16.09 | $16.26 | $15.29 | $18.56 | $16.56 | $16.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.26 | 0.23 | 0.18 | 0.15 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.41) | 1.76 | 1.79 | (2.84) | 4.36 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.29) | 2.02 | 2.02 | (2.66) | 4.51 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.27) | (0.20) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.91) | (0.78) | (0.41) | (2.36) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.19) | (1.05) | (0.61) | (2.51) | (0.73) |
|  Net asset value, end of period | $15.80 | $16.09 | $16.26 | $15.29 | $18.56 | $16.56 |
|  Total return (b) | (1.80)% | 11.98% | 13.45% | (14.38)% | 27.76% | 5.22% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $9688 | $10845 | $11024 | $12403 | $15848 | $12760 |
|  Ratio of expenses to average net assets (a)(f) | 0.70% | 0.69% | 0.70% | 0.68% | 0.67% | 0.69% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.49% | 1.50% | 1.46% | 1.10% | 0.77% | 1.25% |
|  Portfolio turnover rate^ | 28 %(z) | 42% | 28% | 28% | 23% | 29% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1090

------

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Repurchase Agreements (56.3%)** | **Repurchase Agreements (56.3%)** | **Repurchase Agreements (56.3%)** |
|  Banco Santander SA,<br>4.38%, dated 6/30/25, due 7/1/25, repurchase price $494,000,000, collateralized by various U.S. Government Agency Securities, ranging from 0.125%-9.000%, maturing 9/30/25-6/16/64; total market value $505,792,368. | $494000000 | $494000000 |
|  Bank of Nova Scotia (The),<br>4.39%, dated 6/30/25, due 7/1/25, repurchase price $250,030,573, collateralized by various U.S. Government Agency Securities, ranging from 2.375%-4.375%, maturing 8/14/34-11/15/49; total market value $255,031,185. | 250000000 | 250000000 |
|  BofA Securities, Inc.,<br>4.40%, dated 6/30/25, due 7/1/25, repurchase price $300,000,001, collateralized by various U.S. Government Agency Securities, ranging from 2.000%-8.000%, maturing 6/15/27-6/20/55; total market value $306,000,001. | 300000000 | 300000000 |
|  BofA Securities, Inc.,<br>4.40%, dated 6/30/25, due 7/1/25, repurchase price $120,000,004, collateralized by various U.S. Government Agency Securities, 4.375%, maturing 11/30/30; total market value $122,400,004. | 120000000 | 120000000 |
|  Credit Agricole Corporate and Investment Bank,<br>4.38%, dated 6/30/25, due 7/1/25, repurchase price $350,000,090, collateralized by various U.S. Government Treasury Securities, ranging from 0.375%-4.625%, maturing 1/31/26-1/31/29; total market value $357,000,092. | 350000000 | 350000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 1514000000 |
|  **U.S. Government Agency Securities (17.5%)** | **U.S. Government Agency Securities (17.5%)** | **U.S. Government Agency Securities (17.5%)** |
|  FHLB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 7/8/25 (o)(p) | 7300000 | 7294024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 7/9/25 (o)(p) | 7300000 | 7293170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 7/11/25 (o)(p) | 24110000 | 24081763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 7/18/25 (o)(p) | 10000000 | 9980034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 7/23/25 (o)(p) | 10200000 | 10173727 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>4.40%, 7/28/25 (k) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>4.40%, 8/11/25 (k) | 40000000 | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 8/27/25 (o)(p) | 3000000 | 2980159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 9/5/25 (o)(p) | 45300000 | 44948782 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br>4.40%, 10/2/25 (k) | 14600000 | 14600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%),<br>4.41%, 10/17/25 (k) | 51000000 | 51000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/5/25 (o)(p) | 6900000 | 6799226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/13/25 (o)(p) | 6700000 | 6596108 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>4.39%, 12/11/25 (k) | 32000000 | 32000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>4.39%, 12/17/25 (k) | 33000000 | 33000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>4.39%, 12/18/25 (k) | 42000000 | 42000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%),<br>4.40%, 1/5/26 (k) | 35000000 | 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 2/9/26 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 2/9/26 | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 4/15/26 | 16000000 | 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/17/26 | 7100000 | 7100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/20/26 | 14200000 | 14200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 5/28/26 | 14600000 | 14600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 6/9/26 | 14600000 | 14600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 471246993 |
|  **U.S. Treasury Obligations (28.9%)** | **U.S. Treasury Obligations (28.9%)** | **U.S. Treasury Obligations (28.9%)** |
|  U.S. Treasury Bills<br>4.05%, 7/1/25 (p) | 175000000 | 175000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 7/3/25 (p) | 24000000 | 23994487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 7/17/25 (p) | 10000000 | 9981422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 10/9/25 (p) | 33000000 | 32632778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 10/16/25 (p) | 20000000 | 19758655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/28/25 (p) | 30000000 | 29583996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 10/30/25 (p) | 37300000 | 36788926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/6/25 (p) | 27700000 | 27297180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 11/13/25 (p) | 34600000 | 34066959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/20/25 (p) | 10400000 | 10230373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/28/25 (p) | 45500000 | 44708846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 12/4/25 (p) | 25500000 | 25041425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 12/11/25 (p) | 18700000 | 18348622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 12/18/25 (p) | 14000000 | 13725308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/26/25 (p) | 29000000 | 28416407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 1/2/26 (p) | 13000000 | 12728398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 1/22/26 (p) | 30000000 | 29312396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 2/19/26 (p) | 18000000 | 17528175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 3/19/26 (p) | 15700000 | 15250960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 5/14/26 (p) | 19700000 | 19018265 |
|  U.S. Treasury Notes<br>0.25%, 10/31/25 | 4800000 | 4732541 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.17%), 4.41%, 10/31/25 (k) | 65000000 | 65020921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/31/25 | 3300000 | 3306534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25 | 3000000 | 2980030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/30/25 | 4300000 | 4308733 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.25%), 4.48%, 1/31/26 (k) | 30000000 | 30021396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 2/28/26 | 5200000 | 5069937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/28/26 | 20300000 | 20344973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/26 | 4000000 | 4010401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/31/26 | 4000000 | 4024147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 6/30/26 | 3600000 | 3485683 |

---

See Notes to Financial Statements.

1091

------

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/30/26 | $6000000 | $6026964 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 776745838 |
|  **Total Investments in Securities (102.7%)**<br> *(Amortized Cost $2,761,992,831)* |  | 2761992831 |
|  **Other Assets Less<br>Liabilities (-2.7%)** |  | (73144238) |
|  **Net Assets (100%)** |  | $2688848593 |
|  **Federal Income Tax Cost of Investments** |  | $2761992831 |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(o)* *Discount Note Security. Effective rate calculated as of June 30, 2025.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*FHLB* *— Federal Home Loan Bank* 

*SOFR* *— Secured Overnight Financing Rate* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements | $— | $1514000000 | $— | $1514000000 |
|  U.S. Government Agency Securities |  | 120146993 |  | 120146993 |
|  U.S. Treasury Obligations |  | 623413578 |  | 623413578 |
|  **U.S. Government Agency Securities** |  |  |  |  |
|  U.S. Government Agency Securities |  | 351100000 |  | 351100000 |
|  **U.S. Treasury Obligations** |  |  |  |  |
|  U.S. Treasury Obligations |  | 153332260 |  | 153332260 |
|  **Total Assets** | $**—** | $**2761992831** | $**—** | $**2761992831** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**2761992831** | $**—** | $**2761992831** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

See Notes to Financial Statements.

1092

------

EQ/MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,247,992,831) | $1247992831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements<br>(Cost $1,514,000,000) | 1514000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2229818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3667931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 31016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2767921596 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 77312393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 685631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 412251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 196760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 137838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 4518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 323612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 79073003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $2688848593 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2688832855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 15738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2688848593 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $665,453,283 / 664,953,394 shares outstanding (unlimited amount authorized: $0.01 par value) | $1.00 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,023,395,310 / 2,023,158,588 shares outstanding (unlimited amount authorized: $0.01 par value) | $1.00 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $56931195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 56931195 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4067514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2417000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1181219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 839147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 97411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 79129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 43090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 38732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 25946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8789188 |
|  **NET INVESTMENT INCOME (LOSS)** | 48142007 |
|  **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 3987 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3987 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $48145994 |

---

See Notes to Financial Statements.

1093

------

#### EQ ADVISORS TRUST
EQ/MONEY MARKET PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $48142007 | $107912516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3987 | 463932 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 48145994 | 108376448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (12407367) | (28275669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (35734640) | (80089028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (48142007) | (108364697) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 274,130,367 and 413,536,301 shares, respectively ] | 274336260 | 413909202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,398,047 and 28,250,238 shares, respectively ] | 12407367 | 28275669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (236051774) and (442733664) shares, respectively ] | (236229357) | (443136842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 50514270 | (951971) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 12,990,544,902 and 23,446,603,888 shares, respectively ] | 12992061630 | 23454366127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 35,730,471 and 80,063,032 shares, respectively ] | 35734640 | 80089028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12897966116) and (23169548088) shares, respectively ] | (12899472701) | (23177455244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 128323569 | 356999911 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 178837839 | 356047940 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 178841826 | 356059691 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2510006767 | 2153947076 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2688848593 | $2510006767 |

---

See Notes to Financial Statements.

1094

------

#### EQ ADVISORS TRUST
EQ/MONEY MARKET PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | 0.05 | 0.04 | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.02 | 0.05 | 0.04 | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.05) | (0.04) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.02) | (0.05) | (0.04) | (0.01) |  |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return (b) | 1.85 | 4.65 | 4.47% | 1.11 | 0.16 | 0.20 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $665453 | $614938 | $615877 | $435756 | $330232 | $364115 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a) | 0.68 | 0.68 | 0.69% | 0.52 | 0.04 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a) | 0.68 | 0.68 | 0.69% | 0.69 | 0.70 | 0.71 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a) | 3.70 | 4.53 | 4.42% | 1.17 |  | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a) | 3.70 | 4.53 | 4.42% | 0.99 | (0.65) | (0.22) |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | 0.05 | 0.04 | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.02 | 0.05 | 0.04 | 0.01 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.05) | (0.04) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.02) | (0.05) | (0.04) | (0.01) |  |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return (b) | 1.85 | 4.65 | 4.47% | 1.11 | 0.16 | 0.20 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $2023395 | $1895069 | $1538070 | $1283116 | $1183684 | $1268907 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a) | 0.67 | 0.68 | 0.69% | 0.52 | 0.04 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a) | 0.67 | 0.68 | 0.69% | 0.69 | 0.70 | 0.71 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a) | 3.70 | 4.52 | 4.40% | 1.14 |  | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a) | 3.70 | 4.52 | 4.40% | 0.97 | (0.65) | (0.21) |

---

*#* *Per share amount is less than $0.005.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

See Notes to Financial Statements.

1095

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.7%)** | **Communication Services (1.7%)** | **Communication Services (1.7%)** |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** |
|  Anterix, Inc.\* | 2094 | $53711 |
|  Bandwidth, Inc., Class A\* | 1040 | 16536 |
|  Cogent Communications Holdings, Inc. | 7319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352849 |
|  Globalstar, Inc.\* | 8136 | 191603 |
|  IDT Corp., Class B | 2046 | 139783 |
|  Lumen Technologies, Inc.\* | 136665 | 598592 |
|  |  | 1353074 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Atlanta Braves Holdings, Inc., Class A\* | 1237 | 60873 |
|  Atlanta Braves Holdings, Inc., Class C\* | 7383 | 345303 |
|  Cinemark Holdings, Inc. | 17279 | 521480 |
|  CuriosityStream, Inc. | 4753 | 26759 |
|  Golden Matrix Group, Inc. (x)\* | 2920 | 4964 |
|  IMAX Corp. (x)\* | 7082 | 198013 |
|  LiveOne, Inc.\* | 616 | 465 |
|  Madison Square Garden Entertainment Corp., Class A\* | 6424 | 256767 |
|  Playtika Holding Corp. | 2182 | 10321 |
|  Vivid Seats, Inc., Class A\* | 6951 | 11747 |
|  |  | 1436692 |
|  ***Interactive Media & Services (0.7%)*** | ***Interactive Media & Services (0.7%)*** | ***Interactive Media & Services (0.7%)*** |
|  Arena Group Holdings, Inc. (The)\* | 1864 | 11557 |
|  Bumble, Inc., Class A (x)\* | 1281 | 8442 |
|  Cargurus, Inc., Class A\* | 13358 | 447092 |
|  EverQuote, Inc., Class A\* | 4431 | 107142 |
|  fuboTV, Inc. (x)\* | 54013 | 208490 |
|  Grindr, Inc.\* | 5423 | 123102 |
|  MediaAlpha, Inc., Class A\* | 5408 | 59218 |
|  QuinStreet, Inc.\* | 8576 | 138074 |
|  Rumble, Inc. (x)\* | 2974 | 26706 |
|  Travelzoo\* | 994 | 12654 |
|  TripAdvisor, Inc. (x)\* | 9019 | 117698 |
|  Vimeo, Inc.\* | 10635 | 42965 |
|  VTEX, Class A\* | 9317 | 61492 |
|  Yelp, Inc., Class A\* | 9989 | 342323 |
|  ZipRecruiter, Inc., Class A\* | 10887 | 54544 |
|  ZoomInfo Technologies, Inc., Class A\* | 123402 | 1248828 |
|  |  | 3010327 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Altice USA, Inc., Class A\* | 6235 | 13343 |
|  Boston Omaha Corp., Class A (x)\* | 265 | 3721 |
|  Cardlytics, Inc. (x)\* | 351 | 577 |
|  Emerald Holding, Inc. (x) | 2156 | 10457 |
|  Entravision Communications Corp., Class A | 1743 | 4044 |
|  Gambling.com Group Ltd.\* | 2796 | 33244 |
|  Gannett Co., Inc.\* | 20449 | 73207 |
|  Ibotta, Inc., Class A\* | 2111 | 77263 |
|  Integral Ad Science Holding Corp.\* | 2099 | 17443 |
|  John Wiley & Sons, Inc., Class A | 6294 | 280901 |
|  Magnite, Inc. (x)\* | 22709 | 547741 |
|  Stagwell, Inc., Class A (x)\* | 18532 | 83394 |
|  TechTarget, Inc.\* | 451 | 3504 |
|  Thryv Holdings, Inc.\* | 5824 | 70820 |
|  |  | 1219659 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Gogo, Inc.\* | 11098 | 162919 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 7182671 |
|  **Consumer Discretionary (15.5%)** | **Consumer Discretionary (15.5%)** | **Consumer Discretionary (15.5%)** |
|  ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** |
|  Dorman Products, Inc.\* | 4474 | 548826 |
|  Fox Factory Holding Corp.\* | 1693 | 43916 |
|  LCI Industries | 444 | 40488 |
|  Luminar Technologies, Inc., Class A (x)\* | 3600 | 10332 |
|  Modine Manufacturing Co.\* | 8502 | 837447 |
|  Patrick Industries, Inc. | 5265 | 485802 |
|  Solid Power, Inc. (x)\* | 3222 | 7056 |
|  XPEL, Inc. (m)\* | 3872 | 139005 |
|  |  | 2112872 |
|  ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** | ***Automobiles (0.0%)†*** |
|  Livewire Group, Inc. (x)\* | 5928 | 27269 |
|  ***Broadline Retail (2.7%)*** | ***Broadline Retail (2.7%)*** | ***Broadline Retail (2.7%)*** |
|  1stdibs.com, Inc.\* | 123 | 338 |
|  Global-e Online Ltd.\* | 347131 | 11642774 |
|  Groupon, Inc. (x)\* | 4054 | 135606 |
|  Savers Value Village, Inc.\* | 3630 | 37026 |
|  |  | 11815744 |
|  ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** |
|  Adtalem Global Education, Inc.\* | 5970 | 759563 |
|  American Public Education, Inc.\* | 2662 | 81085 |
|  Carriage Services, Inc., Class A | 2287 | 104607 |
|  Coursera, Inc.\* | 22706 | 198905 |
|  European Wax Center, Inc., Class A\* | 4653 | 26196 |
|  Frontdoor, Inc.\* | 12070 | 711406 |
|  KinderCare Learning Cos., Inc.\* | 5071 | 51217 |
|  Laureate Education, Inc.\* | 7365 | 172194 |
|  Lincoln Educational Services Corp.\* | 4785 | 110294 |
|  Mister Car Wash, Inc.\* | 14424 | 86688 |
|  Nerdy, Inc. (x)\* | 9349 | 15239 |
|  OneSpaWorld Holdings Ltd. | 15443 | 314883 |
|  Stride, Inc.\* | 6930 | 1006167 |
|  Udemy, Inc.\* | 15711 | 110448 |
|  Universal Technical Institute, Inc.\* | 7223 | 244787 |
|  Zspace, Inc.\* | 561 | 1829 |
|  |  | 3995508 |
|  ***Hotels, Restaurants & Leisure (5.2%)*** | ***Hotels, Restaurants & Leisure (5.2%)*** | ***Hotels, Restaurants & Leisure (5.2%)*** |
|  Accel Entertainment, Inc., Class A\* | 8474 | 99739 |
|  Bally's Corp.\* | 1162 | 11132 |
|  BJ's Restaurants, Inc.\* | 2202 | 98209 |
|  Bloomin' Brands, Inc. | 8537 | 73504 |
|  Brinker International, Inc.\* | 7180 | 1294769 |
|  Cheesecake Factory, Inc. (The) (x) | 95291 | 5970934 |
|  Cracker Barrel Old Country Store, Inc. (x) | 991 | 60530 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 4404 | 132472 |
|  Denny's Corp.\* | 723 | 2964 |
|  Dine Brands Global, Inc. (x) | 350 | 8516 |
|  Everi Holdings, Inc.\* | 13682 | 194832 |
|  First Watch Restaurant Group, Inc.\* | 6586 | 105639 |
|  Genius Sports Ltd.\* | 35875 | 373100 |
|  Global Business Travel Group I (x)\* | 13646 | 85970 |
|  Hilton Grand Vacations, Inc. (x)\* | 9907 | 411438 |
|  Inspired Entertainment, Inc.\* | 4280 | 34968 |
|  Jack in the Box, Inc. (x) | 2574 | 44942 |

---

See Notes to Financial Statements.

1096

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Krispy Kreme, Inc. (x) | 1668 | $| 4854 |
|  Kura Sushi USA, Inc., Class A (x)\* | 1043 |  | 89781 |
|  Life Time Group Holdings, Inc.\* | 22010 |  | 667563 |
|  Lindblad Expeditions Holdings, Inc.\* | 6068 |  | 70814 |
|  Monarch Casino & Resort, Inc. | 2084 |  | 180141 |
|  Nathan's Famous, Inc. | 372 |  | 41136 |
|  ONE Group Hospitality, Inc. (The)\* | 309 |  | 1252 |
|  Papa John's International, Inc. | 463 |  | 22659 |
|  PlayAGS, Inc.\* | 6298 |  | 78662 |
|  Potbelly Corp.\* | 3673 |  | 44994 |
|  Pursuit Attractions and Hospitality, Inc.\* | 240 |  | 6919 |
|  RCI Hospitality Holdings, Inc. | 834 |  | 31792 |
|  Red Rock Resorts, Inc., Class A | 4407 |  | 229296 |
|  Rush Street Interactive, Inc.\* | 14426 |  | 214947 |
|  Sabre Corp.\* | 15419 |  | 48724 |
|  Serve Robotics, Inc. (x)\* | 5072 |  | 58024 |
|  Shake Shack, Inc., Class A\* | 41638 |  | 5854303 |
|  Six Flags Entertainment Corp. (x)\* | 12420 |  | 377941 |
|  Super Group SGHC Ltd. | 25925 |  | 284397 |
|  Sweetgreen, Inc., Class A (x)\* | 336963 |  | 5014009 |
|  United Parks & Resorts, Inc.\* | 4165 |  | 196380 |
|  Xponential Fitness, Inc., Class A\* | 4433 |  | 33203 |
|  |  |  | 22555449 |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  Cavco Industries, Inc.\* | 1238 |  | 537824 |
|  Champion Homes, Inc.\* | 8756 |  | 548213 |
|  Dream Finders Homes, Inc., Class A\* | 1184 |  | 29754 |
|  Green Brick Partners, Inc.\* | 1729 |  | 108720 |
|  Installed Building Products, Inc. | 3795 |  | 684314 |
|  Lovesac Co. (The)\* | 1403 |  | 25535 |
|  Sonos, Inc.\* | 17566 |  | 189889 |
|  United Homes Group, Inc.\* | 236 |  | 684 |
|  Victoria plc (x)\* | 1139746 |  | 1142065 |
|  |  |  | 3266998 |
|  ***Leisure Products (2.1%)*** | ***Leisure Products (2.1%)*** | ***Leisure Products (2.1%)*** | ***Leisure Products (2.1%)*** |
|  Acushnet Holdings Corp. (x) | 4577 |  | 333297 |
|  Latham Group, Inc.\* | 6386 |  | 40743 |
|  Marine Products Corp. | 682 |  | 5804 |
|  Peloton Interactive, Inc., Class A\* | 1240421 |  | 8608522 |
|  Sturm Ruger & Co., Inc. | 936 |  | 33602 |
|  |  |  | 9021968 |
|  ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** |
|  Abercrombie & Fitch Co., Class A\* | 7642 |  | 633140 |
|  Arhaus, Inc., Class A\* | 8267 |  | 71675 |
|  Arko Corp. | 1171 |  | 4953 |
|  BARK, Inc.\* | 11578 |  | 10183 |
|  Beyond, Inc.\* | 22550 |  | 155144 |
|  Boot Barn Holdings, Inc.\* | 4989 |  | 758328 |
|  Buckle, Inc. (The) | 4818 |  | 218496 |
|  Build-A-Bear Workshop, Inc. | 1963 |  | 101212 |
|  Camping World Holdings, Inc., Class A | 9784 |  | 168187 |
|  Envela Corp.\* | 1074 |  | 6573 |
|  EVgo, Inc., Class A\* | 4024 |  | 14688 |
|  Floor & Decor Holdings, Inc., Class A\* | 57400 |  | 4360104 |
|  Genesco, Inc.\* | 102 |  | 2008 |
|  Group 1 Automotive, Inc. | 893 |  | 389982 |
|  Leslie's, Inc. (x)\* | 1716 |  | 721 |
|  MarineMax, Inc.\* | 250 |  | 6285 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 2276 |  | 6441 |
|  RealReal, Inc. (The)\* | 3990 |  | 19112 |
|  Revolve Group, Inc., Class A\* | 6558 |  | 131488 |
|  RH\* | 8733 |  | 1650624 |
|  Sonic Automotive, Inc., Class A | 858 |  | 68580 |
|  Stitch Fix, Inc., Class A\* | 1719 |  | 6360 |
|  ThredUp, Inc., Class A\* | 14742 |  | 110418 |
|  Tile Shop Holdings, Inc. (x)\* | 1290 |  | 8205 |
|  Upbound Group, Inc. | 3004 |  | 75400 |
|  Urban Outfitters, Inc.\* | 3587 |  | 260201 |
|  Victoria's Secret & Co.\* | 3075 |  | 56949 |
|  Warby Parker, Inc., Class A\* | 15936 |  | 349477 |
|  Wayfair, Inc., Class A\* | 66717 |  | 3411907 |
|  |  |  | 13056841 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  Ermenegildo Zegna NV (x) | 9973 |  | 85269 |
|  Figs, Inc., Class A\* | 14322 |  | 80776 |
|  Hanesbrands, Inc.\* | 56280 |  | 257762 |
|  Kontoor Brands, Inc. | 7242 |  | 477755 |
|  Steven Madden Ltd. | 1052 |  | 25227 |
|  Wolverine World Wide, Inc. | 13077 |  | 236432 |
|  |  |  | 1163221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 67015870 |
|  **Consumer Staples (6.0%)** | **Consumer Staples (6.0%)** | **Consumer Staples (6.0%)** | **Consumer Staples (6.0%)** |
|  ***Beverages (1.6%)*** | ***Beverages (1.6%)*** | ***Beverages (1.6%)*** | ***Beverages (1.6%)*** |
|  Celsius Holdings, Inc.\* | 135682 |  | 6294288 |
|  National Beverage Corp.\* | 3905 |  | 168852 |
|  Vita Coco Co., Inc. (The)\* | 6519 |  | 235336 |
|  Zevia PBC, Class A\* | 5103 |  | 16432 |
|  |  |  | 6714908 |
|  ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** | ***Consumer Staples Distribution & Retail (0.2%)*** |
|  Chefs' Warehouse, Inc. (The)\* | 5915 |  | 377436 |
|  Guardian Pharmacy Services, Inc., Class A (x)\* | 2051 |  | 43707 |
|  Natural Grocers by Vitamin Cottage, Inc. | 2066 |  | 81091 |
|  PriceSmart, Inc. | 4154 |  | 436336 |
|  Sprouts Farmers Market, Inc.\* | 228 |  | 37538 |
|  |  |  | 976108 |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** |
|  Beyond Meat, Inc.\* | 1158 |  | 4041 |
|  BRC, Inc., Class A (x)\* | 12025 |  | 15753 |
|  Calavo Growers, Inc. | 2484 |  | 66050 |
|  Cal-Maine Foods, Inc. | 7450 |  | 742243 |
|  Forafric Global plc\* | 520 |  | 4056 |
|  J & J Snack Foods Corp. | 2529 |  | 286814 |
|  John B Sanfilippo & Son, Inc. | 764 |  | 48315 |
|  Lancaster Colony Corp. | 3262 |  | 563576 |
|  Lifeway Foods, Inc.\* | 927 |  | 22851 |
|  Mama's Creations, Inc.\* | 5796 |  | 48107 |
|  Simply Good Foods Co. (The)\* | 9766 |  | 308508 |
|  SunOpta, Inc.\* | 15249 |  | 88444 |
|  Tootsie Roll Industries, Inc. | 2630 |  | 87973 |
|  Vital Farms, Inc.\* | 5614 |  | 216251 |
|  Westrock Coffee Co. (x)\* | 6005 |  | 34409 |
|  WK Kellogg Co. (x) | 9348 |  | 149007 |
|  |  |  | 2686398 |

---

See Notes to Financial Statements.

1097

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** |
|  Energizer Holdings, Inc. | 8454 | $170433 |
|  Oil-Dri Corp. of America | 1270 | 74917 |
|  WD-40 Co. | 2209 | 503851 |
|  |  | 749201 |
|  ***Personal Care Products (3.4%)*** | ***Personal Care Products (3.4%)*** | ***Personal Care Products (3.4%)*** |
|  Beauty Health Co. (The)\* | 15525 | 29653 |
|  FitLife Brands, Inc.\* | 545 | 7096 |
|  Herbalife Ltd. (x)\* | 12104 | 104336 |
|  Honest Co., Inc. (The)\* | 7574 | 38552 |
|  Interparfums, Inc. | 2979 | 391172 |
|  Lifevantage Corp. | 1297 | 16965 |
|  Nature's Sunshine Products, Inc.\* | 374 | 5531 |
|  Oddity Tech Ltd., Class A\* | 187927 | 14182851 |
|  |  | 14776156 |
|  ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** |
|  Ispire Technology, Inc. (x)\* | 2297 | 5880 |
|  Turning Point Brands, Inc. | 2460 | 186394 |
|  |  | 192274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 26095045 |
|  **Energy (1.8%)** | **Energy (1.8%)** | **Energy (1.8%)** |
|  ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** |
|  Archrock, Inc. | 26938 | 668871 |
|  Aris Water Solutions, Inc., Class A | 5002 | 118297 |
|  Atlas Energy Solutions, Inc. (x) | 9077 | 121359 |
|  Cactus, Inc., Class A | 11107 | 485598 |
|  ChampionX Corp. | 26470 | 657515 |
|  DMC Global, Inc.\* | 597 | 4812 |
|  Energy Services of America Corp. | 1682 | 16719 |
|  Flowco Holdings, Inc., Class A | 1641 | 29226 |
|  Helix Energy Solutions Group, Inc.\* | 5223 | 32592 |
|  Kodiak Gas Services, Inc. | 8744 | 299657 |
|  National Energy Services Reunited Corp.\* | 971 | 5845 |
|  Natural Gas Services Group, Inc.\* | 305 | 7872 |
|  Oceaneering International, Inc.\* | 13447 | 278622 |
|  Seadrill Ltd.\* | 3721 | 97676 |
|  Select Water Solutions, Inc., Class A | 731 | 6316 |
|  Solaris Energy Infrastructure, Inc., Class A (x) | 5907 | 167109 |
|  Tidewater, Inc.\* | 7807 | 360137 |
|  |  | 3358223 |
|  ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** |
|  Calumet, Inc.\* | 1165 | 18354 |
|  Centrus Energy Corp., Class A (x)\* | 1858 | 340348 |
|  Comstock Resources, Inc.\* | 8374 | 231708 |
|  Core Natural Resources, Inc. | 2959 | 206361 |
|  CVR Energy, Inc. | 5120 | 137472 |
|  Delek US Holdings, Inc. | 9888 | 209428 |
|  Empire Petroleum Corp.\* | 1921 | 10143 |
|  Energy Fuels, Inc.\* | 8993 | 51710 |
|  Evolution Petroleum Corp. (x) | 4531 | 21296 |
|  FLEX LNG Ltd. | 817 | 17958 |
|  Gulfport Energy Corp.\* | 2464 | 495683 |
|  Hallador Energy Co.\* | 4678 | 74053 |
|  Infinity Natural Resources, Inc., Class A\* | 494 | 9045 |
|  Kinetik Holdings, Inc., Class A | 5213 | 229633 |
|  Kolibri Global Energy, Inc.\* | 1121 | 7679 |
|  Lightbridge Corp.\* | 2348 | 31393 |
|  Magnolia Oil & Gas Corp., Class A | 6288 | 141354 |
|  NextDecade Corp.\* | 21668 | 193062 |
|  OPAL Fuels, Inc., Class A\* | 2804 | 6786 |
|  Par Pacific Holdings, Inc.\* | 2473 | 65609 |
|  REX American Resources Corp.\* | 579 | 28203 |
|  Riley Exploration Permian, Inc. | 494 | 12958 |
|  Sable Offshore Corp. (x)\* | 58793 | 1292270 |
|  Uranium Energy Corp. (x)\* | 69004 | 469227 |
|  Ur-Energy, Inc.\* | 2862 | 3005 |
|  VAALCO Energy, Inc. | 1156 | 4173 |
|  World Kinect Corp. (x) | 1173 | 33254 |
|  |  | 4342165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 7700388 |
|  **Financials (8.0%)** | **Financials (8.0%)** | **Financials (8.0%)** |
|  ***Banks (1.5%)*** | ***Banks (1.5%)*** | ***Banks (1.5%)*** |
|  Amerant Bancorp, Inc., Class A | 2491 | 45411 |
|  Arrow Financial Corp. | 257 | 6790 |
|  Axos Financial, Inc.\* | 1092 | 83036 |
|  Banc of California, Inc. | 1465 | 20583 |
|  BancFirst Corp. | 3122 | 385942 |
|  Bancorp, Inc. (The)\* | 7394 | 421236 |
|  Bank First Corp. | 244 | 28707 |
|  Bank of Hawaii Corp. | 4984 | 336570 |
|  Bank7 Corp. | 12 | 502 |
|  Bankwell Financial Group, Inc. | 178 | 6413 |
|  Bridgewater Bancshares, Inc.\* | 1565 | 24899 |
|  California Bancorp\* | 477 | 7518 |
|  Capital Bancorp, Inc. | 430 | 14439 |
|  Carter Bankshares, Inc.\* | 629 | 10907 |
|  Citizens Financial Services, Inc. (x) | 54 | 3171 |
|  City Holding Co. | 1472 | 180202 |
|  Coastal Financial Corp.\* | 2093 | 202749 |
|  Columbia Financial, Inc.\* | 331 | 4803 |
|  Community Financial System, Inc. | 1934 | 109987 |
|  Community West Bancshares | 554 | 10809 |
|  ConnectOne Bancorp, Inc. | 1940 | 44930 |
|  Customers Bancorp, Inc.\* | 378 | 22204 |
|  Dime Community Bancshares, Inc. | 1225 | 33001 |
|  Eagle Bancorp, Inc. | 971 | 18915 |
|  Esquire Financial Holdings, Inc. | 1178 | 111509 |
|  Finwise Bancorp\* | 747 | 11212 |
|  First Bancorp | 13957 | 290724 |
|  First Business Financial Services, Inc. | 157 | 7954 |
|  First Community Corp. | 305 | 7436 |
|  First Financial Bankshares, Inc. | 21950 | 789761 |
|  First Financial Corp. | 281 | 15227 |
|  First Internet Bancorp | 716 | 19260 |
|  First Merchants Corp. | 573 | 21946 |
|  First Western Financial, Inc.\* | 337 | 7603 |
|  Five Star Bancorp | 1602 | 45721 |
|  GBank Financial Holdings, Inc.\* | 169 | 5984 |
|  Glacier Bancorp, Inc. | 3904 | 168184 |
|  Greene County Bancorp, Inc. | 773 | 17176 |
|  Guaranty Bancshares, Inc. | 148 | 6281 |
|  Hingham Institution For Savings (The) | 27 | 6705 |
|  Hope Bancorp, Inc. | 1435 | 15398 |
|  International Bancshares Corp. | 1019 | 67825 |
|  Lakeland Financial Corp. | 2303 | 141519 |

---

See Notes to Financial Statements.

1098

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LINKBANCORP, Inc. | 899 | $| 6572 |
|  Live Oak Bancshares, Inc. | 2533 |  | 75483 |
|  Meridian Corp. | 533 |  | 6870 |
|  Metrocity Bankshares, Inc. | 1918 |  | 54816 |
|  Metropolitan Bank Holding Corp.\* | 368 |  | 25760 |
|  NBT Bancorp, Inc. | 532 |  | 22105 |
|  Nicolet Bankshares, Inc. | 638 |  | 78780 |
|  Northeast Bank | 715 |  | 63628 |
|  Northfield Bancorp, Inc. | 869 |  | 9976 |
|  Northrim Bancorp, Inc. | 472 |  | 44019 |
|  Old National Bancorp | 6342 |  | 135338 |
|  Old Point Financial Corp. | 268 |  | 10519 |
|  OP Bancorp | 521 |  | 6768 |
|  Orange County Bancorp, Inc. | 427 |  | 11034 |
|  Origin Bancorp, Inc. | 300 |  | 10722 |
|  Pathward Financial, Inc. | 3778 |  | 298915 |
|  Patriot National Bancorp, Inc.\* | 6864 |  | 10433 |
|  PCB Bancorp | 307 |  | 6441 |
|  Peapack-Gladstone Financial Corp. | 1037 |  | 29295 |
|  Peoples Financial Services Corp. | 213 |  | 10516 |
|  Princeton Bancorp, Inc. | 209 |  | 6383 |
|  ServisFirst Bancshares, Inc. | 8368 |  | 648604 |
|  Shore Bancshares, Inc. | 1243 |  | 19540 |
|  SmartFinancial, Inc. | 405 |  | 13681 |
|  Southern Missouri Bancorp, Inc. | 131 |  | 7176 |
|  Stock Yards Bancorp, Inc. | 4020 |  | 317500 |
|  Texas Capital Bancshares, Inc.\* | 1015 |  | 80591 |
|  Triumph Financial, Inc.\* | 1670 |  | 92034 |
|  UMB Financial Corp. | 1056 |  | 111049 |
|  Union Bankshares, Inc. | 531 |  | 14135 |
|  Unity Bancorp, Inc. | 554 |  | 26082 |
|  USCB Financial Holdings, Inc. | 468 |  | 7741 |
|  Valley National Bancorp | 19706 |  | 175975 |
|  WesBanco, Inc. | 988 |  | 31250 |
|  West Bancorp, Inc. | 414 |  | 8127 |
|  |  |  | 6259007 |
|  ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** | ***Capital Markets (2.5%)*** |
|  Acadian Asset Management, Inc. | 4593 |  | 161857 |
|  Artisan Partners Asset Management, Inc., Class A | 5883 |  | 260794 |
|  Bakkt Holdings, Inc., Class A\* | 364 |  | 5078 |
|  BGC Group, Inc., Class A | 58353 |  | 596951 |
|  Cantor Equity Partners, Inc. (r)\* | 196809 |  | 4648924 |
|  Cohen & Steers, Inc. | 4218 |  | 317826 |
|  Diamond Hill Investment Group, Inc. | 158 |  | 22959 |
|  Donnelley Financial Solutions, Inc.\* | 3111 |  | 191793 |
|  GCM Grosvenor, Inc., Class A (x) | 6991 |  | 80816 |
|  Hamilton Lane, Inc., Class A | 256 |  | 36383 |
|  Marex Group plc | 3577 |  | 141184 |
|  Moelis & Co., Class A | 9398 |  | 585683 |
|  P10, Inc., Class A | 5865 |  | 59940 |
|  Patria Investments Ltd., Class A | 10073 |  | 141627 |
|  Perella Weinberg Partners, Class A | 10052 |  | 195210 |
|  Piper Sandler Cos. | 2869 |  | 797410 |
|  PJT Partners, Inc., Class A | 3792 |  | 625718 |
|  StepStone Group, Inc., Class A | 10290 |  | 571095 |
|  StoneX Group, Inc.\* | 7355 |  | 670335 |
|  Value Line, Inc. | 129 |  | 5050 |
|  Victory Capital Holdings, Inc., Class A | 7319 |  | 466001 |
|  WisdomTree, Inc. (x) | 19985 |  | 230027 |
|  |  |  | 10812661 |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** |
|  Atlanticus Holdings Corp.\* | 117 |  | 6406 |
|  Dave, Inc.\* | 1504 |  | 403689 |
|  Enova International, Inc.\* | 3990 |  | 444965 |
|  FirstCash Holdings, Inc. | 6453 |  | 872058 |
|  LendingTree, Inc.\* | 1718 |  | 63686 |
|  NerdWallet, Inc., Class A\* | 6792 |  | 74508 |
|  OppFi, Inc. | 3923 |  | 54883 |
|  Regional Management Corp. | 259 |  | 7565 |
|  Upstart Holdings, Inc. (x)\* | 13663 |  | 883723 |
|  |  |  | 2811483 |
|  ***Financial Services (2.2%)*** | ***Financial Services (2.2%)*** | ***Financial Services (2.2%)*** | ***Financial Services (2.2%)*** |
|  AvidXchange Holdings, Inc.\* | 27808 |  | 272240 |
|  Burford Capital Ltd. | 396975 |  | 5660863 |
|  Cantaloupe, Inc.\* | 8863 |  | 97404 |
|  Cass Information Systems, Inc. | 1740 |  | 75603 |
|  Evertec, Inc. | 10411 |  | 375317 |
|  Federal Agricultural Mortgage Corp., Class C | 1404 |  | 272769 |
|  Flywire Corp.\* | 17208 |  | 201334 |
|  International Money Express, Inc.\* | 4249 |  | 42872 |
|  Marqeta, Inc., Class A\* | 28632 |  | 166925 |
|  Mr Cooper Group, Inc.\* | 159 |  | 23724 |
|  NCR Atleos Corp.\* | 11863 |  | 338451 |
|  Pagseguro Digital Ltd., Class A | 17812 |  | 171708 |
|  Payoneer Global, Inc.\* | 45133 |  | 309161 |
|  Paysign, Inc.\* | 5873 |  | 42286 |
|  Priority Technology Holdings, Inc.\* | 4228 |  | 32894 |
|  Remitly Global, Inc.\* | 25148 |  | 472028 |
|  Sezzle, Inc.\* | 2183 |  | 391303 |
|  StoneCo Ltd., Class A\* | 39308 |  | 630500 |
|  |  |  | 9577382 |
|  ***Insurance (1.1%)*** | ***Insurance (1.1%)*** | ***Insurance (1.1%)*** | ***Insurance (1.1%)*** |
|  American Coastal Insurance Corp. | 2191 |  | 24364 |
|  AMERISAFE, Inc. | 1717 |  | 75084 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 11410 |  | 488462 |
|  Bowhead Specialty Holdings, Inc.\* | 2578 |  | 96752 |
|  Crawford & Co., Class A | 2841 |  | 30058 |
|  F&G Annuities & Life, Inc. | 161 |  | 5149 |
|  Goosehead Insurance, Inc., Class A | 3068 |  | 323705 |
|  HCI Group, Inc. | 1393 |  | 212015 |
|  Heritage Insurance Holdings, Inc.\* | 2813 |  | 70156 |
|  Hippo Holdings, Inc. (x)\* | 1572 |  | 43906 |
|  Investors Title Co. (x) | 32 |  | 6762 |
|  Kestrel Group Ltd. | 259 |  | 6869 |
|  Kingstone Cos., Inc.\* | 1261 |  | 19432 |
|  Kingsway Financial Services, Inc. (x)\* | 2929 |  | 39659 |
|  Lemonade, Inc. (x)\* | 9029 |  | 395560 |
|  Oscar Health, Inc., Class A (x)\* | 29715 |  | 637090 |
|  Palomar Holdings, Inc.\* | 4283 |  | 660653 |
|  Root, Inc., Class A (x)\* | 1727 |  | 221004 |
|  Selective Insurance Group, Inc. | 8720 |  | 755588 |
|  Selectquote, Inc.\* | 15959 |  | 37982 |
|  SiriusPoint Ltd.\* | 893 |  | 18208 |
|  Skyward Specialty Insurance Group, Inc.\* | 5802 |  | 335298 |
|  Tiptree, Inc., Class A | 1192 |  | 28107 |
|  Trupanion, Inc.\* | 6027 |  | 333594 |
|  Universal Insurance Holdings, Inc. | 1034 |  | 28673 |
|  |  |  | 4894130 |

---

See Notes to Financial Statements.

1099

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 604 | $5690 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 11457 | 110904 |
|  Two Harbors Investment Corp. (REIT) | 8785 | 94614 |
|  |  | 211208 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 34565871 |
|  **Health Care (20.6%)** | **Health Care (20.6%)** | **Health Care (20.6%)** |
|  ***Biotechnology (10.1%)*** | ***Biotechnology (10.1%)*** | ***Biotechnology (10.1%)*** |
|  89bio, Inc.\* | 6925 | 68003 |
|  Abeona Therapeutics, Inc.\* | 6687 | 37982 |
|  Absci Corp. (x)\* | 13999 | 35977 |
|  ACADIA Pharmaceuticals, Inc.\* | 20174 | 435153 |
|  Actinium Pharmaceuticals, Inc.\* | 280 | 392 |
|  Actuate Therapeutics, Inc.\* | 731 | 4466 |
|  ADC Therapeutics SA (x)\* | 11741 | 31466 |
|  ADMA Biologics, Inc.\* | 37578 | 684295 |
|  Akebia Therapeutics, Inc.\* | 5014 | 18251 |
|  Akero Therapeutics, Inc.\* | 11330 | 604569 |
|  Aldeyra Therapeutics, Inc.\* | 7154 | 27400 |
|  Alector, Inc.\* | 1562 | 2187 |
|  Alkermes plc\* | 19746 | 564933 |
|  Altimmune, Inc. (x)\* | 12548 | 48561 |
|  ALX Oncology Holdings, Inc.\* | 779 | 323 |
|  Amicus Therapeutics, Inc.\* | 45211 | 259059 |
|  AnaptysBio, Inc.\* | 3174 | 70463 |
|  Anavex Life Sciences Corp. (x)\* | 13548 | 124913 |
|  Apogee Therapeutics, Inc.\* | 5180 | 224967 |
|  Applied Therapeutics, Inc.\* | 2143 | 667 |
|  Arbutus Biopharma Corp. (x)\* | 1673006 | 5169589 |
|  Arcellx, Inc.\* | 5941 | 391215 |
|  Arcturus Therapeutics Holdings, Inc.\* | 1609 | 20933 |
|  Arcus Biosciences, Inc.\* | 8286 | 67448 |
|  Arcutis Biotherapeutics, Inc.\* | 17516 | 245574 |
|  Ardelyx, Inc.\* | 37716 | 147847 |
|  ArriVent Biopharma, Inc.\* | 3742 | 81463 |
|  Arrowhead Pharmaceuticals, Inc.\* | 19598 | 309648 |
|  ARS Pharmaceuticals, Inc. (x)\* | 8896 | 155235 |
|  Artiva Biotherapeutics, Inc. (x)\* | 263 | 397 |
|  Atossa Therapeutics, Inc.\* | 342 | 284 |
|  aTyr Pharma, Inc.\* | 11919 | 60429 |
|  Aura Biosciences, Inc. (x)\* | 1934 | 12107 |
|  Aurinia Pharmaceuticals, Inc.\* | 19096 | 161743 |
|  Avidity Biosciences, Inc.\* | 17047 | 484135 |
|  Avita Medical, Inc. (x)\* | 4254 | 22504 |
|  Beam Therapeutics, Inc.\* | 35092 | 596915 |
|  Benitec Biopharma, Inc.\* | 1747 | 20440 |
|  Bicara Therapeutics, Inc.\* | 364 | 3382 |
|  BioCryst Pharmaceuticals, Inc.\* | 33952 | 304210 |
|  Biohaven Ltd.\* | 14670 | 206994 |
|  Biomea Fusion, Inc.\* | 205 | 369 |
|  Black Diamond Therapeutics, Inc.\* | 124 | 307 |
|  Blueprint Medicines Corp.\* | 10377 | 1330124 |
|  Bridgebio Pharma, Inc.\* | 25349 | 1094570 |
|  Bright Minds Biosciences, Inc.\* | 732 | 19112 |
|  CAMP4 Therapeutics Corp. (x)\* | 320 | 464 |
|  Candel Therapeutics, Inc. (x)\* | 5790 | 29297 |
|  Capricor Therapeutics, Inc. (x)\* | 6244 | 62003 |
|  Cardiff Oncology, Inc. (x)\* | 3999 | 12597 |
|  CareDx, Inc.\* | 8831 | 172558 |
|  Cartesian Therapeutics, Inc.\* | 251 | 2608 |
|  Catalyst Pharmaceuticals, Inc.\* | 18767 | 407244 |
|  Celcuity, Inc. (x)\* | 4487 | 59901 |
|  CervoMed, Inc. (x)\* | 159 | 999 |
|  CG oncology, Inc. (x)\* | 9060 | 235560 |
|  Cogent Biosciences, Inc.\* | 16221 | 116467 |
|  Coherus Oncology, Inc.\* | 4547 | 3325 |
|  Compass Therapeutics, Inc.\* | 7902 | 20545 |
|  Corbus Pharmaceuticals Holdings, Inc.\* | 193 | 1332 |
|  Corvus Pharmaceuticals, Inc.\* | 8494 | 33976 |
|  Crinetics Pharmaceuticals, Inc.\* | 14595 | 419752 |
|  Cytokinetics, Inc.\* | 2102 | 69450 |
|  Day One Biopharmaceuticals, Inc.\* | 720 | 4680 |
|  Denali Therapeutics, Inc.\* | 1298 | 18159 |
|  DiaMedica Therapeutics, Inc.\* | 4190 | 16341 |
|  Dianthus Therapeutics, Inc. (x)\* | 261 | 4862 |
|  Disc Medicine, Inc.\* | 3993 | 211469 |
|  Dynavax Technologies Corp.\* | 16911 | 167757 |
|  Dyne Therapeutics, Inc.\* | 4890 | 46553 |
|  Elevation Oncology, Inc.\* | 829 | 304 |
|  Fennec Pharmaceuticals, Inc.\* | 722 | 5993 |
|  Fibrobiologics, Inc.\* | 968 | 602 |
|  Foghorn Therapeutics, Inc.\* | 3632 | 17070 |
|  Galectin Therapeutics, Inc. (x)\* | 312 | 658 |
|  Geron Corp.\* | 98275 | 138568 |
|  Gossamer Bio, Inc.\* | 30559 | 37588 |
|  Greenwich Lifesciences, Inc. (x)\* | 902 | 8181 |
|  Gyre Therapeutics, Inc. (x)\* | 2166 | 15920 |
|  Heron Therapeutics, Inc. (x)\* | 1783 | 3691 |
|  Humacyte, Inc.\* | 4947 | 10339 |
|  IGM Biosciences, Inc.\* | 447 | 501 |
|  ImmunityBio, Inc. (x)\* | 30746 | 81169 |
|  Immunome, Inc.\* | 11738 | 109163 |
|  Immunovant, Inc. (x)\* | 83219 | 1331504 |
|  Inmune Bio, Inc. (x)\* | 2734 | 6316 |
|  Intellia Therapeutics, Inc.\* | 117274 | 1100030 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 23448 | 16817 |
|  Janux Therapeutics, Inc.\* | 2066 | 47725 |
|  Jasper Therapeutics, Inc.\* | 72 | 400 |
|  KalVista Pharmaceuticals, Inc.\* | 5925 | 66982 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 632 | 17487 |
|  Krystal Biotech, Inc.\* | 4019 | 552452 |
|  Kymera Therapeutics, Inc.\* | 7524 | 328347 |
|  Kyverna Therapeutics, Inc. (x)\* | 157 | 482 |
|  MacroGenics, Inc.\* | 767 | 928 |
|  Madrigal Pharmaceuticals, Inc.\* | 2738 | 828628 |
|  MannKind Corp.\* | 48976 | 183170 |
|  MeiraGTx Holdings plc (x)\* | 4839 | 31550 |
|  Mersana Therapeutics, Inc.\* | 2617 | 775 |
|  Metagenomi, Inc.\* | 264 | 391 |
|  Metsera, Inc. (x)\* | 1617 | 46004 |
|  MiMedx Group, Inc.\* | 19133 | 116903 |
|  Mineralys Therapeutics, Inc.\* | 6336 | 85726 |
|  Mirum Pharmaceuticals, Inc.\* | 7048 | 358673 |
|  Monopar Therapeutics, Inc.\* | 651 | 23293 |
|  Novavax, Inc. (x)\* | 20182 | 127147 |
|  Nuvalent, Inc., Class A\* | 6973 | 532040 |
|  Nuvectis Pharma, Inc.\* | 2049 | 15306 |

---

See Notes to Financial Statements.

1100

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ocugen, Inc. (x)\* | 4718 | $| 4578 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 11030 |  | 40370 |
|  ORIC Pharmaceuticals, Inc. (x)\* | 2110 |  | 21416 |
|  Ovid therapeutics, Inc.\* | 2218 |  | 732 |
|  Palvella Therapeutics, Inc.\* | 1028 |  | 23171 |
|  PepGen, Inc.\* | 529 |  | 587 |
|  Praxis Precision Medicines, Inc.\* | 244 |  | 10260 |
|  Precigen, Inc. (x)\* | 22594 |  | 32083 |
|  ProKidney Corp., Class A (x)\* | 166706 |  | 98707 |
|  Protagonist Therapeutics, Inc.\* | 9389 |  | 518930 |
|  Protalix BioTherapeutics, Inc.\* | 11071 |  | 16385 |
|  Prothena Corp. plc\* | 629 |  | 3818 |
|  PTC Therapeutics, Inc.\* | 10237 |  | 499975 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 103928 |  | 525876 |
|  Renovaro, Inc.\* | 2724 |  | 787 |
|  Revolution Medicines, Inc.\* | 827 |  | 30425 |
|  Rezolute, Inc.\* | 9324 |  | 41585 |
|  Rhythm Pharmaceuticals, Inc.\* | 8856 |  | 559611 |
|  Rigel Pharmaceuticals, Inc.\* | 2853 |  | 53437 |
|  Rocket Pharmaceuticals, Inc.\* | 2193 |  | 5373 |
|  Roivant Sciences Ltd. (x)\* | 925183 |  | 10426812 |
|  Sana Biotechnology, Inc. (x)\* | 2649 |  | 7232 |
|  Savara, Inc. (x)\* | 20376 |  | 46457 |
|  Scholar Rock Holding Corp.\* | 12094 |  | 428369 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 12974 |  | 28413 |
|  Shattuck Labs, Inc. (x)\* | 1003 |  | 794 |
|  Sionna Therapeutics, Inc.\* | 1486 |  | 25782 |
|  Soleno Therapeutics, Inc.\* | 6514 |  | 545743 |
|  SpringWorks Therapeutics, Inc.\* | 11795 |  | 554247 |
|  Spyre Therapeutics, Inc.\* | 5417 |  | 81092 |
|  Stoke Therapeutics, Inc.\* | 6645 |  | 75421 |
|  Syndax Pharmaceuticals, Inc.\* | 12640 |  | 118374 |
|  Taysha Gene Therapies, Inc. (x)\* | 27786 |  | 64186 |
|  Tectonic Therapeutic, Inc.\* | 278 |  | 5524 |
|  Tenaya Therapeutics, Inc.\* | 524 |  | 320 |
|  Tevogen Bio Holdings, Inc.\* | 4688 |  | 5860 |
|  TG Therapeutics, Inc.\* | 23542 |  | 847277 |
|  Travere Therapeutics, Inc.\* | 13380 |  | 198024 |
|  TriSalus Life Sciences, Inc.\* | 1206 |  | 6573 |
|  TuHURA Biosciences, Inc.\* | 3558 |  | 7934 |
|  Twist Bioscience Corp.\* | 9633 |  | 354398 |
|  UroGen Pharma Ltd. (x)\* | 5137 |  | 70377 |
|  Vera Therapeutics, Inc., Class A\* | 8344 |  | 196585 |
|  Veracyte, Inc.\* | 12700 |  | 343281 |
|  Verastem, Inc.\* | 4213 |  | 17484 |
|  Vericel Corp.\* | 8169 |  | 347591 |
|  Viridian Therapeutics, Inc.\* | 8873 |  | 124045 |
|  X4 Pharmaceuticals, Inc.\* | 213 |  | 405 |
|  Xenon Pharmaceuticals, Inc.\* | 12303 |  | 385084 |
|  XOMA Royalty Corp.\* | 116272 |  | 2930054 |
|  Y-mAbs Therapeutics, Inc.\* | 5654 |  | 25500 |
|  Zura Bio Ltd., Class A\* | 852 |  | 895 |
|  Zymeworks, Inc.\* | 7934 |  | 99572 |
|  |  |  | 43375534 |
|  ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** |
|  Accuray, Inc.\* | 13803 |  | 18910 |
|  Alphatec Holdings, Inc.\* | 18797 |  | 208647 |
|  AngioDynamics, Inc.\* | 1391 |  | 13799 |
|  Anteris Technologies Global Corp. (x)\* | 3427 |  | 12988 |
|  Artivion, Inc.\* | 5104 |  | 158734 |
|  AtriCure, Inc.\* | 7836 |  | 256786 |
|  Axogen, Inc.\* | 6898 |  | 74843 |
|  Beta Bionics, Inc.\* | 1854 |  | 26994 |
|  Bioventus, Inc., Class A (x)\* | 7437 |  | 49233 |
|  Butterfly Network, Inc., Class A\* | 31069 |  | 62138 |
|  Ceribell, Inc. (x)\* | 4025 |  | 75388 |
|  Cerus Corp.\* | 30290 |  | 42709 |
|  ClearPoint Neuro, Inc.\* | 4006 |  | 47832 |
|  CVRx, Inc. (x)\* | 2511 |  | 14765 |
|  Delcath Systems, Inc.\* | 4663 |  | 63417 |
|  Electromed, Inc.\* | 1066 |  | 23441 |
|  Embecta Corp. | 916 |  | 8876 |
|  Fractyl Health, Inc.\* | 340 |  | 551 |
|  Glaukos Corp.\* | 9066 |  | 936427 |
|  Haemonetics Corp.\* | 8170 |  | 609564 |
|  ICU Medical, Inc.\* | 2937 |  | 388125 |
|  Inmode Ltd.\* | 83 |  | 1199 |
|  Integer Holdings Corp.\* | 5583 |  | 686541 |
|  iRadimed Corp. | 1356 |  | 81075 |
|  iRhythm Technologies, Inc.\* | 5169 |  | 795819 |
|  Kestra Medical Technologies Ltd.\* | 1833 |  | 30391 |
|  KORU Medical Systems, Inc.\* | 6730 |  | 24093 |
|  Lantheus Holdings, Inc.\* | 10936 |  | 895221 |
|  LeMaitre Vascular, Inc. | 3381 |  | 280792 |
|  LENSAR, Inc.\* | 1372 |  | 18069 |
|  Lucid Diagnostics, Inc.\* | 5416 |  | 6228 |
|  Merit Medical Systems, Inc.\* | 8818 |  | 824307 |
|  Myomo, Inc.\* | 5181 |  | 11191 |
|  Neuronetics, Inc.\* | 5834 |  | 20361 |
|  NeuroPace, Inc.\* | 3669 |  | 40873 |
|  Novocure Ltd.\* | 16477 |  | 293291 |
|  OrthoPediatrics Corp.\* | 643 |  | 13812 |
|  Outset Medical, Inc. (x)\* | 17010 |  | 326762 |
|  PROCEPT BioRobotics Corp.\* | 8514 |  | 490406 |
|  Pro-Dex, Inc.\* | 338 |  | 14750 |
|  Pulmonx Corp.\* | 6104 |  | 15809 |
|  Pulse Biosciences, Inc. (x)\* | 2794 |  | 42161 |
|  QuidelOrtho Corp. (x)\* | 4713 |  | 135829 |
|  RxSight, Inc.\* | 6171 |  | 80223 |
|  Sanara Medtech, Inc. (x)\* | 571 |  | 16211 |
|  SANUWAVE Health, Inc.\* | 849 |  | 27898 |
|  Semler Scientific, Inc. (x)\* | 142688 |  | 5527733 |
|  SI-BONE, Inc.\* | 6155 |  | 115837 |
|  Sight Sciences, Inc.\* | 6812 |  | 28134 |
|  STAAR Surgical Co. (x)\* | 6959 |  | 116772 |
|  Stereotaxis, Inc.\* | 7720 |  | 16366 |
|  Surmodics, Inc.\* | 2238 |  | 66491 |
|  Tandem Diabetes Care, Inc.\* | 10842 |  | 202095 |
|  TransMedics Group, Inc.\* | 5388 |  | 722046 |
|  Treace Medical Concepts, Inc.\* | 7795 |  | 45835 |
|  UFP Technologies, Inc. (x)\* | 1219 |  | 297631 |
|  Zynex, Inc. (x)\* | 484 |  | 1249 |
|  |  |  | 15407668 |
|  ***Health Care Providers & Services (4.2%)*** | ***Health Care Providers & Services (4.2%)*** | ***Health Care Providers & Services (4.2%)*** | ***Health Care Providers & Services (4.2%)*** |
|  Addus HomeCare Corp.\* | 1416 |  | 163109 |
|  agilon health, Inc.\* | 3279329 |  | 7542457 |
|  AirSculpt Technologies, Inc. (x)\* | 1014 |  | 4898 |
|  Alignment Healthcare, Inc.\* | 20673 |  | 289422 |
|  Ardent Health, Inc.\* | 243 |  | 3319 |

---

See Notes to Financial Statements.

1101

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Astrana Health, Inc.\* | 6612 | $| 164506 |
|  Aveanna Healthcare Holdings, Inc.\* | 6204 |  | 32447 |
|  BrightSpring Health Services, Inc.\* | 13688 |  | 322900 |
|  Brookdale Senior Living, Inc.\* | 32849 |  | 228629 |
|  Clover Health Investments Corp., Class A\* | 65373 |  | 182391 |
|  Community Health Systems, Inc. (x)\* | 13336 |  | 45342 |
|  Concentra Group Holdings Parent, Inc. | 17738 |  | 364871 |
|  CorVel Corp.\* | 4715 |  | 484608 |
|  Ensign Group, Inc. (The) | 9105 |  | 1404537 |
|  GeneDx Holdings Corp., Class A\* | 3044 |  | 280992 |
|  Guardant Health, Inc.\* | 19362 |  | 1007598 |
|  HealthEquity, Inc.\* | 13839 |  | 1449774 |
|  Hims & Hers Health, Inc. (x)\* | 30921 |  | 1541412 |
|  InfuSystem Holdings, Inc.\* | 191 |  | 1192 |
|  Innovage Holding Corp.\* | 944 |  | 3483 |
|  Joint Corp. (The)\* | 2392 |  | 27604 |
|  LifeStance Health Group, Inc.\* | 12190 |  | 63022 |
|  ModivCare, Inc. (x)\* | 209 |  | 652 |
|  Nano-X Imaging Ltd.\* | 2554 |  | 13204 |
|  National Research Corp. | 1965 |  | 33012 |
|  NeoGenomics, Inc.\* | 2102 |  | 15366 |
|  Nutex Health, Inc.\* | 552 |  | 68718 |
|  Oncology Institute, Inc. (The)\* | 9392 |  | 19254 |
|  Option Care Health, Inc.\* | 26696 |  | 867086 |
|  PACS Group, Inc.\* | 6629 |  | 85647 |
|  Pennant Group, Inc. (The)\* | 5509 |  | 164444 |
|  Performant Healthcare, Inc.\* | 8359 |  | 33436 |
|  Privia Health Group, Inc.\* | 18619 |  | 428237 |
|  Progyny, Inc.\* | 11133 |  | 244926 |
|  RadNet, Inc.\* | 8789 |  | 500182 |
|  Sonida Senior Living, Inc. (x)\* | 544 |  | 13573 |
|  Talkspace, Inc.\* | 20772 |  | 57746 |
|  US Physical Therapy, Inc. | 1488 |  | 116361 |
|  Viemed Healthcare, Inc.\* | 5941 |  | 41052 |
|  |  |  | 18311409 |
|  ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** |
|  Claritev Corp.\* | 1126 |  | 50816 |
|  Evolent Health, Inc., Class A\* | 6211 |  | 69936 |
|  HealthStream, Inc. | 1652 |  | 45711 |
|  LifeMD, Inc.\* | 4196 |  | 57150 |
|  OptimizeRx Corp.\* | 2590 |  | 34965 |
|  Phreesia, Inc.\* | 9182 |  | 261320 |
|  Schrodinger, Inc.\* | 32367 |  | 651224 |
|  Simulations Plus, Inc. | 2563 |  | 44724 |
|  Teladoc Health, Inc.\* | 5647 |  | 49185 |
|  TruBridge, Inc.\* | 1608 |  | 37659 |
|  Waystar Holding Corp.\* | 12527 |  | 511979 |
|  |  |  | 1814669 |
|  ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** |
|  10X Genomics, Inc., Class A (x)\* | 51820 |  | 600076 |
|  Adaptive Biotechnologies Corp.\* | 24224 |  | 282210 |
|  Akoya Biosciences, Inc. (x)\* | 640 |  | 832 |
|  Alpha Teknova, Inc.\* | 1623 |  | 7969 |
|  BioLife Solutions, Inc.\* | 6140 |  | 132256 |
|  Codexis, Inc.\* | 10779 |  | 26301 |
|  CryoPort, Inc.\* | 1807 |  | 13480 |
|  Harvard Bioscience, Inc.\* | 648 |  | 287 |
|  Lifecore Biomedical, Inc.\* | 3202 |  | 26000 |
|  MaxCyte, Inc.\* | 468628 |  | 1021609 |
|  Mesa Laboratories, Inc. | 835 |  | 78674 |
|  Niagen Bioscience, Inc.\* | 8618 |  | 124185 |
|  OmniAb, Inc. (Earn Out Shares) (r)\* | 226 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 1487 |  | 2587 |
|  Standard BioTools, Inc. (x)\* | 979257 |  | 1175108 |
|  |  |  | 3491574 |
|  ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** |
|  Aardvark Therapeutics, Inc.\* | 376 |  | 5084 |
|  Alto Neuroscience, Inc.\* | 358 |  | 788 |
|  Amneal Pharmaceuticals, Inc.\* | 21411 |  | 173215 |
|  Amphastar Pharmaceuticals, Inc.\* | 424 |  | 9735 |
|  Amylyx Pharmaceuticals, Inc.\* | 7993 |  | 51235 |
|  ANI Pharmaceuticals, Inc.\* | 2939 |  | 191770 |
|  Aquestive Therapeutics, Inc. (x)\* | 4982 |  | 16491 |
|  Arvinas, Inc.\* | 1122 |  | 8258 |
|  ATAI Life Sciences NV (x)\* | 316732 |  | 693643 |
|  Avadel Pharmaceuticals plc (ADR) (x)\* | 14767 |  | 130688 |
|  Axsome Therapeutics, Inc.\* | 6562 |  | 685007 |
|  Biote Corp., Class A\* | 1559 |  | 6267 |
|  Cassava Sciences, Inc.\* | 399 |  | 722 |
|  Collegium Pharmaceutical, Inc.\* | 5074 |  | 150038 |
|  Corcept Therapeutics, Inc.\* | 402 |  | 29507 |
|  CorMedix, Inc.\* | 10432 |  | 128522 |
|  Edgewise Therapeutics, Inc.\* | 11737 |  | 153872 |
|  Enliven Therapeutics, Inc.\* | 5246 |  | 105235 |
|  Esperion Therapeutics, Inc. (x)\* | 7761 |  | 7640 |
|  Eton Pharmaceuticals, Inc.\* | 3764 |  | 53637 |
|  Evolus, Inc.\* | 8762 |  | 80698 |
|  Fulcrum Therapeutics, Inc.\* | 747 |  | 5139 |
|  GH Research plc (x)\* | 48821 |  | 595128 |
|  Harmony Biosciences Holdings, Inc.\* | 7080 |  | 223728 |
|  Harrow, Inc.\* | 5119 |  | 156334 |
|  Indivior plc (x)\* | 15058 |  | 221955 |
|  Innoviva, Inc.\* | 8904 |  | 178881 |
|  Journey Medical Corp.\* | 1796 |  | 12895 |
|  LENZ Therapeutics, Inc.\* | 2883 |  | 84501 |
|  Ligand Pharmaceuticals, Inc.\* | 356 |  | 40470 |
|  Liquidia Corp.\* | 10303 |  | 128375 |
|  Maze Therapeutics, Inc.\* | 184 |  | 2258 |
|  MediWound Ltd.\* | 1176 |  | 22779 |
|  Mind Medicine MindMed, Inc. (x)\* | 3886 |  | 25220 |
|  Neumora Therapeutics, Inc.\* | 2726 |  | 1999 |
|  Nuvation Bio, Inc.\* | 3342 |  | 6517 |
|  Ocular Therapeutix, Inc.\* | 22822 |  | 211788 |
|  Omeros Corp. (x)\* | 8105 |  | 24315 |
|  Pacira BioSciences, Inc.\* | 743 |  | 17758 |
|  Phathom Pharmaceuticals, Inc.\* | 1848 |  | 17722 |
|  Phibro Animal Health Corp., Class A | 3310 |  | 84537 |
|  Prestige Consumer Healthcare, Inc.\* | 1462 |  | 116741 |
|  scPharmaceuticals, Inc. (x)\* | 4871 |  | 18559 |
|  SIGA Technologies, Inc. | 5727 |  | 37340 |
|  Structure Therapeutics, Inc. (ADR) (x)\* | 42064 |  | 872407 |
|  Supernus Pharmaceuticals, Inc.\* | 752 |  | 23703 |
|  Tarsus Pharmaceuticals, Inc.\* | 6283 |  | 254524 |
|  Theravance Biopharma, Inc.\* | 4903 |  | 54080 |
|  Trevi Therapeutics, Inc.\* | 12299 |  | 67276 |
|  Veru, Inc.\* | 994 |  | 578 |
|  WaVe Life Sciences Ltd.\* | 16093 |  | 104605 |
|  Xeris Biopharma Holdings, Inc.\* | 24297 |  | 113467 |

---

See Notes to Financial Statements.

1102

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Zevra Therapeutics, Inc. (x)\* | 8811 | $77625 |
|  |  | 6485256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 88886110 |
|  **Industrials (12.8%)** | **Industrials (12.8%)** | **Industrials (12.8%)** |
|  ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** |
|  AAR Corp.\* | 1440 | 99058 |
|  AeroVironment, Inc.\* | 4580 | 1305071 |
|  Archer Aviation, Inc., Class A\* | 88384 | 958966 |
|  Astronics Corp.\* | 4481 | 150024 |
|  Byrna Technologies, Inc.\* | 2936 | 90664 |
|  Cadre Holdings, Inc. | 4607 | 146733 |
|  Eve Holding, Inc. (x)\* | 8094 | 55525 |
|  Intuitive Machines, Inc. (x)\* | 1023 | 11120 |
|  Kratos Defense & Security Solutions, Inc.\* | 26686 | 1239565 |
|  Mercury Systems, Inc.\* | 1940 | 104488 |
|  Moog, Inc., Class A | 4563 | 825766 |
|  Park Aerospace Corp. | 1302 | 19231 |
|  Redwire Corp.\* | 5451 | 88851 |
|  Satellogic, Inc., Class A (x)\* | 8760 | 31711 |
|  Triumph Group, Inc.\* | 4675 | 120381 |
|  V2X, Inc.\* | 209 | 10147 |
|  VirTra, Inc.\* | 303 | 2142 |
|  |  | 5259443 |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** |
|  Forward Air Corp.\* | 1379 | 33841 |
|  ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** |
|  AZZ, Inc. | 4808 | 454260 |
|  CSW Industrials, Inc. | 2644 | 758378 |
|  Griffon Corp. | 6360 | 460273 |
|  Insteel Industries, Inc. | 1651 | 61434 |
|  Janus International Group, Inc.\* | 8189 | 66658 |
|  Tecnoglass, Inc. | 3947 | 305340 |
|  UFP Industries, Inc. | 528 | 52462 |
|  Zurn Elkay Water Solutions Corp. | 24412 | 892747 |
|  |  | 3051552 |
|  ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** |
|  ACV Auctions, Inc., Class A\* | 27200 | 441184 |
|  Brink's Co. (The) | 6989 | 624048 |
|  Casella Waste Systems, Inc., Class A\* | 10200 | 1176876 |
|  CECO Environmental Corp. (x)\* | 4742 | 134246 |
|  Cimpress plc\* | 525 | 24675 |
|  CompX International, Inc. | 268 | 7121 |
|  CoreCivic, Inc.\* | 2701 | 56910 |
|  Driven Brands Holdings, Inc.\* | 9550 | 167698 |
|  GEO Group, Inc. (The)\* | 22166 | 530876 |
|  Healthcare Services Group, Inc.\* | 5333 | 80155 |
|  HNI Corp. | 4352 | 214031 |
|  Interface, Inc., Class A | 1094 | 22897 |
|  LanzaTech Global, Inc. (x)\* | 3136 | 851 |
|  Liquidity Services, Inc.\* | 3759 | 88675 |
|  Perma-Fix Environmental Services, Inc.\* | 516 | 5428 |
|  Pitney Bowes, Inc. | 6455 | 70424 |
|  Quad/Graphics, Inc. | 3665 | 20707 |
|  Quest Resource Holding Corp.\* | 228 | 461 |
|  VSE Corp. | 2835 | 371328 |
|  |  | 4038591 |
|  ***Construction & Engineering (1.4%)*** | ***Construction & Engineering (1.4%)*** | ***Construction & Engineering (1.4%)*** |
|  Arcosa, Inc. | 2196 | $190415 |
|  Argan, Inc. | 2150 | 474032 |
|  Bowman Consulting Group Ltd., Class A\* | 2043 | 58736 |
|  Centuri Holdings, Inc. (x)\* | 2828 | 63460 |
|  Construction Partners, Inc., Class A\* | 7613 | 809110 |
|  Dycom Industries, Inc.\* | 4543 | 1110264 |
|  Granite Construction, Inc. (x) | 6112 | 571533 |
|  IES Holdings, Inc.\* | 1466 | 434273 |
|  Limbach Holdings, Inc.\* | 1720 | 240972 |
|  Matrix Service Co.\* | 964 | 13024 |
|  MYR Group, Inc.\* | 2502 | 453988 |
|  Orion Group Holdings, Inc.\* | 1386 | 12571 |
|  Primoris Services Corp. | 8213 | 640121 |
|  Sterling Infrastructure, Inc.\* | 4839 | 1116503 |
|  |  | 6189002 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  Allient, Inc. | 125 | 4539 |
|  American Superconductor Corp.\* | 6192 | 227184 |
|  Amprius Technologies, Inc. (x)\* | 15101 | 63575 |
|  Array Technologies, Inc. (x)\* | 5363 | 31642 |
|  Blink Charging Co. (x)\* | 730 | 686 |
|  Bloom Energy Corp., Class A (x)\* | 33204 | 794240 |
|  Complete Solaria, Inc.\* | 3808 | 7007 |
|  EnerSys | 362 | 31049 |
|  Enovix Corp. (x)\* | 26536 | 274382 |
|  Eos Energy Enterprises, Inc.\* | 36032 | 184484 |
|  Fluence Energy, Inc., Class A (x)\* | 10440 | 70052 |
|  GrafTech International Ltd. (x)\* | 3306 | 3215 |
|  KULR Technology Group, Inc. (x)\* | 5309 | 37853 |
|  LSI Industries, Inc. | 3267 | 55572 |
|  NANO Nuclear Energy, Inc. (x)\* | 4077 | 140616 |
|  NEXTracker, Inc., Class A\* | 18401 | 1000462 |
|  NuScale Power Corp., Class A (x)\* | 19804 | 783446 |
|  Powell Industries, Inc. | 1548 | 325777 |
|  Power Solutions International, Inc. (x)\* | 977 | 63192 |
|  Preformed Line Products Co. | 26 | 4155 |
|  Shoals Technologies Group, Inc., Class A\* | 4421 | 18789 |
|  SKYX Platforms Corp.\* | 9589 | 10021 |
|  Thermon Group Holdings, Inc.\* | 621 | 17438 |
|  Vicor Corp.\* | 3784 | 171642 |
|  |  | 4321018 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Covenant Logistics Group, Inc., Class A | 390 | 9403 |
|  FTAI Infrastructure, Inc. | 15839 | 97727 |
|  Hertz Global Holdings, Inc.\* | 19116 | 130562 |
|  RXO, Inc.\* | 1632 | 25655 |
|  Werner Enterprises, Inc. | 1492 | 40821 |
|  |  | 304168 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 1350 | 42120 |
|  ***Machinery (2.5%)*** | ***Machinery (2.5%)*** | ***Machinery (2.5%)*** |
|  374Water, Inc.\* | 2290 | 743 |
|  Alamo Group, Inc. | 516 | 112684 |
|  Albany International Corp., Class A | 1482 | 103933 |

---

See Notes to Financial Statements.

1103

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Atmus Filtration Technologies, Inc. | 12245 | $| 445963 |
|  Blue Bird Corp.\* | 5269 |  | 227410 |
|  Chart Industries, Inc.\* | 7336 |  | 1207872 |
|  Douglas Dynamics, Inc. | 3195 |  | 94157 |
|  Energy Recovery, Inc.\* | 8640 |  | 110419 |
|  Enerpac Tool Group Corp., Class A | 8779 |  | 356076 |
|  Enpro, Inc. | 441 |  | 84473 |
|  ESCO Technologies, Inc. | 4218 |  | 809308 |
|  Federal Signal Corp. | 9746 |  | 1037169 |
|  Franklin Electric Co., Inc. | 6493 |  | 582682 |
|  Gorman-Rupp Co. (The) | 3343 |  | 122755 |
|  Graham Corp.\* | 1704 |  | 84365 |
|  JBT Marel Corp. | 4082 |  | 490901 |
|  Kadant, Inc. | 1910 |  | 606329 |
|  Lindsay Corp. | 1760 |  | 253880 |
|  Mayville Engineering Co., Inc.\* | 25 |  | 399 |
|  Microvast Holdings, Inc.\* | 20513 |  | 74462 |
|  Mueller Water Products, Inc., Class A | 25291 |  | 607996 |
|  Omega Flex, Inc. | 594 |  | 19234 |
|  REV Group, Inc. | 8332 |  | 396520 |
|  Richtech Robotics, Inc., Class B (x)\* | 11157 |  | 21756 |
|  Shyft Group, Inc. (The) | 369 |  | 4627 |
|  SPX Technologies, Inc.\* | 7402 |  | 1241167 |
|  Standex International Corp. | 1564 |  | 244735 |
|  Trinity Industries, Inc. | 6267 |  | 169272 |
|  Watts Water Technologies, Inc., Class A | 4458 |  | 1096178 |
|  Worthington Enterprises, Inc. | 1645 |  | 104688 |
|  |  |  | 10712153 |
|  ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** | ***Marine Transportation (0.0%)†*** |
|  Costamare Bulkers Holdings Ltd.\* | 88 |  | 763 |
|  ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** |
|  Allegiant Travel Co.\* | 431 |  | 23683 |
|  Frontier Group Holdings, Inc. (x)\* | 9324 |  | 33846 |
|  Joby Aviation, Inc. (x)\* | 298451 |  | 3148658 |
|  Sun Country Airlines Holdings, Inc.\* | 4726 |  | 55531 |
|  Wheels Up Experience, Inc. (x)\* | 1385 |  | 1482 |
|  |  |  | 3263200 |
|  ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** |
|  Acuren Corp. (x)\* | 6366 |  | 70281 |
|  Barrett Business Services, Inc. | 4009 |  | 167135 |
|  BlackSky Technology, Inc., Class A\* | 4539 |  | 93413 |
|  CBIZ, Inc.\* | 8493 |  | 609033 |
|  CRA International, Inc. | 1084 |  | 203109 |
|  CSG Systems International, Inc. | 4040 |  | 263852 |
|  ExlService Holdings, Inc.\* | 887 |  | 38842 |
|  Exponent, Inc. | 8251 |  | 616432 |
|  First Advantage Corp. (x)\* | 8746 |  | 145271 |
|  FiscalNote Holdings, Inc. (x)\* | 1437 |  | 771 |
|  Franklin Covey Co.\* | 1464 |  | 33409 |
|  Huron Consulting Group, Inc.\* | 2756 |  | 379060 |
|  IBEX Holdings Ltd.\* | 1585 |  | 46124 |
|  Innodata, Inc. (x)\* | 4916 |  | 251798 |
|  Insperity, Inc. | 5850 |  | 351702 |
|  Kforce, Inc. | 2499 |  | 102784 |
|  Korn Ferry | 3831 |  | 280927 |
|  Legalzoom.com, Inc.\* | 17974 |  | 160148 |
|  Maximus, Inc. | 9209 |  | 646472 |
|  Planet Labs PBC\* | 34710 |  | 211731 |
|  RCM Technologies, Inc.\* | 677 |  | 15957 |
|  Resolute Holdings Management, Inc.\* | 283 |  | 9019 |
|  Spire Global, Inc. (x)\* | 4449 |  | 52943 |
|  TriNet Group, Inc. | 4853 |  | 354948 |
|  Upwork, Inc.\* | 20303 |  | 272872 |
|  Verra Mobility Corp., Class A\* | 25913 |  | 657931 |
|  Willdan Group, Inc.\* | 1534 |  | 95890 |
|  WNS Holdings Ltd.\* | 6562 |  | 414981 |
|  |  |  | 6546835 |
|  ***Trading Companies & Distributors (2.7%)*** | ***Trading Companies & Distributors (2.7%)*** | ***Trading Companies & Distributors (2.7%)*** | ***Trading Companies & Distributors (2.7%)*** |
|  Alta Equipment Group, Inc. (x) | 687 |  | 4342 |
|  Core & Main, Inc., Class A\* | 150580 |  | 9087503 |
|  Distribution Solutions Group, Inc.\* | 1428 |  | 39227 |
|  DXP Enterprises, Inc.\* | 2102 |  | 184240 |
|  FTAI Aviation Ltd. | 1781 |  | 204886 |
|  GATX Corp. | 449 |  | 68948 |
|  Global Industrial Co. | 2348 |  | 63420 |
|  GMS, Inc.\* | 2772 |  | 301455 |
|  Herc Holdings, Inc. | 5298 |  | 697694 |
|  Karat Packaging, Inc. | 1115 |  | 31398 |
|  McGrath RentCorp | 3028 |  | 351127 |
|  Rush Enterprises, Inc., Class A | 5494 |  | 282996 |
|  Rush Enterprises, Inc., Class B | 781 |  | 40987 |
|  Transcat, Inc.\* | 754 |  | 64814 |
|  Willis Lease Finance Corp. | 54 |  | 7710 |
|  Xometry, Inc., Class A (x)\* | 6998 |  | 236462 |
|  |  |  | 11667209 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 3423 |  | 33443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 55463338 |
|  **Information Technology (25.3%)** | **Information Technology (25.3%)** | **Information Technology (25.3%)** | **Information Technology (25.3%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  ADTRAN Holdings, Inc.\* | 12091 |  | 108456 |
|  Applied Optoelectronics, Inc.\* | 6928 |  | 177980 |
|  BK Technologies Corp.\* | 437 |  | 20596 |
|  Calix, Inc.\* | 9566 |  | 508815 |
|  Clearfield, Inc.\* | 829 |  | 35987 |
|  CommScope Holding Co., Inc.\* | 21311 |  | 176455 |
|  Extreme Networks, Inc.\* | 21389 |  | 383933 |
|  Harmonic, Inc.\* | 4642 |  | 43960 |
|  Inseego Corp.\* | 763 |  | 6287 |
|  Viavi Solutions, Inc.\* | 35859 |  | 361100 |
|  |  |  | 1823569 |
|  ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** |
|  908 Devices, Inc.\* | 3393 |  | 24192 |
|  Advanced Energy Industries, Inc. | 6115 |  | 810238 |
|  Aeva Technologies, Inc.\* | 4762 |  | 179956 |
|  Arlo Technologies, Inc.\* | 16127 |  | 273514 |
|  Badger Meter, Inc. | 4816 |  | 1179679 |
|  Belden, Inc. | 6428 |  | 744362 |
|  Climb Global Solutions, Inc. | 668 |  | 71416 |
|  CTS Corp. | 757 |  | 32256 |
|  Daktronics, Inc. (x)\* | 1171 |  | 17706 |
|  Evolv Technologies Holdings, Inc. (x)\* | 18825 |  | 117468 |
|  Fabrinet(x)\* | 5860 |  | 1726825 |
|  FARO Technologies, Inc.\* | 1424 |  | 62542 |
|  Frequency Electronics, Inc. | 1056 |  | 23982 |
|  Insight Enterprises, Inc.\* | 1537 |  | 212237 |

---

See Notes to Financial Statements.

1104

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Itron, Inc.\* | 3580 | $| 471235 |
|  Knowles Corp.\* | 995 |  | 17532 |
|  Lightwave Logic, Inc. (x)\* | 1766 |  | 2190 |
|  MicroVision, Inc. (x)\* | 25088 |  | 28600 |
|  Mirion Technologies, Inc., Class A\* | 34081 |  | 733764 |
|  M-Tron Industries, Inc.\* | 362 |  | 15204 |
|  Napco Security Technologies, Inc. | 5657 |  | 167956 |
|  Neonode, Inc.\* | 1124 |  | 28662 |
|  nLight, Inc.\* | 508 |  | 9997 |
|  Novanta, Inc.\* | 5866 |  | 756303 |
|  OSI Systems, Inc.\* | 2600 |  | 584636 |
|  Ouster, Inc.\* | 8243 |  | 199893 |
|  PAR Technology Corp. (x)\* | 3802 |  | 263745 |
|  Plexus Corp.\* | 4048 |  | 547735 |
|  Red Cat Holdings, Inc. (x)\* | 12126 |  | 88277 |
|  Sanmina Corp.\* | 3799 |  | 371656 |
|  Vuzix Corp.\* | 9797 |  | 28607 |
|  |  |  | 9792365 |
|  ***IT Services (6.7%)*** | ***IT Services (6.7%)*** | ***IT Services (6.7%)*** | ***IT Services (6.7%)*** |
|  Applied Digital Corp. (x)\* | 22091 |  | 222456 |
|  Backblaze, Inc., Class A\* | 8638 |  | 47509 |
|  BigBear.ai Holdings, Inc.\* | 10711 |  | 72728 |
|  BigCommerce Holdings, Inc.\* | 11130 |  | 55650 |
|  Cloudflare, Inc., Class A\* | 134586 |  | 26355976 |
|  Couchbase, Inc.\* | 6979 |  | 170148 |
|  Crexendo, Inc.\* | 2026 |  | 12298 |
|  CSP, Inc. | 839 |  | 10857 |
|  DigitalOcean Holdings, Inc.\* | 10597 |  | 302650 |
|  Grid Dynamics Holdings, Inc.\* | 8662 |  | 100046 |
|  Hackett Group, Inc. (The) | 3713 |  | 94384 |
|  Information Services Group, Inc. | 2087 |  | 10018 |
|  MongoDB, Inc.\* | 6246 |  | 1311598 |
|  Rackspace Technology, Inc.\* | 5067 |  | 6486 |
|  TSS, Inc.\* | 2962 |  | 85394 |
|  Tucows, Inc., Class A (x)\* | 191 |  | 3765 |
|  Unisys Corp.\* | 8553 |  | 38745 |
|  |  |  | 28900708 |
|  ***Semiconductors & Semiconductor Equipment (2.0%)*** | ***Semiconductors & Semiconductor Equipment (2.0%)*** | ***Semiconductors & Semiconductor Equipment (2.0%)*** | ***Semiconductors & Semiconductor Equipment (2.0%)*** |
|  Aehr Test Systems (x)\* | 3729 |  | 48216 |
|  Aeluma, Inc. (x)\* | 277 |  | 4535 |
|  Ambarella, Inc.\* | 6603 |  | 436227 |
|  Atomera, Inc.\* | 4459 |  | 22473 |
|  Axcelis Technologies, Inc.\* | 405 |  | 28224 |
|  CEVA, Inc.\* | 3245 |  | 71325 |
|  Credo Technology Group Holding Ltd.\* | 23764 |  | 2200309 |
|  Everspin Technologies, Inc.\* | 473 |  | 2975 |
|  FormFactor, Inc.\* | 9473 |  | 325966 |
|  Impinj, Inc.\* | 4209 |  | 467494 |
|  indie Semiconductor, Inc., Class A (x)\* | 12058 |  | 42926 |
|  Kopin Corp.\* | 24173 |  | 36985 |
|  Kulicke & Soffa Industries, Inc. | 4987 |  | 172550 |
|  MaxLinear, Inc., Class A\* | 1743 |  | 24768 |
|  Navitas Semiconductor Corp., Class A (x)\* | 3653 |  | 23927 |
|  NVE Corp. | 823 |  | 60581 |
|  PDF Solutions, Inc.\* | 5140 |  | 109893 |
|  Power Integrations, Inc. | 9210 |  | 514839 |
|  QuickLogic Corp. (x)\* | 441 |  | 2717 |
|  Rambus, Inc.\* | 17537 |  | 1122719 |
|  Rigetti Computing, Inc.\* | 45875 |  | 544078 |
|  Semtech Corp.\* | 14138 |  | 638189 |
|  Silicon Laboratories, Inc.\* | 5237 |  | 771724 |
|  SiTime Corp.\* | 3504 |  | 746632 |
|  SkyWater Technology, Inc. (x)\* | 4070 |  | 40049 |
|  Synaptics, Inc.\* | 573 |  | 37142 |
|  Ultra Clean Holdings, Inc.\* | 517 |  | 11669 |
|  |  |  | 8509132 |
|  ***Software (10.4%)*** | ***Software (10.4%)*** | ***Software (10.4%)*** | ***Software (10.4%)*** |
|  A10 Networks, Inc. | 10203 |  | 197428 |
|  ACI Worldwide, Inc.\* | 17106 |  | 785336 |
|  Adeia, Inc. | 15452 |  | 218491 |
|  Agilysys, Inc.\* | 4196 |  | 481029 |
|  Airship AI Holdings, Inc. (x)\* | 2548 |  | 15008 |
|  Alarm.com Holdings, Inc.\* | 7696 |  | 435363 |
|  Alkami Technology, Inc.\* | 11055 |  | 333198 |
|  Amplitude, Inc., Class A\* | 14125 |  | 175150 |
|  Appian Corp., Class A\* | 43542 |  | 1300164 |
|  Arteris, Inc.\* | 513 |  | 4889 |
|  Asana, Inc., Class A\* | 15134 |  | 204309 |
|  AudioEye, Inc. (x)\* | 1072 |  | 12489 |
|  Aurora Innovation, Inc., Class A (x)\* | 1653733 |  | 8665561 |
|  AvePoint, Inc.\* | 21574 |  | 416594 |
|  Bitdeer Technologies Group, Class A\* | 13112 |  | 150526 |
|  Blackbaud, Inc.\* | 5003 |  | 321243 |
|  BlackLine, Inc. (x)\* | 8547 |  | 483931 |
|  Blend Labs, Inc., Class A\* | 34149 |  | 112692 |
|  Box, Inc., Class A\* | 17719 |  | 605458 |
|  Braze, Inc., Class A\* | 12369 |  | 347569 |
|  C3.ai, Inc., Class A (x)\* | 19632 |  | 482358 |
|  Cerence, Inc.\* | 2204 |  | 22503 |
|  Clear Secure, Inc., Class A | 13581 |  | 377009 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 40009 |  | 877397 |
|  Commvault Systems, Inc.\* | 7177 |  | 1251166 |
|  Core Scientific, Inc.\* | 37224 |  | 635414 |
|  CoreCard Corp.\* | 750 |  | 21728 |
|  CS Disco, Inc.\* | 2814 |  | 12297 |
|  Daily Journal Corp.\* | 161 |  | 67982 |
|  Digimarc Corp.\* | 2738 |  | 36169 |
|  Digital Turbine, Inc.\* | 10739 |  | 63360 |
|  Domo, Inc., Class B\* | 4868 |  | 68006 |
|  D-Wave Quantum, Inc. (x)\* | 46710 |  | 683834 |
|  eGain Corp.\* | 1745 |  | 10906 |
|  EverCommerce, Inc. (x)\* | 2288 |  | 24024 |
|  Expensify, Inc., Class A\* | 5121 |  | 13263 |
|  Five9, Inc.\* | 12252 |  | 324433 |
|  Freshworks, Inc., Class A\* | 33090 |  | 493372 |
|  Gitlab, Inc., Class A\* | 23258 |  | 1049168 |
|  I3 Verticals, Inc., Class A (x)\* | 189 |  | 5194 |
|  Intapp, Inc.\* | 8993 |  | 464219 |
|  InterDigital, Inc. (x) | 4202 |  | 942214 |
|  Jamf Holding Corp.\* | 10986 |  | 104477 |
|  Kaltura, Inc.\* | 12549 |  | 25223 |
|  Klaviyo, Inc., Class A\* | 37304 |  | 1252668 |
|  Life360, Inc. (x)\* | 2611 |  | 170368 |
|  LiveRamp Holdings, Inc.\* | 10476 |  | 346127 |
|  Meridianlink, Inc.\* | 5124 |  | 83163 |
|  MicroStrategy, Inc., Class A (x)\* | 27031 |  | 10926741 |
|  Mitek Systems, Inc.\* | 1483 |  | 14682 |
|  NextNav, Inc. (x)\* | 14275 |  | 216980 |

---

See Notes to Financial Statements.

1105

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Olo, Inc., Class A\* | 10955 | $| 97499 |
|  OneSpan, Inc. | 812 |  | 13552 |
|  Ooma, Inc.\* | 4069 |  | 52490 |
|  Pagaya Technologies Ltd., Class A\* | 6809 |  | 145168 |
|  PagerDuty, Inc.\* | 13539 |  | 206876 |
|  Porch Group, Inc.\* | 10563 |  | 124538 |
|  Progress Software Corp. | 6963 |  | 444518 |
|  PROS Holdings, Inc.\* | 7100 |  | 111186 |
|  Q2 Holdings, Inc.\* | 10096 |  | 944885 |
|  Qualys, Inc.\* | 5942 |  | 848934 |
|  Rapid7, Inc.\* | 10412 |  | 240830 |
|  Red Violet, Inc. | 1812 |  | 89150 |
|  Rekor Systems, Inc.\* | 552 |  | 640 |
|  ReposiTrak, Inc. (x) | 2023 |  | 39752 |
|  Rezolve AI plc (x)\* | 14619 |  | 44953 |
|  Rimini Street, Inc.\* | 1157 |  | 4362 |
|  Sapiens International Corp. NV | 5098 |  | 149116 |
|  SEMrush Holdings, Inc., Class A\* | 7436 |  | 67296 |
|  SoundHound AI, Inc., Class A (x)\* | 59386 |  | 637212 |
|  SoundThinking, Inc.\* | 1655 |  | 21606 |
|  Sprinklr, Inc., Class A\* | 17919 |  | 151595 |
|  Sprout Social, Inc., Class A\* | 8390 |  | 175435 |
|  SPS Commerce, Inc.\* | 6177 |  | 840628 |
|  Synchronoss Technologies, Inc.\* | 1641 |  | 11241 |
|  Tenable Holdings, Inc.\* | 19369 |  | 654285 |
|  Terawulf, Inc. (x)\* | 40529 |  | 177517 |
|  Varonis Systems, Inc.\* | 17908 |  | 908831 |
|  Vertex, Inc., Class A\* | 10543 |  | 372537 |
|  Viant Technology, Inc., Class A\* | 2425 |  | 32083 |
|  Weave Communications, Inc.\* | 9406 |  | 78258 |
|  WM Technology, Inc.\* | 11449 |  | 10258 |
|  Workiva, Inc., Class A\* | 8175 |  | 559579 |
|  Yext, Inc.\* | 16670 |  | 141695 |
|  Zeta Global Holdings Corp., Class A\* | 30511 |  | 472615 |
|  |  |  | 45203993 |
|  ***Technology Hardware, Storage & Peripherals (3.5%)*** | ***Technology Hardware, Storage & Peripherals (3.5%)*** | ***Technology Hardware, Storage & Peripherals (3.5%)*** | ***Technology Hardware, Storage & Peripherals (3.5%)*** |
|  CompoSecure, Inc., Class A (x)\* | 6377 |  | 89852 |
|  CPI Card Group, Inc.\* | 876 |  | 20779 |
|  Diebold Nixdorf, Inc.\* | 3922 |  | 217279 |
|  IonQ, Inc. (x)\* | 340249 |  | 14620499 |
|  Quantum Computing, Inc. (x)\* | 14022 |  | 268802 |
|  Turtle Beach Corp. (x)\* | 1524 |  | 21077 |
|  |  |  | 15238288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 109468055 |
|  **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** |
|  ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** | ***Chemicals (0.9%)*** |
|  ASP Isotopes, Inc. (x)\* | 8858 |  | 65195 |
|  Balchem Corp. | 5320 |  | 846944 |
|  Cabot Corp. | 8230 |  | 617250 |
|  Chemours Co. (The) | 24432 |  | 279746 |
|  Flotek Industries, Inc.\* | 587 |  | 8664 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 14295 |  | 160819 |
|  Hawkins, Inc. | 3164 |  | 449604 |
|  Ingevity Corp.\* | 5977 |  | 257549 |
|  Innospec, Inc. | 232 |  | 19509 |
|  Northern Technologies International Corp. | 295 |  | 2186 |
|  PureCycle Technologies, Inc. (x)\* | 21061 |  | 288536 |
|  Sensient Technologies Corp. | 6857 |  | 675552 |
|  Solesence, Inc.\* | 2785 |  | 12142 |
|  |  |  | 3683696 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 9269 |  | 756721 |
|  Smith-Midland Corp.\* | 476 |  | 15975 |
|  Titan America SA | 3850 |  | 48048 |
|  United States Lime & Minerals, Inc. | 1780 |  | 177644 |
|  |  |  | 998388 |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** |
|  Ardagh Metal Packaging SA | 5911 |  | 25299 |
|  Myers Industries, Inc. | 895 |  | 12968 |
|  O-I Glass, Inc.\* | 6070 |  | 89472 |
|  |  |  | 127739 |
|  ***Metals & Mining (1.9%)*** | ***Metals & Mining (1.9%)*** | ***Metals & Mining (1.9%)*** | ***Metals & Mining (1.9%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 567 |  | 63776 |
|  American Battery Technology Co.\* | 6746 |  | 10929 |
|  Carpenter Technology Corp. | 294 |  | 81256 |
|  Century Aluminum Co.\* | 8476 |  | 152738 |
|  Coeur Mining, Inc.\* | 51911 |  | 459931 |
|  Compass Minerals International, Inc.\* | 4273 |  | 85845 |
|  Constellium SE\* | 8521 |  | 113329 |
|  Contango ORE, Inc.\* | 1377 |  | 26824 |
|  Critical Metals Corp. (x)\* | 866 |  | 3100 |
|  Dakota Gold Corp.\* | 13942 |  | 51446 |
|  Hecla Mining Co. | 23030 |  | 137950 |
|  Idaho Strategic Resources, Inc.\* | 1868 |  | 24433 |
|  Ivanhoe Electric, Inc. (x)\* | 11947 |  | 108359 |
|  Kaiser Aluminum Corp. | 1374 |  | 109783 |
|  Lifezone Metals Ltd. (x)\* | 4386 |  | 18070 |
|  Materion Corp. | 656 |  | 52067 |
|  MP Materials Corp. (x)\* | 186141 |  | 6192911 |
|  NioCorp Developments Ltd.\* | 8328 |  | 19404 |
|  Novagold Resources, Inc.\* | 37560 |  | 153620 |
|  Perpetua Resources Corp.\* | 7469 |  | 90674 |
|  Piedmont Lithium, Inc. (x)\* | 3063 |  | 17827 |
|  Ramaco Resources, Inc., Class A (x) | 5775 |  | 75884 |
|  Ramaco Resources, Inc., Class B | 135 |  | 1104 |
|  United States Antimony Corp.\* | 14787 |  | 32236 |
|  US Gold Corp.\* | 1729 |  | 21094 |
|  US Goldmining, Inc.\* | 686 |  | 5625 |
|  Vox Royalty Corp. | 6240 |  | 19718 |
|  |  |  | 8129933 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Sylvamo Corp. | 1494 |  | 74849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 13014605 |
|  **Real Estate (3.7%)** | **Real Estate (3.7%)** | **Real Estate (3.7%)** | **Real Estate (3.7%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Gladstone Commercial Corp. (REIT) | 1513 |  | 21681 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  American Healthcare REIT, Inc. (REIT) | 9179 |  | 337236 |
|  CareTrust REIT, Inc. (REIT) | 3027 |  | 92626 |
|  National Health Investors, Inc. (REIT) | 1702 |  | 119344 |
|  Strawberry Fields REIT, Inc. (REIT) | 1312 |  | 13829 |
|  Universal Health Realty Income Trust (REIT) | 1843 |  | 73665 |
|  |  |  | 636700 |

---

See Notes to Financial Statements.

1106

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** | ***Hotel & Resort REITs (0.3%)*** |
|  DiamondRock Hospitality Co. (REIT) | 19073 | $146099 |
|  Ryman Hospitality Properties, Inc. (REIT) | 9560 | 943285 |
|  Sunstone Hotel Investors, Inc. (REIT) | 2220 | 19270 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 2445 | 30734 |
|  |  | 1139388 |
|  ***Real Estate Management & Development (2.9%)*** | ***Real Estate Management & Development (2.9%)*** | ***Real Estate Management & Development (2.9%)*** |
|  Compass, Inc., Class A\* | 73903 | 464111 |
|  eXp World Holdings, Inc. (x) | 12725 | 115797 |
|  Landbridge Co. LLC, Class A (x) | 165339 | 11173610 |
|  Maui Land & Pineapple Co., Inc.\* | 985 | 17917 |
|  Opendoor Technologies, Inc. (x)\* | 361685 | 192778 |
|  Real Brokerage, Inc. (The)\* | 17825 | 80391 |
|  Redfin Corp. (x)\* | 18985 | 212442 |
|  St Joe Co. (The) | 6170 | 294309 |
|  |  | 12551355 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 12174 | 105305 |
|  NexPoint Residential Trust, Inc. (REIT) | 1143 | 38085 |
|  UMH Properties, Inc. (REIT) | 12658 | 212528 |
|  |  | 355918 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Alexander's, Inc. (REIT) (x) | 356 | 80214 |
|  CBL & Associates Properties, Inc. (REIT) | 2311 | 58676 |
|  NETSTREIT Corp. (REIT) (x) | 3321 | 56225 |
|  Phillips Edison & Co., Inc. (REIT) | 3734 | 130802 |
|  Saul Centers, Inc. (REIT) | 1829 | 62442 |
|  Tanger, Inc. (REIT) | 16386 | 501084 |
|  |  | 889443 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Outfront Media, Inc. (REIT) | 22616 | 369093 |
|  PotlatchDeltic Corp. (REIT) | 697 | 26744 |
|  |  | 395837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 15990322 |
|  **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  Genie Energy Ltd., Class B | 361 | 9704 |
|  MGE Energy, Inc. | 3122 | 276110 |
|  Oklo, Inc., Class A (x)\* | 3901 | 218417 |
|  Otter Tail Corp. | 457 | 35230 |
|  |  | 539461 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  Chesapeake Utilities Corp. | 1252 | 150515 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Montauk Renewables, Inc.\* | 2651 | 5885 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  American States Water Co. | 4105 | 314689 |
|  Cadiz, Inc. (x)\* | 8898 | 26605 |
|  Consolidated Water Co. Ltd. (x) | 704 | 21134 |
|  Global Water Resources, Inc. | 1601 | 16314 |
|  Middlesex Water Co. | 492 | 26657 |
|  York Water Co. (The) | 450 | 14220 |
|  |  | 419619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1115480 |
|  **Total Common Stocks (98.7%)**<br> *(Cost $368,586,499)* |  | 426497755 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 2584 |  |
|  Chinook Therapeutics, Inc., CVR (r)\* | 2496 |  |
|  Sanofi Aatd, Inc., CVR (r)\* | 3248 | 1577 |
|  **Total Rights (0.0%)†**<br> *(Cost $1,577)* |  | 1577 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Pulse Biosciences, Inc., expiring 6/27/29\* | 88 | 180 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  SomaLogic, Inc., expiring 8/31/26 (r)\* | 10119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 180 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  | 180 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (10.6%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) | 11000000 | 11000000 |
|  Goldman Sachs Financial Square Government Fund<br>4.21% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) | 16687390 | 16687390 |
|  JPMorgan Prime Money Market Fund, IM Shares<br>4.47% (7 day yield) | 4929967 | 4930953 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 5000000 | 5000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares<br>4.27% (7 day yield) (xx) | 2000000 | 2000000 |

---

See Notes to Financial Statements.

1107

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Western Asset Institutional Government Reserves Fund, Institutional Shares<br>4.24% (7 day yield) (xx) | 5000000 | $5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 45618343 |
|  **Total Short-Term Investments (10.6%)**<br> *(Cost $45,619,285)* | **Total Short-Term Investments (10.6%)**<br> *(Cost $45,619,285)* | 45618343 |
|  **Total Investments in<br>Securities (109.3%)**<br> *(Cost $414,207,361)* |  | 472117855 |
|  **Other Assets Less<br>Liabilities (-9.3%)** |  | (40166676) |
|  **Net Assets (100%)** |  | $431951179 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $139,005 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $79,206,588. This was collateralized by $38,333,202 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $40,698,651 of which $40,687,390 was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 18 | 9/2025 | USD | 1972530 | 22138 |
|  |  |  |  |  | 22138 |

---

See Notes to Financial Statements.

1108

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  Communication Services | $7182671 | $— | $— | $7182671 |
|  Consumer Discretionary | 65873805 | 1142065 |  | 67015870 |
|  Consumer Staples | 26095045 |  |  | 26095045 |
|  Energy | 7700388 |  |  | 7700388 |
|  Financials | 29916947 |  | 4648924 | 34565871 |
|  Health Care | 88886110 |  | — (a) | 88886110 |
|  Industrials | 55463338 |  |  | 55463338 |
|  Information Technology | 109468055 |  |  | 109468055 |
|  Materials | 13014605 |  |  | 13014605 |
|  Real Estate | 15990322 |  |  | 15990322 |
|  Utilities | 1115480 |  |  | 1115480 |
|  **Futures** | 22138 |  |  | 22138 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | 1577 | 1577 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 45618343 |  |  | 45618343 |
|  **Warrants** |  |  |  |  |
|  Health Care |  | 180 | — (a) | 180 |
|  **Total Assets** | $**466347247** | $**1142245** | $**4650501** | $**472139993** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**466347247** | $**1142245** | $**4650501** | $**472139993** |

---

*(a)* *Value is zero.* 

See Notes to Financial Statements.

1109

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

---

| | | |
|:---|:---|:---|
|  | **Investment in<br>Common Stock-Financials** | **Investment in<br>Warrants-Healthcare** |
| &nbsp;&nbsp;&nbsp; Balance as of 12/31/2024 | $— | $— (b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized Gains (Losses) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation/Depreciation | 515935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net accretion (amortization) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 4132989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Settlements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  |  |
| &nbsp;&nbsp;&nbsp; Balance as of 6/30/2025 | $4648924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (b) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Balance at<br>06/30/2025** | **Valuation Technique(s)** | **Unobservable<br>Input(s)\*** | **Amount of Range<br>(Weighted<br>Average)** | **Impact to<br>Valuation from an<br>Increase/Decrease<br>in Input(a)** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4648924 | Market Comparables | Recovery Value | 0.00% | Increase |
| &nbsp;&nbsp;&nbsp; Warrants |  | Price at Zero | Discount for lack<br>of marketability | 15.00% | Decrease |

---

\* Level 3 values are based on significant unobservable inputs that reflect the Manager's determination of assumptions that market participants might reasonably use in valuing the securities. Fair value determinations and valuation of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred 

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

(b) Value is zero

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $22138 \* |
|  **Total** |  | $22138 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(150239) | $(150239) |
|  **Total** | $(150239) | $(150239) |

---

See Notes to Financial Statements.

1110

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $57584 | $57584 |
|  **Total** | $57584 | $57584 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1253000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $155692766.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $157684103.0 |

---

During the six months ended June 30, 2025, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
| **Cost of Purchases<br>(affiliated 18%)\*** | **Net Proceeds of<br>Sales and<br>Redemptions<br>(affiliated 22%)\*** | **Net Realized<br>Gain (Loss)** |
| $28071565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34749661 | $(696638) |

---

\* Represents percentage/amount of total Purchases and/or Sales. 

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $118465209 |
|  Aggregate gross unrealized depreciation | (65477552) |
|  Net unrealized appreciation | $52987657 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $419152336 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $291 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1111

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EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $414,207,361) | $472117855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $982) | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 140600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 440748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 304897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 291346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 90580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 34745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 478008223 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 40687390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4748646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 250178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 226185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 41374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 36106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 67165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 46057044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $431951179 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $444288943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (12337764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $431951179 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $181,960,738 / 20,533,924 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.86 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $249,990,441 / 27,056,945 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.24 |

---

*(x)* *Includes value of securities on loan of $79,206,588.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,627 foreign withholding tax) | $940601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 104757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 206471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1251829 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1637192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 254841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 213949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 71910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2243100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (187206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2055894 |
|  **NET INVESTMENT INCOME (LOSS)** | (804065) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 9222661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (150239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9072422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (115402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 57584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (57713) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 9014709 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8210644 |

---

See Notes to Financial Statements.

1112

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#### EQ ADVISORS TRUST
EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(804065) | $(1258962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9072422 | 71344526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (57713) | 6150262 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 8210644 | 76235826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (16473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (244330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (260803) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,243,267 and 2,932,771 shares, respectively ] | 10370728 | 21946395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,195 shares, respectively ] |  | 16473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1679902) and (4343358) shares, respectively ] | (14050922) | (32019552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (3680194) | (10056684) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,543,772 and 1,420,834 shares, respectively ] | 12073040 | 10231925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 26,032 shares, respectively ] |  | 244330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2217134) and (4983018) shares, respectively ] | (19358480) | (38147235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (7285440) | (27670980) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (10965634) | (37727664) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2754990) | 38247359 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 434706169 | 396458810 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $431951179 | $434706169 |

---

See Notes to Financial Statements.

1113

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#### EQ ADVISORS TRUST
EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.72 | $7.22 | $5.37 | $9.71 | $17.28 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.02) | (0.04) | (0.01) | (0.02) | (0.10)(aa) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.16 | 1.54 | 1.86 | (4.27) | 0.65 | 9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.14 | 1.50 | 1.85 | (4.29) | 0.55 | 9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.05) | (8.12) | (2.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  |  |  | (0.05) | (8.12) | (2.89) |
|  Net asset value, end of period | $8.86 | $8.72 | $7.22 | $5.37 | $9.71 | $17.28 |
|  Total return (b) | 1.61% | 20.79 | 34.45 | (44.23) | 2.78% | 95.74 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $181961 | $182877 | $161656 | $118839 | $214924 | $210225 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.15% | 1.15 | 1.15 | 1.15 | 1.15% | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.24% | 1.24 | 1.24 | 1.24 | 1.21% | 1.24 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.54)% | (0.47) | (0.11) | (0.25) | (0.50)%(bb) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.63)% | (0.56) | (0.20) | (0.34) | (0.56)%(bb) | (0.59) |
|  Portfolio turnover rate^ | 38 %(z) | 75 | 54 | 72 | 102% | 102 |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.08 | $7.51 | $5.59 | $10.06 | $17.61 | $10.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.01) | (0.02) | 0.01 |  | (0.05)(aa) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.17 | 1.60 | 1.93 | (4.42) | 0.66 | 9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.16 | 1.58 | 1.94 | (4.42) | 0.61 | 9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.01) | (0.02) |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.05) | (8.12) | (2.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.01) | (0.02) | (0.05) | (8.16) | (2.89) |
|  Net asset value, end of period | $9.24 | $9.08 | $7.51 | $5.59 | $10.06 | $17.61 |
|  Total return (b) | 1.76% | 21.02 | 34.64 | (43.99) | 3.04% | 96.08 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $249990 | $251829 | $234803 | $217742 | $360628 | $431002 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.90% | 0.90 | 0.90 | 0.90 | 0.90% | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.99% | 0.99 | 0.99 | 0.99 | 0.96% | 0.99 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.29)% | (0.22) | 0.16 | 0.01 | (0.25)%(bb) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.38)% | (0.31) | 0.07 | (0.08) | (0.31)%(bb) | (0.33) |
|  Portfolio turnover rate^ | 38 %(z) | 75 | 54 | 72 | 102% | 102 |

---

See Notes to Financial Statements.

1114

------

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *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.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.01) and $0.00# for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.10) and $(0.06) for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.03% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.12% lower.* 

See Notes to Financial Statements.

1115

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (1.7%)** | **Asset-Backed Securities (1.7%)** | **Asset-Backed Securities (1.7%)** |
|  Adagio CLO VIII DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VIII-A A<br>3.209%, 4/15/32 (l)§ | 163341 | $191830 |
|  CIT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1M1<br>6.684%, 10/25/37 (l)§ | $143059 | 142548 |
|  Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE4 M3<br>5.124%, 10/25/35 (l) | 100000 | 91474 |
|  Credit-Based Asset Servicing & Securitization LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CB6 A3<br>4.654%, 7/25/37 (l)§ | 248587 | 169575 |
|  CWABS Asset-Backed Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A<br>4.574%, 7/25/37 (l) | 54798 | 50923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 1A<br>4.834%, 9/25/37 (l) | 11357 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8 1A1<br>4.624%, 11/25/37 (l) | 107781 | 102145 |
|  CWABS, Inc. Asset-backed Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12 1A1<br>5.174%, 8/25/47 (l) | 25280 | 24841 |
|  GSAA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 AF4A<br>6.720%, 3/25/46 (e) | 17543 | 9443 |
|  Home Equity Mortgage Loan Asset-Backed Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A 1A<br>4.654%, 4/25/37 (l) | 17114 | 12822 |
|  Invesco Euro CLO V DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A AR<br>3.299%, 1/15/34 (l)§ | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589085 |
|  Lehman XS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N A1<br>6.734%, 12/25/37 (l) | $88997 | 95843 |
|  Long Beach Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 2A2<br>4.674%, 8/25/36 (l) | 62155 | 24870 |
|  MASTR Asset-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WMC4 A5<br>4.734%, 10/25/36 (l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105883 | 33546 |
|  New Century Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4 M1<br>5.199%, 2/25/35 (l) | 41638 | 39881 |
|  Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 M2<br>5.289%, 11/25/34 (l) | 10249 | 10585 |
|  Securitized Asset-Backed Receivables LLC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 A2C<br>4.754%, 7/25/36 (l) | 152190 | 50749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE2 A2C<br>4.734%, 7/25/36 (l) | 43797 | 16631 |
|  Soundview Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT1 1A1<br>4.634%, 6/25/37 (l) | $91014 | 62980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT2 2A3<br>4.614%, 7/25/37 (l) | 41907 | 38779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | 1768957 |
|  **Collateralized Mortgage Obligations (3.8%)** | **Collateralized Mortgage Obligations (3.8%)** | **Collateralized Mortgage Obligations (3.8%)** |
|  Alba plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3<br>4.512%, 3/17/39 (l)(m) | 100008 | 134666 |
|  Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29CB A4<br>5.000%, 7/25/35 | $28339 | 15510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY11 A1<br>4.674%, 6/25/36 (l) | 57918 | 54262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1T1 1A1<br>6.000%, 3/25/37 | 142873 | 48588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB 1A35<br>6.000%, 4/25/37 | 24643 | 20667 |
|  Alternative Loan Trust Resecuritization, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2R 1A1<br>6.000%, 8/25/37 (l) | 36133 | 29864 |
|  Angel Oak Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4 A1<br>1.469%, 6/25/65 (l)§ | 31953 | 30335 |
|  Brants Bridge plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A<br>5.125%, 6/14/66 (l)(m) | 167782 | 230815 |
|  Canterbury Finance NO 4 plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4 A2<br>5.074%, 5/16/58 (l)(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285995 |
|  CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1<br>6.000%, 3/25/37 | $42882 | 18973 |
|  Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4 1A1A<br>4.742%, 3/25/37 (l) | 38396 | 32524 |
|  Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-NCM2 1CB1<br>5.500%, 8/25/34 | 4039 | 3992 |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4R 1A1<br>5.154%, 10/26/36 (l)§ | 2570 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3R 5A2<br>4.591%, 9/29/36 (l)§ | 17179 | 17001 |
|  Curzon Mortgages plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 A2<br>5.448%, 7/28/49 (l)(m) | 496637 | 683383 |
|  DSLA Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1A<br>5.012%, 10/19/45 (l) | $36239 | 33170 |
|  Dutch Property Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A<br>3.061%, 4/28/62 (l)(m) | 230816 | 272896 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FC<br>5.276%, 8/20/66 (l) | $69325 | 69515 |

---

See Notes to Financial Statements.

1116

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  GSR Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 3A6<br>5.946%, 12/25/34 (l) | $| 2664 | $| 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 6A1<br>5.018%, 7/25/35 (l) |  | 7034 |  | 6617 |
|  Harbour NO 2 plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 A2<br>5.298%, 10/28/54 (l)(m) | GBP | 922824 |  | 1267837 |
|  JP Morgan Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A1 1A1<br>4.894%, 3/25/36 (l) | $| 22876 |  | 21446 |
|  JP Morgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A2 5A2<br>7.534%, 4/25/35 (l) |  | 727 |  | 731 |
|  Lehman Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 4A1<br>5.094%, 1/25/36 (l) |  | 4965 |  | 4783 |
|  New Residential Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1<br>4.500%, 5/25/58 (l)§ |  | 26227 |  | 25672 |
|  RALI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH8 A<br>5.397%, 10/25/37 (l) |  | 24188 |  | 19414 |
|  Residential Asset Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A10 A5<br>6.500%, 9/25/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119357 |  | 35924 |
|  Sequoia Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6 A<br>5.072%, 4/19/27 (l) |  | 16060 |  | 15675 |
|  Silverstone Master Issuer plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 1A<br>4.701%, 1/21/79 (l)(m) | GBP | 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549551 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 2CB1<br>6.000%, 7/25/36 | $| 21549 |  | 15431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 3950083 |
|  **Commercial Mortgage-Backed Security (0.0%)†** | **Commercial Mortgage-Backed Security (0.0%)†** | **Commercial Mortgage-Backed Security (0.0%)†** | **Commercial Mortgage-Backed Security (0.0%)†** | **Commercial Mortgage-Backed Security (0.0%)†** |
|  JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL12 A<br>5.809%, 12/15/31 (l)§ |  | 55130 |  | 51265 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-<br>Backed Security** |  |  |  | 51265 |
|  **Corporate Bonds (2.5%)** | **Corporate Bonds (2.5%)** | **Corporate Bonds (2.5%)** | **Corporate Bonds (2.5%)** | **Corporate Bonds (2.5%)** |
|  **Financials (2.5%)** | **Financials (2.5%)** | **Financials (2.5%)** |  |  |
|  ***Banks (2.3%)*** | ***Banks (2.3%)*** | ***Banks (2.3%)*** | ***Banks (2.3%)*** | ***Banks (2.3%)*** |
|  Kreditanstalt fuer Wiederaufbau |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/10/34 (m)(z) | EUR | 1800000 |  | 2098356 |
|  Nordea Kredit Realkreditaktieselskab |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/43 | DKK | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 (m) |  | 385 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105259 |  | 11817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 |  | 4996 |  | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 |  | 1996380 |  | 310785 |
|  |  |  |  | 2421626 |
|  ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** | ***Financial Services (0.2%)*** |
|  Jyske Realkredit A/S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br>0.500%, 10/1/43 | DKK | 5077 |  | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 (m) |  | 11827 |  | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 |  | 2 |  |  |
|  Nykredit Realkredit A/S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01e<br>5.000%, 10/1/53 (m) |  | 207100 |  | 33785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 (m) |  | 2 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01E<br>0.500%, 10/1/43 (m) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 (m) |  | 32474 |  | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/53 (m) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/53 (m) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441645 |  | 65237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 (m) |  | 396507 |  | 61428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01EE<br>1.000%, 10/1/50 (m) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/52 (m) |  | 26751 |  | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br>1.000%, 10/1/50 (m) |  | 12963 |  | 1595 |
|  Realkredit Danmark A/S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 (m) |  | 26822 |  | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23S<br>1.500%, 10/1/53 (m) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/53 (m) |  | 2 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27S<br>1.500%, 10/1/53 (m) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCS<br>1.000%, 10/1/50 (m) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/56 (m) |  | 85332 |  | 12945 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 2609233 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 2609233 |
|  **Foreign Government Securities (70.9%)** | **Foreign Government Securities (70.9%)** | **Foreign Government Securities (70.9%)** | **Foreign Government Securities (70.9%)** | **Foreign Government Securities (70.9%)** |
|  Bonos de la Tesoreria |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 | PEN | 200000 |  | 58161 |
|  Buoni Poliennali del Tesoro |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 5/15/28 TIPS (m) | EUR | 3704460 |  | 4429704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 5/15/30 TIPS (m) |  | 1485528 |  | 1703605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 5/15/33 TIPS (m) |  | 713424 |  | 758409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/36 TIPS (m) |  | 2173101 |  | 2558336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 9/15/41 TIPS (m) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416919 |  | 529136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 5/15/56 TIPS (m) |  | 101616 |  | 123613 |
|  Canada Government Bond<br>3.000%, 12/1/36 TIPS | CAD | 793410 |  | 678388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/41 TIPS |  | 293888 |  | 230044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/44 TIPS |  | 183788 |  | 132365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/1/47 TIPS |  | 530224 |  | 359616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/1/50 TIPS |  | 314368 |  | 175107 |
|  Commonwealth of Australia<br>3.000%, 9/20/25 TIPS (m) | AUD | 815500 |  | 538307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/21/35 TIPS (m) |  | 957735 |  | 624970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/21/40 TIPS (m) |  | 393860 |  | 221084 |
|  Federal Republic of Germany<br>0.500%, 4/15/30 TIPS (m) | EUR | 129248 |  | 152040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 4/15/33 TIPS (m) |  | 490672 |  | 552771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 4/15/46 TIPS (m) |  | 519500 |  | 500261 |

---

See Notes to Financial Statements.

1117

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  French Republic<br>0.100%, 3/1/26 TIPS (m) | 1340944 | $| 1569819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 7/25/27 TIPS (m) | 1777568 |  | 2159401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/28 TIPS (m) | 959016 |  | 1107260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/29 TIPS (m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738660 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/31 TIPS (m) | 1465116 |  | 1647296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/32 TIPS (m) | 691278 |  | 762366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 7/25/32 TIPS (m) | 632576 |  | 856035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/36 TIPS (m) | 1685827 |  | 1729788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 3/1/39 TIPS (m) | 317205 |  | 328720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/25/40 TIPS (m) | 146492 |  | 178382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 7/25/43 TIPS (m) | 417432 |  | 438324 |
|  Japan Government Bond CPI Linked |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/26 TIPS | 146975400 |  | 1038945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/28 TIPS | 267450120 |  | 1922784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/29 TIPS | 267837600 |  | 1933801 |
|  Kingdom of Saudi Arabia<br>5.125%, 1/13/28 (x)§ | $600000 |  | 609600 |
|  Kingdom of Spain<br>0.650%, 11/30/27 TIPS (m) | 1147374 |  | 1357034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/30/30 TIPS (m) | 1341186 |  | 1594170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 11/30/33 TIPS (m) | 1381743 |  | 1566832 |
|  Kingdom of Sweden<br>0.125%, 6/1/26 TIPS (m) | 9230455 |  | 955901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 12/1/27 TIPS (m) | 654981 |  | 67811 |
|  Mexican Udibonos<br>4.000%, 8/24/34 TIPS | 467612 |  | 23208 |
|  New Zealand Government Bond<br>2.500%, 9/20/35 TIPS (m) | 132577 |  | 78861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/40 TIPS (m) | 393589 |  | 221294 |
|  Queensland Treasury Corp.<br>4.500%, 8/22/35 (m) | 200000 |  | 126890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/21/36 (m) | 800000 |  | 533842 |
|  Republic of Italy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 6 Month + 0.80%),<br>3.044%, 10/15/28 (k)(m) | 100000 |  | 119815 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 6 Month + 1.15%), 3.394%, 10/15/31 (k)(m) | 800000 |  | 968030 |
|  State of North Rhine-Westphalia Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/32 (m)(z) | 300000 |  | 337361 |
|  Treasury Corp. of Victoria<br>2.250%, 9/15/33 (m) | 1300000 |  | 716204 |
|  U.K. Treasury Bonds<br>4.375%, 3/7/30 (m)(z) | 7500000 |  | 10476271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/22/43 (m)(z) | 900000 |  | 1180805 |
|  U.K. Treasury Inflation Linked Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/27 TIPS (m) | 3108720 |  | 4351419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/28 TIPS (m) | 1152296 |  | 1565059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/31 TIPS (m) | 753434 |  | 989472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/32 TIPS (m) | 333419 |  | 462570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/22/33 TIPS (m) | 864392 |  | 1139664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/26/35 TIPS (m) | 900691 |  | 1315191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/36 TIPS (m) | 1005427 |  | 1174050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/22/37 TIPS (m) | 596610 |  | 770529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/22/40 TIPS (m) | 928770 |  | 1067390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/41 TIPS (m) | 789883 |  | 814584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/22/42 TIPS (m) | 1041161 |  | 1144320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/44 TIPS (m) | 995454 |  | 949860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/22/45 TIPS (m) | 331539 |  | 344096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/46 TIPS (m) | 560105 |  | 508510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/22/47 TIPS (m) | 1064707 |  | 1100954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/22/50 TIPS (m) | 810430 |  | 756512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 3/22/52 TIPS (m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460274 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/54 TIPS (m) | 1593585 |  | 1743779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/55 TIPS (m) | 503850 |  | 553592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/56 TIPS (m) | 68328 |  | 51495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/58 TIPS (m) | 113169 |  | 83258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/22/62 TIPS (m) | 885139 |  | 691266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/65 TIPS (m) | 579128 |  | 383805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/68 TIPS (m) | 716775 |  | 461647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/73 TIPS (m) | 130449 |  | 93411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 74685498 |
|  **Mortgage-Backed Securities (16.3%)** | **Mortgage-Backed Securities (16.3%)** | **Mortgage-Backed Securities (16.3%)** | **Mortgage-Backed Securities (16.3%)** |
|  FNMA UMBS<br>6.500%, 12/1/53 | $130942 |  | 135279 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family<br>4.500%, 7/25/55 TBA | 400000 |  | 382688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/25/55 TBA | 4800000 |  | 4705875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/25/55 TBA | 2000000 |  | 2032656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/25/55 TBA | 4300000 |  | 4438742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/25/55 TBA | 1000000 |  | 930234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/55 TBA | 2000000 |  | 1912969 |
|  GNMA<br>3.000%, 7/15/55 TBA | 3000000 |  | 2653594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 17192037 |
|  **Supranational (1.4%)** | **Supranational (1.4%)** | **Supranational (1.4%)** | **Supranational (1.4%)** |
|  European Financial Stability Facility<br>2.375%, 6/21/32 (m)(z) | 1300000 |  | 1501321 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  | 1501321 |
|  **U.S. Treasury Obligations (61.1%)** | **U.S. Treasury Obligations (61.1%)** | **U.S. Treasury Obligations (61.1%)** | **U.S. Treasury Obligations (61.1%)** |
|  U.S. Treasury Inflation Linked Bonds<br>1.750%, 1/15/28 TIPS | 1220422 |  | 1235362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/29 TIPS | 975695 |  | 1064999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/40 TIPS (v) | 474944 |  | 468969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/41 TIPS | 1186553 |  | 1162081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/42 TIPS | 1547462 |  | 1202280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS (v) | 383708 |  | 285262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 1968324 |  | 1654451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | 2084304 |  | 1523028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 2274518 |  | 1725664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 1092389 |  | 792291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/48 TIPS | 917127 |  | 675439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 249554 |  | 145123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 443578 |  | 242135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 115238 |  | 61677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS (v) | 323757 |  | 257158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 836208 |  | 768155 |
|  U.S. Treasury Inflation Linked Notes<br>0.125%, 4/15/26 TIPS (z) | 4159016 |  | 4111832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/26 TIPS | 1512290 |  | 1498347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 TIPS | 939176 |  | 927950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/27 TIPS (z) | 3027886 |  | 2985256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/27 TIPS (v) | 340854 |  | 333639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/27 TIPS | 1298296 |  | 1280542 |

---

See Notes to Financial Statements.

1118

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS | $| 1407809 | $1424847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS (z) |  | 5177410 | 5078901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/15/28 TIPS |  | 2325924 | 2297245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/15/28 TIPS |  | 942606 | 977681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/15/29 TIPS |  | 88932 | 87546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS |  | 518570 | 532438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS |  | 1966460 | 1887819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/29 TIPS (z) |  | 2446824 | 2477630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/30 TIPS (z) |  | 4987400 | 4705279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS |  | 2164559 | 2032807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS (z) |  | 5541647 | 5100489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS |  | 1041534 | 944302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) |  | 4747630 | 4429799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/33 TIPS |  | 1615410 | 1544259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/15/33 TIPS |  | 1901268 | 1847213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/34 TIPS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/15/34 TIPS (z) |  | 2555875 | 2561836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/15/35 TIPS (z) |  | 1321450 | 1344456 |
|  **Total U.S. Treasury Obligations** |  |  | 64297399 |
|  **Total Long-Term Debt Securities (157.7%)**<br> *(Cost $171,744,057)* | **Total Long-Term Debt Securities (157.7%)**<br> *(Cost $171,744,057)* | **Total Long-Term Debt Securities (157.7%)**<br> *(Cost $171,744,057)* | 166055793 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%)** | **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) |  | 572400 | 572400 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $572,400)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $572,400)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $572,400)* | 572400 |
|  | **Number of<br>Contracts** | **Number of<br>Contracts** | **Value<br>(Note 1)** |
|  OPTIONS PURCHASED: | OPTIONS PURCHASED: | OPTIONS PURCHASED: |  |
|  **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** |
|  ***Future Interest Rate Options (0.1%)*** | ***Future Interest Rate Options (0.1%)*** | ***Future Interest Rate Options (0.1%)*** | ***Future Interest Rate Options (0.1%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month SONIA 03/13/2026 at GBP 94.25, American Style <br>Notional Amount: GBP 11,500,000 <br>Exchange Traded\* |  | 46 | 35517 |
|  **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** |
|  ***Future Interest Rate Options (0.0%)†*** | ***Future Interest Rate Options (0.0%)†*** | ***Future Interest Rate Options (0.0%)†*** | ***Future Interest Rate Options (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Curve 1-Year EURIBOR 12/15/2025 at EUR 97.94, American Style <br>Notional Amount: EUR 7,000,000<br>Exchange Traded\* |  | 28 | 1237 |
|  **Total Options Purchased (0.1%)**<br> *(Cost $44,939)* | **Total Options Purchased (0.1%)**<br> *(Cost $44,939)* | **Total Options Purchased (0.1%)**<br> *(Cost $44,939)* | 36754 |
|  **Total Investments in Securities (158.3%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $172,361,396)* |  |  | 166664947 |
|  **Other Assets Less Liabilities (-58.3%)** |  |  | (61371580) |
|  **Net Assets (100%)** |  |  | $105293367 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $1,829,250 or 1.7% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $74,735,298 or 71.0% of net assets.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $1,000,693.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $561,354. This was collateralized by cash of $572,400 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CLO* *— Collateralized Loan Obligation* 

*CPI* *— Consumer Price Index* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*JPY* *— Japanese Yen* 

*MXN* *— Mexican Peso* 

*NZD* *— New Zealand Dollar* 

*OAT* *— Obligations Assimilables du Trésor* 

*PEN* *— Peruvian Sol* 

*SEK* *— Swedish Krona* 

*SONIA* *— Sterling Over Night Index Average* 

*TBA* *— To Be Announced; Security is subject to delayed delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TRY* *— Turkish Lira* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1119

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-BTP | 25 | 9/2025 | EUR | 3563299 | 10048 |
|  Euro-Bund | 47 | 9/2025 | EUR | 7205579 | (56053) |
|  U.S. Treasury 10 Year Note | 22 | 9/2025 | USD | 2466750 | 31687 |
|  U.S. Treasury Long Bond | 8 | 9/2025 | USD | 923750 | 20363 |
|  3 Month Euro EURIBOR | 40 | 9/2026 | EUR | 11563346 | 19133 |
|  3 Month Euro EURIBOR | 40 | 12/2026 | EUR | 11555690 | 31797 |
|  |  |  |  |  | 56975 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |  |
|  3 Month Euro EURIBOR | (40) | 9/2025 | EUR | (11556867) | (4307) |
|  Australia 10 Year Bond | (21) | 9/2025 | AUD | (1584170) | (14054) |
|  Euro-Bobl | (41) | 9/2025 | EUR | (5683467) | 24494 |
|  Euro-Buxl | (15) | 9/2025 | EUR | (2098047) | 21685 |
|  Euro-OAT | (14) | 9/2025 | EUR | (2042282) | 11187 |
|  Euro-Schatz | (137) | 9/2025 | EUR | (17307914) | 25224 |
|  U.S. Treasury 2 Year Note | (34) | 9/2025 | USD | (7072797) | (18933) |
|  U.S. Treasury 5 Year Note | (96) | 9/2025 | USD | (10464000) | (100601) |
|  U.S. Treasury 10 Year Ultra Note | (9) | 9/2025 | USD | (1028391) | (26168) |
|  U.S. Treasury Ultra Bond | (43) | 9/2025 | USD | (5122375) | (145517) |
|  3 Month Euro EURIBOR | (40) | 12/2025 | EUR | (11567469) | (41269) |
|  |  |  |  |  | (268259) |
|  |  |  |  |  | (211284) |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  BRL | 611094 | USD | 110856 | Goldman Sachs Bank USA<sup>\*\*</sup> | 7/2/2025 | 1620 |
|  DKK | 9770000 | USD | 1499615 | Bank of America | 7/2/2025 | 42915 |
|  EUR | 25286056 | USD | 29334354 | Deutsche Bank AG | 7/2/2025 | 451356 |
|  GBP | 1225000 | USD | 1656393 | Bank of America | 7/2/2025 | 25104 |
|  GBP | 19170090 | USD | 26080935 | Barclays Bank plc | 7/2/2025 | 232889 |
|  SEK | 1365000 | USD | 142558 | Bank of America | 7/2/2025 | 1720 |
|  SEK | 5760000 | USD | 602195 | JPMorgan Chase Bank | 7/2/2025 | 6626 |
|  USD | 4854540 | JPY | 696455507 | JPMorgan Chase Bank | 7/2/2025 | 18211 |
|  TRY | 96053 | USD | 2335 | Barclays Bank plc | 7/28/2025 | 23 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 780464 |
|  USD | 2785740 | AUD | 4322629 | Barclays Bank plc | 7/2/2025 | (59198) |
|  USD | 106874 | BRL | 609943 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/2/2025 | (5390) |
|  USD | 1560439 | CAD | 2149677 | Bank of America | 7/2/2025 | (18174) |
|  USD | 1914318 | DKK | 12640014 | JPMorgan Chase Bank | 7/2/2025 | (81342) |
|  USD | 28624314 | EUR | 25174213 | Bank of America | 7/2/2025 | (1029650) |
|  USD | 128228 | EUR | 112000 | Barclays Bank plc | 7/2/2025 | (3702) |
|  USD | 467809 | GBP | 349000 | Barclays Bank plc | 7/2/2025 | (11245) |
|  USD | 27005763 | GBP | 20046090 | JPMorgan Chase Bank | 7/2/2025 | (510503) |
|  USD | 301828 | NZD | 506091 | JPMorgan Chase Bank | 7/2/2025 | (6660) |
|  USD | 1745267 | SEK | 16808629 | Barclays Bank plc | 7/2/2025 | (31374) |
|  USD | 451033 | DKK | 2865359 | Deutsche Bank AG | 8/4/2025 | (2571) |

---

See Notes to Financial Statements.

1120

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 29334354 | EUR | 25230628 | Deutsche Bank AG | 8/4/2025 | (456631) |
|  USD | 127078 | EUR | 108157 | JPMorgan Chase Bank | 8/4/2025 | (628) |
|  USD | 25577625 | GBP | 18796090 | Barclays Bank plc | 8/4/2025 | (227200) |
|  USD | 156084 | GBP | 114000 | JPMorgan Chase Bank | 8/4/2025 | (425) |
|  USD | 4831464 | JPY | 694369280 | Barclays Bank plc | 8/4/2025 | (9782) |
|  USD | 307092 | NZD | 506091 | Barclays Bank plc | 8/4/2025 | (1752) |
|  USD | 1020006 | SEK | 9684181 | Goldman Sachs Bank USA | 8/4/2025 | (5977) |
|  USD | 2834849 | AUD | 4322629 | JPMorgan Chase Bank | 8/5/2025 | (12120) |
|  USD | 1572896 | CAD | 2140043 | Goldman Sachs Bank USA | 8/5/2025 | (1616) |
|  USD | 229419 | PEN | 838066 | Barclays Bank plc<sup>\*\*</sup> | 9/17/2025 | (6638) |
|  USD | 110856 | BRL | 625084 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | (1518) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2484096) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (1703632) |

---

*\*\** *Non-deliverable forward.* 

Written Call Options Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  3 Month SONIA | Exchange Traded | 46 | GBP | (11500000) | GBP | 94.25 | 3/13/2026 | (11444) |

---

Written Put Options Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  Mid-Curve 1-Year EURIBOR | Exchange Traded | 28 | EUR | (7000000) | EUR | 97.82 | 12/12/2025 | (5360) |
|  Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | Total Written Options Contracts (Premiums Received ($31111)) | (16804) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $1768957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1768957 |
|  **Collateralized Mortgage Obligations** |  | 3950083 |  | 3950083 |
|  **Commercial Mortgage-Backed Security** |  | 51265 |  | 51265 |
|  **Corporate Bonds** |  |  |  |  |
|  Financials |  | 2609233 |  | 2609233 |
|  **Foreign Government Securities** |  | 74685498 |  | 74685498 |
|  **Forward Currency Contracts** |  | 780464 |  | 780464 |
|  **Futures** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195618 |  |  | 195618 |
|  **Mortgage-Backed Securities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17192037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17192037 |

---

See Notes to Financial Statements.

1121

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Options Purchased** |  |  |  |  |
|  Call Options Purchased | $35517 | $— | $— | $35517 |
|  Put Options Purchased | 1237 |  |  | 1237 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Companies | 572400 |  |  | 572400 |
|  **Supranational** |  | 1501321 |  | 1501321 |
|  **U.S. Treasury Obligations** |  | 64297399 |  | 64297399 |
|  **Total Assets** | $**804772** | $**166836257** | $**—** | $**167641029** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(2484096) | $— | $(2484096) |
|  **Futures** | (406902) |  |  | (406902) |
|  **Options Written** |  |  |  |  |
|  Call Options Written | (11444) |  |  | (11444) |
|  Put Options Written | (5360) |  |  | (5360) |
|  **Total Liabilities** | $**(423706)** | $**(2484096)** | $**—** | $**(2907802)** |
|  **Total** | $**381066** | $**164352161** | $**—** | $**164733227** |

---

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Net assets – Unrealized appreciation | $232372 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 780464 |
|  **Total** |  | $1012836 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Net assets – Unrealized depreciation | $(423706) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (2484096) |
|  **Total** |  | $(2907802) |

---

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

See Notes to Financial Statements.

1122

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $491531 | $— | $491531 |
|  Foreign exchange contracts |  | (5253999) | (5253999) |
|  **Total** | $491531 | $(5253999) | $(4762468) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (2)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(8185) | $14307 | $(357593) | $— | $(351471) |
|  Foreign exchange contracts |  |  |  | (3063178) | (3063178) |
|  **Total** | $(8185) | $14307 | $(357593) | $(3063178) | $(3414649) |

---

(2) Included in Change in unrealized appreciation (depreciation) on investment transactions in the Statement of Operations.

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $55123000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 68651000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $32103000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 120089000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $37000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 17000 |

---

See Notes to Financial Statements.

1123

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $69739 | $(69739) | $— | $— |
|  Barclays Bank plc | 232912 | (232912) |  |  |
|  Deutsche Bank AG | 451356 | (451356) |  |  |
|  Goldman Sachs Bank USA | 1620 | (1620) |  |  |
|  JPMorgan Chase Bank | 24837 | (24837) |  |  |
|  **Total** | $780464 | $(780464) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due**<br>**to Counterparty** |
|  Bank of America | $1047824 | $(69739) | $(741891) | $236194 |
|  Barclays Bank plc | 350891 | (232912) |  | 117979 |
|  Deutsche Bank AG | 459202 | (451356) |  | 7846 |
|  Goldman Sachs Bank USA | 9111 | (1620) |  | 7491 |
|  JPMorgan Chase Bank | 617068 | (24837) | (369528) | 222703 |
|  **Total** | $2484096 | $(780464) | $(1111419) | $592213 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

**Sale-Buyback Transactions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Settle date of<br>Sell Contract<br>Borrowing<br>Date** | **Buy contract<br>Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  Barclays Bank plc | 2.10% | 6/11/2025 | 9/5/2025 | $(2068354) | $(2065733) |
|  BNP Paribas | 2.07 | 6/11/2025 | 9/5/2025 | (336080) | (336078) |
|  BNP Paribas | 2.07 | 6/11/2025 | 9/5/2025 | (1498090) | (1496949) |
|  BNP Paribas | 4.50 | 6/26/2025 | 7/2/2025 | (1336871) | (1337410) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (5054108) | (5077366) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1567107) | (1574554) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (4666312) | (4689820) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (4107978) | (4128709) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (5044763) | (5070155) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (4378263) | (4397575) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (2530091) | (2537706) |
|  BNP Paribas | 4.50 | 6/26/2025 | 7/2/2025 | (411668) | (411868) |
|  HSBC Bank plc | 4.37 | 5/13/2025 | 7/9/2025 | (1169317) | (1168181) |
|  Morgan Stanley & Co. International PLC | 4.32 | 5/13/2025 | 7/9/2025 | (10444871) | (10446604) |
|  |  |  |  |  | $(44738708) |

---

*(1)* *The average amount of borrowings while outstanding for 181 days during the six months ended June 30, 2025, was approximately $43,435,000 at a weighted average interest rate of 4.38%.* 

*(2)* *Payable for sale-buyback transactions includes $124,835 of deferred price drop on sale-buyback transactions.* 

See Notes to Financial Statements.

1124

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30 Days** | **30 - 90 Days** | **Greater than<br>90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | $— | $(29225163) | $— | $— | $(29225163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bond |  | (11614785) | (1496949) |  | (13111734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Notes |  |  | (2401811) |  | (2401811) |
|  **Total Borrowings** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(40839948) | $(3898760) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(44738708) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $(44738708) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-**<br>**Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash<br>Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  Barclays Bank plc | $(2065733) | $1781362 | $— | $(284371) |
|  BNP Paribas | (31058190) | 30880725 |  | (177465) |
|  HSBC Bank plc | (1168181) | 860238 |  | (307943) |
|  Morgan Stanley & Co. International PLC | (10446604) | 7632150 |  | (2814454) |
|  | $(44738708) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41154475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3584233) |

---

*(3)* *Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $113608160.0 |
|  Long-term U.S. government debt securities | 10422760.0 |
|  | $124030920.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $107614280.0 |
|  Long-term U.S. government debt securities | 16462130.0 |
|  | $124076410.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8979541 |
|  Aggregate gross unrealized depreciation | (27066150) |
|  Net unrealized depreciation | $(18086609) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $182819836 |

---

See Notes to Financial Statements.

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#### STATEMENT OF ASSETS AND LIABILITIES June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $172,361,396) | $166664947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 883664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $487,098) | 368409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 676000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 2826172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 780464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 411378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 252423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 45470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 34401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 172946321 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 44738708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 19635875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2484096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 572400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 59264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 26679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 17783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $31,111) | 16804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 7690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 91211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 67652954 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $105293367 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $128486749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (23193382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $105293367 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $87,201,404 / 11,398,808 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.65 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $18,091,963 / 2,345,455 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.71 |

---

*(x)* *Includes value of securities on loan of $561,354.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $2430251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 8825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2441059 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1055421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 311798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 108224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 47140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 46301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 37921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 8706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1625550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (150030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1475520 |
|  **NET INVESTMENT INCOME (LOSS)** | 965539 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1318104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 491531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (5253999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 697628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5382944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 11869504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (357593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3063178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (398171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 14307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8064869 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2681925 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3647464 |

---

See Notes to Financial Statements.

1126

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#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $965539 | $547441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5382944) | 1336924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8064869 | (2128011) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3647464 | (243646) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (458688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (137048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (595736) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 662,430 and 1,329,797 shares, respectively ] | 4971157 | 9922277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 61,371 shares, respectively ] |  | 458688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1050443) and (1990844) shares, respectively ] | (7882168) | (14813669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (2911011) | (4432704) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 153,626 and 278,265 shares, respectively ] | 1159003 | 2070532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 18,211 shares, respectively ] |  | 137048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (183046) and (479577) shares, respectively ] | (1383863) | (3619066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (224860) | (1411486) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (3135871) | (5844190) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 511593 | (6683572) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 104781774 | 111465346 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $105293367 | $104781774 |

---

See Notes to Financial Statements.

1127

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#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

#### STATEMENT OF CASH FLOWS

#### For the Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  **INCREASE (DECREASE) IN CASH** |  |
|  **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets from operations | $3647464 |
|  **Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities | (168566862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments in securities | 165265174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for forward settling transactions | 4516855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for forward settling transactions | 146719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) on investments in securities | (11869504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) on options written | (14307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized depreciation on forward foreign currency contracts | 3063178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in securities | 1318104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of income | (64978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in due from broker for futures variation margin | 127269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in premiums received on options written | 31111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in trustees' fees payable | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in administrative fees payable | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends, interest and other receivables | (770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in distribution fees payable—Class IB | (845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in securities lending income receivable | (1813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment management fees payable | (2125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | (13025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for return of cash collateral on forward foreign currency contracts | (740000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for return on collateral on securities loaned | 572400 |
|  Net cash provided (used) by operating activities | (2587162) |
|  **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 6124220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares repurchased | (9263775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions | 402966621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions | (403717096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for sale-buyback financing transactions | 6844664 |
|  Net cash provided (used) by financing activities | 2954634 |
|  Net increase/(decrease) in cash | 367472 |
|  **Cash, foreign currency and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1560601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $1928073 |

---

Supplemental disclosure of cash flow information:

For the six months ended June 30, 2025, the Portfolio paid $1,055,421 in interest expense.

Reconciliation of cash and restricted cash to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  Cash | $883664 | $299457 |
|  Foreign cash | 368409 | 396102 |
|  Cash held as collateral at broker for futures | 676000 | 865042 |
|  Total cash, foreign cash and restricted cash shown in the statement of cash flows | $1928073 | $1560601 |

---

See Notes to Financial Statements.

1128

------

#### EQ ADVISORS TRUST
EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.39 | $7.45 | $7.30 | $9.72 | $10.78 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.03 | 0.11 | 0.49 | 0.21 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | (0.05) | 0.18 | (2.04) | 0.21 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.26 | (0.02) | 0.29 | (1.55) | 0.42 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.04) |  | (0.84) | (0.56) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.04) | (0.03) | (0.41) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.10) |  | (0.51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.04) | (0.14) | (0.87) | (1.48) | (0.12) |
|  Net asset value, end of period | $7.65 | $7.39 | $7.45 | $7.30 | $9.72 | $10.78 |
|  Total return (b) | 3.52% | (0.29) | 4.09 | (16.10)% | 4.01% | 10.33% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $87201 | $87107 | $92276 | $95592 | $115131 | $96173 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(g) | 2.88% | 2.57 | 2.36 | 1.31% | 0.92% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(g) | 3.17% | 2.85 | 2.65 | 1.53% | 1.10% | 1.26% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.81% | 0.45 | 1.52 | 5.60% | 1.94% | (0.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.52% | 0.17 | 1.23 | 5.38% | 1.76% | (0.76)% |
|  Portfolio turnover rate^ | 80 %(z) | 140 | 90 | 82% | 113% | 245% |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.44 | $7.50 | $7.35 | $9.79 | $10.87 | $9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.06 | 0.13 | 0.51 | 0.23 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | (0.06) | 0.18 | (2.06) | 0.22 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 |  | 0.31 | (1.55) | 0.45 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.06) |  | (0.86) | (0.61) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.04) | (0.03) | (0.41) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.12) |  | (0.51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.06) | (0.16) | (0.89) | (1.53) | (0.12) |
|  Net asset value, end of period | $7.71 | $7.44 | $7.50 | $7.35 | $9.79 | $10.87 |
|  Total return (b) | 3.63% | (0.04) | 4.31 | (15.97)% | 4.29% | 10.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $18092 | $17675 | $19189 | $19288 | $25257 | $24668 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(g) | 2.63% | 2.32 | 2.11 | 1.06% | 0.67% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(g) | 2.92% | 2.60 | 2.40 | 1.28% | 0.85% | 1.00% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.09% | 0.75 | 1.74 | 5.80% | 2.13% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.80% | 0.47 | 1.45 | 5.58% | 1.94% | (0.48)% |
|  Portfolio turnover rate^ | 80 %(z) | 140 | 90 | 82% | 113% | 245% |

---

See Notes to Financial Statements.

1129

------

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *For the six months ended June 30, 2025, includes interest expense of 2.03% for each class. Includes interest expense of 1.72%, 1.51%, 0.42%, 0.02% and 0.08% for the years ended 2024, 2023, 2022, 2021 and 2020, respectively for each class.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1130

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Asset-Backed Securities (6.8%)** | **Asset-Backed Securities (6.8%)** | **Asset-Backed Securities (6.8%)** |
|  37 Capital CLO 1 Ltd., | 37 Capital CLO 1 Ltd., | 37 Capital CLO 1 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, 10/15/34 (l)§ | $400000 | $399780 |
|  AIMCO CLO, | AIMCO CLO, | AIMCO CLO, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-AA AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.530%, 10/17/34 (l)§ | 400000 | 400312 |
|  Arbour CLO VI DAC, | Arbour CLO VI DAC, | Arbour CLO VI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.293%, 11/15/37 (l)§ | 400000 | 470783 |
|  Argent Mortgage Loan Trust, | Argent Mortgage Loan Trust, | Argent Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-W1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%, 5/25/35 (l) | $13654 | 12196 |
|  Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A ARR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.509%, 7/19/34 (l)§ | 400000 | 400486 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE1 M4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.620%, 1/25/35 (l) | 309016 | 306706 |
|  BlueMountain CLO Ltd., | BlueMountain CLO Ltd., | BlueMountain CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 11/15/30 (l)§ | 191071 | 191075 |
|  C-Bass Trust, | C-Bass Trust, | C-Bass Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.554%, 11/25/36 (l) | 1518 | 665 |
|  CIFC European Funding CLO III DAC, | CIFC European Funding CLO III DAC, | CIFC European Funding CLO III DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.329%, 1/15/34 (l)§ | 250000 | 294488 |
|  CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%, 10/25/37 (l)§ | $143059 | 142548 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AMC2 A3A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.594%, 1/25/37 (l) | 3026 | 2181 |
|  Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19 2A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.934%, 3/25/37 (l) | 14398 | 14270 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-CB3 M4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.748%, 6/25/35 (l) | 21935 | 21165 |
|  CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%, 8/25/47 (l) | 8427 | 8280 |
|  Ellington Loan Acquisition Trust, | Ellington Loan Acquisition Trust, | Ellington Loan Acquisition Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.534%, 5/25/37 (l)§ | 13130 | 12889 |
|  First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, | First Franklin Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-FF12 M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139%, 11/25/36 (l) | 66959 | 63443 |
|  Fremont Home Loan Trust, | Fremont Home Loan Trust, | Fremont Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-C 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.704%, 10/25/36 (l) | 24158 | 21735 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FM1 A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.504%, 12/25/36 (l) | 2521 | 1189 |
|  IndyMac INDB Mortgage Loan Trust, | IndyMac INDB Mortgage Loan Trust, | IndyMac INDB Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.574%, 7/25/36 (l) | 16727 | 4902 |
|  Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.552%, 7/25/35 (l)§ | 400000 | 399689 |
|  Lehman ABS Manufactured Housing Contract Trust, | Lehman ABS Manufactured Housing Contract Trust, | Lehman ABS Manufactured Housing Contract Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-B M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.170%, 4/15/40 (l) | 30228 | 28101 |
|  Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 1A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.754%, 5/25/36 (l) | 19798 | 18735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8 3A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.702%, 6/25/36 (e) | 9043 | 8836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.734%, 12/25/37 (l) | 19776 | 21297 |
|  Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., | Madison Park Funding XXXIX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-39A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.522%, 10/22/34 (l)§ | 400000 | 399151 |
|  Magnetite XII Ltd., | Magnetite XII Ltd., | Magnetite XII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-12A AR4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.406%, 10/15/31 (l)§ | 117151 | 117151 |
|  Merrill Lynch Life Agency, Inc., | Merrill Lynch Life Agency, Inc., | Merrill Lynch Life Agency, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.674%, 2/25/37 (l) | 8278 | 2323 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM4 A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.594%, 9/25/37 (l) | 491 | 95 |
|  Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8 A2D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%, 10/25/36 (l) | 649001 | 281310 |
|  Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.534%, 11/25/36 (l) | 309 | 99 |
|  OZLM XXIV Ltd., | OZLM XXIV Ltd., | OZLM XXIV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-24A A1AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%, 7/20/32 (l)§ | 118527 | 118590 |
|  Palmer Square European Loan Funding DAC, | Palmer Square European Loan Funding DAC, | Palmer Square European Loan Funding DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.113%, 5/15/33 (l)§ | 311546 | 367084 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WCW2 M3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%, 10/25/34 (l) | $42689 | 42175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-WHQ4 M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 9/25/35 (l) | 6756 | 6599 |
|  Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%, 1/15/33 (l)§ | 389430 | 389800 |
|  Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-3 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.194%, 12/25/32 (l) | 1396 | 1306 |
|  Saxon Asset Securities Trust, | Saxon Asset Securities Trust, | Saxon Asset Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%, 9/25/37 (l) | 23097 | 22202 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 A2C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.754%, 7/25/36 (l) | 152190 | 50750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1 A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.554%, 12/25/36 (l) | 9788 | 1966 |
|  Soundview Home Equity Loan Trust, | Soundview Home Equity Loan Trust, | Soundview Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%, 2/25/37 (l) | 497529 | 127633 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NLC1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.554%, 11/25/36 (l)§ | 1595 | 437 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7XS 2A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.939%, 4/25/35 (l) | 335 | 334 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20H 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 8/1/28 | 1607 | 1643 |

---

See Notes to Financial Statements.

1131

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Voya Euro CLO II DAC, | Voya Euro CLO II DAC, | Voya Euro CLO II DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239%, 7/15/35 (l)§ | 400000 | 470116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** | 5646515 |
|  **Collateralized Mortgage Obligations (4.1%)** | **Collateralized Mortgage Obligations (4.1%)** | **Collateralized Mortgage Obligations (4.1%)** |
|  Alliance Bancorp Trust, | Alliance Bancorp Trust, | Alliance Bancorp Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%, 7/25/37 (l) | $18586 | 16555 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-62 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.399%, 12/25/35 (l) | 654 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11 A1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.814%, 9/25/46 (l) | 36221 | 35163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.612%, 2/20/47 (l) | 6184 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1T1 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/25/37 | 95247 | 32391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB 1A35 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/25/37 | 24640 | 20665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7 A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.794%, 5/25/47 (l) | 2483 | 2282 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.249%, 2/20/36 (l) | 1877 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.521%, 1/20/47 (l) | 54193 | 46643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 4A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.078%, 1/20/47 (l) | 1886 | 1640 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-E 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.442%, 6/25/35 (l) | 367 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.056%, 2/25/36 (l) | 2484 | 2295 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.905%, 9/25/35 (l) | 17432 | 9969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 23A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.053%, 3/25/36 (l) | 5813 | 4727 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 13A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.166%, 1/25/35 (l) | 1860 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.847%, 3/25/35 (l) | 2800 | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.080%, 10/25/35 (l) | 3153 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 3A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.235%, 7/25/36 (l) | 2410 | 2044 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19 1A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/25/35 | 664 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%, 5/25/35 (l) | 127357 | 111460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6 A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/25/36 | 9884 | 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HYB3 3A1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.048%, 5/20/36 (l) | 1574 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/25/37 | 30630 | 13552 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 3/25/36 (l) | 2181 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 22AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.783%, 9/25/37 (l) | 4906 | 4519 |
|  CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.420%, 10/25/37 (l) | 108135 | 62599 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4R 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.154%, 10/26/36 (l)§ | 3472 | 3160 |
|  Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB4 A1B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.534%, 10/25/36 (l) | 123 | 102 |
|  Eurosail-UK plc, | Eurosail-UK plc, | Eurosail-UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3X A3A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, 6/13/45 (l)(m) | 10853 | 14875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3X A3C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, 6/13/45 (l)(m) | 4822 | 6609 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 278 F1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868%, 9/15/42 STRIPS (l) | $41306 | 40733 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-32 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.694%, 8/25/31 (l) | 293 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-62 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%, 10/25/44 (l) | 23042 | 21096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%, 2/25/45 (l) | 7255 | 7010 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AA1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, 6/25/34 (l) | 1585 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FA8 1A7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/25/37 | 9172 | 3330 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR3 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.431%, 8/25/35 (l) | 3180 | 2274 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W8 3F2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, 5/25/42 (l) | 517 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-63 FA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.586%, 8/25/34 (l) | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-30 KF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%, 5/25/36 (l) | 156 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.782%, 5/25/35 (l) | 1532 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-63 FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, 7/25/37 (l) | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-47 FJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%, 6/25/55 (l) | 397163 | 398888 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%, 4/20/67 (l) | 29744 | 30171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H15 FG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.461%, 8/20/68 (l) | 82360 | 82688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H09 FA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.102%, 4/20/73 (l) | 359493 | 360356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H15 FB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302%, 3/20/73 (l) | 398002 | 399326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H19 FA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%, 8/20/73 (l) | 1187769 | 1192323 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.974%, 11/25/45 (l) | 2803 | 2634 |

---

See Notes to Financial Statements.

1132

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 A6A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.794%, 9/25/46 (l) | $39979 | $36889 |
|  GreenPoint MTA Trust, | GreenPoint MTA Trust, | GreenPoint MTA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%, 6/25/45 (l) | 1689 | 1540 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 3A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.946%, 12/25/34 (l) | 1998 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 1/25/35 (l) | 688 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 6A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.018%, 7/25/35 (l) | 754 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.293%, 9/25/35 (l) | 1707 | 1639 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-13 2A11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.992%, 2/19/36 (l) | 1686 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.872%, 5/19/35 (l) | 693 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 2A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.112%, 6/20/35 (l) | 1307 | 1243 |
|  IndyMac INDA Mortgage Loan Trust, | IndyMac INDA Mortgage Loan Trust, | IndyMac INDA Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, 11/25/35 (l) | 558 | 579 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR10 2A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%, 5/25/34 (l) | 177 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR11 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.588%, 12/25/34 (l) | 1087 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14 1A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994%, 7/25/35 (l) | 3179 | 2303 |
|  JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A1 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%, 3/25/36 (l) | 53006 | 49693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A7 1A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%, 12/25/36 (l) | 20399 | 18815 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A1 6T1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/25/35 (l) | 819 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.830%, 8/25/35 (l) | 1395 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 4A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.677%, 9/25/35 (l) | 184 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 7A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479%, 8/25/35 (l) | 1324 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.739%, 7/25/35 (l) | 859 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479%, 7/25/35 (l) | 1854 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-R2 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.154%, 7/27/37 (l)§ | 6412 | 5921 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13 3A7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.043%, 11/21/34 (l) | 1048 | 1011 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-TBC1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.126%, 11/15/31 (l) | 464 | 449 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8AR 5A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.075%, 6/25/36 (l) | 2783 | 2722 |
|  MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-TBC3 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866%, 12/15/30 (l) | 502 | 487 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/25/59 (l)§ | 28237 | 27411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 7/25/59 (l)§ | 124330 | 119250 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed<br>Pass-Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed<br>Pass-Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed<br>Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 1A1D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.194%, 12/25/35 (l) | 90007 | 88756 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO1 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%, 8/25/35 (l) | 1250 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH8 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.397%, 10/25/37 (l) | 26868 | 21565 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834%, 5/25/35 (l) | 15019 | 9087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A10 A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/25/36 | 8523 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/25/37 | 124472 | 24035 |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S6 1A10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/25/37 | 3606 | 2855 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 7/20/36 (l) | 4628 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5 A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.132%, 10/19/26 (l) | 183 | 180 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 4A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.525%, 2/25/34 (l) | 647 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.799%, 1/25/35 (l) | 1151 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 3A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.728%, 8/25/35 (l) | 1041 | 906 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.092%, 10/19/34 (l) | 427 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 7/19/35 (l) | 1052 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 7/19/35 (l) | 547 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 7/19/35 (l) | 2537 | 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 11A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.854%, 4/25/36 (l) | 1787 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.814%, 6/25/36 (l) | 528 | 520 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY2 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.434%, 5/25/58 (l)§ | 12684 | 12979 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%, 11/25/42 (l) | 133 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.135%, 12/25/35 (l) | 551 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.399%, 2/25/46 (l) | 1288 | 1175 |

---

See Notes to Financial Statements.

1133

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 3A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.447%, 7/25/46 (l) | $7254 | 6563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA4 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 5/25/47 (l) | 3337 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | 3429484 |
|  **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** | **Commercial Mortgage-Backed Securities (0.6%)** |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KBX1 A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 1/25/26 | 94094 | 93079 |
|  WSTN Trust, | WSTN Trust, | WSTN Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MAUI A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.518%, 7/5/37 (l)§ | 400000 | 405926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | 499005 |
|  **Corporate Bonds (0.1%)** | **Corporate Bonds (0.1%)** | **Corporate Bonds (0.1%)** |
|  **Financials (0.1%)** | **Financials (0.1%)** | **Financials (0.1%)** |
|  **Banks (0.1%)** | **Banks (0.1%)** | **Banks (0.1%)** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF (CME Term SOFR 3 Month + 3.19%),<br>5.875%, 3/15/28 (k)(y) | 20000 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 20275 |
|  **Information Technology (0.0%)†** | **Information Technology (0.0%)†** | **Information Technology (0.0%)†** |
|  **Software (0.0%)†** | **Software (0.0%)†** | **Software (0.0%)†** |
|  VMware LLC | VMware LLC | VMware LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 | 10000 | 9909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 9909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 30184 |
|  **Foreign Government Securities (2.9%)** | **Foreign Government Securities (2.9%)** | **Foreign Government Securities (2.9%)** |
|  Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/36 TIPS (m) | 103481 | 121826 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26 TIPS | 260516 | 201018 |
|  French Republic | French Republic | French Republic |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/26 TIPS (m) | 121904 | 142711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/31 TIPS (m) | 122093 | 137274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/38 TIPS (m) | 239756 | 236425 |
|  Japan Government Bond CPI Linked | Japan Government Bond CPI Linked | Japan Government Bond CPI Linked |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/28 TIPS | 120240180 | 864445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/29 TIPS | 95975140 | 692945 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/24/34 TIPS | 204049 | 10127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | 2406771 |
|  **Mortgage-Backed Securities (13.3%)** | **Mortgage-Backed Securities (13.3%)** | **Mortgage-Backed Securities (13.3%)** |
|  FHLMC UMBS | FHLMC UMBS | FHLMC UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | $87267 | 75602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/52 | 84551 | 81191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/54 | 1111892 | 1112924 |
|  FNMA UMBS | FNMA UMBS | FNMA UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 86811 | 79602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/51 | 835389 | 723721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 959798 | 895193 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/25/55 TBA | 2400000 | 2296125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/25/55 TBA | 1800000 | 1829391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/25/55 TBA | 1800000 | 1855547 |
|  GNMA | GNMA | GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/52 | 275017 | 251012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/54 | 990961 | 900441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/20/55 | 993419 | 902364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | 11003113 |
|  **U.S. Treasury Obligations (107.8%)** | **U.S. Treasury Obligations (107.8%)** | **U.S. Treasury Obligations (107.8%)** |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/26 TIPS | 1390001 | 1392148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/15/27 TIPS | 31815 | 32334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/28 TIPS | 2511283 | 2542025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/28 TIPS | 2578420 | 2740272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/29 TIPS | 1001087 | 1041365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/29 TIPS | 1153271 | 1258829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/40 TIPS | 845994 | 835351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/41 TIPS | 351571 | 344320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/42 TIPS | 1504871 | 1169189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS | 753462 | 560151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 2092204 | 1758578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | 2615597 | 1911251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 1990204 | 1509956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 1608017 | 1166267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/48 TIPS | 689472 | 507777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS (v) | 127484 | 92656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 686274 | 399088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 813226 | 443914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS | 345714 | 185031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS | 647514 | 514317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS | 731682 | 672135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 406648 | 394661 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/26 TIPS | 1161069 | 1154356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/26 TIPS | 1834860 | 1814043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/26 TIPS | 254279 | 251935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 TIPS | 1408764 | 1391925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/27 TIPS | 1606904 | 1584281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/27 TIPS | 454472 | 444852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/27 TIPS (z) | 4288311 | 4229668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS | 3140497 | 3178504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS | 4889993 | 4796953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/15/28 TIPS | 2568740 | 2537067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/15/28 TIPS | 1466276 | 1520837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/15/29 TIPS | 762276 | 750393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS | 1555710 | 1597315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS | 3129029 | 3003895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/29 TIPS | 1835118 | 1858223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/30 TIPS | 3254279 | 3070195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 4/15/30 TIPS | 503875 | 507506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS | 2314702 | 2173811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/31 TIPS | 640812 | 593610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS (z) | 9611107 | 8845989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS | 2198794 | 1993526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) | 7397470 | 6902244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/33 TIPS | 2800044 | 2676716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/15/33 TIPS | 3168780 | 3078688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/34 TIPS | 1565415 | 1553031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/15/34 TIPS (z) | 3271520 | 3279149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/15/35 TIPS (z) | 3151150 | 3206012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 89466339 |
|  **Total Long-Term Debt Securities (135.6%)**<br> *(Cost $113,190,363)*  | **Total Long-Term Debt Securities (135.6%)**<br> *(Cost $113,190,363)*  | 112481411 |

---

See Notes to Financial Statements.

1134

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **U.S. Government Agency Securities (63.8%)** | **U.S. Government Agency Securities (63.8%)** | **U.S. Government Agency Securities (63.8%)** |
|  FFCB | FFCB | FFCB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 9/4/25 (o)(p) | $16000000 | $15878320 |
|  FHLB | FHLB | FHLB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 7/1/25 (o)(p) | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 7/16/25 (o)(p) | 17000000 | 16971397 |
|  FHLMC | FHLMC | FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 7/2/25 (o)(p) | 19000000 | 18997878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 52947595 |
|  **Total Short-Term Investments (63.8%)** | **Total Short-Term Investments (63.8%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $52,947,330)* |  | 52947595 |
|  **Total Investments in Securities (199.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $166,137,693)* |  | 165429006 |
|  **Other Assets Less Liabilities (-99.4%)** |  | (82461865) |
|  **Net Assets (100%)** |  | $82967141 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $5,149,026 or 6.2% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $659,720 or 0.8% of net assets.* 

*(o)* *Discount Note Security. Effective rate calculated as of June 30, 2025.* 

*(p)* *Yield to maturity.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $63,926.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*Glossary:* 

*ARM* *— Adjustable Rate Mortgage* 

*AUD* *— Australian Dollar* 

*CAD* *— Canadian Dollar* 

*CME* *— Chicago Mercantile Exchange* 

*CLO* *— Collateralized Loan Obligation* 

*CPI* *— Consumer Price Index* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*HICPXT* *— Harmonised Index of Consumer Prices ex Tobacco* 

*JPY* *— Japanese Yen* 

*MXN* *— Mexican Peso* 

*OAT* *— Obligations Assimilables du Trésor* 

*SOFR* *— Secured Overnight Financing Rate* 

*SONIA* *— Sterling Over Night Index Average* 

*STRIPS* *— Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* 

*TBA* *— To Be Announced; Security is subject to delayed delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TONAR* *— Tokyo Over-Night Average Rate* 

*UKRPI* *— United Kingdom Retail Price Index* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USCPI* *— United States Consumer Price Index* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1135

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br>**Date** | **Trading**<br>**Currency** | **Notional**<br>**Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** |  |  |  |
|  Australia 10 Year Bond | 13 | 9/2025 | AUD | 980677 | 7829 |
|  Euro-Bobl | 12 | 9/2025 | EUR | 1663454 | (4249) |
|  Euro-BTP | 19 | 9/2025 | EUR | 2708107 | 6669 |
|  Euro-Schatz | 31 | 9/2025 | EUR | 3916389 | (5808) |
|  U.S. Treasury 10 Year Note | 9 | 9/2025 | USD | 1009125 | 17495 |
|  U.S. Treasury 10 Year Ultra Note | 15 | 9/2025 | USD | 1713984 | 38065 |
|  U.S. Treasury Ultra Bond | 17 | 9/2025 | USD | 2025125 | 65439 |
|  3 Month Euro EURIBOR | 19 | 9/2026 | EUR | 5492589 | 14238 |
|  |  |  |  |  | 139678 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** |  |  |  |
|  3 Month Euro EURIBOR | (19) | 9/2025 | EUR | (5489512) | (16138) |
|  Euro-Bund | (26) | 9/2025 | EUR | (3986065) | 24605 |
|  Euro-OAT | (26) | 9/2025 | EUR | (3792810) | 20990 |
|  U.S. Treasury 2 Year Note | (41) | 9/2025 | USD | (8528961) | (33333) |
|  U.S. Treasury 5 Year Note | (53) | 9/2025 | USD | (5777000) | (52238) |
|  U.S. Treasury Long Bond | (28) | 9/2025 | USD | (3233125) | (141572) |
|  |  |  |  |  | (197686) |
|  |  |  |  |  | (58008) |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
| CAD | 257285 | USD | 187171 | HSBC Bank plc | 7/2/2025 | 1766 |
| GBP | 88000 | USD | 119734 | Barclays Bank plc | 7/2/2025 | 1060 |
| JPY | 78940566 | USD | 541282 | Morgan Stanley | 7/2/2025 | 6897 |
| USD | 1132002 | JPY | 162677998 | HSBC Bank plc | 7/2/2025 | 2333 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  |  | 12056 |
| USD | 30934 | AUD | 48000 | Barclays Bank plc | 7/2/2025 | (657) |
| USD | 187258 | CAD | 257192 | HSBC Bank plc | 7/2/2025 | (1611) |
| USD | 2278416 | EUR | 2003327 | Bank of America | 7/2/2025 | (81403) |
| USD | 118552 | GBP | 88000 | JPMorgan Chase Bank | 7/2/2025 | (2241) |
| USD | 421040 | JPY | 60825122 | Morgan Stanley | 7/2/2025 | (1342) |
| USD | 2353794 | EUR | 2003327 | JPMorgan Chase Bank | 8/4/2025 | (11628) |
| USD | 119750 | GBP | 88000 | Barclays Bank plc | 8/4/2025 | (1064) |
| USD | 32454 | JPY | 4664188 | Barclays Bank plc | 8/4/2025 | (66) |
| USD | 172676 | JPY | 24808153 | HSBC Bank plc | 8/4/2025 | (290) |
| USD | 1337909 | JPY | 193220403 | Morgan Stanley | 8/4/2025 | (9252) |
| USD | 31479 | AUD | 48000 | JPMorgan Chase Bank | 8/5/2025 | (135) |
| USD | 187171 | CAD | 256856 | HSBC Bank plc | 8/5/2025 | (1807) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  |  | (111496) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  |  | (99440) |

---

See Notes to Financial Statements.

1136

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Written Call Swaption Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** | **Value<br>($)** |
|  4 Years, January 2027 @2.44% v.6 Month EURIBOR | Barclays Bank plc | 300000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | EUR 2.44 | 1/25/2027 | (2977) |

---

Written Put Swaption Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  4 Years, January 2027 @2.35% v.6 Month EURIBOR | Goldman Sachs Bank USA | 3700000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3700000) | EUR 2.35 | 1/7/2027 | (26140) |
|  4 Years, January 2027 @2.35% v.6 Month EURIBOR | Goldman Sachs Bank USA | 3700000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3700000) | EUR 2.35 | 1/7/2027 | (26140) |
|  4 Years, January 2027 @2.44% v.6 Month EURIBOR | Barclays Bank plc | 300000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | EUR 2.44 | 1/25/2027 | (1862) |
|  |  |  |  |  |  |  | (54142) |
|  Total Written Swaption Contracts (Premiums Received ($72496)) | Total Written Swaption Contracts (Premiums Received ($72496)) | Total Written Swaption Contracts (Premiums Received ($72496)) | Total Written Swaption Contracts (Premiums Received ($72496)) | Total Written Swaption Contracts (Premiums Received ($72496)) |  |  | (57119) |

---

Centrally Cleared Inflation-linked swap contracts outstanding as of June 30, 2025(Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity**<br>**Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Upfront<br>(Payments)**<br>**Receipts**<br>**($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value<br>($)** |
|  USCPI at termination | 2.42% at termination | Receive | 3/5/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | 32934 | 98046 | 130980 |
|  USCPI at termination | 2.77% at termination | Receive | 5/13/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 10919 | 27847 | 38766 |
|  USCPI at termination | 2.81% at termination | Receive | 5/14/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 26487 | 67854 | 94341 |
|  USCPI at termination | 2.70% at termination | Receive | 5/25/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 8608 | 21079 | 29687 |
|  HICPXT at termination | 3.00% at termination | Receive | 5/15/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 2186 | 1350 | 3536 |
|  HICPXT at termination | 1.64% at termination | Receive | 6/15/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 |  | 2752 | 2752 |
|  USCPI at termination | 2.65% at termination | Receive | 9/10/2028 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 3697 | 3401 | 7098 |
|  HICPXT at termination | 2.49% at termination | Pay | 5/15/2037 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | (4085) | 4102 | 17 |
|  HICPXT at termination | 2.59% at termination | Pay | 3/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | (3118) | 6866 | 3748 |
|  HICPXT at termination | 2.59% at termination | Pay | 12/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 3540 | 6813 | 10353 |
|  HICPXT at termination | 2.70% at termination | Pay | 4/15/2053 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 8480 | 6818 | 15298 |
|  HICPXT at termination | 2.76% at termination | Pay | 9/15/2053 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 10698 | 6986 | 17684 |
|  UKRPI at termination | 3.50% at termination | Pay | 8/15/2034 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 413 | 2161 | 2574 |
|  UKRPI at termination | 3.50% at termination | Pay | 8/15/2034 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 1144 | 4003 | 5147 |
|  UKRPI at termination | 3.47% at termination | Pay | 9/15/2034 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 4128 | 4128 |
|  |  |  |  |  |  | 101903 | 264206 | 366109 |
|  HICPXT at termination | 2.00% at termination | Receive | 2/15/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | (32) | (1475) | (1507) |
|  HICPXT at termination | 1.38% at termination | Pay | 3/15/2031 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | (14947) | (4375) | (19322) |
|  HICPXT at termination | 2.42% at termination | Pay | 5/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | 474 | (721) | (247) |
|  HICPXT at termination | 2.42% at termination | Pay | 5/15/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | (1390) | 1291 | (99) |
|  USCPI at termination | 1.98% at termination | Pay | 9/19/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 |  | (6007) | (6007) |
|  USCPI at termination | 2.03% at termination | Pay | 9/23/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |  | (5017) | (5017) |
|  USCPI at termination | 2.21% at termination | Pay | 10/7/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702000 |  | (4307) | (4307) |
|  USCPI at termination | 2.38% at termination | Pay | 10/15/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |  | (1951) | (1951) |
|  USCPI at termination | 2.70% at termination | Pay | 1/14/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 |  | (2537) | (2537) |
|  USCPI at termination | 3.04% at termination | Pay | 2/21/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |  | (311) | (311) |
|  USCPI at termination | 1.76% at termination | Pay | 11/4/2029 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | (102429) | (54234) | (156663) |
|  USCPI at termination | 1.88% at termination | Pay | 11/20/2029 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | (31700) | (16835) | (48535) |
|  |  |  |  |  |  | (150024) | (96479) | (246503) |
|  Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding |  |  | (48121) | 167727 | 119606 |

---

See Notes to Financial Statements.

1137

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Centrally Cleared Interest rate swap contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)**<br>**Receipts**<br>**($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value**<br>**($)** |
|  6 month EURIBOR Semi-Annual | 0.20 annually | Receive | 11/8/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | 317786 | 93871 | 411657 |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Receive | 9/17/2055 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | 91669 | 45674 | 137343 |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Receive | 9/17/2055 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | 86281 | 25078 | 111359 |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Receive | 9/17/2055 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | 8431 | 6417 | 14848 |
|  6 month EURIBOR Semi-Annual | 0.19 annually | Receive | 11/4/2052 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 113843 | 33568 | 147411 |
|  1 day SOFR Annual | 3.25 annually | Receive | 3/19/2055 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | 181101 | (14336) | 166765 |
|  1 day SOFR Annual | 4.25 annually | Receive | 12/20/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | (42) | 689 | 647 |
|  1 day SOFR Annual | 3.25 annually | Receive | 6/18/2034 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | 49540 | (15042) | 34498 |
|  1 day SOFR Annual | 2.87 annually | Receive | 2/13/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | 95545 | 129648 | 225193 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | 7723 | 14068 | 21791 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 5058 | 9469 | 14527 |
|  1 day SOFR Annual | 3.25 annually | Receive | 6/18/2034 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | 15092 | (4593) | 10499 |
|  1 day TONAR Annual | 0.50 annually | Receive | 12/15/2031 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115850000 | 12031 | 12014 | 24045 |
|  1 day TONAR Annual | 0.55 annually | Receive | 9/14/2028 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | (844) | 2760 | 1916 |
|  |  |  |  |  |  | 983214 | 339285 | 1322499 |
|  6 month EURIBOR Semi-Annual | 2.00 annually | Receive | 9/17/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | 21269 | (21301) | (32) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | (84256) | 4597 | (79659) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | (86008) | 6349 | (79659) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | (55182) | 4912 | (50270) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | (26190) | 2602 | (23588) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | (55917) | 1780 | (54137) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | (59945) | 5808 | (54137) |
|  6 month EURIBOR Semi-Annual | 2.11 annually | Receive | 9/2/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 |  | (6636) | (6636) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | (547) | 201 | (346) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | (1422) | 500 | (922) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590000 | (27736) | 9402 | (18334) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | (15730) | 5352 | (10378) |
|  1 day SOFR Annual | 4.10 annually | Receive | 11/15/2052 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | (4583) | (9735) | (14318) |
|  1 day SOFR Annual | 3.90 annually | Receive | 2/15/2035 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | (2539) | (5365) | (7904) |
|  1 day SOFR Annual | 4.76 annually | Receive | 1/18/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 |  | (10472) | (10472) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | (8173) | 2408 | (5765) |
|  1 day SOFR Annual | 4.75 annually | Receive | 1/18/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |  | (3280) | (3280) |
|  |  |  |  |  |  | (406959) | (12878) | (419837) |
|  Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding |  |  | 576255 | 326407 | 902662 |

---

(1) Value of floating rate index at June 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Floating Rate Index** | **Value** |
|  1 day SOFR USD | 4.45% |
|  1 day SONIA GBP | 4.22% |
|  1 day TONAR JPY | 0.47% |
|  6 month EURIBOR EUR | 2.05% |
|  HICPXT EUR | 1.28% |
|  UKRPI GBP | 4.05% |
|  USCPI USD | 3.23% |

---

See Notes to Financial Statements.

1138

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $5646515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5646515 |
|  **Centrally Cleared Inflation-linked Swaps** |  | 265497 |  | 265497 |
|  **Centrally Cleared Interest Rate Swaps** |  | 417167 |  | 417167 |
|  **Collateralized Mortgage Obligations** |  | 3429484 |  | 3429484 |
|  **Commercial Mortgage-Backed Securities** |  | 499005 |  | 499005 |
|  **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |  |  |
|  Financials |  | 20275 |  | 20275 |
|  Information Technology |  | 9909 |  | 9909 |
|  **Foreign Government Securities** |  | 2406771 |  | 2406771 |
|  **Forward Currency Contracts** |  | 12056 |  | 12056 |
|  **Futures** | 195330 |  |  | 195330 |
|  **Mortgage-Backed Securities** |  | 11003113 |  | 11003113 |
|  **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |
|  U.S. Government Agency Securities |  | 52947595 |  | 52947595 |
|  **U.S. Treasury Obligations** |  | 89466339 |  | 89466339 |
|  **Total Assets** | $**195330** | $**166123726** | $**—** | $**166319056** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** |  |  |
|  **Centrally Cleared Inflation-linked Swaps** | $— | $(97770) | $— | $(97770) |
|  **Centrally Cleared Interest Rate Swaps** |  | (90760) |  | (90760) |
|  **Forward Currency Contracts** |  | (111496) |  | (111496) |
|  **Futures** | (253338) |  |  | (253338) |
|  **Swaptions Written** |  | (57119) |  | (57119) |
|  **Total Liabilities** | $**(253338)** | $**(357145)** | $**—** | $**(610483)** |
|  **Total** | $**(58008)** | $**165766581** | $**—** | $**165708573** |

---

See Notes to Financial Statements.

1139

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $877994 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 12056 |
|  **Total** |  | $890050 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(498987) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (111496) |
|  **Total** |  | $(610483) |

---

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

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $47543 | $(855) | $— | $(89456) | $(42768) |
|  Foreign exchange contracts |  |  | (326045) |  | (326045) |
|  **Total** | $47543 | $(855) | $(326045) | $(89456) | $(368813) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(14256) | $(205131) | $— | $338664 | $119277 |
|  Foreign exchange contracts |  |  | (239531) |  | (239531) |
|  **Total** | $(14256) | $(205131) | $(239531) | $338664 | $(120254) |

---

^ The Portfolio held forward foreign currency contracts, futures contracts, option contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $15557000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 28722000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $2704000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10086000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $86000 |

---

See Notes to Financial Statements.

1140

------

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | |
|  Interest rate swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $9313000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 10918000 |
|  Inflation swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays floating rate | $6234000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives floating rate | 4024000 |
|  Overnight index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $13770000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays floating rate | 5691000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Barclays Bank plc | $1060 | $(1060) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  HSBC Bank plc | 4099 | (3708) |  | 391 |
|  Morgan Stanley | 6897 | (6897) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12056 | $(11665) | $— | $391 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $81403 | $— | $(81403) | $— |
|  Barclays Bank plc | 6626 | (1060) |  | 5566 |
|  Goldman Sachs Bank USA | 52280 |  |  | 52280 |
|  HSBC Bank plc | 3708 | (3708) |  |  |
|  JPMorgan Chase Bank | 14004 |  |  | 14004 |
|  Morgan Stanley | 10594 | (6897) |  | 3697 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11665) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81403) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75547 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

#### Sale-Buyback Transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  Goldman Sachs & Co. LLC | 4.45% | 6/4/2025 | 7/2/2025 | $(4209525) | $(4222854) |
|  Goldman Sachs & Co. LLC | 4.45 | 6/4/2025 | 7/2/2025 | (2714774) | (2720179) |
|  Goldman Sachs & Co. LLC | 4.45 | 6/5/2025 | 7/3/2025 | (8749536) | (8778893) |
|  Goldman Sachs & Co. LLC | 4.45 | 6/5/2025 | 7/3/2025 | (6826559) | (6846621) |
|  Goldman Sachs & Co. LLC | 4.45 | 6/5/2025 | 7/3/2025 | (506290) | (507303) |
|  Goldman Sachs & Co. LLC | 4.45 | 6/17/2025 | 7/15/2025 | (3149543) | (3155290) |
|  |  |  |  |  | $(26231140) |

---

*(1)* *The average amount of borrowings while outstanding for 181 days during the six months ended June 30, 2025, was approximately $27,597,000 at a weighted average interest rate of 4.45%.* 

*(2)* *Payable for sale-buyback transactions includes $74,913 of deferred price drop on sale-buyback transactions.* 

See Notes to Financial Statements.

1141

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30 Days** | **30 - 90 Days** | **Greater than<br>90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | $— | $(26231140) | $— | $— | $(26231140) |
|  **Total Borrowings** | $— | $(26231140) | $— | $— | $(26231140) |
|  **Gross amount of recognized liabilities for sale-buybacks** | **Gross amount of recognized liabilities for sale-buybacks** |  |  |  | $(26231140) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash<br>Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  Goldman Sachs & Co. LLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26231140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26463290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232150 |

---

*(3)* *Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $60443548.0 |
|  Long-term U.S. government debt securities | 6131758.0 |
|  | $66575306.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $63461969.0 |
|  Long-term U.S. government debt securities | 6143911.0 |
|  | $69605880.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $5863079 |
|  Aggregate gross unrealized depreciation | (13473777) |
|  Net unrealized depreciation | $(7610698) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173847405 |

---

See Notes to Financial Statements.

1142

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EQ/PIMCO REAL RETURN PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $166,137,693) | $165429006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 287128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $299,003) | 305721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 281000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for swaps | 478000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 1849781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 332033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 87923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 65206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 16079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 12056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 8499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 169153521 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 51845491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 26231140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 7762172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 111496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 67950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $72,496) | 57119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 16732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 10068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 78182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 86186380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $82967141 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $90612897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (7645756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $82967141 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $82,967,141 / 7,718,763 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.75 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $49 foreign withholding tax) | $1972619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1972619 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 604378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 197490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 98745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 45489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 36962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 35864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1039115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (138422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 900693 |
|  **NET INVESTMENT INCOME (LOSS)** | 1071926 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (124021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (326045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (89456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 47543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (479199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3661649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (205131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (239531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (14256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 338664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3541284 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3062085 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4134011 |

---

See Notes to Financial Statements.

1143

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1071926 | $1281545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (479199) | 367880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3541284 | (143745) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 4134011 | 1505680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (5090112) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (888724) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 910,819 and 1,060,060 shares, respectively ] | 9614104 | 11440889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 565,807 shares, respectively ] |  | 5978836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (810973) and (1425913) shares, respectively ] | (8508944) | (15426307) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 1105160 | 1993418 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 5239171 | (2479738) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 77727970 | 80207708 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $82967141 | $77727970 |

---

See Notes to Financial Statements.

1144

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

#### STATEMENT OF CASH FLOWS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INCREASE (DECREASE) IN CASH** |  |
|  **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets from operations | $4134011 |
|  **Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities | (205587708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | 228504088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for forward settling transactions | 5129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for forward settling transactions | (1849781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) on investments in securities | (3661649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized depreciation on options written | 14256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized depreciation on forward foreign currency contracts | 239531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in securities | 124021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of income | (1081764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for variation margin on centrally cleared swaps | 33816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in investment management fees payable | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in distribution fees payable - Class IB | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in administrative fees payable | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends, interest and other receivables | (6630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | (14115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in due from broker for futures variation margin | (18523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in premiums received on options written | (23684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for return of cash collateral on forward foreign currency contracts | (60000) |
|  Net cash provided (used) by operating activities | 20751848 |
|  **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 9634153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares repurchased | (8634462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions | 290230114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions | (290722485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for sale-buyback financing transactions | (21151115) |
|  Net cash provided (used) by financing activities | (20643795) |
|  Net increase/(decrease) in cash | 108053 |
|  **Cash, foreign cash and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period | 1243796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period | $1351849 |

---

Supplemental disclosure of cash flow information:

For the six months ended June 30, 2025, the Portfolio paid $604,378 in interest expense.

Reconciliation of cash and restricted cash to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  Cash | $287128 | $307810 |
|  Foreign cash | 305721 | 166986 |
|  Cash held as collateral at broker for futures | 281000 | 385000 |
|  Cash held as collateral at broker for centrally cleared swaps | 478000 | 384000 |
|  Total cash, foreign cash and restricted cash shown in the statement of cash flows | $1351849 | $1243796 |

---

See Notes to Financial Statements.

1145

------

#### EQ ADVISORS TRUST
EQ/PIMCO REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.20 | $10.81 | $10.72 | $12.90 | $13.14 | $12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.18 | 0.23 | 0.65 | 0.47 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.41 | 0.04 | 0.14 | (2.11) | 0.21 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 | 0.22 | 0.37 | (1.46) | 0.68 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.03) | (0.72) | (0.50) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.43) | (0.25) |  | (0.42) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.12) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.83) | (0.28) | (0.72) | (0.92) | (0.69) |
|  Net asset value, end of period | $10.75 | $10.20 | $10.81 | $10.72 | $12.90 | $13.14 |
|  Total return (b) | 5.39% | 1.91% | 3.53% | (11.38)% | 5.37% | 11.28% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91190 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(g) | 2.28 %(j) | 2.53 %(k) | 2.26 %(m) | 1.25 %(n) | 0.77 %(o) | 0.84 %(p) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(g) | 2.63% | 2.88% | 2.60% | 1.58% | 1.08% | 1.19% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.71% | 1.63% | 2.16% | 5.41% | 3.51% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.36% | 1.27% | 1.81% | 5.08% | 3.21% | 0.42% |
|  Portfolio turnover rate^ | 59 %(z) | 122% | 44% | 59% | 119% | 195% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *For the six months ended June 30, 2025, Includes Interest Expense of 1.53%. Includes Interest Expense of 1.78%, 1.51%, 0.50%, 0.02%, Interest and Tax Expense of 0.09% for years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 2.28% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 2.53% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 2.26% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.77% for Class IB.* 

*(p)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.84% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1146

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (12.1%)** | **Asset-Backed Securities (12.1%)** | **Asset-Backed Securities (12.1%)** |
|  Accredited Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 A4<br> 4.694%, 9/25/36 (l) | $26341 | $26127 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 A<br> 3.250%, 10/15/28 | 119578 | 109709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 AA<br> 3.000%, 10/15/28 | 179487 | 169159 |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R9 M1<br> 5.139%, 11/25/35 (l) | 57428 | 56834 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br> 5.754%, 1/15/37 (l)§ | 458584 | 458584 |
|  Ares European CLO XIV DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A AR<br> 3.266%, 10/21/34 (l)§ | 509496 | 600443 |
|  Ares XXVII CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A AR3<br> 5.433%, 10/28/34 (l)§ | $700000 | 700140 |
|  Argent Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-W2 A2B<br> 4.814%, 3/25/36 (l) | 203639 | 109626 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M1 A2C<br> 4.734%, 7/25/36 (l) | 618902 | 153221 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE7 2A2<br> 4.754%, 8/25/36 (l) | 12590 | 12216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE9 1A2<br> 4.734%, 11/25/36 (l) | 104238 | 102541 |
|  BlueMountain CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1R<br> 5.472%, 10/25/30 (l)§ | 339496 | 339484 |
|  BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A A<br> 3.189%, 1/15/33 (l)§ | 699423 | 821428 |
|  BMW Vehicle Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A3<br> 4.980%, 3/25/27 | $500000 | 501669 |
|  BRSP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br> 5.582%, 8/19/38 (l)§ | 303797 | 302462 |
|  C-Bass Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9 A1<br> 4.554%, 11/25/36 (l) | 10622 | 4655 |
|  Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WF2 A1<br> 7.250%, 5/25/36 (e) | 96631 | 48324 |
|  Crestline Denali CLO XV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br> 5.561%, 4/20/30 (l)§ | 16757 | 16759 |
|  Crown Point CLO 7 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A AR<br> 5.499%, 10/20/31 (l)§ | 267285 | 267310 |
|  CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7A ARR<br> 2.605%, 9/15/31 (l)§ | 470261 | 552831 |
|  CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21 2A4<br> 4.894%, 5/25/37 (l) | 204533 | 192282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24 1A<br> 4.714%, 6/25/47 (l) | 600889 | 544063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 M2<br> 5.019%, 6/25/36 (l) | 646879 | 627587 |
|  Elevation CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A A1AR<br> 5.412%, 7/25/34 (l)§ | 700000 | 697033 |
|  EMC Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-A A<br> 5.174%, 5/25/40 (l)§ | 1947 | 1935 |
|  FHF Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br> 5.690%, 2/15/30§ | 318230 | 321246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2<br> 5.890%, 6/15/30§ | 505336 | 510396 |
|  FHF Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 4.430%, 1/18/28§ | 160552 | 160173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br> 6.570%, 6/15/28§ | 118547 | 119553 |
|  FORT CRE Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br> 6.152%, 2/23/39 (l)§ | 8844 | 8833 |
|  Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D M1<br> 5.049%, 11/25/35 (l) | 280228 | 252310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-E 2A1<br> 4.494%, 1/25/37 (l) | 2026 | 908 |
|  FS Rialto Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL4 A<br> 6.202%, 1/19/39 (l)§ | 303357 | 303357 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2CS A<br> 4.000%, 4/20/49§ | 711901 | 618948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1GS A<br> 5.520%, 2/22/55§ | 414159 | 398688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3C A<br> 6.500%, 7/20/55§ | 417026 | 390888 |
|  GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A2<br> 4.520%, 10/15/27§ | 500000 | 500169 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br> 5.320%, 3/25/60§ | 500000 | 509951 |
|  Greywolf CLO III Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA A1R2<br> 5.502%, 4/22/33 (l)§ | 700000 | 701190 |
|  GSAA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 AF2<br> 5.995%, 3/25/46 (l) | 228911 | 83114 |
|  GSAMP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC2 A2B<br> 4.614%, 6/25/36 (l) | 108188 | 58242 |
|  GSPA Monetization Trust,<br>6.422%, 10/9/29§ | 175638 | 180999 |
|  Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FRE1 2AV3<br> 4.664%, 4/25/37 (l) | 185503 | 179387 |

---

See Notes to Financial Statements.

1147

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  JetBlue Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br> 4.000%, 11/15/32 | $634980 | $590373 |
|  JP Morgan Mortgage Acquisition Corp., | JP Morgan Mortgage Acquisition Corp., | JP Morgan Mortgage Acquisition Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-FRE1 M1<br> 2.924%, 10/25/35 (l) | 50785 | 49792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 M1<br> 5.019%, 5/25/35 (l) | 29420 | 29128 |
|  JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CH3 A5<br> 4.694%, 3/25/37 (l) | 22996 | 22734 |
|  Lehman XS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8 2A1<br> 4.794%, 6/25/36 (l) | 7499 | 9095 |
|  Madison Park Funding XLIX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49A AR<br> 5.319%, 10/19/34 (l)§ | 800000 | 798946 |
|  Madison Park Funding XLVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br> 5.256%, 10/15/34 (l)§ | 700000 | 700140 |
|  Madison Park Funding XXXVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-36A A1RR<br> 5.316%, 4/15/35 (l)§ | 700000 | 698515 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE2 A5<br> 4.914%, 3/25/36 (l) | 133457 | 79286 |
|  MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17 A<br> 5.635%, 2/18/40 (l)§ | 500000 | 499063 |
|  MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL4 A<br> 6.128%, 12/15/35 (l)§ | 117550 | 117623 |
|  Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE5 A2D<br> 4.934%, 8/25/36 (l) | 410294 | 195156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WMC2 A2C<br> 4.734%, 7/25/36 (l) | 225006 | 80735 |
|  Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 2.640%, 1/20/53§ | 1011368 | 860199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A<br> 5.910%, 11/20/53§ | 137831 | 136506 |
|  Newcastle Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 M5<br> 5.154%, 3/25/36 (l) | 900000 | 880233 |
|  NovaStar Mortgage Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 A2D<br> 4.914%, 11/25/36 (l) | 95802 | 26424 |
|  Ocean Trails CLO XI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A AR<br> 5.299%, 7/20/34 (l)§ | 700000 | 699440 |
|  Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 2A3<br> 4.714%, 2/25/37 (l) | 1063501 | 496116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5 1A1<br> 4.654%, 5/25/37 (l) | 302807 | 175325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CP1 1A1<br> 4.574%, 3/25/37 (l) | 128281 | 115563 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates, | Option One Mortgage Loan Trust Asset-Backed Certificates, | Option One Mortgage Loan Trust Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 M2<br> 5.124%, 11/25/35 (l) | 249112 | 235382 |
|  OZLM IX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-9A A1A4<br> 5.469%, 10/20/31 (l)§ | 450303 | 450389 |
|  Palmer Square Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A A1<br> 5.318%, 10/15/29 (l)§ | 50124 | 50124 |
|  Pikes Peak CLO 4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A ARR<br> 5.466%, 7/15/34 (l)§ | 700000 | 700011 |
|  Post Road Equipment Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br> 4.900%, 5/15/31§ | 800000 | 801665 |
|  RASC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-EMX5 A3<br> 5.094%, 12/25/35 (l) | 81861 | 70599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-EMX2 M1<br>5.034%, 2/25/36 (l) | 96408 | 94612 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br> 5.634%, 11/25/36 (l)§ | 192086 | 192019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL11 A<br> 6.693%, 10/25/39 (l)§ | 230816 | 230744 |
|  Regatta XVI Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1R<br> 5.456%, 1/15/33 (l)§ | 681503 | 682150 |
|  Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 AF2<br> 5.285%, 1/25/37 (e) | 544629 | 159094 |
|  Sandstone Peak Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1R<br> 5.536%, 10/15/34 (l)§ | 700000 | 699796 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR5 A2A<br> 4.694%, 5/25/37 (l) | 26770 | 20117 |
|  SG Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 A2C<br> 4.974%, 2/25/36 (l) | 63477 | 30363 |
|  Soundview Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT5 1A1<br> 5.334%, 10/25/37 (l) | 475380 | 367926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WMC1 3A1<br> 4.654%, 2/25/37 (l) | 69487 | 17826 |
|  Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-BC5 A2D<br> 4.734%, 11/25/37 (l) | 477203 | 263815 |
|  Stonepeak ABS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AA<br> 2.301%, 2/28/33§ | 250842 | 240170 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-GEL2 A3<br> 5.334%, 5/25/37 (l)§ | 105731 | 102731 |
|  STWD Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br> 5.629%, 4/18/38 (l)§ | 368146 | 366694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br> 5.654%, 11/15/38 (l)§ | 600903 | 599777 |
|  Sunnova Helios XI Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A A<br> 5.300%, 5/20/50§ | 530039 | 490401 |
|  Sunnova Sol IV Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A A<br> 2.790%, 2/22/49§ | 1424248 | 1206917 |

---

See Notes to Financial Statements.

1148

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Sunrun Demeter Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br> 2.270%, 1/30/57§ | $654024 | 579568 |
|  Tesla Sustainable Energy Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br> 5.080%, 6/21/50§ | 483345 | 484907 |
|  Trinitas CLO XIX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A A1R<br> 5.379%, 10/20/33 (l)§ | 700000 | 698834 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2 AA<br> 2.875%, 10/7/28 | 498898 | 468725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br> 5.875%, 10/15/27 | 397496 | 404631 |
|  WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2 2A3<br> 4.684%, 4/25/37 (l) | 197240 | 68065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 30753218 |
|  **Collateralized Mortgage Obligations (2.4%)** | **Collateralized Mortgage Obligations (2.4%)** | **Collateralized Mortgage Obligations (2.4%)** |
|  Alba plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3<br> 4.512%, 3/17/39 (l)(m) | 175014 | 235666 |
|  Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-32T1 A3<br> 5.434%, 8/25/35 (l) | $85585 | 45375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-45T1 1A16<br> 6.000%, 2/25/37 | 227446 | 87923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11 A1B<br> 4.814%, 9/25/46 (l) | 207878 | 201803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12 A1B<br> 4.622%, 9/20/46 (l) | 39823 | 40830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA3 1A1<br> 4.834%, 5/25/36 (l) | 24963 | 21331 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5<br> 6.700%, 6/25/36 (e) | 476974 | 65821 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D A1<br> 5.490%, 5/25/35 (l) | 3709 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2 1A2<br> 6.000%, 3/25/37 | 49785 | 39234 |
|  Banc of America Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-D 2A4<br> 7.022%, 5/25/33 (l) | 32 | 32 |
|  BCAP LLC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AA2 12A1<br> 4.854%, 5/25/47 (l) | 48217 | 45984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-RR5 12A1<br> 4.466%, 3/26/37 (e)§ | 6717 | 6669 |
|  Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 23A1<br> 5.467%, 5/25/35 (l) | 11723 | 11180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br> 4.905%, 9/25/35 (l) | 16342 | 9346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 35A1<br> 4.714%, 5/25/36 (l) | 45850 | 21814 |
|  Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11 1A1<br> 6.250%, 2/25/33 (l) | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1 6A1<br> 6.575%, 4/25/33 (l) | 519 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br> 5.939%, 1/25/34 (l) | 3380 | 3242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 12A5<br> 5.337%, 4/25/34 (l) | 6734 | 6023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 22A1<br> 5.125%, 1/25/35 (l) | 2931 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 23A1<br> 5.224%, 1/25/35 (l) | 1102 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 1A1<br> 4.848%, 7/25/34 (l) | 6426 | 5983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 2A1<br> 5.925%, 11/25/34 (l) | 14970 | 13770 |
|  Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 1A1<br> 5.062%, 1/26/36 (l) | 19437 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 2A1<br> 4.120%, 12/26/46 (l) | 19717 | 15490 |
|  Chase Mortgage Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A2 3A5<br> 4.639%, 1/25/36 (l) | 25498 | 23181 |
|  CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-22 A3<br> 5.138%, 11/25/34 (l) | 11913 | 11392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB9 1A1<br> 5.395%, 2/20/35 (l) | 2045 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB9 3A2A<br> 6.662%, 2/20/36 (l) | 1841 | 1598 |
|  Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A2A<br> 7.230%, 10/25/35 (l) | 1479 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-7 5A2<br> 5.500%, 12/25/35§ | 53442 | 25973 |
|  Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 1A4<br> 4.485%, 5/25/35 (l) | 4101 | 3944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A2<br> 6.180%, 9/25/35 (l) | 26468 | 25845 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2 A1<br> 4.734%, 3/25/37 (l) | 86051 | 80235 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 1A1<br> 4.934%, 2/25/35 (l) | 2254 | 2227 |
|  FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2248 FB<br> 4.918%, 9/15/30 (l) | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3360 FC<br> 5.138%, 5/15/37 (l) | 3112 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br> 4.814%, 8/15/40 (l) | 162209 | 159818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br> 4.814%, 10/15/40 (l) | 120172 | 118343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560 FB<br> 5.306%, 6/25/55 (l) | 500000 | 500243 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br> 5.599%, 2/25/45 (l) | 2418 | 2337 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA6 3A1<br> 4.706%, 8/25/35 (l) | 27966 | 23160 |

---

See Notes to Financial Statements.

1149

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 2A1<br> 5.257%, 10/25/35 (l) | $19061 | $17536 |
|  FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-25 KP<br> 5.000%, 4/25/33 | 4762 | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W2 5AF<br> 4.770%, 3/25/44 (l) | 3953 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-79 NF<br> 4.830%, 9/25/35 (l) | 3394 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-118 A1<br> 4.496%, 12/25/36 (l) | 2472 | 2417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br> 6.782%, 5/25/35 (l) | 1532 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-42 AF<br> 4.670%, 5/25/37 (l) | 336 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-73 A1<br> 4.807%, 7/25/37 (l) | 5878 | 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-58 AI<br> 2.301%, 8/25/55 IO (l) | 133369 | 7430 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H18 FB<br> 5.046%, 7/20/65 (l) | 136396 | 136377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19 FK<br> 5.046%, 8/20/65 (l) | 108900 | 108850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H02 FH<br> 5.446%, 1/20/66 (l) | 47333 | 47553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br> 5.246%, 6/20/66 (l) | 49132 | 49245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FC<br> 5.276%, 8/20/66 (l) | 184866 | 185373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FM<br> 4.896%, 8/20/66 (l) | 450 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H20 PT<br> 7.843%, 9/20/66 (l) | 216700 | 223550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H22 FA<br> 5.216%, 10/20/66 (l) | 102938 | 103129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br> 5.592%, 4/20/67 (l) | 178461 | 181023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-38 WF<br> 4.739%, 10/20/43 (l) | 121260 | 117592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br> 5.202%, 1/20/73 (l) | 292212 | 292409 |
|  GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br> 5.293%, 9/25/35 (l) | 15019 | 14421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR7 6A1<br> 4.429%, 11/25/35 (l) | 3943 | 3445 |
|  HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-12 2A12<br> 5.932%, 10/19/35 (l) | 45269 | 32023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14 4A1A<br> 5.174%, 12/19/35 (l) | 58139 | 29425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br> 4.872%, 5/19/35 (l) | 5543 | 5322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 3A1<br> 4.824%, 7/19/35 (l) | 20999 | 15649 |
|  IndyMac INDX Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR35 2A1A<br> 4.774%, 1/25/37 (l) | 42019 | 37593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR9 2A1<br> 3.571%, 6/25/36 (l) | 160939 | 110052 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 1A2<br> 5.750%, 1/25/36 | 10419 | 4446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br> 5.198%, 8/25/34 (l) | 11812 | 11708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A6 1A4L<br> 4.504%, 10/25/36 (l) | 41753 | 29993 |
|  Landmark Mortgage Securities No. 3 plc, | Landmark Mortgage Securities No. 3 plc, | Landmark Mortgage Securities No. 3 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3 A<br> 4.653%, 4/17/44 (l)(m) | 356277 | 478388 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A5<br> 5.154%, 4/25/35 (l) | $26033 | 23375 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3AR 3A<br> 5.370%, 7/25/35 (l) | 37136 | 30467 |
|  MortgageIT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 A2<br> 5.054%, 12/25/35 (l) | 18768 | 18646 |
|  Prime Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CL1 1A2<br> 4.834%, 2/25/34 (l) | 503 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CL1 A1<br> 4.934%, 2/25/35 (l) | 9335 | 9315 |
|  RALI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QA13 2A1<br> 5.309%, 12/25/35 (l) | 6718 | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS12 1A1<br> 6.500%, 9/25/36 | 140597 | 58262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS13 1A10<br> 6.000%, 9/25/36 | 8726 | 6889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QA3 A1<br> 4.634%, 5/25/37 (l) | 153910 | 138588 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A11 1A1<br> 4.884%, 10/25/35 (l) | 33159 | 19169 |
|  RFMSI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S6 1A11<br> 6.000%, 6/25/37 | 45074 | 35681 |
|  STARM Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 2A1<br> 5.985%, 2/25/37 (l) | 19986 | 17236 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br> 4.834%, 4/25/47 (l) | 24994 | 20576 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A3<br> 4.932%, 7/19/35 (l) | 12686 | 12423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br> 4.814%, 7/25/46 (l) | 562173 | 454899 |
|  Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR3 A1<br> 5.092%, 9/19/32 (l) | 166 | 161 |
|  Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2B<br> 6.049%, 3/25/37 (l) | 19587 | 13768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 3A1<br> 5.999%, 6/25/47 (l) | 77664 | 68626 |
|  Wachovia Mortgage Loan LLC Trust, | Wachovia Mortgage Loan LLC Trust, | Wachovia Mortgage Loan LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 2A1<br> 6.987%, 5/20/36 (l) | 2683 | 2622 |

---

See Notes to Financial Statements.

1150

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13 A1A1<br> 5.014%, 10/25/45 (l) | $2057 | $2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 1A1A<br> 4.934%, 2/25/45 (l) | 163444 | 162763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR16 3A3<br> 4.142%, 12/25/36 (l) | 10535 | 9332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY5 2A1<br> 3.413%, 5/25/37 (l) | 64183 | 51924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY7 4A2<br> 4.967%, 7/25/37 (l) | 37212 | 33828 |
|  Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A A<br> 5.170%, 12/21/49 (l)§ | 264292 | 363373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A B<br> 5.870%, 12/21/49 (l)§ | 100000 | 138455 |
|  Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR16 A1<br> 7.750%, 10/25/36 (l) | $279130 | 263711 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | 6111509 |
|  **Commercial Mortgage-Backed Securities (5.9%)** | **Commercial Mortgage-Backed Securities (5.9%)** | **Commercial Mortgage-Backed Securities (5.9%)** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 A5<br> 2.756%, 5/15/53§ | 600000 | 552954 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br> 4.016%, 3/15/52 | 800000 | 778038 |
|  BIG Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BIG A<br> 5.654%, 2/15/39 (l)§ | 626615 | 624032 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA A<br> 5.326%, 10/15/36 (l)§ | 900000 | 899156 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7 ASB<br> 3.644%, 12/10/54 | 78159 | 77571 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3 A3<br> 4.228%, 5/10/51 | 700000 | 669375 |
|  DC Office Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MTC A<br> 2.965%, 9/15/45§ | 1300000 | 1197411 |
|  DOLP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br> 2.956%, 5/10/41§ | 1000000 | 883826 |
|  Extended Stay America Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A<br> 5.506%, 7/15/38 (l)§ | 686182 | 686397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A1<br> 5.506%, 7/15/38 (l)§ | 428864 | 430865 |
|  FNMA ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M33 X2<br> 2.349%, 1/25/31 IO (l) | 1845752 | 106733 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A<br> 2.856%, 5/10/34§ | 339416 | 293538 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3 WMB<br> 3.722%, 10/10/49 (l)§ | 100000 | 85343 |
|  Hilton USA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SFP A<br> 2.828%, 11/5/35§ | $600000 | $516320 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HTL5 A<br> 5.691%, 11/15/38 (l)§ | 800000 | 795999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYAH A<br> 5.436%, 6/15/38 (l)§ | 700000 | 687750 |
|  Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CNP A<br> 2.509%, 4/5/42 (l)§ | 800000 | 696203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P A<br> 5.595%, 12/15/38 (l)§ | 100000 | 95757 |
|  MSSG Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-237P A<br> 3.397%, 9/13/39§ | 700000 | 656536 |
|  New Orleans Hotel Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br> 5.348%, 4/15/32 (l)§ | 500000 | 498746 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br> 5.521%, 11/15/38 (l)§ | 400000 | 397999 |
|  ONE Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK A<br> 5.126%, 3/15/36 (l)§ | 700000 | 685125 |
|  STWD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH A<br> 5.284%, 11/15/36 (l)§ | 1200000 | 1195500 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48 A5<br> 4.302%, 1/15/52 | 800000 | 792941 |
|  Worldwide Plaza Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-WWP A<br> 3.526%, 11/10/36§ | 900000 | 648627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | 14952742 |
|  **Corporate Bonds (29.3%)** | **Corporate Bonds (29.3%)** | **Corporate Bonds (29.3%)** |
|  **Communication Services (0.4%)** | **Communication Services (0.4%)** |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 800000 | 736784 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  Sprint Spectrum Co. LLC<br>5.152%, 3/20/28§ | 220000 | 221473 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 958257 |
|  **Consumer Discretionary (1.7%)** | **Consumer Discretionary (1.7%)** |  |
|  ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** |
|  BMW US Capital LLC<br>4.750%, 3/21/28§ | 200000 | 202215 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/30/26§ | 600000 | 600835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/27§ | 200000 | 202194 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26§ | 800000 | 763000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28 (x)§ | 800000 | 726550 |
|  Nissan Motor Co. Ltd.<br>4.810%, 9/17/30§ | 800000 | 731000 |
|  |  | 3225794 |

---

See Notes to Financial Statements.

1151

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** |
|  Choice Hotels International, Inc.<br>3.700%, 12/1/29 | $700000 | $662133 |
|  Expedia Group, Inc.<br>3.250%, 2/15/30 | 500000 | 471525 |
|  |  | 1133658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | 4359452 |
|  **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** |  |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** |
|  JDE Peet's NV<br>2.250%, 9/24/31§ | 400000 | 340325 |
|  Mondelez International, Inc.<br>4.625%, 7/3/31 | 700000 | 532714 |
|  |  | 873039 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  Coty, Inc.<br>4.500%, 5/15/27§ | 500000 | 595689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1468728 |
|  **Energy (0.4%)** | **Energy (0.4%)** |  |
|  ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** |
|  ONEOK Partners LP<br>6.850%, 10/15/37 | $800000 | 862475 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 862475 |
|  **Financials (13.6%)** | **Financials (13.6%)** |  |
|  ***Banks (7.4%)*** | ***Banks (7.4%)*** | ***Banks (7.4%)*** |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br> 6.204%, 11/10/28 (k) | 600000 | 624106 |
|  Bank of Ireland Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26 (k)§ | 1400000 | 1404354 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 2.667%, 3/10/32 (k) | 700000 | 619899 |
|  BNP Paribas SA<br>3.500%, 11/16/27§ | 300000 | 293111 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.27%),<br> 6.714%, 10/19/29 (k)§ | 500000 | 528788 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.004%, 9/24/26 (k)§ | 2300000 | 2280475 |
|  Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.621%, 9/11/26 (k)§ | 1000000 | 993005 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br> 5.130%, 3/3/31 (k) | 500000 | 506222 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.51%), 4.875%, 5/16/29 (k)(m)(y) | 300000 | 280500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.23%), 5.066%, 3/25/31 (k) | 600000 | 608885 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br> 6.070%, 10/22/27 (k) | 500000 | 510715 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br> 4.979%, 7/22/28 (k) | 500000 | 506448 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month +<br> 1.51%), 2.739%, 10/15/30 (k) | 900000 | 838077 |
|  Lloyds Bank plc<br>0.000%, 4/2/32 (e)(m) | 600000 | 431658 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.462%, 1/5/28 (k) | 400000 | 405331 |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.778%, 7/6/29 (k)(x) | 300000 | 311154 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.382%, 7/10/30 (k) | 500000 | 513989 |
|  Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br> 5.504%, 5/26/28 (k) | 500000 | 510327 |
|  Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/28§ | 400000 | 401455 |
|  Norinchukin Bank (The)<br>5.430%, 3/9/28§ | 600000 | 611567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/16/29§ | 500000 | 504986 |
|  Royal Bank of Canada<br>4.900%, 1/12/28 | 300000 | 305123 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br> 6.499%, 3/9/29 (k) | 500000 | 520834 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br> 5.741%, 3/20/31 (k) | 500000 | 512792 |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.48%),<br> 2.896%, 3/15/32 (k) | 700000 | 623074 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.447%, 1/12/27 (k)§ | 300000 | 302678 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), 5.005%, 10/15/30 (k)§ | 500000 | 503695 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%, 1/13/26 | 300000 | 301425 |
|  Sumitomo Mitsui Trust Bank Ltd. 2.800%, 3/10/27§ | 1600000 | 1561630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/9/28§<br>| 300000 | 309047 |
|  |  | 18625350 |
|  ***Capital Markets (3.9%)*** | ***Capital Markets (3.9%)*** | ***Capital Markets (3.9%)*** |
|  Brookfield Finance I UK plc 2.340%, 1/30/32 | 700000 | 595230 |
|  CPPIB Capital, Inc.<br>4.300%, 6/2/34 (m) | 500000 | 383055 |

---

See Notes to Financial Statements.

1152

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%),<br>5.161%, 5/21/27 (k) | $500000 | 500629 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br> 5.727%, 4/25/30 (k) | 500000 | 519257 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br> 5.049%, 7/23/30 (k) | 500000 | 507446 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br> 4.692%, 10/23/30 (k) | 500000 | 501211 |
|  HAT Holdings I LLC<br>3.375%, 6/15/26§ | 86000 | 84313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/27§ | 216000 | 224912 |
|  Lazard Group LLC<br>4.500%, 9/19/28 | 700000 | 696728 |
|  LPL Holdings, Inc.<br>5.200%, 3/15/30 | 500000 | 507094 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br> 5.511%, 4/13/28 (k) | 500000 | 501793 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br> 5.652%, 4/13/28 (k) | 500000 | 511041 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 5.656%, 4/18/30 (k) | 500000 | 518088 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br> 4.654%, 10/18/30 (k) | 500000 | 499440 |
|  Nomura Holdings, Inc.<br>1.851%, 7/16/25 | 900000 | 898897 |
|  Stifel Financial Corp.<br>4.000%, 5/15/30 | 900000 | 862633 |
|  UBS Group AG<br>4.125%, 4/15/26§ | 600000 | 598228 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.711%, 1/12/27 (k)§ | 500000 | 502970 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.703%, 8/5/27 (k)§ | 200000 | 200296 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%),<br> 4.194%, 4/1/31 (k)§ | 300000 | 292875 |
|  |  | 9906136 |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** |
|  Ally Financial, Inc.<br>2.200%, 11/2/28 | 1500000 | 1376930 |
|  ***Financial Services (1.1%)*** | ***Financial Services (1.1%)*** | ***Financial Services (1.1%)*** |
|  BNG Bank NV<br>4.750%, 2/1/30§ | 600000 | 620381 |
|  Global Payments, Inc.<br>2.900%, 5/15/30 | 700000 | 641315 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/15/31 | 500000 | 505227 |
|  Jyske Realkredit A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br> 1.500%, 10/1/53 | 1 |  |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br> 6.557%, 10/18/27 (k)§ | $500000 | 512275 |
|  NTT Finance Corp.<br>4.239%, 7/25/25§ | 400000 | 399862 |
|  Realkredit Danmark A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23S<br>1.500%, 10/1/53 (m) | 1 |  |
|  |  | 2679060 |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** |
|  First American Financial Corp.<br>4.000%, 5/15/30 | $700000 | 669969 |
|  Manulife Financial Corp.<br>3.703%, 3/16/32(x) | 1100000 | 1038851 |
|  |  | 1708820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 34296296 |
|  **Industrials (0.5%)** | **Industrials (0.5%)** |  |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |
|  Weir Group, Inc.<br>5.350%, 5/6/30§ | 300000 | 303515 |
|  ***Marine Transportation (0.4%)*** | ***Marine Transportation (0.4%)*** | ***Marine Transportation (0.4%)*** |
|  AP Moller - Maersk A/S<br>4.500%, 6/20/29§ | 700000 | 701643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/14/33§ | 300000 | 314557 |
|  |  | 1016200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1319715 |
|  **Information Technology (1.0%)** | **Information Technology (1.0%)** |  |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** |
|  Broadcom, Inc.<br>3.137%, 11/15/35§ | 215000 | 181104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36§ | 46000 | 37854 |
|  NXP BV<br>5.350%, 3/1/26 | 500000 | 502010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/33 | 1400000 | 1394148 |
|  |  | 2115116 |
|  ***Software (0.2%)*** | ***Software (0.2%)*** | ***Software (0.2%)*** |
|  VMware LLC<br>4.700%, 5/15/30 | 500000 | 500990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 2616106 |
|  **Materials (0.4%)** | **Materials (0.4%)** |  |
|  ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** |
|  Smurfit Kappa Treasury ULC<br>5.200%, 1/15/30 | 600000 | 613829 |
|  Smurfit Westrock Financing DAC<br>5.418%, 1/15/35 | 400000 | 404486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1018315 |
|  **Real Estate (4.2%)** | **Real Estate (4.2%)** |  |
|  ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** | ***Diversified REITs (0.5%)*** |
|  Digital Dutch Finco BV (REIT) 1.000%, 1/15/32 (m) | 1200000 | 1198979 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Ventas Realty LP (REIT)<br>3.250%, 10/15/26 | $200000 | 196897 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.900%, 12/15/31 | 300000 | 262384 |

---

See Notes to Financial Statements.

1153

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Goodman US Finance Three LLC (REIT) | Goodman US Finance Three LLC (REIT) | Goodman US Finance Three LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/15/28§ | $500000 | $489444 |
|  Prologis LP (REIT)<br>4.200%, 2/15/33 | 700000 | 518161 |
|  |  | 1007605 |
|  ***Office REITs (0.9%)*** | ***Office REITs (0.9%)*** | ***Office REITs (0.9%)*** |
|  COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 | $800000 | 786804 |
|  Highwoods Realty LP (REIT) 4.125%, 3/15/28 | 100000 | 97766 |
|  Kilroy Realty LP (REIT)<br>2.500%, 11/15/32 | 1700000 | 1366022 |
|  |  | 2250592 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  Jones Lang LaSalle, Inc.<br>6.875%, 12/1/28 | 400000 | 428769 |
|  ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** |
|  Mid-America Apartments LP (REIT) | Mid-America Apartments LP (REIT) | Mid-America Apartments LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/30 | 400000 | 372175 |
|  Store Capital LLC (REIT) | Store Capital LLC (REIT) | Store Capital LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 | 500000 | 423158 |
|  |  | 795333 |
|  ***Specialized REITs (1.8%)*** | ***Specialized REITs (1.8%)*** | ***Specialized REITs (1.8%)*** |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 400000 | 347238 |
|  EPR Properties (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 800000 | 726740 |
|  Equinix, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 3/15/28 | 1000000 | 931268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 800000 | 706762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 1200000 | 1135194 |
|  Weyerhaeuser Co. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/26 | 700000 | 702105 |
|  |  | 4549307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 10689866 |
|  **Utilities (6.5%)** | **Utilities (6.5%)** |  |
|  ***Electric Utilities (4.5%)*** | ***Electric Utilities (4.5%)*** | ***Electric Utilities (4.5%)*** |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/1/39 | 700000 | 692253 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/1/53 | 300000 | 283984 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/30 | 350000 | 354139 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 7/12/28 (e)§ | 2300000 | 2143989 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/28 | 100000 | 102358 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 2100000 | 1960567 |
|  Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 6/1/51 | 872000 | 525391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/52 | 700000 | 592363 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/15/31§ | 500000 | 591349 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 4/1/53 | $1100000 | 1097921 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/32 (x) | 1500000 | 1369416 |
|  SCE Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1<br>4.697%, 6/15/40 | 360483 | 349669 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/30 | 500000 | 504630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/43 | 50000 | 40317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/1/48 | 100000 | 72468 |
|  Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/1/33 | 300000 | 300092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/30/34 | 400000 | 408770 |
|  |  | 11389676 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.8%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.8%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.8%)*** |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/15/26 | 1400000 | 1373847 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/31§ | 600000 | 550140 |
|  |  | 1923987 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/9/37§ | 500000 | 477815 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 8/15/28§ | 900000 | 933317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/34§ | 1200000 | 1212339 |
|  San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/28 | 500000 | 510214 |
|  |  | 3133685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 16447348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 74036558 |
|  **Foreign Government Securities (4.8%)** | **Foreign Government Securities (4.8%)** | **Foreign Government Securities (4.8%)** |
|  Bonos de la Tesoreria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 8/12/33 (m) | 1600000 | 490994 |
|  Japan Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/44 | 120000000 | 788122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/20/45 | 67100000 | 468541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 | 90000000 | 560943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/20/55 | 97000000 | 617878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/20/64 | 52000000 | 289838 |
|  Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | $600000 | 584164 |
|  Province of British Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/18/34 | 200000 | 151527 |
|  Province of Ontario |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/2/34 | 400000 | 293769 |
|  Province of Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/1/34 | 1500000 | 1159976 |
|  Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/22/29 | $900000 | 912600 |
|  Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/14/35 | 400000 | 400800 |
|  Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | 321000 | 98151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31§ | 100000 | 30576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32§ | 4200000 | 1221376 |

---

See Notes to Financial Statements.

1154

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
|  Republic of Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/48 | $600000 | $| 584325 |
|  Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 12/21/26 | 20400000 |  | 1195394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 2/28/35 | 2400000 |  | 126473 |
|  Romania Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/22/36§ | 600000 |  | 673198 |
|  U.K. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | 771000 |  | 916880 |
|  United Mexican States<br>4.490%, 5/25/32 | 500000 |  | 594682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 12160207 |
|  **Mortgage-Backed Securities (47.6%)** | **Mortgage-Backed Securities (47.6%)** | **Mortgage-Backed Securities (47.6%)** | **Mortgage-Backed Securities (47.6%)** |
|  FHLMC<br>4.500%, 4/1/29 | $6380 |  | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/37 | 23769 |  | 25019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/41 | 19915 |  | 19305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 53430 |  | 49056 |
|  FHLMC UMBS<br>3.500%, 2/1/49 | 18762 |  | 17169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/49 | 45539 |  | 41747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/50 | 12263 |  | 11210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/50 | 17686 |  | 16190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/52 | 894415 |  | 807277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/52 | 1984026 |  | 1720679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 222574 |  | 213702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 288500 |  | 269080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/52 | 404501 |  | 377273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/53 | 4063623 |  | 3784698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/53 | 42045 |  | 39159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 5214757 |  | 5125889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/53 | 4947330 |  | 4863019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/53 | 1692591 |  | 1622560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/53 | 711646 |  | 714308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/53 | 382716 |  | 356297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/54 | 798327 |  | 799567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 9213846 |  | 9228156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/54 | 898635 |  | 901154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/54 | 50842 |  | 50865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/54 | 261454 |  | 265978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/55 | 428027 |  | 441184 |
|  FNMA<br>7.018%, 5/1/38 (l) | 69785 |  | 71789 |
|  FNMA UMBS<br>4.500%, 1/1/34 | 8501 |  | 8494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/34 | 14209 |  | 14616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 29677 |  | 30521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/35 | 316032 |  | 305073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/38 | 18644 |  | 19303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/39 | 20367 |  | 20598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/41 | 6097 |  | 6029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/44 | 29034 |  | 28606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 8245 |  | 7560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/48 | 9903 |  | 9081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 8967662 |  | 8614839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/53 | 932953 |  | 868916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/53 | 925121 |  | 887205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/53 | 616630 |  | 609340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/1/53 | 31441 |  | 31558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/53 | 66280 |  | 66404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/53 | 881718 |  | 883473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/54 | 43115 |  | 43182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/54 | 839580 |  | 855417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 39915 |  | 39978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/54 | 953417 |  | 954168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/54 | 1747563 |  | 1777798 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/25/55 TBA | 15500000 |  | 13962108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/25/55 TBA | 750000 |  | 735293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/25/55 TBA | 10400000 |  | 10399188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/25/55 TBA | 21800000 |  | 18874030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/25/55 TBA | 7650000 |  | 7116293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/55 TBA | 400000 |  | 382594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/25/55 TBA | 11000000 |  | 10991836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/25/55 TBA | 1100000 |  | 1117102 |
|  GNMA<br>3.000%, 7/15/45 | 5019 |  | 4489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/45 | 36035 |  | 32269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/20/49 | 180458 |  | 175821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/49 | 2452 |  | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/20/49 | 30996 |  | 30977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/49 | 914316 |  | 914343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/55 TBA | 1560000 |  | 1417163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/55 TBA | 2800000 |  | 2604000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/55 TBA | 2000000 |  | 1963672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/55 TBA | 1700000 |  | 1722113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 120366597 |
|  **Municipal Bonds (1.1%)** | **Municipal Bonds (1.1%)** | **Municipal Bonds (1.1%)** | **Municipal Bonds (1.1%)** |
|  California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority | California Health Facilities Financing Authority |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.190%, 6/1/37 | 1300000 |  | 1216826 |
|  New York State Urban Development Corp. | New York State Urban Development Corp. | New York State Urban Development Corp. | New York State Urban Development Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.346%, 3/15/26 | 800000 |  | 783936 |
|  University of Michigan<br>3.504%, 4/1/52 | 900000 |  | 662620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  | 2663382 |
|  **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** |
|  European Investment Bank<br>3.750%, 2/14/33 | 500000 |  | 489783 |
|  European Union<br>2.875%, 10/5/29 (m) | 1000000 |  | 1202446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/4/31 (m) | 100000 |  | 116738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/4/43 (m) | 100000 |  | 82185 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  | 1891152 |
|  **U.S. Treasury Obligations (16.7%)** | **U.S. Treasury Obligations (16.7%)** | **U.S. Treasury Obligations (16.7%)** | **U.S. Treasury Obligations (16.7%)** |
|  U.S. Treasury Bonds<br>1.375%, 11/15/40 | 13400000 |  | 8538264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 | 2600000 |  | 1789938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/41 | 800000 |  | 581252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 | 300000 |  | 218411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 3600000 |  | 2981250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 | 2800000 |  | 2509063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 | 600000 |  | 536531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 | 900000 |  | 740953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/44 | 100000 |  | 98188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 | 2100000 |  | 1656448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 | 600000 |  | 448993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/47 | 300000 |  | 214125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 | 1000000 |  | 744062 |

---

See Notes to Financial Statements.

1155

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/48 | $| 100000 | $75969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 |  | 12800000 | 9478001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 |  | 600000 | 475215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 |  | 400000 | 295079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 |  | 700000 | 503234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 |  | 900000 | 565288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 |  | 100000 | 64411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 |  | 400000 | 235297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 |  | 300000 | 286420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 |  | 400000 | 390125 |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS |  | 1674360 | 1244781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS |  | 137645 | 115696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS |  | 681145 | 497722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS |  | 135388 | 102718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS |  | 398682 | 289157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS |  | 127484 | 92655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS |  | 124777 | 72562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS |  | 1355376 | 739857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS |  | 460952 | 246708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS |  | 755433 | 600036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS |  | 1254312 | 1152232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS |  | 203324 | 197331 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 TIPS |  | 309088 | 307930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/26 TIPS |  | 270016 | 268455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS (t) |  | 855600 | 853791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS |  | 1436280 | 1321941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS |  | 462904 | 419690 |
|  U.S. Treasury STRIPS Bonds<br>0.000%, 8/15/40 STRIPS |  | 300000 | 143814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 5/15/41 STRIPS |  | 100000 | 45997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/41 STRIPS |  | 300000 | 136050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 42275640 |
|  **Total Long-Term Debt Securities (120.6%)**<br> *(Cost $319,453,951)* | **Total Long-Term Debt Securities (120.6%)**<br> *(Cost $319,453,951)* | **Total Long-Term Debt Securities (120.6%)**<br> *(Cost $319,453,951)* | 305211005 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Commercial Paper (0.3%)** | **Commercial Paper (0.3%)** | **Commercial Paper (0.3%)** |  |
|  CVS Health Corp.<br>4.93%, 7/14/25 (n)(p) |  | 600000 | 598852 |
|  **Foreign Government Treasury Bills (0.1%)** | **Foreign Government Treasury Bills (0.1%)** | **Foreign Government Treasury Bills (0.1%)** |  |
|  Federative Republic of Brazil 0.00%, 10/1/25 (p) | BRL | 1800000 | 319468 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) |  | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) |  | 380110 | 380110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 480110 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** |
|  **U.S. Treasury Obligations (4.2%)** | **U.S. Treasury Obligations (4.2%)** |  |  |
|  U.S. Treasury Bills<br>4.22%, 9/11/25 (p) | $2900000 | $| 2875394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 9/16/25 (p)(t)(v) | 2600000 |  | 2576436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 10/14/25 (p) | 5300000 |  | 5235114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 10686944 |
|  **Total Short-Term Investments (4.8%)**<br> *(Cost $12,065,019)* | **Total Short-Term Investments (4.8%)**<br> *(Cost $12,065,019)* |  | 12085374 |
|  | **Number of<br>Contracts** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  OPTIONS PURCHASED: |  |  |  |
|  **Call Options Purchased (0.0%)†** | **Call Options Purchased (0.0%)†** | **Call Options Purchased (0.0%)†** | **Call Options Purchased (0.0%)†** |
|  ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange USD/SEK 11/26/2025 at USD 10.20, American Style Notional Amount: USD 524,000 Counterparty: Barclays Bank plc\* | 524000 |  | 2754 |
|  **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** |
|  ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** | ***Foreign Exchange Currency Options (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange EUR/USD 11/26/2025 at EUR 1.12, American Style Notional Amount: EUR 245,000 Counterparty: Bank of America\* | 245000 |  | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange EUR/USD 12/23/2025 at EUR 1.10, American Style Notional Amount: EUR 68,000 Counterparty: HSBC Bank plc\* | 68000 |  | 8010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange EUR/USD 12/17/2025 at EUR 1.10, American Style Notional Amount: EUR 62,000 Counterparty: Goldman Sachs Bank USA\* | 62000 |  | 7194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange EUR/USD 11/24/2025 at EUR 1.11, American Style Notional Amount: EUR 1,400,000 Counterparty: Morgan Stanley\* | 1400000 |  | 4020 |
|  |  |  | 20042 |
|  **Total Options Purchased (0.0%)†** | **Total Options Purchased (0.0%)†** | **Total Options Purchased (0.0%)†** | **Total Options Purchased (0.0%)†** |
| &nbsp;&nbsp;&nbsp;&nbsp; (*Cost $25,768*) |  |  | 22796 |
|  SWAPTIONS PURCHASED: |  |  |  |
|  **Put Swaptions Purchased (0.0%)†** | **Put Swaptions Purchased (0.0%)†** | **Put Swaptions Purchased (0.0%)†** | **Put Swaptions Purchased (0.0%)†** |
|  ***Call/Put Interest Rate Swaptions Purchased Payable (0.0%)†*** | ***Call/Put Interest Rate Swaptions Purchased Payable (0.0%)†*** | ***Call/Put Interest Rate Swaptions Purchased Payable (0.0%)†*** | ***Call/Put Interest Rate Swaptions Purchased Payable (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, August 2025 @3.65% v.1 Day SOFR 08/12/2025 at USD 3.65, European Style Notional Amount: USD 28,000,000 Counterparty: JPMorgan Chase Bank\* | 28000000 |  | 21418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, August 2025 @3.70% v.1 Day SOFR 08/13/2025 at USD 3.70, European Style Notional Amount: USD 22,600,000 Counterparty: JPMorgan Chase Bank\* | 22600000 |  | 21977 |

---

See Notes to Financial Statements.

1156

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Contracts** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, July 2025 @3.36% v.1 Day SOFR 07/14/2025 at USD 3.36, European Style Notional Amount: USD 13,900,000 Counterparty: Bank of America\* | 13900000 | $311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, July 2025 @3.45% v.1 Day SOFR 07/17/2025 at USD 3.45, European Style Notional Amount: USD 12,700,000 Counterparty: Morgan Stanley\* | 12700000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, July 2025 @3.50% v.1 Day SOFR 07/21/2025 at USD 3.50, European Style Notional Amount: USD 14,400,000 Counterparty:<br> Citibank NA\* | 14400000 | 1987 |
|  **Total Swaptions Purchased (0.0%)†** | **Total Swaptions Purchased (0.0%)†** | **Total Swaptions Purchased (0.0%)†** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $84,605)* |  | 46721 |
|  **Total Investments in Securities (125.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $331,629,343)* |  | 317365896 |
|  **Other Assets Less Liabilities (-25.4%)** |  | (64271999) |
|  **Net Assets (100%)** |  | $253093897 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $63,009,083 or 24.9% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $5,915,640 or 2.3% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(p)* *Yield to maturity.* 

*(t)* *All, or a portion of security held by broker as collateral for centrally cleared swaps, with a total collateral value of $1,151,068..* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $221,970.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $467,239. This was collateralized by cash of $480,110 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

---

| | | |
|:---|:---|:---|
| *Glossary:* |  |  |
| *ACES* | *—* | *Alternative Credit Enhancement Securities* |
| *ARM* | *—* | *Adjustable Rate Mortgage* |
| *AUD* | *—* | *Australian Dollar* |
| *BBR* | *—* | *Bank Bill Rate* |
| *BRL* | *—* | *Brazilian Real* |
| *CAD* | *—* | *Canadian Dollar* |
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *CLO* | *—* | *Collateralized Loan Obligation* |
| *CNY* | *—* | *Chinese Renminbi* |
| *REPO_CORRA* | *—* | *Canadian Overnight Repo Rate Average* |
| *DKK* | *—* | *Denmark Krone* |
| *ESTR* | *—* | *Euro Short-Term Rate* |
| *EUR* | *—* | *European Currency Unit* |
| *EURIBOR* | *—* | *Euro Interbank Offered Rate* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GBP* | *—* | *British Pound* |
| *GNMA* | *—* | *Government National Mortgage Association* |
| *IO* | *—* | *Interest Only* |
| *JPY* | *—* | *Japanese Yen* |
| *MXN* | *—* | *Mexican Peso* |
| *PEN* | *—* | *Peruvian Sol* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *SEK* | *—* | *Swedish Krona* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *SONIA* | *—* | *Sterling Over Night Index Average* |
| *STRIPS* | *—* | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
| *TBA* | *—* | *To Be Announced; Security is subject to delayed delivery* |
| *TIPS* | *—* | *Treasury Inflation Protected Security* |
| *TONAR* | *—* | *Tokyo Over-Night Average Rate* |
| *TRY* | *—* | *Turkish Lira* |
| *TWD* | *—* | *New Taiwan Dollar* |
| *UMBS* | *—* | *Uniform Mortgage-Backed Securities* |
| *USD* | *—* | *United States Dollar* |
| *ZAR* | *—* | *South African Rand* |

---

See Notes to Financial Statements.

1157

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Canada 10 Year Bond | 17 | 9/2025 | CAD | 1523040 | 13214 |
|  Long Gilt | 17 | 9/2025 | GBP | 2170860 | 45596 |
|  U.S. Treasury 2 Year Note | 5 | 9/2025 | USD | 1040117 | 3861 |
|  U.S. Treasury 5 Year Note | 228 | 9/2025 | USD | 24852000 | 308641 |
|  U.S. Treasury 10 Year Note | 258 | 9/2025 | USD | 28928250 | 547150 |
|  |  |  |  |  | 918462 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |  |
|  Euro-Bund | (14) | 9/2025 | EUR | (2146343) | 16651 |
|  U.S. Treasury 10 Year Ultra Note | (25) | 9/2025 | USD | (2856641) | (72690) |
|  U.S. Treasury Long Bond | (5) | 9/2025 | USD | (577344) | (16257) |
|  |  |  |  |  | (72296) |
|  |  |  |  |  | 846166 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  TRY | 5713020 | USD | 141010 | Barclays Bank plc | 7/1/2025 | 2469 |
|  BRL | 5376827 | USD | 936159 | Citibank NA<sup>\*\*</sup> | 7/2/2025 | 53485 |
|  CAD | 4132049 | USD | 3006001 | HSBC Bank plc | 7/2/2025 | 28366 |
|  GBP | 2938270 | USD | 3997840 | Barclays Bank plc | 7/2/2025 | 35377 |
|  JPY | 105306542 | USD | 722069 | Morgan Stanley | 7/2/2025 | 9201 |
|  USD | 215923 | CAD | 294000 | Morgan Stanley | 7/2/2025 | 24 |
|  USD | 1510088 | JPY | 217011998 | HSBC Bank plc | 7/2/2025 | 3112 |
|  PEN | 82616 | USD | 22798 | Citibank NA<sup>\*\*</sup> | 7/7/2025 | 520 |
|  TRY | 21411436 | USD | 524649 | Barclays Bank plc | 7/9/2025 | 9951 |
|  TRY | 16651925 | USD | 408556 | Barclays Bank plc | 7/18/2025 | 3877 |
|  ZAR | 2482000 | USD | 137248 | Goldman Sachs Bank USA | 7/23/2025 | 2710 |
|  TRY | 1543274 | USD | 37475 | Barclays Bank plc | 7/24/2025 | 542 |
|  TRY | 3353027 | USD | 82007 | Barclays Bank plc | 7/25/2025 | 518 |
|  TRY | 3371094 | USD | 81904 | Barclays Bank plc | 7/29/2025 | 766 |
|  TRY | 8281240 | USD | 201338 | Barclays Bank plc | 7/31/2025 | 1377 |
|  TRY | 8749455 | USD | 212108 | Barclays Bank plc | 8/4/2025 | 1270 |
|  TRY | 2780356 | USD | 67003 | Barclays Bank plc | 8/7/2025 | 611 |
|  TRY | 7206847 | USD | 172992 | Barclays Bank plc | 8/11/2025 | 1603 |
|  TRY | 5777613 | USD | 138602 | Barclays Bank plc | 8/13/2025 | 1102 |
|  TRY | 1522033 | USD | 36431 | Barclays Bank plc | 8/14/2025 | 337 |
|  TRY | 5956873 | USD | 143173 | Barclays Bank plc | 8/15/2025 | 590 |
|  MXN | 2362000 | USD | 124531 | Bank of America | 8/18/2025 | 699 |
|  MXN | 13926936 | USD | 723004 | Citibank NA | 9/17/2025 | 13042 |
|  BRL | 5510318 | USD | 977232 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | 13386 |
|  MXN | 2385000 | USD | 123195 | Goldman Sachs Bank USA | 12/17/2025 | 1531 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 186466 |
|  USD | 87001 | AUD | 135000 | Barclays Bank plc | 7/2/2025 | (1849) |
|  USD | 977232 | BRL | 5386991 | Goldman Sachs Bank USA<sup>\*\*</sup> | 7/2/2025 | (14281) |
|  USD | 2793334 | CAD | 3836546 | HSBC Bank plc | 7/2/2025 | (24031) |
|  USD | 67259 | DKK | 444101 | JPMorgan Chase Bank | 7/2/2025 | (2858) |
|  USD | 6998194 | EUR | 6154699 | Bank of America | 7/2/2025 | (251733) |

---

See Notes to Financial Statements.

1158

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 3958379 | GBP | 2938270 | JPMorgan Chase Bank | 7/2/2025 | (74838) |
|  USD | 561666 | JPY | 81140517 | Morgan Stanley | 7/2/2025 | (1790) |
|  USD | 341234 | TRY | 13801776 | Barclays Bank plc | 7/9/2025 | (3368) |
|  USD | 62780 | TWD | 2042044 | Citibank NA<sup>\*\*</sup> | 7/16/2025 | (7208) |
|  USD | 26129 | TWD | 851570 | HSBC Bank plc<sup>\*\*</sup> | 7/16/2025 | (3057) |
|  USD | 45127 | TWD | 1467831 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/16/2025 | (5180) |
|  USD | 575366 | ZAR | 10408250 | Barclays Bank plc | 7/23/2025 | (11545) |
|  USD | 212754 | ZAR | 3802165 | JPMorgan Chase Bank | 7/23/2025 | (1646) |
|  USD | 69817 | DKK | 443328 | Citibank NA | 8/4/2025 | (364) |
|  USD | 7231418 | EUR | 6154699 | JPMorgan Chase Bank | 8/4/2025 | (35724) |
|  USD | 3998383 | GBP | 2938270 | Barclays Bank plc | 8/4/2025 | (35517) |
|  USD | 43293 | JPY | 6222015 | Barclays Bank plc | 8/4/2025 | (88) |
|  USD | 230349 | JPY | 33093964 | HSBC Bank plc | 8/4/2025 | (387) |
|  USD | 1784767 | JPY | 257755498 | Morgan Stanley | 8/4/2025 | (12343) |
|  USD | 88535 | AUD | 135000 | JPMorgan Chase Bank | 8/5/2025 | (378) |
|  USD | 3006001 | CAD | 4125148 | HSBC Bank plc | 8/5/2025 | (29028) |
|  USD | 471680 | PEN | 1756371 | Citibank NA<sup>\*\*</sup> | 8/14/2025 | (23551) |
|  USD | 5008 | CNY | 36000 | Citibank NA<sup>\*\*</sup> | 8/20/2025 | (34) |
|  USD | 11729 | CNY | 83838 | JPMorgan Chase Bank<sup>\*\*</sup> | 8/20/2025 | (14) |
|  USD | 4746 | CNY | 33977 | Morgan Stanley<sup>\*\*</sup> | 8/20/2025 | (13) |
|  USD | 88856 | TWD | 2902118 | Citibank NA<sup>\*\*</sup> | 8/20/2025 | (10897) |
|  USD | 33481 | TWD | 1095465 | HSBC Bank plc<sup>\*\*</sup> | 8/20/2025 | (4173) |
|  USD | 69253 | TWD | 2268468 | JPMorgan Chase Bank<sup>\*\*</sup> | 8/20/2025 | (8720) |
|  USD | 356220 | PEN | 1301273 | Barclays Bank plc<sup>\*\*</sup> | 9/17/2025 | (10306) |
|  USD | 118243 | PEN | 436401 | Citibank NA<sup>\*\*</sup> | 9/29/2025 | (4628) |
|  USD | 294740 | BRL | 1800000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | (28855) |
|  USD | 140250 | PEN | 520846 | Citibank NA<sup>\*\*</sup> | 10/27/2025 | (6268) |
|  USD | 408097 | PEN | 1493309 | Citibank NA<sup>\*\*</sup> | 11/17/2025 | (11701) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (626373) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (439907) |

---

*\*\** *Non-deliverable forward.* 

Written Put Options Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  CDX North American Investment Grade 44-V1 | Goldman Sachs Bank USA | 400000 | US | D (400000) | USD 0.01 | 7/16/2025 | (30) |
|  Total Written Options Contracts (Premiums Received ($550)) | Total Written Options Contracts (Premiums Received ($550)) | Total Written Options Contracts (Premiums Received ($550)) |  |  |  |  | (30) |

---

Written Call Swaption Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  10 Years, August 2025 @3.74% v.1 Day SOFR | JPMorgan Chase Bank | 3300000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(3300000) | USD 3.74 | 8/12/2025 | (41879) |
|  10 Years, August 2025 @3.76% v.1 Day SOFR | JPMorgan Chase Bank | 2700000 | USD | (2700000) | USD 3.76 | 8/13/2025 | (37063) |
|  10 Years, July 2025 @2.38% v.6 Month EURIBOR | Citibank NA | 100000 | EUR | (100000) | EUR 2.38 | 7/3/2025 |  |
|  10 Years, July 2025 @2.46% v.6 Month EURIBOR | Citibank NA | 100000 | EUR | (100000) | EUR 2.46 | 7/16/2025 | (107) |
|  10 Years, July 2025 @3.49% v.1 Day SOFR | Citibank NA | 1700000 | USD | (1700000) | USD 3.49 | 7/21/2025 | (3217) |
|  10 Years, July 2025 @3.52% v.1 Day SOFR | Bank of America | 1700000 | USD | (1700000) | USD 3.52 | 7/14/2025 | (2255) |
|  10 Years, July 2025 @3.52% v.1 Day SOFR | Morgan Stanley | 1500000 | USD | (1500000) | USD 3.52 | 7/17/2025 | (2831) |

---

See Notes to Financial Statements.

1159

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  10 Years, July 2025 @3.53% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 3.53 | 7/28/2025 | (653) |
|  10 Years, July 2025 @3.56% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 3.56 | 7/24/2025 | (711) |
|  10 Years, July 2025 @3.56% v.1 Day SOFR | Citibank NA | 200000 | USD | (200000) | USD 3.56 | 7/24/2025 | (752) |
|  10 Years, July 2025 @3.56% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(200000) | USD 3.56 | 7/30/2025 | (615) |
|  10 Years, July 2025 @3.58% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD | (100000) | USD 3.58 | 7/23/2025 | (404) |
|  10 Years, July 2025 @3.61% v.1 Day SOFR | Citibank NA | 200000 | USD | (200000) | USD 3.61 | 7/23/2025 | (927) |
|  10 Years, July 2025 @3.64% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 3.64 | 7/18/2025 | (985) |
|  10 Years, July 2025 @3.65% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 3.65 | 7/14/2025 | (851) |
|  10 Years, July 2025 @3.66% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 3.66 | 7/14/2025 | (932) |
|  10 Years, July 2025 @3.67% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 3.67 | 7/7/2025 | (642) |
|  10 Years, July 2025 @3.68% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD | (100000) | USD 3.68 | 7/7/2025 | (362) |
|  10 Years, July 2025 @3.70% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 3.70 | 7/21/2025 | (1522) |
|  10 Years, July 2025 @3.70% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 3.70 | 7/17/2025 | (1366) |
|  10 Years, July 2025 @3.70% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 3.70 | 7/16/2025 | (1325) |
|  10 Years, July 2025 @3.72% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 3.72 | 7/2/2025 | (794) |
|  10 Years, July 2025 @3.73% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 3.73 | 7/3/2025 | (1031) |
|  10 Years, July 2025 @3.77% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 3.77 | 7/9/2025 | (1789) |
|  10 Years, July 2025 @3.77% v.1 Day SOFR | JPMorgan Chase Bank | 200000 | USD | (200000) | USD 3.77 | 7/10/2025 | (1868) |
|  10 Years, July 2025 @3.78% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 3.78 | 7/7/2025 | (1734) |
|  |  |  |  |  |  |  | (106615) |

---

Written Put Swaption Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  10 Years, July 2025 @2.64% v.6 Month EURIBOR | Citibank NA | 100000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;(100000) | EUR 2.64 | 7/3/2025 | (134) |
|  10 Years, July 2025 @2.72% v.6 Month EURIBOR | Citibank NA | 100000 | EUR | (100000) | EUR 2.72 | 7/16/2025 | (172) |
|  10 Years, July 2025 @3.88% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 3.88 | 7/28/2025 | (524) |
|  10 Years, July 2025 @3.91% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 3.91 | 7/24/2025 | (381) |
|  10 Years, July 2025 @3.91% v.1 Day SOFR | Citibank NA | 200000 | USD | (200000) | USD 3.91 | 7/24/2025 | (357) |
|  10 Years, July 2025 @3.91% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 3.91 | 7/30/2025 | (615) |
|  10 Years, July 2025 @3.93% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD | (100000) | USD 3.93 | 7/23/2025 | (144) |
|  10 Years, July 2025 @3.96% v.1 Day SOFR | Citibank NA | 200000 | USD | (200000) | USD 3.96 | 7/23/2025 | (245) |
|  10 Years, July 2025 @4.02% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 4.02 | 7/7/2025 | (4) |
|  10 Years, July 2025 @4.03% v.1 Day SOFR | Goldman Sachs Bank USA | 100000 | USD | (100000) | USD 4.03 | 7/7/2025 | (2) |
|  10 Years, July 2025 @4.04% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 4.04 | 7/18/2025 | (90) |
|  10 Years, July 2025 @4.05% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 4.05 | 7/21/2025 | (94) |
|  10 Years, July 2025 @4.05% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 4.05 | 7/14/2025 | (30) |
|  10 Years, July 2025 @4.06% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 4.06 | 7/14/2025 | (27) |
|  10 Years, July 2025 @4.07% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 4.07 | 7/2/2025 |  |
|  10 Years, July 2025 @4.08% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 4.08 | 7/3/2025 |  |
|  10 Years, July 2025 @4.10% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 4.10 | 7/17/2025 | (44) |
|  10 Years, July 2025 @4.10% v.1 Day SOFR | Morgan Stanley | 200000 | USD | (200000) | USD 4.10 | 7/16/2025 | (34) |
|  10 Years, July 2025 @4.12% v.1 Day SOFR | Bank of America | 200000 | USD | (200000) | USD 4.12 | 7/9/2025 | (3) |
|  10 Years, July 2025 @4.12% v.1 Day SOFR | JPMorgan Chase Bank | 200000 | USD | (200000) | USD 4.12 | 7/10/2025 | (6) |
|  10 Years, July 2025 @4.13% v.1 Day SOFR | Goldman Sachs Bank USA | 200000 | USD | (200000) | USD 4.13 | 7/7/2025 |  |
|  |  |  |  |  |  |  | (2906) |
|  Total Written Swaption Contracts (Premiums Received ($109791)) | Total Written Swaption Contracts (Premiums Received ($109791)) | Total Written Swaption Contracts (Premiums Received ($109791)) | Total Written Swaption Contracts (Premiums Received ($109791)) | Total Written Swaption Contracts (Premiums Received ($109791)) | Total Written Swaption Contracts (Premiums Received ($109791)) | Total Written Swaption Contracts (Premiums Received ($109791)) | (109521) |

---

See Notes to Financial Statements.

1160

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Centrally Cleared Credit default swap contracts outstanding - sell protection as of June 30, 2025 (Note 1):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/<br>Received** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 6/20/2028 | 0.42 | USD | 200000 | 1807 | 1555 | 3362 |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 12/20/2028 | 0.46 | USD | 100000 | 910 | 879 | 1789 |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 12/20/2029 | 0.54 | USD | 300000 | 4793 | 963 | 5756 |
|  CDX North American Investment Grade 43-V1 | 1.00 | Quarterly | 12/20/2029 | 0.46 | USD | 600000 | 11521 | 2124 | 13645 |
|  CDX North American Investment Grade 43-V1 | 1.00 | Quarterly | 12/20/2029 | 0.46 | USD | 300000 | 5364 | 1458 | 6822 |
|  CDX North American Investment Grade 43-V1 | 1.00 | Quarterly | 12/20/2029 | 0.46 | USD | 200000 | 3550 | 998 | 4548 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 200000 | 3898 | 574 | 4472 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 1500000 | 25194 | 8347 | 33541 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 700000 | 11501 | 4151 | 15652 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 400000 | 6825 | 2119 | 8944 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 200000 | 3467 | 1005 | 4472 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 700000 | 8254 | 7398 | 15652 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 8591 | 7061 | 15652 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 300000 | 4731 | 1977 | 6708 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 700000 | 12172 | 3480 | 15652 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 400000 | 6847 | 2097 | 8944 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 700000 | 11999 | 3653 | 15652 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 200000 | 2273 | 2199 | 4472 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 400000 | 8060 | 884 | 8944 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 200000 | 2873 | 1599 | 4472 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 100000 | 1502 | 734 | 2236 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 300000 | 5983 | 725 | 6708 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 300000 | 6027 | 681 | 6708 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 100000 | 1911 | 325 | 2236 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 300000 | 5980 | 728 | 6708 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 300000 | 5946 | 762 | 6708 |

---

See Notes to Financial Statements.

1161

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/<br>Received** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 500000 | 7932 | 3248 | 11180 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 200000 | 2773 | 1699 | 4472 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 100000 | 1377 | 859 | 2236 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 300000 | 5113 | 1595 | 6708 |
|  CDX North American Investment Grade 44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.51 | USD | 100000 | 2032 | 206 | 2238 |
|  Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | 191206 | 66083 | 257289 |

---

OTC Credit default swap contracts outstanding - sell protection as of June 30, 2025 (Note 1):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/<br>Received** | **Counterparty** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  Republic of South Africa | 1.00 | Quarterly | Bank of<br>America | 12/20/2026 | 0.75 | USD | 1600000 | (22307) | 28542 | 6235 |
|  Republic of South Africa | 1.00 | Quarterly | Morgan<br>Stanley | 12/20/2026 | 0.75 | USD | 1300000 | (17367) | 22432 | 5065 |
|  iTraxx Europe Crossover 42-V2 | 5.00 | Quarterly | JPMorgan<br>Chase<br>Bank | 12/20/2029 | 0.46 | EUR | 500000 | 93952 | 12876 | 106828 |
|  |  |  |  |  |  |  |  | 54278 | 63850 | 118128 |

---

Centrally Cleared Interest rate swap contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/20/2033 | AUD | 1400000 | 11223 | 26991 | 38214 |
|  6 month EURIBOR Semi-Annual | 2.61 annually | Pay | 3/24/2035 | EUR | 80000 |  | 159 | 159 |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Receive | 9/17/2055 | EUR | 2490000 | 205636 | 102457 | 308093 |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/18/2034 | AUD | 100000 | 308 | 2281 | 2589 |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/18/2034 | AUD | 500000 | 1955 | 10991 | 12946 |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 9/18/2034 | AUD | 800000 | 3875 | 16838 | 20713 |
|  6 month BBR Semi-Annual | 4.50 semi-annually | Pay | 3/20/2034 | AUD | 900000 | 6600 | 17341 | 23941 |
|  1 day CDI At Termination | 13.29 at termination | Pay | 1/2/2029 | BRL | 3178217 |  | 4737 | 4737 |
|  1 day CDI At Termination | 13.32 at termination | Pay | 1/2/2029 | BRL | 317531 |  | 530 | 530 |
|  1 day CDI At Termination | 13.29 at termination | Pay | 1/2/2029 | BRL | 699208 | (58) | 1100 | 1042 |
|  1 day CDI At Termination | 13.35 at termination | Pay | 1/2/2029 | BRL | 444505 |  | 842 | 842 |
|  1 day SOFR Annual | 2.62 annually | Receive | 2/15/2048 | USD | 1400000 | 205054 | 87636 | 292690 |
|  1 day SOFR Annual | 3.81 annually | Receive | 2/15/2055 | USD | 100000 |  | 1963 | 1963 |
|  1 day SOFR Annual | 3.25 annually | Receive | 6/18/2055 | USD | 200000 | 18935 | 4309 | 23244 |
|  1 day REPO_CORRA Semi-Annual | 2.74 semi-annually | Receive | 6/1/2034 | CAD | 200000 |  | 1854 | 1854 |
|  1 day SOFR Annual | 3.64 annually | Receive | 2/15/2055 | USD | 200000 |  | 9771 | 9771 |
|  1 day SOFR Annual | 3.65 annually | Receive | 2/15/2055 | USD | 100000 |  | 4652 | 4652 |
|  1 day SOFR Annual | 3.76 annually | Receive | 12/17/2054 | USD | 300000 |  | 8818 | 8818 |
|  1 day ESTR Annual | 2.06 annually | Receive | 10/5/2029 |  | 300000 |  | 311 | 311 |

---

See Notes to Financial Statements.

1162

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  1 day ESTR Annual | 2.05 annually | Receive | 10/5/2029 |  | 200000 |  | 278 | 278 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 6826 | 7701 | 14527 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 400000 | 13298 | 15756 | 29054 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 5294 | 9233 | 14527 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 1500000 | 39131 | 69822 | 108953 |
|  1 day SOFR At Termination | 3.50 at termination | Receive | 12/18/2025 | USD | 1100000 | (1) | 9102 | 9101 |
|  1 day SOFR At Termination | 3.50 at termination | Receive | 12/18/2025 | USD | 400000 | 100 | 3209 | 3309 |
|  1 day SOFR Annual | 1.75 annually | Receive | 6/15/2032 | USD | 3500000 | 427229 | (40007) | 387222 |
|  1 day SOFR Annual | 2.00 annually | Receive | 12/21/2032 | USD | 900000 | 111184 | (7908) | 103276 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 5300000 | 1626069 | 394844 | 2020913 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 5440 | 9087 | 14527 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 100000 | 2802 | 4462 | 7264 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 400000 | 10821 | 18233 | 29054 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 6080 | 8447 | 14527 |
|  1 day ESTR Annual | 2.06 annually | Receive | 10/5/2029 | EUR | 300000 |  | 248 | 248 |
|  1 day SOFR At Termination | 3.50 at termination | Receive | 12/18/2025 | USD | 900000 | 316 | 7130 | 7446 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 8016 | 6511 | 14527 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 7944 | 6583 | 14527 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 200000 | 4793 | 9734 | 14527 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 300000 | 7133 | 14658 | 21791 |
|  1 day SOFR Annual | 3.50 annually | Receive | 6/20/2054 | USD | 300000 | 6740 | 15051 | 21791 |
|  1 day SOFR Annual | 3.50 annually | Receive | 12/18/2054 | USD | 1500000 | 16365 | 99205 | 115570 |
|  |  |  |  |  |  | 2759108 | 964960 | 3724068 |
|  6 month EURIBOR Semi-Annual | 1.00 annually | Pay | 5/18/2027 | EUR | 2200000 | (69403) | 17628 | (51775) |
|  6 month BBR Semi-Annual | 4.00 semi-annually | Pay | 3/19/2035 | AUD | 900000 | (906) | (1703) | (2609) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | 3530000 | (144380) | 7878 | (136502) |
|  6 month EURIBOR Semi-Annual | 2.35 annually | Receive | 4/29/2030 | EUR | 200000 |  | (1086) | (1086) |
|  6 month EURIBOR Semi-Annual | 2.25 annually | Pay | 9/17/2035 | EUR | 2330000 | (97281) | 7182 | (90099) |
|  1 day CDI At Termination | 11.41 at termination | Pay | 1/4/2027 | BRL | 12015295 |  | (104742) | (104742) |
|  1 day CDI At Termination | 13.93 at termination | Pay | 1/4/2027 | BRL | 806363 |  | (439) | (439) |
|  1 day CDI At Termination | 13.93 at termination | Pay | 1/4/2027 | BRL | 6128216 |  | (3310) | (3310) |
|  1 day CDI At Termination | 14.01 at termination | Pay | 1/4/2027 | BRL | 483738 |  | (149) | (149) |
|  1 day CDI At Termination | 13.93 at termination | Pay | 1/4/2027 | BRL | 1370785 | 79 | (819) | (740) |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | 31000000 | (5677) | 2206 | (3471) |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | 229000000 | (41679) | 16040 | (25639) |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | 229000000 | (40804) | 15165 | (25639) |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | 31000000 | (5673) | 2202 | (3471) |
|  1 day SOFR Annual | 3.93 annually | Receive | 3/24/2035 | USD | 200000 |  | (3917) | (3917) |
|  1 day SOFR Annual | 3.93 annually | Receive | 3/24/2035 | USD | 200000 |  | (3917) | (3917) |
|  1 day SOFR Annual | 3.91 annually | Receive | 3/4/2035 | USD | 200000 |  | (3510) | (3510) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | 599000 | (15178) | 8271 | (6907) |
|  1 day TONAR Annual | 1.25 annually | Receive | 6/18/2032 | JPY | 20000000 | (3932) | 1693 | (2239) |
|  1 day SOFR Annual | 3.91 annually | Receive | 3/12/2035 | USD | 200000 |  | (3481) | (3481) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | 100000 | 203 | (793) | (590) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | 200000 | (203) | (977) | (1180) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (185) | (1622) | (1807) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | 100000 | 104 | (694) | (590) |
|  1 day SOFR Annual | 3.74 annually | Receive | 10/31/2030 | USD | 500000 |  | (4693) | (4693) |
|  1 day SOFR Annual | 3.72 annually | Receive | 10/31/2030 | USD | 200000 |  | (1687) | (1687) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (42) | (1765) | (1807) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (682) | (1125) | (1807) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (630) | (1177) | (1807) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (646) | (1161) | (1807) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 181000 | 681 | (3407) | (2726) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 191000 | 372 | (3250) | (2878) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 181000 | 382 | (3108) | (2726) |
|  1 day SOFR Annual | 3.90 annually | Receive | 2/15/2035 | USD | 700000 | (942) | (12892) | (13834) |

---

See Notes to Financial Statements.

1163

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  1 day SOFR Annual | 3.74 annually | Receive | 8/15/2033 | USD | 630000 |  | (1703) | (1703) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 140000 | (127) | (1982) | (2109) |
|  1 day SOFR Annual | 3.73 annually | Receive | 10/31/2030 | USD | 400000 |  | (3482) | (3482) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2034 | CAD | 100000 | (9) | (581) | (590) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2033 | CAD | 200000 | 718 | (2515) | (1797) |
|  1 day REPO_CORRA Semi-Annual | 3.00 semi-annually | Receive | 6/1/2033 | CAD | 100000 | 323 | (1222) | (899) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 300000 | (6850) | (3631) | (10481) |
|  1 day REPO_CORRA Semi-Annual | 3.75 semi-annually | Receive | 12/20/2033 | CAD | 700000 | (23411) | (10828) | (34239) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 250000 | (4407) | (4328) | (8735) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 450000 | (7666) | (8056) | (15722) |
|  1 day SOFR Annual | 3.72 annually | Receive | 8/15/2033 | USD | 1300000 |  | (617) | (617) |
|  1 day SOFR Annual | 3.67 annually | Receive | 5/31/2028 | USD | 1500000 |  | (9928) | (9928) |
|  1 day SONIA Annual | 3.50 annually | Pay | 3/19/2030 | GBP | 301000 | (7714) | 4243 | (3471) |
|  1 day SOFR Annual | 3.81 annually | Receive | 5/31/2028 | USD | 1500000 |  | (15939) | (15939) |
|  1 day SOFR Annual | 3.73 annually | Receive | 10/31/2030 | USD | 300000 |  | (2693) | (2693) |
|  1 day REPO_CORRA Semi-Annual | 3.50 semi-annually | Receive | 6/1/2032 | CAD | 1700000 | (32567) | (26828) | (59395) |
|  1 day SOFR Annual | 3.75 annually | Receive | 8/15/2033 | USD | 800000 |  | (2664) | (2664) |
|  1 day SOFR Annual | 3.90 annually | Receive | 2/15/2035 | USD | 400000 | (2144) | (5760) | (7904) |
|  1 day SOFR Annual | 3.75 annually | Receive | 8/15/2033 | USD | 700000 |  | (2399) | (2399) |
|  1 day SOFR Annual | 4.10 annually | Receive | 2/18/2035 | USD | 700000 |  | (23355) | (23355) |
|  1 day SOFR Annual | 3.75 annually | Receive | 6/20/2034 | USD | 6400000 | 225281 | (279913) | (54632) |
|  1 day SOFR Annual | 3.75 annually | Receive | 5/15/2032 | USD | 120000 | (395) | (1412) | (1807) |
|  |  |  |  |  |  | (285390) | (492752) | (778142) |
|  Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | 2473718 | 472208 | 2945926 |

---

(1) Value of floating rate index at June 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Floating Rate Index** | **Value** |
|  1 day CDI BRL | 2.09% |
|  1 day ESTR EUR | 1.92% |
|  1 day REPO_CORRA CAD | 1.14% |
|  1 day SOFR USD | 4.45% |
|  1 day SONIA GBP | 4.22% |
|  1 day TONAR JPY | 0.47% |
|  6 month BBR AUD | 3.78% |
|  6 month EURIBOR EUR | 2.05% |

---

See Notes to Financial Statements.

1164

------

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $30753218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $30753218 |
|  **Centrally Cleared Credit Default Swaps** |  | 66083 |  | 66083 |
|  **Centrally Cleared Interest Rate Swaps** |  | 1095383 |  | 1095383 |
|  **Collateralized Mortgage Obligations** |  | 6111509 |  | 6111509 |
|  **Commercial Mortgage-Backed Securities** |  | 14952742 |  | 14952742 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 958257 |  | 958257 |
|  Consumer Discretionary |  | 4359452 |  | 4359452 |
|  Consumer Staples |  | 1468728 |  | 1468728 |
|  Energy |  | 862475 |  | 862475 |
|  Financials |  | 34296296 |  | 34296296 |
|  Industrials |  | 1319715 |  | 1319715 |
|  Information Technology |  | 2616106 |  | 2616106 |
|  Materials |  | 1018315 |  | 1018315 |
|  Real Estate |  | 10689866 |  | 10689866 |
|  Utilities |  | 16447348 |  | 16447348 |
|  **Foreign Government Securities** |  | 12160207 |  | 12160207 |
|  **Forward Currency Contracts** |  | 186466 |  | 186466 |
|  **Futures** | 935113 |  |  | 935113 |
|  **Mortgage-Backed Securities** |  | 120366597 |  | 120366597 |
|  **Municipal Bonds** |  | 2663382 |  | 2663382 |
|  **Options Purchased** |  |  |  |  |
|  Call Options Purchased |  | 2754 |  | 2754 |
|  Put Options Purchased |  | 20042 |  | 20042 |
|  **OTC Credit Default Swaps** |  | 63850 |  | 63850 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 598852 |  | 598852 |
|  Foreign Government Treasury Bill |  | 319468 |  | 319468 |
|  Investment Companies | 480110 |  |  | 480110 |
|  U.S. Treasury Obligations |  | 10686944 |  | 10686944 |
|  **Supranational** |  | 1891152 |  | 1891152 |
|  **Swaptions Purchased** |  |  |  |  |
|  **Put Swaptions** |  | 46721 |  | 46721 |
|  **U.S. Treasury Obligations** |  | 42275640 |  | 42275640 |
|  **Total Assets** | $**1415223** | $**318297568** | $**—** | $**319712791** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Centrally Cleared Interest Rate Swaps** | $— | $(623175) | $— | $(623175) |
|  **Forward Currency Contracts** |  | (626373) |  | (626373) |
|  **Futures** | (88947) |  |  | (88947) |
|  **Options Written** |  |  |  |  |
|  Put Options Written |  | (30) |  | (30) |
|  **Swaptions Written** |  | (109521) |  | (109521) |
|  **Total Liabilities** | $**(88947)** | $**(1359099)** | $**—** | $**(1448046)** |
|  **Total** | $**1326276** | $**316938469** | $**—** | $**318264745** |

---

See Notes to Financial Statements.

1165

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EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $2077217 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 209262 |
|  Credit contracts | Market value on OTC swap contracts & Variation Margin on Centrally Cleared Swaps – Receivables | 129933 |
|  **Total** |  | $2416412 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(821643) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (626373) |
|  Credit contracts | Market value on OTC swap contracts –<br> Payables, Net assets – Unrealized depreciation | (30) |
|  **Total** |  | $(1448046) |

---

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

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (1)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(58615) | $167629 | $299046 | $— | $241468 | $649528 |
|  Foreign exchange contracts |  |  |  | (744003) |  | (744003) |
|  Credit contracts |  | 3288 |  |  | 28970 | 32258 |
|  **Total** | $(58615) | $170917 | $299046 | $(744003) | $270438 | $(62217) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (2)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(7412) | $(17564) | $1003645 | $— | $(382535) | $596134 |
|  Foreign exchange contracts | (2972) |  |  | (765979) |  | (768951) |
|  Credit contracts |  |  |  |  | 48847 | 49847 |
|  **Total** | $(10384) | $(17564) | $1003645 | $(765979) | $(333688) | $(123970) |

---

(1) Included in Realized gain (loss) on investment transactions in the Statement of Operations.

(2) Included in Change in unrealized appreciation (depreciation) on investment transactions in the Statement of Operations.

^ The Portfolio held forward foreign currency contracts, futures contracts, option contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

1166

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EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $55726000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 6949000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $15668000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 37457000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $23000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | 109000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | 128000 |
|  Credit index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $13460000 |
|  Credit default swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $3500000 |
|  Interest rate swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $3097000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 12630000 |
|  Overnight index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $46641000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays floating rate | 2984000 |
|  Variable Rate Swap |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $2771000 |

---

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the**<br>**Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $30370 | $(30370) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  Barclays Bank plc | 63144 | (62673) |  | 471 |
|  Citibank NA | 69034 | (69034) |  |  |
|  Goldman Sachs Bank USA | 24821 | (24821) |  |  |
|  HSBC Bank plc | 39488 | (39488) |  |  |
|  JPMorgan Chase Bank | 56271 | (56271) |  |  |
|  Morgan Stanley | 36705 | (21766) |  | 14939 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304423) | $— | $15410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $259563 | $(30370) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224000) | $5193 |
|  Barclays Bank plc | 62673 | (62673) |  |  |
|  Citibank NA | 70562 | (69034) |  | 1528 |
|  Goldman Sachs Bank USA | 50510 | (24821) |  | 25689 |
|  HSBC Bank plc | 60676 | (39488) |  | 21188 |
|  JPMorgan Chase Bank | 210174 | (56271) |  | 153903 |
|  Morgan Stanley | 21766 | (21766) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207501 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

1167

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EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $519394671.0 |
|  Long-term U.S. government debt securities | 4198042.0 |
|  | $523592713.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $519695146.0 |
|  Long-term U.S. government debt securities | 9819104.0 |
|  | $529514250.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6111996 |
|  Aggregate gross unrealized depreciation | (27076168) |
|  Net unrealized depreciation | $(20964172) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $341948118 |

---

See Notes to Financial Statements.

1168

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EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $331,629,343) | $317365896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2209531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $607,740) | 625592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for swaps | 1841000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 45123098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1795713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 500993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 210565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 186466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 123263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on OTC swap contracts (Premiums paid $54,278) | 118128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 50398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 10435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 371134538 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 115084708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 905000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 626373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 505372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 480110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 112965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $110,341) | 109551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 62262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 51389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 18493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 84418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 118040641 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $253093897 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $286229692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (33135795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $253093897 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $253,093,897 / 26,492,413 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.55 |

---

*(x)* *Includes value of securities on loan of $467,239.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $1,836 foreign withholding tax) | $5846485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5848169 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 629329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 314664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 114259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 44570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1192315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (248108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 944207 |
|  **NET INVESTMENT INCOME (LOSS)** | 4903962 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (767552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 299046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (744003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 77774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 270438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 170917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (82406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (775786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7085051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1003645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (765979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 104839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (17564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (333688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7076304 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6300518 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $11204480 |

---

See Notes to Financial Statements.

1169

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#### EQ ADVISORS TRUST
EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4903962 | $10341553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (775786) | (2119278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7076304 | (3209005) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 11204480 | 5013270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (11071896) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,098,953 and 3,141,200 shares, respectively ] | 10241860 | 29657235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,201,048 shares, respectively ] |  | 11071896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2634883) and (4176984) shares, respectively ] | (24595701) | (39352846) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (14353841) | 1376285 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3149361) | (4682341) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 256243258 | 260925599 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $253093897 | $256243258 |

---

See Notes to Financial Statements.

1170

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#### EQ ADVISORS TRUST
EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.14 | $9.36 | $9.10 | $10.94 | $11.33 | $11.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.38 | 0.34 | 0.23 | 0.16 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.23 | (0.19) | 0.17 | (1.75) | (0.33) | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.19 | 0.51 | (1.52) | (0.17) | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.41) | (0.25) | (0.32) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.03) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.41) | (0.25) | (0.32) | (0.22) | (0.61) |
|  Net asset value, end of period | $9.55 | $9.14 | $9.36 | $9.10 | $10.94 | $11.33 |
|  Total return (b) | 4.49% | 2.01% | 5.63% | (13.99)% | (1.44)% | 8.58% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $253094 | $256243 | $260926 | $260380 | $325791 | $334175 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(g) | 0.75 %(j) | 0.78 %(k) | 0.87 %(m) | 0.77 %(n) | 0.75 %(j) | 0.75 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.95% | 0.98% | 1.07% | 0.96% | 0.92% | 0.93% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.90% | 4.01% | 3.72% | 2.34% | 1.47% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.70% | 3.81% | 3.52% | 2.15% | 1.30% | 1.51% |
|  Portfolio turnover rate^ | 167 %(z) | 383% | 364% | 364% | 307% | 515% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.03%, 0.12% and 0.02% for the years ended December 31, 2024, 2023 and 2022, respectively.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.75% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.78% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.77% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1171

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EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (23.0%)** | **Asset-Backed Securities (23.0%)** | **Asset-Backed Securities (23.0%)** |
|  522 Funding CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6A A1R2<br>5.479%, 10/23/34 (l)§ | $1800000 | $1796596 |
|  Allegro CLO XI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1AR<br>5.519%, 1/19/33 (l)§ | 3200000 | 3201302 |
|  Anchorage Capital CLO 21 Ltd., | Anchorage Capital CLO 21 Ltd., | Anchorage Capital CLO 21 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A AR<br>5.319%, 10/20/34 (l)§ | 1200000 | 1199400 |
|  Apidos CLO XXXV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-35A A<br>5.581%, 4/20/34 (l)§ | 500000 | 500381 |
|  Ares LIX CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A A<br>5.573%, 4/25/34 (l)§ | 3200000 | 3202710 |
|  Ares XXVII CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A AR3<br>5.433%, 10/28/34 (l)§ | 3200000 | 3200640 |
|  ARI Fleet Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A2<br>5.540%, 4/15/33§ | 1140151 | 1147318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A2<br>4.590%, 3/15/34§ | 1000000 | 1003672 |
|  Atlas Senior Loan Fund XVII Ltd., | Atlas Senior Loan Fund XVII Ltd., | Atlas Senior Loan Fund XVII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A AR<br>5.329%, 10/20/34 (l)§ | 350000 | 348365 |
|  Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A ARR<br>5.299%, 10/21/34 (l)§ | 500000 | 500822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A ARR<br>5.509%, 7/19/34 (l)§ | 3200000 | 3203888 |
|  Bank of America Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A2<br>5.850%, 8/17/26§ | 91151 | 91189 |
|  BofA Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2B<br>4.852%, 11/22/27 (l)§ | 3000000 | 3001127 |
|  Capital One Prime Auto Receivables Trust, | Capital One Prime Auto Receivables Trust, | Capital One Prime Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A3<br>5.820%, 6/15/28 | 2239000 | 2267197 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A A1RR<br>5.489%, 7/20/32 (l)§ | 1802760 | 1803281 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A3<br>3.490%, 2/16/27 | 706638 | 704952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4 A2B<br>5.104%, 12/15/26 (l) | 393188 | 393289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A2A<br>5.300%, 3/15/27 | 236658 | 236843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A2A<br>5.650%, 5/17/27 | 805739 | 807752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A2A<br>4.590%, 7/17/28 | 6000000 | 6018207 |
|  CarVal CLO I Ltd., | CarVal CLO I Ltd., | CarVal CLO I Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A AR<br>5.491%, 7/16/31 (l)§ | 3034167 | 3037201 |
|  CarVal CLO III Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR2<br>5.259%, 7/20/32 (l)§ | 2367336 | 2368489 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P5 A2<br>5.770%, 4/12/27§ | 35558 | 35568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1 A2<br>5.500%, 8/10/27§ | 293480 | 293741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4 A2<br>4.620%, 2/10/28 | 1168998 | 1168461 |
|  Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AA A2<br>5.900%, 3/25/27§ | 78655 | 78732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.480%, 4/26/27§ | 349629 | 350006 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.074%, 5/15/36 (l)§ | 1320958 | 1321729 |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A6 A6<br>5.196%, 5/14/29 (l) | 4000000 | 4037975 |
|  Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AMC2 A3A<br>4.594%, 1/25/37 (l) | 28004 | 20188 |
|  Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A3<br>5.840%, 1/18/28§ | 1040389 | 1046692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A2B<br>4.844%, 11/16/26 (l)§ | 618695 | 618695 |
|  CNH Equipment Trust, | CNH Equipment Trust, | CNH Equipment Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B A2<br>5.900%, 2/16/27 | 337466 | 337623 |
|  CQS US CLO Ltd., | CQS US CLO Ltd., | CQS US CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AR<br>5.469%, 1/20/35 (l)§ | 1000000 | 999112 |
|  Dllad LLC, | Dllad LLC, | Dllad LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.500%, 8/20/27§ | 1392860 | 1399422 |
|  Elevation CLO Ltd., | Elevation CLO Ltd., | Elevation CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1R2<br>5.582%, 1/25/35 (l)§ | 3000000 | 2999880 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A2<br>5.310%, 4/20/27§ | 385251 | 386602 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2 A<br>1.266%, 10/19/37§ | 4637312 | 4579447 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A2B<br>4.714%, 8/15/27 (l) | 3000000 | 2999433 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A2A<br>5.400%, 4/15/27 | 4459766 | 4469885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2A<br>4.320%, 8/15/27 | 5059694 | 5055405 |
|  Gm Financial Automobile Leasing Trust, | Gm Financial Automobile Leasing Trust, | Gm Financial Automobile Leasing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A2A<br>4.550%, 7/20/27 | 3000000 | 3007358 |
|  GM Financial Automobile Leasing Trust, | GM Financial Automobile Leasing Trust, | GM Financial Automobile Leasing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A2A<br>4.290%, 1/20/27 | 2792971 | 2787313 |
|  GM Financial Consumer Automobile Receivables Trust, | GM Financial Consumer Automobile Receivables Trust, | GM Financial Consumer Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4 A4<br>4.880%, 8/16/28 | 1000000 | 1004665 |

---

See Notes to Financial Statements.

1172

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4 A2B<br>4.834%, 11/16/26 (l) | $107771 | $107787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A2A<br>4.530%, 10/18/27 | 2302174 | 2300532 |
|  GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.340%, 6/15/28§ | 4000000 | 4037277 |
|  Golub Capital Partners Static Ltd., | Golub Capital Partners Static Ltd., | Golub Capital Partners Static Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A1<br>5.499%, 4/20/33 (l)§ | 2026333 | 2026333 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 A4<br>5.034%, 5/25/47 (l) | 67099 | 43777 |
|  Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A<br>5.490%, 6/25/27§ | 2900000 | 2914126 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A2B<br>4.704%, 6/15/27 (l)§ | 4100000 | 4099921 |
|  Hyundai Auto Receivables Trust, | Hyundai Auto Receivables Trust, | Hyundai Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2B<br>4.704%, 9/15/27 (l) | 2541134 | 2538424 |
|  Jamestown CLO XVI Ltd., | Jamestown CLO XVI Ltd., | Jamestown CLO XVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A AR<br>5.402%, 7/25/34 (l)§ | 1400000 | 1399948 |
|  Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A A1R<br>5.552%, 7/25/35 (l)§ | 3200000 | 3197510 |
|  KKR CLO 41 Ltd., | KKR CLO 41 Ltd., | KKR CLO 41 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-41A A1<br>5.586%, 4/15/35 (l)§ | 1800000 | 1801892 |
|  LCM 31 Ltd., | LCM 31 Ltd., | LCM 31 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 31A AR<br>5.549%, 7/20/34 (l)§ | 1600000 | 1599944 |
|  M&T Bank Auto Receivables Trust, | M&T Bank Auto Receivables Trust, | M&T Bank Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2B<br>4.804%, 5/15/28 (l)§ | 1500000 | 1501614 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br>5.256%, 10/15/34 (l)§ | 700000 | 700140 |
|  Madison Park Funding XXI Ltd., | Madison Park Funding XXI Ltd., | Madison Park Funding XXI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A AARR<br>5.598%, 10/15/32 (l)§ | 392341 | 392708 |
|  Massachusetts Educational Financing Authority, | Massachusetts Educational Financing Authority, | Massachusetts Educational Financing Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1 A1<br>5.575%, 4/25/38 (l) | 28044 | 27671 |
|  Master Credit Card Trust II, | Master Credit Card Trust II, | Master Credit Card Trust II, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.053%, 1/21/28 (l)§ | 5000000 | 5009849 |
|  Mercedes-Benz Auto Lease Trust, | Mercedes-Benz Auto Lease Trust, | Mercedes-Benz Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B A2A<br>4.570%, 12/15/26 | 2252984 | 2253376 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA A<br>1.690%, 5/15/69§ | 661711 | 625096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA A<br>1.170%, 9/16/69§ | 541385 | 503839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA A1B<br>5.426%, 4/15/69 (l)§ | 2099285 | 2087867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA A<br>1.110%, 2/18/70§ | 6273210 | 5464958 |
|  Navient Student Loan Trust, | Navient Student Loan Trust, | Navient Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A A<br>5.220%, 7/26/66 (l)§ | 1624183 | 1608868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BA A1B<br>6.004%, 3/15/72 (l)§ | 843218 | 850316 |
|  Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 A5<br>4.724%, 12/24/35 (l) | 729885 | 721374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-5A A<br>5.050%, 1/25/37 (l)§ | 472282 | 465853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A<br>5.220%, 9/25/65 (l)§ | 1996375 | 1994115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A<br>5.320%, 6/27/67 (l)§ | 453491 | 454767 |
|  Nissan Auto Receivables Owner Trust, | Nissan Auto Receivables Owner Trust, | Nissan Auto Receivables Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B A2B<br>4.864%, 5/15/26 (l) | 44778 | 44783 |
|  Northwoods Capital XII-B Ltd., | Northwoods Capital XII-B Ltd., | Northwoods Capital XII-B Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12BA AR<br>5.508%, 6/15/31 (l)§ | 2676984 | 2673892 |
|  PHEAA Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A A<br>5.370%, 11/25/65 (l)§ | 791277 | 783873 |
|  Porsche Innovative Lease Owner Trust, | Porsche Innovative Lease Owner Trust, | Porsche Innovative Lease Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A2A<br>4.470%, 12/21/26§ | 1314068 | 1313462 |
|  Rad CLO 4 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A AR<br>5.512%, 4/25/32 (l)§ | 1642372 | 1643686 |
|  Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., | Regatta XVI Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A1R<br>5.456%, 1/15/33 (l)§ | 3894304 | 3898000 |
|  SBA Tower Trust (REIT),<br>4.831%, 10/15/29§ | 1500000 | 1498200 |
|  SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2<br>4.940%, 11/20/26§ | 1479173 | 1480309 |
|  Sculptor CLO XXVII Ltd., | Sculptor CLO XXVII Ltd., | Sculptor CLO XXVII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27A A1R<br>5.329%, 7/20/34 (l)§ | 2300000 | 2298850 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A3<br>5.470%, 10/20/28§ | 536640 | 540133 |
|  Silver Rock CLO II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A AR<br>5.309%, 1/20/35 (l)§ | 1100000 | 1098900 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-1 A<br>4.820%, 3/25/25 (h) (l) | 962013 | 928606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-3 A<br>5.070%, 12/27/38 (l) | 2895761 | 2862499 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA A2A<br>1.600%, 9/15/54§ | 675433 | 635933 |
|  Symphony CLO XXII Ltd., | Symphony CLO XXII Ltd., | Symphony CLO XXII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22A A1AR<br>5.449%, 4/18/33 (l)§ | 800000 | 800022 |
|  Synchrony Card Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A1 A<br>4.780%, 2/15/31 | 1500000 | 1521759 |

---

See Notes to Financial Statements.

1173

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Tesla Sustainable Energy Trust, | Tesla Sustainable Energy Trust, | Tesla Sustainable Energy Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.080%, 6/21/50§ | 1450034 | 1454721 |
|  Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D A2B<br>4.694%, 8/16/27 (l) | 1878560 | 1878979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B A2B<br>4.844%, 3/15/28 (l) | 4000000 | 4000041 |
|  Toyota Lease Owner Trust, | Toyota Lease Owner Trust, | Toyota Lease Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A A2B<br>4.712%, 7/20/27 (l)§ | 8000000 | 7999970 |
|  Trinitas CLO XX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A A1R<br>5.309%, 7/20/35 (l)§ | 1200000 | 1197754 |
|  TSTAT Ltd., | TSTAT Ltd., | TSTAT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1RR<br>5.419%, 7/20/37 (l)§ | 654995 | 655260 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br>5.870%, 7/1/28 | 152315 | 155205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20H 1<br>6.020%, 8/1/28 | 152865 | 156215 |
|  Verdelite Static CLO Ltd., | Verdelite Static CLO Ltd., | Verdelite Static CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.399%, 7/20/32 (l)§ | 1765931 | 1765048 |
|  Verizon Master Trust, | Verizon Master Trust, | Verizon Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6 A1B<br>4.972%, 8/20/30 (l) | 4000000 | 4018127 |
|  Volkswagen Auto Loan Enhanced Trust, | Volkswagen Auto Loan Enhanced Trust, | Volkswagen Auto Loan Enhanced Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 A2A<br>5.720%, 3/22/27 | 190348 | 190690 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR<br>5.469%, 7/20/32 (l)§ | 3613543 | 3611780 |
|  Wind River CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1KRA A1R3<br>5.316%, 10/15/34 (l)§ | 298390 | 296874 |
|  World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C A2A<br>4.780%, 1/18/28 | 487999 | 488146 |
|  World Omni Automobile Lease Securitization Trust, | World Omni Automobile Lease Securitization Trust, | World Omni Automobile Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2B<br>4.734%, 2/16/27 (l) | 972996 | 973368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 182627520 |
|  **Collateralized Mortgage Obligations (19.2%)** | **Collateralized Mortgage Obligations (19.2%)** | **Collateralized Mortgage Obligations (19.2%)** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-61 2A1<br>4.994%, 12/25/35 (l) | 4401 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-62 2A1<br>5.399%, 12/25/35 (l) | 18164 | 15550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.754%, 2/25/47 (l) | 84997 | 83003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7 A1A<br>4.794%, 5/25/47 (l) | 20683 | 19007 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1<br>4.624%, 5/25/46 (l) | 1013403 | 887540 |
|  Arroyo Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1R A1<br>1.175%, 10/25/48 (l)§ | 431558 | 388981 |
|  BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AA2 A1<br>4.774%, 1/25/37 (l) | 115933 | 106576 |
|  Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>4.905%, 9/25/35 (l) | 264705 | 151387 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-3 3A2<br>6.642%, 5/25/33 (l) | 5455 | 5243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br>5.939%, 1/25/34 (l) | 470 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 4A1<br>6.884%, 1/25/34 (l) | 2013 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 15A1<br>7.486%, 1/25/35 (l) | 6548 | 6536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 21A1<br>5.837%, 1/25/35 (l) | 125131 | 121010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br>4.250%, 5/25/47 (l) | 490778 | 441831 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-25 A11<br>5.500%, 11/25/35 | 53450 | 24636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 1A2<br>5.014%, 4/25/35 (l) | 31667 | 30135 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A1A<br>6.490%, 5/25/35 (l) | 584 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A2A<br>7.230%, 10/25/35 (l) | 21676 | 22455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-12 2A1<br>5.234%, 8/25/35 (l)§ | 27559 | 26775 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A1<br>6.080%, 9/25/35 (l) | 1262 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A2<br>6.180%, 9/25/35 (l) | 3128 | 3054 |
|  Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-P1A A<br>5.063%, 3/25/32 (l)§ | 174 | 167 |
|  Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB4 A1B1<br>4.534%, 10/25/36 (l) | 341 | 283 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2142 Z<br>6.500%, 4/15/29 | 543 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2411 FJ<br>4.768%, 12/15/29 (l) | 164 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3222 FN<br>4.818%, 9/15/36 (l) | 5832 | 5776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3241 FM<br>4.798%, 11/15/36 (l) | 3228 | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3245 NF<br>4.898%, 11/15/36 (l) | 102844 | 102018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 330 F4<br>4.814%, 10/15/37 STRIPS (l) | 1196671 | 1181519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 343 F4<br>4.814%, 10/15/37 STRIPS (l) | 356459 | 351513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3807 FM<br>4.918%, 2/15/41 (l) | 123325 | 122399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3850 FC<br>4.838%, 4/15/41 (l) | 105627 | 104572 |

---

See Notes to Financial Statements.

1174

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3898 TF<br>4.918%, 7/15/39 (l) | $9399 | $9297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3927 FH<br>4.868%, 9/15/41 (l) | 121296 | 120090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 413 F25<br>5.455%, 5/25/54 (l) | 4318520 | 4320463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4283 JF<br>4.818%, 12/15/43 (l) | 1025092 | 1012244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4367 GF<br>4.814%, 3/15/37 (l) | 872258 | 860823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4615 AF<br>4.814%, 10/15/38 (l) | 298428 | 294432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4678 AF<br>4.864%, 12/15/42 (l) | 1405556 | 1391014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774 BF<br>4.718%, 2/15/48 (l) | 1462800 | 1411624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4779 WF<br>4.814%, 7/15/44 (l) | 1305025 | 1281208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4875 F<br>4.868%, 4/15/49 (l) | 887714 | 862111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4906 WF<br>4.864%, 12/15/38 (l) | 665836 | 657344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4913 FC<br>4.884%, 6/15/44 (l) | 1063744 | 1051117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4948 E<br>2.500%, 10/25/48 | 358910 | 328279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5115 EM<br>1.000%, 9/15/44 | 4393448 | 3855095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5484 FA<br>5.505%, 12/25/54 (l) | 1897476 | 1901381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5493 FK<br>5.455%, 1/25/55 (l) | 2475377 | 2468003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5513 MF<br>5.245%, 11/25/54 (l) | 15855610 | 15814024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5517 VF<br>5.255%, 3/25/55 (l) | 5481260 | 5484071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5528 FA<br>5.175%, 4/25/55 (l) | 5901295 | 5890301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5548 AF<br>5.305%, 6/25/55 (l) | 3475955 | 3485735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5549 CF<br>5.305%, 10/25/52 (l) | 3853350 | 3761051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5549 FA<br>5.555%, 6/25/55 (l) | 5355932 | 5377606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5557 FM<br>5.404%, 7/25/55 (l) | 800000 | 799751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560 FB<br>5.306%, 6/25/55 (l) | 800000 | 800389 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-57 1A1<br>6.500%, 7/25/43 | 1696 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-62 1A1<br>5.599%, 10/25/44 (l) | 84115 | 77012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br>5.599%, 2/25/45 (l) | 109116 | 105426 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AA1 A1<br>5.876%, 6/25/34 (l) | 11558 | 11563 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR3 2A1<br>6.431%, 8/25/35 (l) | 19438 | 13901 |
|  FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W8<br>3F2 4.770%, 5/25/42 (l) | 5384 | 5366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38 F<br>4.720%, 5/25/35 (l) | 8177 | 8099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-118 A2<br>4.496%, 12/25/36 (l) | 34364 | 33765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br>6.782%, 5/25/35 (l) | 12758 | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109 GF<br>5.100%, 12/25/37 (l) | 270866 | 270456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-84 FN<br>4.920%, 8/25/37 (l) | 102784 | 102050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-74 AF<br>4.960%, 7/25/37 (l) | 79834 | 79442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-42 FA<br>4.864%, 7/25/44 (l) | 321995 | 316132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-86 PA<br>2.000%, 12/25/44 | 152537 | 135118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-64 KF<br>4.814%, 9/25/45 (l) | 1038326 | 1020609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-11 AF<br>4.964%, 3/25/46 (l) | 1075433 | 1068733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-84 DF<br>4.884%, 11/25/46 (l) | 302284 | 296276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-97 CF<br>4.884%, 12/25/56 (l) | 699768 | 685771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-108 AF<br>4.720%, 1/25/48 (l) | 676211 | 665217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-41 FD<br>4.920%, 8/25/59 (l) | 664138 | 651828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53 FA<br>4.864%, 9/25/49 (l) | 1262737 | 1234118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-60 WF<br>4.864%, 10/25/59 (l) | 619461 | 613594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-9 FA<br>4.864%, 3/25/49 (l) | 222767 | 220810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22 FA<br>4.820%, 4/25/50 (l) | 2877184 | 2773871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103 FC<br>5.455%, 1/25/55 (l) | 3841215 | 3838377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38 FA<br>5.150%, 1/25/51 (l) | 3054040 | 3054362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90 FB<br>5.555%, 11/25/53 (l) | 2746649 | 2756014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95 KF<br>5.405%, 12/25/54 (l) | 1472037 | 1470748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12 FG<br>5.255%, 3/25/55 (l) | 760916 | 761201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18 FM<br>5.205%, 9/25/54 (l) | 7762228 | 7732020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 FB<br>5.505%, 12/25/53 (l) | 972242 | 974241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40 FP<br>5.305%, 10/25/54 (l) | 2384106 | 2391436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-54 FM<br>5.402%, 7/25/55 (l) | 500000 | 499844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6 FA<br>5.555%, 2/25/55 (l) | 902040 | 905511 |
|  GCAT Trust, | GCAT Trust, | GCAT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3 A1<br>1.091%, 5/25/66 (l)§ | 1014391 | 879278 |

---

See Notes to Financial Statements.

1175

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H08 FC<br>5.016%, 4/20/62 (l) | $228710 | $229327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H12 FA<br>4.996%, 4/20/62 (l) | 262915 | 263618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H12 FB<br>5.496%, 2/20/62 (l) | 293107 | 296172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H13 FT<br>4.370%, 5/20/63 (l) | 68292 | 68018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04 FA<br>5.096%, 12/20/64 (l) | 528299 | 528548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H32 FA<br>5.196%, 12/20/65 (l) | 1149965 | 1151841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br>5.246%, 6/20/66 (l) | 655090 | 656592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FK<br>5.296%, 7/20/66 (l) | 204080 | 204708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H20 PT<br>7.843%, 9/20/66 (l) | 963111 | 993556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H07 FG<br>4.906%, 2/20/67 (l) | 1287871 | 1289799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H08 FM<br>5.174%, 3/20/67 (l) | 3824875 | 3857826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18 FC<br>4.796%, 8/20/65 (l) | 292533 | 292496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54 KF<br>4.859%, 5/20/44 (l) | 995697 | 974918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-90 F<br>4.882%, 7/20/49 (l) | 1149051 | 1116217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-17 EU<br>2.500%, 10/20/49 | 187801 | 167255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-63 PF<br>4.832%, 4/20/50 (l) | 4208602 | 4056327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 FA<br>3.000%, 7/20/51 (l) | 9865688 | 8455831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09 FG<br>5.802%, 6/20/71 (l) | 1239313 | 1264920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H26 DF<br>4.602%, 9/20/73 (l) | 3439201 | 3419971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13 FA<br>5.252%, 1/20/54 (l) | 139704 | 140273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89 PF<br>5.252%, 5/20/55 (l) | 498715 | 498228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-98 GF<br>5.204%, 6/20/55 (l) | 2600000 | 2600002 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 1A1<br>4.974%, 11/25/45 (l) | 5606 | 5266 |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL1 A1<br>1.750%, 12/25/60 (l)§ | 3432310 | 3218365 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR2 A9<br>5.000%, 2/25/52 (l)§ | 1846877 | 1711282 |
|  GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>5.293%, 9/25/35 (l) | 5743 | 5514 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br>4.872%, 5/19/35 (l) | 3859 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1A<br>4.912%, 3/19/36 (l) | 31664 | 28907 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR11 2A<br>4.588%, 12/25/34 (l) | 16609 | 15623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR14 1A1A<br>0.346%, 11/25/46 (l)(r) | 1803 |  |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12 A11<br>5.000%, 2/25/52 (l)§ | 715269 | 662790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 A11<br>5.655%, 2/25/55 (l)§ | 1550427 | 1556741 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13 3A7<br>6.043%, 11/21/34 (l) | 5915 | 5705 |
|  MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-5 6A1<br>6.000%, 8/25/33 | 110046 | 111525 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-TBC1 A1<br>5.126%, 11/15/31 (l) | 2147 | 2078 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 5A<br>4.934%, 11/25/35 (l) | 7463 | 7113 |
|  MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM2 A1<br>1.381%, 4/25/65 (l)§ | 380062 | 368496 |
|  MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-TBC3 A1<br>4.866%, 12/15/30 (l) | 697 | 676 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R A1<br>0.941%, 10/25/58 (l)§ | 665562 | 633635 |
|  OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5 A1<br>5.988%, 1/25/64(e)§ | 958134 | 964369 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO1 A1<br>4.734%, 8/25/35 (l) | 6943 | 4858 |
|  Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2 1AF1<br>4.774%, 6/25/35 (l)§ | 4926 | 4739 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>5.192%, 10/20/27 (l) | 155 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>5.132%, 7/20/33 (l) | 135959 | 135056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 A2<br>5.224%, 3/20/35 (l) | 79742 | 74210 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 A1<br>1.486%, 4/25/65 (l)§ | 205297 | 197940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A1<br>0.943%, 5/25/65 (l)§ | 1776321 | 1663225 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 4A2<br>6.525%, 2/25/34 (l) | 5388 | 5246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19 2A1<br>5.799%, 1/25/35 (l) | 6394 | 5748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 3A1<br>4.728%, 8/25/35 (l) | 17347 | 15098 |

---

See Notes to Financial Statements.

1176

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5 1A1<br>5.092%, 10/19/34 (l) | 5621 | 5380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.932%, 7/19/35 (l) | 16109 | 15391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A2<br>4.932%, 7/19/35 (l) | 7235 | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 2A1<br>4.814%, 6/25/36 (l) | 2932 | 2887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5 1A1<br>4.854%, 5/25/36 (l) | 251030 | 174630 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3 A1<br>3.750%, 5/25/58 (l)§ | 618833 | 606420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY2 A1<br>5.434%, 5/25/58 (l)§ | 317099 | 324458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY3 A1A<br>5.434%, 10/25/59 (l)§ | 336562 | 339040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A1<br>2.710%, 1/25/60 (l)§ | 1308221 | 1254790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ2 A1A<br>2.250%, 12/25/61 (l)§ | 333801 | 322887 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.850%, 12/25/67 (e)§ | 264525 | 264149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5 A1<br>6.476%, 6/25/68 (e)§ | 530085 | 533160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1<br>5.712%, 1/25/69 (e)§ | 1089483 | 1091500 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A<br>5.599%, 11/25/42 (l) | 738 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR2 A<br>4.182%, 2/27/34 (l) | 362 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR1 A5<br>5.776%, 3/25/33 (l) | 66454 | 65685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR1 A<br>6.205%, 3/25/34 (l) | 95604 | 96109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13 A1A1<br>5.014%, 10/25/45 (l) | 15702 | 15759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR15 A1A1<br>4.954%, 11/25/45 (l) | 6878 | 6606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR15 2A<br>5.899%, 11/25/46 (l) | 8631 | 7631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 A1A<br>5.399%, 2/25/46 (l) | 10731 | 9790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 3A<br>5.447%, 7/25/46 (l) | 40285 | 36447 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 152234131 |
|  **Commercial Mortgage-Backed Securities (2.5%)** | **Commercial Mortgage-Backed Securities (2.5%)** | **Commercial Mortgage-Backed Securities (2.5%)** |
|  BCP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-330N A<br>5.225%, 6/15/38 (l)§ | 4500000 | 4024188 |
|  Beast Mortgage Trust, | Beast Mortgage Trust, | Beast Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1818 A<br>5.476%, 3/15/36 (l)§ | 2500000 | 2259270 |
|  BWAY Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1450 A<br>5.676%, 9/15/36 (l)§ | 2500000 | 2428660 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 ASB<br>3.367%, 6/15/50 | 1082159 | 1072824 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 AAB<br>2.710%, 8/10/49 | 438597 | 436167 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CHOP A<br>5.194%, 7/15/32 (l)§ | 1904684 | 1900207 |
|  Extended Stay America Trust, | Extended Stay America Trust, | Extended Stay America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A<br>5.506%, 7/15/38 (l)§ | 6004094 | 6005972 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL12 A<br>5.809%, 12/15/31 (l)§ | 275649 | 256322 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33 ASB<br>3.401%, 5/15/50 | 1203536 | 1194061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed<br>Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed<br>Securities** | 19577671 |
|  **Corporate Bonds (37.1%)** | **Corporate Bonds (37.1%)** | **Corporate Bonds (37.1%)** |
|  **Communication Services (0.6%)** | **Communication Services (0.6%)** |  |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/15/26§ | 1300000 | 1279467 |
|  ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** | ***Wireless Telecommunication Services (0.5%)*** |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/15/25 | 3763000 | 3743010 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 5022477 |
|  **Consumer Discretionary (4.9%)** | **Consumer Discretionary (4.9%)** |  |
|  ***Automobiles (4.6%)*** | ***Automobiles (4.6%)*** | ***Automobiles (4.6%)*** |
|  BMW US Capital LLC | BMW US Capital LLC | BMW US Capital LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.78%),<br>5.175%, 3/19/27 (k)§ | 2100000 | 2099676 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.92%),<br>5.284%, 3/21/28 (k)§ | 800000 | 799939 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/25 | 1810000 | 1814298 |
|  Harley-Davidson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/28/25 | 5407000 | 5400463 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>5.580%, 8/4/25 (k)§ | 1200000 | 1200348 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>5.750%, 11/3/25 (k)§ | 1978000 | 1981173 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>5.944%, 1/8/27 (k)(m) | 2000000 | 2010800 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%),<br>5.443%, 6/24/27 (k)§ | 1000000 | 998340 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%),<br>5.002%, 1/9/26 (k)§ | 5100000 | 5103734 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/9/26§ | 1100000 | 1072500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26§ | 4000000 | 3815000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26 (m) | 1000000 | 953750 |

---

See Notes to Financial Statements.

1177

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>5.329%, 9/12/25 (k)§ | 7000000 | 7008827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/24/25§ | 1000000 | 986168 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>5.475%, 8/14/26 (k)§ | 1392000 | 1392308 |
|  |  | 36637324 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/26 | 2401000 | 2402828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 39040152 |
|  **Consumer Staples (0.7%)** | **Consumer Staples (0.7%)** |  |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/1/25 | 5500000 | 5494557 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 5494557 |
|  **Energy (1.1%)** | **Energy (1.1%)** |  |
|  ***Oil, Gas & Consumable Fuels (1.1%)*** | ***Oil, Gas & Consumable Fuels (1.1%)*** | ***Oil, Gas & Consumable Fuels (1.1%)*** |
|  Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/25 | 1500000 | 1501703 |
|  MPLX LP | MPLX LP | MPLX LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/1/26 | 3000000 | 2945978 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/25 | 300000 | 298527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 1/15/26 | 1100000 | 1105543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/24/27 | 1200000 | 1193101 |
|  Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/2/26 | 1500000 | 1509207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 8554059 |
|  **Financials (17.5%)** | **Financials (17.5%)** |  |
|  ***Banks (8.1%)*** | ***Banks (8.1%)*** | ***Banks (8.1%)*** |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.78%),<br>6.176%, 9/18/27 (k)§ | 1000000 | 1011036 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.00%),<br>5.414%, 12/3/28 (k)§ | 500000 | 499229 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>1.197%, 10/24/26 (k) | 3915000 | 3874142 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.080%, 1/20/27 (k)(x) | 645000 | 646920 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%),<br>5.457%, 7/22/27 (k) | 1100000 | 1101688 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>5.807%, 9/15/27 (k) | 2100000 | 2109758 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.88%),<br>5.290%, 9/10/27 (k) | 1400000 | 1404061 |
|  Bank of Nova Scotia (The) | Bank of Nova Scotia (The) | Bank of Nova Scotia (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.55%),<br>4.960%, 3/2/26 (k) | 300000 | 300369 |
|  Barclays plc | Barclays plc | Barclays plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/12/26 | 1700000 | 1695748 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%),<br>5.889%, 3/12/28 (k) | 1400000 | 1411067 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br>1.323%, 1/13/27 (k)§ | 1000000 | 982721 |
|  BPCE SA | BPCE SA | BPCE SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%),<br>1.652%, 10/6/26 (k)§ | 750000 | 743576 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>5.975%, 1/18/27 (k)§ | 400000 | 402665 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%),<br>5.161%, 1/13/28 (k)(x) | 400000 | 398748 |
|  Citibank NA | Citibank NA | Citibank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%),<br>5.205%, 9/29/25 (k) | 3090000 | 3092616 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>1.122%, 1/28/27 (k) | 1000000 | 980372 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.62%),<br>4.997%, 8/28/26 (k) | 7000000 | 7014209 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.735%, 7/5/26 (k)§ | 400000 | 402826 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>5.270%, 3/11/27 (k)§ | 905000 | 907335 |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.64%), 5.966%, 9/12/26 (k) | 1400000 | 1402380 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.884%, 8/14/27 (k) | 900000 | 907796 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.887%, 8/14/27 (k) | 1300000 | 1317528 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.400%, 7/1/26 (k)§ | 1000000 | 1000000 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/21/25§ | 3000000 | 3021055 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>5.129%, 9/22/27 (k) | 2400000 | 2403216 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br>5.626%, 1/23/28 (k) | 5000000 | 5022649 |
|  Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.06%),<br>5.367%, 11/26/28 (k) | 1600000 | 1603575 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>5.125%, 10/15/27 (k) | 5000000 | 5002810 |
|  NatWest Markets plc | NatWest Markets plc | NatWest Markets plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.76%),<br>5.160%, 9/29/26 (k)(m) | 500000 | 501630 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%),<br>4.940%, 1/15/27 (k) | 3500000 | 3497846 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 8/13/26 | 2000000 | 1933649 |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/12/26 (m) | 1500000 | 1493250 |

---

See Notes to Financial Statements.

1178

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%),<br>5.760%, 1/13/26(k) | 3805000 | 3827308 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%),<br>5.205%, 1/24/28(k) | 2000000 | 1999960 |
|  |  | 63913738 |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 1/13/26 | 500000 | 499188 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.19%),<br>6.119%, 7/14/26 (k) | 500000 | 500290 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%),<br>1.093%, 12/9/26 (k) | 4000000 | 3936546 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%),<br>5.201%, 12/9/26 (k) | 1800000 | 1801233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%),<br>1.431%, 3/9/27 (k) | 1000000 | 978547 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%), 6.294%, 10/28/27 (k) | 1000000 | 1015971 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.67%),<br>4.679%, 7/17/26 (k) | 2200000 | 2199867 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%),<br>5.050%, 1/28/27 (k)(x) | 1600000 | 1604870 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 | 1700000 | 1707806 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.364%, 1/30/27 (k)§ | 1000000 | 981357 |
|  |  | 15225675 |
|  ***Consumer Finance (1.4%)*** | ***Consumer Finance (1.4%)*** | ***Consumer Finance (1.4%)*** |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.79%),<br>5.227%, 10/3/25 (k) | 1400000 | 1401651 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/26§ | 1500000 | 1502085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/21/26§ | 601000 | 589040 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134%, 8/4/25 | 1500000 | 1491330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.389%, 1/8/26 | 725000 | 719860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 3/6/26 | 300000 | 301527 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.95%),<br>7.353%, 3/6/26 (k) | 500000 | 503440 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>5.188%, 8/7/26 (k) | 4765000 | 4783205 |
|  |  | 11292138 |
|  ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/22/25 | 800000 | 799602 |
|  ***Insurance (6.0%)*** | ***Insurance (6.0%)*** | ***Insurance (6.0%)*** |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.75%), 5.180%, 7/16/26 (k)§ | 2800000 | 2805562 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.83%),<br>5.275%, 1/7/27 (k)§ | 2000000 | 2003338 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.21%),<br>5.603%, 3/25/27 (k)§ | 6000000 | 6031894 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/30/26§ | 120000 | 116641 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/26§ | 2900000 | 2857599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/6/27§ | 3000000 | 2897638 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/13/27§ | 1500000 | 1509454 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%),<br>4.946%, 6/11/27 (k)§ | 11000000 | 11024038 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%),<br>5.024%, 6/4/26 (k)§ | 13000000 | 13033105 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.48%),<br>4.910%, 2/4/27 (k)(x)§ | 5000000 | 4984060 |
|  |  | 47263329 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 138494482 |
|  **Health Care (1.5%)** | **Health Care (1.5%)** |  |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/15/26 | 2000000 | 2002278 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>5.285%, 3/1/28(k) | 800000 | 804240 |
|  |  | 2806518 |
|  ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/12/25 | 5000000 | 5021116 |
|  ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** |
|  Bayer US Finance II LLC | Bayer US Finance II LLC | Bayer US Finance II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/25§ | 4173000 | 4161662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 11989296 |
|  **Industrials (2.0%)** | **Industrials (2.0%)** |  |
|  ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/30/25 (x) | 2000000 | 1987191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 | 1000000 | 984460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/26 | 400000 | 390827 |
|  General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.64%), 4.902%, 5/5/26 (k) | 516000 | 516659 |
|  |  | 3879137 |
|  ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** | ***Ground Transportation (0.8%)*** |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 11/15/25§ | 6110000 | 6030602 |
|  ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/11/25§ | 100000 | 100008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/26 | 3000000 | 2986072 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/1/25§ | 1400000 | 1399357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/26§ | 400000 | 393813 |

---

See Notes to Financial Statements.

1179

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | $| 1000000 | $| 967414 |
|  |  |  |  | 5846664 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 15756403 |
|  **Information Technology (1.4%)** | **Information Technology (1.4%)** | **Information Technology (1.4%)** |  |  |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/1/26 |  | 5600000 |  | 5562648 |
|  ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/25 |  | 1970000 |  | 1959624 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/1/25 |  | 1800000 |  | 1798589 |
|  NXP BV | NXP BV | NXP BV | NXP BV | NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/1/26 |  | 600000 |  | 602412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/18/26 |  | 1200000 |  | 1192908 |
|  |  |  |  | 5553533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 11116181 |
|  **Materials (1.3%)** | **Materials (1.3%)** | **Materials (1.3%)** |  |  |
|  ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** | ***Containers & Packaging (1.0%)*** |
|  Berry Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570%, 1/15/26 |  | 2600000 |  | 2550184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/15/26§ |  | 5109000 |  | 5098629 |
|  |  |  |  | 7648813 |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.75%),<br>5.198%, 10/1/26 (k)(x)§ |  | 2400000 |  | 2400437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 10049250 |
|  **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** |  |  |
|  ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** | ***Specialized REITs (1.2%)*** |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/15/25 |  | 700000 |  | 695113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/15/26 |  | 1000000 |  | 998429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/15/26 |  | 3300000 |  | 3225097 |
|  Weyerhaeuser Co. (REIT) | Weyerhaeuser Co. (REIT) | Weyerhaeuser Co. (REIT) | Weyerhaeuser Co. (REIT) | Weyerhaeuser Co. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/26 |  | 3090000 |  | 3099294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 7/1/26 |  | 1232000 |  | 1262090 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 9280023 |
|  **Utilities (4.9%)** | **Utilities (4.9%)** | **Utilities (4.9%)** |  |  |
|  ***Electric Utilities (4.6%)*** | ***Electric Utilities (4.6%)*** | ***Electric Utilities (4.6%)*** | ***Electric Utilities (4.6%)*** | ***Electric Utilities (4.6%)*** |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 8/15/25 |  | 2346000 |  | 2347885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N<br>1.000%, 11/1/25 |  | 1900000 |  | 1876661 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 9/15/25 |  | 1800000 |  | 1787753 |
|  Eversource Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/26 |  | 555000 |  | 557283 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/30/26§ |  | 3200000 |  | 3206505 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 1/15/26§ |  | 1115000 |  | 1112730 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.76%),<br>5.193%, 1/29/26 (k) |  | 5000000 |  | 5011020 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/1/25 |  | 1100000 |  | 1099952 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.95%),<br>5.354%, 9/4/25 (k) |  | 5000000 |  | 4996977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 |  | 4000000 |  | 3964308 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/1/26 |  | 1300000 |  | 1300909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/6/26 |  | 1200000 |  | 1197353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20C<br>1.200%, 2/1/26 |  | 2600000 |  | 2550842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>4.700%, 6/1/27 |  | 2800000 |  | 2808815 |
|  Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.150%, 1/15/26 |  | 2696000 |  | 2677945 |
|  |  |  |  | 36496938 |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/15/26 |  | 2500000 |  | 2486965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 38983903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 293780783 |
|  **Foreign Government Security (0.9%)** | **Foreign Government Security (0.9%)** | **Foreign Government Security (0.9%)** | **Foreign Government Security (0.9%)** | **Foreign Government Security (0.9%)** |
|  Kommunalbanken A/S | Kommunalbanken A/S | Kommunalbanken A/S | Kommunalbanken A/S | Kommunalbanken A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.40%),<br>4.704%, 3/3/28 (k)§ |  | 7350000 |  | 7351727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Security** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Security** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Security** |  | 7351727 |
|  **Mortgage-Backed Securities (0.3%)** | **Mortgage-Backed Securities (0.3%)** | **Mortgage-Backed Securities (0.3%)** | **Mortgage-Backed Securities (0.3%)** | **Mortgage-Backed Securities (0.3%)** |
|  FHLMC | FHLMC | FHLMC | FHLMC | FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.430%, 1/1/34 (l) |  | 1340 |  | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.676%, 11/1/35 (l) |  | 3822 |  | 3949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.567%, 7/1/36 (l) |  | 84020 |  | 85893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.195%, 9/1/36 (l) |  | 27760 |  | 28343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.901%, 10/1/36 (l) |  | 29119 |  | 29857 |
|  FNMA | FNMA | FNMA | FNMA | FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.037%, 11/1/34 (l) |  | 33960 |  | 34737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 1/1/35 (l) |  | 1200 |  | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.331%, 7/1/35 (l) |  | 1649 |  | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.478%, 12/1/35 (l) |  | 12543 |  | 12936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.827%, 3/1/36 (l) |  | 14578 |  | 15136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.697%, 3/1/44 (l) |  | 42274 |  | 42084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.697%, 7/1/44 (l) |  | 355 |  | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.697%, 10/1/44 (l) |  | 2914 |  | 2901 |
|  FNMA UMBS | FNMA UMBS | FNMA UMBS | FNMA UMBS | FNMA UMBS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/26 |  | 2318986 |  | 2292042 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 2552497 |
|  **Municipal Bond (0.2%)** | **Municipal Bond (0.2%)** | **Municipal Bond (0.2%)** | **Municipal Bond (0.2%)** | **Municipal Bond (0.2%)** |
|  University of Tulane,<br>Series 2007C, NATL-RE<br>(CME Term SOFR 3 Month +<br>0.30%), 4.888%, 2/15/36 (k) |  | 1880000 |  | 1744268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bond** |  |  |  | 1744268 |
|  **U.S. Government Agency Securities (6.5%)** | **U.S. Government Agency Securities (6.5%)** | **U.S. Government Agency Securities (6.5%)** | **U.S. Government Agency Securities (6.5%)** | **U.S. Government Agency Securities (6.5%)** |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/23/26 |  | 17550000 |  | 17143819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 2/24/27 |  | 30000000 |  | 28615851 |

---

See Notes to Financial Statements.

1180

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  FNMA | FNMA | FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.26%),<br>4.650%, 11/5/27 (k) | 6000000 | $6019072 |
|  **Total U.S. Government Agency Securities** |  | 51778742 |
|  **U.S. Treasury Obligation (0.4%)** | **U.S. Treasury Obligation (0.4%)** | **U.S. Treasury Obligation (0.4%)** |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS | 3121791 | 3205279 |
|  **Total U.S. Treasury Obligation** |  | 3205279 |
|  **Total Long-Term Debt Securities (90.1%)**<br> *(Cost $724,031,630)* | **Total Long-Term Debt Securities (90.1%)**<br> *(Cost $724,031,630)* | 714852618 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Commercial Paper (7.1%)** | **Commercial Paper (7.1%)** |  |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 7/17/25 (n)(p)§ | 2300000 | 2294808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 7/18/25 (n)(p) | 5600000 | 5586594 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 7/10/25 (n)(p)§ | 3800000 | 3795146 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 7/10/25 (n)(p)§ | 6800000 | 6791028 |
|  Crown Castle International Corp. | Crown Castle International Corp. | Crown Castle International Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 7/24/25 (n)(p)§ | 7900000 | 7873610 |
|  Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 7/22/25 (n)(p)§ | 2000000 | 1993880 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 7/14/25 (n)(p) | 6400000 | 6387761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 7/15/25 (n)(p) | 1500000 | 1496920 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/14/25 (n)(p) | 1100000 | 1093235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/25 (n)(p)§ | 1000000 | 993715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/22/25 (n)(p)§ | 7000000 | 6949388 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 7/9/25 (n)(p)§ | 1300000 | 1298506 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 7/28/25 (n)(p) | 400000 | 398567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 7/29/25 (n)(p) | 400000 | 398517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 8/25/25 (n)(p) | 3600000 | 3574206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 8/28/25 (n)(p) | 600000 | 595467 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/24/25 (n)(p) | 4700000 | 4685529 |
|  **Total Commercial Paper** | **Total Commercial Paper** | 56206877 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (0.4%)** | **Investment Companies (0.4%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 100000 | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 3088488 | 3088488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 3188488 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (2.0%)** | **U.S. Treasury Obligations (2.0%)** |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 9/25/25 (p) | 3800000 | 3761896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 10/14/25 (p) | 1600000 | 1580412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 10/21/25 (p) | 10700000 | 10560194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 15902502 |
|  **Total Short-Term Investments (9.5%)**<br> *(Cost $75,303,431)* | **Total Short-Term Investments (9.5%)**<br> *(Cost $75,303,431)* | 75297867 |
|  **Total Investments in Securities (99.6%)**<br> *(Cost $799,335,061)* | **Total Investments in Securities (99.6%)**<br> *(Cost $799,335,061)* | 790150485 |
|  **Other Assets Less Liabilities (0.4%)** | **Other Assets Less Liabilities (0.4%)** | 3096026 |
|  **Net Assets (100%)** |  | $793246511 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $307,244,120 or 38.7% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $4,959,430 or 0.6% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $3,116,008. This was collateralized by cash of $3,188,488 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

1181

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Glossary: | Glossary: | Glossary: |
| *ARM* | *—* | *Adjustable Rate Mortgage* |
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *CLO* | *—* | *Collateralized Loan Obligation* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GNMA* | *—* | *Government National Mortgage Association* |
| *NATL-RE* | *—* | *Insured by National Public Finance Guarantee Corp.* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *REMIC* | *—* | *Real Estate Mortgage Investment Conduit* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *STRIPS* | *—* | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
| *TIPS* | *—* | *Treasury Inflation Protected Security* |
| *UMBS* | *—* | *Uniform Mortgage-Backed Securities* |
| *USD* | *—* | *United States Dollar* |

---

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  U.S. Treasury 5 Year Note | 536 | 9/2025 | USD | 58424000 | 626154 |
|  3 Month SOFR | 1577 | 6/2026 | USD | 380845500 | 697492 |
|  |  |  |  |  | 1323646 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  U.S. Treasury 2 Year Note | (1845) | 9/2025 | USD | (383803243) | (1227316) |
|  U.S. Treasury 10 Year Note | (2) | 9/2025 | USD | (224250) | (5190) |
|  U.S. Treasury 10 Year Ultra Note | (76) | 9/2025 | USD | (8684188) | (220978) |
|  U.S. Treasury Ultra Bond | (148) | 9/2025 | USD | (17630500) | (452825) |
|  |  |  |  |  | (1906309) |
|  |  |  |  |  | (582663) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $182627520 | $— | $182627520 |
|  **Collateralized Mortgage Obligations** |  | 152234131 | — (a) | 152234131 |
|  **Commercial Mortgage-Backed Securities** |  | 19577671 |  | 19577671 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 5022477 |  | 5022477 |
|  Consumer Discretionary |  | 39040152 |  | 39040152 |
|  Consumer Staples |  | 5494557 |  | 5494557 |
|  Energy |  | 8554059 |  | 8554059 |
|  Financials |  | 138494482 |  | 138494482 |
|  Health Care |  | 11989296 |  | 11989296 |
|  Industrials |  | 15756403 |  | 15756403 |
|  Information Technology |  | 11116181 |  | 11116181 |
|  Materials |  | 10049250 |  | 10049250 |
|  Real Estate |  | 9280023 |  | 9280023 |
|  Utilities |  | 38983903 |  | 38983903 |

---

See Notes to Financial Statements.

1182

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Foreign Government Security** | $— | $7351727 | $— | $7351727 |
|  **Futures** | 1323646 |  |  | 1323646 |
|  **Mortgage-Backed Securities** |  | 2552497 |  | 2552497 |
|  **Municipal Bond** |  | 1744268 |  | 1744268 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 56206877 |  | 56206877 |
|  Investment Companies | 3188488 |  |  | 3188488 |
|  U.S. Treasury Obligations |  | 15902502 |  | 15902502 |
|  **U.S. Government Agency Securities** |  | 51778742 |  | 51778742 |
|  **U.S. Treasury Obligation** |  | 3205279 |  | 3205279 |
|  **Total Assets** | $**4512134** | $**786961997** | **—** | $**791474131** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(1906309) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1906309) |
|  **Total Liabilities** | $**(1906309)** | $**—** | $**—** | $**(1906309)** |
|  **Total** | $**2605825** | $**786961997** | $**—** | $**789567822** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets - Unrealized appreciation | $1323646 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323646 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets - Unrealized depreciation | $(1906309) |
|  **Total** |  | $(1906309) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $717997 | $717997 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717997 | $&nbsp;&nbsp;&nbsp;&nbsp;717997 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $(1068867) | $(1068867) |
|  **Total** | $(1068867) | $(1068867) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

1183

------

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $120978000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 217549000 |

---

#### Sale-Buyback Transactions:
The average amount of borrowings while outstanding for 44 days during the six months ended June 30, 2025, was approximately $10,890,000 at a weighted average interest rate of 4.52%.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $234564411.0 |
|  Long-term U.S. government debt securities | 22820974.0 |
|  | $257385385.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $230963859.0 |
|  Long-term U.S. government debt securities | 30454362.0 |
|  | $261418221.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $3079351 |
|  Aggregate gross unrealized depreciation | (19307018) |
|  Net unrealized depreciation | $(16227667) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $805795489 |

---

See Notes to Financial Statements.

1184

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#### EQ ADVISORS TRUST
EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $799,335,061) | $790150485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4991276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 2271000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3911651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 170795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 167122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 128756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 801800442 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4170189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3188488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 457854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 268077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 58284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 43591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 367448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8553931 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $793246511 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $795031935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1785424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $793246511 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $212,073,201 / 21,073,873 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.06 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $581,173,310 / 57,769,223 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.06 |

---

*(x)* *Includes value of securities on loan of $3,116,008.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $19598601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19602882 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1995500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 363339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 261245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 54116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 51539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 33120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2828739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (352802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2475937 |
|  **NET INVESTMENT INCOME (LOSS)** | 17126945 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 592141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 717997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1310139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 690132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1068867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (378735) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 931404 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18058349 |

---

See Notes to Financial Statements.

1185

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#### EQ ADVISORS TRUST
EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17126945 | $38242592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1310139 | 1039846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (378735) | 8559068 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 18058349 | 47841506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (9181589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (29370535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (38552124) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (19046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (60924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (79970) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 635,005 shares, respectively ] |  | 6238369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (4131893) shares, respectively ] |  | (41367095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (465926) shares, respectively ] |  | (4593171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (39721897) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,199,853 and 4,242,195 shares, respectively ] | 31788190 | 42685982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 4,124,483 shares, respectively ] |  | 41367095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 936,556 shares, respectively ] |  | 9200635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2918456) and (3971391) shares, respectively ] | (29033890) | (39842703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2754300 | 53411009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,358,955 and 5,210,334 shares, respectively ] | 23588449 | 52175104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 3,000,927 shares, respectively ] |  | 29431459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7562789) and (8127401) shares, respectively ] | (75205272) | (81546935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (51616823) | 59628 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (48862523) | 13748740 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (30804174) | 22958152 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 824050685 | 801092533 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $793246511 | $824050685 |

---

See Notes to Financial Statements.

1186

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#### EQ ADVISORS TRUST
EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.85 | $9.74 | $9.61 | $9.81 | $9.90 | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.45 | 0.37 | 0.12 | 0.01 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.12 | 0.16 | (0.18) | (0.06) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.21 | 0.57 | 0.53 | (0.06) | (0.05) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.46) | (0.40) | (0.13) | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.46) | (0.40) | (0.14) | (0.04) | (0.08) |
|  Net asset value, end of period | $10.06 | $9.85 | $9.74 | $9.61 | $9.81 | $9.90 |
|  Total return (b) | 2.13% | 5.89 | 5.56% | (0.57)% | (0.49)% | 1.17% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $212073 | $204787 | $150658 | $137509 | $132699 | $128793 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(g) | 0.80% | 0.81 | 0.88% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(g) | 0.89% | 0.90 | 0.97% | 0.88% | 0.86% | 0.87% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.09% | 4.48 | 3.78% | 1.27% | 0.12% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.00% | 4.39 | 3.69% | 1.20% | 0.07% | 0.66% |
|  Portfolio turnover rate^ | 41 %(z) | 77 | 63% | 24% | 116% | 157% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.83 | $9.73 | $9.59 | $9.80 | $9.88 | $9.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.47 | 0.40 | 0.14 | 0.04 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.02 | 0.12 | 0.17 | (0.18) | (0.06) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | 0.59 | 0.57 | (0.04) | (0.02) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.49) | (0.43) | (0.16) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.49) | (0.43) | (0.17) | (0.06) | (0.10) |
|  Net asset value, end of period | $10.06 | $9.83 | $9.73 | $9.59 | $9.80 | $9.88 |
|  Total return (b) | 2.34% | 6.05 | 5.94% | (0.43)% | (0.16)% | 1.32% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $581173 | $619264 | $611887 | $627542 | $782046 | $1198146 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(g) | 0.55% | 0.56 | 0.63% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(g) | 0.64% | 0.65 | 0.72% | 0.63% | 0.61% | 0.62% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.34% | 4.74 | 4.02% | 1.45% | 0.37% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.25% | 4.65 | 3.93% | 1.38% | 0.31% | 0.91% |
|  Portfolio turnover rate^ | 41 %(z) | 77 | 63% | 24% | 116% | 157% |

---

See Notes to Financial Statements.

1187

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EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *For the six months ended June 30, 2025, includes Interest Expense of 0.01% for each class. Includes Interest Expense of 0.02%, 0.09%, and 0.01% for the years ended December 31, 2024, 2023, and 2022 respectively.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1188

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EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (2.4%)** | **Asset-Backed Securities (2.4%)** | **Asset-Backed Securities (2.4%)** |
|  AB Issuer LLC, | AB Issuer LLC, | AB Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>3.734%, 7/30/51§ | $326605 | $304585 |
|  ACM Auto Trust, | ACM Auto Trust, | ACM Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.060%, 2/20/29§ | 122335 | 122673 |
|  ACREC Ltd., | ACREC Ltd., | ACREC Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br>5.579%, 10/16/36 (l)§ | 320680 | 319973 |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2 A<br>1.170%, 11/16/26§ | 322 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X1 A<br>6.270%, 5/15/29§ | 10464 | 10469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1 A<br>5.080%, 4/15/30§ | 149585 | 149615 |
|  Air Canada Pass-Through Trust, | Air Canada Pass-Through Trust, | Air Canada Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1 AA<br>3.300%, 1/15/30§ | 400320 | 371419 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br>3.150%, 2/15/32 | 510098 | 465832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.875%, 7/11/34 | 692754 | 608106 |
|  American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B<br>4.850%, 5/14/29§ | 259000 | 259359 |
|  Anchorage Capital CLO 6 Ltd., | Anchorage Capital CLO 6 Ltd., | Anchorage Capital CLO 6 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A AR3<br>5.712%, 4/22/34 (l)§ | 600000 | 600926 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br>5.754%, 1/15/37 (l)§ | 458584 | 458584 |
|  Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A A1R<br>5.499%, 10/23/32 (l)§ | 481920 | 481902 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A A<br>5.440%, 2/22/28§ | 185000 | 187316 |
|  Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A ARR<br>5.299%, 10/21/34 (l)§ | 500000 | 500822 |
|  BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A A<br>3.189%, 1/15/33 (l)§ | 599505 | 704081 |
|  Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1<br>6.050%, 7/15/27§ | $165000 | 165875 |
|  BRSP Ltd., | BRSP Ltd., | BRSP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br>5.582%, 8/19/38 (l)§ | 303797 | 302462 |
|  Cajun Global LLC, | Cajun Global LLC, | Cajun Global LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>3.931%, 11/20/51§ | 63773 | 62419 |
|  Canyon Capital CLO Ltd., | Canyon Capital CLO Ltd., | Canyon Capital CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR2<br>5.266%, 10/15/34 (l)§ | 600000 | 600120 |
|  Capital Four US CLO II Ltd., | Capital Four US CLO II Ltd., | Capital Four US CLO II Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br>6.169%, 1/20/37 (l)§ | 500000 | 502077 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A ARRR<br>5.359%, 7/20/34 (l)§ | 500000 | 500100 |
|  CarVal CLO III Ltd., | CarVal CLO III Ltd., | CarVal CLO III Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR2<br>5.259%, 7/20/32 (l)§ | 591834 | 592122 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3 C<br>1.020%, 6/12/28 | 15755 | 15065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4 D<br>2.610%, 9/11/28 | 169000 | 159656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3 A2<br>4.610%, 11/10/27 | 115378 | 115356 |
|  Catamaran CLO Ltd., | Catamaran CLO Ltd., | Catamaran CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A A1AR<br>5.634%, 4/22/30 (l)§ | 118022 | 118073 |
|  College Ave Student Loans LLC, | College Ave Student Loans LLC, | College Ave Student Loans LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C A2<br>2.320%, 7/26/55§ | 131552 | 117464 |
|  CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7A ARR<br>2.605%, 9/15/31 (l)§ | 403081 | 473855 |
|  CVC Cordatus Loan Fund XI DAC, | CVC Cordatus Loan Fund XI DAC, | CVC Cordatus Loan Fund XI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A AR<br>2.929%, 10/15/31 (l)§ | 446889 | 525755 |
|  CVS Pass-Through Trust,<br>5.789%, 1/10/26§ | $22652 | 22637 |
|  Dext ABS LLC, | Dext ABS LLC, | Dext ABS LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A2<br>5.990%, 3/15/32§ | 105193 | 105678 |
|  Diamond Issuer LLC, | Diamond Issuer LLC, | Diamond Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>2.305%, 11/20/51§ | 325933 | 307359 |
|  Dryden 54 Senior Loan Fund, | Dryden 54 Senior Loan Fund, | Dryden 54 Senior Loan Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-54A AR<br>5.419%, 10/19/29 (l)§ | 187511 | 187546 |
|  Elevation CLO Ltd., | Elevation CLO Ltd., | Elevation CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A A1AR<br>5.412%, 7/25/34 (l)§ | 600000 | 597457 |
|  Equify ABS LLC, | Equify ABS LLC, | Equify ABS LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>5.430%, 4/18/33§ | 107719 | 107765 |
|  First Investors Auto Owner Trust, | First Investors Auto Owner Trust, | First Investors Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br>1.470%, 11/15/27§ | 248975 | 245394 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A4<br>5.050%, 6/15/27 | 500000 | 503197 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D<br>2.310%, 10/17/33§ | 245000 | 238989 |
|  GCI Funding I LLC, | GCI Funding I LLC, | GCI Funding I LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.380%, 6/18/46§ | 108297 | 99450 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A2<br>5.350%, 8/16/27§ | 98526 | 98620 |
|  Go Mortgage LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 8/15/26 (l) | 84947 | 83875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 8/15/26 (l) | 176000 | 174332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 8/15/26 (l) | 12000 | 11780 |

---

See Notes to Financial Statements.

1189

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EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A3<br>5.320%, 3/25/60§ | $400000 | $407961 |
|  Greywolf CLO III Ltd., | Greywolf CLO III Ltd., | Greywolf CLO III Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA A1R2<br>5.502%, 4/22/33 (l)§ | 600000 | 601020 |
|  Harvest CLO XX DAC, | Harvest CLO XX DAC, | Harvest CLO XX DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A AR<br>2.916%, 10/20/31 (l)§ | 501482 | 589265 |
|  Harvest CLO XXII DAC, | Harvest CLO XXII DAC, | Harvest CLO XXII DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22A AR<br>3.129%, 1/15/32 (l)§ | 657701 | 773965 |
|  HFX Funding Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.622%, 3/15/35 (l) | $2777 | 2763 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.020%, 3/15/27§ | 500000 | 501389 |
|  JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.000%, 11/15/32 | 634980 | 590373 |
|  Lendbuzz Securitization Trust, | Lendbuzz Securitization Trust, | Lendbuzz Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br>6.920%, 8/15/28§ | 149945 | 152033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A2<br>7.090%, 10/16/28§ | 66626 | 67720 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.900%, 11/20/31§ | 800000 | 768640 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR<br>5.256%, 10/15/34 (l)§ | 600000 | 600120 |
|  Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA A<br>1.860%, 3/20/36§ | 800000 | 775042 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2<br>5.200%, 9/13/27§ | 275031 | 275702 |
|  MVW LLC, | MVW LLC, | MVW LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A B<br>1.830%, 5/20/39§ | 52121 | 49086 |
|  Navesink CLO 2 Ltd., | Navesink CLO 2 Ltd., | Navesink CLO 2 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1<br>5.526%, 4/15/36 (l)§ | 500000 | 499038 |
|  Neighborly Issuer, | Neighborly Issuer, | Neighborly Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A2<br>3.695%, 1/30/52§ | 229298 | 216056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A A2<br>7.308%, 1/30/53§ | 244375 | 246833 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA B<br>2.680%, 4/20/62§ | 100000 | 88040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA B<br>2.530%, 4/20/62§ | 147147 | 128150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA B<br>2.900%, 4/20/62§ | 132000 | 116292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AA AFL<br>6.502%, 2/20/41 (l)§ | 274796 | 281888 |
|  Neuberger Berman Loan Advisers CLO 42 Ltd., | Neuberger Berman Loan Advisers CLO 42 Ltd., | Neuberger Berman Loan Advisers CLO 42 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A AR<br>5.211%, 7/16/35 (l)§ | 469642 | 468233 |
|  NMEF Funding LLC, | NMEF Funding LLC, | NMEF Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A2<br>5.150%, 12/15/31§ | 153912 | 154066 |
|  OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-34A A1<br>5.616%, 10/15/37 (l)§ | 250000 | 250433 |
|  Oportun Funding Trust, | Oportun Funding Trust, | Oportun Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>5.260%, 8/15/29§ | 75658 | 75681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A<br>4.960%, 8/16/32§ | 77930 | 77780 |
|  Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>5.860%, 2/9/32§ | 44726 | 44768 |
|  Pagaya AI Debt Grantor Trust, | Pagaya AI Debt Grantor Trust, | Pagaya AI Debt Grantor Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A<br>6.278%, 10/15/31§ | 57086 | 57427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9 B<br>5.306%, 3/15/32§ | 231733 | 232030 |
|  Pagaya AI Debt Trust, | Pagaya AI Debt Trust, | Pagaya AI Debt Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 A<br>6.319%, 8/15/31§ | 49655 | 50126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3 A<br>6.258%, 10/15/31§ | 178998 | 180060 |
|  Palmer Square CLO Ltd., | Palmer Square CLO Ltd., | Palmer Square CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A D<br>7.468%, 1/15/35 (l)§ | 330000 | 330855 |
|  Prestige Auto Receivables Trust, | Prestige Auto Receivables Trust, | Prestige Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2<br>4.870%, 12/15/27§ | 218000 | 218090 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.634%, 11/25/36 (l)§ | 192086 | 192020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL11 A<br> 6.693%, 10/25/39 (l)§ | 197842 | 197780 |
|  Research-Driven Pagaya Motor Asset Trust VII, | Research-Driven Pagaya Motor Asset Trust VII, | Research-Driven Pagaya Motor Asset Trust VII, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A A<br>5.380%, 11/25/30§ | 23190 | 23197 |
|  Research-Driven Pagaya Motor Trust, | Research-Driven Pagaya Motor Trust, | Research-Driven Pagaya Motor Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A<br>7.090%, 6/25/32§ | 68383 | 68960 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 A2<br>5.410%, 7/15/27 | 66439 | 66488 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2<br>5.350%, 6/21/27§ | 37129 | 37131 |
|  STWD Ltd., | STWD Ltd., | STWD Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br>5.654%, 11/15/38 (l)§ | 600903 | 599777 |
|  Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>2.270%, 1/30/57§ | 654024 | 579568 |
|  Tesla Auto Lease Trust, | Tesla Auto Lease Trust, | Tesla Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3<br>5.300%, 6/21/27§ | 98000 | 98214 |
|  Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A<br>6.360%, 12/15/27§ | 34111 | 34198 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 | 357746 | 364168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A<br>5.800%, 1/15/36 | 286594 | 290735 |

---

See Notes to Financial Statements.

1190

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br>5.870%, 7/1/28 | $35967 | 36649 |
|  Venture 32 CLO Ltd., | Venture 32 CLO Ltd., | Venture 32 CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A A1<br>5.631%, 7/18/31 (l)§ | 345430 | 345572 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A AR<br>5.469%, 7/20/32 (l)§ | 451693 | 451472 |
|  Wind River CLO Ltd., | Wind River CLO Ltd., | Wind River CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A ARR<br>5.581%, 7/18/31 (l)§ | 18174 | 18176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 25855491 |
|  **Collateralized Mortgage Obligations (2.0%)** | **Collateralized Mortgage Obligations (2.0%)** | **Collateralized Mortgage Obligations (2.0%)** |
|  Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 2A1<br>5.460%, 9/25/35 (l) | 26603 | 23396 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-80CB 1A1<br>6.000%, 2/25/36 | 251987 | 220717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J12 2A1<br>4.974%, 8/25/35 (l) | 357121 | 181055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.754%, 2/25/47 (l) | 62096 | 60639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6 1A2<br>4.854%, 7/25/46 (l) | 24135 | 21776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14T2 A1<br>6.000%, 7/25/37 | 370714 | 189337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH1 A1D<br>4.644%, 4/25/47 (l) | 36260 | 31666 |
|  AREIT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE6 A<br>5.551%, 1/20/37 (l)§ | 285035 | 284501 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A 1A3<br>7.621%, 9/20/34 (l) | 3731 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H 4A2<br>4.846%, 9/20/46 (l) | 65282 | 58750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 4A1<br>5.078%, 1/20/47 (l) | 3770 | 3277 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>4.905%, 9/25/35 (l) | 85136 | 48690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 21A1<br>4.810%, 8/25/36 (l) | 36525 | 23373 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-9 2A1<br>5.785%, 2/25/34 (l) | 12093 | 11319 |
|  Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5 1A1<br>4.594%, 12/25/46 (l) | 265100 | 236912 |
|  Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 1A1<br>5.062%, 1/26/36 (l) | 25922 | 18201 |
|  Bellemeade Re Ltd., | Bellemeade Re Ltd., | Bellemeade Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 M1B<br>6.455%, 1/26/32 (l)§ | 62282 | 62492 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL2 A1<br>3.250%, 3/25/63 (l)§ | 441761 | 397115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7 A11<br>5.605%, 6/25/55 (l)§ | 431721 | 432602 |
|  Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CL1 M3<br>6.534%, 4/25/47 (l)§ | 32748 | 33195 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 3A1<br>3.655%, 4/25/35 (l) | 44650 | 35111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 1A1 5.074%, 3/25/35 (l) | 20727 | 19252 |
|  CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I2 A1<br>6.639%, 12/25/67 (e)§ | 348689 | 351012 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 2A2A<br>5.988%, 8/25/35 (l) | 2731 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-7 5A2<br>5.500%, 12/25/35§ | 267208 | 129864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A11<br>5.655%, 7/25/54 (l)§ | 361202 | 362602 |
|  Connecticut Avenue Securities, | Connecticut Avenue Securities, | Connecticut Avenue Securities, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01 1A1<br>5.256%, 1/25/45 (l)§ | 265886 | 265471 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01 1M2<br>5.855%, 10/25/41 (l)§ | 320004 | 320793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03 1M2<br>5.955%, 12/25/41 (l)§ | 122411 | 123138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01 1M2<br>6.205%, 12/25/41 (l)§ | 388764 | 391906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2M1<br>5.505%, 1/25/42 (l)§ | 45030 | 45030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01 1M1<br>6.706%, 12/25/42 (l)§ | 162513 | 166700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02 1M1<br>6.605%, 1/25/43 (l)§ | 97015 | 99012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04 1M1<br>6.606%, 5/25/43 (l)§ | 187742 | 191673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05 1M1<br>6.206%, 6/25/43 (l)§ | 155839 | 157340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05 2M1<br>5.305%, 7/25/44 (l)§ | 51306 | 51259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02 1A1<br>5.306%, 2/25/45 (l)§ | 74511 | 74557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03 2M1<br>5.905%, 3/25/45 (l)§ | 211695 | 212698 |
|  CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6 1A8<br>6.000%, 7/25/36 | 387665 | 178021 |
|  EMF-NL Prime BV, | EMF-NL Prime BV, | EMF-NL Prime BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-APRX A2<br>3.063%, 4/17/41 (l)(m) | 26225 | 30737 |
|  Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A<br>4.493%, 6/15/44 (l)(m) | 77181 | 105345 |
|  Eurosail-UK plc, | Eurosail-UK plc, | Eurosail-UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4X A3<br>5.294%, 6/13/45 (l)(m) | 236027 | 323118 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4790 F<br>4.608%, 10/15/43 (l) | $195544 | 191653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>4.814%, 8/15/40 (l) | 162209 | 159818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>4.814%, 10/15/40 (l) | 120172 | 118343 |

---

See Notes to Financial Statements.

1191

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5 M2<br>5.955%, 1/25/34 (l)§ | $42561 | $42749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7 M2<br>6.105%, 11/25/41 (l)§ | 405614 | 408511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2 M2<br>6.355%, 12/25/33 (l)§ | 126666 | 129675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4 M1<br>5.255%, 12/25/41 (l)§ | 188186 | 187835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4 M1B<br>7.655%, 5/25/42 (l)§ | 227990 | 236910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5 M1B<br>8.805%, 6/25/42 (l)§ | 406679 | 432240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7 M1A<br>6.805%, 3/25/52 (l)§ | 132291 | 134030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1 M1A<br>6.406%, 3/25/43 (l)§ | 108124 | 109712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2 M1A<br>6.406%, 4/25/43 (l)§ | 229767 | 233358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1 M1A<br>6.305%, 5/25/43 (l)§ | 318632 | 321922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2 M1A<br>6.305%, 6/25/43 (l)§ | 87285 | 87767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2 M1<br>5.505%, 8/25/44 (l)§ | 217249 | 217316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HQA1 A1<br>5.255%, 2/25/45 (l)§ | 192714 | 192413 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-123 LF<br>4.800%, 11/25/42 (l) | 71297 | 70773 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FB<br>5.046%, 8/20/65 (l) | 142597 | 142577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H11 F<br>5.246%, 5/20/66 (l) | 172089 | 172495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15 FA<br>5.246%, 7/20/66 (l) | 127392 | 127694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br>5.592%, 4/20/67 (l) | 535381 | 543069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H02 FN<br>4.802%, 1/20/72 (l) | 263879 | 260036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H26 DF<br>5.322%, 12/20/72 (l) | 303526 | 306777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H01 FA<br>5.102%, 1/20/73 (l) | 393975 | 394434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br>5.202%, 1/20/73 (l) | 292212 | 292409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FB<br>5.202%, 1/20/73 (l) | 698638 | 698034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 F<br>5.352%, 12/20/73 (l) | 495536 | 497770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 GF<br>5.202%, 12/20/73 (l) | 927681 | 930344 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8F 4A1<br>6.000%, 11/25/35 | 339267 | 128432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>5.293%, 9/25/35 (l) | 26383 | 25333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 2A1<br>4.537%, 4/25/36 (l) | 56979 | 34588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR1 2A1<br>4.495%, 3/25/47 (l) | 154230 | 88933 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-13 A<br>4.612%, 11/19/46 (l) | 34023 | 24921 |
|  Impac Secured Assets CMN Owner Trust, | Impac Secured Assets CMN Owner Trust, | Impac Secured Assets CMN Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 5A1<br>4.704%, 7/25/35 (l) | 129414 | 81684 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR11 A3<br>3.736%, 8/25/35 (l) | 238444 | 172542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR39 A1<br>4.794%, 2/25/37 (l) | 372749 | 341611 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br>5.198%, 8/25/34 (l) | 10268 | 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>5.479%, 7/25/35 (l) | 20126 | 19270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3 1A90<br>7.000%, 8/25/37 | 46603 | 23143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1 A1<br>5.990%, 7/25/64 (l)§ | 417299 | 419808 |
|  Ludgate Funding plc, | Ludgate Funding plc, | Ludgate Funding plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2A<br>4.542%, 1/1/61(l)(m) | 355729 | 478941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W1X A1<br>4.982%, 1/1/61(l)(m) | 46997 | 63798 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1 3A<br>6.210%, 12/25/32 (l) | $5280 | 5180 |
|  MortgageIT Mortgage Loan Trust, | MortgageIT Mortgage Loan Trust, | MortgageIT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 1A1<br>4.894%, 4/25/36 (l) | 136219 | 128988 |
|  OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HYB2 A1<br>3.677%, 4/25/53 (l)§ | 391257 | 390476 |
|  PRKCM Trust, | PRKCM Trust, | PRKCM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2 A1<br>5.335%, 8/25/57 (l)§ | 357586 | 356315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC3 A1<br>6.584%, 9/25/58(e)§ | 335089 | 338146 |
|  PRPM Trust, | PRPM Trust, | PRPM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3 A1<br>6.221%, 11/25/68(e)§ | 381911 | 384112 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO2 A1<br>5.759%, 9/25/45 (l) | 164998 | 140080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA6 A1<br>4.814%, 7/25/36 (l) | 304270 | 276504 |
|  Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1 AF1<br>4.774%, 1/25/36 (l)§ | 94382 | 88995 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A15 5A1<br>5.750%, 2/25/36 | 13321 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A12 A1<br>6.250%, 11/25/36 | 165942 | 59933 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>5.192%, 10/20/27 (l) | 473 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>5.132%, 7/20/33 (l) | 4973 | 4940 |

---

See Notes to Financial Statements.

1192

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.932%, 7/19/35 (l) | 34638 | 33096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 11A1<br>4.854%, 4/25/36 (l) | 119132 | 107796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br>4.814%, 7/25/46 (l) | 530941 | 429627 |
|  Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GR6A A1<br>5.176%, 7/20/53 (l)§ | 386290 | 531131 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A1<br>3.750%, 7/25/62 (l)§ | 343581 | 326543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A1A<br>4.518%, 10/25/64 (l)§ | 542359 | 541516 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3 A9<br>5.000%, 11/25/51 (l)§ | 624825 | 581572 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1<br>5.850%, 12/25/67(e)§ | 330656 | 330186 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR14 1A4<br>4.179%, 11/25/36 (l) | 227506 | 202313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR9 1A<br>5.399%, 8/25/46 (l) | 56822 | 51958 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | 20847656 |
|  **Commercial Mortgage-Backed Securities (1.0%)** | **Commercial Mortgage-Backed Securities (1.0%)** | **Commercial Mortgage-Backed Securities (1.0%)** |
|  ALA Trust, | ALA Trust, | ALA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA A<br>6.043%, 6/15/40 (l)§ | 193002 | 193786 |
|  BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40 A4<br>3.504%, 3/15/64 (l) | 700000 | 643964 |
|  BBCMS Mortgage Trust, | BBCMS Mortgage Trust, | BBCMS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BID A<br>6.566%, 10/15/37 (l)§ | 325000 | 325000 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br>4.016%, 3/15/52 | 800000 | 778038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B33 A5<br>3.458%, 3/15/55 | 800000 | 733922 |
|  BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FPM A<br>6.026%, 6/15/38 (l)§ | 494000 | 494000 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP A<br>5.576%, 10/15/35 (l)§ | 800000 | 734942 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC E<br>6.508%, 4/15/34 (l)§ | 133619 | 130445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 A<br>5.115%, 10/15/38 (l)§ | 148744 | 148698 |
|  BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA A<br>5.326%, 10/15/36 (l)§ | 600000 | 599437 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5 E<br>4.692%, 12/10/45 (l)§ | 151235 | 139283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1 ASB<br>2.972%, 10/10/49 | 366981 | 363978 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br>2.956%, 5/10/41§ | 1000000 | 883826 |
|  EQUS Mortgage Trust, | EQUS Mortgage Trust, | EQUS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EQAZ A<br>5.331%, 10/15/38 (l)§ | 599932 | 599745 |
|  Extended Stay America Trust, | Extended Stay America Trust, | Extended Stay America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A<br>5.506%, 7/15/38 (l)§ | 686182 | 686397 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HTL5 A<br>5.691%, 11/15/38 (l)§ | 800000 | 795999 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22 XA<br>0.549%, 9/15/47 IO (l) | 429156 | 154 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P A<br>5.595%, 12/15/38 (l)§ | 100000 | 95757 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MILE A<br>5.891%, 7/15/36 (l)§ | 144306 | 140021 |
|  New Orleans Hotel Trust, | New Orleans Hotel Trust, | New Orleans Hotel Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>5.348%, 4/15/32 (l)§ | 500000 | 498746 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>5.521%, 11/15/38 (l)§ | 800000 | 795999 |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-555 A<br>5.576%, 5/15/38 (l)§ | 800000 | 793000 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 C<br>4.486%, 11/15/49 (l) | 275000 | 262580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** | 10837717 |
|  **Corporate Bonds (12.4%)** | **Corporate Bonds (12.4%)** | **Corporate Bonds (12.4%)** |
|  **Communication Services (0.5%)** | **Communication Services (0.5%)** |  |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 800000 | 800212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 774000 | 735951 |
|  NBN Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/29§ | 500000 | 497245 |
|  Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 605000 | 542011 |
|  |  | 2575419 |
|  ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** | ***Entertainment (0.0%)†*** |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 314000 | 263760 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34 | 500000 | 501126 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 907000 | 835329 |
|  Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/15/33§ | 88000 | 89085 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/20/47 | 81000 | 55964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/49 | 38000 | 24890 |

---

See Notes to Financial Statements.

1193

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/27 | 100000 | 97300 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/42 | 290000 | 229944 |
|  |  | 1332512 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/29 | 575000 | 582740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 563000 | 546576 |
|  |  | 1129316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 5802133 |
|  **Consumer Discretionary (0.9%)** | **Consumer Discretionary (0.9%)** |  |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** |
|  BMW US Capital LLC | BMW US Capital LLC | BMW US Capital LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/19/27§ | 283000 | 284458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/21/28§ | 200000 | 202215 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/25 | 31000 | 31074 |
|  Honda Motor Co. Ltd. | Honda Motor Co. Ltd. | Honda Motor Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.436%, 7/8/28 | 275000 | 275291 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 6/26/26§ | 500000 | 504940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 9/17/26§ | 800000 | 771587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/21/26§ | 200000 | 202898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/8/27§ | 368000 | 371151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 6/24/27§ | 63000 | 63714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 9/21/28§ | 158000 | 164117 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/27§ | 400000 | 404388 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28§ | 800000 | 726550 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30§ | 800000 | 731000 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/27/28§ | 600000 | 602548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/12/28§ | 300000 | 306121 |
|  |  | 5642052 |
|  ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** | ***Broadline Retail (0.0%)†*** |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31 (x) | 387000 | 341528 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/29 | 900000 | 851314 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 | 76000 | 77461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/29 | 500000 | 513622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/14/30 | 64000 | 65831 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 4/15/29 | 253000 | 257083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/30 | 500000 | 504477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/34 | 52000 | 52523 |
|  Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 8/15/35§ | 270000 | 277826 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/8/27 | 301000 | 303451 |
|  |  | 2903588 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/30 | 75000 | 75507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/34 | 182000 | 179542 |
|  M.D.C. Holdings, Inc. | M.D.C. Holdings, Inc. | M.D.C. Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/43 | 162000 | 145740 |
|  |  | 400789 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 5/14/34 | 76000 | 78343 |
|  ***Specialty Retail (0.0%)†*** | ***Specialty Retail (0.0%)†*** | ***Specialty Retail (0.0%)†*** |
|  Ross Stores, Inc. | Ross Stores, Inc. | Ross Stores, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/15/27 | 355000 | 354741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 9721041 |
|  **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** |  |
|  ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/26 | 100000 | 97875 |
|  **Food Products (0.1%)** | **Food Products (0.1%)** | **Food Products (0.1%)** |
|  Cargill, Inc. | Cargill, Inc. | Cargill, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/11/32§ | 144000 | 147158 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/30/27 | 583000 | 586299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/30/30 | 203000 | 206126 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/30§ | 400000 | 404392 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/15/34 | 99000 | 102307 |
|  |  | 1446282 |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/6/30 | 310000 | 294091 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343%, 8/2/30 | 500000 | 537259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 8/15/32 | 219000 | 223925 |
|  Imperial Brands Finance plc | Imperial Brands Finance plc | Imperial Brands Finance plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/26/26§ | 400000 | 395004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 7/27/27§ | 300000 | 309067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/1/34§ | 297000 | 304382 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/17/25 | 183000 | 183409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/13/26 | 89000 | 89175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29(x) | 34000 | 35676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 | 309000 | 318734 |
|  |  | 2690722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 4234879 |
|  **Energy (1.0%)** | **Energy (1.0%)** |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/15/30 (m) | 100613 | 95079 |
|  ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/11/29§ | 200000 | 198500 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.017%, 11/17/27 | 177000 | 180207 |

---

See Notes to Financial Statements.

1194

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/29§ | $400000 | 403103 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/31/32 | 400000 | 358438 |
|  Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ | 616000 | 620743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/1/32§ | 279000 | 234295 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/35 | 400000 | 395801 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/15/34 (x) | 96000 | 93098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 7/15/41 | 210000 | 193438 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 3/8/33 | 400000 | 414340 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 12/1/28 | 200000 | 210080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 9/1/34 | 297000 | 301069 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, 6/30/31§ | 400000 | 356227 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 6/1/35 | 64000 | 66158 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/3/29§ | 500000 | 509300 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/29 | 93000 | 93325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/1/32 | 300000 | 297642 |
|  Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/14/27§ | 232000 | 225736 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/1/26 | 500000 | 505805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/1/30§ | 500000 | 533353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 1/15/31 | 44000 | 46876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 | 25000 | 26395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 9/1/33 | 10000 | 10444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 11/1/34 | 300000 | 290795 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 2/7/33 (x) | 200000 | 214060 |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/29/26 | 200000 | 200915 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 9/15/34 | 298000 | 302497 |
|  Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/17/34§ | 500000 | 503665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 7/17/54§ | 296000 | 275665 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%, 10/1/29§ | 500000 | 500794 |
|  Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 5/15/38 | 130000 | 139901 |
|  Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 1/15/28§ | 356000 | 376767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/15/32§ | 237000 | 268040 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/29§ | 200000 | 188308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/33§ | 200000 | 174566 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/1/28§ | 300000 | 309021 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34§ | 115000 | 115000 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/15/29 | 137000 | 138414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/30/30 | 135000 | 135025 |
|  |  | 10407806 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 10502885 |
|  **Financials (5.7%)** | **Financials (5.7%)** |  |
|  ***Banks (3.1%)*** | ***Banks (3.1%)*** | ***Banks (3.1%)*** |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.575%, 10/13/26 (k)§ | 400000 | 402060 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.883%, 11/15/34 (k) | 200000 | 226251 |
|  Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.125%, 7/1/30 (k)§ | 268000 | 268000 |
|  Banco Espirito Santo SA | Banco Espirito Santo SA | Banco Espirito Santo SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/21/19 (h)(m) | 1700000 | 504634 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/23/28 | $200000 | 196313 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.552%, 3/14/28 (k) | 400000 | 406465 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28 (k) | 200000 | 198636 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.705%, 4/24/28 (k) | 300000 | 296491 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) | 682000 | 681858 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br>6.204%, 11/10/28 (k) | 600000 | 624106 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%),<br>5.819%, 9/15/29 (k) | 600000 | 624572 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>5.442%, 8/18/26 (k) | 400000 | 402142 |
|  Bank of Ireland Group plc | Bank of Ireland Group plc | Bank of Ireland Group plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26 (k)§ | 258000 | 258802 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.07%),<br>5.484%, 2/16/28 (k)§ | 500000 | 501994 |
|  Barclays plc | Barclays plc | Barclays plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 7.437%, 11/2/33 (k) | 900000 | 1018254 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%),<br>6.224%, 5/9/34 (k) | 314000 | 331924 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>1.904%, 9/30/28 (k)§ | 800000 | 753839 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%),<br>5.497%, 5/20/30 (k)§ | 698000 | 715155 |

---

See Notes to Financial Statements.

1195

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA<br>5.281%, 5/30/29§ | $300000 | $308042 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.27%),<br>6.714%, 10/19/29 (k)§ | 400000 | 423031 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.79%),<br>6.508%, 1/18/35 (k)§ | 298000 | 308318 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>6.037%, 6/15/35 (k)§ | 302000 | 315479 |
|  Capital One NA | Capital One NA | Capital One NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 1.73%), 5.974%, 8/9/28 (k) | 250000 | 257394 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.864%, 9/29/25 | 300000 | 300656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.59%), 5.012%, 4/30/26 (k) | 300000 | 300033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.488%, 12/4/26 | 700000 | 710687 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) | 500000 | 488369 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>5.174%, 2/13/30 (k) | 100000 | 101856 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>4.542%, 9/19/30 (k) | 302000 | 300245 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>5.449%, 6/11/35 (k) | 400000 | 407397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.000%, 12/10/25 (k)(y) | 139000 | 138055 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 3/13/26 | 400000 | 402447 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/5/26 | 400000 | 406460 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.564%, 2/28/29 (k)§ | 314000 | 322623 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%),<br>6.316%, 10/3/29 (k)§ | 500000 | 524787 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.67%),<br>6.251%, 1/10/35 (k)§ | 250000 | 259634 |
|  Danske Bank A/S | Danske Bank A/S | Danske Bank A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.298%, 4/1/28 (k)§ | 359000 | 357539 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/23/27§ | 267000 | 268183 |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.35%),<br>7.390%, 11/3/28 (k) | 694000 | 736322 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>5.130%, 3/3/31 (k) | 300000 | 303733 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 2.804%, 5/24/32 (k) | 201000 | 178291 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 6.254%, 3/9/34 (k) | 900000 | 960936 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.23%), 5.066%, 3/25/31 (k) | 500000 | 507404 |
|  Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/28/33§ | 290000 | 325012 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.070%, 10/22/27 (k) | 400000 | 408572 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 5.626%, 1/23/28 (k) | 500000 | 502265 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%), 2.182%, 6/1/28 (k) | 400000 | 384090 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.299%, 7/24/29 (k) | 500000 | 512660 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 4.603%, 10/22/30 (k) | 400000 | 400052 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.963%, 1/25/33 (k) | 436000 | 391010 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.932%, 10/16/30 (k)§ | 795000 | 802880 |
|  Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.462%, 1/5/28 (k) | 241000 | 244212 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 4.976%, 8/11/33 (k) | 300000 | 297541 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.376%, 5/26/30 (k) | 296000 | 303768 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.382%, 7/10/30 (k) | 500000 | 513989 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%),<br>5.571%, 1/14/28 (k) | 500000 | 502677 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%),<br>5.504%, 5/26/28 (k) | 300000 | 306196 |
|  NatWest Group plc | NatWest Group plc | NatWest Group plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.472%, 11/10/26 (k) | 359000 | 362500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.583%, 3/1/28 (k) | 500000 | 508727 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.35%), 3.032%, 11/28/35 (k) | 297000 | 267682 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 2 |  |
|  Norinchukin Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/16/29§ | $500000 | 504986 |

---

See Notes to Financial Statements.

1196

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.490%, 1/6/28 (k) | $350000 | 338165 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br>6.499%, 3/9/29 (k) | 100000 | 104167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 5.473%, 3/20/29 (k) | 14000 | 14216 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 5.741%, 3/20/31 (k) | 133000 | 136402 |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.833%, 11/21/26 (k) | 366000 | 368993 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.534%, 1/10/29 (k) | 400000 | 417505 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 3/5/27 (x)§ | 298000 | 302773 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.447%, 1/12/27 (k)§ | 300000 | 302678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.519%, 1/19/28 (k)§ | 300000 | 304136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 6/9/32§ | 300000 | 264084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.691%, 1/10/34 (k)§ | 500000 | 532988 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%, 1/9/29§ | 500000 | 519495 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.244%, 5/13/31 (k)§ | 272000 | 275648 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 7/9/29 | 751000 | 775244 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/10/27§ | 298000 | 298791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/9/28§ | 300000 | 309047 |
|  Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 5.146%, 9/10/34 (k) | 104000 | 104305 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 2.569%, 9/22/26 (k)§ | 350000 | 348099 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 3.196%, 6/17/27 (k) | 500000 | 493271 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.574%, 7/25/29 (k) | 500000 | 515173 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 6.303%, 10/23/29 (k) | 100000 | 105656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 3.350%, 3/2/33 (k) | 462000 | 420338 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.499%, 1/23/35 (k) | 9000 | 9228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.900%, 3/15/26 (k)(y) | 114000 | 112575 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 5.150%, 1/15/26 (k) | 250000 | 250464 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.470%, 12/11/26 (k) | 400000 | 402974 |
|  |  | 33564651 |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** |
|  BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/2/30§ | 400000 | 404459 |
|  Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/19/29§ | 800000 | 765927 |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.000%, 6/1/26 (k)(y) | 326000 | 321864 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%), 7.146%, 7/13/27 (k) | 159000 | 163011 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 5.166%, 3/18/27 (k) | 500000 | 500618 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%), 6.294%, 10/28/27 (k) | 700000 | 711180 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.937%, 4/23/28 (k) | 148000 | 149139 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.727%, 4/25/30 (k) | 300000 | 311554 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.692%, 10/23/30 (k) | 500000 | 501211 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.650%, 10/21/32 (k) | 11000 | 9698 |
|  Israel Electric Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/14/28 (m) | 294000 | 285250 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/5/34 | 155000 | 156390 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.123%, 2/1/29 (k) | 400000 | 406829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.449%, 7/20/29 (k) | 500000 | 513153 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.04%), 3.790%, 3/21/30 (k) | 400000 | 484844 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.654%, 10/18/30 (k) | $200000 | 199776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.239%, 7/21/32 (k) | 89000 | 76950 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.320%, 7/19/35 (k) | 300000 | 302415 |
|  Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 6/28/28 | 265000 | 272666 |
|  Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 | 868000 | 871986 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 5.586%, 7/2/27 (k) | 500000 | 503253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%, 1/18/28 | 200000 | 206238 |
|  S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/28 | 16000 | 16218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/29 | 71000 | 70991 |

---

See Notes to Financial Statements.

1197

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Stifel Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | $900000 | 862633 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%), 6.373%, 7/15/26 (k)§ | 399000 | 399000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.711%, 1/12/27 (k)§ | 700000 | 704159 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.327%, 12/22/27 (k)§ | 300000 | 307953 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.77%), 5.699%, 2/8/35 (k)§ | 600000 | 621479 |
|  |  | 11100844 |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** |
|  AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 700000 | 682148 |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%), 6.268%, 1/15/67 (k)§ | 1070000 | 738300 |
|  Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 800000 | 734363 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.96%), 5.737%, 5/15/29 (k) | 35000 | 35566 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.26%), 6.992%, 6/13/29 (k) | 176000 | 185076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.73%), 5.543%, 1/17/31 (k) | 436000 | 441061 |
|  American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.338%, 10/30/26 (k) | 400000 | 402525 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 5.098%, 2/16/28 (k) | 298000 | 301404 |
|  Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/29§ | 500000 | 511330 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 5.468%, 2/1/29 (k) | 75000 | 76721 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.86%), 6.377%, 6/8/34 (k) | 211000 | 223963 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/16/26 | 300000 | 301333 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/25 | 600000 | 706671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/8/34 | $299000 | 290449 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/8/31 | 301000 | 308581 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 2/14/27§ | 269000 | 260203 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.450%, 3/6/31 (k) | 91000 | 91644 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/9/29 | 500000 | 503852 |
|  |  | 6795190 |
|  ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** |
|  Essent Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/29 | 500000 | 517840 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 409000 | 393426 |
|  Jyske Realkredit A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br>1.500%, 10/1/53 | 2 |  |
|  Lseg US Fin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/28/27§ | $500000 | 504786 |
|  Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 1/15/35 | 213000 | 209310 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/15/29 | 200000 | 205777 |
|  Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 6.557%, 10/18/27 (k)§ | 400000 | 409820 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.972%, 2/16/28 (k)§ | 385000 | 375881 |
|  |  | 2616840 |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** |
|  Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/32 | 400000 | 405341 |
|  Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.620%, 5/8/26§ | 353000 | 356075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%, 7/9/27§ | 500000 | 507499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.322%, 11/13/31§ | 600000 | 603497 |
|  Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 9/19/28§ | 400000 | 417101 |
|  Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/30 | 200000 | 202215 |
|  MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/10/26§ | 600000 | 600420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 12/7/27§ | 500000 | 509499 |
|  MetLife Capital Trust IV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/37§ | 192000 | 209313 |
|  Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/9/27§ | 500000 | 507560 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/28/29§ | 500000 | 501821 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/27/27§ | 500000 | 501574 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/16/26§ | 800000 | 772032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/25/29§ | 204000 | 208579 |
|  Swiss Re Finance Luxembourg SA | Swiss Re Finance Luxembourg SA | Swiss Re Finance Luxembourg SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.000%, 4/2/49(k)(m) | 200000 | 198891 |
|  |  | 6501417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | 60578942 |
|  **Health Care (0.4%)** | **Health Care (0.4%)** |  |
|  ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** | ***Health Care Providers & Services (0.2%)*** |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 400000 | 388426 |
|  Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 | 165000 | 165134 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318%, 12/1/34 | 700000 | 702135 |

---

See Notes to Financial Statements.

1198

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 | 12000 | 11937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 6/1/34 | 202000 | 207440 |
|  HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/26 | 47000 | 47050 |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.510%, 5/15/31 | 240000 | 196412 |
|  Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 500000 | 504197 |
|  UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 | 600000 | 597808 |
|  |  | 2820539 |
|  ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** |
|  Bayer US Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/25§ | 1000000 | 997283 |
|  Bayer US Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/21/26§ | 200000 | 203188 |
|  Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%, 9/9/29§ | 298000 | 298223 |
|  Takeda US Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/7/35 | 275000 | 275002 |
|  |  | 1773696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | 4594235 |
|  **Industrials (0.9%)** | **Industrials (0.9%)** |  |
|  ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 | 400000 | 393784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.298%, 5/1/29 | 100000 | 105425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388%, 5/1/31 | 100000 | 107427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858%, 5/1/54 | 500000 | 546551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 5/1/60 | 400000 | 377799 |
|  HEICO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/1/28 | 300000 | 307465 |
|  Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/31 | 500000 | 506807 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 | 800000 | 744025 |
|  Rolls-Royce plc | Rolls-Royce plc | Rolls-Royce plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/27§ | 500000 | 513411 |
|  |  | 3602694 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/6/29 | 400000 | 417560 |
|  ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** |
|  Amrize Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/7/30§ | 300000 | 303870 |
|  ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/15/30 | 283000 | 287980 |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  LG Energy Solution Ltd. | LG Energy Solution Ltd. | LG Energy Solution Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/2/30§ | 282000 | 282225 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  ENA Master Trust | ENA Master Trust | ENA Master Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/19/48§ | 206000 | 148613 |
|  ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/1/28§ | 90000 | 90957 |
|  Lima Metro Line 2 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/5/36§ | 158638 | 149159 |
|  Penske Truck Leasing Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/30/29§ | 500000 | 511935 |
|  Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/29 | 237000 | 243437 |
|  |  | 1144101 |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/14/26§ | 800000 | 772658 |
|  Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/15/32 | 202000 | 175576 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/14/29 | 121000 | 116076 |
|  |  | 1064310 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%, 10/20/29§ | 41000 | 40493 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/29 | 500000 | 503187 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/26 | 5000 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 2/15/29§ | 64000 | 66111 |
|  Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/26§ | 192000 | 189030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | 62000 | 59980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/14/27§ | 20000 | 19981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27§ | 23000 | 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/25/28§ | 500000 | 531072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/29§ | 400000 | 407597 |
|  TTX Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/25/26§ | 300000 | 303823 |
|  |  | 1604918 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 9251338 |
|  **Information Technology (0.5%)** | **Information Technology (0.5%)** |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/24/30 | 283000 | 288608 |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/21/29 | 500000 | 507249 |
|  CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/30 | 500000 | 504003 |
|  |  | 1011252 |
|  ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | ***IT Services (0.1%)*** |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/6/26 | 251000 | 251446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 7/27/52 | 264000 | 233242 |
|  |  | 484688 |

---

See Notes to Financial Statements.

1199

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/27 | $113000 | $114567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/28 | 46000 | 45824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/29 | 200000 | 204652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33§ | 500000 | 452383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35§ | 522000 | 439704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 5/15/37§ | 144000 | 139488 |
|  |  | 1396618 |
|  ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** |
|  Infor LLC | Infor LLC | Infor LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/15/25§ | 119000 | 118839 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/6/28 | 200000 | 201020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/27/29 | 500000 | 496295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/6/30 | 200000 | 201628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/3/35 | 236000 | 240484 |
|  |  | 1258266 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 8/8/62 | 202000 | 159185 |
|  Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/1/32 | 112000 | 114215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 | 227000 | 228930 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/25/27 | 123000 | 123099 |
|  |  | 625429 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 5064861 |
|  **Materials (0.2%)** | **Materials (0.2%)** |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |
|  Kraton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/27§ | 500000 | 506555 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 5/15/35 | 46000 | 47475 |
|  |  | 554030 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570%, 1/15/26 | 800000 | 784672 |
|  WRKCo., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 280000 | 277234 |
|  |  | 1061906 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763%, 4/14/27§ | 215000 | 214032 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 4/4/27§ | 81000 | 82049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.907%, 4/1/28§ | 102000 | 102987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 45000 | 45826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/6/33§ | 67000 | 72492 |
|  |  | 517386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 2133322 |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** |  |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  GLP Capital LP (REIT) | GLP Capital LP (REIT) | GLP Capital LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/31 | 66000 | 62173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 | 176000 | 154957 |
|  |  | 217130 |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Omega Healthcare Investors, Inc. (REIT) | Omega Healthcare Investors, Inc. (REIT) | Omega Healthcare Investors, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/1/31 | 700000 | 639466 |
|  ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** | ***Industrial REITs (0.0%)†*** |
|  Goodman US Finance Six LLC (REIT) | Goodman US Finance Six LLC (REIT) | Goodman US Finance Six LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/7/34§ | 500000 | 497756 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 | 700000 | 688453 |
|  Kilroy Realty LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/1/25 | 1000000 | 999326 |
|  |  | 1687779 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 | 80000 | 79009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/28 | 700000 | 729777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/29 | 114000 | 116612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/15/30 | 54000 | 47896 |
|  Crown Castle, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/26 | 800000 | 792668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/29 | 68000 | 70071 |
|  EPR Properties (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 800000 | 726740 |
|  |  | 2562773 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 5604904 |
|  **Utilities (1.4%)** | **Utilities (1.4%)** |  |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>2.700%, 4/1/31 | 800000 | 718590 |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/1/29 | 900000 | 877517 |
|  Chile Electricity Lux Mpc II Sarl | Chile Electricity Lux Mpc II Sarl | Chile Electricity Lux Mpc II Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 10/20/35§ | 200000 | 201650 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 5/15/29§ | 222000 | 216228 |
|  Duke Energy Carolinas NC Storm Funding LLC | Duke Energy Carolinas NC Storm Funding LLC | Duke Energy Carolinas NC Storm Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2<br>2.617%, 7/1/43 | 154000 | 119391 |
|  Edison International | Edison International | Edison International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/30 | 300000 | 303547 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/12/31 (e)§ | 800000 | 701094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/26/34§ | 297000 | 301249 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/1/27 | 500000 | 504100 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/34 | 97000 | 99906 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/30 | 700000 | 672666 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/30/32§ | 200000 | 204200 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%, 6/12/30 | 500000 | 369611 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.647%, 10/3/30§ | $213000 | 213000 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 3/15/33§ | 238000 | 260744 |

---

See Notes to Financial Statements.

1200

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | $600000 | 594646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/26 | 600000 | 592166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/29 | 256000 | 259505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 100000 | 104042 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/15/31 | 500000 | 514004 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 6/1/29 | 500000 | 505152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/1/32 | 400000 | 408965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>4.125%, 3/1/48 | 100000 | 72467 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.880%, 9/1/39 | 400000 | 397610 |
|  System Energy Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/15/34 | 400000 | 395338 |
|  Terraform Global Operating LP | Terraform Global Operating LP | Terraform Global Operating LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/26§ | 12000 | 11900 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 12/30/26§ | 6000 | 6029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 10/15/33§ | 232000 | 254338 |
|  |  | 9879655 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/31 | 700000 | 624410 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Alexander Funding Trust II | Alexander Funding Trust II | Alexander Funding Trust II |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.467%, 7/31/28(x)§ | 121000 | 129035 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/31/41§ | 239614 | 242256 |
|  |  | 371291 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/9/31§ | 500000 | 490625 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 500000 | 508149 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 4/1/36 | 229000 | 245931 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>2.250%, 8/15/31 | 800000 | 697951 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/29 | 500000 | 510649 |
|  National Grid plc | National Grid plc | National Grid plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602%, 6/12/28 | 300000 | 309639 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/29 | 500000 | 513357 |
|  WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 | 600000 | 562131 |
|  |  | 3838432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 14713788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 132202328 |
|  **Foreign Government Securities (0.9%)** | **Foreign Government Securities (0.9%)** | **Foreign Government Securities (0.9%)** |
|  Baiterek National Managing Holding JSC | Baiterek National Managing Holding JSC | Baiterek National Managing Holding JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/8/28§ | 200000 | 202148 |
|  Dominican Republic Government Bond | Dominican Republic Government Bond | Dominican Republic Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/23/32§ | 276000 | 254472 |
|  Federative Republic of Brazil | Federative Republic of Brazil | Federative Republic of Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34 | 500000 | 495250 |
|  Japan Government Bond | Japan Government Bond | Japan Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/44 | 100000000 | 656768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 | 80000000 | 498616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/20/64 | 44000000 | 245248 |
|  Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | $900000 | 876246 |
|  Kingdom of Saudi Arabia | Kingdom of Saudi Arabia | Kingdom of Saudi Arabia |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/16/30§ | 500000 | 504500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/18/53§ | 500000 | 424500 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/2/34 | 400000 | 293768 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/15/31 | $235000 | 192700 |
|  Republic of Panama | Republic of Panama | Republic of Panama |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 4/1/29 | 190000 | 213532 |
|  Republic of Peru | Republic of Peru | Republic of Peru |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | 1300000 | 397494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32§ | 2300000 | 668849 |
|  Republic of South Africa | Republic of South Africa | Republic of South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 11/19/36§ | $400000 | 395900 |
|  Romania Government Bond | Romania Government Bond | Romania Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/14/33 (m) | 800000 | 722375 |
|  State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/19/30 | $200000 | 204078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/12/34 | 500000 | 505313 |
|  State of Qatar | State of Qatar | State of Qatar |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 4/23/48§ | 800000 | 752000 |
|  U.K. Treasury Bonds | U.K. Treasury Bonds | U.K. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | 955000 | 1135695 |
|  United Mexican States | United Mexican States | United Mexican States |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/13/37 | $400000 | 415800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | 10055252 |
|  **Mortgage-Backed Securities (12.1%)** | **Mortgage-Backed Securities (12.1%)** | **Mortgage-Backed Securities (12.1%)** |
|  FHLMC | FHLMC | FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.170%, 4/1/28 | 300000 | 300850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 5/1/28 | 900000 | 904186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.981%, 11/1/31 (l) | 701 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/35 | 18246 | 18838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/35 | 12943 | 13335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/44 | 121156 | 116952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/46 | 187996 | 181625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/48 | 120125 | 117116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/48 | 189825 | 184952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/48 | 68244 | 68213 |
|  FHLMC UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/49 | 236210 | 216593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 | 233192 | 213563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 | 88240 | 80774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/50 | 341853 | 313249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/1/51 | 177638 | 141654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 918512 | 735035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 587204 | 514400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 1062922 | 893788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/52 | 86851 | 78390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 | 641877 | 556679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/52 | 88526 | 87273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/53 | 52637 | 50513 |

---

See Notes to Financial Statements.

1201

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 | $| 374900 | $| 368628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 |  | 689791 |  | 678035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/53 |  | 290499 |  | 278480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/53 |  | 831995 |  | 797571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/53 |  | 173645 |  | 173969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/54 |  | 3714871 |  | 3556525 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.489%, 1/1/28 (l) |  | 728 |  | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.217%, 3/1/33 (l) |  | 4970 |  | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.842%, 1/1/36 (l) |  | 11611 |  | 11942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.460%, 2/1/37 (l) |  | 37434 |  | 38383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.920%, 12/1/40 (l) |  | 682 |  | 689 |
|  FNMA UMBS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 |  | 2699 |  | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/31 |  | 129252 |  | 124503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/31 |  | 192543 |  | 185255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/31 |  | 79398 |  | 76331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/32 |  | 193139 |  | 186220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/32 |  | 7706 |  | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/33 |  | 16094 |  | 16527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/33 |  | 15157 |  | 15569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/34 |  | 8545 |  | 8788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 |  | 6019 |  | 6190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/34 |  | 25057 |  | 25805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 |  | 92438 |  | 95161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/35 |  | 3984 |  | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/35 |  | 7277 |  | 7359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/36 |  | 7623 |  | 7708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/39 |  | 21755 |  | 22003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/40 |  | 74999 |  | 72521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/41 |  | 11283 |  | 11153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/41 |  | 1043 |  | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/42 |  | 51146 |  | 48102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/42 |  | 536534 |  | 504423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/43 |  | 90187 |  | 84619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/43 |  | 315744 |  | 296185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/43 |  | 287234 |  | 275892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/45 |  | 26718 |  | 23958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/48 |  | 506444 |  | 465966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/48 |  | 225652 |  | 219718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 |  | 244901 |  | 224180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 |  | 194891 |  | 178340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/51 |  | 1665596 |  | 1442954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/51 |  | 984945 |  | 785428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 |  | 1381001 |  | 1098666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 |  | 300088 |  | 252385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/52 |  | 706084 |  | 618983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/52 |  | 654866 |  | 550561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 |  | 906069 |  | 793732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/52 |  | 182042 |  | 164207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 |  | 643295 |  | 540395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 |  | 901831 |  | 757697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/53 |  | 57390 |  | 55074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/53 |  | 676180 |  | 664868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/53 |  | 432895 |  | 416939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 |  | 500695 |  | 492319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 |  | 432346 |  | 425113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/54 |  | 1667562 |  | 1597003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 |  | 183062 |  | 183232 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/25/55 TBA |  | 15500000 |  | 13962109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/55 TBA |  | 20707000 |  | 19263981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/25/55 TBA |  | 14100000 |  | 13823507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/25/55 TBA |  | 24738786 |  | 24736854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/25/55 TBA |  | 2073964 |  | 2107828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/25/55 TBA |  | 234639 |  | 242210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/25/55 TBA |  | 24800000 |  | 21471374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/55 TBA |  | 400000 |  | 382594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/25/55 TBA |  | 200000 |  | 199851 |
|  GNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/20/27 (l) |  | 150 |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/43 |  | 105267 |  | 95402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 |  | 82452 |  | 73835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/46 |  | 107281 |  | 96151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/49 |  | 69381 |  | 63459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/50 |  | 14542 |  | 13296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/50 |  | 127810 |  | 116863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/20/53 |  | 569900 |  | 573612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/55 TBA |  | 523093 |  | 462692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/55 TBA |  | 1230000 |  | 1117378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/55 TBA |  | 1002723 |  | 959872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/55 TBA |  | 1875000 |  | 1841895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/55 TBA |  | 496000 |  | 496620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/15/55 TBA |  | 1169544 |  | 1186082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 129023140 |
|  **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** |
|  Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, 12/1/39 |  | 500000 |  | 502664 |
|  Sales Tax Securitization Corp. | Sales Tax Securitization Corp. | Sales Tax Securitization Corp. | Sales Tax Securitization Corp. | Sales Tax Securitization Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.007%, 1/1/33 |  | 800000 |  | 714262 |
|  State Board of Administration Finance Corp. | State Board of Administration Finance Corp. | State Board of Administration Finance Corp. | State Board of Administration Finance Corp. | State Board of Administration Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.705%, 7/1/27 |  | 288000 |  | 274278 |
|  Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 4/1/41 |  | 400000 |  | 404042 |
|  University of California |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071%, 5/15/51 |  | 335000 |  | 221611 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 2116857 |
|  **U.S. Government Agency Securities (47.7%)** | **U.S. Government Agency Securities (47.7%)** | **U.S. Government Agency Securities (47.7%)** | **U.S. Government Agency Securities (47.7%)** | **U.S. Government Agency Securities (47.7%)** |
|  FFCB | FFCB | FFCB | FFCB | FFCB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/30/25 |  | 15466000 |  | 15457523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/5/26 |  | 8000000 |  | 8022794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/23/26 |  | 20000000 |  | 20069576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/6/26 |  | 10000000 |  | 10037096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/17/26 |  | 3010000 |  | 3028814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/27 |  | 30063000 |  | 30427304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/30/29 |  | 5957000 |  | 6158033 |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/11/26 |  | 20000000 |  | 19548356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/17/26 |  | 10500000 |  | 10603007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/27 |  | 30300000 |  | 30456869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 615000 |  | 621993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 |  | 12910000 |  | 12733914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/8/28 |  | 25290000 |  | 26053841 |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/21/25 |  | 30000000 |  | 29933769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/23/25 |  | 30000000 |  | 29732166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/28/26 |  | 3000000 |  | 2876967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/29 |  | 39000000 |  | 43394169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 3/15/31 |  | 2510000 |  | 2862377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 |  | 47700000 |  | 54030343 |

---

See Notes to Financial Statements.

1202

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | $| 25816000 | $| 25185958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 |  | 25664000 |  | 27941728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/30 |  | 10000000 |  | 11506291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 30000000 |  | 25924332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 |  | 14000000 |  | 15791072 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 20000000 |  | 20065166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 5/1/30 |  | 13000000 |  | 14852396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/15/31 |  | 6700000 |  | 5752006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>4.700%, 7/15/33 |  | 7658000 |  | 7844723 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 510912583 |
|  **U.S. Treasury Obligations (28.2%)** | **U.S. Treasury Obligations (28.2%)** | **U.S. Treasury Obligations (28.2%)** | **U.S. Treasury Obligations (28.2%)** | **U.S. Treasury Obligations (28.2%)** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/39 |  | 200000 |  | 194750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 |  | 200000 |  | 196125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/40 |  | 200000 |  | 201199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 |  | 9700000 |  | 6180684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 |  | 4400000 |  | 3029125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 |  | 463600 |  | 308010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/41 |  | 94000 |  | 84277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 |  | 422500 |  | 290771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 |  | 238900 |  | 173928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/42 |  | 1010500 |  | 807197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 |  | 2770500 |  | 2294320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 |  | 720400 |  | 657928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 |  | 274500 |  | 245978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 |  | 700000 |  | 625953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 |  | 363600 |  | 312938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 |  | 680100 |  | 649177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 |  | 421000 |  | 368061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 |  | 1008700 |  | 1008712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 |  | 1055000 |  | 903690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/44 |  | 94500 |  | 91429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 |  | 500000 |  | 411641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/44 |  | 991200 |  | 973241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 |  | 4177600 |  | 3295227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 |  | 483700 |  | 372772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 |  | 2700000 |  | 2020469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 |  | 1800000 |  | 1349243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/47 |  | 100000 |  | 71375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 |  | 800000 |  | 595250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 |  | 200000 |  | 148094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 |  | 400000 |  | 316810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 |  | 100000 |  | 73770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 |  | 700000 |  | 439669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 |  | 100000 |  | 64411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 |  | 300000 |  | 176473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 |  | 1341000 |  | 754647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 |  | 1140700 |  | 658817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 |  | 571800 |  | 403112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 |  | 291200 |  | 237919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/53 |  | 558200 |  | 499411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/54 |  | 780100 |  | 712938 |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS |  | 544916 |  | 398177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS |  | 135388 |  | 102718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS |  | 132894 |  | 96386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS |  | 127484 |  | 92655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS |  | 374331 |  | 217685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS |  | 1232160 |  | 672597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS |  | 230476 |  | 123354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS |  | 215838 |  | 171439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS |  | 261315 |  | 240048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS |  | 203324 |  | 197331 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 TIPS |  | 1978160 |  | 1970750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS |  | 8342100 |  | 8324466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS |  | 1883187 |  | 1807876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS |  | 2034730 |  | 1872750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS |  | 578630 |  | 524612 |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 |  | 1767800 |  | 1774282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 |  | 2565700 |  | 2576229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 |  | 3202000 |  | 3290386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 |  | 3557600 |  | 3685441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 |  | 2448000 |  | 2402026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 |  | 14939500 |  | 15249889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 |  | 13330100 |  | 13338646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 |  | 9116200 |  | 9197215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 |  | 596700 |  | 607190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 |  | 1964000 |  | 2025363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 |  | 6357400 |  | 6530242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/29 |  | 1393200 |  | 1419026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/31/29 |  | 9142800 |  | 8756145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/29 |  | 6959300 |  | 7023889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 |  | 12614400 |  | 11612817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 |  | 5301100 |  | 5350522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/29 |  | 1305800 |  | 1311223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 |  | 18349500 |  | 15780548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 |  | 3105000 |  | 3221314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 |  | 10616400 |  | 10562894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 |  | 12231400 |  | 12466986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 |  | 29646200 |  | 30458497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 |  | 20585800 |  | 20379044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 |  | 19652500 |  | 19965494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 |  | 18028900 |  | 17609166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 |  | 5878000 |  | 5899590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 |  | 14925500 |  | 15406170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 |  | 4645300 |  | 4653284 |
|  U.S. Treasury STRIPS Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/40 STRIPS |  | 300000 |  | 143815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 5/15/41 STRIPS |  | 100000 |  | 45997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/41 STRIPS |  | 200000 |  | 90700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 301846415 |
|  **Total Long-Term Debt Securities (106.9%)**<br> (Cost $1,153,372,339) | **Total Long-Term Debt Securities (106.9%)**<br> (Cost $1,153,372,339) | **Total Long-Term Debt Securities (106.9%)**<br> (Cost $1,153,372,339) |  | 1143697439 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Foreign Government Treasury Bills (0.0%)†** | **Foreign Government Treasury Bills (0.0%)†** | **Foreign Government Treasury Bills (0.0%)†** |  |  |
|  Federative Republic of Brazil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/1/25 (p) | BRL | 1800000 |  | 319468 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund<br>4.19% (7 day yield) (xx) |  | 100000 |  | 100000 |
|  Invesco Government & Agency Portfolio, Institutional Shares<br>4.26% (7 day yield) (xx) |  | 771128 |  | 771128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 871128 |

---

See Notes to Financial Statements.

1203

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (1.1%)** | **U.S. Treasury Obligations (1.1%)** |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 7/3/25(p) | $933400 | $933184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 9/11/25(p) | 7262600 | 7200978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 9/25/25(p) | 1532200 | 1516836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 10/14/25(p) | 2300000 | 2271842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 11922840 |
|  **Total Short-Term Investments (1.2%)**<br> *(Cost $13,090,427)* | **Total Short-Term Investments (1.2%)**<br> *(Cost $13,090,427)* | 13113436 |
|  **Total Investments in Securities (108.1%)**<br> *(Cost $1,166,462,766)* | **Total Investments in Securities (108.1%)**<br> *(Cost $1,166,462,766)* | 1156810875 |
|  **Other Assets Less Liabilities (-8.1%)** | **Other Assets Less Liabilities (-8.1%)** | (86713774) |
|  **Net Assets (100%)** |  | $1070097101 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $92,946,478 or 8.7% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $4,341,357 or 0.4% of net assets.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $854,686. This was collateralized by cash of $871,128 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

---

| | | |
|:---|:---|:---|
| Glossary: | Glossary: | Glossary: |
| *ARM* | *—* | *Adjustable Rate Mortgage* |
| *AUD* | *—* | *Australian Dollar* |
| *BRL* | *—* | *Brazilian Real* |
| *CAD* | *—* | *Canadian Dollar* |
| *CME* | *—* | *Chicago Mercantile Exchange* |
| *CLO* | *—* | *Collateralized Loan Obligation* |
| *DKK* | *—* | *Denmark Krone* |
| *EUR* | *—* | *European Currency Unit* |
| *EURIBOR* | *—* | *Euro Interbank Offered Rate* |
| *FFCB* | *—* | *Federal Farm Credit Bank* |
| *FHLB* | *—* | *Federal Home Loan Bank* |
| *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *—* | *Federal National Mortgage Association* |
| *GBP* | *—* | *British Pound* |
| *GNMA* | *—* | *Government National Mortgage Association* |
| *ICE* | *—* | *Intercontinental Exchange* |
| *IO* | *—* | *Interest Only* |
| *JPY* | *—* | *Japanese Yen* |
| *MXN* | *—* | *Mexican Peso* |
| *MYR* | *—* | *Malaysian Ringgit* |
| *OAT* | *—* | *Obligations Assimilables du Trésor* |
| *PEN* | *—* | *Peruvian Sol* |
| *REIT* | *—* | *Real Estate Investment Trust* |
| *REMIC* | *—* | *Real Estate Mortgage Investment Conduit* |
| *SOFR* | *—* | *Secured Overnight Financing Rate* |
| *STACR* | *—* | *Structured Agency Credit Risk* |
| *STRIPS* | *—* | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
| *TBA* | *—* | *To Be Announced; Security is subject to delayed delivery* |
| *TIPS* | *—* | *Treasury Inflation Protected Security* |
| *TWD* | *—* | *New Taiwan Dollar* |
| *UMBS* | *—* | *Uniform Mortgage-Backed Securities* |
| *USD* | *—* | *United States Dollar* |

---

See Notes to Financial Statements.

1204

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration**<br>**Date** | **Trading**<br>**Currency** | **Notional**<br>**Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-Bund | 4 | 9/2025 | EUR | 613241 | (4766) |
|  Euro-OAT | 19 | 9/2025 | EUR | 2771669 | (15296) |
|  Long Gilt | 13 | 9/2025 | GBP | 1660069 | 28458 |
|  U.S. Treasury 2 Year Note | 3 | 9/2025 | USD | 624070 | 2082 |
|  U.S. Treasury 5 Year Note | 285 | 9/2025 | USD | 31065000 | 385110 |
|  U.S. Treasury 10 Year Note | 92 | 9/2025 | USD | 10315500 | 154434 |
|  U.S. Treasury 10 Year Ultra Note | 15 | 9/2025 | USD | 1713984 | 36174 |
|  U.S. Treasury Ultra Bond | 41 | 9/2025 | USD | 4884125 | 157709 |
|  |  |  |  |  | 743905 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Euro-BTP | (4) | 9/2025 | EUR | (570128) | (327) |
|  U.S. Treasury 10 Year Ultra Note | (141) | 9/2025 | USD | (16111453) | (357104) |
|  U.S. Treasury Long Bond | (44) | 9/2025 | USD | (5080625) | (222815) |
|  U.S. Treasury Ultra Bond | (11) | 9/2025 | USD | (1310375) | (55705) |
|  |  |  |  |  | (635951) |
|  |  |  |  |  | 107954 |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
| AUD | 30729 | USD | 19803 | Barclays Bank plc | 7/2/2025 | 421 |
| BRL | 4552504 | USD | 797691 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/2/2025 | 40229 |
| EUR | 4876970 | USD | 5657773 | Deutsche Bank AG | 7/2/2025 | 87054 |
| GBP | 2444114 | USD | 3323062 | Barclays Bank plc | 7/2/2025 | 31850 |
| USD | 291584 | CAD | 397000 | Barclays Bank plc | 7/2/2025 | 47 |
| USD | 958408 | JPY | 137497811 | JPMorgan Chase Bank | 7/2/2025 | 3595 |
| EUR | 775140 | USD | 885874 | JPMorgan Chase Bank | 7/9/2025 | 27622 |
| AUD | 30729 | USD | 20153 | JPMorgan Chase Bank | 8/5/2025 | 86 |
| MXN | 1963000 | USD | 103494 | Bank of America | 8/18/2025 | 580 |
| MXN | 11809342 | USD | 612530 | Deutsche Bank AG | 9/17/2025 | 11600 |
| PEN | 104879 | USD | 29000 | Barclays Bank plc<sup>\*\*</sup> | 9/17/2025 | 541 |
| BRL | 4665528 | USD | 827412 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | 11333 |
| MXN | 1979000 | USD | 102223 | Goldman Sachs Bank USA | 12/17/2025 | 1271 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 216229 |
| USD | 827412 | BRL | 4561109 | Goldman Sachs Bank USA<sup>\*\*</sup> | 7/2/2025 | (12092) |
| USD | 10191 | CAD | 14040 | Bank of America | 7/2/2025 | (119) |
| USD | 365801 | CAD | 500000 | JPMorgan Chase Bank | 7/2/2025 | (1373) |
| USD | 131231 | DKK | 866505 | JPMorgan Chase Bank | 7/2/2025 | (5576) |
| USD | 5545388 | EUR | 4877000 | Bank of America | 7/2/2025 | (199474) |
| USD | 3292662 | GBP | 2444114 | JPMorgan Chase Bank | 7/2/2025 | (62252) |
| USD | 883496 | EUR | 775140 | JPMorgan Chase Bank | 7/9/2025 | (30000) |
| USD | 280598 | MYR | 1187772 | Goldman Sachs Bank USA<sup>\*\*</sup> | 7/16/2025 | (1644) |
| USD | 45803 | TWD | 1490013 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/16/2025 | (5264) |
| USD | 136174 | DKK | 865099 | Deutsche Bank AG | 8/4/2025 | (776) |
| USD | 5657773 | EUR | 4866279 | Deutsche Bank AG | 8/4/2025 | (88071) |
| USD | 3101407 | GBP | 2279114 | Barclays Bank plc | 8/4/2025 | (27549) |
| USD | 953852 | JPY | 137085937 | Barclays Bank plc | 8/4/2025 | (1931) |
| USD | 666598 | CAD | 906957 | Goldman Sachs Bank USA | 8/5/2025 | (685) |
| USD | 241721 | TWD | 7917856 | JPMorgan Chase Bank<sup>\*\*</sup> | 8/20/2025 | (30437) |
| USD | 973042 | PEN | 3554524 | Barclays Bank plc<sup>\*\*</sup> | 9/17/2025 | (28152) |
| USD | 295477 | BRL | 1800000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | (28118) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (523513) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (307284) |

---

*\*\** *Non-deliverable forward.* 

See Notes to Financial Statements.

1205

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $25855491 | $— | $25855491 |
|  **Collateralized Mortgage Obligations** |  | 20847656 |  | 20847656 |
|  **Commercial Mortgage-Backed Securities** |  | 10837717 |  | 10837717 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 5802133 |  | 5802133 |
|  Consumer Discretionary |  | 9721041 |  | 9721041 |
|  Consumer Staples |  | 4234879 |  | 4234879 |
|  Energy |  | 10502885 |  | 10502885 |
|  Financials |  | 60578942 |  | 60578942 |
|  Health Care |  | 4594235 |  | 4594235 |
|  Industrials |  | 9251338 |  | 9251338 |
|  Information Technology |  | 5064861 |  | 5064861 |
|  Materials |  | 2133322 |  | 2133322 |
|  Real Estate |  | 5604904 |  | 5604904 |
|  Utilities |  | 14713788 |  | 14713788 |
|  **Foreign Government Securities** |  | 10055252 |  | 10055252 |
|  **Forward Currency Contracts** |  | 216229 |  | 216229 |
|  **Futures** | 763967 |  |  | 763967 |
|  **Mortgage-Backed Securities** |  | 129023140 |  | 129023140 |
|  **Municipal Bonds** |  | 2116857 |  | 2116857 |
|  **Short-Term Investments** |  |  |  |  |
|  Foreign Government Treasury Bills |  | 319468 |  | 319468 |
|  Investment Companies | 871128 |  |  | 871128 |
|  U.S. Treasury Obligations |  | 11922840 |  | 11922840 |
|  **U.S. Government Agency Securities** |  | 510912583 |  | 510912583 |
|  **U.S. Treasury Obligations** |  | 301846415 |  | 301846415 |
|  **Total Assets** | $**1635095** | $**1156155976** | $**—** | $**1157791071** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(523513) | $— | $(523513) |
|  **Futures** | (656013) |  |  | (656013) |
|  **Total Liabilities** | $**(656013)** | $**(523513)** | $**—** | $**(1179526)** |
|  **Total** | $**979082** | $**1155632463** | $**—** | $**1156611545** |

---

See Notes to Financial Statements.

1206

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $763967 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 216229 |
|  **Total** |  | $980196 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(656013) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (523513) |
|  **Total** |  | $(1179526) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $512807 | $— | $512807 |
|  Foreign exchange contracts |  | (794151) | (794151) |
|  **Total** | $512807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794151) | $(281344) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $49993 | $— | $49993 |
|  Foreign exchange contracts |  | (582560) | (582560) |
|  **Total** | $49993 | $(582560) | $(532567) |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $46985000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 24235000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $8821000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 24834000 |

---

See Notes to Financial Statements.

1207

------

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $580 | $(580) | $— | $— |
|  Barclays Bank plc | 32859 | (32859) |  |  |
|  Deutsche Bank AG | 98654 | (88847) |  | 9807 |
|  Goldman Sachs Bank USA | 12604 | (12604) |  |  |
|  JPMorgan Chase Bank | 71532 | (71532) |  |  |
|  **Total** | $216229 | $(206422) | $— | $9807 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $199593 | $(580) | $— | $199013 |
|  Barclays Bank plc | 57632 | (32859) |  | 24773 |
|  Deutsche Bank AG | 88847 | (88847) |  |  |
|  Goldman Sachs Bank USA | 42539 | (12604) |  | 29935 |
|  JPMorgan Chase Bank | 134902 | (71532) |  | 63370 |
|  **Total** | $523513 | $(206422) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $317091 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

The average amount of borrowings while outstanding for 138 days during the six months ended June 30, 2025, was approximately $5,323,000 at a weighted average interest rate of 4.44%.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $808290699.0 |
|  Long-term U.S. government debt securities | 119417168.0 |
|  | $927707867.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $834044946.0 |
|  Long-term U.S. government debt securities | 167090835.0 |
|  | $1001135781.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $14406763 |
|  Aggregate gross unrealized depreciation | (35059352) |
|  Net unrealized depreciation | $(20652589) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1177264134 |

---

See Notes to Financial Statements.

1208

------

EQ/QUALITY BOND PLUS PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $1,166,462,766) | $1156810875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8649170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $346,316) | 356279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 536000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 25561734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 9741896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 7973352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 614092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 216229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 151479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1210623595 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 125893527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 10275276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 1545000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 871128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 639007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 523513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 344285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 115449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 104416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 29131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 184875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 140526494 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1070097101 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1181951851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (111854750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1070097101 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $142,927,756 / 18,085,927 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.90 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $564,276,693 / 71,731,047 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.87 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $362,892,652 / 45,867,963 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.91 |

---

*(x)* *Includes value of securities on loan of $854,686.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $21971425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 6288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21977713 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2121054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 715515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 671130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 171447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 100807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 85990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 42507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 34863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4020870 |
|  **NET INVESTMENT INCOME (LOSS)** | 17956843 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (3310572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 512807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (794151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 299450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (129789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3422255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 26367205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 49993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (582560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 43600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25878238 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 22455983 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $40412826 |

---

See Notes to Financial Statements.

1209

------

#### EQ ADVISORS TRUST
EQ/QUALITY BOND PLUS PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17956843 | $35743250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3422255) | (13668064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 25878238 | (439314) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 40412826 | 21635872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (4115911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (18085951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (12717026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (34918888) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,512,464 and 704,275 shares, respectively ] | 11791437 | 5494566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 538,083 shares, respectively ] |  | 4115911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1123383) and (1315041) shares, respectively ] | (8723678) | (10212680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 3067759 | (602203) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,281,776 and 5,078,894 shares, respectively ] | 17640956 | 39195217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 2,375,289 shares, respectively ] |  | 18085951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8158382) and (10682543) shares, respectively ] | (63019661) | (82788928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (45378705) | (25507760) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,956,613 and 3,678,784 shares, respectively ] | 15207603 | 28419711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 1,662,910 shares, respectively ] |  | 12717026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6635873) and (8125548) shares, respectively ] | (51533781) | (63474988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (36326178) | (22338251) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (78637124) | (48448214) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (38224298) | (61731230) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1108321399 | 1170052629 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1070097101 | $1108321399 |

---

See Notes to Financial Statements.

1210

------

#### EQ ADVISORS TRUST
EQ/QUALITY BOND PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.62 | $7.72 | $7.57 | $8.55 | $8.86 | $8.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.23 | 0.17 | 0.09 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.16 | (0.09) | 0.15 | (0.96) | (0.25) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | 0.14 | 0.32 | (0.87) | (0.18) | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.17) | (0.05) | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.06) | (0.06) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.24) | (0.17) | (0.11) | (0.13) | (0.33) |
|  Net asset value, end of period | $7.90 | $7.62 | $7.72 | $7.57 | $8.55 | $8.86 |
|  Total return (b) | 3.67% | 1.79% | 4.19% | (10.18)% | (2.05)% | 5.96% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185857 |
|  Ratio of expenses to average net assets (a)(f) | 0.83 %(g) | 0.85 %(g) | 0.86 %(g) | 0.80% | 0.79% | 0.80% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 3.25% | 3.02% | 2.19% | 1.18% | 0.75% | 1.19% |
|  Portfolio turnover rate^ | 79 %(z) | 182% | 159% | 142% | 111% | 173% |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.58 | $7.69 | $7.53 | $8.51 | $8.83 | $8.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.23 | 0.17 | 0.09 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.17 | (0.10) | 0.16 | (0.96) | (0.26) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 0.13 | 0.33 | (0.87) | (0.19) | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) | (0.17) | (0.05) | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.06) | (0.06) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.24) | (0.17) | (0.11) | (0.13) | (0.33) |
|  Net asset value, end of period | $7.87 | $7.58 | $7.69 | $7.53 | $8.51 | $8.83 |
|  Total return (b) | 3.83% | 1.67% | 4.35% | (10.23)% | (2.18)% | 5.98% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902619 |
|  Ratio of expenses to average net assets (a)(f) | 0.83 %(g) | 0.85 %(g) | 0.86 %(g) | 0.80% | 0.79% | 0.80% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 3.25% | 3.02% | 2.19% | 1.18% | 0.75% | 1.19% |
|  Portfolio turnover rate^ | 79 %(z) | 182% | 159% | 142% | 111% | 173% |

---

See Notes to Financial Statements.

1211

------

EQ/QUALITY BOND PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $7.62 | $7.72 | $7.57 | $8.55 | $8.86 | $8.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.25 | 0.19 | 0.11 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.16 | (0.09) | 0.15 | (0.96) | (0.25) | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 0.16 | 0.34 | (0.85) | (0.16) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) | (0.19) | (0.07) | (0.09) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.06) | (0.06) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.26) | (0.19) | (0.13) | (0.15) | (0.35) |
|  Net asset value, end of period | $7.91 | $7.62 | $7.72 | $7.57 | $8.55 | $8.86 |
|  Total return (b) | 3.81% | 2.04% | 4.45% | (9.95)% | (1.83)% | 6.22% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454130 |
|  Ratio of expenses to average net assets (a)(f) | 58 %(g) | 0.60 %(g) | 0.61 %(g) | 0.55% | 0.54% | 0.55% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 3.50% | 3.27% | 2.44% | 1.44% | 0.98% | 1.45% |
|  Portfolio turnover rate^ | 79 %(z) | 182% | 159% | 142% | 111% | 173% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *For the six months ended June 30, 2025, includes interest expense of 0.02% for each class. Includes Interest Expense of 0.04% and 0.05% for the years ended 2024 and 2023, respectively for each class.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1212

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.6%)** | **Communication Services (2.6%)** | **Communication Services (2.6%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  Anterix, Inc.\* | 6600 | $169290 |
|  ATN International, Inc. | 8530 | 138612 |
|  Bandwidth, Inc., Class A\* | 17680 | 281112 |
|  Cogent Communications Holdings, Inc. | 23425 | 1129319 |
|  Globalstar, Inc.\* | 26680 | 628314 |
|  IDT Corp., Class B | 10100 | 690032 |
|  Liberty Latin America Ltd., Class A\* | 24100 | 147010 |
|  Liberty Latin America Ltd., Class C\* | 56199 | 349558 |
|  Lumen Technologies, Inc.\* | 563240 | 2466991 |
|  Shenandoah Telecommunications Co. | 26948 | 368110 |
|  |  | 6368348 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 243160 | 753796 |
|  Atlanta Braves Holdings, Inc., Class A\* | 8220 | 404506 |
|  Atlanta Braves Holdings, Inc., Class C\* | 28170 | 1317511 |
|  Cinemark Holdings, Inc. | 62100 | 1874178 |
|  Eventbrite, Inc., Class A\* | 36900 | 97047 |
|  Golden Matrix Group, Inc. (x)\* | 4990 | 8483 |
|  IMAX Corp. (x)\* | 27100 | 757716 |
|  Lionsgate Studios Corp.\* | 93836 | 545187 |
|  Madison Square Garden Entertainment Corp., Class A\* | 23096 | 923147 |
|  Marcus Corp. (The) | 15640 | 263690 |
|  Playstudios, Inc.\* | 26630 | 34885 |
|  Reservoir Media, Inc.\* | 7050 | 54074 |
|  Sphere Entertainment Co. (x)\* | 14716 | 615129 |
|  Starz Entertainment Corp. | 6255 | 100518 |
|  Vivid Seats, Inc., Class A\* | 33510 | 56632 |
|  |  | 7806499 |
|  ***Interactive Media & Services (0.7%)*** | ***Interactive Media & Services (0.7%)*** | ***Interactive Media & Services (0.7%)*** |
|  Angi, Inc., Class A\* | 24200 | 369292 |
|  Arena Group Holdings, Inc. (The)\* | 2500 | 15500 |
|  Bumble, Inc., Class A\* | 52880 | 348479 |
|  Cargurus, Inc., Class A\* | 50100 | 1676847 |
|  Cars.com, Inc.\* | 41400 | 490590 |
|  EverQuote, Inc., Class A\* | 15130 | 365843 |
|  fuboTV, Inc.\* | 191840 | 740502 |
|  Getty Images Holdings, Inc.\* | 22540 | 37417 |
|  Grindr, Inc.\* | 15230 | 345721 |
|  MediaAlpha, Inc., Class A\* | 17270 | 189107 |
|  Nextdoor Holdings, Inc.\* | 82810 | 137465 |
|  QuinStreet, Inc.\* | 27250 | 438725 |
|  Rumble, Inc. (x)\* | 44000 | 395120 |
|  Shutterstock, Inc. | 18170 | 344503 |
|  Teads Holding Co. (x)\* | 19040 | 47219 |
|  Travelzoo\* | 1000 | 12730 |
|  TripAdvisor, Inc.\* | 65000 | 848250 |
|  TrueCar, Inc.\* | 52690 | 100111 |
|  Vimeo, Inc.\* | 72200 | 291688 |
|  VTEX, Class A\* | 7500 | 49500 |
|  Webtoon Entertainment, Inc.\* | 2600 | 23608 |
|  Yelp, Inc., Class A\* | 36620 | 1254967 |
|  Ziff Davis, Inc.\* | 25318 | 766376 |
|  ZipRecruiter, Inc., Class A\* | 52000 | 260520 |
|  |  | 9550080 |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** |
|  Advantage Solutions, Inc. (x)\* | 65950 | 87054 |
|  Altice USA, Inc., Class A\* | 146100 | 312654 |
|  AMC Networks, Inc., Class A\* | 27330 | 171359 |
|  Boston Omaha Corp., Class A\* | 12940 | 181678 |
|  Cable One, Inc. | 3170 | 430518 |
|  EchoStar Corp., Class A\* | 75765 | 2098690 |
|  Emerald Holding, Inc. (x) | 8150 | 39527 |
|  Entravision Communications Corp., Class A | 60360 | 140035 |
|  EW Scripps Co. (The), Class A\* | 56722 | 166763 |
|  Gambling.com Group Ltd.\* | 14130 | 168006 |
|  Gannett Co., Inc.\* | 108089 | 386959 |
|  Gray Media, Inc. | 44400 | 201132 |
|  Ibotta, Inc., Class A\* | 8580 | 314028 |
|  iHeartMedia, Inc., Class A\* | 93120 | 163891 |
|  Integral Ad Science Holding Corp.\* | 40580 | 337220 |
|  John Wiley & Sons, Inc., Class A | 23040 | 1028275 |
|  Magnite, Inc.\* | 72383 | 1745878 |
|  National CineMedia, Inc. | 9640 | 46706 |
|  Newsmax, Inc., Class B (x)\* | 17700 | 267801 |
|  PubMatic, Inc., Class A\* | 21000 | 261240 |
|  Scholastic Corp. | 14960 | 313861 |
|  Sinclair, Inc. | 25390 | 350890 |
|  Stagwell, Inc., Class A (x)\* | 57810 | 260145 |
|  TechTarget, Inc.\* | 20700 | 160839 |
|  TEGNA, Inc. | 83740 | 1403482 |
|  Thryv Holdings, Inc.\* | 16580 | 201613 |
|  WideOpenWest, Inc.\* | 37940 | 154036 |
|  |  | 11394280 |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** |
|  Gogo, Inc.\* | 38300 | 562244 |
|  Spok Holdings, Inc. | 9320 | 164778 |
|  Telephone and Data Systems, Inc. | 52500 | 1867950 |
|  |  | 2594972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 37714179 |
|  **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** |
|  ***Automobile Components (1.2%)*** | ***Automobile Components (1.2%)*** | ***Automobile Components (1.2%)*** |
|  Adient plc\* | 49900 | 971054 |
|  American Axle & Manufacturing Holdings, Inc.\* | 62675 | 255714 |
|  Cooper-Standard Holdings, Inc.\* | 5600 | 120400 |
|  Dana, Inc. | 71825 | 1231799 |
|  Dorman Products, Inc.\* | 14310 | 1755408 |
|  Fox Factory Holding Corp.\* | 22600 | 586244 |
|  Garrett Motion, Inc. | 70950 | 745684 |
|  Gentherm, Inc.\* | 16900 | 478101 |
|  Goodyear Tire & Rubber Co. (The)\* | 164623 | 1707141 |
|  Holley, Inc. (x)\* | 41350 | 82700 |
|  LCI Industries | 13470 | 1228329 |
|  Luminar Technologies, Inc., Class A (x)\* | 36325 | 104253 |
|  Modine Manufacturing Co.\* | 28190 | 2776715 |
|  Motorcar Parts of America, Inc.\* | 2060 | 23072 |
|  Patrick Industries, Inc. | 16957 | 1564622 |
|  Phinia, Inc. | 25510 | 1134940 |

---

See Notes to Financial Statements.

1213

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Solid Power, Inc. (x)\* | 170390 | $| 373154 |
|  Standard Motor Products, Inc. | 12900 |  | 396288 |
|  Strattec Security Corp.\* | 630 |  | 39192 |
|  Visteon Corp.\* | 16100 |  | 1502130 |
|  XPEL, Inc. (m)\* | 12080 |  | 433672 |
|  |  |  | 17510612 |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** |
|  Livewire Group, Inc. (x)\* | 52850 |  | 243110 |
|  Winnebago Industries, Inc. | 17446 |  | 505934 |
|  |  |  | 749044 |
|  ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** | ***Broadline Retail (0.1%)*** |
|  Groupon, Inc. (x)\* | 13940 |  | 466293 |
|  Kohl's Corp. | 61000 |  | 517280 |
|  Savers Value Village, Inc.\* | 16460 |  | 167892 |
|  |  |  | 1151465 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  A-Mark Precious Metals, Inc. | 13010 |  | 288562 |
|  GigaCloud Technology, Inc., Class A (x)\* | 13180 |  | 260700 |
|  Weyco Group, Inc. | 870 |  | 28849 |
|  |  |  | 578111 |
|  ***Diversified Consumer Services (1.3%)*** | ***Diversified Consumer Services (1.3%)*** | ***Diversified Consumer Services (1.3%)*** | ***Diversified Consumer Services (1.3%)*** |
|  Adtalem Global Education, Inc.\* | 20640 |  | 2626027 |
|  American Public Education, Inc.\* | 9760 |  | 297290 |
|  Carriage Services, Inc., Class A | 8530 |  | 390162 |
|  Coursera, Inc.\* | 70150 |  | 614514 |
|  European Wax Center, Inc., Class A\* | 35770 |  | 201385 |
|  Frontdoor, Inc.\* | 41700 |  | 2457798 |
|  Graham Holdings Co., Class B | 1730 |  | 1636874 |
|  KinderCare Learning Cos., Inc.\* | 19500 |  | 196950 |
|  Laureate Education, Inc.\* | 70400 |  | 1645952 |
|  Lincoln Educational Services Corp.\* | 16540 |  | 381247 |
|  Matthews International Corp., Class A | 18459 |  | 441355 |
|  Mister Car Wash, Inc.\* | 52590 |  | 316066 |
|  Nerdy, Inc.\* | 86370 |  | 140783 |
|  OneSpaWorld Holdings Ltd. | 56420 |  | 1150404 |
|  Perdoceo Education Corp. | 38800 |  | 1268372 |
|  Strategic Education, Inc. | 12764 |  | 1086599 |
|  Stride, Inc.\* | 23284 |  | 3380604 |
|  Udemy, Inc.\* | 53700 |  | 377511 |
|  Universal Technical Institute, Inc.\* | 21150 |  | 716773 |
|  Zspace, Inc. (x)\* | 1200 |  | 3912 |
|  |  |  | 19330578 |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** |
|  Accel Entertainment, Inc., Class A\* | 22190 |  | 261176 |
|  Bally's Corp.\* | 1000 |  | 9580 |
|  Biglari Holdings, Inc., Class B\* | 731 |  | 213606 |
|  BJ's Restaurants, Inc.\* | 12134 |  | 541176 |
|  Bloomin' Brands, Inc. | 46890 |  | 403723 |
|  Brinker International, Inc.\* | 24210 |  | 4365789 |
|  Cheesecake Factory, Inc. (The) (x) | 25821 |  | 1617944 |
|  Cracker Barrel Old Country Store, Inc. | 13801 |  | 842965 |
|  Dave & Buster's Entertainment, Inc. (x)\* | 18110 |  | 544749 |
|  Denny's Corp.\* | 45950 |  | 188395 |
|  Dine Brands Global, Inc. (x) | 6351 |  | 154520 |
|  El Pollo Loco Holdings, Inc.\* | 20130 |  | 221631 |
|  Everi Holdings, Inc.\* | 47200 |  | 672128 |
|  First Watch Restaurant Group, Inc.\* | 16650 |  | 267066 |
|  Genius Sports Ltd.\* | 123800 |  | 1287520 |
|  Global Business Travel Group I (x)\* | 70480 |  | 444024 |
|  Golden Entertainment, Inc. | 10620 |  | 312547 |
|  Hilton Grand Vacations, Inc.\* | 34200 |  | 1420326 |
|  Inspired Entertainment, Inc.\* | 7190 |  | 58742 |
|  International Game Technology plc | 71210 |  | 1125830 |
|  Jack in the Box, Inc. (x) | 10549 |  | 184186 |
|  Krispy Kreme, Inc. (x) | 74621 |  | 217147 |
|  Kura Sushi USA, Inc., Class A\* | 5660 |  | 487213 |
|  Life Time Group Holdings, Inc.\* | 75850 |  | 2300531 |
|  Lindblad Expeditions Holdings, Inc.\* | 22420 |  | 261641 |
|  Marriott Vacations Worldwide Corp. | 17900 |  | 1294349 |
|  Monarch Casino & Resort, Inc. | 6700 |  | 579148 |
|  Nathan's Famous, Inc. | 880 |  | 97310 |
|  Papa John's International, Inc. (x) | 18742 |  | 917234 |
|  PlayAGS, Inc.\* | 22120 |  | 276279 |
|  Portillo's, Inc., Class A (x)\* | 22690 |  | 264792 |
|  Potbelly Corp.\* | 5600 |  | 68600 |
|  Pursuit Attractions and Hospitality, Inc.\* | 9504 |  | 274000 |
|  RCI Hospitality Holdings, Inc. | 4740 |  | 180689 |
|  Red Rock Resorts, Inc., Class A | 27200 |  | 1415216 |
|  Rush Street Interactive, Inc.\* | 49620 |  | 739338 |
|  Sabre Corp.\* | 188520 |  | 595723 |
|  Shake Shack, Inc., Class A\* | 21700 |  | 3051020 |
|  Six Flags Entertainment Corp. (x)\* | 51637 |  | 1571314 |
|  Super Group SGHC Ltd. | 84680 |  | 928940 |
|  Sweetgreen, Inc., Class A\* | 52321 |  | 778536 |
|  Target Hospitality Corp.\* | 23200 |  | 165184 |
|  United Parks & Resorts, Inc. (x)\* | 20800 |  | 980720 |
|  Xponential Fitness, Inc., Class A\* | 29470 |  | 220730 |
|  |  |  | 32803277 |
|  ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** | ***Household Durables (1.7%)*** |
|  Bassett Furniture Industries, Inc. | 300 |  | 4560 |
|  Beazer Homes USA, Inc.\* | 16030 |  | 358591 |
|  Cavco Industries, Inc.\* | 4330 |  | 1881082 |
|  Century Communities, Inc. | 15100 |  | 850432 |
|  Champion Homes, Inc.\* | 28700 |  | 1796907 |
|  Cricut, Inc., Class A | 35770 |  | 242163 |
|  Dream Finders Homes, Inc., Class A (x)\* | 12960 |  | 325685 |
|  Ethan Allen Interiors, Inc. | 9554 |  | 266079 |
|  Flexsteel Industries, Inc. | 1030 |  | 37111 |
|  Green Brick Partners, Inc.\* | 17660 |  | 1110461 |
|  Hamilton Beach Brands Holding Co., Class A | 1840 |  | 32918 |
|  Helen of Troy Ltd.\* | 12298 |  | 349017 |
|  Hovnanian Enterprises, Inc., Class A\* | 2140 |  | 223737 |
|  Installed Building Products, Inc. | 13300 |  | 2398256 |
|  KB Home | 36630 |  | 1940291 |
|  La-Z-Boy, Inc. | 21459 |  | 797631 |
|  Legacy Housing Corp.\* | 6590 |  | 149329 |
|  Leggett & Platt, Inc. | 74500 |  | 664540 |
|  LGI Homes, Inc.\* | 13000 |  | 669760 |

---

See Notes to Financial Statements.

1214

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Lovesac Co. (The)\* | 16910 | $| 307762 |
|  M/I Homes, Inc.\* | 14550 |  | 1631346 |
|  Meritage Homes Corp. | 39318 |  | 2633127 |
|  Sonos, Inc.\* | 65753 |  | 710790 |
|  Taylor Morrison Home Corp., Class A\* | 56920 |  | 3496026 |
|  Traeger, Inc.\* | 31610 |  | 54053 |
|  Tri Pointe Homes, Inc.\* | 51461 |  | 1644179 |
|  |  |  | 24575833 |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** |
|  Acushnet Holdings Corp. (x) | 15600 |  | 1135992 |
|  American Outdoor Brands, Inc.\* | 600 |  | 6270 |
|  Clarus Corp. (x) | 28454 |  | 98735 |
|  Escalade, Inc. | 670 |  | 9367 |
|  Funko, Inc., Class A\* | 28710 |  | 136660 |
|  JAKKS Pacific, Inc. | 5190 |  | 107848 |
|  Johnson Outdoors, Inc., Class A | 5110 |  | 154680 |
|  Latham Group, Inc.\* | 37290 |  | 237910 |
|  Malibu Boats, Inc., Class A\* | 12000 |  | 376080 |
|  Marine Products Corp. | 5930 |  | 50464 |
|  MasterCraft Boat Holdings, Inc.\* | 9930 |  | 184499 |
|  Outdoor Holding Co.\* | 31590 |  | 40435 |
|  Peloton Interactive, Inc., Class A (x)\* | 189920 |  | 1318045 |
|  Polaris, Inc. (x) | 29800 |  | 1211370 |
|  Smith & Wesson Brands, Inc. | 22035 |  | 191264 |
|  Sturm Ruger & Co., Inc. | 10700 |  | 384130 |
|  Topgolf Callaway Brands Corp.\* | 79653 |  | 641207 |
|  |  |  | 6284956 |
|  ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** |
|  1-800-Flowers.com, Inc., Class A (x)\* | 16270 |  | 80048 |
|  Abercrombie & Fitch Co., Class A\* | 28250 |  | 2340512 |
|  Academy Sports & Outdoors, Inc. | 39400 |  | 1765514 |
|  Advance Auto Parts, Inc. (x) | 33500 |  | 1557415 |
|  American Eagle Outfitters, Inc. | 97640 |  | 939297 |
|  America's Car-Mart, Inc.\* | 3340 |  | 187174 |
|  Arhaus, Inc., Class A\* | 28770 |  | 249436 |
|  Arko Corp. | 46450 |  | 196484 |
|  Asbury Automotive Group, Inc.\* | 10932 |  | 2607719 |
|  BARK, Inc.\* | 21290 |  | 18725 |
|  Beyond, Inc.\* | 23300 |  | 160304 |
|  Boot Barn Holdings, Inc.\* | 17220 |  | 2617440 |
|  Buckle, Inc. (The) | 16339 |  | 740974 |
|  Build-A-Bear Workshop, Inc. | 7130 |  | 367623 |
|  Caleres, Inc. (x) | 18863 |  | 230506 |
|  Camping World Holdings, Inc., Class A | 30790 |  | 529280 |
|  Citi Trends, Inc.\* | 1580 |  | 52756 |
|  Designer Brands, Inc., Class A (x) | 23750 |  | 56525 |
|  EVgo, Inc., Class A\* | 5860 |  | 21389 |
|  Foot Locker, Inc.\* | 52350 |  | 1282575 |
|  Genesco, Inc.\* | 9167 |  | 180498 |
|  Group 1 Automotive, Inc. | 7207 |  | 3147369 |
|  Haverty Furniture Cos., Inc. | 7570 |  | 154049 |
|  J Jill, Inc. (x) | 7840 |  | 114778 |
|  Lands' End, Inc.\* | 8260 |  | 88465 |
|  MarineMax, Inc.\* | 8300 |  | 208662 |
|  Monro, Inc. | 17704 |  | 263967 |
|  National Vision Holdings, Inc.\* | 44892 |  | 1032965 |
|  ODP Corp. (The)\* | 13110 |  | 237684 |
|  OneWater Marine, Inc., Class A\* | 3170 |  | 42446 |
|  Petco Health & Wellness Co., Inc., Class A (x)\* | 54130 |  | 153188 |
|  RealReal, Inc. (The) (x)\* | 54980 |  | 263354 |
|  Revolve Group, Inc., Class A\* | 18600 |  | 372930 |
|  Sally Beauty Holdings, Inc.\* | 68800 |  | 637088 |
|  Shoe Carnival, Inc. | 13000 |  | 243230 |
|  Signet Jewelers Ltd. | 23370 |  | 1859084 |
|  Sleep Number Corp.\* | 16770 |  | 113281 |
|  Sonic Automotive, Inc., Class A | 7845 |  | 627051 |
|  Stitch Fix, Inc., Class A\* | 74480 |  | 275576 |
|  ThredUp, Inc., Class A\* | 50840 |  | 380792 |
|  Tile Shop Holdings, Inc.\* | 3690 |  | 23468 |
|  Torrid Holdings, Inc.\* | 13490 |  | 39796 |
|  Upbound Group, Inc. | 34203 |  | 858495 |
|  Urban Outfitters, Inc.\* | 33560 |  | 2434442 |
|  Victoria's Secret & Co.\* | 44070 |  | 816176 |
|  Warby Parker, Inc., Class A\* | 54890 |  | 1203738 |
|  Winmark Corp. | 1500 |  | 566415 |
|  Zumiez, Inc.\* | 11020 |  | 146125 |
|  |  |  | 32486808 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  Capri Holdings Ltd.\* | 65000 |  | 1150500 |
|  Carter's, Inc. | 19900 |  | 599587 |
|  Ermenegildo Zegna NV (x) | 34500 |  | 294975 |
|  Figs, Inc., Class A\* | 64300 |  | 362652 |
|  G-III Apparel Group Ltd.\* | 24300 |  | 544320 |
|  Hanesbrands, Inc.\* | 188060 |  | 861315 |
|  Kontoor Brands, Inc. | 29940 |  | 1975142 |
|  Lakeland Industries, Inc. | 2700 |  | 36747 |
|  Movado Group, Inc. | 9850 |  | 150213 |
|  Oxford Industries, Inc. (x) | 8800 |  | 354200 |
|  Rocky Brands, Inc. | 1570 |  | 34838 |
|  Steven Madden Ltd. | 39530 |  | 947929 |
|  Superior Group of Cos., Inc. | 2430 |  | 25029 |
|  Wolverine World Wide, Inc. | 45080 |  | 815046 |
|  |  |  | 8152493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 143623177 |
|  **Consumer Staples (2.2%)** | **Consumer Staples (2.2%)** | **Consumer Staples (2.2%)** | **Consumer Staples (2.2%)** |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** |
|  MGP Ingredients, Inc. | 11270 |  | 337762 |
|  National Beverage Corp.\* | 10840 |  | 468722 |
|  Vita Coco Co., Inc. (The)\* | 20150 |  | 727415 |
|  Zevia PBC, Class A\* | 6850 |  | 22057 |
|  |  |  | 1555956 |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Andersons, Inc. (The) | 16309 |  | 599356 |
|  Chefs' Warehouse, Inc. (The)\* | 18830 |  | 1201542 |
|  Grocery Outlet Holding Corp.\* | 52900 |  | 657018 |
|  Guardian Pharmacy Services, Inc., Class A\* | 5200 |  | 110812 |
|  HF Foods Group, Inc.\* | 21620 |  | 68752 |
|  Ingles Markets, Inc., Class A | 7600 |  | 481688 |
|  Natural Grocers by Vitamin Cottage, Inc. | 10850 |  | 425863 |
|  PriceSmart, Inc. | 13622 |  | 1430855 |
|  SpartanNash Co. | 16870 |  | 446886 |
|  United Natural Foods, Inc.\* | 41588 |  | 969416 |
|  Village Super Market, Inc., Class A | 7410 |  | 285285 |

---

See Notes to Financial Statements.

1215

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Weis Markets, Inc. | 8451 | $| 612613 |
|  |  |  | 7290086 |
|  ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** |
|  Alico, Inc. | 3420 |  | 111766 |
|  B&G Foods, Inc. (x) | 41590 |  | 175926 |
|  Beyond Meat, Inc. (x)\* | 37910 |  | 132306 |
|  BRC, Inc., Class A (x)\* | 50450 |  | 66089 |
|  Calavo Growers, Inc. | 8040 |  | 213784 |
|  Cal-Maine Foods, Inc. | 25664 |  | 2556904 |
|  Dole plc | 38210 |  | 534558 |
|  Forafric Global plc (x)\* | 680 |  | 5304 |
|  Fresh Del Monte Produce, Inc. | 18604 |  | 603142 |
|  Hain Celestial Group, Inc. (The)\* | 84290 |  | 128121 |
|  J & J Snack Foods Corp. | 8703 |  | 987007 |
|  John B Sanfilippo & Son, Inc. | 4740 |  | 299758 |
|  Lancaster Colony Corp. | 10837 |  | 1872308 |
|  Lifeway Foods, Inc.\* | 3610 |  | 88986 |
|  Limoneira Co. | 3350 |  | 52427 |
|  Mama's Creations, Inc.\* | 8050 |  | 66815 |
|  Mission Produce, Inc.\* | 19870 |  | 232876 |
|  Seneca Foods Corp., Class A\* | 5760 |  | 584237 |
|  Simply Good Foods Co. (The)\* | 52430 |  | 1656264 |
|  SunOpta, Inc.\* | 75190 |  | 436102 |
|  Tootsie Roll Industries, Inc. | 9800 |  | 327810 |
|  TreeHouse Foods, Inc.\* | 27000 |  | 524340 |
|  Utz Brands, Inc. | 38520 |  | 483426 |
|  Vital Farms, Inc.\* | 17910 |  | 689893 |
|  Westrock Coffee Co. (x)\* | 8140 |  | 46642 |
|  WK Kellogg Co. (x) | 36840 |  | 587230 |
|  |  |  | 13464021 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Central Garden & Pet Co.\* | 3470 |  | 122075 |
|  Central Garden & Pet Co., Class A\* | 31201 |  | 976279 |
|  Energizer Holdings, Inc. | 40380 |  | 814061 |
|  Oil-Dri Corp. of America | 3560 |  | 210004 |
|  Spectrum Brands Holdings, Inc. | 14300 |  | 757900 |
|  WD-40 Co. | 7647 |  | 1744204 |
|  |  |  | 4624523 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Beauty Health Co. (The)\* | 59000 |  | 112690 |
|  Edgewell Personal Care Co. | 30300 |  | 709323 |
|  FitLife Brands, Inc.\* | 200 |  | 2604 |
|  Herbalife Ltd. (x)\* | 49900 |  | 430138 |
|  Honest Co., Inc. (The)\* | 45320 |  | 230679 |
|  Interparfums, Inc. | 10210 |  | 1340675 |
|  Lifevantage Corp. | 1000 |  | 13080 |
|  Medifast, Inc.\* | 17500 |  | 245875 |
|  Nature's Sunshine Products, Inc.\* | 5260 |  | 77795 |
|  Nu Skin Enterprises, Inc., Class A | 25800 |  | 206142 |
|  Olaplex Holdings, Inc.\* | 74330 |  | 104062 |
|  USANA Health Sciences, Inc.\* | 7870 |  | 240271 |
|  Waldencast plc, Class A (x)\* | 7200 |  | 17640 |
|  |  |  | 3730974 |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** |
|  Ispire Technology, Inc.\* | 3030 |  | 7757 |
|  Turning Point Brands, Inc. | 10650 |  | 806950 |
|  Universal Corp. | 14253 |  | 830095 |
|  |  |  | 1644802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 32310362 |
|  **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** |
|  ***Energy Equipment & Services (1.7%)*** | ***Energy Equipment & Services (1.7%)*** | ***Energy Equipment & Services (1.7%)*** | ***Energy Equipment & Services (1.7%)*** |
|  Archrock, Inc. | 91800 |  | 2279394 |
|  Aris Water Solutions, Inc., Class A | 12870 |  | 304375 |
|  Atlas Energy Solutions, Inc. (x) | 38150 |  | 510066 |
|  Borr Drilling Ltd. | 133130 |  | 243628 |
|  Bristow Group, Inc., Class A\* | 12686 |  | 418257 |
|  Cactus, Inc., Class A | 38270 |  | 1673164 |
|  ChampionX Corp. | 107900 |  | 2680236 |
|  Core Laboratories, Inc. (x) | 25050 |  | 288576 |
|  DMC Global, Inc.\* | 18150 |  | 146289 |
|  Energy Services of America Corp. | 2000 |  | 19880 |
|  Expro Group Holdings NV\* | 59349 |  | 509808 |
|  Flowco Holdings, Inc., Class A | 9000 |  | 160290 |
|  Forum Energy Technologies, Inc.\* | 2230 |  | 43418 |
|  Helix Energy Solutions Group, Inc.\* | 79900 |  | 498576 |
|  Helmerich & Payne, Inc. | 54700 |  | 829252 |
|  Innovex International, Inc.\* | 21800 |  | 340516 |
|  Kodiak Gas Services, Inc. | 30160 |  | 1033583 |
|  Liberty Energy, Inc., Class A | 91360 |  | 1048813 |
|  Mammoth Energy Services, Inc.\* | 4990 |  | 13972 |
|  Nabors Industries Ltd. (x)\* | 5160 |  | 144583 |
|  National Energy Services Reunited Corp.\* | 6100 |  | 36722 |
|  Natural Gas Services Group, Inc.\* | 2360 |  | 60912 |
|  Noble Corp. plc | 75905 |  | 2015278 |
|  Oceaneering International, Inc.\* | 55500 |  | 1149960 |
|  Oil States International, Inc.\* | 41400 |  | 221904 |
|  Patterson-UTI Energy, Inc. | 224205 |  | 1329536 |
|  ProFrac Holding Corp., Class A (x)\* | 41500 |  | 322040 |
|  ProPetro Holding Corp.\* | 45500 |  | 271635 |
|  Ranger Energy Services, Inc., Class A | 4650 |  | 55521 |
|  RPC, Inc. | 37300 |  | 176429 |
|  SEACOR Marine Holdings, Inc.\* | 7140 |  | 36414 |
|  Seadrill Ltd.\* | 41790 |  | 1096987 |
|  Select Water Solutions, Inc., Class A | 51240 |  | 442714 |
|  Solaris Energy Infrastructure, Inc., Class A (x) | 20390 |  | 576833 |
|  TETRA Technologies, Inc.\* | 79550 |  | 267288 |
|  Tidewater, Inc.\* | 27390 |  | 1263501 |
|  Transocean Ltd.\* | 409580 |  | 1060812 |
|  Valaris Ltd. (x)\* | 35250 |  | 1484378 |
|  |  |  | 25055540 |
|  ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** | ***Oil, Gas & Consumable Fuels (3.1%)*** |
|  Ardmore Shipping Corp. | 22420 |  | 215232 |
|  Berry Corp. | 38200 |  | 105814 |
|  BKV Corp.\* | 9500 |  | 229140 |
|  California Resources Corp. | 37280 |  | 1702578 |
|  Calumet, Inc.\* | 38500 |  | 606567 |
|  Centrus Energy Corp., Class A (x)\* | 8260 |  | 1513067 |
|  Clean Energy Fuels Corp.\* | 90259 |  | 176005 |
|  CNX Resources Corp.\* | 79050 |  | 2662404 |
|  Comstock Resources, Inc.\* | 47600 |  | 1317092 |
|  Core Natural Resources, Inc. | 29774 |  | 2076439 |
|  Crescent Energy Co., Class A | 89162 |  | 766793 |
|  CVR Energy, Inc. | 19190 |  | 515252 |
|  Delek US Holdings, Inc. | 33827 |  | 716456 |
|  DHT Holdings, Inc. | 75800 |  | 819398 |
|  Diversified Energy Co. plc (m) | 26390 |  | 387141 |
|  Dorian LPG Ltd. | 21738 |  | 529972 |

---

See Notes to Financial Statements.

1216

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Empire Petroleum Corp. (x)\* | 4043 | $| 21347 |
|  Encore Energy Corp. (x)\* | 87390 |  | 249935 |
|  Energy Fuels, Inc. (x)\* | 103800 |  | 596850 |
|  Epsilon Energy Ltd. | 2600 |  | 19188 |
|  Evolution Petroleum Corp. (x) | 12740 |  | 59878 |
|  Excelerate Energy, Inc., Class A | 11010 |  | 322813 |
|  FLEX LNG Ltd. (x) | 14400 |  | 316512 |
|  FutureFuel Corp. | 38590 |  | 149729 |
|  Golar LNG Ltd. (x) | 55400 |  | 2281926 |
|  Granite Ridge Resources, Inc. | 28290 |  | 180207 |
|  Green Plains, Inc.\* | 35780 |  | 215753 |
|  Gulfport Energy Corp.\* | 8480 |  | 1705922 |
|  Hallador Energy Co.\* | 14810 |  | 234442 |
|  HighPeak Energy, Inc. (x) | 22850 |  | 223930 |
|  Infinity Natural Resources, Inc., Class A\* | 4800 |  | 87888 |
|  International Seaways, Inc. | 22684 |  | 827512 |
|  Jura Energy Corp.\* | 690 |  | 13 |
|  Kinetik Holdings, Inc., Class A | 24760 |  | 1090678 |
|  Kosmos Energy Ltd.\* | 262740 |  | 451913 |
|  Magnolia Oil & Gas Corp., Class A | 104180 |  | 2341966 |
|  Murphy Oil Corp. | 80100 |  | 1802250 |
|  NACCO Industries, Inc., Class A | 1840 |  | 81530 |
|  Navigator Holdings Ltd. | 4300 |  | 60845 |
|  New Fortress Energy, Inc. (x)\* | 105400 |  | 349928 |
|  NextDecade Corp.\* | 64930 |  | 578526 |
|  NextNRG, Inc. (x)\* | 900 |  | 2493 |
|  Nordic American Tankers Ltd. | 131701 |  | 346374 |
|  Northern Oil & Gas, Inc. (x) | 55710 |  | 1579379 |
|  OPAL Fuels, Inc., Class A\* | 1900 |  | 4598 |
|  Par Pacific Holdings, Inc.\* | 29560 |  | 784227 |
|  PBF Energy, Inc., Class A | 57250 |  | 1240608 |
|  Peabody Energy Corp. | 71880 |  | 964630 |
|  Prairie Operating Co. (x)\* | 16200 |  | 48519 |
|  PrimeEnergy Resources Corp.\* | 1920 |  | 281050 |
|  REX American Resources Corp.\* | 9900 |  | 482229 |
|  Riley Exploration Permian, Inc. | 7320 |  | 192004 |
|  Sable Offshore Corp. (x)\* | 38240 |  | 840515 |
|  SandRidge Energy, Inc. | 17900 |  | 193678 |
|  Scorpio Tankers, Inc. | 25930 |  | 1014641 |
|  SFL Corp. Ltd. | 61865 |  | 515335 |
|  Sitio Royalties Corp., Class A | 43125 |  | 792638 |
|  SM Energy Co. | 60610 |  | 1497673 |
|  Talos Energy, Inc.\* | 74430 |  | 631166 |
|  Teekay Corp. Ltd. | 32880 |  | 271260 |
|  Teekay Tankers Ltd., Class A | 12850 |  | 536102 |
|  Uranium Energy Corp. (x)\* | 237880 |  | 1617584 |
|  VAALCO Energy, Inc. (x) | 72790 |  | 262772 |
|  Verde Clean Fuels, Inc.\* | 460 |  | 1582 |
|  Vital Energy, Inc.\* | 16060 |  | 258405 |
|  Vitesse Energy, Inc. (x) | 13700 |  | 302633 |
|  W&T Offshore, Inc. (x) | 126944 |  | 209458 |
|  World Kinect Corp. (x) | 27840 |  | 789264 |
|  |  |  | 44251648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 69307188 |
|  **Financials (19.2%)** | **Financials (19.2%)** | **Financials (19.2%)** | **Financials (19.2%)** |
|  ***Banks (10.5%)*** | ***Banks (10.5%)*** | ***Banks (10.5%)*** | ***Banks (10.5%)*** |
|  1st Source Corp. | 13442 |  | 834345 |
|  ACNB Corp. | 3470 |  | 148655 |
|  Amalgamated Financial Corp. | 13690 |  | 427128 |
|  Amerant Bancorp, Inc., Class A | 20310 |  | 370251 |
|  Ameris Bancorp | 37094 |  | 2399982 |
|  Ames National Corp. | 1520 |  | 27071 |
|  Arrow Financial Corp. | 11151 |  | 294609 |
|  Associated Banc-Corp. | 92210 |  | 2249002 |
|  Atlantic Union Bankshares Corp. | 79697 |  | 2492922 |
|  Axos Financial, Inc.\* | 29070 |  | 2210483 |
|  Banc of California, Inc. | 73407 |  | 1031368 |
|  BancFirst Corp. | 11170 |  | 1380835 |
|  Bancorp, Inc. (The)\* | 24390 |  | 1389498 |
|  Bank First Corp. | 4990 |  | 587073 |
|  Bank of Hawaii Corp. | 20960 |  | 1415429 |
|  Bank of Marin Bancorp | 14300 |  | 326612 |
|  Bank of NT Butterfield & Son Ltd. (The) | 22970 |  | 1017112 |
|  Bank7 Corp. | 2030 |  | 84915 |
|  BankFinancial Corp. | 260 |  | 3008 |
|  BankUnited, Inc. | 43400 |  | 1544606 |
|  Bankwell Financial Group, Inc. | 1800 |  | 64854 |
|  Banner Corp. | 17800 |  | 1141870 |
|  Bar Harbor Bankshares | 8656 |  | 259334 |
|  BayCom Corp. | 5530 |  | 153236 |
|  BCB Bancorp, Inc. | 8440 |  | 71065 |
|  Berkshire Hills Bancorp, Inc. | 25770 |  | 645281 |
|  Blue Foundry Bancorp\* | 11880 |  | 113692 |
|  Blue Ridge Bankshares, Inc.\* | 2520 |  | 9047 |
|  Bridgewater Bancshares, Inc.\* | 15470 |  | 246128 |
|  Brookline Bancorp, Inc. | 69090 |  | 728899 |
|  Burke & Herbert Financial Services Corp. | 10381 |  | 620057 |
|  Business First Bancshares, Inc. | 19920 |  | 491028 |
|  BV Financial, Inc.\* | 460 |  | 7006 |
|  Byline Bancorp, Inc. | 23690 |  | 633234 |
|  C&F Financial Corp. | 120 |  | 7408 |
|  Cadence Bank | 102310 |  | 3271874 |
|  California Bancorp\* | 4770 |  | 75175 |
|  Camden National Corp. | 14000 |  | 568120 |
|  Capital Bancorp, Inc. | 4590 |  | 154132 |
|  Capital City Bank Group, Inc. | 6860 |  | 269941 |
|  Capitol Federal Financial, Inc. | 78900 |  | 481290 |
|  Carter Bankshares, Inc.\* | 15060 |  | 261140 |
|  Cathay General Bancorp | 39097 |  | 1780086 |
|  CB Financial Services, Inc. | 160 |  | 4560 |
|  Central Pacific Financial Corp. | 15110 |  | 423533 |
|  CF Bankshares, Inc. | 110 |  | 2637 |
|  Chain Bridge Bancorp, Inc., Class A\* | 180 |  | 4639 |
|  Chemung Financial Corp. | 1110 |  | 53802 |
|  ChoiceOne Financial Services, Inc. | 3210 |  | 92127 |
|  Citizens & Northern Corp. | 9212 |  | 174475 |
|  Citizens Community Bancorp, Inc. | 270 |  | 3726 |
|  Citizens Financial Services, Inc. | 1423 |  | 83558 |
|  City Holding Co. | 8550 |  | 1046691 |
|  Civista Bancshares, Inc. | 5340 |  | 123888 |
|  CNB Financial Corp. | 11060 |  | 252832 |
|  Coastal Financial Corp.\* | 6880 |  | 666466 |
|  Colony Bankcorp, Inc. | 6780 |  | 111667 |
|  Columbia Financial, Inc.\* | 22170 |  | 321687 |
|  Community Financial System, Inc. | 28302 |  | 1609535 |
|  Community Trust Bancorp, Inc. | 11915 |  | 630542 |
|  Community West Bancshares | 3890 |  | 75894 |
|  ConnectOne Bancorp, Inc. | 36358 |  | 842051 |
|  Customers Bancorp, Inc.\* | 16630 |  | 976846 |

---

See Notes to Financial Statements.

1217

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  CVB Financial Corp. | 76087 | $1505762 |
|  Dime Community Bancshares, Inc. | 28652 | 771885 |
|  Eagle Bancorp Montana, Inc. | 470 | 7835 |
|  Eagle Bancorp, Inc. | 15450 | 300966 |
|  Eagle Financial Services, Inc. | 270 | 8267 |
|  Eastern Bankshares, Inc. | 111149 | 1697245 |
|  ECB Bancorp, Inc.\* | 200 | 3088 |
|  Enterprise Bancorp, Inc. | 8010 | 317516 |
|  Enterprise Financial Services Corp. | 19447 | 1071530 |
|  Equity Bancshares, Inc., Class A | 8680 | 354144 |
|  Esquire Financial Holdings, Inc. | 3590 | 339829 |
|  ESSA Bancorp, Inc. | 1490 | 28906 |
|  Farmers & Merchants Bancorp, Inc. | 6560 | 165837 |
|  Farmers National Banc Corp. | 17900 | 246841 |
|  FB Bancorp, Inc.\* | 870 | 9787 |
|  FB Financial Corp. | 19016 | 861425 |
|  Fidelity D&D Bancorp, Inc. | 680 | 31280 |
|  Financial Institutions, Inc. | 10860 | 278885 |
|  Finward Bancorp | 80 | 2210 |
|  Finwise Bancorp\* | 210 | 3152 |
|  First Bancorp (Nasdaq Stock Exchange) | 26570 | 1171471 |
|  First Bancorp (New York Stock Exchange) | 98900 | 2060087 |
|  First Bancorp, Inc. (The) | 7109 | 180640 |
|  First Bank | 5140 | 79516 |
|  First Busey Corp. | 54751 | 1252977 |
|  First Business Financial Services, Inc. | 2820 | 142861 |
|  First Capital, Inc. | 70 | 2890 |
|  First Commonwealth Financial Corp. | 69063 | 1120892 |
|  First Community Bankshares, Inc. | 7920 | 310226 |
|  First Community Corp. | 290 | 7070 |
|  First Financial Bancorp | 54043 | 1311083 |
|  First Financial Bankshares, Inc. | 73748 | 2653453 |
|  First Financial Corp. | 6050 | 327849 |
|  First Financial Northwest, Inc. (r)\* | 1350 | 1431 |
|  First Foundation, Inc.\* | 60510 | 308601 |
|  First Internet Bancorp | 2340 | 62946 |
|  First Interstate BancSystem, Inc., Class A | 49216 | 1418405 |
|  First Merchants Corp. | 32747 | 1254210 |
|  First Mid Bancshares, Inc. | 18070 | 677444 |
|  First National Corp. | 260 | 5062 |
|  First Savings Financial Group, Inc. | 200 | 5008 |
|  First United Corp. | 210 | 6512 |
|  First Western Financial, Inc.\* | 2760 | 62266 |
|  Firstsun Capital Bancorp\* | 840 | 29190 |
|  Five Star Bancorp | 7540 | 215192 |
|  Flagstar Financial, Inc. | 169823 | 1800124 |
|  Flushing Financial Corp. | 27012 | 320902 |
|  Franklin Financial Services Corp. | 170 | 5886 |
|  FS Bancorp, Inc. | 1320 | 51982 |
|  Fulton Financial Corp. | 100340 | 1810134 |
|  FVCBankcorp, Inc.\* | 4745 | 55991 |
|  GBank Financial Holdings, Inc.\* | 1250 | 44262 |
|  German American Bancorp, Inc. | 20270 | 780598 |
|  Glacier Bancorp, Inc. | 63978 | 2756172 |
|  Great Southern Bancorp, Inc. | 4510 | 265098 |
|  Greene County Bancorp, Inc. | 6660 | 147985 |
|  Guaranty Bancshares, Inc. | 5980 | 253791 |
|  Hancock Whitney Corp. | 49287 | 2829074 |
|  Hanmi Financial Corp. | 14880 | 367238 |
|  Hanover Bancorp, Inc. | 130 | 2976 |
|  HarborOne Bancorp, Inc. | 27284 | 318677 |
|  Hawthorn Bancshares, Inc. | 190 | 5537 |
|  HBT Financial, Inc. | 8800 | 221848 |
|  Heritage Commerce Corp. | 30500 | 302865 |
|  Heritage Financial Corp. | 26162 | 623702 |
|  Hilltop Holdings, Inc. | 25900 | 786065 |
|  Hingham Institution For Savings (The) (x) | 2350 | 583622 |
|  Home Bancorp, Inc. | 6320 | 327250 |
|  Home BancShares, Inc. | 111991 | 3187264 |
|  HomeStreet, Inc.\* | 28780 | 376155 |
|  HomeTrust Bancshares, Inc. | 8790 | 328834 |
|  Hope Bancorp, Inc. | 74114 | 795243 |
|  Horizon Bancorp, Inc. | 22540 | 346665 |
|  Independent Bank Corp. | 12440 | 403180 |
|  Independent Bank Corp./MA | 25437 | 1599606 |
|  International Bancshares Corp. | 31590 | 2102630 |
|  Investar Holding Corp. | 2150 | 41538 |
|  John Marshall Bancorp, Inc. | 4570 | 84682 |
|  Kearny Financial Corp. | 51391 | 331986 |
|  Lakeland Financial Corp. | 13900 | 854155 |
|  Landmark Bancorp, Inc. | 170 | 4495 |
|  LCNB Corp. | 2120 | 30804 |
|  LINKBANCORP, Inc. | 2860 | 20907 |
|  Live Oak Bancshares, Inc. | 17600 | 524480 |
|  MainStreet Bancshares, Inc. | 260 | 4914 |
|  Mercantile Bank Corp. | 13520 | 627463 |
|  Meridian Corp. | 420 | 5414 |
|  Metrocity Bankshares, Inc. | 18110 | 517584 |
|  Metropolitan Bank Holding Corp.\* | 5930 | 415100 |
|  Mid Penn Bancorp, Inc. | 17170 | 484194 |
|  Middlefield Banc Corp. | 1020 | 30712 |
|  Midland States Bancorp, Inc. | 14740 | 255297 |
|  MidWestOne Financial Group, Inc. | 9230 | 265547 |
|  MVB Financial Corp. | 6050 | 136306 |
|  National Bank Holdings Corp., Class A | 23100 | 868791 |
|  National Bankshares, Inc. | 1310 | 35632 |
|  NB Bancorp, Inc.\* | 21860 | 390420 |
|  NBT Bancorp, Inc. | 28622 | 1189244 |
|  Nicolet Bankshares, Inc. | 7540 | 931039 |
|  Northeast Bank | 3630 | 323034 |
|  Northeast Community Bancorp, Inc. | 4450 | 103440 |
|  Northfield Bancorp, Inc. | 26443 | 303566 |
|  Northpointe Bancshares, Inc. | 900 | 12339 |
|  Northrim Bancorp, Inc. | 2400 | 223824 |
|  Northwest Bancshares, Inc. | 65110 | 832106 |
|  Norwood Financial Corp. | 1550 | 39959 |
|  Oak Valley Bancorp | 1270 | 34595 |
|  OceanFirst Financial Corp. | 33679 | 593087 |
|  OFG Bancorp | 24000 | 1027200 |
|  Ohio Valley Banc Corp. | 100 | 3223 |
|  Old National Bancorp | 179162 | 3823317 |
|  Old Point Financial Corp. | 240 | 9420 |
|  Old Second Bancorp, Inc. | 34550 | 612917 |
|  OP Bancorp | 670 | 8703 |
|  Orange County Bancorp, Inc. | 2390 | 61758 |
|  Origin Bancorp, Inc. | 15590 | 557187 |
|  Orrstown Financial Services, Inc. | 10360 | 329759 |
|  Pacific Premier Bancorp, Inc. | 49943 | 1053298 |

---

See Notes to Financial Statements.

1218

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Park National Corp. | 9448 | $| 1580272 |
|  Parke Bancorp, Inc. | 2970 |  | 60499 |
|  Pathward Financial, Inc. | 13950 |  | 1103724 |
|  Patriot National Bancorp, Inc.\* | 12780 |  | 19426 |
|  PCB Bancorp | 5130 |  | 107627 |
|  Peapack-Gladstone Financial Corp. | 9800 |  | 276850 |
|  Penns Woods Bancorp, Inc. | 270 |  | 8197 |
|  Peoples Bancorp of North Carolina, Inc. | 830 |  | 23945 |
|  Peoples Bancorp, Inc. | 17308 |  | 528586 |
|  Peoples Financial Services Corp. | 4640 |  | 229077 |
|  Pioneer Bancorp, Inc.\* | 1810 |  | 21774 |
|  Plumas Bancorp | 960 |  | 42682 |
|  Ponce Financial Group, Inc.\* | 4390 |  | 60758 |
|  Preferred Bank | 6900 |  | 597160 |
|  Primis Financial Corp. | 15980 |  | 173383 |
|  Princeton Bancorp, Inc. | 970 |  | 29624 |
|  Provident Bancorp, Inc.\* | 5300 |  | 66197 |
|  Provident Financial Services, Inc. | 82653 |  | 1448907 |
|  QCR Holdings, Inc. | 8850 |  | 600915 |
|  RBB Bancorp | 10280 |  | 176919 |
|  Red River Bancshares, Inc. | 2350 |  | 137945 |
|  Renasant Corp. | 56101 |  | 2015709 |
|  Republic Bancorp, Inc., Class A | 4860 |  | 355315 |
|  Rhinebeck Bancorp, Inc.\* | 240 |  | 2815 |
|  Richmond Mutual Bancorp, Inc. | 580 |  | 8004 |
|  Riverview Bancorp, Inc. | 1310 |  | 7205 |
|  S&T Bancorp, Inc. | 21157 |  | 800158 |
|  SB Financial Group, Inc. | 260 |  | 4966 |
|  Seacoast Banking Corp. of Florida | 45019 |  | 1243425 |
|  ServisFirst Bancshares, Inc. | 29930 |  | 2319874 |
|  Shore Bancshares, Inc. | 13875 |  | 218115 |
|  Sierra Bancorp | 10346 |  | 307173 |
|  Simmons First National Corp., Class A | 66099 |  | 1253237 |
|  SmartFinancial, Inc. | 6930 |  | 234095 |
|  Sound Financial Bancorp, Inc. | 60 |  | 2760 |
|  South Plains Financial, Inc. | 7230 |  | 260569 |
|  Southern First Bancshares, Inc.\* | 5260 |  | 200038 |
|  Southern Missouri Bancorp, Inc. | 5880 |  | 322106 |
|  Southside Bancshares, Inc. | 16189 |  | 476442 |
|  SR Bancorp, Inc. | 710 |  | 9585 |
|  Stellar Bancorp, Inc. | 24904 |  | 696814 |
|  Sterling Bancorp, Inc. (r)\* | 4450 |  |  |
|  Stock Yards Bancorp, Inc. (x) | 14850 |  | 1172853 |
|  Texas Capital Bancshares, Inc.\* | 24700 |  | 1961180 |
|  Third Coast Bancshares, Inc.\* | 5560 |  | 181645 |
|  Timberland Bancorp, Inc. | 1200 |  | 37440 |
|  Tompkins Financial Corp. | 8400 |  | 526932 |
|  Towne Bank | 43921 |  | 1501220 |
|  TriCo Bancshares | 15372 |  | 622412 |
|  Triumph Financial, Inc.\* | 12300 |  | 677853 |
|  TrustCo Bank Corp. | 16280 |  | 544078 |
|  Trustmark Corp. | 30620 |  | 1116405 |
|  UMB Financial Corp. | 40623 |  | 4271915 |
|  Union Bankshares, Inc. | 100 |  | 2662 |
|  United Bankshares, Inc. | 79134 |  | 2882852 |
|  United Community Banks, Inc. | 73130 |  | 2178543 |
|  United Security Bancshares | 270 |  | 2335 |
|  Unity Bancorp, Inc. | 3830 |  | 180316 |
|  Univest Financial Corp. | 21515 |  | 646311 |
|  USCB Financial Holdings, Inc. | 4110 |  | 67979 |
|  Valley National Bancorp | 292456 |  | 2611632 |
|  Veritex Holdings, Inc. | 29970 |  | 782217 |
|  Virginia National Bankshares Corp. | 1190 |  | 44030 |
|  WaFd, Inc. | 44467 |  | 1301994 |
|  Washington Trust Bancorp, Inc. | 9420 |  | 266398 |
|  WesBanco, Inc. | 52923 |  | 1673954 |
|  West Bancorp, Inc. | 11260 |  | 221034 |
|  Westamerica Bancorp | 14274 |  | 691433 |
|  Western New England Bancorp, Inc. | 840 |  | 7753 |
|  WSFS Financial Corp. | 35045 |  | 1927475 |
|  |  |  | 150404144 |
|  ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** |
|  Acadian Asset Management, Inc. | 16700 |  | 588508 |
|  AlTi Global, Inc. (x)\* | 15560 |  | 64574 |
|  Artisan Partners Asset Management, Inc., Class A | 38790 |  | 1719561 |
|  Bakkt Holdings, Inc., Class A\* | 3800 |  | 53010 |
|  BGC Group, Inc., Class A | 196690 |  | 2012139 |
|  Cohen & Steers, Inc. | 14629 |  | 1102295 |
|  Diamond Hill Investment Group, Inc. | 2313 |  | 336102 |
|  DigitalBridge Group, Inc. | 84100 |  | 870435 |
|  Donnelley Financial Solutions, Inc.\* | 15900 |  | 980235 |
|  Forge Global Holdings, Inc. (x)\* | 6372 |  | 121323 |
|  GCM Grosvenor, Inc., Class A | 22180 |  | 256401 |
|  Marex Group plc | 17800 |  | 702566 |
|  MarketWise, Inc. | 1547 |  | 30615 |
|  Moelis & Co., Class A | 41500 |  | 2586280 |
|  Open Lending Corp.\* | 143900 |  | 279166 |
|  P10, Inc., Class A | 30360 |  | 310279 |
|  Patria Investments Ltd., Class A | 29050 |  | 408443 |
|  Perella Weinberg Partners, Class A | 27020 |  | 524728 |
|  Piper Sandler Cos. | 9280 |  | 2579283 |
|  PJT Partners, Inc., Class A | 12900 |  | 2128629 |
|  Siebert Financial Corp.\* | 1700 |  | 7514 |
|  Silvercrest Asset Management Group, Inc., Class A | 4840 |  | 76762 |
|  StepStone Group, Inc., Class A | 34590 |  | 1919745 |
|  StoneX Group, Inc.\* | 25270 |  | 2303108 |
|  Value Line, Inc. | 1350 |  | 52853 |
|  Victory Capital Holdings, Inc., Class A | 23100 |  | 1470777 |
|  Virtus Investment Partners, Inc. | 4078 |  | 739749 |
|  Westwood Holdings Group, Inc. | 400 |  | 6240 |
|  WisdomTree, Inc. (x) | 72380 |  | 833094 |
|  |  |  | 25064414 |
|  ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** |
|  Atlanticus Holdings Corp.\* | 5060 |  | 277035 |
|  Bread Financial Holdings, Inc. | 27530 |  | 1572514 |
|  Consumer Portfolio Services, Inc.\* | 3910 |  | 38435 |
|  Dave, Inc.\* | 5200 |  | 1395732 |
|  Encore Capital Group, Inc.\* | 15700 |  | 607747 |
|  Enova International, Inc.\* | 13193 |  | 1471283 |
|  FirstCash Holdings, Inc. | 21275 |  | 2875103 |
|  Green Dot Corp., Class A\* | 23400 |  | 252252 |
|  LendingClub Corp.\* | 60630 |  | 729379 |
|  LendingTree, Inc.\* | 5850 |  | 216860 |
|  Medallion Financial Corp. | 1680 |  | 16010 |
|  Navient Corp. | 41980 |  | 591918 |
|  Nelnet, Inc., Class A | 7749 |  | 938559 |

---

See Notes to Financial Statements.

1219

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  NerdWallet, Inc., Class A\* | 15010 | $| 164660 |
|  Oportun Financial Corp.\* | 4000 |  | 28640 |
|  OppFi, Inc. | 14870 |  | 208031 |
|  PRA Group, Inc.\* | 29048 |  | 428458 |
|  PROG Holdings, Inc. | 24740 |  | 726119 |
|  Regional Management Corp. | 6580 |  | 192202 |
|  Upstart Holdings, Inc. (x)\* | 47020 |  | 3041254 |
|  Vroom, Inc.\* | 200 |  | 5702 |
|  World Acceptance Corp.\* | 1881 |  | 310591 |
|  |  |  | 16088484 |
|  ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** | ***Financial Services (2.6%)*** |
|  Acacia Research Corp.\* | 17090 |  | 61182 |
|  Alerus Financial Corp. | 7240 |  | 156674 |
|  AvidXchange Holdings, Inc.\* | 97600 |  | 955504 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 15381 |  | 619854 |
|  Burford Capital Ltd. | 112530 |  | 1604678 |
|  Cannae Holdings, Inc. | 35390 |  | 737881 |
|  Cantaloupe, Inc.\* | 24220 |  | 266178 |
|  Cass Information Systems, Inc. | 7978 |  | 346644 |
|  Compass Diversified Holdings | 37420 |  | 234997 |
|  Enact Holdings, Inc. | 16060 |  | 596629 |
|  Essent Group Ltd. | 58610 |  | 3559385 |
|  Evertec, Inc. | 38100 |  | 1373505 |
|  Federal Agricultural Mortgage Corp., Class C | 4850 |  | 942258 |
|  Flywire Corp.\* | 67814 |  | 793424 |
|  HA Sustainable Infrastructure Capital, Inc. (x) | 68110 |  | 1829434 |
|  International Money Express, Inc.\* | 22240 |  | 224402 |
|  Jackson Financial, Inc., Class A | 39610 |  | 3516972 |
|  Marqeta, Inc., Class A\* | 261860 |  | 1526644 |
|  Merchants Bancorp | 14510 |  | 479846 |
|  NCR Atleos Corp.\* | 40520 |  | 1156036 |
|  NewtekOne, Inc. | 11960 |  | 134909 |
|  NMI Holdings, Inc., Class A\* | 43400 |  | 1831046 |
|  Onity Group, Inc.\* | 1100 |  | 41987 |
|  Pagseguro Digital Ltd., Class A | 106100 |  | 1022804 |
|  Payoneer Global, Inc.\* | 159060 |  | 1089561 |
|  Paysafe Ltd. (x)\* | 16649 |  | 210110 |
|  Paysign, Inc.\* | 3800 |  | 27360 |
|  PennyMac Financial Services, Inc. | 16390 |  | 1633100 |
|  Priority Technology Holdings, Inc.\* | 3150 |  | 24507 |
|  Radian Group, Inc. | 84100 |  | 3029282 |
|  Remitly Global, Inc.\* | 81452 |  | 1528854 |
|  Repay Holdings Corp., Class A\* | 43900 |  | 211598 |
|  Sezzle, Inc. (x)\* | 9660 |  | 1731555 |
|  StoneCo Ltd., Class A\* | 135530 |  | 2173901 |
|  SWK Holdings Corp. | 820 |  | 12087 |
|  Velocity Financial, Inc.\* | 2670 |  | 49502 |
|  Walker & Dunlop, Inc. | 18045 |  | 1271812 |
|  Waterstone Financial, Inc. | 14720 |  | 203283 |
|  |  |  | 37209385 |
|  ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** |
|  Ambac Financial Group, Inc.\* | 18100 |  | 128510 |
|  American Coastal Insurance Corp. | 18280 |  | 203274 |
|  AMERISAFE, Inc. | 11000 |  | 481030 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 36980 |  | 1583114 |
|  Bowhead Specialty Holdings, Inc.\* | 8700 |  | 326511 |
|  Citizens, Inc., Class A\* | 1800 |  | 6282 |
|  CNO Financial Group, Inc. | 54601 |  | 2106506 |
|  Crawford & Co., Class A | 9120 |  | 96490 |
|  Donegal Group, Inc., Class A | 13044 |  | 261206 |
|  eHealth, Inc.\* | 2400 |  | 10440 |
|  Employers Holdings, Inc. | 13611 |  | 642167 |
|  Enstar Group Ltd.\* | 7018 |  | 2360574 |
|  F&G Annuities & Life, Inc. | 14820 |  | 473944 |
|  Fidelis Insurance Holdings Ltd. | 32400 |  | 537192 |
|  Genworth Financial, Inc., Class A\* | 234410 |  | 1823710 |
|  GoHealth, Inc., Class A\* | 1770 |  | 9823 |
|  Goosehead Insurance, Inc., Class A | 13310 |  | 1404338 |
|  Greenlight Capital Re Ltd., Class A\* | 18493 |  | 265744 |
|  Hamilton Insurance Group Ltd., Class B\* | 22030 |  | 476289 |
|  HCI Group, Inc. | 5000 |  | 761000 |
|  Heritage Insurance Holdings, Inc.\* | 6920 |  | 172585 |
|  Hippo Holdings, Inc.\* | 13001 |  | 363118 |
|  Horace Mann Educators Corp. | 23137 |  | 994197 |
|  Investors Title Co. | 1850 |  | 390905 |
|  James River Group Holdings Ltd. | 28190 |  | 165193 |
|  Kestrel Group Ltd. | 710 |  | 18829 |
|  Kingstone Cos., Inc.\* | 2300 |  | 35443 |
|  Kingsway Financial Services, Inc.\* | 5690 |  | 77043 |
|  Lemonade, Inc. (x)\* | 28650 |  | 1255156 |
|  MBIA, Inc.\* | 43720 |  | 189745 |
|  Mercury General Corp. | 13500 |  | 909090 |
|  NI Holdings, Inc.\* | 2150 |  | 27391 |
|  Oscar Health, Inc., Class A (x)\* | 109190 |  | 2341034 |
|  Palomar Holdings, Inc.\* | 14110 |  | 2176467 |
|  ProAssurance Corp.\* | 29900 |  | 682617 |
|  Root, Inc., Class A\* | 6370 |  | 815169 |
|  Safety Insurance Group, Inc. | 8375 |  | 664891 |
|  Selective Insurance Group, Inc. | 32662 |  | 2830162 |
|  Selectquote, Inc.\* | 96697 |  | 230139 |
|  SiriusPoint Ltd.\* | 55380 |  | 1129198 |
|  Skyward Specialty Insurance Group, Inc.\* | 20860 |  | 1205499 |
|  Stewart Information Services Corp. | 15197 |  | 989325 |
|  Tiptree, Inc., Class A | 13910 |  | 327998 |
|  Trupanion, Inc.\* | 19900 |  | 1101465 |
|  United Fire Group, Inc. | 10044 |  | 288263 |
|  Universal Insurance Holdings, Inc. | 14290 |  | 396262 |
|  |  |  | 33735328 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.9%)*** |
|  Advanced Flower Capital, Inc. (REIT) (x) | 17350 |  | 77728 |
|  AG Mortgage Investment Trust, Inc. (REIT) | 4230 |  | 31936 |
|  Angel Oak Mortgage REIT, Inc. (REIT) | 7970 |  | 75077 |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 86507 |  | 837388 |
|  Arbor Realty Trust, Inc. (REIT) (x) | 101860 |  | 1089902 |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 28460 |  | 135754 |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 46100 |  | 774941 |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A | 97510 |  | 1877067 |
|  BrightSpire Capital, Inc. (REIT), Class A | 102580 |  | 518029 |

---

See Notes to Financial Statements.

1220

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 9550 | $| 133318 |
|  Chimera Investment Corp. (REIT) | 39423 |  | 546797 |
|  Claros Mortgage Trust, Inc. (REIT) | 46400 |  | 132240 |
|  Dynex Capital, Inc. (REIT) (x) | 58900 |  | 719758 |
|  Ellington Financial, Inc. (REIT) (x) | 51610 |  | 670414 |
|  Franklin BSP Realty Trust, Inc. (REIT) | 42443 |  | 453716 |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 31679 |  | 248363 |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 26100 |  | 228897 |
|  Ladder Capital Corp. (REIT) | 65148 |  | 700341 |
|  MFA Financial, Inc. (REIT) | 65875 |  | 623177 |
|  New York Mortgage Trust, Inc. (REIT) | 44550 |  | 298485 |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 6610 |  | 91152 |
|  Orchid Island Capital, Inc. (REIT) (x) | 60209 |  | 422065 |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 50745 |  | 652581 |
|  Ready Capital Corp. (REIT) (x) | 85589 |  | 374024 |
|  Redwood Trust, Inc. (REIT) | 97471 |  | 576054 |
|  Seven Hills Realty Trust (REIT) | 1460 |  | 17622 |
|  Sunrise Realty Trust, Inc. (REIT) | 6816 |  | 72250 |
|  TPG RE Finance Trust, Inc. (REIT) | 23230 |  | 179336 |
|  Two Harbors Investment Corp. (REIT) | 67000 |  | 721590 |
|  |  |  | 13280002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 275781757 |
|  **Health Care (15.7%)** | **Health Care (15.7%)** | **Health Care (15.7%)** | **Health Care (15.7%)** |
|  ***Biotechnology (7.0%)*** | ***Biotechnology (7.0%)*** | ***Biotechnology (7.0%)*** | ***Biotechnology (7.0%)*** |
|  4D Molecular Therapeutics, Inc.\* | 32690 |  | 121280 |
|  89bio, Inc.\* | 61550 |  | 604421 |
|  Abeona Therapeutics, Inc.\* | 8960 |  | 50893 |
|  Absci Corp. (x)\* | 96450 |  | 247876 |
|  ACADIA Pharmaceuticals, Inc.\* | 69530 |  | 1499762 |
|  Actuate Therapeutics, Inc.\* | 940 |  | 5743 |
|  ADC Therapeutics SA (x)\* | 16530 |  | 44300 |
|  ADMA Biologics, Inc.\* | 121710 |  | 2216339 |
|  Agios Pharmaceuticals, Inc.\* | 32000 |  | 1064320 |
|  Akebia Therapeutics, Inc.\* | 139670 |  | 508399 |
|  Akero Therapeutics, Inc.\* | 39050 |  | 2083708 |
|  Aldeyra Therapeutics, Inc.\* | 34100 |  | 130603 |
|  Alector, Inc.\* | 49570 |  | 69398 |
|  Alkermes plc\* | 94840 |  | 2713372 |
|  Allogene Therapeutics, Inc. (x)\* | 140441 |  | 158698 |
|  Altimmune, Inc. (x)\* | 43300 |  | 167571 |
|  Amicus Therapeutics, Inc.\* | 164780 |  | 944189 |
|  AnaptysBio, Inc.\* | 14000 |  | 310800 |
|  Anavex Life Sciences Corp. (x)\* | 45920 |  | 423382 |
|  Anika Therapeutics, Inc.\* | 11700 |  | 123786 |
|  Annexon, Inc.\* | 81310 |  | 195144 |
|  Apogee Therapeutics, Inc.\* | 22120 |  | 960672 |
|  Arbutus Biopharma Corp.\* | 79900 |  | 246891 |
|  Arcellx, Inc.\* | 24210 |  | 1594228 |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 17120 |  | 222731 |
|  Arcus Biosciences, Inc.\* | 25900 |  | 210826 |
|  Arcutis Biotherapeutics, Inc.\* | 59660 |  | 836433 |
|  Ardelyx, Inc.\* | 158280 |  | 620458 |
|  ArriVent Biopharma, Inc. (x)\* | 15680 |  | 341354 |
|  Arrowhead Pharmaceuticals, Inc.\* | 73090 |  | 1154822 |
|  ARS Pharmaceuticals, Inc. (x)\* | 27230 |  | 475164 |
|  Astria Therapeutics, Inc.\* | 30600 |  | 164016 |
|  aTyr Pharma, Inc.\* | 27600 |  | 139932 |
|  Aura Biosciences, Inc. (x)\* | 20350 |  | 127391 |
|  Aurinia Pharmaceuticals, Inc.\* | 67600 |  | 572572 |
|  Avidity Biosciences, Inc.\* | 60570 |  | 1720188 |
|  Avita Medical, Inc. (x)\* | 11520 |  | 60941 |
|  Beam Therapeutics, Inc.\* | 50600 |  | 860706 |
|  Benitec Biopharma, Inc.\* | 1040 |  | 12168 |
|  Bicara Therapeutics, Inc. (x)\* | 21580 |  | 200478 |
|  BioCryst Pharmaceuticals, Inc.\* | 139430 |  | 1249293 |
|  Biohaven Ltd.\* | 47120 |  | 664863 |
|  Blueprint Medicines Corp.\* | 35310 |  | 4526036 |
|  Bridgebio Pharma, Inc.\* | 87361 |  | 3772248 |
|  Bright Minds Biosciences, Inc.\* | 190 |  | 4961 |
|  Candel Therapeutics, Inc. (x)\* | 34890 |  | 176543 |
|  Capricor Therapeutics, Inc. (x)\* | 46510 |  | 461844 |
|  Cardiff Oncology, Inc. (x)\* | 30180 |  | 95067 |
|  CareDx, Inc.\* | 25150 |  | 491431 |
|  Cargo Therapeutics, Inc.\* | 35860 |  | 147743 |
|  Cartesian Therapeutics, Inc. (x)\* | 4938 |  | 51306 |
|  Catalyst Pharmaceuticals, Inc.\* | 59820 |  | 1298094 |
|  Celcuity, Inc.\* | 17530 |  | 234026 |
|  Celldex Therapeutics, Inc.\* | 36270 |  | 738095 |
|  CG oncology, Inc.\* | 26390 |  | 686140 |
|  Cidara Therapeutics, Inc.\* | 9390 |  | 457387 |
|  Cogent Biosciences, Inc.\* | 39700 |  | 285046 |
|  Coherus Oncology, Inc.\* | 119670 |  | 87515 |
|  Compass Therapeutics, Inc. (x)\* | 40780 |  | 106028 |
|  Corvus Pharmaceuticals, Inc.\* | 8560 |  | 34240 |
|  Crinetics Pharmaceuticals, Inc.\* | 48110 |  | 1383644 |
|  CRISPR Therapeutics AG\* | 46240 |  | 2249114 |
|  Cullinan Therapeutics, Inc.\* | 24240 |  | 182527 |
|  Cytokinetics, Inc.\* | 62730 |  | 2072599 |
|  Day One Biopharmaceuticals, Inc.\* | 33500 |  | 217750 |
|  Denali Therapeutics, Inc.\* | 69810 |  | 976642 |
|  Design Therapeutics, Inc.\* | 29590 |  | 99718 |
|  DiaMedica Therapeutics, Inc.\* | 1340 |  | 5226 |
|  Dianthus Therapeutics, Inc. (x)\* | 13420 |  | 250015 |
|  Disc Medicine, Inc.\* | 12510 |  | 662530 |
|  Dynavax Technologies Corp.\* | 69210 |  | 686563 |
|  Dyne Therapeutics, Inc.\* | 45320 |  | 431446 |
|  Editas Medicine, Inc.\* | 83680 |  | 184096 |
|  Eledon Pharmaceuticals, Inc.\* | 2330 |  | 6314 |
|  Emergent BioSolutions, Inc.\* | 9540 |  | 60865 |
|  Enanta Pharmaceuticals, Inc.\* | 21930 |  | 165791 |
|  Entrada Therapeutics, Inc.\* | 11820 |  | 79430 |
|  Erasca, Inc.\* | 119880 |  | 152248 |
|  Fate Therapeutics, Inc.\* | 88970 |  | 99646 |
|  Fennec Pharmaceuticals, Inc.\* | 4560 |  | 37848 |
|  Foghorn Therapeutics, Inc.\* | 14460 |  | 67962 |
|  Geron Corp.\* | 323381 |  | 455967 |
|  Gossamer Bio, Inc.\* | 13210 |  | 16248 |
|  GRAIL, Inc.\* | 17040 |  | 876197 |
|  Greenwich Lifesciences, Inc. (x)\* | 740 |  | 6712 |
|  Gyre Therapeutics, Inc. (x)\* | 8360 |  | 61446 |
|  Heron Therapeutics, Inc. (x)\* | 106560 |  | 220579 |
|  Humacyte, Inc. (x)\* | 90790 |  | 189751 |
|  Ideaya Biosciences, Inc.\* | 46320 |  | 973646 |
|  ImmunityBio, Inc. (x)\* | 128510 |  | 339266 |

---

See Notes to Financial Statements.

1221

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Immunome, Inc.\* | 28870 | $| 268491 |
|  Immunovant, Inc.\* | 38170 |  | 610720 |
|  Inhibikase Therapeutics, Inc.\* | 1440 |  | 2808 |
|  Inhibrx Biosciences, Inc. (x)\* | 10350 |  | 147694 |
|  Inmune Bio, Inc. (x)\* | 12290 |  | 28390 |
|  Intellia Therapeutics, Inc.\* | 54100 |  | 507458 |
|  Iovance Biotherapeutics, Inc. (x)\* | 133910 |  | 230325 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 96380 |  | 69124 |
|  iTeos Therapeutics, Inc.\* | 22380 |  | 223129 |
|  Jade Biosciences, Inc. (x) | 6107 |  | 61009 |
|  Janux Therapeutics, Inc.\* | 22000 |  | 508200 |
|  KalVista Pharmaceuticals, Inc.\* | 23890 |  | 270076 |
|  Keros Therapeutics, Inc.\* | 16550 |  | 220942 |
|  Kodiak Sciences, Inc.\* | 40670 |  | 151699 |
|  Korro Bio, Inc. (x)\* | 4760 |  | 59452 |
|  Krystal Biotech, Inc.\* | 13930 |  | 1914818 |
|  Kura Oncology, Inc.\* | 37730 |  | 217702 |
|  Kymera Therapeutics, Inc.\* | 25140 |  | 1097110 |
|  Larimar Therapeutics, Inc.\* | 27750 |  | 80198 |
|  Lexeo Therapeutics, Inc.\* | 16170 |  | 65003 |
|  Madrigal Pharmaceuticals, Inc.\* | 9850 |  | 2981004 |
|  MannKind Corp.\* | 148910 |  | 556923 |
|  MeiraGTx Holdings plc\* | 31450 |  | 205054 |
|  Metsera, Inc. (x)\* | 7870 |  | 223901 |
|  MiMedx Group, Inc.\* | 64300 |  | 392873 |
|  Mineralys Therapeutics, Inc.\* | 14110 |  | 190908 |
|  Mirum Pharmaceuticals, Inc.\* | 22030 |  | 1121107 |
|  Monopar Therapeutics, Inc.\* | 280 |  | 10018 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 36220 |  | 163352 |
|  Myriad Genetics, Inc.\* | 46890 |  | 248986 |
|  Neurogene, Inc.\* | 6640 |  | 99268 |
|  Nkarta, Inc.\* | 48500 |  | 80510 |
|  Novavax, Inc. (x)\* | 79330 |  | 499779 |
|  Nurix Therapeutics, Inc.\* | 33980 |  | 387032 |
|  Nuvalent, Inc., Class A\* | 24010 |  | 1831963 |
|  Nuvectis Pharma, Inc.\* | 980 |  | 7321 |
|  Olema Pharmaceuticals, Inc. (x)\* | 46510 |  | 198133 |
|  Organogenesis Holdings, Inc., Class A (x)\* | 87450 |  | 320067 |
|  ORIC Pharmaceuticals, Inc.\* | 34790 |  | 353119 |
|  Oruka Therapeutics, Inc. | 1630 |  | 18272 |
|  Palvella Therapeutics, Inc.\* | 880 |  | 19835 |
|  PDL BioPharma, Inc. (r)\* | 111727 |  |  |
|  Perspective Therapeutics, Inc.\* | 43500 |  | 149640 |
|  Praxis Precision Medicines, Inc.\* | 9680 |  | 407044 |
|  Precigen, Inc. (x)\* | 139660 |  | 198317 |
|  Prime Medicine, Inc. (x)\* | 85930 |  | 212247 |
|  Protagonist Therapeutics, Inc.\* | 37170 |  | 2054386 |
|  Protalix BioTherapeutics, Inc.\* | 5860 |  | 8673 |
|  Protara Therapeutics, Inc.\* | 2510 |  | 7605 |
|  Prothena Corp. plc\* | 41240 |  | 250327 |
|  PTC Therapeutics, Inc.\* | 46970 |  | 2294015 |
|  Puma Biotechnology, Inc.\* | 6900 |  | 23667 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 189701 |  | 959887 |
|  REGENXBIO, Inc.\* | 34730 |  | 285133 |
|  Relay Therapeutics, Inc.\* | 66980 |  | 231751 |
|  Replimune Group, Inc.\* | 24930 |  | 231600 |
|  Rezolute, Inc.\* | 8070 |  | 35992 |
|  Rhythm Pharmaceuticals, Inc.\* | 34250 |  | 2164258 |
|  Rigel Pharmaceuticals, Inc.\* | 23844 |  | 446598 |
|  Rocket Pharmaceuticals, Inc.\* | 90140 |  | 220843 |
|  Sage Therapeutics, Inc.\* | 26300 |  | 239856 |
|  Sana Biotechnology, Inc. (x)\* | 100550 |  | 274502 |
|  Savara, Inc. (x)\* | 67280 |  | 153398 |
|  Scholar Rock Holding Corp.\* | 42530 |  | 1506413 |
|  SELLAS Life Sciences Group, Inc. (x)\* | 24980 |  | 54706 |
|  Sionna Therapeutics, Inc. (x)\* | 1310 |  | 22729 |
|  Soleno Therapeutics, Inc.\* | 22450 |  | 1880861 |
|  Solid Biosciences, Inc.\* | 46880 |  | 228306 |
|  Spyre Therapeutics, Inc. (x)\* | 19440 |  | 291017 |
|  Stoke Therapeutics, Inc.\* | 22610 |  | 256624 |
|  Syndax Pharmaceuticals, Inc.\* | 44110 |  | 413090 |
|  Tango Therapeutics, Inc. (x)\* | 71630 |  | 366746 |
|  Taysha Gene Therapies, Inc.\* | 99710 |  | 230330 |
|  Tectonic Therapeutic, Inc.\* | 1720 |  | 34176 |
|  Tevogen Bio Holdings, Inc.\* | 14920 |  | 18650 |
|  TG Therapeutics, Inc.\* | 81140 |  | 2920229 |
|  Tonix Pharmaceuticals Holding Corp.\* | 7710 |  | 277406 |
|  Tourmaline Bio, Inc.\* | 13440 |  | 214906 |
|  Travere Therapeutics, Inc.\* | 49250 |  | 728900 |
|  TriSalus Life Sciences, Inc.\* | 580 |  | 3161 |
|  TuHURA Biosciences, Inc.\* | 2570 |  | 5731 |
|  Twist Bioscience Corp.\* | 30922 |  | 1137620 |
|  Tyra Biosciences, Inc. (x)\* | 17650 |  | 168911 |
|  Upstream Bio, Inc. (x)\* | 9710 |  | 106616 |
|  UroGen Pharma Ltd.\* | 18000 |  | 246600 |
|  Vanda Pharmaceuticals, Inc.\* | 60370 |  | 284946 |
|  Vaxcyte, Inc.\* | 66892 |  | 2174659 |
|  Vera Therapeutics, Inc., Class A\* | 28750 |  | 677350 |
|  Veracyte, Inc.\* | 47090 |  | 1272843 |
|  Verastem, Inc. (x)\* | 50220 |  | 208413 |
|  Vericel Corp.\* | 25460 |  | 1083323 |
|  Verve Therapeutics, Inc.\* | 35220 |  | 395521 |
|  Vir Biotechnology, Inc.\* | 44720 |  | 225389 |
|  Viridian Therapeutics, Inc.\* | 35140 |  | 491257 |
|  Voyager Therapeutics, Inc. (x)\* | 25910 |  | 80580 |
|  Xencor, Inc.\* | 32400 |  | 254664 |
|  Xenon Pharmaceuticals, Inc.\* | 42450 |  | 1328685 |
|  XOMA Royalty Corp.\* | 1780 |  | 44856 |
|  Y-mAbs Therapeutics, Inc.\* | 32670 |  | 147342 |
|  Zenas Biopharma, Inc. (x)\* | 6840 |  | 66280 |
|  Zymeworks, Inc.\* | 24460 |  | 306973 |
|  |  |  | 100635968 |
|  ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** |
|  Accuray, Inc. (x)\* | 26910 |  | 36867 |
|  Alphatec Holdings, Inc.\* | 64800 |  | 719280 |
|  AngioDynamics, Inc.\* | 30160 |  | 299187 |
|  Anteris Technologies Global Corp.\* | 2300 |  | 8717 |
|  Artivion, Inc.\* | 29338 |  | 912412 |
|  AtriCure, Inc.\* | 27900 |  | 914283 |
|  Avanos Medical, Inc.\* | 26400 |  | 323136 |
|  Axogen, Inc.\* | 30540 |  | 331359 |
|  Beta Bionics, Inc. (x)\* | 5500 |  | 80080 |
|  Bioventus, Inc., Class A\* | 8930 |  | 59117 |
|  Butterfly Network, Inc., Class A\* | 31100 |  | 62200 |
|  Ceribell, Inc.\* | 3100 |  | 58063 |
|  Cerus Corp.\* | 106950 |  | 150799 |
|  ClearPoint Neuro, Inc.\* | 3200 |  | 38208 |
|  CONMED Corp. | 21187 |  | 1103419 |

---

See Notes to Financial Statements.

1222

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  CVRx, Inc.\* | 4380 | $| 25754 |
|  Delcath Systems, Inc.\* | 5300 |  | 72080 |
|  Electromed, Inc.\* | 600 |  | 13194 |
|  Embecta Corp. | 28900 |  | 280041 |
|  Enovis Corp.\* | 31900 |  | 1000384 |
|  Glaukos Corp.\* | 31282 |  | 3231118 |
|  Haemonetics Corp.\* | 28180 |  | 2102510 |
|  ICU Medical, Inc.\* | 13540 |  | 1789311 |
|  Inogen, Inc.\* | 21340 |  | 150020 |
|  Integer Holdings Corp.\* | 19288 |  | 2371845 |
|  Integra LifeSciences Holdings Corp.\* | 38490 |  | 472272 |
|  iRadimed Corp. | 4900 |  | 292971 |
|  iRhythm Technologies, Inc.\* | 17560 |  | 2703538 |
|  Kestra Medical Technologies Ltd.\* | 2800 |  | 46424 |
|  KORU Medical Systems, Inc.\* | 1800 |  | 6444 |
|  Lantheus Holdings, Inc.\* | 37500 |  | 3069750 |
|  LeMaitre Vascular, Inc. | 11390 |  | 945939 |
|  LENSAR, Inc.\* | 1100 |  | 14487 |
|  LivaNova plc\* | 30630 |  | 1378963 |
|  Lucid Diagnostics, Inc.\* | 11100 |  | 12765 |
|  Merit Medical Systems, Inc.\* | 34637 |  | 3237867 |
|  Myomo, Inc.\* | 6000 |  | 12960 |
|  Neogen Corp.\* | 122523 |  | 585660 |
|  Neuronetics, Inc.\* | 6000 |  | 20940 |
|  NeuroPace, Inc.\* | 4170 |  | 46454 |
|  Novocure Ltd.\* | 59800 |  | 1064440 |
|  Omnicell, Inc.\* | 33055 |  | 971817 |
|  OraSure Technologies, Inc.\* | 70386 |  | 211158 |
|  Orthofix Medical, Inc.\* | 23334 |  | 260174 |
|  OrthoPediatrics Corp.\* | 7550 |  | 162174 |
|  Outset Medical, Inc.\* | 4000 |  | 76840 |
|  PROCEPT BioRobotics Corp.\* | 29340 |  | 1689984 |
|  Pro-Dex, Inc.\* | 500 |  | 21820 |
|  Pulmonx Corp.\* | 22890 |  | 59285 |
|  Pulse Biosciences, Inc. (x)\* | 8510 |  | 128416 |
|  QuidelOrtho Corp.\* | 37900 |  | 1092278 |
|  RxSight, Inc.\* | 19100 |  | 248300 |
|  Sanara Medtech, Inc.\* | 910 |  | 25835 |
|  SANUWAVE Health, Inc.\* | 1100 |  | 36146 |
|  Semler Scientific, Inc.\* | 6800 |  | 263432 |
|  SI-BONE, Inc.\* | 36700 |  | 690694 |
|  Sight Sciences, Inc.\* | 19090 |  | 78842 |
|  STAAR Surgical Co. (x)\* | 30780 |  | 516488 |
|  Stereotaxis, Inc. (x)\* | 5390 |  | 11427 |
|  Surmodics, Inc.\* | 8321 |  | 247217 |
|  Tactile Systems Technology, Inc.\* | 22400 |  | 227136 |
|  Tandem Diabetes Care, Inc.\* | 36370 |  | 677937 |
|  TransMedics Group, Inc.\* | 18030 |  | 2416200 |
|  Treace Medical Concepts, Inc.\* | 35250 |  | 207270 |
|  UFP Technologies, Inc.\* | 3990 |  | 974198 |
|  Utah Medical Products, Inc. | 2750 |  | 156530 |
|  Varex Imaging Corp.\* | 20500 |  | 177735 |
|  Zimvie, Inc.\* | 16830 |  | 157361 |
|  |  |  | 41831952 |
|  ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** |
|  AdaptHealth Corp., Class A\* | 57167 |  | 539085 |
|  Addus HomeCare Corp.\* | 9700 |  | 1117343 |
|  agilon health, Inc.\* | 173240 |  | 398452 |
|  AirSculpt Technologies, Inc. (x)\* | 25510 |  | 123213 |
|  Alignment Healthcare, Inc.\* | 71350 |  | 998900 |
|  AMN Healthcare Services, Inc.\* | 22500 |  | 465075 |
|  Ardent Health, Inc.\* | 2700 |  | 36882 |
|  Astrana Health, Inc.\* | 23200 |  | 577216 |
|  Aveanna Healthcare Holdings, Inc.\* | 39270 |  | 205382 |
|  BrightSpring Health Services, Inc.\* | 47260 |  | 1114864 |
|  Brookdale Senior Living, Inc.\* | 128300 |  | 892968 |
|  Castle Biosciences, Inc.\* | 21550 |  | 440051 |
|  Clover Health Investments Corp., Class A\* | 225600 |  | 629424 |
|  Community Health Systems, Inc.\* | 68700 |  | 233580 |
|  Concentra Group Holdings Parent, Inc. | 60388 |  | 1242181 |
|  CorVel Corp.\* | 16300 |  | 1675314 |
|  Cross Country Healthcare, Inc.\* | 19715 |  | 257281 |
|  DocGo, Inc.\* | 59090 |  | 92771 |
|  Enhabit, Inc.\* | 23430 |  | 225865 |
|  Ensign Group, Inc. (The) | 31170 |  | 4808284 |
|  Fulgent Genetics, Inc.\* | 12900 |  | 256452 |
|  GeneDx Holdings Corp., Class A\* | 10450 |  | 964640 |
|  Guardant Health, Inc.\* | 66270 |  | 3448691 |
|  HealthEquity, Inc.\* | 47540 |  | 4980290 |
|  Hims & Hers Health, Inc.\* | 106570 |  | 5312515 |
|  Innovage Holding Corp.\* | 25370 |  | 93615 |
|  Joint Corp. (The)\* | 12880 |  | 148635 |
|  LifeStance Health Group, Inc.\* | 81300 |  | 420321 |
|  Nano-X Imaging Ltd. (x)\* | 43610 |  | 225464 |
|  National HealthCare Corp. | 7300 |  | 781173 |
|  National Research Corp. | 8625 |  | 144900 |
|  NeoGenomics, Inc.\* | 80540 |  | 588747 |
|  Nutex Health, Inc.\* | 1600 |  | 199184 |
|  Oncology Institute, Inc. (The)\* | 19000 |  | 38950 |
|  OPKO Health, Inc.\* | 196300 |  | 259116 |
|  Option Care Health, Inc.\* | 94925 |  | 3083164 |
|  Owens & Minor, Inc.\* | 37000 |  | 336700 |
|  PACS Group, Inc.\* | 21970 |  | 283852 |
|  Pediatrix Medical Group, Inc.\* | 48100 |  | 690235 |
|  Pennant Group, Inc. (The)\* | 17110 |  | 510734 |
|  Performant Healthcare, Inc.\* | 3230 |  | 12920 |
|  Premier, Inc., Class A | 51100 |  | 1120623 |
|  Privia Health Group, Inc.\* | 59176 |  | 1361048 |
|  Progyny, Inc.\* | 47420 |  | 1043240 |
|  RadNet, Inc.\* | 37130 |  | 2113068 |
|  SBC Medical Group Holdings, Inc.\* | 1000 |  | 4640 |
|  Select Medical Holdings Corp. | 59703 |  | 906292 |
|  Sonida Senior Living, Inc.\* | 1560 |  | 38922 |
|  Surgery Partners, Inc.\* | 43130 |  | 958780 |
|  Talkspace, Inc.\* | 57980 |  | 161184 |
|  US Physical Therapy, Inc. | 9887 |  | 773163 |
|  Viemed Healthcare, Inc.\* | 4260 |  | 29437 |
|  |  |  | 47364826 |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** |
|  Claritev Corp.\* | 1200 |  | 54156 |
|  Definitive Healthcare Corp., Class A\* | 62260 |  | 242814 |
|  Evolent Health, Inc., Class A\* | 62650 |  | 705439 |
|  Health Catalyst, Inc.\* | 33140 |  | 124938 |
|  HealthStream, Inc. | 13000 |  | 359710 |
|  LifeMD, Inc.\* | 28730 |  | 391302 |
|  OptimizeRx Corp.\* | 27900 |  | 376650 |
|  Phreesia, Inc.\* | 30800 |  | 876568 |
|  Schrodinger, Inc.\* | 28835 |  | 580160 |

---

See Notes to Financial Statements.

1223

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Simulations Plus, Inc. | 6900 | $| 120405 |
|  Teladoc Health, Inc.\* | 95600 |  | 832676 |
|  Waystar Holding Corp.\* | 50910 |  | 2080692 |
|  |  |  | 6745510 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  10X Genomics, Inc., Class A\* | 59000 |  | 683220 |
|  Adaptive Biotechnologies Corp.\* | 83500 |  | 972775 |
|  Alpha Teknova, Inc.\* | 2500 |  | 12275 |
|  Azenta, Inc.\* | 22800 |  | 701784 |
|  BioLife Solutions, Inc.\* | 17850 |  | 384489 |
|  Codexis, Inc.\* | 65790 |  | 160528 |
|  CryoPort, Inc.\* | 27870 |  | 207910 |
|  Cytek Biosciences, Inc.\* | 100875 |  | 342975 |
|  Fortrea Holdings, Inc.\* | 26200 |  | 129428 |
|  Lifecore Biomedical, Inc.\* | 6090 |  | 49451 |
|  Maravai LifeSciences Holdings, Inc., Class A (x)\* | 78730 |  | 189739 |
|  MaxCyte, Inc.\* | 60760 |  | 132457 |
|  Mesa Laboratories, Inc. | 2400 |  | 226128 |
|  Niagen Bioscience, Inc.\* | 29150 |  | 420052 |
|  OmniAb, Inc. (Earn Out Shares) (r)\* | 7376 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange) (x)\* | 73958 |  | 128687 |
|  Pacific Biosciences of California, Inc. (x)\* | 227310 |  | 281864 |
|  Personalis, Inc.\* | 10400 |  | 68224 |
|  Quanterix Corp.\* | 27200 |  | 180880 |
|  Quantum-Si, Inc. (x)\* | 136320 |  | 267187 |
|  Standard BioTools, Inc.\* | 169430 |  | 203316 |
|  |  |  | 5743369 |
|  ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** |
|  Aardvark Therapeutics, Inc.\* | 500 |  | 6760 |
|  Aclaris Therapeutics, Inc.\* | 7600 |  | 10792 |
|  Alumis, Inc. (x)\* | 40512 |  | 121536 |
|  Amneal Pharmaceuticals, Inc.\* | 93066 |  | 752904 |
|  Amphastar Pharmaceuticals, Inc.\* | 20500 |  | 470680 |
|  Amylyx Pharmaceuticals, Inc.\* | 11500 |  | 73715 |
|  ANI Pharmaceuticals, Inc.\* | 10380 |  | 677295 |
|  Aquestive Therapeutics, Inc. (x)\* | 53980 |  | 178674 |
|  Arvinas, Inc.\* | 36080 |  | 265549 |
|  Atea Pharmaceuticals, Inc.\* | 69590 |  | 250524 |
|  Avadel Pharmaceuticals plc (ADR) (x)\* | 51900 |  | 459315 |
|  Axsome Therapeutics, Inc.\* | 22330 |  | 2331029 |
|  BioAge Labs, Inc.\* | 4000 |  | 16520 |
|  Biote Corp., Class A\* | 5300 |  | 21306 |
|  Collegium Pharmaceutical, Inc.\* | 21600 |  | 638712 |
|  CorMedix, Inc.\* | 35910 |  | 442411 |
|  Edgewise Therapeutics, Inc.\* | 40770 |  | 534495 |
|  Enliven Therapeutics, Inc.\* | 19770 |  | 396586 |
|  Esperion Therapeutics, Inc.\* | 162730 |  | 160191 |
|  Eton Pharmaceuticals, Inc.\* | 4800 |  | 68400 |
|  Evolus, Inc.\* | 33100 |  | 304851 |
|  EyePoint Pharmaceuticals, Inc.\* | 31760 |  | 298862 |
|  Fulcrum Therapeutics, Inc.\* | 39360 |  | 270797 |
|  Harmony Biosciences Holdings, Inc.\* | 24420 |  | 771672 |
|  Harrow, Inc.\* | 15170 |  | 463292 |
|  Indivior plc (x)\* | 67800 |  | 999372 |
|  Innoviva, Inc.\* | 31200 |  | 626808 |
|  Journey Medical Corp.\* | 1100 |  | 7898 |
|  LENZ Therapeutics, Inc. (x)\* | 7798 |  | 228559 |
|  Ligand Pharmaceuticals, Inc.\* | 9726 |  | 1105652 |
|  Liquidia Corp.\* | 37000 |  | 461020 |
|  Maze Therapeutics, Inc. (x)\* | 4400 |  | 53988 |
|  MBX Biosciences, Inc. (x)\* | 5100 |  | 58191 |
|  MediWound Ltd. (x)\* | 2150 |  | 41645 |
|  Mind Medicine MindMed, Inc. (x)\* | 40430 |  | 262391 |
|  Nuvation Bio, Inc. (x)\* | 117730 |  | 229574 |
|  Ocular Therapeutix, Inc.\* | 87380 |  | 810886 |
|  Omeros Corp. (x)\* | 38990 |  | 116970 |
|  Pacira BioSciences, Inc.\* | 22400 |  | 535360 |
|  Phathom Pharmaceuticals, Inc.\* | 25980 |  | 249148 |
|  Phibro Animal Health Corp., Class A | 14740 |  | 376460 |
|  Prestige Consumer Healthcare, Inc.\* | 30000 |  | 2395500 |
|  Rapport Therapeutics, Inc.\* | 6450 |  | 73336 |
|  scPharmaceuticals, Inc. (x)\* | 11540 |  | 43967 |
|  Septerna, Inc. (x)\* | 9400 |  | 99358 |
|  SIGA Technologies, Inc. | 32920 |  | 214638 |
|  Supernus Pharmaceuticals, Inc.\* | 26600 |  | 838432 |
|  Tarsus Pharmaceuticals, Inc.\* | 20660 |  | 836937 |
|  Terns Pharmaceuticals, Inc.\* | 45820 |  | 170909 |
|  Theravance Biopharma, Inc.\* | 34900 |  | 384947 |
|  Third Harmonic Bio, Inc.\* | 13110 |  | 71187 |
|  Trevi Therapeutics, Inc.\* | 67600 |  | 369772 |
|  Tvardi Therapeutics, Inc.\* | 800 |  | 18664 |
|  WaVe Life Sciences Ltd.\* | 50560 |  | 328640 |
|  Xeris Biopharma Holdings, Inc.\* | 77120 |  | 360150 |
|  Zevra Therapeutics, Inc.\* | 45430 |  | 400238 |
|  |  |  | 22757465 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 225079090 |
|  **Industrials (16.9%)** | **Industrials (16.9%)** | **Industrials (16.9%)** | **Industrials (16.9%)** |
|  ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** |
|  AAR Corp.\* | 19112 |  | 1314714 |
|  AeroVironment, Inc.\* | 15391 |  | 4385665 |
|  AerSale Corp.\* | 28110 |  | 168941 |
|  Archer Aviation, Inc., Class A\* | 304650 |  | 3305452 |
|  Astronics Corp.\* | 16910 |  | 566147 |
|  Byrna Technologies, Inc.\* | 10120 |  | 312506 |
|  Cadre Holdings, Inc. | 14620 |  | 465647 |
|  Ducommun, Inc.\* | 7620 |  | 629641 |
|  Eve Holding, Inc.\* | 12240 |  | 83966 |
|  Intuitive Machines, Inc. (x)\* | 61140 |  | 664592 |
|  Kratos Defense & Security Solutions, Inc.\* | 81860 |  | 3802397 |
|  Mercury Systems, Inc.\* | 30780 |  | 1657811 |
|  Moog, Inc., Class A | 15433 |  | 2792910 |
|  National Presto Industries, Inc. | 2410 |  | 236084 |
|  Park Aerospace Corp. | 12892 |  | 190415 |
|  Redwire Corp.\* | 30160 |  | 491608 |
|  Satellogic, Inc., Class A (x)\* | 13460 |  | 48725 |
|  Triumph Group, Inc.\* | 45730 |  | 1177547 |
|  V2X, Inc.\* | 9150 |  | 444233 |
|  |  |  | 22739001 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Forward Air Corp. (x)\* | 17240 |  | 423070 |
|  Hub Group, Inc., Class A | 32006 |  | 1069961 |
|  Radiant Logistics, Inc.\* | 21130 |  | 128470 |
|  |  |  | 1621501 |

---

See Notes to Financial Statements.

1224

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | ***Building Products (1.4%)*** |
|  American Woodmark Corp.\* | 9600 | $512352 |
|  Apogee Enterprises, Inc. | 11160 | 453096 |
|  AZZ, Inc. | 16486 | 1557597 |
|  CSW Industrials, Inc. | 9220 | 2644573 |
|  Gibraltar Industries, Inc.\* | 18300 | 1079700 |
|  Griffon Corp. | 21063 | 1524329 |
|  Insteel Industries, Inc. | 7920 | 294703 |
|  Janus International Group, Inc.\* | 79670 | 648514 |
|  JELD-WEN Holding, Inc.\* | 74196 | 290849 |
|  Masterbrand, Inc.\* | 69310 | 757558 |
|  Quanex Building Products Corp. | 25027 | 473010 |
|  Resideo Technologies, Inc.\* | 78360 | 1728622 |
|  Tecnoglass, Inc. | 12620 | 976283 |
|  UFP Industries, Inc. | 33982 | 3376452 |
|  Zurn Elkay Water Solutions Corp. | 84030 | 3072977 |
|  |  | 19390615 |
|  ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** |
|  ABM Industries, Inc. | 37032 | 1748281 |
|  ACCO Brands Corp. | 53536 | 191659 |
|  Acme United Corp. | 150 | 6217 |
|  ACV Auctions, Inc., Class A\* | 93850 | 1522247 |
|  BrightView Holdings, Inc.\* | 24840 | 413586 |
|  Brink's Co. (The) | 25240 | 2253680 |
|  Casella Waste Systems, Inc., Class A\* | 34350 | 3963303 |
|  CECO Environmental Corp. (x)\* | 15880 | 449563 |
|  Cimpress plc\* | 10000 | 470000 |
|  CompX International, Inc. | 680 | 18068 |
|  CoreCivic, Inc.\* | 60290 | 1270310 |
|  Deluxe Corp. | 28261 | 449633 |
|  Driven Brands Holdings, Inc.\* | 33650 | 590894 |
|  Ennis, Inc. | 19906 | 361095 |
|  Enviri Corp.\* | 46800 | 406224 |
|  GEO Group, Inc. (The)\* | 76420 | 1830259 |
|  Healthcare Services Group, Inc.\* | 39869 | 599231 |
|  HNI Corp. | 27112 | 1333368 |
|  Interface, Inc., Class A | 29998 | 627858 |
|  Liquidity Services, Inc.\* | 11790 | 278126 |
|  MillerKnoll, Inc. | 41589 | 807658 |
|  Montrose Environmental Group, Inc.\* | 14920 | 326599 |
|  NL Industries, Inc. | 7055 | 45152 |
|  OPENLANE, Inc.\* | 57130 | 1396828 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 3590 | 37767 |
|  Pitney Bowes, Inc. | 92900 | 1013539 |
|  Quad/Graphics, Inc. | 10450 | 59042 |
|  Steelcase, Inc., Class A | 47972 | 500348 |
|  UniFirst Corp. | 8805 | 1657277 |
|  Vestis Corp. | 64470 | 369413 |
|  Virco Mfg. Corp. | 6420 | 51232 |
|  VSE Corp. | 11350 | 1486623 |
|  |  | 26535080 |
|  ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** |
|  Ameresco, Inc., Class A\* | 30310 | 460409 |
|  Arcosa, Inc. | 27700 | 2401867 |
|  Argan, Inc. | 6780 | 1494854 |
|  Bowman Consulting Group Ltd., Class A\* | 6620 | 190325 |
|  Centuri Holdings, Inc.\* | 17820 | 399881 |
|  Concrete Pumping Holdings, Inc. | 10730 | 65989 |
|  Construction Partners, Inc., Class A\* | 26230 | 2787724 |
|  Dycom Industries, Inc.\* | 15276 | 3733302 |
|  Fluor Corp.\* | 95890 | 4916280 |
|  Granite Construction, Inc. (x) | 23215 | 2170835 |
|  Great Lakes Dredge & Dock Corp.\* | 31400 | 382766 |
|  IES Holdings, Inc.\* | 5050 | 1495962 |
|  Limbach Holdings, Inc.\* | 5740 | 804174 |
|  Matrix Service Co.\* | 8800 | 118888 |
|  MYR Group, Inc.\* | 8540 | 1549583 |
|  NWPX Infrastructure, Inc.\* | 3410 | 139844 |
|  Orion Group Holdings, Inc.\* | 11440 | 103761 |
|  Primoris Services Corp. | 30250 | 2357685 |
|  Southland Holdings, Inc.\* | 2720 | 11370 |
|  Sterling Infrastructure, Inc.\* | 16980 | 3917795 |
|  Tutor Perini Corp.\* | 29635 | 1386325 |
|  |  | 30889619 |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** |
|  Allient, Inc. | 6520 | 236741 |
|  American Superconductor Corp.\* | 19170 | 703347 |
|  Amprius Technologies, Inc. (x)\* | 81620 | 343620 |
|  Array Technologies, Inc.\* | 78200 | 461380 |
|  Atkore, Inc. | 19920 | 1405356 |
|  Bloom Energy Corp., Class A\* | 114800 | 2746016 |
|  Complete Solaria, Inc.\* | 14100 | 25944 |
|  EnerSys | 21829 | 1872273 |
|  Enovix Corp. (x)\* | 83470 | 863080 |
|  Eos Energy Enterprises, Inc.\* | 124300 | 636416 |
|  Fluence Energy, Inc., Class A (x)\* | 31690 | 212640 |
|  Hyliion Holdings Corp. (x)\* | 90820 | 119882 |
|  KULR Technology Group, Inc. (x)\* | 28900 | 206057 |
|  LSI Industries, Inc. | 15720 | 267397 |
|  NANO Nuclear Energy, Inc. (x)\* | 13500 | 465615 |
|  Net Power, Inc.\* | 57360 | 141679 |
|  NEXTracker, Inc., Class A\* | 80262 | 4363845 |
|  NuScale Power Corp., Class A (x)\* | 70820 | 2801639 |
|  Plug Power, Inc. (x)\* | 437480 | 651845 |
|  Powell Industries, Inc. | 4960 | 1043832 |
|  Power Solutions International, Inc. (x)\* | 3700 | 239316 |
|  Preformed Line Products Co. | 2590 | 413908 |
|  Shoals Technologies Group, Inc., Class A\* | 85950 | 365288 |
|  SKYX Platforms Corp.\* | 5100 | 5330 |
|  Sunrun, Inc.\* | 122760 | 1004177 |
|  T1 Energy, Inc. (x)\* | 53360 | 65633 |
|  Thermon Group Holdings, Inc.\* | 17300 | 485784 |
|  Vicor Corp.\* | 11860 | 537970 |
|  |  | 22686010 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  ArcBest Corp. | 12730 | 980337 |
|  Covenant Logistics Group, Inc., Class A | 9580 | 230974 |
|  FTAI Infrastructure, Inc. | 52920 | 326516 |
|  Heartland Express, Inc. | 24655 | 213019 |
|  Hertz Global Holdings, Inc.\* | 67450 | 460684 |
|  Marten Transport Ltd. | 33074 | 429631 |
|  PAMT Corp.\* | 2810 | 36165 |
|  Proficient Auto Logistics, Inc. (x)\* | 5300 | 38478 |

---

See Notes to Financial Statements.

1225

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  RXO, Inc.\* | 87500 | $| 1375500 |
|  Universal Logistics Holdings, Inc. (x) | 6000 |  | 152280 |
|  Werner Enterprises, Inc. | 35366 |  | 967614 |
|  |  |  | 5211198 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Brookfield Business Corp., Class A | 13900 |  | 433680 |
|  ***Machinery (3.8%)*** |  |  |  |
|  3D Systems Corp. (x)\* | 121500 |  | 187110 |
|  AirJoule Technologies Corp.\* | 1300 |  | 6019 |
|  Alamo Group, Inc. | 5500 |  | 1201090 |
|  Albany International Corp., Class A | 16491 |  | 1156514 |
|  Astec Industries, Inc. | 10643 |  | 443707 |
|  Atmus Filtration Technologies, Inc. | 44995 |  | 1638718 |
|  Blue Bird Corp.\* | 18050 |  | 779038 |
|  Chart Industries, Inc.\* | 25271 |  | 4160870 |
|  Columbus McKinnon Corp. | 15090 |  | 230424 |
|  Douglas Dynamics, Inc. | 9560 |  | 281733 |
|  Eastern Co. (The) | 550 |  | 12551 |
|  Energy Recovery, Inc.\* | 29060 |  | 371387 |
|  Enerpac Tool Group Corp., Class A | 32713 |  | 1326839 |
|  Enpro, Inc. | 11214 |  | 2148042 |
|  ESCO Technologies, Inc. | 14652 |  | 2811279 |
|  Federal Signal Corp. | 34600 |  | 3682132 |
|  Franklin Electric Co., Inc. | 25022 |  | 2245474 |
|  Gencor Industries, Inc.\* | 1710 |  | 23940 |
|  Gorman-Rupp Co. (The) | 12247 |  | 449710 |
|  Graham Corp.\* | 3690 |  | 182692 |
|  Greenbrier Cos., Inc. (The) | 16400 |  | 755220 |
|  Helios Technologies, Inc. | 21150 |  | 705775 |
|  Hillenbrand, Inc. | 41738 |  | 837682 |
|  Hillman Solutions Corp.\* | 110370 |  | 788042 |
|  Hyster-Yale, Inc. | 8080 |  | 321422 |
|  JBT Marel Corp. | 29217 |  | 3513636 |
|  Kadant, Inc. | 6300 |  | 1999935 |
|  Kennametal, Inc. | 45000 |  | 1033200 |
|  L B Foster Co., Class A\* | 1140 |  | 24932 |
|  Lindsay Corp. | 6175 |  | 890744 |
|  Luxfer Holdings plc | 11670 |  | 142141 |
|  Manitowoc Co., Inc. (The)\* | 16215 |  | 194904 |
|  Mayville Engineering Co., Inc.\* | 9090 |  | 145076 |
|  Microvast Holdings, Inc.\* | 111200 |  | 403656 |
|  Miller Industries, Inc. | 9060 |  | 402808 |
|  Mueller Water Products, Inc., Class A | 90093 |  | 2165836 |
|  Omega Flex, Inc. | 4570 |  | 147977 |
|  Park-Ohio Holdings Corp. | 1720 |  | 30719 |
|  Proto Labs, Inc.\* | 17000 |  | 680680 |
|  REV Group, Inc. | 28840 |  | 1372496 |
|  Richtech Robotics, Inc., Class B (x)\* | 123100 |  | 240045 |
|  Shyft Group, Inc. (The) | 15500 |  | 194370 |
|  SPX Technologies, Inc.\* | 25280 |  | 4238950 |
|  Standex International Corp. | 5819 |  | 910557 |
|  Tennant Co. | 11331 |  | 877926 |
|  Terex Corp. | 36100 |  | 1685509 |
|  Titan International, Inc.\* | 26300 |  | 270101 |
|  Trinity Industries, Inc. | 45100 |  | 1218151 |
|  Wabash National Corp. | 24300 |  | 258309 |
|  Watts Water Technologies, Inc., Class A | 15389 |  | 3784001 |
|  Worthington Enterprises, Inc. | 16140 |  | 1027150 |
|  |  |  | 54601219 |
|  ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** | ***Marine Transportation (0.2%)*** |
|  Costamare Bulkers Holdings Ltd.\* | 5360 |  | 46471 |
|  Costamare, Inc. | 26800 |  | 244148 |
|  Genco Shipping & Trading Ltd. | 22610 |  | 295513 |
|  Golden Ocean Group Ltd. (x) | 61900 |  | 453108 |
|  Himalaya Shipping Ltd. (x) | 4460 |  | 25734 |
|  Matson, Inc. | 18470 |  | 2056634 |
|  Pangaea Logistics Solutions Ltd. | 12490 |  | 58703 |
|  Safe Bulkers, Inc. | 35690 |  | 128841 |
|  |  |  | 3309152 |
|  ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** | ***Passenger Airlines (0.5%)*** |
|  Allegiant Travel Co.\* | 7677 |  | 421851 |
|  Blade Air Mobility, Inc.\* | 41740 |  | 168212 |
|  Frontier Group Holdings, Inc. (x)\* | 94430 |  | 342781 |
|  JetBlue Airways Corp.\* | 176710 |  | 747484 |
|  Joby Aviation, Inc. (x)\* | 257920 |  | 2721056 |
|  SkyWest, Inc.\* | 21670 |  | 2231360 |
|  Spirit Aviation Holdings, Inc.\* | 2570 |  | 12824 |
|  Sun Country Airlines Holdings, Inc.\* | 16400 |  | 192700 |
|  |  |  | 6838268 |
|  ***Professional Services (2.0%)*** | ***Professional Services (2.0%)*** | ***Professional Services (2.0%)*** | ***Professional Services (2.0%)*** |
|  Acuren Corp. (x)\* | 57800 |  | 638112 |
|  Alight, Inc., Class A | 226450 |  | 1281707 |
|  Asure Software, Inc.\* | 6240 |  | 60902 |
|  Barrett Business Services, Inc. | 13920 |  | 580325 |
|  BlackSky Technology, Inc., Class A (x)\* | 20894 |  | 429999 |
|  CBIZ, Inc.\* | 27600 |  | 1979196 |
|  Conduent, Inc.\* | 82700 |  | 218328 |
|  CRA International, Inc. | 3700 |  | 693269 |
|  CSG Systems International, Inc. | 18465 |  | 1205949 |
|  Exponent, Inc. | 29492 |  | 2203347 |
|  First Advantage Corp.\* | 44300 |  | 735823 |
|  Forrester Research, Inc.\* | 10200 |  | 100980 |
|  Franklin Covey Co.\* | 5950 |  | 135779 |
|  Heidrick & Struggles International, Inc. | 10650 |  | 487344 |
|  HireQuest, Inc. | 590 |  | 5906 |
|  Huron Consulting Group, Inc.\* | 9694 |  | 1333313 |
|  IBEX Holdings Ltd.\* | 5230 |  | 152193 |
|  ICF International, Inc. | 10500 |  | 889455 |
|  Innodata, Inc.\* | 16610 |  | 850764 |
|  Insperity, Inc. | 18774 |  | 1128693 |
|  Kelly Services, Inc., Class A | 15234 |  | 178390 |
|  Kforce, Inc. | 12200 |  | 501786 |
|  Korn Ferry | 27912 |  | 2046787 |
|  Legalzoom.com, Inc.\* | 71540 |  | 637421 |
|  Maximus, Inc. | 30458 |  | 2138152 |
|  Mistras Group, Inc.\* | 5280 |  | 42293 |
|  NV5 Global, Inc.\* | 28400 |  | 655756 |
|  Planet Labs PBC\* | 95190 |  | 580659 |
|  RCM Technologies, Inc.\* | 400 |  | 9428 |
|  Resolute Holdings Management, Inc.\* | 1727 |  | 55039 |
|  Resources Connection, Inc. | 26425 |  | 141902 |
|  Skillsoft Corp.\* | 600 |  | 9582 |
|  Spire Global, Inc. (x)\* | 13300 |  | 158270 |
|  TriNet Group, Inc. | 16879 |  | 1234530 |
|  TrueBlue, Inc.\* | 21675 |  | 140454 |
|  TTEC Holdings, Inc.\* | 24585 |  | 118254 |

---

See Notes to Financial Statements.

1226

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Upwork, Inc.\* | 68340 | $| 918490 |
|  Verra Mobility Corp., Class A\* | 93510 |  | 2374219 |
|  Willdan Group, Inc.\* | 7020 |  | 438820 |
|  WNS Holdings Ltd.\* | 26030 |  | 1646137 |
|  |  |  | 29137753 |
|  ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** |
|  Alta Equipment Group, Inc. (x) | 17930 |  | 113318 |
|  BlueLinx Holdings, Inc.\* | 4700 |  | 349586 |
|  Boise Cascade Co. | 21240 |  | 1844057 |
|  Custom Truck One Source, Inc. (x)\* | 42900 |  | 211926 |
|  Distribution Solutions Group, Inc.\* | 5996 |  | 164710 |
|  DNOW, Inc.\* | 57700 |  | 855691 |
|  DXP Enterprises, Inc.\* | 6610 |  | 579366 |
|  EVI Industries, Inc. | 730 |  | 15936 |
|  GATX Corp. | 20040 |  | 3077342 |
|  Global Industrial Co. | 7701 |  | 208004 |
|  GMS, Inc.\* | 22600 |  | 2457750 |
|  Herc Holdings, Inc. | 18220 |  | 2399392 |
|  Hudson Technologies, Inc.\* | 20720 |  | 168246 |
|  Karat Packaging, Inc. | 2240 |  | 63078 |
|  McGrath RentCorp | 13545 |  | 1570678 |
|  MRC Global, Inc.\* | 44880 |  | 615305 |
|  NPK International, Inc.\* | 57902 |  | 492746 |
|  Rush Enterprises, Inc., Class A | 32455 |  | 1671757 |
|  Rush Enterprises, Inc., Class B | 7539 |  | 395647 |
|  Titan Machinery, Inc.\* | 13050 |  | 258521 |
|  Transcat, Inc.\* | 6290 |  | 540688 |
|  Willis Lease Finance Corp. | 1160 |  | 165625 |
|  Xometry, Inc., Class A (x)\* | 23320 |  | 787983 |
|  |  |  | 19007352 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  Sky Harbour Group Corp. (x)\* | 5240 |  | 51195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 242451643 |
|  **Information Technology (14.5%)** | **Information Technology (14.5%)** | **Information Technology (14.5%)** | **Information Technology (14.5%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  ADTRAN Holdings, Inc.\* | 36306 |  | 325665 |
|  Applied Optoelectronics, Inc. (x)\* | 30030 |  | 771471 |
|  Aviat Networks, Inc.\* | 7250 |  | 174363 |
|  BK Technologies Corp.\* | 610 |  | 28749 |
|  Calix, Inc.\* | 30200 |  | 1606338 |
|  Clearfield, Inc.\* | 7810 |  | 339032 |
|  CommScope Holding Co., Inc.\* | 118340 |  | 979855 |
|  Digi International, Inc.\* | 17900 |  | 623994 |
|  Extreme Networks, Inc.\* | 67200 |  | 1206240 |
|  Harmonic, Inc.\* | 58839 |  | 557205 |
|  Inseego Corp.\* | 1270 |  | 10465 |
|  NETGEAR, Inc.\* | 16829 |  | 489219 |
|  NetScout Systems, Inc.\* | 40854 |  | 1013588 |
|  Ribbon Communications, Inc.\* | 68838 |  | 276040 |
|  Viasat, Inc.\* | 68140 |  | 994844 |
|  Viavi Solutions, Inc.\* | 133600 |  | 1345352 |
|  |  |  | 10742420 |
|  ***Electronic Equipment, Instruments & Components (3.5%)*** | ***Electronic Equipment, Instruments & Components (3.5%)*** | ***Electronic Equipment, Instruments & Components (3.5%)*** | ***Electronic Equipment, Instruments & Components (3.5%)*** |
|  908 Devices, Inc.\* | 34350 |  | 244916 |
|  Advanced Energy Industries, Inc. | 20083 |  | 2660998 |
|  Aeva Technologies, Inc.\* | 17075 |  | 645264 |
|  Arlo Technologies, Inc.\* | 55590 |  | 942806 |
|  Badger Meter, Inc. | 16590 |  | 4063721 |
|  Bel Fuse, Inc., Class A | 590 |  | 53011 |
|  Bel Fuse, Inc., Class B (x) | 4630 |  | 452305 |
|  Belden, Inc. | 22035 |  | 2551653 |
|  Benchmark Electronics, Inc. | 18918 |  | 734586 |
|  Climb Global Solutions, Inc. | 2350 |  | 251239 |
|  CTS Corp. | 18100 |  | 771241 |
|  Daktronics, Inc.\* | 14230 |  | 215158 |
|  ePlus, Inc.\* | 14700 |  | 1059870 |
|  Evolv Technologies Holdings, Inc.\* | 73530 |  | 458827 |
|  Fabrinet\* | 20200 |  | 5952536 |
|  FARO Technologies, Inc.\* | 11307 |  | 496603 |
|  Frequency Electronics, Inc. | 2300 |  | 52233 |
|  Insight Enterprises, Inc.\* | 15843 |  | 2187681 |
|  Itron, Inc.\* | 25790 |  | 3394738 |
|  Kimball Electronics, Inc.\* | 12540 |  | 241144 |
|  Knowles Corp.\* | 51000 |  | 898620 |
|  Methode Electronics, Inc. | 23900 |  | 227289 |
|  MicroVision, Inc. (x)\* | 228740 |  | 260764 |
|  Mirion Technologies, Inc., Class A\* | 117350 |  | 2526546 |
|  M-Tron Industries, Inc.\* | 700 |  | 29400 |
|  Napco Security Technologies, Inc. | 17760 |  | 527294 |
|  Neonode, Inc. (x)\* | 5200 |  | 132600 |
|  nLight, Inc.\* | 19400 |  | 381792 |
|  Novanta, Inc.\* | 19540 |  | 2519292 |
|  OSI Systems, Inc.\* | 8468 |  | 1904114 |
|  Ouster, Inc.\* | 24450 |  | 592913 |
|  PAR Technology Corp.\* | 22430 |  | 1555969 |
|  PC Connection, Inc. | 8730 |  | 574259 |
|  Plexus Corp.\* | 14495 |  | 1961318 |
|  Powerfleet, Inc.\* | 51830 |  | 223387 |
|  Red Cat Holdings, Inc. (x)\* | 41800 |  | 304304 |
|  Richardson Electronics Ltd. | 6550 |  | 63208 |
|  Rogers Corp.\* | 10484 |  | 717944 |
|  Sanmina Corp.\* | 31800 |  | 3110994 |
|  ScanSource, Inc.\* | 13229 |  | 553104 |
|  TTM Technologies, Inc.\* | 53201 |  | 2171665 |
|  Vishay Intertechnology, Inc. | 77000 |  | 1222760 |
|  Vishay Precision Group, Inc. (x)\* | 9400 |  | 264140 |
|  Vuzix Corp.\* | 18900 |  | 55188 |
|  |  |  | 50209394 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Applied Digital Corp. (x)\* | 105190 |  | 1059263 |
|  ASGN, Inc.\* | 25500 |  | 1273215 |
|  Backblaze, Inc., Class A\* | 5510 |  | 30305 |
|  BigBear.ai Holdings, Inc. (x)\* | 161700 |  | 1097943 |
|  BigCommerce Holdings, Inc.\* | 42660 |  | 213300 |
|  Couchbase, Inc.\* | 30570 |  | 745296 |
|  Crexendo, Inc.\* | 1700 |  | 10319 |
|  CSP, Inc. | 400 |  | 5176 |
|  DigitalOcean Holdings, Inc.\* | 38500 |  | 1099560 |
|  Fastly, Inc., Class A\* | 65300 |  | 461018 |
|  Grid Dynamics Holdings, Inc.\* | 31340 |  | 361977 |
|  Hackett Group, Inc. (The) | 12259 |  | 311624 |
|  Information Services Group, Inc. | 14910 |  | 71568 |
|  Rackspace Technology, Inc.\* | 140870 |  | 180314 |
|  Tucows, Inc., Class A (x)\* | 7470 |  | 147234 |
|  Unisys Corp.\* | 46274 |  | 209621 |
|  |  |  | 7277733 |
|  ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** |
|  ACM Research, Inc., Class A\* | 24200 |  | 626780 |

---

See Notes to Financial Statements.

1227

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Aehr Test Systems (x)\* | 23660 | $| 305924 |
|  Aeluma, Inc.\* | 4900 |  | 80213 |
|  Alpha & Omega Semiconductor Ltd.\* | 13030 |  | 334350 |
|  Ambarella, Inc.\* | 21280 |  | 1405863 |
|  Atomera, Inc.\* | 3700 |  | 18648 |
|  Axcelis Technologies, Inc.\* | 18300 |  | 1275327 |
|  CEVA, Inc.\* | 11500 |  | 252770 |
|  Cohu, Inc.\* | 22731 |  | 437344 |
|  Credo Technology Group Holding Ltd.\* | 81954 |  | 7588121 |
|  Diodes, Inc.\* | 24298 |  | 1285121 |
|  FormFactor, Inc.\* | 43481 |  | 1496181 |
|  Ichor Holdings Ltd.\* | 18280 |  | 359019 |
|  Impinj, Inc.\* | 14480 |  | 1608294 |
|  indie Semiconductor, Inc., Class A (x)\* | 80550 |  | 286758 |
|  Kopin Corp.\* | 21000 |  | 32130 |
|  Kulicke & Soffa Industries, Inc. | 31800 |  | 1100280 |
|  MaxLinear, Inc., Class A\* | 41993 |  | 596720 |
|  Navitas Semiconductor Corp., Class A (x)\* | 98820 |  | 647271 |
|  NVE Corp. | 3140 |  | 231135 |
|  PDF Solutions, Inc.\* | 15880 |  | 339514 |
|  Penguin Solutions, Inc. (x)\* | 24800 |  | 491288 |
|  Photronics, Inc.\* | 30800 |  | 579964 |
|  Power Integrations, Inc. | 32548 |  | 1819433 |
|  Rambus, Inc.\* | 61130 |  | 3913543 |
|  Rigetti Computing, Inc. (x)\* | 158160 |  | 1875778 |
|  Semtech Corp.\* | 48756 |  | 2200846 |
|  Silicon Laboratories, Inc.\* | 17670 |  | 2603851 |
|  SiTime Corp.\* | 10940 |  | 2331095 |
|  SkyWater Technology, Inc. (x)\* | 29850 |  | 293724 |
|  Synaptics, Inc.\* | 23507 |  | 1523724 |
|  Ultra Clean Holdings, Inc.\* | 28080 |  | 633766 |
|  Veeco Instruments, Inc.\* | 31216 |  | 634309 |
|  Wolfspeed, Inc. (x)\* | 253500 |  | 101096 |
|  |  |  | 39310180 |
|  ***Software (6.4%)*** | ***Software (6.4%)*** | ***Software (6.4%)*** | ***Software (6.4%)*** |
|  8x8, Inc.\* | 101080 |  | 198117 |
|  A10 Networks, Inc. | 35110 |  | 679378 |
|  ACI Worldwide, Inc.\* | 57936 |  | 2659842 |
|  Adeia, Inc. | 59283 |  | 838262 |
|  Agilysys, Inc.\* | 14420 |  | 1653109 |
|  Airship AI Holdings, Inc. (x)\* | 41710 |  | 245672 |
|  Alarm.com Holdings, Inc.\* | 26300 |  | 1487791 |
|  Alkami Technology, Inc.\* | 38120 |  | 1148937 |
|  Amplitude, Inc., Class A\* | 59550 |  | 738420 |
|  Appian Corp., Class A\* | 20000 |  | 597200 |
|  Arteris, Inc.\* | 4940 |  | 47078 |
|  Asana, Inc., Class A\* | 52200 |  | 704700 |
|  AudioEye, Inc.\* | 7720 |  | 89938 |
|  AvePoint, Inc.\* | 74280 |  | 1434347 |
|  Bit Digital, Inc.\* | 122600 |  | 268494 |
|  Bitdeer Technologies Group, Class A\* | 50200 |  | 576296 |
|  Blackbaud, Inc.\* | 23297 |  | 1495900 |
|  BlackLine, Inc.\* | 32410 |  | 1835054 |
|  Blend Labs, Inc., Class A\* | 129660 |  | 427878 |
|  Box, Inc., Class A\* | 79090 |  | 2702505 |
|  Braze, Inc., Class A\* | 42686 |  | 1199477 |
|  C3.ai, Inc., Class A (x)\* | 67660 |  | 1662406 |
|  Cerence, Inc. (x)\* | 40750 |  | 416057 |
|  Cipher Mining, Inc. (x)\* | 148210 |  | 708444 |
|  Cleanspark, Inc. (x)\* | 151850 |  | 1674905 |
|  Clear Secure, Inc., Class A | 44540 |  | 1236430 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 137928 |  | 3024761 |
|  Commvault Systems, Inc.\* | 24774 |  | 4318851 |
|  Consensus Cloud Solutions, Inc.\* | 10739 |  | 247641 |
|  Core Scientific, Inc.\* | 154260 |  | 2633218 |
|  CoreCard Corp.\* | 700 |  | 20279 |
|  CS Disco, Inc.\* | 38590 |  | 168638 |
|  Daily Journal Corp.\* | 700 |  | 295575 |
|  Digimarc Corp.\* | 12310 |  | 162615 |
|  Digital Turbine, Inc.\* | 97570 |  | 575663 |
|  Domo, Inc., Class B\* | 26660 |  | 372440 |
|  D-Wave Quantum, Inc.\* | 161052 |  | 2357801 |
|  E2open Parent Holdings, Inc.\* | 124200 |  | 401166 |
|  eGain Corp.\* | 8070 |  | 50437 |
|  EverCommerce, Inc.\* | 23800 |  | 249900 |
|  Expensify, Inc., Class A\* | 5100 |  | 13209 |
|  Five9, Inc.\* | 42700 |  | 1130696 |
|  Freshworks, Inc., Class A\* | 114490 |  | 1707046 |
|  Hut 8 Corp. (x)\* | 45030 |  | 837558 |
|  I3 Verticals, Inc., Class A (x)\* | 10990 |  | 302005 |
|  Intapp, Inc.\* | 29386 |  | 1516905 |
|  InterDigital, Inc. (x) | 14475 |  | 3245729 |
|  Jamf Holding Corp.\* | 45580 |  | 433466 |
|  Kaltura, Inc.\* | 20180 |  | 40562 |
|  Life360, Inc.\* | 6800 |  | 443700 |
|  LiveRamp Holdings, Inc.\* | 37985 |  | 1255024 |
|  MARA Holdings, Inc. (x)\* | 187648 |  | 2942321 |
|  Mercurity Fintech Holding, Inc.\* | 3200 |  | 12320 |
|  Meridianlink, Inc.\* | 12580 |  | 204173 |
|  Mitek Systems, Inc.\* | 21600 |  | 213840 |
|  N-able, Inc.\* | 34400 |  | 278640 |
|  NCR Voyix Corp.\* | 81710 |  | 958458 |
|  NextNav, Inc. (x)\* | 40930 |  | 622136 |
|  Olo, Inc., Class A\* | 64500 |  | 574050 |
|  ON24, Inc.\* | 30580 |  | 166049 |
|  OneSpan, Inc. | 21020 |  | 350824 |
|  Ooma, Inc.\* | 15400 |  | 198660 |
|  Pagaya Technologies Ltd., Class A (x)\* | 22690 |  | 483751 |
|  PagerDuty, Inc.\* | 48240 |  | 737107 |
|  Porch Group, Inc.\* | 43430 |  | 512040 |
|  Progress Software Corp. | 23597 |  | 1506432 |
|  PROS Holdings, Inc.\* | 22700 |  | 355482 |
|  Q2 Holdings, Inc.\* | 34750 |  | 3252253 |
|  Qualys, Inc.\* | 20850 |  | 2978840 |
|  Rapid7, Inc.\* | 34760 |  | 803999 |
|  Red Violet, Inc. | 6280 |  | 308976 |
|  ReposiTrak, Inc. (x) | 2570 |  | 50501 |
|  Rezolve AI plc (x)\* | 75300 |  | 231548 |
|  Rimini Street, Inc.\* | 42080 |  | 158642 |
|  Riot Platforms, Inc. (x)\* | 171020 |  | 1932526 |
|  Sapiens International Corp. NV | 14050 |  | 410963 |
|  SEMrush Holdings, Inc., Class A\* | 18210 |  | 164801 |
|  Silvaco Group, Inc.\* | 1900 |  | 8968 |
|  SoundHound AI, Inc., Class A (x)\* | 204730 |  | 2196753 |
|  SoundThinking, Inc.\* | 9650 |  | 125981 |
|  Sprinklr, Inc., Class A\* | 75930 |  | 642368 |

---

See Notes to Financial Statements.

1228

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sprout Social, Inc., Class A\* | 25970 | $| 543033 |
|  SPS Commerce, Inc.\* | 20900 |  | 2844281 |
|  Synchronoss Technologies, Inc.\* | 700 |  | 4795 |
|  Telos Corp.\* | 17860 |  | 56616 |
|  Tenable Holdings, Inc.\* | 66220 |  | 2236912 |
|  Terawulf, Inc. (x)\* | 129240 |  | 566071 |
|  Varonis Systems, Inc.\* | 61920 |  | 3142440 |
|  Verint Systems, Inc.\* | 35951 |  | 707156 |
|  Vertex, Inc., Class A (x)\* | 36380 |  | 1285487 |
|  Viant Technology, Inc., Class A\* | 13140 |  | 173842 |
|  Weave Communications, Inc.\* | 23800 |  | 198016 |
|  WM Technology, Inc.\* | 22350 |  | 20026 |
|  Workiva, Inc., Class A\* | 28600 |  | 1957670 |
|  Xperi, Inc.\* | 23283 |  | 184169 |
|  Yext, Inc.\* | 63000 |  | 535500 |
|  Zeta Global Holdings Corp., Class A\* | 99450 |  | 1540481 |
|  |  |  | 91911419 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  CompoSecure, Inc., Class A (x)\* | 24560 |  | 346050 |
|  Corsair Gaming, Inc.\* | 19700 |  | 185771 |
|  CPI Card Group, Inc.\* | 3170 |  | 75192 |
|  Diebold Nixdorf, Inc.\* | 14190 |  | 786126 |
|  Eastman Kodak Co.\* | 30460 |  | 172099 |
|  Immersion Corp. | 25820 |  | 203462 |
|  IonQ, Inc. (x)\* | 132590 |  | 5697392 |
|  Quantum Computing, Inc.\* | 64410 |  | 1234740 |
|  Turtle Beach Corp. (x)\* | 13320 |  | 184216 |
|  Xerox Holdings Corp. (x) | 57700 |  | 304079 |
|  |  |  | 9189127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 208640273 |
|  **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** |
|  ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** |
|  AdvanSix, Inc. | 13500 |  | 320625 |
|  American Vanguard Corp.\* | 21460 |  | 84123 |
|  Arq, Inc. (x)\* | 6240 |  | 33509 |
|  ASP Isotopes, Inc. (x)\* | 60540 |  | 445575 |
|  Aspen Aerogels, Inc.\* | 43450 |  | 257224 |
|  Avient Corp. | 48500 |  | 1567035 |
|  Balchem Corp. | 18225 |  | 2901420 |
|  Cabot Corp. | 29230 |  | 2192250 |
|  Chemours Co. (The) | 84180 |  | 963861 |
|  Core Molding Technologies, Inc.\* | 2880 |  | 47779 |
|  Ecovyst, Inc.\* | 65350 |  | 537831 |
|  Flotek Industries, Inc.\* | 5920 |  | 87379 |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 10530 |  | 118463 |
|  Hawkins, Inc. | 10100 |  | 1435210 |
|  HB Fuller Co. | 28239 |  | 1698576 |
|  Ingevity Corp.\* | 19600 |  | 844564 |
|  Innospec, Inc. | 13700 |  | 1152033 |
|  Intrepid Potash, Inc.\* | 10110 |  | 361230 |
|  Koppers Holdings, Inc. | 10793 |  | 346995 |
|  Kronos Worldwide, Inc. | 23840 |  | 147808 |
|  LSB Industries, Inc.\* | 33430 |  | 260754 |
|  Mativ Holdings, Inc. | 33027 |  | 225244 |
|  Minerals Technologies, Inc. | 18040 |  | 993463 |
|  Orion SA | 33900 |  | 355611 |
|  Perimeter Solutions, Inc.\* | 81070 |  | 1128494 |
|  PureCycle Technologies, Inc. (x)\* | 72570 |  | 994209 |
|  Quaker Chemical Corp. | 7500 |  | 839550 |
|  Rayonier Advanced Materials, Inc.\* | 39560 |  | 152306 |
|  Sensient Technologies Corp. | 24605 |  | 2424085 |
|  Solesence, Inc.\* | 2120 |  | 9243 |
|  Stepan Co. | 11388 |  | 621557 |
|  Trinseo plc | 2920 |  | 9110 |
|  Tronox Holdings plc | 75630 |  | 383444 |
|  Valhi, Inc. | 2050 |  | 33128 |
|  |  |  | 23973688 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Knife River Corp.\* | 34180 |  | 2790455 |
|  Smith-Midland Corp.\* | 870 |  | 29197 |
|  Titan America SA | 2100 |  | 26208 |
|  United States Lime & Minerals, Inc. | 5770 |  | 575846 |
|  |  |  | 3421706 |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** |
|  Ardagh Metal Packaging SA | 81150 |  | 347322 |
|  Greif, Inc., Class A | 14800 |  | 961852 |
|  Greif, Inc., Class B | 3000 |  | 207030 |
|  Myers Industries, Inc. | 13300 |  | 192717 |
|  O-I Glass, Inc.\* | 91000 |  | 1341340 |
|  Ranpak Holdings Corp., Class A\* | 25120 |  | 89678 |
|  TriMas Corp. | 16900 |  | 483509 |
|  |  |  | 3623448 |
|  ***Metals & Mining (1.5%)*** | ***Metals & Mining (1.5%)*** | ***Metals & Mining (1.5%)*** | ***Metals & Mining (1.5%)*** |
|  Alpha Metallurgical Resources, Inc.\* | 5830 |  | 655758 |
|  American Battery Technology Co.\* | 8500 |  | 13770 |
|  Ascent Industries Co.\* | 900 |  | 11349 |
|  Caledonia Mining Corp. plc | 6280 |  | 121330 |
|  Century Aluminum Co.\* | 37550 |  | 676651 |
|  Coeur Mining, Inc.\* | 374987 |  | 3322385 |
|  Commercial Metals Co. | 64990 |  | 3178661 |
|  Compass Minerals International, Inc.\* | 19500 |  | 391755 |
|  Constellium SE\* | 94130 |  | 1251929 |
|  Contango ORE, Inc.\* | 5340 |  | 104023 |
|  Critical Metals Corp.\* | 67660 |  | 242223 |
|  Dakota Gold Corp.\* | 21460 |  | 79187 |
|  Ferroglobe plc | 10700 |  | 39269 |
|  Friedman Industries, Inc. | 300 |  | 4968 |
|  Hecla Mining Co. | 328349 |  | 1966811 |
|  Idaho Strategic Resources, Inc.\* | 3000 |  | 39240 |
|  Ivanhoe Electric, Inc. (x)\* | 46940 |  | 425746 |
|  Kaiser Aluminum Corp. | 8791 |  | 702401 |
|  Lifezone Metals Ltd. (x)\* | 5090 |  | 20971 |
|  MAC Copper Ltd.\* | 53450 |  | 646211 |
|  Materion Corp. | 11545 |  | 916327 |
|  Metallus, Inc.\* | 23300 |  | 359053 |
|  NioCorp Developments Ltd.\* | 7700 |  | 17941 |
|  Novagold Resources, Inc.\* | 131700 |  | 538653 |
|  Olympic Steel, Inc. | 6980 |  | 227478 |
|  Perpetua Resources Corp.\* | 23350 |  | 283469 |
|  Piedmont Lithium, Inc.\* | 23570 |  | 137177 |
|  Radius Recycling, Inc. | 13650 |  | 405268 |
|  Ramaco Resources, Inc., Class A | 32840 |  | 431518 |
|  Ryerson Holding Corp. | 12570 |  | 271135 |
|  SSR Mining, Inc.\* | 113970 |  | 1451978 |
|  SunCoke Energy, Inc. | 42510 |  | 365161 |
|  Tredegar Corp.\* | 14409 |  | 126799 |

---

See Notes to Financial Statements.

1229

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  United States Antimony Corp.\* | 37900 | $| 82622 |
|  US Gold Corp.\* | 4200 |  | 51240 |
|  US Goldmining, Inc.\* | 300 |  | 2460 |
|  Vox Royalty Corp. | 3300 |  | 10428 |
|  Warrior Met Coal, Inc. | 27880 |  | 1277740 |
|  Worthington Steel, Inc. | 20580 |  | 613901 |
|  |  |  | 21464986 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Clearwater Paper Corp.\* | 10168 |  | 276976 |
|  Magnera Corp.\* | 8000 |  | 96640 |
|  Sylvamo Corp. | 18180 |  | 910818 |
|  |  |  | 1284434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 53768262 |
|  **Real Estate (6.0%)** | **Real Estate (6.0%)** | **Real Estate (6.0%)** | **Real Estate (6.0%)** |
|  ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** | ***Diversified REITs (0.6%)*** |
|  Alexander & Baldwin, Inc. (REIT) | 42386 |  | 755742 |
|  Alpine Income Property Trust, Inc. (REIT) | 7340 |  | 107971 |
|  American Assets Trust, Inc. (REIT) | 24318 |  | 480281 |
|  Armada Hoffler Properties, Inc. (REIT) | 33800 |  | 232206 |
|  Broadstone Net Lease, Inc. (REIT) | 100460 |  | 1612383 |
|  CTO Realty Growth, Inc. (REIT) | 13118 |  | 226417 |
|  Essential Properties Realty Trust, Inc. (REIT) | 111030 |  | 3542967 |
|  Gladstone Commercial Corp. (REIT) | 38800 |  | 556004 |
|  Global Net Lease, Inc. (REIT) | 112759 |  | 851331 |
|  Modiv Industrial, Inc. (REIT), Class C | 500 |  | 7040 |
|  NexPoint Diversified Real Estate Trust (REIT) | 23022 |  | 96462 |
|  One Liberty Properties, Inc. (REIT) | 11303 |  | 269690 |
|  |  |  | 8738494 |
|  ***Health Care REITs (1.0%)*** | ***Health Care REITs (1.0%)*** | ***Health Care REITs (1.0%)*** | ***Health Care REITs (1.0%)*** |
|  American Healthcare REIT, Inc. (REIT) | 88984 |  | 3269272 |
|  CareTrust REIT, Inc. (REIT) | 110473 |  | 3380474 |
|  Community Healthcare Trust, Inc. (REIT) | 12300 |  | 204549 |
|  Diversified Healthcare Trust (REIT) | 122460 |  | 438407 |
|  Global Medical REIT, Inc. (REIT) | 30400 |  | 210672 |
|  LTC Properties, Inc. (REIT) | 28369 |  | 981851 |
|  National Health Investors, Inc. (REIT) | 23928 |  | 1677831 |
|  Sabra Health Care REIT, Inc. (REIT) | 129963 |  | 2396518 |
|  Sila Realty Trust, Inc. (REIT) | 31100 |  | 736137 |
|  Strawberry Fields REIT, Inc. (REIT) | 2250 |  | 23715 |
|  Universal Health Realty Income Trust (REIT) | 12050 |  | 481638 |
|  |  |  | 13801064 |
|  ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** | ***Hotel & Resort REITs (0.6%)*** |
|  Apple Hospitality REIT, Inc. (REIT) | 128030 |  | 1494110 |
|  Braemar Hotels & Resorts, Inc. (REIT) | 59710 |  | 146290 |
|  Chatham Lodging Trust (REIT) | 22650 |  | 157870 |
|  DiamondRock Hospitality Co. (REIT) | 115998 |  | 888545 |
|  Pebblebrook Hotel Trust (REIT) | 61712 |  | 616503 |
|  RLJ Lodging Trust (REIT) | 74476 |  | 542185 |
|  Ryman Hospitality Properties, Inc. (REIT) | 32934 |  | 3249598 |
|  Service Properties Trust (REIT) | 95200 |  | 227528 |
|  Summit Hotel Properties, Inc. (REIT) | 53600 |  | 272824 |
|  Sunstone Hotel Investors, Inc. (REIT) | 103038 |  | 894370 |
|  Xenia Hotels & Resorts, Inc. (REIT) | 63400 |  | 796938 |
|  |  |  | 9286761 |
|  ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** | ***Industrial REITs (0.4%)*** |
|  Industrial Logistics Properties Trust (REIT) | 18060 |  | 82173 |
|  Innovative Industrial Properties, Inc. (REIT) | 15830 |  | 874133 |
|  LXP Industrial Trust (REIT) | 163236 |  | 1348329 |
|  Plymouth Industrial REIT, Inc. (REIT) | 24420 |  | 392185 |
|  Terreno Realty Corp. (REIT) | 57150 |  | 3204401 |
|  |  |  | 5901221 |
|  ***Office REITs (0.7%)*** | ***Office REITs (0.7%)*** | ***Office REITs (0.7%)*** | ***Office REITs (0.7%)*** |
|  Brandywine Realty Trust (REIT) | 88100 |  | 377949 |
|  City Office REIT, Inc. (REIT) | 46040 |  | 245854 |
|  COPT Defense Properties (REIT) | 60110 |  | 1657834 |
|  Douglas Emmett, Inc. (REIT) | 90870 |  | 1366685 |
|  Easterly Government Properties, Inc. (REIT), Class A | 25888 |  | 574714 |
|  Empire State Realty Trust, Inc. (REIT), Class A | 74300 |  | 601087 |
|  Franklin Street Properties Corp. (REIT) | 25540 |  | 41886 |
|  Hudson Pacific Properties, Inc. (REIT)\* | 178530 |  | 489172 |
|  JBG SMITH Properties (REIT) | 43270 |  | 748571 |
|  NET Lease Office Properties (REIT)\* | 6030 |  | 196276 |
|  Paramount Group, Inc. (REIT)\* | 97000 |  | 591700 |
|  Peakstone Realty Trust (REIT) | 16550 |  | 218625 |
|  Piedmont Realty Trust, Inc. (REIT) | 72000 |  | 524880 |
|  Postal Realty Trust, Inc. (REIT), Class A | 15180 |  | 223601 |
|  SL Green Realty Corp. (REIT) | 38670 |  | 2393673 |
|  |  |  | 10252507 |
|  ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** |
|  American Realty Investors, Inc. (x)\* | 610 |  | 8613 |
|  Anywhere Real Estate, Inc.\* | 56050 |  | 202901 |
|  Compass, Inc., Class A\* | 254750 |  | 1599830 |
|  Cushman & Wakefield plc\* | 126696 |  | 1402525 |
|  eXp World Holdings, Inc. (x) | 45480 |  | 413868 |
|  Forestar Group, Inc.\* | 11263 |  | 225260 |
|  FRP Holdings, Inc.\* | 7820 |  | 210280 |
|  Kennedy-Wilson Holdings, Inc. | 70024 |  | 476163 |
|  Marcus & Millichap, Inc. | 16000 |  | 491360 |
|  Maui Land & Pineapple Co., Inc.\* | 1740 |  | 31650 |
|  Newmark Group, Inc., Class A | 84624 |  | 1028182 |
|  RE/MAX Holdings, Inc., Class A\* | 21790 |  | 178242 |
|  Real Brokerage, Inc. (The)\* | 53770 |  | 242503 |
|  RMR Group, Inc. (The), Class A | 9596 |  | 156895 |
|  St Joe Co. (The) | 21300 |  | 1016010 |
|  Stratus Properties, Inc.\* | 2980 |  | 56262 |
|  Tejon Ranch Co. (x)\* | 12042 |  | 204232 |
|  Transcontinental Realty Investors, Inc.\* | 1010 |  | 43036 |
|  |  |  | 7987812 |

---

See Notes to Financial Statements.

1230

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** | ***Residential REITs (0.4%)*** |
|  Apartment Investment and Management Co. (REIT), Class A | 77400 | $669510 |
|  BRT Apartments Corp. (REIT) | 11010 | 172197 |
|  Centerspace (REIT) | 9149 | 550678 |
|  Clipper Realty, Inc. (REIT) | 13720 | 50352 |
|  Elme Communities (REIT) | 42317 | 672840 |
|  Independence Realty Trust, Inc. (REIT) | 130047 | 2300532 |
|  NexPoint Residential Trust, Inc. (REIT) | 10760 | 358523 |
|  UMH Properties, Inc. (REIT) | 39770 | 667738 |
|  Veris Residential, Inc. (REIT) | 51400 | 765346 |
|  |  | 6207716 |
|  ***Retail REITs (1.2%)*** | ***Retail REITs (1.2%)*** | ***Retail REITs (1.2%)*** |
|  Acadia Realty Trust (REIT) | 73783 | 1370150 |
|  Alexander's, Inc. (REIT) (x) | 1215 | 273764 |
|  CBL & Associates Properties, Inc. (REIT) | 13400 | 340226 |
|  Curbline Properties Corp. (REIT) | 58600 | 1337838 |
|  FrontView REIT, Inc. (REIT) | 7900 | 94800 |
|  Getty Realty Corp. (REIT) (x) | 26575 | 734533 |
|  InvenTrust Properties Corp. (REIT) | 42530 | 1165322 |
|  Kite Realty Group Trust (REIT) | 123422 | 2795508 |
|  Macerich Co. (The) (REIT) | 141990 | 2297398 |
|  NETSTREIT Corp. (REIT) (x) | 41410 | 701071 |
|  Phillips Edison & Co., Inc. (REIT) | 68960 | 2415669 |
|  Saul Centers, Inc. (REIT) | 7150 | 244101 |
|  SITE Centers Corp. (REIT) | 29300 | 331383 |
|  Tanger, Inc. (REIT) | 61730 | 1887704 |
|  Urban Edge Properties (REIT) | 64500 | 1203570 |
|  Whitestone REIT (REIT) | 25200 | 314496 |
|  |  | 17507533 |
|  ***Specialized REITs (0.5%)*** | ***Specialized REITs (0.5%)*** | ***Specialized REITs (0.5%)*** |
|  Farmland Partners, Inc. (REIT) (x) | 20500 | 235955 |
|  Four Corners Property Trust, Inc. (REIT) | 57720 | 1553245 |
|  Gladstone Land Corp. (REIT) (x) | 18700 | 190179 |
|  Outfront Media, Inc. (REIT) | 76807 | 1253490 |
|  PotlatchDeltic Corp. (REIT) | 42809 | 1642582 |
|  Safehold, Inc. (REIT) | 33057 | 514367 |
|  Smartstop Self Storage REIT, Inc. (REIT) | 15800 | 572434 |
|  Uniti Group, Inc. (REIT)\* | 127450 | 550584 |
|  |  | 6512836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | 86195944 |
|  **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |
|  ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** | ***Electric Utilities (1.1%)*** |
|  ALLETE, Inc. | 35423 | 2269551 |
|  Genie Energy Ltd., Class B | 9490 | 255091 |
|  Hawaiian Electric Industries, Inc.\* | 90890 | 966161 |
|  MGE Energy, Inc. | 20279 | 1793475 |
|  Oklo, Inc., Class A (x)\* | 57400 | 3213826 |
|  Otter Tail Corp. | 22925 | 1767288 |
|  Portland General Electric Co. | 61682 | 2506140 |
|  TXNM Energy, Inc. | 50571 | 2848159 |
|  |  | 15619691 |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** |
|  Brookfield Infrastructure Corp., Class A | 65209 | 2712694 |
|  Chesapeake Utilities Corp. | 14000 | 1683080 |
|  New Jersey Resources Corp. | 57662 | 2584411 |
|  Northwest Natural Holding Co. | 21292 | 845718 |
|  ONE Gas, Inc. | 32840 | 2359882 |
|  RGC Resources, Inc. (x) | 2510 | 56174 |
|  Southwest Gas Holdings, Inc. | 36196 | 2692621 |
|  Spire, Inc. | 34182 | 2494944 |
|  |  | 15429524 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Montauk Renewables, Inc.\* | 43380 | 96303 |
|  Ormat Technologies, Inc. | 34110 | 2857054 |
|  |  | 2953357 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Avista Corp. | 48889 | 1855338 |
|  Black Hills Corp. | 38529 | 2161477 |
|  Northwestern Energy Group, Inc. | 34768 | 1783598 |
|  Unitil Corp. | 8100 | 422415 |
|  |  | 6222828 |
|  ***Water Utilities (0.4%)*** | ***Water Utilities (0.4%)*** | ***Water Utilities (0.4%)*** |
|  American States Water Co. | 21158 | 1621972 |
|  Cadiz, Inc. (x)\* | 28130 | 84109 |
|  California Water Service Group | 31440 | 1429891 |
|  Consolidated Water Co. Ltd. (x) | 9050 | 271681 |
|  Global Water Resources, Inc. | 7070 | 72043 |
|  H2O America | 18170 | 944295 |
|  Middlesex Water Co. | 11300 | 612234 |
|  Pure Cycle Corp.\* | 12680 | 135930 |
|  York Water Co. (The) | 6190 | 195604 |
|  |  | 5367759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | 45593159 |
|  **Total Common Stocks (98.8%)**<br> *(Cost $1,055,546,368)* | **Total Common Stocks (98.8%)**<br> *(Cost $1,055,546,368)* | 1420465034 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Aduro Biotech, Inc., CVR (r)\* | 10614 |  |
|  Cartesian Therapeutics, Inc. \* | 11360 | 1533 |
|  Chinook Therapeutics, Inc., CVR (r)\* | 35960 |  |
|  Sanofi Aatd, Inc., CVR (r)\* | 19600 | 9518 |
|  |  | 11051 |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** |
|  Paragon 28, Inc., CVR (r)\* | 33030 | 2230 |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** |
|  Rain Oncology, Inc., CVR (r) (x)\* | 21290 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 14079 |
|  ***Materials (0.0%)†*** | ***Materials (0.0%)†*** | ***Materials (0.0%)†*** |
|  Paper & Forest Products (0.0%)† |  |  |
|  Resolute Forest Products, Inc., CVR\* | 23700 | 35550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 35550 |
|  **Total Rights (0.0%)†**<br> *(Cost $39,320)* | **Total Rights (0.0%)†**<br> *(Cost $39,320)* | 49629 |

---

See Notes to Financial Statements.

1231

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (4.2%)** | **Investment Companies (4.2%)** | **Investment Companies (4.2%)** |
|  Allspring Government Money Market Fund, Select Shares 4.26% (7 day yield) (xx) | 6000000 | $6000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 13000000 | 13000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 30651500 | 30651500 |
|  Morgan Stanley Institutional Liquidity Fund - Government Portfolio 4.23% (7 day yield) (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 59651500 |
|  **Total Short-Term Investments (4.2%)**<br> *(Cost $59,651,500)* | **Total Short-Term Investments (4.2%)**<br> *(Cost $59,651,500)* | 59651500 |
|  **Total Investments in Securities (103.0%)**<br> *(Cost $1,115,237,188)* | **Total Investments in Securities (103.0%)**<br> *(Cost $1,115,237,188)* | 1480166163 |
|  **Other Assets Less Liabilities (-3.0%)** | **Other Assets Less Liabilities (-3.0%)** | (43084470) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $1437081693 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $820,813 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $86,627,356. This was collateralized by $28,122,171 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $59,651,500 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration**<br>**Date** | **Trading**<br>**Currency** | **Notional**<br>**Amount**<br>**($)** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 133 | 9/2025 | USD | 14574805 | 280210 |
|  |  |  |  |  | 280210 |

---

See Notes to Financial Statements.

1232

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $37714179 | $— | $— | $37714179 |
|  Consumer Discretionary | 143623177 |  |  | 143623177 |
|  Consumer Staples | 32310362 |  |  | 32310362 |
|  Energy | 69307188 |  |  | 69307188 |
|  Financials | 275780326 |  | 1431 | 275781757 |
|  Health Care | 225079090 |  | — (a) | 225079090 |
|  Industrials | 242451643 |  |  | 242451643 |
|  Information Technology | 208640273 |  |  | 208640273 |
|  Materials | 53768262 |  |  | 53768262 |
|  Real Estate | 86195944 |  |  | 86195944 |
|  Utilities | 45593159 |  |  | 45593159 |
|  **Futures** | 280210 |  |  | 280210 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 1533 | 12546 | 14079 |
|  Materials |  | 35550 |  | 35550 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 59651500 |  |  | 59651500 |
|  **Total Assets** | $**1480395313** | $**37083** | $**13977** | $**1480446373** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1480395313** | $**37083** | $**13977** | $**1480446373** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $280210 \* |
|  **Total** |  | $280210 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1061378) | $(1061378) |
|  **Total** | $(1061378) | $(1061378) |

---

See Notes to Financial Statements.

1233

------

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $544648 | $544648 |
|  **Total** | $544648 | $544648 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $12815000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $126209684.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $141289370.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $566102096 |
|  Aggregate gross unrealized depreciation | (212750765) |
|  Net unrealized appreciation | $353351331 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1127095042 |

---

See Notes to Financial Statements.

1234

------

EQ/SMALL COMPANY INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,115,237,188) | $1480166163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11363576.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1354607.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2768836.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 1479797.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1408764.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1086451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 97074.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 14681.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1499739949.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 59651500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1479797.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 588321.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 288342.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 270077.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 166325.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 102959.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 110935.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 62658256.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1437081693.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1027050559.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 410031134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1437081693.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,346,274,936 / 119,772,070 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.24 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $90,806,757 / 8,074,948 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.25 |

---

*(x)* *Includes value of securities on loan of $86,627,356.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $20,454 foreign withholding tax) | $10077759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 287156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 397318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10762233 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1732020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1620222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 628080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 52788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 47845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 23687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 61041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4220822 |
|  **NET INVESTMENT INCOME (LOSS)** | 6541411 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 42545453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1061378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 41484075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (76368673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 544648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (75824025) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (34339950) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(27798539) |

---

See Notes to Financial Statements.

1235

------

#### EQ ADVISORS TRUST
EQ/SMALL COMPANY INDEX PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6541411 | $10936830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 41484075 | 95253482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (75824025) | 46802322 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (27798539) | 152992634 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (100879434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (7179321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (108058755) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 297,627 shares, respectively ] |  | 3313480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (10716152) shares, respectively ] |  | (118849797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (710884) shares, respectively ] |  | (7857288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (123393605) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,638,688 and 9,203,858 shares, respectively ] | 60577702 | 106639754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 10,704,114 shares, respectively ] |  | 118849797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,373,877 shares, respectively ] |  | 100879434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7053849) and (13754944) shares, respectively ] | (76857535) | (160745764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (16279833) | 165623221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 379,654 and 1,606,318 shares, respectively ] | 4066326 | 18218077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 596,440 shares, respectively ] |  | 7179321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (717429) and (1430526) shares, respectively ] | (7715168) | (16549768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (3648842) | 8847630 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (19928675) | 51077246 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (47727214) | 96011125 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1484808907 | 1388797782 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1437081693 | $1484808907 |

---

See Notes to Financial Statements.

1236

------

#### EQ ADVISORS TRUST
EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.46 | $11.07 | $9.90 | $12.92 | $12.59 | $10.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.09 | 0.11 | 0.09 | 0.07 (aa) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.27) | 1.19 | 1.54 | (2.64) | 1.79 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.22) | 1.28 | 1.65 | (2.55) | 1.86 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.15) | (0.12) | (0.10) | (0.09) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.74) | (0.36) | (0.37) | (1.44) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.89) | (0.48) | (0.47) | (1.53) | (0.54) |
|  Net asset value, end of period | $11.24 | $11.46 | $11.07 | $9.90 | $12.92 | $12.59 |
|  Total return (b) | (1.92)% | 11.19% | 16.72% | (19.80)% | 15.10% | 19.73% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1346275 | $1388496 | $1181160 | $1019651 | $1276432 | $1166992 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.63% | 0.63% | 0.64% | 0.63% | 0.62% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.63% | 0.63% | 0.64% | 0.63% | 0.62% | 0.64% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.93% | 0.75% | 1.06% | 0.84% | 0.49 %(bb) | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.93% | 0.75% | 1.06% | 0.84% | 0.49 %(bb) | 0.51% |
|  Portfolio turnover rate^ | 9 %(z) | 16% | 13% | 15% | 16% | 17% |

---

See Notes to Financial Statements.

1237

------

EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.45 | $11.06 | $9.89 | $12.90 | $12.58 | $10.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.12 | 0.14 | 0.12 | 0.10 (aa) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.26) | 1.19 | 1.54 | (2.63) | 1.78 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.20) | 1.31 | 1.68 | (2.51) | 1.88 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.18) | (0.15) | (0.13) | (0.12) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.74) | (0.36) | (0.37) | (1.44) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.92) | (0.51) | (0.50) | (1.56) | (0.56) |
|  Net asset value, end of period | $11.25 | $11.45 | $11.06 | $9.89 | $12.90 | $12.58 |
|  Total return (b) | (1.75)% | 11.45% | 17.00% | (19.55)% | 15.30% | 20.08% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $90807 | $96313 | $84529 | $75824 | $96112 | $88460 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.38% | 0.38% | 0.39% | 0.38% | 0.37% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.38% | 0.38% | 0.39% | 0.38% | 0.37% | 0.39% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.17% | 1.00% | 1.30% | 1.09% | 0.73 %(bb) | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.17% | 1.00% | 1.30% | 1.09% | 0.73 %(bb) | 0.76% |
|  Portfolio turnover rate^ | 9 %(z) | 16% | 13% | 15% | 16% | 17% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.06 and $0.09 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.08% lower.* 

See Notes to Financial Statements.

1238

------

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Financials (0.2%)** | **Financials (0.2%)** | **Financials (0.2%)** |
|  ***Capital Markets (0.1%)*** | ***Capital Markets (0.1%)*** | ***Capital Markets (0.1%)*** |
|  Helix Acquisition Corp. II, Class A\* | 11193 | $119205 |
|  **Insurance (0.1%)** |  |  |
|  Oscar Health, Inc., Class A (x)\* | 9124 | 195619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 314824 |
|  **Health Care (98.7%)** | **Health Care (98.7%)** | **Health Care (98.7%)** |
|  ***Biotechnology (38.1%)*** | ***Biotechnology (38.1%)*** | ***Biotechnology (38.1%)*** |
|  AbbVie, Inc. | 14765 | 2740679 |
|  ACADIA Pharmaceuticals, Inc.\* | 3600 | 77652 |
|  Agios Pharmaceuticals, Inc.\* | 16771 | 557803 |
|  Akero Therapeutics, Inc.\* | 16643 | 888071 |
|  Alector, Inc.\* | 51854 | 72596 |
|  Alkermes plc\* | 19301 | 552202 |
|  Allogene Therapeutics, Inc. (x)\* | 61082 | 69023 |
|  Alnylam Pharmaceuticals, Inc.\* | 14152 | 4614826 |
|  Amgen, Inc. | 1126 | 314391 |
|  Annexon, Inc.\* | 15220 | 36528 |
|  Apogee Therapeutics, Inc.\* | 9426 | 409371 |
|  Arcellx, Inc.\* | 6837 | 450216 |
|  Argenx SE (ADR)\* | 9477 | 5223912 |
|  Ascendis Pharma A/S (ADR)\* | 10022 | 1729797 |
|  Aura Biosciences, Inc. (x)\* | 7297 | 45679 |
|  Avidity Biosciences, Inc.\* | 34639 | 983748 |
|  Beam Therapeutics, Inc.\* | 17190 | 292402 |
|  BeOne Medicines Ltd.\* | 116155 | 2186983 |
|  BeOne Medicines Ltd. (ADR)\* | 370 | 89566 |
|  Bicara Therapeutics, Inc. (x)\* | 22649 | 210409 |
|  Bicycle Therapeutics plc (ADR) (x)\* | 23892 | 166049 |
|  Biohaven Ltd.\* | 27882 | 393415 |
|  Blueprint Medicines Corp.\* | 6954 | 891364 |
|  Cabaletta Bio, Inc.\* | 6400 | 9728 |
|  Cargo Therapeutics, Inc.\* | 4333 | 17852 |
|  Caris Life Sciences, Inc.\* | 3857 | 103059 |
|  Celldex Therapeutics, Inc.\* | 13023 | 265018 |
|  Centessa Pharmaceuticals plc (ADR)\* | 48807 | 641324 |
|  CG oncology, Inc. (x)\* | 18568 | 482768 |
|  Climb Bio, Inc.\* | 6500 | 8060 |
|  Crinetics Pharmaceuticals, Inc.\* | 16640 | 478566 |
|  Cytokinetics, Inc.\* | 6949 | 229595 |
|  Denali Therapeutics, Inc.\* | 39064 | 546505 |
|  Disc Medicine, Inc. (x)\* | 5372 | 284501 |
|  Entrada Therapeutics, Inc.\* | 6665 | 44789 |
|  Exact Sciences Corp.\* | 14723 | 782380 |
|  Generation Bio Co.\* | 30137 | 9647 |
|  Gilead Sciences, Inc. | 34390 | 3812819 |
|  Heron Therapeutics, Inc. (x)\* | 30200 | 62514 |
|  Ideaya Biosciences, Inc.\* | 6083 | 127865 |
|  Immunocore Holdings plc (ADR) (x)\* | 12838 | 402856 |
|  Immunome, Inc.\* | 39086 | 363500 |
|  Insmed, Inc.\* | 33932 | 3414917 |
|  Ionis Pharmaceuticals, Inc.\* | 8887 | 351125 |
|  Iovance Biotherapeutics, Inc. (x)\* | 21291 | 36621 |
|  Janux Therapeutics, Inc.\* | 7679 | 177385 |
|  Krystal Biotech, Inc.\* | 2001 | 275057 |
|  Kymera Therapeutics, Inc.\* | 20532 | 896017 |
|  Kyverna Therapeutics, Inc. (x)\* | 19761 | 60666 |
|  Legend Biotech Corp. (ADR) (x)\* | 10329 | 366576 |
|  Lyell Immunopharma, Inc.\* | 4678 | 41354 |
|  Madrigal Pharmaceuticals, Inc.\* | 2102 | 636149 |
|  Merus NV\* | 7366 | 387452 |
|  Metsera, Inc. (x)\* | 7651 | 217671 |
|  Monte Rosa Therapeutics, Inc.\* | 22383 | 100947 |
|  MoonLake Immunotherapeutics, Class A\* | 16932 | 799190 |
|  Natera, Inc.\* | 8131 | 1373651 |
|  Neurocrine Biosciences, Inc.\* | 9114 | 1145539 |
|  Nuvalent, Inc., Class A\* | 5824 | 444371 |
|  ORIC Pharmaceuticals, Inc. (x)\* | 15700 | 159355 |
|  Oruka Therapeutics, Inc. (x) | 6893 | 77271 |
|  Praxis Precision Medicines, Inc.\* | 6854 | 288211 |
|  Prelude Therapeutics, Inc.\* | 10946 | 8860 |
|  Protagonist Therapeutics, Inc. (x)\* | 10829 | 598519 |
|  Regeneron Pharmaceuticals, Inc. | 3177 | 1667925 |
|  Relay Therapeutics, Inc.\* | 21592 | 74708 |
|  Replimune Group, Inc.\* | 33711 | 313175 |
|  Revolution Medicines, Inc.\* | 20900 | 768911 |
|  Rhythm Pharmaceuticals, Inc.\* | 5511 | 348240 |
|  Rocket Pharmaceuticals, Inc.\* | 16956 | 41542 |
|  Roivant Sciences Ltd. (x)\* | 13100 | 147637 |
|  Sana Biotechnology, Inc. (x)\* | 38755 | 105801 |
|  Scholar Rock Holding Corp.\* | 29546 | 1046519 |
|  Sensorion SA (x)\* | 125889 | 46119 |
|  Sionna Therapeutics, Inc. (x)\* | 5395 | 93603 |
|  Soleno Therapeutics, Inc.\* | 8915 | 746899 |
|  Spyre Therapeutics, Inc.\* | 9256 | 138562 |
|  Summit Therapeutics, Inc. (x)\* | 41526 | 883673 |
|  Ultragenyx Pharmaceutical, Inc.\* | 11730 | 426503 |
|  United Therapeutics Corp.\* | 1145 | 329016 |
|  UroGen Pharma Ltd. (x)\* | 3900 | 53430 |
|  Vaxcyte, Inc.\* | 22851 | 742886 |
|  Vera Therapeutics, Inc., Class A\* | 19333 | 455486 |
|  Vertex Pharmaceuticals, Inc.\* | 13456 | 5990611 |
|  Viridian Therapeutics, Inc.\* | 7200 | 100656 |
|  Voyager Therapeutics, Inc.\* | 14167 | 44059 |
|  Xencor, Inc.\* | 12906 | 101441 |
|  Zai Lab Ltd. (ADR)\* | 3468 | 121276 |
|  |  | 58315610 |
|  ***Health Care Equipment & Supplies (19.2%)*** | ***Health Care Equipment & Supplies (19.2%)*** | ***Health Care Equipment & Supplies (19.2%)*** |
|  Beta Bionics, Inc.\* | 3021 | 43986 |
|  Boston Scientific Corp.\* | 53071 | 5700356 |
|  Cooper Cos., Inc. (The)\* | 15202 | 1081774 |
|  Dexcom, Inc.\* | 5431 | 474072 |
|  IDEXX Laboratories, Inc.\* | 1221 | 654871 |
|  Intuitive Surgical, Inc.\* | 16440 | 8933660 |
|  Kestra Medical Technologies Ltd. (x)\* | 6463 | 107157 |
|  Lantheus Holdings, Inc.\* | 2461 | 201458 |
|  Masimo Corp.\* | 3990 | 671198 |
|  Orchestra BioMed Holdings, Inc. (x)\* | 9046 | 24243 |
|  Penumbra, Inc.\* | 8876 | 2277848 |
|  PROCEPT BioRobotics Corp.\* | 10932 | 629683 |
|  Sonova Holding AG (Registered) | 2714 | 808608 |
|  Stryker Corp. | 19380 | 7667309 |
|  |  | 29276223 |
|  ***Health Care Providers & Services (16.0%)*** | ***Health Care Providers & Services (16.0%)*** | ***Health Care Providers & Services (16.0%)*** |
|  Alignment Healthcare, Inc.\* | 25029 | 350406 |
|  BrightSpring Health Services, Inc. (x)\* | 27874 | 657548 |
|  Cardinal Health, Inc. | 4403 | 739704 |
|  Cencora, Inc. | 3992 | 1197001 |
|  Cigna Group (The) | 9924 | 3280676 |

---

See Notes to Financial Statements.

1239

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EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  CVS Health Corp. | 14385 | $992277 |
|  Elevance Health, Inc. | 7746 | 3012884 |
|  Encompass Health Corp. | 3258 | 399529 |
|  Guardant Health, Inc.\* | 14660 | 762906 |
|  HCA Healthcare, Inc. | 3243 | 1242393 |
|  McKesson Corp. | 317 | 232291 |
|  Molina Healthcare, Inc.\* | 3516 | 1047416 |
|  Quest Diagnostics, Inc. | 5847 | 1050297 |
|  Tenet Healthcare Corp.\* | 8776 | 1544576 |
|  UnitedHealth Group, Inc. | 25081 | 7824520 |
|  Universal Health Services, Inc., Class B | 900 | 163035 |
|  |  | 24497459 |
|  ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** | ***Health Care Technology (0.4%)*** |
|  Veeva Systems, Inc., Class A\* | 2354 | 677905 |
|  ***Life Sciences Tools & Services (7.9%)*** | ***Life Sciences Tools & Services (7.9%)*** | ***Life Sciences Tools & Services (7.9%)*** |
|  Danaher Corp. | 24373 | 4814642 |
|  ICON plc\* | 1416 | 205957 |
|  Mettler-Toledo International, Inc.\* | 497 | 583836 |
|  Repligen Corp.\* | 5548 | 690060 |
|  Revvity, Inc. | 6118 | 591733 |
|  Sartorius AG (Preference) (q) | 1513 | 384964 |
|  Thermo Fisher Scientific, Inc. | 11699 | 4743477 |
|  |  | 12014669 |
|  ***Pharmaceuticals (17.1%)*** | ***Pharmaceuticals (17.1%)*** | ***Pharmaceuticals (17.1%)*** |
|  Arvinas, Inc.\* | 3706 | 27276 |
|  AstraZeneca plc (ADR) | 27006 | 1887179 |
|  Axsome Therapeutics, Inc.\* | 1000 | 104390 |
|  Chugai Pharmaceutical Co. Ltd. | 32000 | 1672164 |
|  Eli Lilly & Co. | 23433 | 18266726 |
|  Enliven Therapeutics, Inc.\* | 5463 | 109588 |
|  MBX Biosciences, Inc. (x)\* | 18362 | 209510 |
|  MediWound Ltd. (x)\* | 3890 | 75349 |
|  Pharvaris NV (x)\* | 9016 | 158682 |
|  Rapport Therapeutics, Inc.\* | 17648 | 200658 |
|  Sanofi SA (ADR) | 18890 | 912576 |
|  Structure Therapeutics, Inc. (ADR) (x)\* | 6989 | 144952 |
|  Tarsus Pharmaceuticals, Inc.\* | 5432 | 220050 |
|  UCB SA | 961 | 188989 |
|  Verona Pharma plc (ADR)\* | 19084 | 1804965 |
|  WaVe Life Sciences Ltd.\* | 20377 | 132451 |
|  |  | 26115505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | 150897371 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Chemicals (0.0%)†*** | ***Chemicals (0.0%)†*** | ***Chemicals (0.0%)†*** |
|  Ginkgo Bioworks Holdings, Inc., Class A (x)\* | 1346 | 15143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** | 15143 |
|  **Total Common Stocks (98.9%)**<br> *(Cost $107,430,433)* | **Total Common Stocks (98.9%)**<br> *(Cost $107,430,433)* | 151227338 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Revolution Medicines, Inc., expiring 12/17/26\* | 3127 | 844 |
|  ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** |
|  GeneDx Holdings Corp., expiring 7/22/26\* | 3332 | 220 |
|  ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** | ***Life Sciences Tools & Services (0.0%)*** |
|  SomaLogic, Inc., expiring 8/31/26 (r)\* | 1418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | 1064 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* | **Total Warrants (0.0%)†**<br> *(Cost $—)* | 1064 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 300000 | 300000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 300000 | 300000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 706768 | 706768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 1306768 |
|  **Total Short-Term Investments (0.9%)**<br> *(Cost $1,306,768)* | **Total Short-Term Investments (0.9%)**<br> *(Cost $1,306,768)* | 1306768 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $108,737,201)* | **Total Investments in Securities (99.8%)**<br> *(Cost $108,737,201)* | 152535170 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 314244 |
|  **Net Assets (100%)** | **Net Assets (100%)** | $152849414 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $3,556,898. This was collateralized by $2,315,904 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $1,306,768 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

1240

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EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Financials | $314824 | $— | $— | $314824 |
|  Health Care | 145609544 | 5287827 |  | 150897371 |
|  Materials | 15143 |  |  | 15143 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1306768 |  |  | 1306768 |
|  **Warrants** |  |  |  |  |
|  Health Care | 1064 |  | — (a) | 1064 |
|  **Total Assets** | $**147247343** | $**5287827** | $**—** | $**152535170** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**147247343** | $**5287827** | $**—** | $**152535170** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $38899436.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $46053763.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $54689969 |
|  Aggregate gross unrealized depreciation | (12184457) |
|  Net unrealized appreciation | $42505512 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $110029658 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $31 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $108,737,201) | $152535170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1557481.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $39,600) | 40997.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 80001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 79661.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 62636.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 7315.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2276.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 154365537.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1306768.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 96722.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 31167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 20169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 11129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1516123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $152849414.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $114040408.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 38809006.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $152849414.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $152,849,414 / 2,767,084 shares outstanding (unlimited amount authorized: $0.01 par value) | $55.24 |

---

*(x)* *Includes value of securities on loan of $3,556,898.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $21,265 foreign withholding tax) | $575735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 34237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 25367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 635339 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 750449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 197486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 71623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 17077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1083947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (136200) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 947747 |
|  **NET INVESTMENT INCOME (LOSS)** | (312408) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (4307159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4299767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (448405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (445875) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (4745642) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(5058050) |

---

See Notes to Financial Statements.

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#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(312408) | $(903439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4299767) | 11180935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (445875) | (6125032) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (5058050) | 4152464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (9183870) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 136,496 and 269,231 shares, respectively ] | 7723410 | 17045956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 156,323 shares, respectively] |  | 9183870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (250128) and (637294) shares, respectively ] | (14130846) | (40437851) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (6407436) | (14208025) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (11465486) | (19239431) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 164314900 | 183554331 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $152849414 | $164314900 |

---

See Notes to Financial Statements.

1243

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EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $57.04 | $59.36 | $58.52 | $69.08 | $65.47 | $52.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.11) | (0.31) | (0.23) | (0.24) | (0.39) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.69) | 1.35 | 2.53 | (9.03) | 6.57 | 14.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.80) | 1.04 | 2.30 | (9.27) | 6.18 | 14.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.36) | (1.46) | (1.29) | (2.57) | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, end of period | $55.24 | $57.04 | $59.36 | $58.52 | $69.08 | $65.47 |
|  Total return (b) | (3.16)% | 1.58% | 3.97% | (13.38)% | 9.51% | 26.91% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $152849 | $164315 | $183554 | $194013 | $238956 | $222733 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.37% | 1.37% | 1.37% | 1.36% | 1.35% | 1.37% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.40)% | (0.49)% | (0.40)% | (0.41)% | (0.56)% | (0.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.57)% | (0.66)% | (0.57)% | (0.57)% | (0.71)% | (0.59)% |
|  Portfolio turnover rate^ | 24 %(z) | 42% | 43% | 23% | 31% | 36% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1244

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EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (4.6%)** | **Communication Services (4.6%)** | **Communication Services (4.6%)** |
|  ***Diversified Telecommunication Services (2.2%)*** | ***Diversified Telecommunication Services (2.2%)*** | ***Diversified Telecommunication Services (2.2%)*** |
|  Verizon Communications, Inc. | 760029 | $32886455 |
|  ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** |
|  Alphabet, Inc., Class C | 205466 | 36447614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 69334069 |
|  **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** | **Consumer Discretionary (7.3%)** |
|  ***Household Durables (5.4%)*** | ***Household Durables (5.4%)*** | ***Household Durables (5.4%)*** |
|  Lennar Corp., Class A | 330452 | 36551296 |
|  Sony Group Corp. (ADR) (x) | 1723933 | 44873976 |
|  |  | 81425272 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  Lowe's Cos., Inc. | 130420 | 28936285 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 110361557 |
|  **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** |
|  ***Beverages (3.3%)*** | ***Beverages (3.3%)*** | ***Beverages (3.3%)*** |
|  Coca-Cola Co. (The) | 477411 | 33776828 |
|  Constellation Brands, Inc., Class A | 98853 | 16081406 |
|  |  | 49858234 |
|  ***Household Products (1.9%)*** | ***Household Products (1.9%)*** | ***Household Products (1.9%)*** |
|  Procter & Gamble Co. (The) | 184687 | 29424333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 79282567 |
|  **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** |
|  ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** |
|  Coterra Energy, Inc. | 1124596 | 28542246 |
|  TotalEnergies SE (ADR) | 475625 | 29198619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 57740865 |
|  **Financials (20.9%)** | **Financials (20.9%)** | **Financials (20.9%)** |
|  ***Banks (9.7%)*** | ***Banks (9.7%)*** | ***Banks (9.7%)*** |
|  Commerce Bancshares, Inc. | 282406 | 17557181 |
|  Cullen/Frost Bankers, Inc. | 194111 | 24951028 |
|  Mitsubishi UFJ Financial Group, Inc. (ADR) | 2301858 | 31581492 |
|  PNC Financial Services Group, Inc. (The) | 166889 | 31111447 |
|  US Bancorp | 742460 | 33596315 |
|  Wells Fargo & Co. | 121321 | 9720239 |
|  |  | 148517702 |
|  ***Capital Markets (5.1%)*** | ***Capital Markets (5.1%)*** | ***Capital Markets (5.1%)*** |
|  Ameriprise Financial, Inc. | 87671 | 46792643 |
|  Blackstone, Inc. | 207670 | 31063278 |
|  |  | 77855921 |
|  ***Consumer Finance (3.7%)*** | ***Consumer Finance (3.7%)*** | ***Consumer Finance (3.7%)*** |
|  Capital One Financial Corp. | 262158 | 55776736 |
|  ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** |
|  American International Group, Inc. | 423372 | 36236410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 318386769 |
|  **Health Care (9.0%)** | **Health Care (9.0%)** | **Health Care (9.0%)** |
|  ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** |
|  Amgen, Inc. | 119981 | 33499895 |
|  ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** |
|  Alcon AG (x) | 345910 | 30536935 |
|  Medtronic plc | 254273 | 22164977 |
|  |  | 52701912 |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** |
|  Danaher Corp. | 140996 | 27852350 |
|  ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** |
|  Merck & Co., Inc. | 288744 | 22856975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 136911132 |
|  **Industrials (10.8%)** | **Industrials (10.8%)** | **Industrials (10.8%)** |
|  ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** | ***Aerospace & Defense (2.0%)*** |
|  General Dynamics Corp. | 106565 | 31080748 |
|  ***Ground Transportation (2.5%)*** | ***Ground Transportation (2.5%)*** | ***Ground Transportation (2.5%)*** |
|  Uber Technologies, Inc.\* | 405781 | 37859367 |
|  ***Machinery (6.3%)*** | ***Machinery (6.3%)*** | ***Machinery (6.3%)*** |
|  Oshkosh Corp. | 194662 | 22101923 |
|  Parker-Hannifin Corp. | 105897 | 73965878 |
|  |  | 96067801 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 165007916 |
|  **Information Technology (15.7%)** | **Information Technology (15.7%)** | **Information Technology (15.7%)** |
|  ***Electronic Equipment, Instruments & Components (2.2%)*** | ***Electronic Equipment, Instruments & Components (2.2%)*** | ***Electronic Equipment, Instruments & Components (2.2%)*** |
|  Teledyne Technologies, Inc.\* | 63926 | 32749929 |
|  ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** |
|  Microchip Technology, Inc. | 472516 | 33250951 |
|  QUALCOMM, Inc. | 231551 | 36876812 |
|  |  | 70127763 |
|  ***Software (8.9%)*** | ***Software (8.9%)*** | ***Software (8.9%)*** |
|  Adobe, Inc.\* | 84962 | 32870099 |
|  ANSYS, Inc.\* | 5620 | 1973856 |
|  Microsoft Corp. | 131377 | 65348234 |
|  Synopsys, Inc.\* | 69809 | 35789678 |
|  |  | 135981867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 238859559 |
|  **Materials (13.2%)** | **Materials (13.2%)** | **Materials (13.2%)** |
|  ***Chemicals (10.4%)*** | ***Chemicals (10.4%)*** | ***Chemicals (10.4%)*** |
|  Air Products and Chemicals, Inc. | 109955 | 31013907 |
|  Corteva, Inc. | 759930 | 56637583 |
|  Ecolab, Inc. | 144226 | 38860253 |
|  RPM International, Inc. | 292778 | 32158736 |
|  |  | 158670479 |
|  ***Construction Materials (2.8%)*** | ***Construction Materials (2.8%)*** | ***Construction Materials (2.8%)*** |
|  Martin Marietta Materials, Inc. | 76620 | 42061315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 200731794 |
|  **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |
|  ***Residential REITs (1.4%)*** | ***Residential REITs (1.4%)*** | ***Residential REITs (1.4%)*** |
|  Equity LifeStyle Properties, Inc. (REIT) | 347311 | 21418670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 21418670 |
|  **Utilities (6.7%)** | **Utilities (6.7%)** | **Utilities (6.7%)** |
|  ***Electric Utilities (2.0%)*** | ***Electric Utilities (2.0%)*** | ***Electric Utilities (2.0%)*** |
|  Xcel Energy, Inc. | 448886 | 30569136 |
|  ***Gas Utilities (2.6%)*** | ***Gas Utilities (2.6%)*** | ***Gas Utilities (2.6%)*** |
|  Atmos Energy Corp. | 261352 | 40276957 |

---

See Notes to Financial Statements.

1245

------

EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Water Utilities (2.1%)*** | ***Water Utilities (2.1%)*** | ***Water Utilities (2.1%)*** |
|  American Water Works Co., Inc. | 228255 | $31752553 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 102598646 |
|  **Total Common Stocks (98.6%)**<br> *(Cost $1,170,398,041)* | **Total Common Stocks (98.6%)**<br> *(Cost $1,170,398,041)* | 1500633544 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 85965 | 85965 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 1000000 | 1000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 4.27% (7 day yield) (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 3085965 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $3,085,965)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $3,085,965)* | 3085965 |
|  **Total Investments in Securities (98.8%)**<br> *(Cost $1,173,484,006)* | **Total Investments in Securities (98.8%)**<br> *(Cost $1,173,484,006)* | 1503719509 |
|  **Other Assets Less Liabilities (1.2%)** | **Other Assets Less Liabilities (1.2%)** | 18339054 |
|  **Net Assets (100%)** |  | $1522058563 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $40,299,312. This was collateralized by $38,577,871 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 11/30/25 – 5/15/54 and by cash of $3,085,965 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $69334069 | $— | $— | $69334069 |
|  Consumer Discretionary | 110361557 |  |  | 110361557 |
|  Consumer Staples | 79282567 |  |  | 79282567 |
|  Energy | 57740865 |  |  | 57740865 |
|  Financials | 318386769 |  |  | 318386769 |
|  Health Care | 136911132 |  |  | 136911132 |
|  Industrials | 165007916 |  |  | 165007916 |
|  Information Technology | 238859559 |  |  | 238859559 |
|  Materials | 200731794 |  |  | 200731794 |
|  Real Estate | 21418670 |  |  | 21418670 |
|  Utilities | 102598646 |  |  | 102598646 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 3085965 |  |  | 3085965 |
|  **Total Assets** | $**1503719509** | $**—** | $**—** | $**1503719509** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1503719509** | $**—** | $**—** | $**1503719509** |

---

The Portfolio held no derivatives contracts during the six months ended June 30, 2025.

See Notes to Financial Statements.

1246

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EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $145653323.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $207997561.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $365411079 |
|  Aggregate gross unrealized depreciation | (35176258) |
|  Net unrealized appreciation | $330234821 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $1172484688 |

---

See Notes to Financial Statements.

1247

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EQ/VALUE EQUITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $1,173,484,006) | $1503719509.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 19688330.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2525951.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2053789.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 337197.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 22412.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 16355.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1528363543.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3085965.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1601561.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 677892.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 472667.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 252670.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 110448.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 103777.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6304980.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1522058563.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1162049568.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 360008995.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1522058563.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,250,889,793 / 52,717,013 shares outstanding (unlimited amount authorized: $0.01 par value) | $23.73 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $271,168,770 / 11,452,670 shares outstanding (unlimited amount authorized: $0.01 par value) | $23.68 |

---

*(x)* *Includes value of securities on loan of $40,299,312.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $301,245 foreign withholding tax) | $14806995.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 503717.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 152999.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15463711.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4077701.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1517067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 672810.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 56343.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31533.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 25034.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15622.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6454847.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 9008864.0 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 16217684.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 53030536.0 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 69248220.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $78257084.0 |

---

See Notes to Financial Statements.

1248

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#### EQ ADVISORS TRUST
EQ/VALUE EQUITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9008864 | $14327542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16217684 | 63616353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 53030536 | 36405854 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 78257084 | 114349749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (58189806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (13634863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (71824669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 45,972 shares, respectively ] |  | 1035156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (5508760) shares, respectively ] |  | (127832717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (536019) shares, respectively ] |  | (12176031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (138973592) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 578,051 and 937,547 shares, respectively ] | 13117342 | 21947487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 5,485,491 shares, respectively ] |  | 127832717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,483,536 shares, respectively ] |  | 58189806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2813468) and (5695557) shares, respectively ] | (63884556) | (134141473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (50767214) | 73828537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 714,752 and 156,036 shares, respectively ] | 15251817 | 3678377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 583,984 shares, respectively ] |  | 13634863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1484752) and (3536781) shares, respectively ] | (33821017) | (81337673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (18569200) | (64024433) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (69336414) | (129169488) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8920670 | (86644408) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1513137893 | 1599782301 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1522058563 | $1513137893 |

---

See Notes to Financial Statements.

1249

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#### EQ ADVISORS TRUST
EQ/VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $22.54 | $22.01 | $18.65 | $22.71 | $22.01 | $23.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.20 | 0.23 | 0.19 | 0.17 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.06 | 1.43 | 3.41 | (3.62) | 5.36 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.19 | 1.63 | 3.64 | (3.43) | 5.53 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.23) | (0.24) | (0.21) | (0.17) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.87) | (0.04) | (0.42) | (4.66) | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.10) | (0.28) | (0.63) | (4.83) | (2.07) |
|  Net asset value, end of period | $23.73 | $22.54 | $22.01 | $18.65 | $22.71 | $22.01 |
|  Total return (b) | 5.28% | 7.24% | 19.52% | (15.11)% | 25.38% | 2.81% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1250890 | $1238582 | $1138830 | $1015421 | $1260851 | $1064449 |
|  Ratio of expenses to average net assets (a)(f) | 0.92% | 0.92% | 0.92% | 0.91% | 0.91% | 0.95% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.72% | 0.85% | 1.15% | 0.95% | 0.68% | 1.78% |
|  Portfolio turnover rate^ | 10 %(z) | 11% | 7% | 15% | 106% | 88% |

---

See Notes to Financial Statements.

1250

------

EQ/VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $22.46 | $21.94 | $18.58 | $22.63 | $21.94 | $23.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.26 | 0.28 | 0.24 | 0.23 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.06 | 1.42 | 3.41 | (3.61) | 5.35 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | 1.68 | 3.69 | (3.37) | 5.58 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.29) | (0.26) | (0.23) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.87) | (0.04) | (0.42) | (4.66) | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (1.16) | (0.33) | (0.68) | (4.89) | (2.12) |
|  Net asset value, end of period | $23.68 | $22.46 | $21.94 | $18.58 | $22.63 | $21.94 |
|  Total return (b) | 5.43% | 7.48% | 19.87% | (14.86)% | 25.68% | 3.05% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $271169 | $274556 | $329477 | $319580 | $410047 | $388170 |
|  Ratio of expenses to average net assets (a)(f) | 0.67% | 0.67% | 0.67% | 0.66% | 0.66% | 0.70% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 1.41% | 1.10% | 1.40% | 1.20% | 0.93% | 2.04% |
|  Portfolio turnover rate^ | 10 %(z) | 11% | 7% | 15% | 106% | 88% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1251

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EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Energy (87.5%)** | **Energy (87.5%)** | **Energy (87.5%)** |
|  ***Energy Equipment & Services (3.7%)*** | ***Energy Equipment & Services (3.7%)*** | ***Energy Equipment & Services (3.7%)*** |
|  Schlumberger NV | 63192 | $2135890 |
|  Tenaris SA | 71540 | 1346222 |
|  Tenaris SA (ADR) | 41728 | 1560627 |
|  |  | 5042739 |
|  ***Oil, Gas & Consumable Fuels (83.8%)*** | ***Oil, Gas & Consumable Fuels (83.8%)*** | ***Oil, Gas & Consumable Fuels (83.8%)*** |
|  Antero Resources Corp.\* | 43435 | 1749562 |
|  ARC Resources Ltd. | 205394 | 4330356 |
|  BP plc (ADR) | 51935 | 1554415 |
|  Cameco Corp. | 18178 | 1349353 |
|  Canadian Natural Resources Ltd. | 52672 | 1653901 |
|  Cenovus Energy, Inc. | 99702 | 1355947 |
|  Chevron Corp. | 34528 | 4944064 |
|  ConocoPhillips | 31911 | 2863693 |
|  Coterra Energy, Inc. | 223116 | 5662684 |
|  Diamondback Energy, Inc. | 22238 | 3055501 |
|  Enbridge, Inc. | 44752 | 2029327 |
|  EOG Resources, Inc. | 30646 | 3665568 |
|  EQT Corp. | 88716 | 5173917 |
|  Equinor ASA | 159762 | 4043424 |
|  Equinor ASA (ADR) | 38511 | 968167 |
|  Expand Energy Corp. | 40204 | 4701456 |
|  Exxon Mobil Corp. | 81343 | 8768775 |
|  Hess Corp. | 43649 | 6047132 |
|  LUKOIL PJSC (ADR) (r)\* | 41176 |  |
|  Marathon Petroleum Corp. | 42885 | 7123627 |
|  ONEOK, Inc. | 60100 | 4905963 |
|  Petroleo Brasileiro SA - Petrobras | 385780 | 2414187 |
|  Phillips 66 | 16775 | 2001257 |
|  Shell plc (London Stock Exchange) | 367942 | 12896594 |
|  Shell plc (ADR) | 16502 | 1161906 |
|  Targa Resources Corp. | 24057 | 4187843 |
|  TotalEnergies SE | 101246 | 6213588 |
|  TotalEnergies SE (ADR) (x) | 47562 | 2919831 |
|  Williams Cos., Inc. (The) | 110807 | 6959788 |
|  |  | 114701826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 119744565 |
|  **Information Technology (0.3%)** | **Information Technology (0.3%)** | **Information Technology (0.3%)** |
|  ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** |
|  First Solar, Inc.\* | 1989 | 329259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 329259 |
|  **Utilities (11.4%)** | **Utilities (11.4%)** | **Utilities (11.4%)** |
|  ***Electric Utilities (5.6%)*** | ***Electric Utilities (5.6%)*** | ***Electric Utilities (5.6%)*** |
|  American Electric Power Co., Inc. | 14563 | 1511057 |
|  Duke Energy Corp. | 9213 | 1087134 |
|  Enel SpA | 94825 | 899848 |
|  Iberdrola SA | 79423 | 1524032 |
|  NextEra Energy, Inc. | 21869 | 1518146 |
|  Southern Co. (The) | 12765 | 1172210 |
|  |  | 7712427 |
|  ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** |
|  China Longyuan Power Group Corp. Ltd., Class H | 785555 | 707504 |
|  ***Multi-Utilities (5.3%)*** | ***Multi-Utilities (5.3%)*** | ***Multi-Utilities (5.3%)*** |
|  E.ON SE | 45488 | 837228 |
|  Engie SA | 81095 | 1903353 |
|  National Grid plc | 79462 | 1157815 |
|  Sempra | 29001 | 2197406 |
|  WEC Energy Group, Inc. | 10899 | 1135676 |
|  |  | 7231478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 15651409 |
|  **Total Common Stocks (99.2%)**<br> *(Cost $102,202,450)* | **Total Common Stocks (99.2%)**<br> *(Cost $102,202,450)* | 135725233 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (0.9%)** | **Investment Companies (0.9%)** | **Investment Companies (0.9%)** |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1273825 | 1273825 |
|  **Total Short-Term Investments (0.9%)**<br> *(Cost $1,273,825)* | **Total Short-Term Investments (0.9%)**<br> *(Cost $1,273,825)* | 1273825 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $103,476,275)* | **Total Investments in Securities (100.1%)**<br> *(Cost $103,476,275)* | 136999058 |
|  **Other Assets Less Liabilities (-0.1%)** | **Other Assets Less Liabilities (-0.1%)** | (68468) |
|  **Net Assets (100%)** | **Net Assets (100%)** | $136930590 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $1,246,217. This was collateralized by cash of $1,273,825 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

1252

------

EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in**<br> **Active Markets for**<br> **Identical**<br> **Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own<br>assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Energy | $95244737 | $24499828 | $— (a) | $119744565 |
|  Information Technology | 329259 |  |  | 329259 |
|  Utilities | 8621629 | 7029780 |  | 15651409 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1273825 |  |  | 1273825 |
|  **Total Assets** | $**105469450** | $**31529608** | $**—** | $**136999058** |
|  **Total Liabilities** | $**—** | $**–** | $**—** | $**—** |
|  **Total** | $**105469450** | $**31529608** | $**—** | $**136999058** |

---

*(a)* *Value is zero.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $12892081.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $13546516.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $39246213 |
|  Aggregate gross unrealized depreciation | (5884861) |
|  Net unrealized appreciation | $33361352 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $103637706 |

---

See Notes to Financial Statements.

1253

------

EQ/WELLINGTON ENERGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $103,476,275) | $136999058.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 948953.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 329444.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 165582.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 487.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1672.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 138445196.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1273825.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 85016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 83663.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 28237.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 10136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 8167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 453.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 25109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1514606.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $136930590.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $135819229.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1111361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $136930590.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $136,930,590 / 30,703,086 shares outstanding (unlimited amount authorized: $0.01 par value) | $4.46 |

---

*(x)* *Includes value of securities on loan of $1,246,217.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $174,598 foreign withholding tax) | $2584380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 26938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 5561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2616879 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 568000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 167058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 60633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 29975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 19428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 9699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 863083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (67563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 795520 |
|  **NET INVESTMENT INCOME (LOSS)** | 1821359 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 393317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 16398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 409715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7253131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7259633 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 7669348 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9490707 |

---

See Notes to Financial Statements.

1254

------

#### EQ ADVISORS TRUST
EQ/WELLINGTON ENERGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1821359 | $3587065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 409715 | 12726223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7259633 | (7278827) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 9490707 | 9034461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (3586026) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (103538) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,475,346 and 7,181,430 shares, respectively ] | 19270055 | 30755731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 871,648 shares, respectively ] |  | 3689564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5103901) and (10367098) shares, respectively ] | (22048592) | (44556188) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (2778537) | (10110893) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 6712170 | (4765996) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 130218420 | 134984416 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $136930590 | $130218420 |

---

See Notes to Financial Statements.

1255

------

#### EQ ADVISORS TRUST
EQ/WELLINGTON ENERGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $4.16 | $4.01 | $3.91 | $3.07 | $2.34 | $3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.11 | 0.13 | 0.16 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.24 | 0.16 | 0.10 | 0.84 | 0.73 | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | 0.27 | 0.23 | 1.00 | 0.83 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.12) | (0.13) | (0.16) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.12) | (0.13) | (0.16) | (0.10) | (0.08) |
|  Net asset value, end of period | $4.46 | $4.16 | $4.01 | $3.91 | $3.07 | $2.34 |
|  Total return (b) | 7.21% | 6.72 | 5.99% | 32.53% | 35.48% | (37.39)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $136931 | $130218 | $134984 | $146937 | $89838 | $60888 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.19 %(j) | 1.19 | 1.19 %(j) | 1.19 %(j) | 1.19 %(j) | 1.19 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.29% | 1.30 | 1.31% | 1.29% | 1.33% | 1.42% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.72% | 2.61 | 3.23% | 4.41% | 3.41% | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.62% | 2.50 | 3.12% | 4.31% | 3.26% | 2.94% |
|  Portfolio turnover rate^ | 10 %(z) | 41 | 21% | 17% | 16% | 71% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1256

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (9.3%)** | **Communication Services (9.3%)** | **Communication Services (9.3%)** |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** |
|  AST SpaceMobile, Inc., Class A (x)\* | 4100 | $191593 |
|  Cogent Communications Holdings, Inc. | 600 | 28926 |
|  Globalstar, Inc.\* | 1453 | 34218 |
|  Iridium Communications, Inc. | 2400 | 72408 |
|  |  | 327145 |
|  ***Entertainment (3.0%)*** | ***Entertainment (3.0%)*** | ***Entertainment (3.0%)*** |
|  Cinemark Holdings, Inc. | 1200 | 36216 |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 1000 | 104500 |
|  Live Nation Entertainment, Inc.\* | 2200 | 332816 |
|  Netflix, Inc.\* | 25580 | 34254945 |
|  ROBLOX Corp., Class A\* | 124500 | 13097400 |
|  Roku, Inc.\* | 500 | 43945 |
|  Spotify Technology SA\* | 7329 | 5623835 |
|  Take-Two Interactive Software, Inc.\* | 800 | 194280 |
|  TKO Group Holdings, Inc., Class A | 1500 | 272925 |
|  |  | 53960862 |
|  ***Interactive Media & Services (6.3%)*** | ***Interactive Media & Services (6.3%)*** | ***Interactive Media & Services (6.3%)*** |
|  Alphabet, Inc., Class A | 207233 | 36520672 |
|  Alphabet, Inc., Class C | 41175 | 7304033 |
|  Cargurus, Inc., Class A\* | 1200 | 40164 |
|  Grindr, Inc.\* | 2200 | 49940 |
|  Meta Platforms, Inc., Class A | 90711 | 66952882 |
|  Pinterest, Inc., Class A\* | 8200 | 294052 |
|  Reddit, Inc., Class A\* | 14400 | 2168208 |
|  TripAdvisor, Inc.\* | 2500 | 32625 |
|  Trump Media & Technology Group Corp.\* | 1300 | 23452 |
|  Yelp, Inc., Class A\* | 1100 | 37697 |
|  |  | 113423725 |
|  ***Media (0.0%)†*** | ***Media (0.0%)†*** | ***Media (0.0%)†*** |
|  DoubleVerify Holdings, Inc.\* | 2000 | 29940 |
|  Liberty Broadband Corp., Class C\* | 500 | 49190 |
|  Nexstar Media Group, Inc., Class A | 200 | 34590 |
|  Trade Desk, Inc. (The), Class A\* | 9200 | 662308 |
|  |  | 776028 |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** |
|  Gogo, Inc.\* | 14000 | 205520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 168693280 |
|  **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Dorman Products, Inc.\* | 400 | 49068 |
|  Modine Manufacturing Co.\* | 700 | 68950 |
|  Patrick Industries, Inc. | 500 | 46135 |
|  |  | 164153 |
|  ***Automobiles (0.9%)*** | ***Automobiles (0.9%)*** | ***Automobiles (0.9%)*** |
|  Livewire Group, Inc.\* | 39600 | 182160 |
|  Tesla, Inc.\* | 50890 | 16165717 |
|  |  | 16347877 |
|  ***Broadline Retail (3.7%)*** | ***Broadline Retail (3.7%)*** | ***Broadline Retail (3.7%)*** |
|  Amazon.com, Inc.\* | 273435 | 59988905 |
|  Coupang, Inc., Class A\* | 135193 | 4050382 |
|  Etsy, Inc.\* | 1000 | 50160 |
|  MercadoLibre, Inc.\* | 1048 | 2739084 |
|  |  | 66828531 |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** |
|  Pool Corp. | 512 | 149238 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Adtalem Global Education, Inc.\* | 400 | 50892 |
|  Bright Horizons Family Solutions, Inc.\* | 400 | 49436 |
|  Duolingo, Inc., Class A\* | 500 | 205010 |
|  Frontdoor, Inc.\* | 1100 | 64834 |
|  Grand Canyon Education, Inc.\* | 300 | 56700 |
|  H&R Block, Inc. | 700 | 38423 |
|  Laureate Education, Inc.\* | 1900 | 44422 |
|  Mister Car Wash, Inc.\* | 4600 | 27646 |
|  Stride, Inc.\* | 600 | 87114 |
|  |  | 624477 |
|  ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** |
|  Airbnb, Inc., Class A\* | 6200 | 820508 |
|  Booking Holdings, Inc. | 1398 | 8093358 |
|  Brinker International, Inc.\* | 500 | 90165 |
|  Carnival Corp.\* | 8000 | 224960 |
|  Cava Group, Inc.\* | 1300 | 109499 |
|  Cheesecake Factory, Inc. (The) (x) | 800 | 50128 |
|  Chipotle Mexican Grill, Inc.\* | 72420 | 4066383 |
|  Choice Hotels International, Inc. (x) | 300 | 38064 |
|  Churchill Downs, Inc. | 900 | 90900 |
|  Darden Restaurants, Inc. | 1500 | 326955 |
|  Domino's Pizza, Inc. | 208 | 93725 |
|  DoorDash, Inc., Class A\* | 43073 | 10617925 |
|  DraftKings, Inc., Class A\* | 6100 | 261629 |
|  Dutch Bros, Inc., Class A\* | 200800 | 13728696 |
|  Expedia Group, Inc. | 1700 | 286756 |
|  Flutter Entertainment plc, Class DI\* | 2000 | 571520 |
|  Global Business Travel Group I\* | 4400 | 27720 |
|  Hilton Grand Vacations, Inc.\* | 1000 | 41530 |
|  Hilton Worldwide Holdings, Inc. | 3100 | 825654 |
|  Las Vegas Sands Corp. | 5500 | 239305 |
|  Light & Wonder, Inc.\* | 1300 | 125138 |
|  Marriott International, Inc., Class A | 2400 | 655704 |
|  McDonald's Corp. | 668 | 195170 |
|  Norwegian Cruise Line Holdings Ltd.\* | 6500 | 131820 |
|  Planet Fitness, Inc., Class A\* | 600 | 65430 |
|  Red Rock Resorts, Inc., Class A | 800 | 41624 |
|  Restaurant Brands International, Inc. (x) | 3100 | 205499 |
|  Royal Caribbean Cruises Ltd. | 3400 | 1064676 |
|  Shake Shack, Inc., Class A\* | 500 | 70300 |
|  Six Flags Entertainment Corp.\* | 900 | 27387 |
|  Starbucks Corp. | 2253 | 206442 |
|  Super Group SGHC Ltd. | 5400 | 59238 |
|  Sweetgreen, Inc., Class A (x)\* | 1300 | 19344 |
|  Texas Roadhouse, Inc., Class A | 900 | 168669 |
|  United Parks & Resorts, Inc. (x)\* | 700 | 33005 |
|  Vail Resorts, Inc. | 400 | 62852 |

---

See Notes to Financial Statements.

1257

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Wendy's Co. (The) | 2300 | $| 26266 |
|  Wingstop, Inc. | 400 |  | 134696 |
|  Wyndham Hotels & Resorts, Inc. | 400 |  | 32484 |
|  Yum! Brands, Inc. | 1500 |  | 222270 |
|  |  |  | 44153394 |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** |
|  Cavco Industries, Inc.\* | 100 |  | 43443 |
|  Champion Homes, Inc.\* | 400 |  | 25044 |
|  Green Brick Partners, Inc.\* | 600 |  | 37728 |
|  Installed Building Products, Inc. | 300 |  | 54096 |
|  SharkNinja, Inc.\* | 400 |  | 39596 |
|  Somnigroup International, Inc. | 2600 |  | 176930 |
|  TopBuild Corp.\* | 100 |  | 32374 |
|  |  |  | 409211 |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** |
|  Acushnet Holdings Corp. (x) | 600 |  | 43692 |
|  Peloton Interactive, Inc., Class A\* | 4400 |  | 30536 |
|  |  |  | 74228 |
|  ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** |
|  AutoZone, Inc.\* | 191 |  | 709036 |
|  Burlington Stores, Inc.\* | 900 |  | 209376 |
|  Carvana Co.\* | 30100 |  | 10142496 |
|  Home Depot, Inc. (The) | 11274 |  | 4133499 |
|  Murphy USA, Inc. | 300 |  | 122040 |
|  O'Reilly Automotive, Inc.\* | 46960 |  | 4232505 |
|  Ross Stores, Inc. | 1074 |  | 137021 |
|  TJX Cos., Inc. (The) | 9486 |  | 1171426 |
|  Tractor Supply Co. | 7640 |  | 403163 |
|  Ulta Beauty, Inc.\* | 604 |  | 282563 |
|  |  |  | 21543125 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  Deckers Outdoor Corp.\* | 2100 |  | 216447 |
|  Hanesbrands, Inc.\* | 4800 |  | 21984 |
|  Kontoor Brands, Inc. | 700 |  | 46179 |
|  Lululemon Athletica, Inc.\* | 1600 |  | 380128 |
|  Steven Madden Ltd. | 1000 |  | 23980 |
|  Tapestry, Inc. | 2600 |  | 228306 |
|  |  |  | 917024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 151211258 |
|  **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** | **Consumer Staples (1.0%)** |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Celsius Holdings, Inc. (x)\* | 3000 |  | 139170 |
|  Coca-Cola Co. (The) | 25596 |  | 1810917 |
|  Monster Beverage Corp.\* | 9446 |  | 591697 |
|  National Beverage Corp.\* | 800 |  | 34592 |
|  PepsiCo, Inc. | 2518 |  | 332477 |
|  |  |  | 2908853 |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Casey's General Stores, Inc. | 100 |  | 51027 |
|  Costco Wholesale Corp. | 12076 |  | 11954516 |
|  Performance Food Group Co.\* | 500 |  | 43735 |
|  PriceSmart, Inc. | 500 |  | 52520 |
|  Sprouts Farmers Market, Inc.\* | 1400 |  | 230496 |
|  Sysco Corp. | 4366 |  | 330681 |
|  Walmart, Inc. | 5900 |  | 576902 |
|  |  |  | 13239877 |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** |
|  Cal-Maine Foods, Inc. | 400 |  | 39852 |
|  Freshpet, Inc.\* | 300 |  | 20388 |
|  Hershey Co. (The) | 1438 |  | 238636 |
|  J & J Snack Foods Corp. | 200 |  | 22682 |
|  Lancaster Colony Corp. | 300 |  | 51831 |
|  Simply Good Foods Co. (The)\* | 1200 |  | 37908 |
|  |  |  | 411297 |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** |
|  Colgate-Palmolive Co. | 6300 |  | 572670 |
|  Kimberly-Clark Corp. | 2000 |  | 257840 |
|  WD-40 Co. | 200 |  | 45618 |
|  |  |  | 876128 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Interparfums, Inc. | 300 |  | 39393 |
|  ***Tobacco (0.0%)†*** |  |  |  |
|  Turning Point Brands, Inc. | 2800 |  | 212156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 17687704 |
|  **Energy (0.2%)** | **Energy (0.2%)** | **Energy (0.2%)** | **Energy (0.2%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Archrock, Inc. | 2200 |  | 54626 |
|  Cactus, Inc., Class A | 900 |  | 39348 |
|  ChampionX Corp. | 12200 |  | 303048 |
|  Schlumberger NV | 40445 |  | 1367041 |
|  |  |  | 1764063 |
|  ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** |
|  Cheniere Energy, Inc. | 1700 |  | 413984 |
|  Magnolia Oil & Gas Corp., Class A | 2200 |  | 49456 |
|  Targa Resources Corp. | 4300 |  | 748544 |
|  Texas Pacific Land Corp. | 300 |  | 316917 |
|  Uranium Energy Corp. (x)\* | 5400 |  | 36720 |
|  |  |  | 1565621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3329684 |
|  **Financials (7.9%)** | **Financials (7.9%)** | **Financials (7.9%)** | **Financials (7.9%)** |
|  ***Banks (0.4%)*** | ***Banks (0.4%)*** | ***Banks (0.4%)*** | ***Banks (0.4%)*** |
|  Axos Financial, Inc.\* | 500 |  | 38020 |
|  BancFirst Corp. | 300 |  | 37086 |
|  Bancorp, Inc. (The)\* | 700 |  | 39879 |
|  Bank of America Corp. | 133870 |  | 6334728 |
|  Citigroup, Inc. | 4500 |  | 383040 |
|  First Bancorp | 2100 |  | 43743 |
|  First Financial Bankshares, Inc. | 1800 |  | 64764 |
|  NU Holdings Ltd., Class A\* | 60400 |  | 828688 |
|  Popular, Inc. | 400 |  | 44084 |
|  ServisFirst Bancshares, Inc. | 400 |  | 31004 |
|  Triumph Financial, Inc.\* | 400 |  | 22044 |
|  |  |  | 7867080 |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  Ameriprise Financial, Inc. | 1300 |  | 693849 |
|  Ares Management Corp., Class A | 12157 |  | 2105593 |
|  Artisan Partners Asset Management, Inc., Class A | 900 |  | 39897 |
|  Blackstone, Inc. | 10300 |  | 1540674 |
|  Blue Owl Capital, Inc., Class A | 7100 |  | 136391 |
|  Cohen & Steers, Inc. | 400 |  | 30140 |
|  Coinbase Global, Inc., Class A\* | 29800 |  | 10444602 |

---

See Notes to Financial Statements.

1258

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  FactSet Research Systems, Inc. | 176 | $| 78721 |
|  Goldman Sachs Group, Inc. (The) | 300 |  | 212325 |
|  Hamilton Lane, Inc., Class A | 500 |  | 71060 |
|  Houlihan Lokey, Inc., Class A | 200 |  | 35990 |
|  Intercontinental Exchange, Inc. | 24630 |  | 4518866 |
|  Jefferies Financial Group, Inc. | 700 |  | 38283 |
|  KKR & Co., Inc. | 2600 |  | 345878 |
|  Lazard, Inc. | 1400 |  | 67172 |
|  LPL Financial Holdings, Inc. | 1100 |  | 412467 |
|  Moelis & Co., Class A | 1000 |  | 62320 |
|  Moody's Corp. | 2297 |  | 1152152 |
|  Morningstar, Inc. | 400 |  | 125572 |
|  MSCI, Inc. | 669 |  | 385839 |
|  Piper Sandler Cos. | 200 |  | 55588 |
|  PJT Partners, Inc., Class A | 300 |  | 49503 |
|  Robinhood Markets, Inc., Class A\* | 112100 |  | 10495923 |
|  StepStone Group, Inc., Class A | 800 |  | 44400 |
|  TPG, Inc., Class A | 600 |  | 31470 |
|  Tradeweb Markets, Inc., Class A | 11414 |  | 1671010 |
|  Victory Capital Holdings, Inc., Class A | 600 |  | 38202 |
|  XP, Inc., Class A | 3000 |  | 60600 |
|  |  |  | 34944487 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  Ally Financial, Inc. | 1100 |  | 42845 |
|  American Express Co. | 2920 |  | 931422 |
|  Credit Acceptance Corp. (x)\* | 100 |  | 50943 |
|  FirstCash Holdings, Inc. | 500 |  | 67570 |
|  SoFi Technologies, Inc.\* | 2600 |  | 47346 |
|  Upstart Holdings, Inc. (x)\* | 1000 |  | 64680 |
|  |  |  | 1204806 |
|  ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** | ***Financial Services (5.2%)*** |
|  Affirm Holdings, Inc., Class A\* | 187946 |  | 12994586 |
|  Apollo Global Management, Inc. | 45350 |  | 6433805 |
|  Block, Inc., Class A\* | 134430 |  | 9131830 |
|  Corpay, Inc.\* | 1006 |  | 333811 |
|  Evertec, Inc. | 1000 |  | 36050 |
|  Fiserv, Inc.\* | 23752 |  | 4095082 |
|  Flywire Corp.\* | 1800 |  | 21060 |
|  Marqeta, Inc., Class A\* | 8300 |  | 48389 |
|  Mastercard, Inc., Class A | 30543 |  | 17163333 |
|  NCR Atleos Corp.\* | 1200 |  | 34236 |
|  Payoneer Global, Inc.\* | 4000 |  | 27400 |
|  Remitly Global, Inc.\* | 2000 |  | 37540 |
|  Shift4 Payments, Inc., Class A (x)\* | 2900 |  | 287419 |
|  StoneCo Ltd., Class A\* | 4300 |  | 68972 |
|  Toast, Inc., Class A\* | 336400 |  | 14899156 |
|  Visa, Inc., Class A | 82242 |  | 29200022 |
|  WEX, Inc.\* | 200 |  | 29378 |
|  |  |  | 94842069 |
|  ***Insurance (0.3%)*** | ***Insurance (0.3%)*** | ***Insurance (0.3%)*** | ***Insurance (0.3%)*** |
|  Aon plc, Class A | 2600 |  | 927576 |
|  Arthur J Gallagher & Co. | 200 |  | 64024 |
|  Baldwin Insurance Group, Inc. (The), Class A\* | 900 |  | 38529 |
|  Brown & Brown, Inc. | 1500 |  | 166305 |
|  Everest Group Ltd. | 100 |  | 33985 |
|  F&G Annuities & Life, Inc. | 1000 |  | 31980 |
|  Goosehead Insurance, Inc., Class A | 300 |  | 31653 |
|  Kinsale Capital Group, Inc. | 300 |  | 145170 |
|  Lemonade, Inc. (x)\* | 900 |  | 39429 |
|  Oscar Health, Inc., Class A\* | 2600 |  | 55744 |
|  Palomar Holdings, Inc.\* | 400 |  | 61700 |
|  Progressive Corp. (The) | 12670 |  | 3381116 |
|  RLI Corp. | 400 |  | 28888 |
|  Ryan Specialty Holdings, Inc., Class A | 1800 |  | 122382 |
|  Selective Insurance Group, Inc. | 700 |  | 60655 |
|  Trupanion, Inc.\* | 800 |  | 44280 |
|  |  |  | 5233416 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 20800 |  | 201344 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 144293202 |
|  **Health Care (5.6%)** | **Health Care (5.6%)** | **Health Care (5.6%)** | **Health Care (5.6%)** |
|  ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** | ***Biotechnology (2.1%)*** |
|  AbbVie, Inc. | 23879 |  | 4432420 |
|  ACADIA Pharmaceuticals, Inc.\* | 2200 |  | 47454 |
|  ADMA Biologics, Inc.\* | 3000 |  | 54630 |
|  Akero Therapeutics, Inc.\* | 800 |  | 42688 |
|  Alkermes plc\* | 2200 |  | 62942 |
|  Alnylam Pharmaceuticals, Inc.\* | 30300 |  | 9880527 |
|  Amgen, Inc. | 5920 |  | 1652923 |
|  Amicus Therapeutics, Inc.\* | 4200 |  | 24066 |
|  Apellis Pharmaceuticals, Inc.\* | 1700 |  | 29427 |
|  Arcellx, Inc.\* | 600 |  | 39510 |
|  Arcutis Biotherapeutics, Inc.\* | 2200 |  | 30844 |
|  Argenx SE (ADR)\* | 3552 |  | 1957933 |
|  Arrowhead Pharmaceuticals, Inc.\* | 1600 |  | 25280 |
|  Ascendis Pharma A/S (ADR)\* | 60040 |  | 10362904 |
|  Avidity Biosciences, Inc.\* | 1500 |  | 42600 |
|  Biohaven Ltd.\* | 1000 |  | 14110 |
|  Blueprint Medicines Corp.\* | 1200 |  | 153816 |
|  Bridgebio Pharma, Inc.\* | 1600 |  | 69088 |
|  Catalyst Pharmaceuticals, Inc.\* | 1900 |  | 41230 |
|  CG oncology, Inc.\* | 1400 |  | 36400 |
|  Crinetics Pharmaceuticals, Inc.\* | 1200 |  | 34512 |
|  Cytokinetics, Inc.\* | 800 |  | 26432 |
|  Denali Therapeutics, Inc.\* | 2700 |  | 37773 |
|  Dyne Therapeutics, Inc.\* | 1400 |  | 13328 |
|  Exact Sciences Corp.\* | 1000 |  | 53140 |
|  Exelixis, Inc.\* | 3200 |  | 141040 |
|  Geron Corp.\* | 10400 |  | 14664 |
|  Gilead Sciences, Inc. | 4500 |  | 498915 |
|  Halozyme Therapeutics, Inc.\* | 1700 |  | 88434 |
|  ImmunityBio, Inc. (x)\* | 8500 |  | 22440 |
|  Immunovant, Inc.\* | 1500 |  | 24000 |
|  Incyte Corp.\* | 592 |  | 40315 |
|  Insmed, Inc.\* | 2700 |  | 271728 |
|  Ionis Pharmaceuticals, Inc.\* | 2500 |  | 98775 |
|  Ironwood Pharmaceuticals, Inc., Class A\* | 8500 |  | 6096 |
|  Krystal Biotech, Inc.\* | 300 |  | 41238 |
|  Kymera Therapeutics, Inc.\* | 900 |  | 39276 |
|  Legend Biotech Corp. (ADR)\* | 78620 |  | 2790224 |
|  Madrigal Pharmaceuticals, Inc.\* | 300 |  | 90792 |
|  Metsera, Inc. (x)\* | 1400 |  | 39830 |
|  Mirum Pharmaceuticals, Inc.\* | 800 |  | 40712 |
|  Natera, Inc.\* | 15100 |  | 2550994 |

---

See Notes to Financial Statements.

1259

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Neurocrine Biosciences, Inc.\* | 1646 | $| 206886 |
|  Novavax, Inc. (x)\* | 2200 |  | 13860 |
|  Nuvalent, Inc., Class A\* | 500 |  | 38150 |
|  Protagonist Therapeutics, Inc.\* | 1000 |  | 55270 |
|  PTC Therapeutics, Inc.\* | 800 |  | 39072 |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 5500 |  | 27830 |
|  Rhythm Pharmaceuticals, Inc.\* | 700 |  | 44233 |
|  Sarepta Therapeutics, Inc.\* | 1700 |  | 29070 |
|  Scholar Rock Holding Corp.\* | 1100 |  | 38962 |
|  Soleno Therapeutics, Inc.\* | 800 |  | 67024 |
|  Summit Therapeutics, Inc. (x)\* | 2300 |  | 48944 |
|  TG Therapeutics, Inc.\* | 1900 |  | 68381 |
|  Twist Bioscience Corp.\* | 800 |  | 29432 |
|  Ultragenyx Pharmaceutical, Inc.\* | 1200 |  | 43632 |
|  Vera Therapeutics, Inc., Class A\* | 800 |  | 18848 |
|  Vericel Corp.\* | 700 |  | 29785 |
|  Vertex Pharmaceuticals, Inc.\* | 3444 |  | 1533269 |
|  Viking Therapeutics, Inc.\* | 1400 |  | 37100 |
|  |  |  | 38335198 |
|  ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** | ***Health Care Equipment & Supplies (1.3%)*** |
|  Boston Scientific Corp.\* | 3400 |  | 365194 |
|  Dexcom, Inc.\* | 54060 |  | 4718898 |
|  Glaukos Corp.\* | 700 |  | 72303 |
|  Haemonetics Corp.\* | 700 |  | 52227 |
|  IDEXX Laboratories, Inc.\* | 1200 |  | 643608 |
|  Inspire Medical Systems, Inc.\* | 500 |  | 64885 |
|  Insulet Corp.\* | 976 |  | 306640 |
|  Integer Holdings Corp.\* | 300 |  | 36891 |
|  Intuitive Surgical, Inc.\* | 18036 |  | 9800943 |
|  iRhythm Technologies, Inc.\* | 400 |  | 61584 |
|  Lantheus Holdings, Inc.\* | 1200 |  | 98232 |
|  LeMaitre Vascular, Inc. | 400 |  | 33220 |
|  Masimo Corp.\* | 300 |  | 50466 |
|  Merit Medical Systems, Inc.\* | 800 |  | 74784 |
|  Novocure Ltd.\* | 1800 |  | 32040 |
|  Penumbra, Inc.\* | 500 |  | 128315 |
|  PROCEPT BioRobotics Corp.\* | 600 |  | 34560 |
|  Sonova Holding AG (ADR) | 28578 |  | 1706392 |
|  STAAR Surgical Co. (x)\* | 1400 |  | 23492 |
|  Stryker Corp. | 12926 |  | 5113913 |
|  TransMedics Group, Inc.\* | 500 |  | 67005 |
|  |  |  | 23485592 |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  agilon health, Inc.\* | 4800 |  | 11040 |
|  Alignment Healthcare, Inc.\* | 3300 |  | 46200 |
|  Astrana Health, Inc.\* | 900 |  | 22392 |
|  BrightSpring Health Services, Inc.\* | 2200 |  | 51898 |
|  Cardinal Health, Inc. | 2300 |  | 386400 |
|  Cencora, Inc. | 2500 |  | 749625 |
|  Chemed Corp. | 100 |  | 48693 |
|  Cigna Group (The) | 10267 |  | 3394065 |
|  Concentra Group Holdings Parent, Inc. | 2000 |  | 41140 |
|  CorVel Corp.\* | 300 |  | 30834 |
|  DaVita, Inc.\* | 800 |  | 113960 |
|  Ensign Group, Inc. (The) | 1000 |  | 154260 |
|  Guardant Health, Inc.\* | 1600 |  | 83264 |
|  HealthEquity, Inc.\* | 1500 |  | 157140 |
|  Hims & Hers Health, Inc. (x)\* | 2600 |  | 129610 |
|  McKesson Corp. | 1543 |  | 1130679 |
|  Molina Healthcare, Inc.\* | 500 |  | 148950 |
|  Option Care Health, Inc.\* | 1700 |  | 55216 |
|  Privia Health Group, Inc.\* | 1900 |  | 43700 |
|  RadNet, Inc.\* | 900 |  | 51219 |
|  UnitedHealth Group, Inc. | 22613 |  | 7054578 |
|  |  |  | 13904863 |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** |
|  Doximity, Inc., Class A\* | 800 |  | 49072 |
|  Veeva Systems, Inc., Class A\* | 2100 |  | 604758 |
|  Waystar Holding Corp.\* | 1400 |  | 57218 |
|  |  |  | 711048 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  10X Genomics, Inc., Class A\* | 2400 |  | 27792 |
|  Danaher Corp. | 8738 |  | 1726105 |
|  Medpace Holdings, Inc.\* | 400 |  | 125544 |
|  OmniAb, Inc. (r) (x)\* | 690 |  |  |
|  Repligen Corp.\* | 300 |  | 37314 |
|  Tempus AI, Inc., Class A (x)\* | 3100 |  | 196974 |
|  Waters Corp.\* | 500 |  | 174520 |
|  |  |  | 2288249 |
|  ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** |
|  Amneal Pharmaceuticals, Inc.\* | 4900 |  | 39641 |
|  Amphastar Pharmaceuticals, Inc.\* | 900 |  | 20664 |
|  Axsome Therapeutics, Inc.\* | 500 |  | 52195 |
|  Bristol-Myers Squibb Co. | 5300 |  | 245337 |
|  Corcept Therapeutics, Inc.\* | 3800 |  | 278920 |
|  Edgewise Therapeutics, Inc.\* | 1300 |  | 17043 |
|  Eli Lilly & Co. | 28301 |  | 22061478 |
|  Harmony Biosciences Holdings, Inc.\* | 1100 |  | 34760 |
|  Innoviva, Inc.\* | 3432 |  | 68949 |
|  Tarsus Pharmaceuticals, Inc.\* | 800 |  | 32408 |
|  Zoetis, Inc. | 5347 |  | 833865 |
|  |  |  | 23685260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 102410210 |
|  **Industrials (5.5%)** | **Industrials (5.5%)** | **Industrials (5.5%)** | **Industrials (5.5%)** |
|  ***Aerospace & Defense (3.0%)*** | ***Aerospace & Defense (3.0%)*** | ***Aerospace & Defense (3.0%)*** | ***Aerospace & Defense (3.0%)*** |
|  AAR Corp.\* | 600 |  | 41274 |
|  AeroVironment, Inc.\* | 400 |  | 113980 |
|  Archer Aviation, Inc., Class A\* | 5800 |  | 62930 |
|  Axon Enterprise, Inc.\* | 32570 |  | 26966006 |
|  Boeing Co. (The)\* | 15539 |  | 3255886 |
|  BWX Technologies, Inc. | 300 |  | 43218 |
|  GE Aerospace | 14200 |  | 3654938 |
|  HEICO Corp. | 600 |  | 196800 |
|  HEICO Corp., Class A | 1120 |  | 289800 |
|  Howmet Aerospace, Inc. | 55159 |  | 10266745 |
|  Kratos Defense & Security Solutions, Inc.\* | 1600 |  | 74320 |
|  Leonardo DRS, Inc. | 1200 |  | 55776 |
|  Loar Holdings, Inc. (x)\* | 500 |  | 43085 |
|  Lockheed Martin Corp. | 930 |  | 430720 |
|  Moog, Inc., Class A | 400 |  | 72388 |
|  Rocket Lab Corp.\* | 4700 |  | 168119 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 1300 |  | 49595 |
|  StandardAero, Inc.\* | 1300 |  | 41145 |

---

See Notes to Financial Statements.

1260

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  TransDigm Group, Inc. | 5892 | $| 8959611 |
|  |  |  | 54786336 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  AAON, Inc. | 973 |  | 71759 |
|  Armstrong World Industries, Inc. | 300 |  | 48732 |
|  AZEK Co., Inc. (The), Class A\* | 1400 |  | 76090 |
|  AZZ, Inc. | 400 |  | 37792 |
|  Carlisle Cos., Inc. | 100 |  | 37340 |
|  CSW Industrials, Inc. | 200 |  | 57366 |
|  Griffon Corp. | 600 |  | 43422 |
|  Lennox International, Inc. | 500 |  | 286620 |
|  Simpson Manufacturing Co., Inc. | 200 |  | 31062 |
|  Tecnoglass, Inc. | 500 |  | 38680 |
|  Trane Technologies plc | 3000 |  | 1312230 |
|  UFP Industries, Inc. | 500 |  | 49680 |
|  Zurn Elkay Water Solutions Corp. | 1800 |  | 65826 |
|  |  |  | 2156599 |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** |
|  ACV Auctions, Inc., Class A\* | 2000 |  | 32440 |
|  Brink's Co. (The) | 600 |  | 53574 |
|  Casella Waste Systems, Inc., Class A\* | 800 |  | 92304 |
|  Cintas Corp. | 4688 |  | 1044815 |
|  Copart, Inc.\* | 11520 |  | 565286 |
|  Driven Brands Holdings, Inc.\* | 2200 |  | 38632 |
|  HNI Corp. | 700 |  | 34426 |
|  Rollins, Inc. | 3800 |  | 214396 |
|  Tetra Tech, Inc. | 1005 |  | 36140 |
|  Veralto Corp. | 1600 |  | 161520 |
|  Waste Management, Inc. | 5700 |  | 1304274 |
|  |  |  | 3577807 |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** |
|  Comfort Systems USA, Inc. | 500 |  | 268105 |
|  Construction Partners, Inc., Class A\* | 600 |  | 63768 |
|  Dycom Industries, Inc.\* | 400 |  | 97756 |
|  EMCOR Group, Inc. | 300 |  | 160467 |
|  Granite Construction, Inc. (x) | 500 |  | 46755 |
|  IES Holdings, Inc.\* | 300 |  | 88869 |
|  MYR Group, Inc.\* | 300 |  | 54435 |
|  Primoris Services Corp. | 700 |  | 54558 |
|  Quanta Services, Inc. | 1500 |  | 567120 |
|  Sterling Infrastructure, Inc.\* | 400 |  | 92292 |
|  WillScot Holdings Corp. | 1100 |  | 30140 |
|  |  |  | 1524265 |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** |
|  Bloom Energy Corp., Class A (x)\* | 2400 |  | 57408 |
|  EnerSys | 500 |  | 42885 |
|  Fluence Energy, Inc., Class A (x)\* | 2200 |  | 14762 |
|  GE Vernova, Inc. | 12550 |  | 6640832 |
|  NEXTracker, Inc., Class A\* | 4900 |  | 266413 |
|  NuScale Power Corp., Class A (x)\* | 1500 |  | 59340 |
|  Powell Industries, Inc. | 200 |  | 42090 |
|  Rockwell Automation, Inc. | 134 |  | 44511 |
|  Vertiv Holdings Co., Class A | 59560 |  | 7648100 |
|  |  |  | 14816341 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Avis Budget Group, Inc.\* | 400 |  | 67620 |
|  Lyft, Inc., Class A\* | 3400 |  | 53584 |
|  RXO, Inc.\* | 1800 |  | 28296 |
|  Uber Technologies, Inc.\* | 28900 |  | 2696370 |
|  U-Haul Holding Co. | 700 |  | 38059 |
|  Union Pacific Corp. | 16710 |  | 3844637 |
|  |  |  | 6728566 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  3M Co. | 1500 |  | 228360 |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** |
|  Alamo Group, Inc. | 200 |  | 43676 |
|  Albany International Corp., Class A | 500 |  | 35065 |
|  Atmus Filtration Technologies, Inc. | 1100 |  | 40062 |
|  Caterpillar, Inc. | 1019 |  | 395586 |
|  Chart Industries, Inc.\* | 600 |  | 98790 |
|  Enerpac Tool Group Corp., Class A | 900 |  | 36504 |
|  Enpro, Inc. | 200 |  | 38310 |
|  ESCO Technologies, Inc. | 300 |  | 57561 |
|  Federal Signal Corp. | 800 |  | 85136 |
|  Franklin Electric Co., Inc. | 600 |  | 53844 |
|  Illinois Tool Works, Inc. | 1604 |  | 396589 |
|  Ingersoll Rand, Inc. | 27793 |  | 2311822 |
|  JBT Marel Corp. | 300 |  | 36078 |
|  Kadant, Inc. | 200 |  | 63490 |
|  Mueller Water Products, Inc., Class A | 2100 |  | 50484 |
|  SPX Technologies, Inc.\* | 600 |  | 100608 |
|  Standex International Corp. | 200 |  | 31296 |
|  Symbotic, Inc., Class A (x)\* | 42000 |  | 1631700 |
|  Trinity Industries, Inc. | 1100 |  | 29711 |
|  Watts Water Technologies, Inc., Class A | 400 |  | 98356 |
|  Worthington Enterprises, Inc. | 900 |  | 57276 |
|  |  |  | 5691944 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Alaska Air Group, Inc.\* | 4200 |  | 207816 |
|  American Airlines Group, Inc. (x)\* | 21300 |  | 238986 |
|  Joby Aviation, Inc. (x)\* | 5400 |  | 56970 |
|  Southwest Airlines Co. (x) | 6500 |  | 210860 |
|  |  |  | 714632 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Automatic Data Processing, Inc. | 5387 |  | 1661351 |
|  Booz Allen Hamilton Holding Corp. | 1700 |  | 177021 |
|  Broadridge Financial Solutions, Inc. | 1500 |  | 364545 |
|  CBIZ, Inc.\* | 600 |  | 43026 |
|  Dayforce, Inc.\* | 35294 |  | 1954935 |
|  Equifax, Inc. | 10688 |  | 2772146 |
|  ExlService Holdings, Inc.\* | 3000 |  | 131370 |
|  Exponent, Inc. | 700 |  | 52297 |
|  First Advantage Corp. (x)\* | 2700 |  | 44847 |
|  Huron Consulting Group, Inc.\* | 300 |  | 41262 |
|  Insperity, Inc. | 500 |  | 30060 |
|  KBR, Inc. | 700 |  | 33558 |
|  Maximus, Inc. | 800 |  | 56160 |

---

See Notes to Financial Statements.

1261

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Paychex, Inc. | 1673 | $| 243354 |
|  Paycom Software, Inc. | 400 |  | 92560 |
|  Paylocity Holding Corp.\* | 600 |  | 108714 |
|  TriNet Group, Inc. | 400 |  | 29256 |
|  Verisk Analytics, Inc. | 1168 |  | 363832 |
|  Verra Mobility Corp., Class A\* | 2200 |  | 55858 |
|  WNS Holdings Ltd.\* | 600 |  | 37944 |
|  |  |  | 8294096 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Core & Main, Inc., Class A\* | 1700 |  | 102595 |
|  Fastenal Co. | 13808 |  | 579936 |
|  Ferguson Enterprises, Inc. | 200 |  | 43550 |
|  FTAI Aviation Ltd. | 1400 |  | 161056 |
|  GMS, Inc.\* | 500 |  | 54375 |
|  Herc Holdings, Inc. | 451 |  | 59392 |
|  McGrath RentCorp | 300 |  | 34788 |
|  SiteOne Landscape Supply, Inc.\* | 300 |  | 36282 |
|  W.W. Grainger, Inc. | 507 |  | 527402 |
|  |  |  | 1599376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 100118322 |
|  **Information Technology (34.4%)** | **Information Technology (34.4%)** | **Information Technology (34.4%)** | **Information Technology (34.4%)** |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  Arista Networks, Inc.\* | 14700 |  | 1503957 |
|  Calix, Inc.\* | 1100 |  | 58509 |
|  Motorola Solutions, Inc. | 1100 |  | 462506 |
|  Ubiquiti, Inc. | 100 |  | 41165 |
|  |  |  | 2066137 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Advanced Energy Industries, Inc. | 500 |  | 66250 |
|  Amphenol Corp., Class A | 88586 |  | 8747868 |
|  Badger Meter, Inc. | 400 |  | 97980 |
|  Belden, Inc. | 300 |  | 34740 |
|  CDW Corp. | 1000 |  | 178590 |
|  Fabrinet\* | 500 |  | 147340 |
|  Insight Enterprises, Inc.\* | 400 |  | 55234 |
|  Itron, Inc.\* | 600 |  | 78978 |
|  Jabil, Inc. | 1200 |  | 261720 |
|  Mirion Technologies, Inc., Class A\* | 2500 |  | 53825 |
|  Novanta, Inc.\* | 700 |  | 90251 |
|  OSI Systems, Inc.\* | 200 |  | 44972 |
|  PAR Technology Corp.\* | 600 |  | 41622 |
|  Plexus Corp.\* | 300 |  | 40593 |
|  |  |  | 9939963 |
|  ***IT Services (2.8%)*** | ***IT Services (2.8%)*** | ***IT Services (2.8%)*** | ***IT Services (2.8%)*** |
|  Cloudflare, Inc., Class A\* | 126500 |  | 24772495 |
|  DigitalOcean Holdings, Inc.\* | 1100 |  | 31416 |
|  Gartner, Inc.\* | 1111 |  | 449088 |
|  Globant SA\* | 400 |  | 36336 |
|  GoDaddy, Inc., Class A\* | 1900 |  | 342114 |
|  Hackett Group, Inc. (The) | 2178 |  | 55365 |
|  Okta, Inc.\* | 1000 |  | 99970 |
|  Shopify, Inc., Class A\* | 23932 |  | 2760556 |
|  Snowflake, Inc., Class A\* | 99275 |  | 22214767 |
|  Twilio, Inc., Class A\* | 500 |  | 62180 |
|  |  |  | 50824287 |
|  ***Semiconductors & Semiconductor Equipment (12.1%)*** | ***Semiconductors & Semiconductor Equipment (12.1%)*** | ***Semiconductors & Semiconductor Equipment (12.1%)*** | ***Semiconductors & Semiconductor Equipment (12.1%)*** |
|  Advanced Micro Devices, Inc.\* | 28056 |  | 3981147 |
|  Applied Materials, Inc. | 27330 |  | 5003303 |
|  ASML Holding NV (Registered) (ADR) | 1257 |  | 1007347 |
|  Astera Labs, Inc.\* | 102400 |  | 9259008 |
|  Axcelis Technologies, Inc.\* | 700 |  | 48783 |
|  Broadcom, Inc. | 210620 |  | 58057403 |
|  Credo Technology Group Holding Ltd.\* | 107800 |  | 9981202 |
|  Enphase Energy, Inc.\* | 1800 |  | 71370 |
|  Entegris, Inc. | 41758 |  | 3367783 |
|  First Solar, Inc.\* | 9558 |  | 1582231 |
|  FormFactor, Inc.\* | 1000 |  | 34410 |
|  Impinj, Inc.\* | 300 |  | 33321 |
|  KLA Corp. | 1900 |  | 1701906 |
|  Lam Research Corp. | 18300 |  | 1781322 |
|  Lattice Semiconductor Corp.\* | 31162 |  | 1526626 |
|  Marvell Technology, Inc. | 900 |  | 69660 |
|  Monolithic Power Systems, Inc. | 700 |  | 511966 |
|  NVIDIA Corp. | 712308 |  | 112537541 |
|  Onto Innovation, Inc.\* | 200 |  | 20186 |
|  Power Integrations, Inc. | 800 |  | 44720 |
|  QUALCOMM, Inc. | 14865 |  | 2367400 |
|  Rambus, Inc.\* | 2000 |  | 128040 |
|  Semtech Corp.\* | 900 |  | 40626 |
|  Silicon Laboratories, Inc.\* | 400 |  | 58944 |
|  SiTime Corp.\* | 200 |  | 42616 |
|  Synaptics, Inc.\* | 1000 |  | 64820 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 25140 |  | 5693959 |
|  Texas Instruments, Inc. | 1581 |  | 328247 |
|  |  |  | 219345887 |
|  ***Software (14.9%)*** | ***Software (14.9%)*** | ***Software (14.9%)*** | ***Software (14.9%)*** |
|  ACI Worldwide, Inc.\* | 1400 |  | 64274 |
|  Adobe, Inc.\* | 6152 |  | 2380086 |
|  Agilysys, Inc.\* | 300 |  | 34392 |
|  Alarm.com Holdings, Inc.\* | 700 |  | 39599 |
|  Alkami Technology, Inc. (x)\* | 1100 |  | 33154 |
|  Appfolio, Inc., Class A\* | 300 |  | 69084 |
|  Appian Corp., Class A\* | 1500 |  | 44790 |
|  AppLovin Corp., Class A\* | 40100 |  | 14038208 |
|  Asana, Inc., Class A\* | 3400 |  | 45900 |
|  Atlassian Corp., Class A\* | 2300 |  | 467107 |
|  Autodesk, Inc.\* | 3097 |  | 958738 |
|  AvePoint, Inc.\* | 2500 |  | 48275 |
|  Bentley Systems, Inc., Class B | 1900 |  | 102543 |
|  Blackbaud, Inc.\* | 600 |  | 38526 |
|  BlackLine, Inc. (x)\* | 800 |  | 45296 |
|  Box, Inc., Class A\* | 1900 |  | 64923 |
|  Braze, Inc., Class A\* | 1000 |  | 28100 |
|  C3.ai, Inc., Class A (x)\* | 1739 |  | 42727 |
|  Cadence Design Systems, Inc.\* | 3905 |  | 1203326 |
|  Check Point Software Technologies Ltd.\* | 16230 |  | 3590887 |
|  Clear Secure, Inc., Class A | 1400 |  | 38864 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 2400 |  | 52632 |
|  Commvault Systems, Inc.\* | 500 |  | 87165 |
|  Confluent, Inc., Class A\* | 3500 |  | 87255 |
|  Core Scientific, Inc.\* | 2600 |  | 44382 |
|  Crowdstrike Holdings, Inc., Class A\* | 3262 |  | 1661369 |

---

See Notes to Financial Statements.

1262

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Datadog, Inc., Class A\* | 99500 | $| 13365835 |
|  Docusign, Inc.\* | 2800 |  | 218092 |
|  Dropbox, Inc., Class A\* | 1500 |  | 42900 |
|  D-Wave Quantum, Inc. (x)\* | 4300 |  | 62952 |
|  Dynatrace, Inc.\* | 34385 |  | 1898396 |
|  Elastic NV\* | 1300 |  | 109629 |
|  Fair Isaac Corp.\* | 1050 |  | 1919358 |
|  Five9, Inc.\* | 1600 |  | 42368 |
|  Fortinet, Inc.\* | 7292 |  | 770910 |
|  Freshworks, Inc., Class A\* | 2800 |  | 41748 |
|  Gitlab, Inc., Class A\* | 1600 |  | 72176 |
|  Guidewire Software, Inc.\* | 500 |  | 117725 |
|  HubSpot, Inc.\* | 4819 |  | 2682400 |
|  Intapp, Inc.\* | 700 |  | 36134 |
|  InterDigital, Inc. (x) | 300 |  | 67269 |
|  Intuit, Inc. | 16790 |  | 13224308 |
|  Klaviyo, Inc., Class A\* | 13600 |  | 456688 |
|  Manhattan Associates, Inc.\* | 800 |  | 157976 |
|  Microsoft Corp.# | 229156 |  | 113984486 |
|  MicroStrategy, Inc., Class A\* | 150 |  | 60634 |
|  nCino, Inc. (x)\* | 1000 |  | 27970 |
|  Nutanix, Inc., Class A\* | 900 |  | 68796 |
|  OneSpan, Inc. | 1452 |  | 24234 |
|  Oracle Corp. | 52279 |  | 11429758 |
|  Palantir Technologies, Inc., Class A\* | 84200 |  | 11478144 |
|  Palo Alto Networks, Inc.\* | 9200 |  | 1882688 |
|  Pegasystems, Inc. | 1200 |  | 64956 |
|  Procore Technologies, Inc.\* | 1400 |  | 95788 |
|  Progress Software Corp. | 700 |  | 44688 |
|  PTC, Inc.\* | 1000 |  | 172340 |
|  Q2 Holdings, Inc.\* | 800 |  | 74872 |
|  Qualys, Inc.\* | 500 |  | 71435 |
|  RingCentral, Inc., Class A\* | 1100 |  | 31185 |
|  Rubrik, Inc., Class A\* | 85000 |  | 7615150 |
|  Salesforce, Inc. | 28651 |  | 7812841 |
|  Samsara, Inc., Class A\* | 116600 |  | 4638348 |
|  SentinelOne, Inc., Class A\* | 1500 |  | 27420 |
|  ServiceNow, Inc.\* | 29709 |  | 30543229 |
|  SoundHound AI, Inc., Class A (x)\* | 4600 |  | 49358 |
|  SPS Commerce, Inc.\* | 700 |  | 95263 |
|  Synopsys, Inc.\* | 8410 |  | 4311639 |
|  Tenable Holdings, Inc.\* | 1600 |  | 54048 |
|  Teradata Corp.\* | 2300 |  | 51313 |
|  Tyler Technologies, Inc.\* | 546 |  | 323691 |
|  Unity Software, Inc.\* | 1822 |  | 44092 |
|  Varonis Systems, Inc.\* | 1500 |  | 76125 |
|  Vertex, Inc., Class A\* | 1000 |  | 35335 |
|  Workday, Inc., Class A\* | 3048 |  | 731520 |
|  Workiva, Inc., Class A\* | 700 |  | 47915 |
|  Zeta Global Holdings Corp., Class A\* | 2400 |  | 37176 |
|  Zscaler, Inc.\* | 42200 |  | 13248268 |
|  |  |  | 269853171 |
|  ***Technology Hardware, Storage & Peripherals (4.0%)*** | ***Technology Hardware, Storage & Peripherals (4.0%)*** | ***Technology Hardware, Storage & Peripherals (4.0%)*** | ***Technology Hardware, Storage & Peripherals (4.0%)*** |
|  Apple, Inc.# | 346438 |  | 71078684 |
|  Dell Technologies, Inc., Class C | 900 |  | 110340 |
|  IonQ, Inc. (x)\* | 2700 |  | 116019 |
|  NetApp, Inc. | 1300 |  | 138515 |
|  Pure Storage, Inc., Class A\* | 3900 |  | 224562 |
|  Super Micro Computer, Inc.\* | 7000 |  | 343070 |
|  |  |  | 72011190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 624040635 |
|  **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |
|  Balchem Corp. | 400 |  | 63680 |
|  Cabot Corp. | 700 |  | 52500 |
|  Ecolab, Inc. | 840 |  | 226330 |
|  Hawkins, Inc. | 300 |  | 42630 |
|  Innospec, Inc. | 300 |  | 25227 |
|  Sensient Technologies Corp. | 500 |  | 49260 |
|  Sherwin-Williams Co. (The) | 3018 |  | 1036260 |
|  |  |  | 1495887 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Eagle Materials, Inc. | 300 |  | 60633 |
|  Knife River Corp.\* | 800 |  | 65312 |
|  United States Lime & Minerals, Inc. | 300 |  | 29940 |
|  |  |  | 155885 |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Alpha Metallurgical Resources, Inc.\* | 200 |  | 22496 |
|  Anglogold Ashanti plc (x) | 4400 |  | 200508 |
|  Carpenter Technology Corp. | 600 |  | 165828 |
|  |  |  | 388832 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Sylvamo Corp. | 600 |  | 30060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 2070664 |
|  **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** |
|  ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** |
|  CareTrust REIT, Inc. (REIT) | 1400 |  | 42840 |
|  ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** | ***Hotel & Resort REITs (0.0%)†*** |
|  Ryman Hospitality Properties, Inc. (REIT) | 2900 |  | 286143 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Group, Inc., Class A\* | 1500 |  | 210180 |
|  Compass, Inc., Class A\* | 5900 |  | 37052 |
|  Jones Lang LaSalle, Inc.\* | 200 |  | 51156 |
|  |  |  | 298388 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  UDR, Inc. (REIT) | 5100 |  | 208233 |
|  ***Retail REITs (0.0%)†*** |  |  |  |
|  Phillips Edison & Co., Inc. (REIT) | 1100 |  | 38533 |
|  Simon Property Group, Inc. (REIT) | 1262 |  | 202879 |
|  Tanger, Inc. (REIT) | 1100 |  | 33638 |
|  |  |  | 275050 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  American Tower Corp. (REIT) | 6667 |  | 1473540 |
|  Lamar Advertising Co. (REIT), Class A (x) | 300 |  | 36408 |
|  Public Storage (REIT) | 1000 |  | 293420 |
|  |  |  | 1803368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 2914022 |
|  **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** | ***Electric Utilities (0.0%)†*** |
|  MGE Energy, Inc. | 400 |  | 35376 |
|  NRG Energy, Inc. | 2700 |  | 433566 |
|  Otter Tail Corp. (x) | 500 |  | 38545 |
|  |  |  | 507487 |

---

See Notes to Financial Statements.

1263

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Vistra Corp. | 4800 | $930288 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American States Water Co. | 2600 | 199316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1637091 |
|  **Total Common Stocks (72.6%)**<br> *(Cost $553,146,880)* | **Total Common Stocks (72.6%)**<br> *(Cost $553,146,880)* | 1318406072 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (7.1%)** | **Equity (7.1%)** | **Equity (7.1%)** |
|  iShares Russell 1000 Growth ETF | 75806 | 32185711 |
|  Vanguard Growth ETF (x) | 146387 | 64176061 |
|  Vanguard Russell 1000 Growth ETF | 294548 | 32164642 |
|  **Total Exchange Traded Funds (7.1%)**<br> *(Cost $75,992,436)* | **Total Exchange Traded Funds (7.1%)**<br> *(Cost $75,992,436)* | 128526414 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (19.1%)** | **Investment Companies (19.1%)** | **Investment Companies (19.1%)** |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 3065614 | 3065614 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) | 343672142 | 343740876 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 346806490 |
|  **Total Short-Term Investments (19.1%)**<br> *(Cost $346,830,352)* | **Total Short-Term Investments (19.1%)**<br> *(Cost $346,830,352)* | 346806490 |
|  **Total Investments in Securities (98.8%)**<br> *(Cost $975,969,668)* | **Total Investments in Securities (98.8%)**<br> *(Cost $975,969,668)* | 1793738976 |
|  **Other Assets Less Liabilities (1.2%)** | **Other Assets Less Liabilities (1.2%)** | 21996989 |
|  **Net Assets (100%)** |  | $1815735965 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $53,601,622.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,987,163. This was collateralized by $1,924,463 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 7/15/25 – 11/15/54 and by cash of $3,065,614 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration**<br>**Date** | **Trading**<br>**Currency** | **Notional**<br>**Amount**<br>**($)** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 1000 Growth E-Mini Index | 1473 | 9/2025 | USD | 317947050 | 10067557 |
|  Russell 2000 E-Mini Index | 233 | 9/2025 | USD | 25533305 | 217703 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10285260 |

---

See Notes to Financial Statements.

1264

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in**<br> **Active Markets for**<br> **Identical**<br> **Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant**<br> **Unobservable Inputs**<br> **(including the Portfolio's**<br> **own assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $168693280 | $— | $— | $168693280 |
|  Consumer Discretionary | 151211258 |  |  | 151211258 |
|  Consumer Staples | 17687704 |  |  | 17687704 |
|  Energy | 3329684 |  |  | 3329684 |
|  Financials | 144293202 |  |  | 144293202 |
|  Health Care | 102410210 |  | — (a) | 102410210 |
|  Industrials | 100118322 |  |  | 100118322 |
|  Information Technology | 624040635 |  |  | 624040635 |
|  Materials | 2070664 |  |  | 2070664 |
|  Real Estate | 2914022 |  |  | 2914022 |
|  Utilities | 1637091 |  |  | 1637091 |
|  **Exchange Traded Funds** | 128526414 |  |  | 128526414 |
|  **Futures** | 10285260 |  |  | 10285260 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 346806490 |  |  | 346806490 |
|  **Total Assets** | $**1804024236** | $**—** | $**—** | $**1804024236** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1804024236** | $**—** | $**—** | $**1804024236** |

---

*(a)* *Value is zero.* 

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $10285260 \* |
|  **Total** |  | $10285260 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(14105010) | $(14105010) |
|  **Total** | $(14105010) | $(14105010) |

---

See Notes to Financial Statements.

1265

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $23739118 | $23739118 |
|  **Total** | $23739118 | $23739118 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $325049000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $776382105.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $862731638.0 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $839077844 |
|  Aggregate gross unrealized depreciation | (8969762) |
|  Net unrealized appreciation | $830108082 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $973916154 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $1,438 as brokerage commissions with Bernstein Institutional Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $975,969,668) | $1793738976.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 26346791.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 2361085.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1495591.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1473228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 172260.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 160840.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1906.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 17686.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1825768363.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4891476.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3065614.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 804281.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 633671.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 318974.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 171611.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 38045.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 108726.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10032398.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1815735965.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $862828898.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 952907067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1815735965.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,611,068,843 / 19,798,299 shares outstanding (unlimited amount authorized: $0.01 par value) | $81.37 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $192,243,115 / 2,460,823 shares outstanding (unlimited amount authorized: $0.01 par value) | $78.12 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $12,424,007 / 151,411 shares outstanding (unlimited amount authorized: $0.01 par value) | $82.05 |

---

*(x)* *Includes value of securities on loan of $4,987,163.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $15,497 foreign withholding tax) | $9995453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 473480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 11650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10480583 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4696143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 1860739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1043351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 220032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 91977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 62392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8079133 |
|  **NET INVESTMENT INCOME (LOSS)** | 2401450 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 74342919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (14105010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60237909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 25516921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 23739118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 49256039 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 109493948 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $111895398 |

---

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025<br>(Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2401450 | $6044315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60237909 | 293346972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 49256039 | 144856902 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 111895398 | 444248189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (212897570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (25838658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1607898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (240344126) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 83,800 and 210,823 shares, respectively ] | 6171583 | 16020980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,691,577 shares, respectively ] |  | 212897570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1108739) and (2278008) shares, respectively ] | (81419542) | (174604575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (75247959) | 54313975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 118,075 and 223,513 shares, respectively ] | 8416692 | 16495798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 340,020 shares, respectively ] |  | 25838658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (218931) and (285206) shares, respectively ] | (15488939) | (21100088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (7072247) | 21234368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 16,605 and 12,916 shares, respectively ] | 1140723 | 986449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 20,183 shares, respectively ] |  | 1607898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (20136) and (53420) shares, respectively ] | (1540864) | (4050131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (400141) | (1455784) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (82720347) | 74092559 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 29175051 | 277996622 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1786560914 | 1508564292 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1815735965 | $1786560914 |

---

See Notes to Financial Statements.

1268

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IA** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IA** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $76.22 | $66.81 | $49.50 | $84.48 | $84.51 | $66.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.28 | 0.23 | (0.10) | (0.32) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.05 | 20.52 | 18.69 | (26.58) | 17.41 | 25.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.15 | 20.80 | 18.92 | (26.68) | 17.09 | 25.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.32) | (0.23) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (11.07) | (1.38) | (8.30) | (17.12) | (7.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (11.39) | (1.61) | (8.30) | (17.12) | (7.77) |
|  Net asset value, end of period | $81.37 | $76.22 | $66.81 | $49.50 | $84.48 | $84.51 |
|  Total return (b) | 6.76% | 30.85% | 38.30% | (32.15)% | 20.49% | 38.83% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1611069 | $1587212 | $1349545 | $1067542 | $1698352 | $1528550 |
|  Ratio of expenses to average net assets (a)(f) | 0.97% | 0.97% | 0.98% | 0.97% | 0.95% | 0.97% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.28% | 0.36% | 0.39% | (0.16)% | (0.35)% | (0.09)% |
|  Portfolio turnover rate^ | 57 %(z) | 103% | 81% | 83 %(h) | 74% | 60% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $73.18 | $64.48 | $47.82 | $82.00 | $82.45 | $65.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.27 | 0.22 | (0.10) | (0.31) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.84 | 19.82 | 18.05 | (25.78) | 16.98 | 25.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.94 | 20.09 | 18.27 | (25.88) | 16.67 | 24.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.32) | (0.23) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (11.07) | (1.38) | (8.30) | (17.12) | (7.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (11.39) | (1.61) | (8.30) | (17.12) | (7.77) |
|  Net asset value, end of period | $78.12 | $73.18 | $64.48 | $47.82 | $82.00 | $82.45 |
|  Total return (b) | 6.75% | 30.87% | 38.29% | (32.15)% | 20.49% | 38.82% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $192243 | $&nbsp;&nbsp;&nbsp;&nbsp;187454 | $&nbsp;&nbsp;&nbsp;&nbsp;147241 | $&nbsp;&nbsp;&nbsp;&nbsp;108682 | $&nbsp;&nbsp;&nbsp;&nbsp;161968 | $&nbsp;&nbsp;&nbsp;&nbsp;137403 |
|  Ratio of expenses to average net assets (a)(f) | 0.97% | 0.97% | 0.98% | 0.97% | 0.95% | 0.97% |
|  Ratio of net investment income (loss) to average net assets (a)(f) | 0.28% | 0.36% | 0.39% | (0.15)% | (0.35)% | (0.09)% |
|  Portfolio turnover rate^ | 57 %(z) | 103% | 81% | 83 %(h) | 74% | 60% |

---

See Notes to Financial Statements.

1269

------

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $76.77 | $67.20 | $49.77 | $84.66 | $84.45 | $66.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.47 | 0.38 | 0.07 | (0.09) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.08 | 20.68 | 18.81 | (26.66) | 17.42 | 25.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.28 | 21.15 | 19.19 | (26.59) | 17.33 | 25.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.51) | (0.38) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (11.07) | (1.38) | (8.30) | (17.12) | (7.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (11.58) | (1.76) | (8.30) | (17.12) | (7.77) |
|  Net asset value, end of period | $82.05 | $76.77 | $67.20 | $49.77 | $84.66 | $84.45 |
|  Total return (b) | 6.88% | 31.19% | 38.63% | (31.98) | 20.79% | 39.18 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $12424 | $11894 | $11778 | $9247 | $13336 | $11232 |
|  Ratio of expenses to average net assets (a)(f) | 0.72% | 0.72% | 0.73% | 0.72 | 0.70% | 0.72 |
|  Ratio of net investment income (loss) to average net<br>assets (a)(f) | 0.53% | 0.61% | 0.63% | 0.10 | (0.10)% | 0.16 |
|  Portfolio turnover rate^ | 57 %(z) | 103% | 81% | 83 | 74% | 60 |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1270

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (10.2%)** | **Asset-Backed Securities (10.2%)** | **Asset-Backed Securities (10.2%)** |
|  37 Capital CLO II, | 37 Capital CLO II, | 37 Capital CLO II, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1R<br>5.546%, 7/15/34 (l)§ | $600000 | $599839 |
|  AASET Ltd., | AASET Ltd., | AASET Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A<br>5.522%, 2/16/50§ | 250000 | 252403 |
|  AASET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>3.351%, 1/16/40§ | 203086 | 197227 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1 A2C<br>4.774%, 1/25/37 (l) | 1097176 | 658629 |
|  Acrec LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL3 A<br>5.625%, 8/18/42 (l)§ | 190000 | 189169 |
|  ACREC LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL2 A<br>6.542%, 2/19/38 (l)§ | 95466 | 95525 |
|  Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>1.937%, 8/15/46§ | 750000 | 724767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.482%, 8/15/46§ | 500000 | 479606 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2 AA 3.600%, 9/22/27 | 57361 | 55424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.500%, 2/15/32 | 364356 | 323963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.875%, 7/11/34 | 692754 | 608106 |
|  American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4 C<br>4.910%, 8/12/31§ | 350000 | 350505 |
|  AMSR Trust, | AMSR Trust, | AMSR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1 B<br>4.290%, 7/17/41 (e)§ | 1145000 | 1120669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1 C<br>4.290%, 7/17/41 (e)§ | 1026000 | 989722 |
|  Apidos CLO XX, | Apidos CLO XX, | Apidos CLO XX, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A A1RA<br>5.622%, 7/16/31 (l)§ | 90083 | 90145 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4 A<br>5.776%, 11/15/36 (l)§ | 149269 | 149265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br>5.754%, 1/15/37 (l)§ | 137575 | 137575 |
|  Arbour CLO VI DAC, | Arbour CLO VI DAC, | Arbour CLO VI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A AR<br>3.293%, 11/15/37 (l)§ | 600000 | 706174 |
|  AREIT Ltd., | AREIT Ltd., | AREIT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE10 A<br>5.702%, 12/17/29 (l)§ | $280000 | 279388 |
|  Ares LIX CLO Ltd., | Ares LIX CLO Ltd., | Ares LIX CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A B1<br>5.943%, 4/25/34 (l)§ | 500000 | 500796 |
|  Ares Loan Funding IV Ltd., | Ares Loan Funding IV Ltd., | Ares Loan Funding IV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-ALF4A D<br>8.936%, 10/15/36 (l)§ | 250000 | 251824 |
|  Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., | Atlas Senior Loan Fund XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A A1R<br>5.499%, 10/23/32 (l)§ | 481920 | 481902 |
|  Atlas Senior Loan Fund XVIII Ltd., | Atlas Senior Loan Fund XVIII Ltd., | Atlas Senior Loan Fund XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A A1R<br>5.379%, 1/18/35 (l)§ | 500000 | 500033 |
|  Aurium CLO VIII DAC, | Aurium CLO VIII DAC, | Aurium CLO VIII DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8A A 2.864%, 6/23/34 (l)§ | 500000 | 586914 |
|  Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., | Bain Capital Credit CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A ARR<br>5.509%, 7/19/34 (l)§ | $600000 | 600729 |
|  BBAM US CLO I Ltd., | BBAM US CLO I Ltd., | BBAM US CLO I Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR<br>5.456%, 3/30/38 (l)§ | 250000 | 249321 |
|  BDS LLC, | BDS LLC, | BDS LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL13 A 5.894%, 9/19/39 (l)§ | 250000 | 250391 |
|  Birch Grove CLO Ltd., | Birch Grove CLO Ltd., | Birch Grove CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 19A A1RR 5.870%, 7/17/37 (l)§ | 600000 | 602115 |
|  Blackbird Capital II Aircraft Lease Ltd., | Blackbird Capital II Aircraft Lease Ltd., | Blackbird Capital II Aircraft Lease Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B 3.446%, 7/15/46§ | 502529 | 471200 |
|  BlueMountain CLO XXII Ltd., | BlueMountain CLO XXII Ltd., | BlueMountain CLO XXII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A A1 5.598%, 7/15/31 (l)§ | 111178 | 111220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A B 6.018%, 7/15/31 (l)§ | 250000 | 250176 |
|  BNPP AM Euro CLO DAC, | BNPP AM Euro CLO DAC, | BNPP AM Euro CLO DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A AR 2.879%, 4/15/31 (l)§ | 249606 | 290985 |
|  Bridge Street CLO I Ltd., | Bridge Street CLO I Ltd., | Bridge Street CLO I Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A1R 5.819%, 7/20/37 (l)§ | $1000000 | 1002952 |
|  Bridge Street CLO IV Ltd., | Bridge Street CLO IV Ltd., | Bridge Street CLO IV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A 5.869%, 4/20/37 (l)§ | 500000 | 501476 |
|  Bryant Park Funding Ltd., | Bryant Park Funding Ltd., | Bryant Park Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A A1 5.656%, 10/15/37 (l)§ | 250000 | 250621 |
|  BSPRT Issuer Ltd., | BSPRT Issuer Ltd., | BSPRT Issuer Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A 5.804%, 2/15/37 (l)§ | 95138 | 95138 |
|  Canyon Capital CLO Ltd., | Canyon Capital CLO Ltd., | Canyon Capital CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A B1 6.268%, 4/15/34 (l)§ | 250000 | 250169 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA A1 5.638%, 5/15/31 (l)§ | 39878 | 39905 |
|  Carlyle US CLO Ltd., | Carlyle US CLO Ltd., | Carlyle US CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A AR2 5.759%, 7/20/37 (l)§ | 500000 | 501572 |
|  CarVal CLO IX-C Ltd., | CarVal CLO IX-C Ltd., | CarVal CLO IX-C Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B 6.369%, 4/20/37 (l)§ | 1000000 | 1003967 |
|  CIFC Funding 2021-IV Ltd., | CIFC Funding 2021-IV Ltd., | CIFC Funding 2021-IV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A BR 5.929%, 7/23/37 (l)§ | 250000 | 250533 |
|  CIFC Funding 2025-II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 4/15/38 (l)§ | 380000 | 381198 |

---

See Notes to Financial Statements.

1271

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A5 A5 5.036%, 8/7/27 (l) | $300000 | $300151 |
|  Compass Datacenters Issuer III LLC, | Compass Datacenters Issuer III LLC, | Compass Datacenters Issuer III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2 5.835%, 2/25/50§ | 250000 | 252750 |
|  CSAB Mortgage-Backed Trust, | CSAB Mortgage-Backed Trust, | CSAB Mortgage-Backed Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A1A 5.898%, 5/25/37 (l) | 4643462 | 1077240 |
|  CVC Cordatus Loan Fund XXI DAC, | CVC Cordatus Loan Fund XXI DAC, | CVC Cordatus Loan Fund XXI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A A1E 2.974%, 9/22/34 (l)§ | 500000 | 587617 |
|  DataBank Issuer, | DataBank Issuer, | DataBank Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2 2.060%, 2/27/51§ | $900000 | 880358 |
|  Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA 2.000%, 6/10/28 | 35052 | 33079 |
|  Diameter Capital CLO 1 Ltd., | Diameter Capital CLO 1 Ltd., | Diameter Capital CLO 1 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1R 5.646%, 10/15/37 (l)§ | 250000 | 250679 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A A2 3.668%, 10/25/49§ | 480000 | 455303 |
|  Dryden 41 Senior Loan Fund, | Dryden 41 Senior Loan Fund, | Dryden 41 Senior Loan Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A AR 5.488%, 4/15/31 (l)§ | 86862 | 86910 |
|  Dryden 50 Senior Loan Fund, | Dryden 50 Senior Loan Fund, | Dryden 50 Senior Loan Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-50A B 6.168%, 7/15/30 (l)§ | 350000 | 350359 |
|  Dryden 76 CLO Ltd., | Dryden 76 CLO Ltd., | Dryden 76 CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-76A A1R2 5.626%, 10/15/37 (l)§ | 380000 | 380724 |
|  Empower CLO Ltd., | Empower CLO Ltd., | Empower CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1R 5.659%, 10/20/37 (l)§ | 500000 | 500895 |
|  Flatiron CLO 25 Ltd., | Flatiron CLO 25 Ltd., | Flatiron CLO 25 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A 5.630%, 10/17/37 (l)§ | 250000 | 250571 |
|  FS Rialto, | FS Rialto, | FS Rialto, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A 5.646%, 5/16/38 (l)§ | 165552 | 165237 |
|  Galaxy XX CLO Ltd., | Galaxy XX CLO Ltd., | Galaxy XX CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A AR 5.531%, 4/20/31 (l)§ | 18812 | 18814 |
|  Generate CLO 2 Ltd., | Generate CLO 2 Ltd., | Generate CLO 2 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A AR2 5.689%, 10/22/37 (l)§ | 250000 | 251063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A BR2 6.079%, 10/22/37 (l)§ | 250000 | 250673 |
|  Generate CLO 9 Ltd., | Generate CLO 9 Ltd., | Generate CLO 9 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9A AR 5.619%, 1/20/38 (l)§ | 500000 | 501250 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3CS A 2.100%, 5/20/48§ | 520731 | 409458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS B 2.560%, 10/20/48§ | 342982 | 256309 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A A2 5.120%, 3/25/60§ | 362731 | 365220 |
|  Greystone Commercial Real Estate Notes Ltd., | Greystone Commercial Real Estate Notes Ltd., | Greystone Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3 A 5.446%, 7/15/39 (l)§ | 115257 | 115185 |
|  Greywolf CLO III Ltd., | Greywolf CLO III Ltd., | Greywolf CLO III Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA A1R2 5.502%, 4/22/33 (l)§ | 600000 | 601020 |
|  GSAA Home Equity Trust, | GSAA Home Equity Trust, | GSAA Home Equity Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 2A1 4.574%, 3/25/36 (l) | 9760 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 A2A 6.500%, 11/25/37 | 2020767 | 766822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8 A2 5.134%, 8/25/37 (l) | 23792 | 23431 |
|  Harvest CLO XXV DAC, | Harvest CLO XXV DAC, | Harvest CLO XXV DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25A AR 3.186%, 10/21/34 (l)§ | 500000 | 586619 |
|  Hertz Vehicle Financing III LP, | Hertz Vehicle Financing III LP, | Hertz Vehicle Financing III LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C 2.520%, 12/27/27§ | $375000 | 359442 |
|  Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D 2.477%, 9/17/41§ | 552838 | 490922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 F 3.325%, 9/17/41§ | 471367 | 423790 |
|  Horizon Aircraft Finance IV Ltd., | Horizon Aircraft Finance IV Ltd., | Horizon Aircraft Finance IV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A 5.375%, 9/15/49§ | 336875 | 336768 |
|  Household Capital RMBS, | Household Capital RMBS, | Household Capital RMBS, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 A 5.740%, 7/21/87 (l)(m) | 40000 | 26241 |
|  HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, | HSI Asset Securitization Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 1A1 4.714%, 10/25/36 (l) | $6998079 | 1968086 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A3 5.020%, 3/15/27§ | 500000 | 501389 |
|  ICG US CLO I Ltd., | ICG US CLO I Ltd., | ICG US CLO I Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A AR 0.000%, 7/18/38 (l)§ | 500000 | 500000 |
|  Invesco Euro CLO VI DAC, | Invesco Euro CLO VI DAC, | Invesco Euro CLO VI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A D 5.329%, 7/15/34 (l)§ | 250000 | 280330 |
|  Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., | Jamestown CLO XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A A1R 5.552%, 7/25/35 (l)§ | $600000 | 599533 |
|  JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM1 A5 4.914%, 8/25/36 (l) | 3897072 | 1768037 |
|  KKR CLO 33 Ltd., | KKR CLO 33 Ltd., | KKR CLO 33 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 33A A 5.701%, 7/20/34 (l)§ | 600000 | 601088 |
|  KREF Ltd., | KREF Ltd., | KREF Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A 5.498%, 2/15/39 (l)§ | 146480 | 146065 |
|  Labrador Aviation Finance Ltd., | Labrador Aviation Finance Ltd., | Labrador Aviation Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1 4.300%, 1/15/42§ | 799732 | 777722 |
|  LCM 31 Ltd., | LCM 31 Ltd., | LCM 31 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 31A AR 5.549%, 7/20/34 (l)§ | 600000 | 599979 |

---

See Notes to Financial Statements.

1272

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LCM Ltd., | LCM Ltd., | LCM Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 36A A1R 5.326%, 1/15/34 (l)§ | $330000 | $328185 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A 1.900%, 11/20/31§ | 700000 | 672560 |
|  LFT CRE Ltd., | LFT CRE Ltd., | LFT CRE Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 B 6.176%, 6/15/39 (l)§ | 250000 | 249545 |
|  LoanCore Issuer Ltd., | LoanCore Issuer Ltd., | LoanCore Issuer Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7 A 5.853%, 1/17/37 (l)§ | 81849 | 81849 |
|  Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, | Long Beach Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9 2A2 4.654%, 10/25/36 (l) | 2516682 | 788824 |
|  Madison Park Funding LXXI Ltd., | Madison Park Funding LXXI Ltd., | Madison Park Funding LXXI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-71A A1 5.409%, 4/23/38 (l)§ | 350000 | 349265 |
|  Madison Park Funding XL Ltd., | Madison Park Funding XL Ltd., | Madison Park Funding XL Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9A AR2 5.582%, 5/28/30 (l)§ | 110677 | 110758 |
|  Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., | Madison Park Funding XLVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-46A ARR 5.256%, 10/15/34 (l)§ | 600000 | 600120 |
|  Magnetite XL Ltd., | Magnetite XL Ltd., | Magnetite XL Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-40A A1 5.706%, 7/15/37 (l)§ | 500000 | 501545 |
|  Marble Point CLO XVII Ltd., | Marble Point CLO XVII Ltd., | Marble Point CLO XVII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A AR 5.709%, 7/20/37 (l)§ | 500000 | 500808 |
|  Marble Point CLO XXII Ltd., | Marble Point CLO XXII Ltd., | Marble Point CLO XXII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A 5.743%, 7/25/34 (l)§ | 500000 | 500145 |
|  Marble Point CLO XXV Ltd., | Marble Point CLO XXV Ltd., | Marble Point CLO XXV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A BR 7.119%, 10/20/36 (l)§ | 500000 | 501899 |
|  Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA A 1.860%, 3/20/36§ | 700000 | 678161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AA A 5.130%, 9/22/36§ | 100000 | 101010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA A 4.910%, 11/20/38§ | 250000 | 253070 |
|  Meacham Park CLO Ltd., | Meacham Park CLO Ltd., | Meacham Park CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B 5.869%, 10/20/37 (l)§ | 250000 | 250378 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4 A1 4.754%, 7/25/37 (l) | 2501780 | 1456136 |
|  MF1 LLC, | MF1 LLC, | MF1 LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9 A 6.468%, 6/19/37 (l)§ | 94364 | 94393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL17 A 5.635%, 2/18/40 (l)§ | 280000 | 279475 |
|  MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A 5.509%, 10/16/36 (l)§ | 79634 | 79531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A 5.668%, 2/19/37 (l)§ | 65536 | 65514 |
|  MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL15 A 6.003%, 8/18/41 (l)§ | 250000 | 250781 |
|  Milford Park CLO Ltd., | Milford Park CLO Ltd., | Milford Park CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A AR 5.429%, 1/20/38 (l)§ | 380000 | 379623 |
|  Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 A3 4.734%, 7/25/36 (l) | 3260772 | 1236532 |
|  Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A 2.640%, 1/20/53§ | 471972 | 401426 |
|  Navesink CLO 2 Ltd., | Navesink CLO 2 Ltd., | Navesink CLO 2 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A A1 5.526%, 4/15/36 (l)§ | 500000 | 499038 |
|  Navient Private Education Loan Trust, | Navient Private Education Loan Trust, | Navient Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-BA A3 5.876%, 7/16/40 (l)§ | 236099 | 236805 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DA A2A 4.000%, 12/15/59§ | 23124 | 22923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA A2 3.130%, 2/15/68§ | 29369 | 28745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A A 5.660%, 10/15/72§ | 78922 | 80061 |
|  NBC Funding LLC, | NBC Funding LLC, | NBC Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2 2.989%, 7/30/51§ | 982500 | 953372 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA A1B 5.404%, 3/15/57 (l)§ | 99437 | 98800 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust, | Nomura Home Equity Loan, Inc. Home Equity Loan Trust, | Nomura Home Equity Loan, Inc. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 2A1A 4.754%, 2/25/37 (l) | 917518 | 830478 |
|  NRZ Excess Spread-Collateralized Notes, | NRZ Excess Spread-Collateralized Notes, | NRZ Excess Spread-Collateralized Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1 A 3.844%, 12/25/25§ | 300846 | 297696 |
|  OCP CLO Ltd., | OCP CLO Ltd., | OCP CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A AR2 5.609%, 11/26/37 (l)§ | 500000 | 500705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40A A 5.457%, 4/16/38 (l)§ | 330000 | 329010 |
|  Octagon Investment Partners 18-R Ltd., | Octagon Investment Partners 18-R Ltd., | Octagon Investment Partners 18-R Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A A1A 5.482%, 4/16/31 (l)§ | 73341 | 73354 |
|  Octagon Investment Partners XV Ltd., | Octagon Investment Partners XV Ltd., | Octagon Investment Partners XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A A1RR 5.501%, 7/19/30 (l)§ | 62955 | 63046 |
|  OHA Loan Funding Ltd., | OHA Loan Funding Ltd., | OHA Loan Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1R2 5.729%, 7/20/37 (l)§ | 250000 | 250767 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A 1.750%, 9/14/35§ | 165000 | 160827 |
|  OZLM XVII Ltd., | OZLM XVII Ltd., | OZLM XVII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-17A A1RR 5.419%, 7/20/30 (l)§ | 72070 | 72120 |
|  PFP Ltd., | PFP Ltd., | PFP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9 A 6.586%, 8/19/35 (l)§ | 67110 | 67194 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR5 F 3.158%, 7/17/38§ | 2000000 | 1950089 |

---

See Notes to Financial Statements.

1273

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Providus CLO II DAC, | Providus CLO II DAC, | Providus CLO II DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A ARR 3.439%, 10/15/38 (l)§ | 500000 | $588691 |
|  Race Point IX CLO Ltd., | Race Point IX CLO Ltd., | Race Point IX CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-9A A1A2 5.458%, 10/15/30 (l)§ | $37838 | 37843 |
|  RASC Trust, | RASC Trust, | RASC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-EMX1 A13 4.834%, 1/25/37 (l) | 295881 | 320542 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A 5.634%, 11/25/36 (l)§ | 168075 | 168017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FL11 A 6.693%, 10/25/39 (l)§ | 24071 | 24063 |
|  Recette CLO Ltd., | Recette CLO Ltd., | Recette CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A ARR 5.611%, 4/20/34 (l)§ | 600000 | 601440 |
|  Regatta XI Funding Ltd., | Regatta XI Funding Ltd., | Regatta XI Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A BR 6.030%, 7/17/37 (l)§ | 360000 | 360797 |
|  Regatta XVIII Funding Ltd., | Regatta XVIII Funding Ltd., | Regatta XVIII Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A1R 5.416%, 4/15/38 (l)§ | 380000 | 379166 |
|  Regatta XX Funding Ltd., | Regatta XX Funding Ltd., | Regatta XX Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A AR 5.436%, 1/15/38 (l)§ | 250000 | 250686 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>1.680%, 3/17/31§ | 4300 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A<br>3.070%, 3/15/32§ | 177791 | 176525 |
|  Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., | Rockford Tower CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A AR 5.709%, 7/20/37 (l)§ | 500000 | 501126 |
|  Romark WM-R Ltd., | Romark WM-R Ltd., | Romark WM-R Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A1 5.561%, 4/20/31 (l)§ | 113104 | 113132 |
|  RR 18 Ltd., | RR 18 Ltd., | RR 18 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A A2 6.118%, 10/15/34 (l)§ | 250000 | 250183 |
|  Scholar Funding Trust, | Scholar Funding Trust, | Scholar Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A A 5.075%, 1/30/45 (l)§ | 66878 | 65902 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FR4 A2B 4.774%, 8/25/36 (l) | 2138986 | 681693 |
|  Silver Point CLO 5 Ltd., | Silver Point CLO 5 Ltd., | Silver Point CLO 5 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5A A1 5.669%, 10/20/37 (l)§ | 250000 | 250443 |
|  Silver Point CLO 7 Ltd., | Silver Point CLO 7 Ltd., | Silver Point CLO 7 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7A A1 5.645%, 1/15/38 (l)§ | 250000 | 250803 |
|  Sixth Street CLO XIV Ltd., | Sixth Street CLO XIV Ltd., | Sixth Street CLO XIV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A A1R2 5.467%, 1/20/38 (l)§ | 720000 | 718572 |
|  Sixth Street CLO XX Ltd., | Sixth Street CLO XX Ltd., | Sixth Street CLO XX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A B 6.181%, 10/20/34 (l)§ | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20A BR 0.000%, 7/17/38 (l)§ | 250000 | 250000 |
|  SLM Private Education Loan Trust, | SLM Private Education Loan Trust, | SLM Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C A5 9.176%, 10/15/41 (l)§ | 139378 | 145740 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B B 3.500%, 12/17/40§ | 23998 | 23886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA A2A 1.600%, 9/15/54§ | 87806 | 82671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A C 2.990%, 1/15/53§ | 135805 | 118376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A D1 3.860%, 1/15/53§ | 33876 | 30389 |
|  SoFi Consumer Loan Program Trust, | SoFi Consumer Loan Program Trust, | SoFi Consumer Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 C 5.420%, 2/27/34§ | 375000 | 379198 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F BFX 3.620%, 1/25/41§ | 1000000 | 946583 |
|  Sound Point CLO XXI Ltd., | Sound Point CLO XXI Ltd., | Sound Point CLO XXI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1AR 5.583%, 10/26/31 (l)§ | 300821 | 300881 |
|  Sound Point CLO XXIX Ltd., | Sound Point CLO XXIX Ltd., | Sound Point CLO XXIX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A 5.613%, 4/25/34 (l)§ | 500000 | 501100 |
|  Sounds Point CLO IV-R Ltd., | Sounds Point CLO IV-R Ltd., | Sounds Point CLO IV-R Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3RA A 5.681%, 4/18/31 (l)§ | 237620 | 237621 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1 6.290%, 2/25/37 (l) | 4226912 | 826029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT5 2A2 5.384%, 10/25/37 (l) | 2815175 | 2108041 |
|  STAR Trust, | STAR Trust, | STAR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1 G 7.628%, 4/17/38 (l)§ | 2000000 | 1995637 |
|  STWD Ltd., | STWD Ltd., | STWD Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A 5.629%, 4/18/38 (l)§ | 165666 | 165012 |
|  Subway Funding LLC, | Subway Funding LLC, | Subway Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A2II 6.268%, 7/30/54§ | 61690 | 63130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A A23 5.914%, 7/30/54§ | 199000 | 196560 |
|  Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A 2.270%, 1/30/57§ | 572271 | 507122 |
|  Symphony CLO XV Ltd., | Symphony CLO XV Ltd., | Symphony CLO XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-15A AR3 5.621%, 1/17/32 (l)§ | 167586 | 167787 |
|  Taco Bell Funding LLC, | Taco Bell Funding LLC, | Taco Bell Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A23 2.542%, 8/25/51§ | 491250 | 418908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2I 1.946%, 8/25/51§ | 736875 | 701995 |
|  TIAA CLO IV Ltd., | TIAA CLO IV Ltd., | TIAA CLO IV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A1AR 5.409%, 1/20/32 (l)§ | 374554 | 374723 |
|  TIF Funding II LLC, | TIF Funding II LLC, | TIF Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A 1.650%, 2/20/46§ | 418979 | 379417 |

---

See Notes to Financial Statements.

1274

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  T-Mobile US Trust, | T-Mobile US Trust, | T-Mobile US Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A 5.050%, 9/20/29§ | 400000 | 403092 |
|  Tralee CLO VI Ltd., | Tralee CLO VI Ltd., | Tralee CLO VI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A A1RR 5.502%, 10/25/32 (l)§ | 436264 | 436033 |
|  Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1 E1 2.794%, 7/17/38§ | 1300000 | 1263609 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A B 6.008%, 1/25/38 (l)§ | 250000 | 250753 |
|  Trinitas CLO VI Ltd., | Trinitas CLO VI Ltd., | Trinitas CLO VI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6A ARRR 5.612%, 1/25/34 (l)§ | 600000 | 600015 |
|  TRTX Issuer Ltd., | TRTX Issuer Ltd., | TRTX Issuer Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL5 A 5.964%, 2/15/39 (l)§ | 256283 | 256194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6 A 5.851%, 9/18/42 (l)§ | 190000 | 190119 |
|  TSTAT Ltd., | TSTAT Ltd., | TSTAT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A1RR 5.419%, 7/20/37 (l)§ | 196499 | 196578 |
|  Turkish Airlines Pass-Through Trust, | Turkish Airlines Pass-Through Trust, | Turkish Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1 A 4.200%, 3/15/27§ | 243706 | 235857 |
|  Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1 3.227%, 5/14/26 | 54079 | 53443 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA 4.150%, 8/25/31 | 328792 | 312836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 AA 2.700%, 5/1/32 | 151378 | 134454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A 5.875%, 10/15/27 | 373646 | 380353 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1 5.870%, 7/1/28 | 20452 | 20840 |
|  Upstart Securitization Trust, | Upstart Securitization Trust, | Upstart Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A 5.330%, 11/20/34§ | 188562 | 188939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 B 5.620%, 6/20/35§ | 350000 | 352056 |
|  USQ Rail III LLC, | USQ Rail III LLC, | USQ Rail III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A 4.990%, 9/28/54§ | 295405 | 296961 |
|  VCAT LLC, | VCAT LLC, | VCAT LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL1 A1 5.877%, 1/25/55 (e)§ | 592901 | 596350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A A 5.399%, 7/20/32 (l)§ | 504552 | 504299 |
|  Verizon Master Trust, | Verizon Master Trust, | Verizon Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A1A 5.000%, 12/20/28 | 1150000 | 1153190 |
|  Vibrant CLO XR Ltd., | Vibrant CLO XR Ltd., | Vibrant CLO XR Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-10RA A1 5.969%, 4/20/36 (l)§ | 500000 | 501660 |
|  VOLT C LLC, | VOLT C LLC, | VOLT C LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL9 A1 5.992%, 5/25/51 (e)§ | 177348 | 177258 |
|  VOLT XCIX LLC, | VOLT XCIX LLC, | VOLT XCIX LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL8 A1 6.116%, 4/25/51 (e)§ | 28469 | 28457 |
|  VOLT XCVI LLC, | VOLT XCVI LLC, | VOLT XCVI LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL5 A1 6.116%, 3/27/51 (e)§ | 28747 | 28713 |
|  Voya CLO Ltd., | Voya CLO Ltd., | Voya CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A A1AR 5.728%, 10/15/30 (l)§ | 35872 | 35895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A AAR2 5.521%, 4/18/31 (l)§ | 60301 | 60300 |
|  VR Funding LLC, | VR Funding LLC, | VR Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A 2.790%, 11/15/50§ | 526943 | 497821 |
|  Warwick Capital CLO 4 Ltd., | Warwick Capital CLO 4 Ltd., | Warwick Capital CLO 4 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A A1 5.669%, 7/20/37 (l)§ | 500000 | 501360 |
|  Wellington Management CLO 4 Ltd., | Wellington Management CLO 4 Ltd., | Wellington Management CLO 4 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A A 5.429%, 4/18/38 (l)§ | 350000 | 348942 |
|  Whitebox CLO I Ltd., | Whitebox CLO I Ltd., | Whitebox CLO I Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A BRR 6.025%, 7/24/36 (l)§ | 250000 | 250180 |
|  Whitebox CLO II Ltd., | Whitebox CLO II Ltd., | Whitebox CLO II Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A1R2 5.655%, 10/24/37 (l)§ | 270000 | 270648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A BR2 6.025%, 10/24/37 (l)§ | 310000 | 310692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 81512699 |
|  **Collateralized Mortgage Obligations (9.7%)** | **Collateralized Mortgage Obligations (9.7%)** | **Collateralized Mortgage Obligations (9.7%)** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J14 A3 5.500%, 12/25/35 | 2024600 | 1222707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1 4.754%, 2/25/47 (l) | 20716 | 20230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6 1A2 4.854%, 7/25/46 (l) | 13694 | 12355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH1 A1D 4.644%, 4/25/47 (l) | 20620 | 18007 |
|  American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 11A1 4.794%, 12/25/46 (l) | 441844 | 370775 |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 A1 5.637%, 2/25/70 (e)§ | 214167 | 214745 |
|  Barclays Mortgage Loan Trust, | Barclays Mortgage Loan Trust, | Barclays Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1 A1 4.550%, 7/25/52 (e)§ | 114723 | 114122 |
|  BDS LLC, | BDS LLC, | BDS LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL12 A 6.454%, 8/19/38 (l)§ | 47340 | 47369 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 31A1 4.525%, 7/25/36 (l) | 878373 | 515602 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 11A2 6.971%, 11/25/34 (l) | 93904 | 88827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A1 4.847%, 3/25/35 (l) | 68727 | 63210 |

---

See Notes to Financial Statements.

1275

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2 A1 5.678%, 11/25/64 (e)§ | $259907 | $261132 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL2 A1 3.250%, 3/25/63 (l)§ | 441761 | 397115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7 A11 5.605%, 6/25/55 (l)§ | 431721 | 432602 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3 1A12 6.000%, 5/25/37 | 1542285 | 654727 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 1A6 5.500%, 9/25/35 | 208871 | 208480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-24 A1 5.500%, 11/25/35 | 272190 | 139836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9 A10 6.000%, 5/25/36 | 2617826 | 1173294 |
|  CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I1 A1 5.655%, 10/25/69 (e)§ | 178487 | 179868 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 A11 5.655%, 7/25/54 (l)§ | 361202 | 362602 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2 M1 5.250%, 3/25/65 (l)§ | 100000 | 100274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 A3 2.380%, 4/27/65 (l)§ | 4222 | 4130 |
|  Cross Mortgage Trust, | Cross Mortgage Trust, | Cross Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H1 A1 5.735%, 2/25/70 (l)§ | 271352 | 272616 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR3 2A5 4.834%, 6/25/37 (l) | 449371 | 394608 |
|  Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV1 A1 5.626%, 3/25/70 (e)§ | 285725 | 286427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV2 A1 5.387%, 5/26/70 (e)§ | 334265 | 334671 |
|  Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A 4.493%, 6/15/44 (l)(m) | 40134 | 54779 |
|  EuroMASTR plc, | EuroMASTR plc, | EuroMASTR plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1V A2 4.543%, 6/15/40 (l)(m) | 98220 | 132148 |
|  Eurosail-UK plc, | Eurosail-UK plc, | Eurosail-UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4X A3 5.294%, 6/13/45 (l)(m) | 171656 | 234995 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2708 ZD<br>5.500%, 11/15/33 | $417915 | 434093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 375 C1<br>2.500%, 1/25/51 IO | 4567724 | 716732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4438 B<br>3.000%, 10/15/43 | 97159 | 94630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4790 F<br>4.608%, 10/15/43 (l) | 195544 | 191653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>4.814%, 8/15/40 (l) | 129767 | 127854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>4.814%, 10/15/40 (l) | 90129 | 88757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5004 LS<br>1.730%, 7/25/50 IO (l) | 2808360 | 382503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5025 GB<br>1.500%, 10/25/50 | 6499000 | 4183641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5028 TZ<br>2.000%, 10/25/50 | 6665011 | 3818948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5468 QF<br>5.605%, 5/25/54 (l) | 617073 | 612593 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA3 A8<br>6.000%, 6/25/37 | 639874 | 195132 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 NF 4.970%, 9/25/41 (l) | 56199 | 55949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11 A<br>3.000%, 5/25/34 | 177128 | 173865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77 S 3.861%, 11/25/50 IO (l) | 6504675 | 308288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67 IG 3.000%, 10/25/51 IO | 1643877 | 273740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95 LZ 3.000%, 1/25/52 | 5547226 | 3649729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-102 FC 5.755%, 1/25/55 (l) | 1727275 | 1737301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32<br> 2.500%, 4/25/51 IO | 3119128 | 488870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 426 C57<br>3.000%, 3/25/52 IO | 3689327 | 642001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 437 C8<br>2.500%, 6/25/52 IO | 4124071 | 659618 |
|  GCAT Trust, | GCAT Trust, | GCAT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM3 M1 3.450%, 11/25/59 (l)§ | 500000 | 461029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2 A5 3.000%, 4/25/52 (l)§ | 492660 | 417606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM4 A1 5.269%, 8/25/67 (e)§ | 120380 | 119929 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-74 LF 4.832%, 6/20/42 (l) | 461274 | 454954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-116 LS 1.718%, 8/20/43 IO (l) | 660394 | 72530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-26 MS 1.818%, 2/20/43 IO (l) | 630501 | 74166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-20 TS 1.668%, 2/20/44 IO (l) | 604047 | 66467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H15 FC 5.026%, 6/20/65 (l) | 125252 | 125206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H16 FM 5.046%, 7/20/65 (l) | 150059 | 150022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H18 FB 5.046%, 7/20/65 (l) | 75776 | 75765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19 FK 5.046%, 8/20/65 (l) | 163350 | 163275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FB 5.046%, 8/20/65 (l) | 89123 | 89111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FC 5.066%, 8/20/65 (l) | 440203 | 440273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H22 FC 5.046%, 9/20/65 (l) | 241835 | 241828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H29 FA 5.146%, 10/20/65 (l) | 225 | 225 |

---

See Notes to Financial Statements.

1276

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H11 F 5.246%, 5/20/66 (l) | $107556 | $107809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA 5.246%, 6/20/66 (l) | 81886 | 82074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15 FA 5.246%, 7/20/66 (l) | 76435 | 76617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H23 F 5.196%, 10/20/66 (l) | 86628 | 86769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-129 IW 2.500%, 9/20/50 IO | 4493426 | 663188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-173 MI 2.500%, 11/20/50 IO | 4632605 | 685060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-185 MI 2.500%, 12/20/50 IO | 4712584 | 699996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 KI 2.500%, 1/20/51 IO | 4169715 | 615385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-160 TI 3.000%, 9/20/51 IO | 4407560 | 773731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165 ID 3.000%, 9/20/51 IO | 2632073 | 437777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-223 EZ 3.000%, 12/20/51 | 5021273 | 3678296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30 KI 3.000%, 2/20/51 IO | 3765142 | 620775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 IA 2.500%, 12/20/50 IO | 3871541 | 556524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-58 IY 3.000%, 2/20/51 IO | 89156 | 15242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-78 IP 3.000%, 5/20/51 IO | 98538 | 16723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-81 IM 3.500%, 5/20/51 IO | 3983876 | 771762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-83 PI 3.000%, 5/20/51 IO | 82180 | 13947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97 LI 3.000%, 8/20/50 IO | 147460 | 25030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-112 AI 2.500%, 10/20/50 IO | 3079184 | 481065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-174 AZ 3.500%, 5/20/51 | 5049321 | 4201594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-218 IB 3.000%, 7/20/50 IO | 2796197 | 480054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78 3.000%, 8/20/51 IO | 68343 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85 IK 3.000%, 5/20/51 IO | 69898 | 11940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H02 FN 4.802%, 1/20/72 (l) | 263879 | 260036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H22 EF 5.052%, 10/20/72 (l) | 176117 | 176377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H25 FA 5.442%, 11/20/72 (l) | 496885 | 504180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H26 DF 5.322%, 12/20/72 (l) | 303526 | 306777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19 2.500%, 2/20/51 IO | 4304762 | 637705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H01 FA 5.102%, 1/20/73 (l) | 393975 | 394434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA 5.202%, 1/20/73 (l) | 292212 | 292409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FB 5.202%, 1/20/73 (l) | 998054 | 997191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H03 FA 5.172%, 2/20/73 (l) | 197455 | 198091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 F 5.352%, 12/20/73 (l) | 396429 | 398216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H28 GF 5.202%, 12/20/73 (l) | 824605 | 826973 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1 A4 4.000%, 5/25/62 (l)§ | 67787 | 61812 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1 5.293%, 9/25/35 (l) | 15944 | 15310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 2A1 4.537%, 4/25/36 (l) | 32408 | 19672 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 3A1A 4.898%, 1/19/35 (l) | 119826 | 107424 |
|  HOMES Trust, | HOMES Trust, | HOMES Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 M1 6.520%, 1/25/70 (l)§ | 300000 | 303261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2 A1 5.425%, 2/25/70 (e)§ | 558092 | 558984 |
|  Homeward Opportunities Fund Trust, | Homeward Opportunities Fund Trust, | Homeward Opportunities Fund Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A1 5.082%, 7/25/67 (e)§ | 119889 | 119228 |
|  Impac CMB Trust, | Impac CMB Trust, | Impac CMB Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A A 4.934%, 5/25/37 (l)§ | 22206 | 21516 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX1 A4 4.974%, 2/25/37 (l) | 794027 | 525787 |
|  JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-R2 A1 5.004%, 11/25/36 (l)§ | 1016969 | 520266 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 1A2 5.750%, 1/25/36 | 661580 | 282320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1 5.198%, 8/25/34 (l) | 5840 | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3 5.479%, 7/25/35 (l) | 12327 | 11803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7 A3 2.500%, 11/25/51 (l)§ | 510389 | 416207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5 A2A 2.500%, 12/25/51 (l)§ | 1033463 | 844735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A3A 2.500%, 2/25/52 (l)§ | 527268 | 473970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A4A 2.500%, 2/25/52 (l)§ | 257000 | 172309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A5A 2.500%, 2/25/52 (l)§ | 119013 | 96312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VIS1 A1 5.990%, 7/25/64 (l)§ | 417299 | 419808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS1 M1 6.412%, 8/25/55 (l)§ | 287000 | 287468 |
|  Lehman Mortgage Trust, | Lehman Mortgage Trust, | Lehman Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A2 5.750%, 2/25/37 | 667195 | 674024 |
|  Ludgate Funding plc, | Ludgate Funding plc, | Ludgate Funding plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2A 4.542%, 1/1/61 (l)(m) | 54728 | 73683 |

---

See Notes to Financial Statements.

1277

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W1X A1 4.982%, 1/1/61 (l)(m) | $| 125324 | $| 170129 |
|  MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, | MASTR Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 5A1 6.500%, 12/25/34 |  | 30288 |  | 31877 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1 3A 6.210%, 12/25/32 (l) |  | 3003 |  | 2946 |
|  Mortgage Loan Resecuritization Trust, | Mortgage Loan Resecuritization Trust, | Mortgage Loan Resecuritization Trust, | Mortgage Loan Resecuritization Trust, | Mortgage Loan Resecuritization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-RS1 A85 4.783%, 4/16/36 (l)§ |  | 119839 |  | 117564 |
|  MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 A1 4.994%, 10/25/35 (l) |  | 40817 |  | 40658 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A A1 3.750%, 5/28/52 (l)§ |  | 143744 |  | 138016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1 A1 3.500%, 12/25/57 (l)§ |  | 198812 |  | 192539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 A1 5.643%, 1/25/65 (e)§ |  | 191235 |  | 192443 |
|  Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., | Nomura Asset Acceptance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.515%, 1/25/36 (l) Series 2006-AP1 A5 |  | 2985885 |  | 850034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.059%, 1/25/36 (e) |  | 2244667 |  | 638037 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3 A1 5.648%, 12/1/64 (e)§ |  | 160077 |  | 160925 |
|  PRKCM Trust, | PRKCM Trust, | PRKCM Trust, | PRKCM Trust, | PRKCM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2 A1 5.335%, 8/25/57 (l)§ |  | 113712 |  | 113308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC3 A1 6.584%, 9/25/58 (e)§ |  | 268071 |  | 270517 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7 A1 5.870%, 11/25/29 (e)§ |  | 2911451 |  | 2910330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4 A1 6.179%, 6/25/30 (e)§ |  | 1000000 |  | 1005990 |
|  PRPM Trust, | PRPM Trust, | PRPM Trust, | PRPM Trust, | PRPM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 A1 5.802%, 11/25/69 (e)§ |  | 235275 |  | 237169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1 M1A 6.645%, 11/25/69 (l)§ |  | 193000 |  | 196076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2 A1 5.688%, 4/25/70 (e)§ |  | 564777 |  | 567836 |
|  RALI Trust, | RALI Trust, | RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO3 A1 4.854%, 4/25/46 (l) |  | 3614261 |  | 909913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS6 A29 6.000%, 4/25/37 |  | 910226 |  | 761261 |
|  Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2 1AF1 4.774%, 6/25/35 (l)§ |  | 17739 |  | 17066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1 AF1 4.774%, 1/25/36 (l)§ |  | 53933 |  | 50855 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A12 A2 6.250%, 11/25/36 |  | 2867326 |  | 1035577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A9CB A7 6.000%, 9/25/36 |  | 3843679 |  | 1071439 |
|  Resloc UK plc, | Resloc UK plc, | Resloc UK plc, | Resloc UK plc, | Resloc UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1X A3B 4.503%, 12/15/43 (l)(m) | GBP | 58778 |  | 79196 |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S10 1A1 6.000%, 10/25/36 | $| 313366 |  | 254021 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1 5.192%, 10/20/27 (l) |  | 269 |  | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1 5.132%, 7/20/33 (l) |  | 2829 |  | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6 A<br>5.072%, 4/19/27 (l) |  | 16060 |  | 15675 |
|  SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 B1 4.038%, 12/25/61 (l)§ |  | 1700000 |  | 1289574 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 M1 2.878%, 2/25/50 (l)§ |  | 2500000 |  | 2230313 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4 2A 5.216%, 4/25/34 (l) |  | 63282 |  | 63463 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1 4.932%, 7/19/35 (l) |  | 15426 |  | 14739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3 4.814%, 7/25/46 (l) |  | 468478 |  | 379082 |
|  Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GR6A A1 5.176%, 7/20/53 (l)§ | GBP | 386290 |  | 531131 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1 3.750%, 3/25/58 (l)§ | $| 1500000 |  | 1288294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A1 3.750%, 7/25/62 (l)§ |  | 274865 |  | 261234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5 A1A 4.518%, 10/25/64 (l)§ |  | 542359 |  | 541516 |
|  Uropa Securities plc, | Uropa Securities plc, | Uropa Securities plc, | Uropa Securities plc, | Uropa Securities plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3A 4.577%, 10/10/40 (l)(m) | GBP | 205506 |  | 278914 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2 A9 5.000%, 9/25/51 (l)§ | $| 617325 |  | 573239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3 A9 5.000%, 11/25/51 (l)§ |  | 546722 |  | 508876 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6 B1 4.047%, 10/25/66 (l)§ |  | 1000000 |  | 778457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 A1 5.850%, 12/25/67 (e)§ |  | 330656 |  | 330186 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 77321137 |
|  **Commercial Mortgage-Backed Securities (6.3%)** | **Commercial Mortgage-Backed Securities (6.3%)** | **Commercial Mortgage-Backed Securities (6.3%)** | **Commercial Mortgage-Backed Securities (6.3%)** | **Commercial Mortgage-Backed Securities (6.3%)** |
|  1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211 C 4.280%, 8/10/35 (l)§ |  | 100000 |  | 94026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211 D 4.280%, 8/10/35 (l)§ |  | 100000 |  | 93781 |
|  1345 Trust, | 1345 Trust, | 1345 Trust, | 1345 Trust, | 1345 Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AOA A 5.900%, 6/15/30 (l)§ |  | 28000 |  | 28096 |

---

See Notes to Financial Statements.

1278

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  20 Times Square Trust, | 20 Times Square Trust, | 20 Times Square Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS B 3.203%, 5/15/35 (l)§ | $200000 | $185513 |
|  245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P XA 0.271%, 6/5/37 IO (l)§ | 1000000 | 3130 |
|  280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, | 280 Park Avenue Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P A 5.492%, 9/15/34 (l)§ | 190000 | 188219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P D 6.148%, 9/15/34 (l)§ | 200000 | 194500 |
|  Alen Mortgage Trust, | Alen Mortgage Trust, | Alen Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACEN A 5.576%, 4/15/34 (l)§ | 13000 | 12447 |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 D 1.750%, 5/15/53§ | 100000 | 83053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 E 1.750%, 5/15/53§ | 100000 | 80185 |
|  AREIT Ltd., | AREIT Ltd., | AREIT Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CRE9 A 5.998%, 5/17/41 (l)§ | 375236 | 376174 |
|  ARES Commercial Mortgage Trust, | ARES Commercial Mortgage Trust, | ARES Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-IND A 6.003%, 7/15/41 (l)§ | 104000 | 104163 |
|  Ashford Hospitality Trust, | Ashford Hospitality Trust, | Ashford Hospitality Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ASHF D 6.584%, 4/15/35 (l)§ | 16000 | 15950 |
|  Atrium Hotel Portfolio Trust, | Atrium Hotel Portfolio Trust, | Atrium Hotel Portfolio Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ATRM D 6.559%, 12/15/36 (l)§ | 190000 | 178599 |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JACX A 5.476%, 9/15/38 (l)§ | 800000 | 763998 |
|  BAMLL Trust, | BAMLL Trust, | BAMLL Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BHP A 6.662%, 8/15/39 (l)§ | 130000 | 130650 |
|  BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6 XA 0.919%, 7/15/60 IO (l) | 2676891 | 32117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10 XA 0.828%, 2/15/61 IO (l) | 3447212 | 49643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 AS 3.446%, 8/15/61 | 249000 | 225316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 AS 3.243%, 9/15/62 (l) | 310000 | 280569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 XB 0.459%, 9/15/62 IO (l) | 530000 | 7238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 AS 2.841%, 1/15/63 | 22000 | 19982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30 XB 0.825%, 12/15/53 IO (l) | 5331000 | 174255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33 XB 0.594%, 5/15/64 IO (l) | 4550000 | 117900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40 A4 3.504%, 3/15/64 (l) | 600000 | 551969 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 C 4.983%, 7/15/49 (l) | 250000 | 241804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK3 XB 0.727%, 2/15/50 IO (l) | 1000000 | 7942 |
|  BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR10 B 6.140%, 10/15/57 (l) | 284000 | 291203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR8 XA 1.126%, 8/15/57 IO (l) | 6246257 | 198294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR15 AS 5.762%, 6/15/30 (l) | 180000 | 185212 |
|  BBCCRE Trust, | BBCCRE Trust, | BBCCRE Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP A 3.966%, 8/10/33§ | 900000 | 838360 |
|  BBCMS Mortgage Trust, | BBCMS Mortgage Trust, | BBCMS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1 B 4.089%, 2/15/50 | 100000 | 94725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL A 5.231%, 3/15/37 (l)§ | 45000 | 42492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7 AS 2.444%, 4/15/53 | 186000 | 161425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C9 XA 1.700%, 2/15/54 IO (l) | 2608229 | 168032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29 A3 5.208%, 9/15/57 | 240000 | 244513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34 A3 5.659%, 5/15/58 | 22000 | 22867 |
|  BBCMS Trust, | BBCMS Trust, | BBCMS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH A1 3.312%, 8/10/35§ | 34908 | 34168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH XA 1.008%, 8/10/35 IO (l)§ | 854794 | 11236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10 XA 1.330%, 7/15/54 IO (l) | 3321079 | 175856 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5 4.016%, 3/15/52 | 700000 | 680783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 XA 1.177%, 3/15/52 IO (l) | 921029 | 27355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16 XA 0.911%, 2/15/53 IO (l) | 3805317 | 125400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17 XB 0.618%, 3/15/53 IO (l) | 1000000 | 18299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG3 XA 0.771%, 9/15/48 IO (l)§ | 5579397 | 73452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23 XA 1.362%, 2/15/54 IO (l) | 980953 | 50485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24 XA 1.252%, 3/15/54 IO (l) | 1146966 | 47898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25 A5 2.577%, 4/15/54 | 160000 | 140565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27 XA 1.350%, 7/15/54 IO (l) | 3569087 | 179951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10 A3 5.277%, 9/15/57 | 250000 | 255482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8 A1 5.514%, 7/15/57 | 205237 | 208450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9 A3 5.602%, 8/15/57 | 241000 | 248921 |
|  BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT A 6.202%, 7/15/41 (l)§ | 36000 | 36090 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP A 5.576%, 10/15/35 (l)§ | 700000 | 643075 |

---

See Notes to Financial Statements.

1279

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST A 5.850%, 6/15/42 (l)§ | $103000 | $103064 |
|  BIG Commercial Mortgage Trust, | BIG Commercial Mortgage Trust, | BIG Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BIG A 5.654%, 2/15/39 (l)§ | 537099 | 534884 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C5 XA 0.944%, 6/15/56 IO (l) | 384624 | 17514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7 AS 5.888%, 11/15/57 (l) | 187000 | 192882 |
|  BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY A 5.476%, 9/15/38 (l)§ | 243000 | 242696 |
|  BWAY Mortgage Trust, | BWAY Mortgage Trust, | BWAY Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 A2 3.454%, 3/10/33§ | 98168 | 93331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 C 3.446%, 3/10/33§ | 100000 | 88614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1450 A 5.676%, 9/15/36 (l)§ | 700000 | 680025 |
|  BWAY Trust, | BWAY Trust, | BWAY Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535 A 6.519%, 5/5/42 (l)§ | 10000 | 10306 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3 B 3.662%, 3/9/44 (l)§ | 120000 | 111369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP A 5.347%, 12/15/38 (l)§ | 211115 | 210983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VINO D 5.779%, 5/15/38 (l)§ | 140000 | 139956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT E 6.426%, 9/15/36 (l)§ | 96883 | 96429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 A 5.115%, 10/15/38 (l)§ | 249890 | 249812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AHP A 5.302%, 1/17/39 (l)§ | 600000 | 599625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2 A 5.325%, 2/15/39 (l)§ | 105945 | 105879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC A 6.003%, 8/15/39 (l)§ | 100955 | 101333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK A 7.193%, 10/15/41 (l)§ | 96000 | 96600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK D 10.284%, 10/15/41 (l)§ | 109000 | 109272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GPA3 C 6.204%, 12/15/39 (l)§ | 178166 | 178388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING A 5.853%, 5/15/34 (l)§ | 98701 | 98701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS A 5.953%, 5/15/41 (l)§ | 167291 | 167500 |
|  BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 E 4.075%, 12/9/41 (l)§ | 325000 | 296753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE B 5.676%, 11/15/36 (l)§ | 118346 | 118198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW D 7.326%, 6/15/36 (l)§ | 120000 | 118819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FOX2 A2 5.061%, 4/15/39 (l)§ | 673351 | 672509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PSB A 6.763%, 8/15/39 (l)§ | 93808 | 93778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF B 5.592%, 1/15/39 (l)§ | 17000 | 16968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC A 7.002%, 5/15/38 (l)§ | 100000 | 100500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PALM A 5.853%, 6/15/37 (l)§ | 90000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4 A 5.803%, 7/15/29 (l)§ | 200000 | 199938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR A 5.812%, 6/15/40 (l)§ | 12000 | 12011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC C 5.855%, 3/15/30 (l)§ | 190000 | 188338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6 A 5.755%, 3/15/42 (l)§ | 220000 | 219862 |
|  BXP Trust, | BXP Trust, | BXP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC D 3.670%, 8/13/37 (l)§ | 30000 | 25057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM A 3.379%, 6/13/39§ | 190000 | 183922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM B 3.539%, 6/13/39 (l)§ | 140000 | 134033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM D<br>3.539%, 6/13/39 (l)§ | 80000 | 75976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L D<br>2.868%, 1/15/44 (l)§ | 102000 | 80645 |
|  Cassia SRL, | Cassia SRL, | Cassia SRL, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>4.560%, 5/22/34 (l)§ | 236141 | 278971 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3 A4<br>3.631%, 2/10/50 | $10000 | 9624 |
|  CENT Trust, | CENT Trust, | CENT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY A<br>6.932%, 9/15/38 (l)§ | 98000 | 98000 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3 A3<br>3.865%, 1/10/48 | 10000 | 9940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XA<br>1.725%, 5/10/58 IO (l) | 469507 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XB<br>0.857%, 5/10/58 IO (l) | 110000 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 B<br>4.199%, 6/15/50 (l) | 37000 | 34867 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K D<br>3.422%, 11/10/42 (l)§ | 150000 | 132350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K X<br>0.912%, 11/10/42 IO (l)§ | 1000000 | 36284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-555 A<br>2.647%, 12/10/41§ | 140000 | 124738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-KEYS A<br>5.606%, 10/15/36 (l)§ | 700000 | 696063 |
|  COAST Commercial Mortgage Trust, | COAST Commercial Mortgage Trust, | COAST Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL A<br>6.903%, 8/15/36 (l)§ | 108000 | 108098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2HTL D<br>8.751%, 8/15/36 (l)§ | 100000 | 100210 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5 B<br>4.514%, 9/10/47 (l) | 130000 | 125503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22 XA<br>0.374%, 3/10/48 IO (l) | 310496 | 94 |

---

See Notes to Financial Statements.

1280

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24 B<br>4.474%, 8/10/48 (l) | $65000 | $63831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1 XA<br>0.708%, 2/10/48 IO (l) | 240395 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1 ASB<br>2.972%, 10/10/49 | 244654 | 242652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3 XD<br>1.750%, 5/10/51 IO (l)§ | 50000 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1 A<br>6.153%, 6/15/41 (l)§ | 90000 | 89972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL1 B<br>6.902%, 6/15/41 (l)§ | 27000 | 26890 |
|  CONE Trust, | CONE Trust, | CONE Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DFW1 A<br>5.953%, 8/15/41 (l)§ | 30000 | 29853 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 XA<br>0.168%, 4/15/50 IO (l) | 238543 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4 D<br>3.886%, 11/15/48 (l) | 70000 | 67272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 B 4.463%, 11/15/48 (l) | 30000 | 29257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 C 4.778%, 11/15/48 (l) | 50000 | 48508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10 XB 0.322%, 11/15/50 IO (l) | 1000000 | 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14 C 5.040%, 11/15/51 (l) | 250000 | 228898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12 C 4.881%, 8/15/51 (l) | 58000 | 53063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16 XA 1.694%, 6/15/52 IO (l) | 952142 | 46514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XA 1.461%, 9/15/52 IO (l) | 4575656 | 194900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XB 0.674%, 9/15/52 IO (l) | 1000000 | 19594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18 D 2.500%, 12/15/52§ | 170000 | 141637 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-PFHP A 5.309%, 12/15/30 (l)§ | 28049 | 28042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME A 3.646%, 11/13/39§ | 100000 | 94292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ADV A 5.826%, 7/15/38 (l)§ | 800000 | 717227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 A1 3.053%, 10/10/43§ | 91532 | 85183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 A2 3.167%, 10/10/43§ | 190000 | 166194 |
|  DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5BP B 5.389%, 6/15/33 (l)§ | 100000 | 93962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1735 X 0.431%, 4/10/37 IO (l)§ | 1365000 | 14103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SBL A 6.194%, 8/15/34 (l)§ | 11000 | 11000 |
|  DBJPM Mortgage Trust, | DBJPM Mortgage Trust, | DBJPM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1 A4 3.276%, 5/10/49 | 20000 | 19730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6 XD 1.000%, 6/10/50 IO (l) | 300000 | 5026 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A 2.956%, 5/10/41§ | 1000000 | 883826 |
|  ELM Trust, | ELM Trust, | ELM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM A10 5.994%, 6/10/39 (l)§ | 44000 | 44358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM A15 5.994%, 6/10/39 (l)§ | 44000 | 44358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM XP10 0.242%, 6/10/39 IO (l)§ | 1000000 | 2119 |
|  EQT Trust, | EQT Trust, | EQT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EXTR A 5.331%, 7/5/41 (l)§ | 18000 | 18350 |
|  EQUS Mortgage Trust, | EQUS Mortgage Trust, | EQUS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EQAZ A 5.331%, 10/15/38 (l)§ | 499944 | 499787 |
|  Extended Stay America Trust, | Extended Stay America Trust, | Extended Stay America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A 5.506%, 7/15/38 (l)§ | 2007083 | 2007711 |
|  FHLMC Multiclass Certificates, | FHLMC Multiclass Certificates, | FHLMC Multiclass Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P015 A1 4.449%, 11/25/32 (l) | 24894 | 24387 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K120 X1<br>1.125%, 10/25/30 IO (l) | 2420278 | 104752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121 X1<br>1.113%, 10/25/30 IO (l) | 116791 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KJ48 A2<br>5.028%, 10/25/31 | 25000 | 25604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL05 X1P<br>1.024%, 6/25/29 IO (l) | 662000 | 21496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL06 XFX<br>1.464%, 12/25/29 IO (l) | 168420 | 6985 |
|  FNMA ACES, | FNMA ACES, | FNMA ACES, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M32 X2<br>1.243%, 10/25/29 IO (l) | 17766463 | 600639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M13 X1<br>1.244%, 6/25/31 IO (l) | 16676723 | 619874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M15 X1<br>1.563%, 9/25/31 IO (l) | 3030616 | 188634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M4 A1X<br>2.540%, 5/25/30 (l) | 1285906 | 1223622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-M1 A2<br>4.700%, 1/25/35 (l) | 4864000 | 4818452 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30<br>0.533%, 9/16/53 IO (l) | 33088 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-96<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.769%, 12/16/57 IO (l) | 29571 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-143<br>0.967%, 10/16/63 IO (l) | 6937015 | 464698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20<br>1.149%, 8/16/62 IO (l) | 4928839 | 371100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-208<br>0.758%, 6/16/64 IO (l) | 8203239 | 433682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22<br>0.973%, 5/16/63 IO (l) | 6142336 | 405871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52<br>0.721%, 4/16/63 IO (l) | 6198942 | 312853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-71<br>0.864%, 10/16/62 IO (l) | 6897606 | 441002 |

---

See Notes to Financial Statements.

1281

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49<br>0.756%, 3/16/64 IO (l) | $7977140 | $427678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-118 BA<br>3.749%, 5/16/65 (l) | 14757 | 13275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-50 AC<br>3.250%, 9/16/63 (l) | 11638 | 10211 |
|  Grace Trust, | Grace Trust, | Grace Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GRCE D<br>2.769%, 12/10/40 (l)§ | 142000 | 121706 |
|  Great Wolf Trust, | Great Wolf Trust, | Great Wolf Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WLF2 A<br>6.003%, 5/15/41 (l)§ | 366000 | 366801 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A<br>2.856%, 5/10/34§ | 84854 | 73385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR D<br>6.209%, 7/15/31 (l)§ | 110000 | 27678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FUN A<br>6.403%, 3/15/28 (l)§ | 100000 | 100250 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-590M C<br>3.932%, 10/10/35 (l)§ | 130000 | 129399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32 C<br>4.553%, 7/10/48 (l) | 10000 | 9764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1 XA<br>0.851%, 11/10/48 IO (l) | 1471043 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3 XA<br>1.305%, 10/10/49 IO (l) | 270806 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7 XA<br>1.219%, 8/10/50 IO (l) | 2342015 | 34683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1 XA<br>0.928%, 11/10/52 IO (l) | 1136298 | 31379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45 XA<br>0.728%, 2/13/53 IO (l) | 3088552 | 69288 |
|  HILT Commercial Mortgage Trust, | HILT Commercial Mortgage Trust, | HILT Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ORL D<br>7.501%, 5/15/37 (l)§ | 100000 | 99813 |
|  HIT Trust, | HIT Trust, | HIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HI32 A<br>6.703%, 7/15/39 (l)§ | 8451 | 8461 |
|  HLTN Commercial Mortgage Trust, | HLTN Commercial Mortgage Trust, | HLTN Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPLO A<br>5.953%, 6/15/41 (l)§ | 24000 | 24015 |
|  HMH Trust, | HMH Trust, | HMH Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-NSS A<br>3.062%, 7/5/31§ | 70000 | 59676 |
|  ILPT Commercial Mortgage Trust, | ILPT Commercial Mortgage Trust, | ILPT Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LPF2 A<br>6.557%, 10/15/39 (l)§ | 100000 | 99875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LPF2 A<br>5.292%, 7/13/42 (l)§ | 115000 | 116335 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 B<br>3.397%, 8/15/49 (l) | 331000 | 308714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 XC<br>0.750%, 8/15/49 IO (l)§ | 240000 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON A<br>4.128%, 7/5/31§ | 23000 | 21109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-PHH A<br>5.569%, 6/15/35 (l)§ | 106599 | 92078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-609M D<br>7.446%, 10/15/33 (l)§ | 130000 | 127400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LOOP E<br>3.990%, 12/5/38 (l)§ | 181000 | 28125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC A<br>5.476%, 4/15/38 (l)§ | 8659 | 8659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC D<br>6.376%, 4/15/38 (l)§ | 90000 | 90056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DATA A<br>4.046%, 6/10/42 (l)§ | 600000 | 552685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP A<br>5.158%, 4/15/37 (l)§ | 244070 | 241324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO D<br>3.565%, 1/5/39 (l)§ | 100000 | 81553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BHR5 A<br>6.005%, 3/15/40 (l)§ | 108000 | 108000 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25 XA<br>0.614%, 11/15/47 IO (l) | 558516 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32 XA<br>1.234%, 11/15/48 IO (l) | 1204010 | 4409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33 D1<br>4.284%, 12/15/48 (l)§ | 100000 | 90998 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 C<br>3.848%, 7/15/50 (l) | 350000 | 292593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5 A3<br>3.123%, 6/13/52 | 20000 | 19105 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 XA<br>1.619%, 6/15/49 IO (l) | 1223632 | 10728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XC<br>0.750%, 12/15/49 IO (l)§ | 1800000 | 14301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR7 XA<br>1.776%, 5/13/53 IO (l) | 2267053 | 116245 |
|  JW Commercial Mortgage Trust, | JW Commercial Mortgage Trust, | JW Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO A<br>5.933%, 6/15/39 (l)§ | 32000 | 32010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MRCO D<br>7.501%, 6/15/39 (l)§ | 24000 | 24028 |
|  KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CHIP A<br>2.558%, 11/5/44§ | 700000 | 541460 |
|  KSL Trust, | KSL Trust, | KSL Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.204%, 6/15/30 (l)§ | 13000 | 12967 |
|  Ladder Capital Commercial Mortgage Trust, | Ladder Capital Commercial Mortgage Trust, | Ladder Capital Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GCP XA<br>1.304%, 2/15/36 IO (l)§ | 881757 | 22038 |
|  LBA Trust, | LBA Trust, | LBA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT A<br>5.903%, 6/15/39 (l)§ | 140000 | 140000 |
|  LCCM Trust, | LCCM Trust, | LCCM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26 C<br>4.706%, 7/12/50§ | 300000 | 277941 |
|  LoanCore Issuer LLC, | LoanCore Issuer LLC, | LoanCore Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8 A<br>5.699%, 8/17/42 (l)§ | 280000 | 279124 |
|  LSTAR Commercial Mortgage Trust, | LSTAR Commercial Mortgage Trust, | LSTAR Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5 X<br>1.001%, 3/10/50 IO (l)§ | 2057635 | 14379 |
|  MCR Mortgage Trust, | MCR Mortgage Trust, | MCR Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA A<br>5.924%, 6/12/39§ | 33000 | 33321 |

---

See Notes to Financial Statements.

1282

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TWA XA<br>0.920%, 6/12/39 IO§ | $178000 | $2224 |
|  MHC Trust, | MHC Trust, | MHC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC2 D<br>5.926%, 5/15/38 (l)§ | 96000 | 96000 |
|  MIRA Trust, | MIRA Trust, | MIRA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MILE A<br>6.755%, 6/10/38§ | 100000 | 103317 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 ASB<br>2.952%, 11/15/49 | 139963 | 138851 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1 B<br>4.075%, 6/15/50 | 198000 | 188824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1 XD<br>2.295%, 6/15/50 IO (l)§ | 300000 | 10180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP A<br>4.419%, 7/11/40 (l)§ | 219000 | 206799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6 XB<br>0.862%, 6/15/52 IO (l) | 1000000 | 24827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2 XA<br>1.157%, 3/15/52 IO (l) | 2637725 | 80171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3 XA<br>0.726%, 11/15/52 IO (l) | 4209707 | 96537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4 B<br>3.082%, 2/15/53 | 207000 | 186044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NSTB A<br>3.900%, 9/24/57 (l)§ | 235001 | 227389 |
|  MSC Trust, | MSC Trust, | MSC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ILP D<br>6.003%, 11/15/36 (l)§ | 365790 | 365104 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 XA<br>1.141%, 12/15/56 IO (l) | 998642 | 59480 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX A<br>4.404%, 6/17/38§ | 100000 | 95318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-APPL A<br>5.526%, 8/15/38 (l)§ | 700000 | 681595 |
|  NCMF Trust, | NCMF Trust, | NCMF Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MFS A<br>4.883%, 6/10/33 (l)§ | 67000 | 67421 |
|  New Orleans Hotel Trust, | New Orleans Hotel Trust, | New Orleans Hotel Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>5.348%, 4/15/32 (l)§ | 400000 | 398997 |
|  NJ Trust, | NJ Trust, | NJ Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-WBRK A<br>5.867%, 3/5/35§ | 188000 | 193942 |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>5.521%, 11/15/38 (l)§ | 1100000 | 1094499 |
|  Olympic Tower Mortgage Trust, | Olympic Tower Mortgage Trust, | Olympic Tower Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-OT XA<br>0.511%, 5/10/39 IO (l)§ | 1000000 | 5661 |
|  One Market Plaza Trust, | One Market Plaza Trust, | One Market Plaza Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT XCP<br>0.000%, 2/10/32 IO (l)§ | 830825 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT XNCP<br>0.219%, 2/10/32 IO (l)§ | 166165 | 171 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK A<br>5.126%, 3/15/36 (l)§ | 600000 | 587250 |
|  PGA Trust, | PGA Trust, | PGA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RSR2 A<br>6.203%, 6/15/39 (l)§ | 114000 | 113929 |
|  RIAL Issuer Ltd., | RIAL Issuer Ltd., | RIAL Issuer Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A<br>6.562%, 1/19/37 (l)§ | 158138 | 158237 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR A<br>5.388%, 11/13/41§ | 140000 | 142544 |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-555 B<br>5.926%, 5/15/38 (l)§ | 180000 | 178799 |
|  SG Commercial Mortgage Securities Trust, | SG Commercial Mortgage Securities Trust, | SG Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ D<br>3.593%, 9/15/39 (l)§ | 30000 | 25648 |
|  SREIT Trust, | SREIT Trust, | SREIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP D<br>6.004%, 11/15/38 (l)§ | 307855 | 307662 |
|  TCO Commercial Mortgage Trust, | TCO Commercial Mortgage Trust, | TCO Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM C<br>6.304%, 12/15/39 (l)§ | 190000 | 189525 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 A4<br>3.679%, 12/15/50 | 140000 | 137180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12 B<br>4.787%, 8/15/51 (l) | 75000 | 70094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C13 XA<br>0.939%, 10/15/51 IO (l) | 7752059 | 155187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8 C<br>4.839%, 2/15/51 (l) | 226000 | 201996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XA<br>1.578%, 10/15/52 IO (l) | 916724 | 44538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18 XA<br>1.110%, 12/15/52 IO (l) | 916146 | 31530 |
|  VEGAS Trust, | VEGAS Trust, | VEGAS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-TI A<br>5.518%, 11/10/39§ | 140000 | 141747 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.760%, 3/25/49 (l)§ | 209546 | 204566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6 A<br>5.810%, 12/25/54 (l)§ | 923592 | 924875 |
|  VNDO Trust, | VNDO Trust, | VNDO Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-350P D<br>4.033%, 1/10/35 (l)§ | 100000 | 97369 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 C<br>3.894%, 2/15/48 | 149405 | 132755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20 C<br>4.056%, 4/15/50 (l) | 109277 | 105310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2 XA<br>0.268%, 7/15/58 IO (l) | 551422 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1 XD<br>1.380%, 8/15/49 IO (l)§ | 1000000 | 10132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32 A3FL<br>5.848%, 1/15/59 (l) | 20828 | 20854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33 XA<br>1.699%, 3/15/59 IO (l) | 819590 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34 A3FL<br>5.468%, 6/15/49 (l)§ | 30000 | 29816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38 XA<br>1.050%, 7/15/50 IO (l) | 2166602 | 27623 |

---

See Notes to Financial Statements.

1283

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39 XA<br>1.217%, 9/15/50 IO (l) | $| 2088222 | $| 32777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745 A<br>3.874%, 6/15/36 (l)§ |  | 600000 |  | 546765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46 B<br>4.633%, 8/15/51 |  | 24000 |  | 22671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49 B<br>4.546%, 3/15/52 |  | 90000 |  | 87540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 B<br>4.192%, 5/15/52 |  | 150000 |  | 138172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 XA<br>1.571%, 5/15/52 IO (l) |  | 812361 |  | 31644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55 AS<br>2.937%, 2/15/53 |  | 207000 |  | 183043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55 XA<br>1.398%, 2/15/53 IO (l) |  | 3865999 |  | 175936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56 XA<br>1.381%, 6/15/53 IO (l) |  | 3021655 |  | 146414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59 XA<br>1.625%, 4/15/54 IO (l) |  | 2936486 |  | 175153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT D<br>7.926%, 5/15/31 (l)§ |  | 110000 |  | 109578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC B<br>6.215%, 7/15/43§ |  | 47000 |  | 47799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC C<br>6.432%, 7/15/43§ |  | 30000 |  | 30388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC D<br>7.082%, 7/15/43§ |  | 10000 |  | 10182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BPRC X<br>0.312%, 7/15/43 IO (l)§ |  | 369000 |  | 3361 |
|  WEST Trust, | WEST Trust, | WEST Trust, | WEST Trust, | WEST Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROSE A<br>5.454%, 4/10/35 (l)§ |  | 18000 |  | 18252 |
|  WMRK Commercial Mortgage Trust, | WMRK Commercial Mortgage Trust, | WMRK Commercial Mortgage Trust, | WMRK Commercial Mortgage Trust, | WMRK Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK A<br>7.101%, 11/15/27 (l)§ |  | 100000 |  | 100125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK B<br>7.748%, 11/15/27 (l)§ |  | 100000 |  | 100062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  |  | 49899924 |
|  **Corporate Bonds (27.7%)** | **Corporate Bonds (27.7%)** | **Corporate Bonds (27.7%)** | **Corporate Bonds (27.7%)** | **Corporate Bonds (27.7%)** |
|  **Communication Services (1.5%)** | **Communication Services (1.5%)** | **Communication Services (1.5%)** | **Communication Services (1.5%)** | **Communication Services (1.5%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/27 |  | 100000 |  | 99238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/27 |  | 150000 |  | 149754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/15/28 |  | 120000 |  | 119475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 |  | 130000 |  | 129435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/34 |  | 210000 |  | 214793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/53 |  | 59000 |  | 39895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/1/57 |  | 169000 |  | 118272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/15/59 |  | 460000 |  | 306675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/60 |  | 59000 |  | 41130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/61 |  | 98000 |  | 62919 |
|  Bell Canada | Bell Canada | Bell Canada | Bell Canada | Bell Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/15/34 |  | 100000 |  | 100055 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/29§ |  | 500000 |  | 497245 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/16/27 |  | 150000 |  | 149878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/22/28 |  | 60000 |  | 56807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 |  | 118000 |  | 118391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/18/30 |  | 60000 |  | 51693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 |  | 602000 |  | 539323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 3/15/32 |  | 225000 |  | 193828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 7/2/37§ |  | 112000 |  | 112983 |
|  |  |  |  | 3101789 |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/34 |  | 40000 |  | 40761 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/28/28 |  | 50000 |  | 50755 |
|  Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/22/30 |  | 250000 |  | 245721 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 |  | 375000 |  | 361406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 |  | 100000 |  | 84000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 3/15/52 |  | 4000 |  | 3360 |
|  |  |  |  | 786003 |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 |  | 100000 |  | 101756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/15/34(x) |  | 455000 |  | 456025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/62 |  | 343000 |  | 290689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/15/64 |  | 11000 |  | 10752 |
|  |  |  |  | 859222 |
|  ***Media (0.6%)*** |  |  |  |  |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 2/1/34 |  | 15000 |  | 16009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 6/1/34 |  | 315000 |  | 335692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/35 |  | 51000 |  | 53374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/42 |  | 61000 |  | 43289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/48 |  | 289000 |  | 260360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/50 |  | 53000 |  | 42093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/51 |  | 194000 |  | 129090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/52 |  | 75000 |  | 51339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/53 |  | 14000 |  | 11873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/1/61 |  | 1268000 |  | 810665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/1/61 |  | 112000 |  | 78574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/30/62 |  | 50000 |  | 32143 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 |  | 245000 |  | 244171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 2/1/30 |  | 200000 |  | 185420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/15/31 |  | 850000 |  | 743545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/32 |  | 20000 |  | 20942 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/15/27§ |  | 400000 |  | 392062 |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 |  | 100000 |  | 100775 |
|  Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/28 |  | 15000 |  | 15081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/33 |  | 100000 |  | 101394 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/4/26 (e) |  | 42000 |  | 40745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/27 |  | 212000 |  | 206276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/15/28 |  | 470000 |  | 454270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/31 |  | 200000 |  | 193951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/44 |  | 15000 |  | 11932 |

---

See Notes to Financial Statements.

1284

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/15/44 | $11000 | $| 8495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 1/15/45 | 17000 |  | 12577 |
|  |  |  | 4596137 |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** |
|  America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/33 | 100000 |  | 100154 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 65000 |  | 63740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/15/34 | 100000 |  | 100017 |
|  Sprint LLC | Sprint LLC | Sprint LLC | Sprint LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/26 | 30000 |  | 30311 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/27 | 200000 |  | 197916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/29 | 475000 |  | 481394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | 155000 |  | 149074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 1135000 |  | 1101889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/15/32 | 171000 |  | 174310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/33 | 232000 |  | 235464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/15/34 | 150000 |  | 151663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/60 | 87000 |  | 57430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 9/15/62 | 141000 |  | 137750 |
|  |  |  | 2981112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 12324263 |
|  **Consumer Discretionary (1.2%)** | **Consumer Discretionary (1.2%)** | **Consumer Discretionary (1.2%)** | **Consumer Discretionary (1.2%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Magna International, Inc. | Magna International, Inc. | Magna International, Inc. | Magna International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/21/33 | 100000 |  | 102370 |
|  ***Automobiles (0.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/32 | 200000 |  | 168494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 8/19/32 (x) | 200000 |  | 199208 |
|  General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/15/28 | 16000 |  | 16233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/35 | 150000 |  | 153815 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/11/25§ | 300000 |  | 300060 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>5.580%, 8/4/25 (k)§ | 500000 |  | 500145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/30/26§ | 300000 |  | 301885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 9/21/26§ | 200000 |  | 202898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/8/27§ | 300000 |  | 302568 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/30/28§ | 500000 |  | 506000 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.201%, 9/17/28 (m) | 400000 |  | 459872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30§ | $700000 |  | 639625 |
|  Toyota Motor Corp. | Toyota Motor Corp. | Toyota Motor Corp. | Toyota Motor Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%, 7/13/33 | 150000 |  | 154062 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 9/12/28§ | 400000 |  | 408162 |
|  |  |  | 4313027 |
|  ***Broadline Retail (0.1%)*** |  |  |  |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31(x) | 100000 |  | 88250 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/13/27 | 100000 |  | 98855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/22/27 | 50000 |  | 49180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/12/28 | 50000 |  | 46919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/3/30 | 85000 |  | 75100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/12/31 | 50000 |  | 44249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 | 100000 |  | 95438 |
|  eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/22/25 | 400000 |  | 401992 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193%, 1/19/32 (m) | 218000 |  | 203558 |
|  |  |  | 1103541 |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 1/30/32§ | 300000 |  | 315387 |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/29 (x) | 600000 |  | 567543 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 | 200000 |  | 188610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/35 | 110000 |  | 110462 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/30/27 | 30000 |  | 30616 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/29 | 400000 |  | 410897 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 | 55000 |  | 55859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/30 | 400000 |  | 403582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/34 | 31000 |  | 29477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF<br>4.625%, 6/15/30 | 25000 |  | 25034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>4.000%, 4/15/28 | 25000 |  | 24761 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 | 40000 |  | 37567 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 8/15/29 | 100000 |  | 97220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 | 20000 |  | 18048 |
|  |  |  | 1999676 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/34 | 501000 |  | 494233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/35 | 25000 |  | 25351 |
|  Leggett & Platt, Inc. | Leggett & Platt, Inc. | Leggett & Platt, Inc. | Leggett & Platt, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/27 | 25000 |  | 24241 |
|  Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/29/27 | 100000 |  | 100578 |
|  Mohawk Industries, Inc. | Mohawk Industries, Inc. | Mohawk Industries, Inc. | Mohawk Industries, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 25000 |  | 23818 |
|  |  |  | 668221 |
|  ***Leisure Products (0.0%)†*** |  |  |  |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/27 | 15000 |  | 14654 |
|  ***Specialty Retail (0.1%)*** |  |  |  |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/28 | 70000 |  | 70450 |

---

See Notes to Financial Statements.

1285

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/26 | $65000 | 63504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/15/28 (x) | 65000 | 59871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 | 30000 | 28686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/25/29 | 45000 | 45868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/15/31 | 85000 | 73067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 | 45000 | 41629 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 | 200000 | 195168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/33 | 40000 | 40364 |
|  O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 | 50000 | 50143 |
|  Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/15/33 | 5000 | 5096 |
|  |  | 673846 |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** |
|  Ralph Lauren Corp. | Ralph Lauren Corp. | Ralph Lauren Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/30 | 15000 | 14008 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 9204730 |
|  **Consumer Staples (1.0%)** |  |  |
|  ***Beverages (0.2%)*** |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 | 250000 | 254083 |
|  Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/25/27 | 50000 | 49039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/5/31 | 65000 | 57683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/14/34 (x) | 55000 | 55245 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/9/27 | 100000 | 99944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 1/15/29 | 375000 | 378616 |
|  Diageo Capital plc | Diageo Capital plc | Diageo Capital plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 | 200000 | 185265 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/15/29 (x) | 100000 | 98365 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/26 | 100000 | 98507 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/27 (x) | 100000 | 97789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 | 200000 | 187276 |
|  |  | 1561812 |
|  ***Consumer Staples Distribution & Retail (0.1%)*** | ***Consumer Staples Distribution & Retail (0.1%)*** | ***Consumer Staples Distribution & Retail (0.1%)*** |
|  Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/20/30 | 200000 | 178301 |
|  Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/15/26 | 50000 | 48950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 | 25000 | 25182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/34 | 45000 | 44558 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 50000 | 48995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/23/30 | 35000 | 35836 |
|  Target Corp. | Target Corp. | Target Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | 100000 | 97263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 | 50000 | 49712 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/26 | 100000 | 97875 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 7/8/26 (x) | 40000 | 39581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/8/29 (x) | 200000 | 194466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/24/29 | 3000 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 | 15000 | 13052 |
|  |  | 876578 |
|  ***Food Products (0.3%)*** |  |  |
|  Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/11/26 | 50000 | 49091 |
|  Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/14/31 | 25000 | 22617 |
|  Campbell's Co. (The) | Campbell's Co. (The) | Campbell's Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/15/28 | 25000 | 24888 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/1/28 | 225000 | 226947 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/17/28 | 215000 | 214506 |
|  Hormel Foods Corp. | Hormel Foods Corp. | Hormel Foods Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/3/28 | 70000 | 65387 |
|  J M Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/30 | 15000 | 13636 |
|  JBS USA Holding Lux Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28 | 100000 | 101542 |
|  JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/23/34 (m) | EUR 400,000 | 492242 |
|  Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/30§ | $400000 | 404392 |
|  Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/13/30 (x) | 200000 | 185390 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/5/27 | 100000 | 98114 |
|  |  | 1898752 |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** |
|  Clorox Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/30 | 15000 | 13238 |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/1/28 | 10000 | 9973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/25/29 | 50000 | 48488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/2/31 | 25000 | 22055 |
|  Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 | 50000 | 43140 |
|  |  | 136894 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/31 | 45000 | 39153 |
|  Haleon US Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/27 | 250000 | 246298 |
|  |  | 285451 |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** |
|  Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 2/14/29 | 40000 | 40414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/6/35 | 25000 | 25406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/4/41 | 29000 | 21515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/9/42 | 94000 | 76283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/2/43 | 197000 | 164180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/16/46 | 198000 | 146473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 2/14/59 | 10000 | 10050 |

---

See Notes to Financial Statements.

1286

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557%, 8/15/27 | 100000 | $| 98288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | 225000 |  | 212625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 | 1030000 |  | 1022228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 8/2/43 | 76000 |  | 83085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 | 25000 |  | 20095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/16/52 | 140000 |  | 130273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.081%, 8/2/53 | 51000 |  | 56724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 8/15/55 | 183000 |  | 183826 |
|  BAT International Finance plc | BAT International Finance plc | BAT International Finance plc | BAT International Finance plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931%, 2/2/29 (x) | 400000 |  | 419122 |
|  Imperial Brands Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/26/26§ | 400000 |  | 395004 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/15/33 | 200000 |  | 206300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/13/34 | 100000 |  | 101870 |
|  |  |  | 3413761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 8173248 |
|  **Energy (3.3%)** |  |  |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  Baker Hughes Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%, 12/15/27 | 100000 |  | 97939 |
|  FORESEA Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/15/30 (m) | 32553 |  | 30762 |
|  |  |  | 128701 |
|  ***Oil, Gas & Consumable Fuels (3.3%)*** | ***Oil, Gas & Consumable Fuels (3.3%)*** | ***Oil, Gas & Consumable Fuels (3.3%)*** | ***Oil, Gas & Consumable Fuels (3.3%)*** |
|  Adnoc Murban Rsc Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/11/29§ | 200000 |  | 198500 |
|  Antero Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/1/30§ | 838000 |  | 843455 |
|  APA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/43§ | 29000 |  | 21997 |
|  Boardwalk Pipelines LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/3/29 | 20000 |  | 20196 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.588%, 4/14/27 | 100000 |  | 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 | 200000 |  | 199963 |
|  BP Capital Markets plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 9/19/27 | 50000 |  | 49013 |
|  Cameron LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402%, 1/15/38§ | 348000 |  | 296730 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/29§ | 400000 |  | 403103 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/27 | 71000 |  | 71638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/29 | 684000 |  | 659263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 12/31/39 | 188000 |  | 151693 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/31/32 | 400000 |  | 358438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/30/33 | 50000 |  | 52039 |
|  Cheniere Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/28 | 200000 |  | 199619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 4/15/34 | 1070000 |  | 1090881 |
|  Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.819%, 4/15/32 | 100000 |  | 101758 |
|  ConocoPhillips Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 4/15/29 | 200000 |  | 219122 |
|  Continental Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ | 500000 |  | 503850 |
|  Coterra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 100000 |  | 98927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 2/15/35 | 400000 |  | 395801 |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/26 | 825000 |  | 812209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/18/27 | 75000 |  | 76016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/29 | 1480000 |  | 1414300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/24/31 | 472000 |  | 430996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/33 | 505000 |  | 536964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 4/18/34 | 40000 |  | 40069 |
|  Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/15/27 | 50000 |  | 49312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/5/34 | 150000 |  | 153982 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/28 | 25000 |  | 25698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 12/1/28 | 200000 |  | 210080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/30 | 100000 |  | 95809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/34 | 150000 |  | 151492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/50 | 700000 |  | 580830 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 | 30000 |  | 28093 |
|  EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/15/30 | 200000 |  | 199743 |
|  EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/1/27§ | 51000 |  | 51983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/1/27§ | 113000 |  | 115488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/1/27 | 174000 |  | 171387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 365000 |  | 374898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29§ | 174000 |  | 171752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 500000 |  | 503741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 4/1/29§ | 273000 |  | 281422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/1/30 (e) | 88000 |  | 94954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/1/30§ | 1488000 |  | 1634984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/31§ | 559000 |  | 549454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/31§ | 885000 |  | 818924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/34 | 344000 |  | 355399 |
|  Equinor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/10/28 | 100000 |  | 98659 |
|  Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 2/1/29 | 186000 |  | 186279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/15/30 | 404000 |  | 403721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 | 304000 |  | 294558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 1/15/35 | 770000 |  | 780203 |
|  Exxon Mobil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.275%, 8/16/26 | 200000 |  | 196153 |
|  Flex Intermediate Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, 6/30/31§ | 400000 |  | 356227 |
|  Greensaif Pipelines Bidco Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%, 2/23/36 (m) | 201000 |  | 202759 |
|  HF Sinclair Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/35 (x) | 50000 |  | 50546 |
|  Korea National Oil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/3/29§ | 400000 |  | 407440 |
|  Marathon Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26 | 100000 |  | 100836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 15000 |  | 14782 |
|  MPLX LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 200000 |  | 197890 |
|  NGPL PipeCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/31§ | 10000 |  | 8866 |

---

See Notes to Financial Statements.

1287

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 8/1/29 | $125000 | $| 125437 |
|  ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 50000 |  | 49539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/30 | 15000 |  | 13993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/1/30§ | 414000 |  | 441616 |
|  ORLEN SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/30/35 (m) | 200000 |  | 205100 |
|  Ovintiv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 5/15/28 | 35000 |  | 35927 |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 2/7/33 (x) | 200000 |  | 214060 |
|  Phillips 66 Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/26 | 25000 |  | 24737 |
|  Pioneer Natural Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/29/26 | 200000 |  | 200914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/30 | 50000 |  | 44297 |
|  Plains All American Pipeline LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/26 (x) | 50000 |  | 50070 |
|  Raizen Fuels Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/8/32§ | 207000 |  | 204930 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/27 | 434000 |  | 436524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/28 | 200000 |  | 198848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/30 | 853000 |  | 849935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 9/15/37 | 242000 |  | 250340 |
|  Saudi Arabian Oil Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/17/34§ | 400000 |  | 402932 |
|  Shell Finance US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/7/29 | 50000 |  | 46458 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.911%, 9/1/27§ | 21000 |  | 21136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%, 10/1/29§ | 400000 |  | 400636 |
|  Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 3/1/29 | 636000 |  | 667947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/33 | 721000 |  | 756590 |
|  TotalEnergies Capital International SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 | 100000 |  | 97734 |
|  TotalEnergies Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%, 9/10/34 | 50000 |  | 49592 |
|  TransCanada PipeLines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 | 100000 |  | 99659 |
|  Valero Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/29 | 65000 |  | 63706 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/29§ | 200000 |  | 188308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/33§ | 100000 |  | 87283 |
|  Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/1/28§ | 300000 |  | 309021 |
|  Western Midstream Operating LP | Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/1/33 | 20000 |  | 20735 |
|  Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 | 65000 |  | 58119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 | 11000 |  | 10773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/15/34 | 100000 |  | 99848 |
|  |  |  | 25990628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 26119329 |
|  **Financials (10.9%)** |  |  |  |
|  ***Banks (6.4%)*** | ***Banks (6.4%)*** | ***Banks (6.4%)*** | ***Banks (6.4%)*** |
|  ABN AMRO Bank NV (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.575%, 10/13/26 (k)§ | 400000 |  | 402060 |
|  Banco Bilbao Vizcaya Argentaria SA (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.883%, 11/15/34 (k) | 100000 |  | 113126 |
|  Banco Espirito Santo SA 4.000%, 1/21/19 (h)(m) | EUR 900,000 |  | 267159 |
|  Banco Santander SA (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.552%, 3/14/28 (k) | $400000 |  | 406465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.588%, 8/8/28 | 200000 |  | 206473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.607%, 11/7/28 | 200000 |  | 213108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 | 200000 |  | 178035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 7/15/31 | 100000 |  | 103867 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.00%), 3.036%, 9/22/26 (k)(m) | EUR 600,000 |  | 707887 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.734%, 7/22/27 (k) | $326000 |  | 316863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.705%, 4/24/28 (k) | 220000 |  | 217426 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 4.376%, 4/27/28 (k) | 550000 |  | 549886 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.30%), 3.419%, 12/20/28 (k) | 537000 |  | 524809 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.202%, 4/25/29 (k) | 35000 |  | 35763 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 4.623%, 5/9/29 (k) | 53000 |  | 53299 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 2.087%, 6/14/29 (k) | 100000 |  | 93472 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 4.271%, 7/23/29 (k) | 50000 |  | 49764 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.819%, 9/15/29(k) | 500000 |  | 520477 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.47%), 3.974%, 2/7/30 (k) | 400000 |  | 393305 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.687%, 4/22/32 (k) | 262000 |  | 234793 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.572%, 10/20/32 (k) | 221000 |  | 194356 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 2.972%, 2/4/33 (k) | 258000 |  | 230722 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.571%, 4/27/33 (k) | 268000 |  | 263450 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 5.015%, 7/22/33 (k) | 60000 |  | 60506 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.288%, 4/25/34 (k) | 127000 |  | 129453 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.872%, 9/15/34 (k) | 200000 |  | 210364 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.468%, 1/23/35 (k) | 40000 |  | 40969 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.511%, 1/24/36 (k) | 75000 |  | 77139 |

---

See Notes to Financial Statements.

1288

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.70%), 5.744%, 2/12/36 (k) | $70000 | $70874 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 3.846%, 3/8/37 (k) | 200000 | 182567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 5.162%, 1/24/31 (k) | 273000 | 279592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.651%, 3/11/32 (k) | 100000 | 89543 |
|  Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 5.442%, 8/18/26 (k) | 400000 | 402142 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/15/26 | 50000 | 48232 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/15/26 | 100000 | 96524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/12/28 (x) | 100000 | 102887 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.896%, 7/13/26§ | 300000 | 304134 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.07%), 5.484%, 2/16/28 (k)§ | 400000 | 401595 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/27 (m) | GBP 500,000 | 672461 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.674%, 3/12/28 (k) | $250000 | 254410 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.889%, 3/12/28 (k) | 200000 | 201581 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.385%, 11/2/28 (k) | 300000 | 318420 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 7.437%, 11/2/33 (k) | 550000 | 622266 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 1.904%, 9/30/28 (k)§ | 700000 | 659609 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.497%, 5/20/30 (k)§ | 400000 | 409831 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.281%, 5/30/29§ | 250000 | 256702 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.27%), 6.714%, 10/19/29 (k)§ | 400000 | 423031 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.615%, 7/17/26 | 200000 | 202446 |
|  Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.864%, 9/29/25 | 300000 | 300656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.488%, 12/4/26 | 600000 | 609160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.803%, 9/29/28 | 200000 | 209046 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/29/27 | 200000 | 199950 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 3.070%, 2/24/28 (k) | 400000 | 390695 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.643%, 5/7/28 (k) | 230000 | 230293 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.65%), 3.668%, 7/24/28 (k) | 125000 | 123031 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.41%), 3.520%, 10/27/28 (k) | 61000 | 59639 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 4.786%, 3/4/29 (k) | 9000 | 9047 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.174%, 2/13/30 (k) | 244000 | 248527 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.60%), 3.980%, 3/20/30 (k) | 150000 | 146630 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.542%, 9/19/30 (k) | 471000 | 468263 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 2.976%, 11/5/30 (k) | 50000 | 46735 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 2.666%, 1/29/31 (k) | 84000 | 76928 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.520%, 11/3/32 (k) | 177000 | 154531 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 3.057%, 1/25/33 (k) | 208000 | 185811 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%), 3.785%, 3/17/33 (k) | 394000 | 367572 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.270%, 11/17/33 (k) | 255000 | 274651 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.449%, 6/11/35 (k) | 400000 | 407397 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 6.020%, 1/24/36 (k) | 65000 | 66583 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 7/27/26 | 100000 | 98114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/30 | 30000 | 28035 |
|  Comerica, Inc. | Comerica, Inc. | Comerica, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/29 | 50000 | 48828 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 3/13/26 | 400000 | 402447 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/18/25 | 500000 | 500199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/21/26 | 250000 | 248054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/5/26 | 300000 | 304845 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.447%, 3/5/30 (k)§ | 400000 | 411561 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 6.316%, 10/3/29 (k)§ | 400000 | 419830 |
|  Danske Bank A/S | Danske Bank A/S | Danske Bank A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.705%, 3/1/30 (k)§ | 400000 | 414429 |
|  Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 4.055%, 4/25/28(k) | 60000 | 59541 |
|  FNB Corp. | FNB Corp. | FNB Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.93%), 5.722%, 12/11/30 (k) | 94000 | 94222 |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.35%), 7.390%, 11/3/28 (k) | 700000 | 742688 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.546%, 3/4/30 (k) | 100000 | 102845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/31/30 | 400000 | 405848 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 2.804%, 5/24/32 (k) | 200000 | 177405 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 6.254%, 3/9/34 (k) | 800000 | 854165 |

---

See Notes to Financial Statements.

1289

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.874%, 11/18/35 (k) | $200000 | $202139 |
|  Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 5.023%, 5/17/33 (k) | 35000 | 34497 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 2.487%, 8/15/36 (k) | 100000 | 83900 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.335%, 3/19/30 (k) | 200000 | 204788 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.23%), 5.066%, 3/25/31 (k) | 500000 | 507404 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/1/26 | 840000 | 827683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/26 (x) | 125000 | 124764 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.470%, 9/22/27 (k) | 40000 | 38574 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.070%, 10/22/27 (k) | 650000 | 663930 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 5.626%, 1/23/28 (k) | 200000 | 200906 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.60%), 3.782%, 2/1/28 (k) | 125000 | 123832 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.64%), 3.540%, 5/1/28 (k) | 75000 | 73891 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%), 2.182%, 6/1/28 (k) | 700000 | 672157 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.979%, 7/22/28 (k) | 36000 | 36464 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 4.505%, 10/22/28 (k) | 611000 | 612685 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 2.069%, 6/1/29(k) | 55000 | 51555 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.299%, 7/24/29 (k) | 455000 | 466520 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.012%, 1/23/30 (k)(x) | 40000 | 40716 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.16%), 5.581%, 4/22/30 (k) | 412000 | 427472 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 4.995%, 7/22/30 (k) | 910000 | 923756 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.51%), 2.739%, 10/15/30 (k) | 200000 | 186239 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 4.603%, 10/22/30 (k) | 400000 | 400053 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 2.522%, 4/22/31 (k) | 261000 | 238249 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.103%, 4/22/31 (k) | 377000 | 386249 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.52%), 2.956%, 5/13/31 (k) | 200000 | 184483 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.580%, 4/22/32 (k) | 75000 | 66882 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.545%, 11/8/32 (k) | 377000 | 331560 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.963%, 1/25/33 (k) | 100000 | 89681 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%), 4.586%, 4/26/33 (k) | 85000 | 83737 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 4.912%, 7/25/33 (k) | 38000 | 38079 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.81%), 6.254%, 10/23/34 (k) | 40000 | 43295 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.946%, 10/22/35 (k) | 40000 | 39536 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.502%, 1/24/36 (k) | 532000 | 545849 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.572%, 4/22/36 (k) | 169000 | 175216 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.796%, 1/19/29 (k)§ | 200000 | 206241 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.932%, 10/16/30 (k)§ | 400000 | 403965 |
|  KeyBank NA | KeyBank NA | KeyBank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/26/33 | 250000 | 245760 |
|  KeyCorp | KeyCorp | KeyCorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.42%), 6.401%, 3/6/35 (k) | 250000 | 265965 |
|  Korea Development Bank (The) | Korea Development Bank (The) | Korea Development Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/29 | 200000 | 202108 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/27 | 180000 | 177402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/3/28 | 90000 | 88014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 | 100000 | 100426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 | 60000 | 60247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 | 100000 | 100777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/30 | 100000 | 103385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/30/30 | 105000 | 89658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/15/33 | 200000 | 199063 |
|  Landwirtschaftliche Rentenbank | Landwirtschaftliche Rentenbank | Landwirtschaftliche Rentenbank |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/27/26 | 75000 | 73285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/3/30 (x) | 100000 | 86158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 37 2.500%, 11/15/27 | 50000 | 48583 |
|  Lloyds Banking Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.087%, 11/26/28 (k) | 200000 | 202412 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.06%), 5.367%, 11/26/28 (k) | 200000 | 200447 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.679%, 1/5/35 (k) | 200000 | 204629 |
|  M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.053%, 1/27/34 (k) | 125000 | 123054 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.640%, 10/13/27 (k) | 200000 | 193010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 | 100000 | 98068 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.63%), 5.441%, 2/22/34 (k)(x) | 200000 | 205737 |

---

See Notes to Financial Statements.

1290

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%, 3/5/28 | $200000 | $199835 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 3.261%, 5/22/30 (k) | 700000 | 666632 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.748%, 7/6/34 (k) | 200000 | 207983 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.571%, 1/14/28 (k) | 400000 | 402141 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/30/28§ | 400000 | 408283 |
|  NatWest Group plc | NatWest Group plc | NatWest Group plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.583%, 3/1/28 (k) | 400000 | 406981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.076%, 1/27/30 | 200000 | 202470 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.778%, 3/1/35 (k) | 50000 | 51730 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 2 |  |
|  Norinchukin Bank (The) | Norinchukin Bank (The) | Norinchukin Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/16/29§ | $400000 | 403989 |
|  Oesterreichische Kontrollbank AG | Oesterreichische Kontrollbank AG | Oesterreichische Kontrollbank AG |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/28 | 75000 | 75815 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 5.102%, 7/23/27 (k) | 100000 | 100720 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 2.307%, 4/23/32 (k) | 65000 | 56924 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 5.068%, 1/24/34 (k) | 200000 | 200658 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.60%), 5.401%, 7/23/35 (k) | 40000 | 40734 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.39%), 5.575%, 1/29/36 (k) | 15000 | 15435 |
|  Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.502%, 9/6/35 (k) | 25000 | 24997 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 11/2/26 | 50000 | 48255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/19/27 | 400000 | 403782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 8/3/27 | 150000 | 150186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/12/28 | 325000 | 330550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/33 | 250000 | 253264 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 5.741%, 3/20/31 (k) | 95000 | 97430 |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.469%, 1/11/28 (k) | 200000 | 193722 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.534%, 1/10/29 (k) | 700000 | 730635 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/23/29§ | 500000 | 487155 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 6.446%, 1/10/29 (k)§ | 300000 | 311708 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.691%, 1/10/34 (k)§ | 500000 | 532988 |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%, 1/9/29§ | 600000 | 623394 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.474%, 7/8/25 | 600000 | 599701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.402%, 9/17/26 | 200000 | 193138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 7/12/27 | 100000 | 98333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352%, 10/18/27 | 100000 | 98010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520%, 1/13/28 (x) | 200000 | 205813 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.246%, 7/8/36 (k) | 100000 | 100000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/7/27§ | 400000 | 405858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/9/28§ | 300000 | 309047 |
|  Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/10/26 | 50000 | 48221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/10/32 | 200000 | 181483 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 4.873%, 1/26/29 (k) | 40000 | 40430 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.435%, 1/24/30 (k) | 110000 | 113199 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.122%, 1/26/34 (k) | 150000 | 149970 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.711%, 1/24/35 (k) | 200000 | 206920 |
|  US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%), 4.653%, 2/1/29 (k) | 50000 | 50274 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%), 5.775%, 6/12/29 (k) | 100000 | 103642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/22/30 | 200000 | 172508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/22/26 | 150000 | 147255 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 | 100000 | 98283 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 3.196%, 6/17/27 (k) | 400000 | 394617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/22/27 | 100000 | 99950 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.707%, 4/22/28 (k) | 298000 | 304319 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 3.584%, 5/22/28 (k) | 75000 | 73797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 1/24/29 | 200000 | 198935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 6.303%, 10/23/29 (k) | 175000 | 184897 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.198%, 1/23/30 (k) | 55000 | 56306 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.244%, 1/24/31 (k) | 275000 | 282003 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.26%), 2.572%, 2/11/31 (k) | 435000 | 397717 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 3.350%, 3/2/33 (k) | 780000 | 709661 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 4.897%, 7/25/33 (k) | 53000 | 52805 |

---

See Notes to Financial Statements.

1291

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.02%), 5.389%, 4/24/34 (k) | $| 322000 | $| 328487 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.211%, 12/3/35 (k) |  | 40000 |  | 40138 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.605%, 4/23/36 (k) |  | 65000 |  | 67104 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 8/1/25 |  | 200000 |  | 200133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/7/26 |  | 200000 |  | 202483 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.470%, 12/11/26 (k) |  | 400000 |  | 402974 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/19/26 |  | 75000 |  | 73815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/16/29 |  | 200000 |  | 206087 |
|  |  |  |  | 50713888 |
|  ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/27 |  | 100000 |  | 96610 |
|  Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/17/26 |  | 75000 |  | 73535 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 3.992%, 6/13/28 (k) |  | 50000 |  | 49789 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 4.975%, 3/14/30 (k) |  | 50000 |  | 51165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 1/25/29 |  | 50000 |  | 46232 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.967%, 4/26/34 (k) |  | 125000 |  | 125336 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 4/2/30§ |  | 400000 |  | 404459 |
|  BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. | BlackRock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/29 (x) |  | 15000 |  | 14520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/25/33 |  | 65000 |  | 65594 |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/15/26 |  | 50000 |  | 48305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/22/34 |  | 50000 |  | 48778 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/15/26 |  | 50000 |  | 49190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/11/28 |  | 25000 |  | 23253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 3/15/29 |  | 15000 |  | 15061 |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/23/26 |  | 25000 |  | 24332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 6/13/28 |  | 100000 |  | 106833 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/25/28 |  | 50000 |  | 49422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 4/15/31 |  | 80000 |  | 72096 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/19/29§ |  | 600000 |  | 574445 |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/27 |  | 30000 |  | 29559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/13/31 |  | 50000 |  | 44271 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.01%), 6.136%, 8/24/34 (k) |  | 200000 |  | 215682 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 2.129%, 11/24/26 (k) |  | 700000 |  | 692262 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.706%, 2/8/28 (k) |  | 150000 |  | 152447 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.18%), 6.720%, 1/18/29 (k) |  | 150000 |  | 157350 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/1/32 |  | 47000 |  | 42809 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 |  | 50000 |  | 45821 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.491%, 8/10/26 (k) |  | 200000 |  | 200150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.798%, 8/10/26 (k) |  | 300000 |  | 300328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/16/26 |  | 65000 |  | 64243 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 1.542%, 9/10/27 (k) |  | 310000 |  | 299114 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.948%, 10/21/27 (k) |  | 310000 |  | 299777 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.01%), 6.294%, 10/28/27 (k) |  | 600000 |  | 609583 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 4.937%, 4/23/28 (k) |  | 650000 |  | 655004 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.691%, 6/5/28 (k) |  | 65000 |  | 64031 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.223%, 5/1/29 (k) |  | 396000 |  | 393448 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%), 6.484%, 10/24/29 (k) |  | 200000 |  | 212125 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 5.727%, 4/25/30 (k) |  | 500000 |  | 519257 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.049%, 7/23/30 (k) |  | 375000 |  | 380585 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.692%, 10/23/30 (k) |  | 35000 |  | 35085 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.207%, 1/28/31 (k) |  | 171000 |  | 174763 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.218%, 4/23/31 (k) |  | 256000 |  | 261502 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 1.992%, 1/27/32 (k) |  | 236000 |  | 204120 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.383%, 7/21/32 (k) |  | 105000 |  | 91649 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.650%, 10/21/32 (k) |  | 425000 |  | 374676 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 3.102%, 2/24/33 (k) |  | 17000 |  | 15249 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.95%), 6.561%, 10/24/34 (k) |  | 100000 |  | 110226 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.016%, 10/23/35 (k) |  | 80000 |  | 78886 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/24/26 |  | 15000 |  | 14590 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/31 |  | 30000 |  | 31087 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/15/31 |  | 100000 |  | 86974 |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/24/13 (h) |  | 5000000 |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/30/16 (h) |  | 10200000 |  | 2805 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/15/30 (x) |  | 500000 |  | 507094 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/19/31 |  | 100000 |  | 86755 |

---

See Notes to Financial Statements.

1292

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.67%), 4.679%, 7/17/26 (k) | 800000 | 799951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/27/26 | 125000 | 123425 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.593%, 5/4/27 (k) | 54000 | 52631 |
| &nbsp;&nbsp;&nbsp;&nbsp; + 1.34%), 3.591%, 7/22/28 (k) | 100000 | 98220 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.40%), 3.772%, 1/24/29 (k) | 25000 | 24608 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.123%, 2/1/29 (k) | 400000 | 406829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.994%, 4/12/29 (k) | 551000 | 558822 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.449%, 7/20/29 (k) | 515000 | 528547 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 6.407%, 11/1/29 (k) | 162000 | 171399 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.173%, 1/16/30 (k) | 50000 | 50935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.89%), 4.431%, 1/23/30 (k) | 150000 | 149554 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 5.656%, 4/18/30 (k) | 65000 | 67352 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 5.042%, 7/19/30 (k) | 657000 | 667106 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.654%, 10/18/30 (k) | 200000 | 199776 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.230%, 1/15/31 (k) | 120000 | 123000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.699%, 1/22/31 (k) | 372000 | 342437 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 1.794%, 2/13/32 (k) | 551000 | 470693 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.239%, 7/21/32 (k) | 235000 | 203184 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.511%, 10/20/32 (k) | 75000 | 65580 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.943%, 1/21/33 (k) | 102000 | 90897 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%), 6.342%, 10/18/33 (k) | 95000 | 103053 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 5.250%, 4/21/34 (k) | 298000 | 302830 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.466%, 1/18/35 (k) | 150000 | 153295 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.320%, 7/19/35 (k) | 400000 | 403220 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.587%, 1/18/36 (k) | 65000 | 66573 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.664%, 4/17/36 (k) | 55000 | 56965 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 2.484%, 9/16/36 (k) | 150000 | 127457 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 6/28/28 | 177000 | 182121 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 1/9/26 | 500000 | 502296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.783%, 7/3/34 | 200000 | 205889 |
|  Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/27 | 35000 | 34933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/3/29 | 25000 | 24087 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/30 | 25000 | 21536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/33 (x) | 65000 | 67462 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.711%, 1/12/27 (k)§ | 300000 | 301782 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.327%, 12/22/27 (k)(x)§ | 400000 | 410604 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 5.959%, 1/12/34 (k)§ | 400000 | 420134 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.77%), 5.699%, 2/8/35 (k)§ | 500000 | 517899 |
|  |  | 18490844 |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 950000 | 925772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/10/34 | 165000 | 161018 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 700000 | 642567 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.96%), 5.737%, 5/15/29 (k) | 35000 | 35566 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.73%), 5.543%, 1/17/31 (k) | 400000 | 404644 |
|  American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.338%, 10/30/26 (k) | 400000 | 402525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/3/27 | 265000 | 260816 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.043%, 7/26/28 (k) | 15000 | 15204 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.32%), 5.442%, 1/30/36 (k) | 15000 | 15294 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/24/28 | 10000 | 9397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/5/35 | 200000 | 198229 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/29§ | 400000 | 409064 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/9/27 | 40000 | 39797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 | 200000 | 197207 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.700%, 2/1/30 (k) | 200000 | 206545 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 6.183%, 1/30/36 (k) | 106000 | 107573 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 9/14/27 | 50000 | 46901 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/5/27 | 400000 | 402192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798%, 11/7/28 | 200000 | 207044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/8/29 | 100000 | 100085 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 4/6/26 | 60000 | 60321 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.35%), 5.768%, 5/8/27 (k) | 400000 | 400858 |

---

See Notes to Financial Statements.

1293

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/23/28 | $100000 | $| 102798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/6/29 | 50000 |  | 48890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/21/30 | 50000 |  | 46654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/8/31 | 30000 |  | 30756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/18/31 | 30000 |  | 30549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 9/6/34 | 132000 |  | 128960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1/7/35 | 25000 |  | 25082 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/18/29 | 200000 |  | 194137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/8/31 | 42000 |  | 41841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/7/32 | 10000 |  | 9609 |
|  Kaspi.KZ JSC | Kaspi.KZ JSC | Kaspi.KZ JSC | Kaspi.KZ JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/26/30 (m) | 203000 |  | 204078 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/4/26 | 50000 |  | 49484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 | 5000 |  | 4912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/19/29 | 105000 |  | 105607 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%), 5.935%, 8/2/30 (k) | 417000 |  | 427329 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.450%, 3/6/31 (k) | 313000 |  | 315216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 (x) | 374000 |  | 323731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/2/33 | 76000 |  | 79225 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/11/27 | 100000 |  | 98271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/12/28 | 65000 |  | 65724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/6/28 | 100000 |  | 94139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/9/29 (x) | 400000 |  | 403082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/21/31 | 100000 |  | 102625 |
|  |  |  | 8181318 |
|  ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust | AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.088%, 12/15/44§ | 220000 |  | 222846 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/28 | 10000 |  | 9415 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/31 | 190000 |  | 173612 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/5/32 | 200000 |  | 187667 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/29 | 400000 |  | 414272 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 245000 |  | 235671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/34 | 400000 |  | 408297 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/29 | 100000 |  | 94499 |
|  Jyske Realkredit A/S<br>Series CCE | Jyske Realkredit A/S<br>Series CCE | Jyske Realkredit A/S<br>Series CCE | Jyske Realkredit A/S<br>Series CCE |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 2 |  |  |
|  Lseg US Fin Corp. | Lseg US Fin Corp. | Lseg US Fin Corp. | Lseg US Fin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/28/27§ | $400000 |  | 403829 |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/26 | 50000 |  | 49249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/18/31 | 100000 |  | 86846 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/28 | 15000 |  | 15222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/34 | 200000 |  | 200076 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 6.557%, 10/18/27 (k)§ | 400000 |  | 409820 |
|  Nexi SpA | Nexi SpA | Nexi SpA | Nexi SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/30/29 (m) | 400000 |  | 447032 |
|  ORIX Corp. | ORIX Corp. | ORIX Corp. | ORIX Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/10/29 | $50000 |  | 50334 |
|  PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/1/26 | 100000 |  | 98153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/27 | 20000 |  | 19912 |
|  Realkredit Danmark A/S | Realkredit Danmark A/S | Realkredit Danmark A/S | Realkredit Danmark A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 (m) | 1 |  |  |
|  Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/12/26 | $50000 |  | 49131 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/15/27 | 45000 |  | 42140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 4/15/30 | 65000 |  | 59201 |
|  |  |  | 3677224 |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** |
|  American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 5/7/35 | 20000 |  | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/30/50 | 12000 |  | 10030 |
|  Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 | 25000 |  | 25122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/23/31 | 100000 |  | 86133 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/1/29 | 450000 |  | 460285 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/32 | 400000 |  | 405341 |
|  Assurant, Inc. | Assurant, Inc. | Assurant, Inc. | Assurant, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 50000 |  | 42523 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.684%, 2/23/26 (x)§ | 400000 |  | 402615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%, 7/9/27§ | 400000 |  | 405999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.322%, 11/13/31§ | 500000 |  | 502914 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/27 | 50000 |  | 48725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/15/30 (x) | 40000 |  | 34969 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/22/27 | 50000 |  | 49132 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/17/32 | 35000 |  | 33489 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/15/30 | 20000 |  | 17576 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/29/30 | 25000 |  | 24874 |
|  Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 50000 |  | 44145 |
|  Kemper Corp. | Kemper Corp. | Kemper Corp. | Kemper Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/30/30 (x) | 25000 |  | 21955 |
|  Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/32 | 50000 |  | 44945 |
|  Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27 | 25000 |  | 24534 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 10000 |  | 10020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/30 | 220000 |  | 222436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 9/15/33 | 100000 |  | 103566 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%), 5.413%, 7/10/26 (k)§ | 400000 |  | 402901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/27/28§ | 200000 |  | 201290 |

---

See Notes to Financial Statements.

1294

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/23/30 | $200000 | $| 202568 |
|  Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding | Mutual of Omaha Cos. Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/9/27§ | 400000 |  | 406048 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/18/28§ | 300000 |  | 310033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/28/29§ | 400000 |  | 401457 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/27/27§ | 400000 |  | 401260 |
|  Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/29 | 10000 |  | 9749 |
|  Protective Life Global Funding | Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.209%, 4/14/26§ | 300000 |  | 301629 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/47 | 70000 |  | 68600 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.125%, 3/1/52 (k) | 200000 |  | 193453 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/29 | 10000 |  | 9770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/30 | 20000 |  | 18675 |
|  RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/29 (x) | 50000 |  | 48345 |
|  |  |  | 6017514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 87080788 |
|  **Health Care (1.6%)** |  |  |  |
|  ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** |
|  AbbVie, Inc. | AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/27 | 65000 |  | 65595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/15/29 | 60000 |  | 61111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/34 | 75000 |  | 76372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/15/35 | 100000 |  | 96985 |
|  Amgen, Inc. | Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/2/28 | 50000 |  | 50991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/21/30 | 200000 |  | 182745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/2/33 | 195000 |  | 199405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770%, 9/1/53 | 17000 |  | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/22/62 | 165000 |  | 128548 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 | 900000 |  | 779315 |
|  |  |  | 1651070 |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** |
|  Abbott Laboratories | Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/26 | 28000 |  | 27923 |
|  Baxter International, Inc. | Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 2/1/27 | 100000 |  | 96239 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/6/27 | 33000 |  | 32607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 2/13/28 | 40000 |  | 40344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823%, 5/20/30 | 35000 |  | 32317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669%, 6/6/47 | 17000 |  | 14568 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/15/35 | 50000 |  | 51193 |
|  Solventum Corp. | Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 3/1/29 | 91000 |  | 93613 |
|  Stryker Corp. | Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/15/30 | 200000 |  | 178074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/11/32 | 100000 |  | 118208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/11/36 | 200000 |  | 234038 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/19/35 | $25000 |  | 25581 |
|  |  |  | 944705 |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** |
|  Cardinal Health, Inc. | Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 6/15/27 | 75000 |  | 73803 |
|  Cencora, Inc. | Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/27 | 50000 |  | 48997 |
|  Centene Corp. | Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 700000 |  | 679745 |
|  Cigna Group (The) | Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 | 340000 |  | 340275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/29 (x) | 450000 |  | 459551 |
|  CommonSpirit Health | CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318%, 12/1/34 | 600000 |  | 601830 |
|  CVS Health Corp. | CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/21/27 (x) | 65000 |  | 60836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 | 55000 |  | 54708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/30/29 | 20000 |  | 20274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 | 200000 |  | 189984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/20/45 | 113000 |  | 99836 |
|  Elevance Health, Inc. | Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/1/27 | 200000 |  | 197361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/51 | 123000 |  | 86633 |
|  HCA, Inc. | HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 | 20000 |  | 19993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27 | 475000 |  | 464988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/28 | 188000 |  | 191899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 | 69000 |  | 67650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 4/1/31 | 856000 |  | 879535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 | 100000 |  | 86786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32 | 200000 |  | 183947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 6/1/53 | 10000 |  | 9637 |
|  Humana, Inc. | Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/3/27 | 25000 |  | 23890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/23/29 | 20000 |  | 19368 |
|  McKesson Corp. | McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/15/26 | 40000 |  | 38737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/33 | 150000 |  | 153263 |
|  Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 400000 |  | 403358 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/27 | 50000 |  | 49213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/15/27 | 100000 |  | 97234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/28 | 35000 |  | 35888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29 | 600000 |  | 597808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/15/29 | 30000 |  | 30291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 6/15/35 | 65000 |  | 65944 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/34 | 35000 |  | 33413 |
|  |  |  | 6366675 |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** |
|  Agilent Technologies, Inc. | Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 9/22/26 | 60000 |  | 59085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/12/31 | 11000 |  | 9715 |

---

See Notes to Financial Statements.

1295

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Revvity, Inc. | Revvity, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/29 | 15000 | 14200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/31 | 35000 | 29931 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/21/27 | 20000 | 20296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/28 | 35000 | 32385 |
|  |  | 165612 |
|  ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/26/29 | 65000 | 66453 |
|  AstraZeneca plc | AstraZeneca plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/12/27 | 75000 | 73849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/6/30 | 200000 | 173458 |
|  Bayer US Finance II LLC | Bayer US Finance II LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/25§ | 600000 | 598370 |
|  Bayer US Finance LLC | Bayer US Finance LLC | Bayer US Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/21/26§ | 300000 | 304782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/21/33§ | 100000 | 107045 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 2/20/28 | 50000 | 49731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/22/29 | 45000 | 46012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 | 62000 | 60021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/31 | 100000 | 106485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/22/34 (x) | 100000 | 102283 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 | 13000 | 12691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/9/34 | 100000 | 99400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 8/14/34 | 70000 | 69155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/12/35 | 50000 | 50958 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/35(x) | 100000 | 102303 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 | 100000 | 97294 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/18/34 | 50000 | 48065 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/19/28 | 200000 | 201212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/19/33 | 195000 | 194433 |
|  Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/15/28 | 25000 | 24726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/18/31 | 108000 | 93178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 5/28/50 | 29000 | 17989 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790%, 3/8/29§ | 400000 | 408370 |
|  Sanofi SA | Sanofi SA | Sanofi SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/19/28 | 25000 | 24692 |
|  Shire Acquisitions Investments Ireland DAC | Shire Acquisitions Investments Ireland DAC | Shire Acquisitions Investments Ireland DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/23/26 | 50000 | 49318 |
|  Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/31/30 | 200000 | 179004 |
|  Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 | 200000 | 177987 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/12/27 | 50000 | 48752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 | 50000 | 44845 |
|  |  | 3632861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 12760923 |
|  **Industrials (1.3%)** | **Industrials (1.3%)** | **Industrials (1.3%)** |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 | 400000 | 393784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/1/27 | 475000 | 461647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/1/27 | 100000 | 100736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/1/28 | 425000 | 409596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/30 | 100000 | 101781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 5/1/60 | 320000 | 302239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.008%, 5/1/64 | 65000 | 71144 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 2/11/35 | 100000 | 102705 |
|  General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/1/30 | 200000 | 195152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/35 | 20000 | 20061 |
|  HEICO Corp. | HEICO Corp. | HEICO Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/1/28 | 300000 | 307465 |
|  Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/15/31 | 400000 | 405445 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 | 700000 | 651022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.353%, 1/15/30 | 32000 | 32855 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/31 | 136000 | 140202 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/28 | 35000 | 35360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/34 | 100000 | 99408 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/47 | 45000 | 35807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/15/53 | 152000 | 136513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/54 | 53000 | 49448 |
|  Rolls-Royce plc | Rolls-Royce plc | Rolls-Royce plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/27§ | 500000 | 513411 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/4/27 | 100000 | 98077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/16/28 | 200000 | 198990 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/15/28 (x) | 500000 | 489085 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/30 | 38000 | 35237 |
|  |  | 5387170 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/6/29 | 400000 | 417560 |
|  United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 11/15/26 | 50000 | 48837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/22/34 | 40000 | 40941 |
|  |  | 507338 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 2/15/30 | 250000 | 232202 |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/9/35 | 50000 | 51302 |
|  Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/29 | 50000 | 47330 |
|  Johnson Controls International plc | Johnson Controls International plc | Johnson Controls International plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/16/31 | 30000 | 25693 |
|  Masco Corp. | Masco Corp. | Masco Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/30 | 25000 | 21634 |

---

See Notes to Financial Statements.

1296

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Owens Corning | Owens Corning | Owens Corning |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/29 | 100000 | 97793 |
|  |  | 475954 |
|  ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** |
|  Cintas Corp. No. 2 | Cintas Corp. No. 2 | Cintas Corp. No. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/27 | 100000 | 99212 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/20/32 | 20000 | 20074 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/27 | 15000 | 14733 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 | 50000 | 48947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 | 50000 | 48858 |
|  |  | 231824 |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/27 (x) | 25000 | 23782 |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 4/15/33 | 125000 | 131674 |
|  |  | 155456 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Canadian National Railway Co. | Canadian National Railway Co. | Canadian National Railway Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/18/34 | 20000 | 19206 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/5/30 | 20000 | 17999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/30/35 | 100000 | 101386 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/1/28 | 25000 | 24709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 | 25000 | 22150 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/30/29§ | 400000 | 409548 |
|  Ryder System, Inc. | Ryder System, Inc. | Ryder System, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/29 | 100000 | 101614 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 9/15/54 | 13000 | 12122 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 | 10000 | 8968 |
|  |  | 717702 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  3M Co. | 3M Co. | 3M Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 | 75000 | 72868 |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/1/29 | 150000 | 153352 |
|  |  | 226220 |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** |
|  Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 5/15/35 | 100000 | 101787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/9/50 | 21000 | 14840 |
|  CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/8/27 | 99000 | 99224 |
|  Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/9/35 | 50000 | 50676 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/27§ | 400000 | 403472 |
|  Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/15/26 | 50000 | 49094 |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 8/14/33 | 250000 | 261299 |
|  Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/1/27 | 100000 | 98515 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%, 3/11/34 | 15000 | 15516 |
|  |  | 1094423 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/27 | 50000 | 50311 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Automatic Data Processing, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/28 | 20000 | 18801 |
|  Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 | 100000 | 89003 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/1/28 | 100000 | 101895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 9/15/29 | 400000 | 402549 |
|  Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29 | 25000 | 24815 |
|  |  | 637063 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/1/28 | 100000 | 102131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/30 | 50000 | 46742 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27§ | 700000 | 680120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/29§ | 200000 | 203799 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/26 | 50000 | 49244 |
|  |  | 1082036 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 7/2/37 (m) | 180000 | 196369 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | 10761866 |
|  **Information Technology (1.7%)** | **Information Technology (1.7%)** | **Information Technology (1.7%)** |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/26 | 50000 | 49098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 2/26/29 (x) | 25000 | 25589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 2/26/34 | 100000 | 102169 |
|  Juniper Networks, Inc. | Juniper Networks, Inc. | Juniper Networks, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 | 8000 | 6927 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/23/28 | 50000 | 50328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/24/31 | 60000 | 53768 |
|  |  | 287879 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Allegion US Holding Co., Inc. | Allegion US Holding Co., Inc. | Allegion US Holding Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/27 | 50000 | 48982 |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/31 | 60000 | 52462 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 8/21/29 | 400000 | 405800 |
|  CDW LLC | CDW LLC | CDW LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 12/1/26 | 70000 | 68245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/30 | 400000 | 403203 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/12/28 (x) | 100000 | 98918 |

---

See Notes to Financial Statements.

1297

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/6/27 | 75000 | 75240 |
|  |  | 1152850 |
|  ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | ***IT Services (0.1%)*** |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 8/4/33 | 10000 | 10251 |
|  DXC Technology Co. | DXC Technology Co. | DXC Technology Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/15/26 | 50000 | 48251 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/1/30§ | 605000 | 565584 |
|  IBM International Capital Pte. Ltd. | IBM International Capital Pte. Ltd. | IBM International Capital Pte. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/5/34 | 100000 | 99618 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/15/29 | 200000 | 194050 |
|  |  | 917754 |
|  ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** |
|  Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/27 | 25000 | 24739 |
|  Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/1/30 | 30000 | 26639 |
|  Broadcom Corp. | Broadcom Corp. | Broadcom Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/27 | 100000 | 99330 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 9/15/26 | 26000 | 25739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 9/15/28 (x) | 106000 | 105504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/29 | 100000 | 101193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 7/12/29 | 220000 | 225118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/31 | 309000 | 316920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/15/32 | 56000 | 55449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/15/32 | 76000 | 78035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 95000 | 92052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33§ | 369000 | 333859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 | 83000 | 81836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35§ | 239000 | 201321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36§ | 400000 | 329162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 5/15/37§ | 470000 | 455272 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 1/25/32§ | 400000 | 420648 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/5/27 | 100000 | 98594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 | 20000 | 18242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/10/30 | 400000 | 408319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 | 100000 | 94662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 2/10/33(x) | 200000 | 201408 |
|  Lam Research Corp. | Lam Research Corp. | Lam Research Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 | 30000 | 29762 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/28 (x) | 100000 | 102674 |
|  NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 | 50000 | 44328 |
|  NXP BV | NXP BV | NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/18/26 | 700000 | 695863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/27 | 40000 | 40065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 | 113000 | 99680 |
|  QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/27 | 75000 | 74027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 5/20/30 | 100000 | 90714 |
|  Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/4/29 | 30000 | 27811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/14/33 (x) | 50000 | 51114 |
|  |  | 5050079 |
|  ***Software (0.7%)*** | ***Software (0.7%)*** | ***Software (0.7%)*** |
|  Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 1/17/35 | 100000 | 104525 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/1/29 | 482000 | 488165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/1/31 | 650000 | 660062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/34 | 150000 | 152086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/1/54 | 156000 | 152244 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/8/26 | 100000 | 98289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/6/27 | 100000 | 98972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/27 | 10000 | 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 9/15/30 | 35000 | 30661 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/1/27§ | 700000 | 724661 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/26 | 45000 | 44179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/25/28 | 70000 | 66395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/6/28 | 35000 | 35178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/27/29 | 400000 | 397036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/9/29 | 300000 | 319506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/25/31 | 250000 | 227163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/27/34 | 50000 | 48463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/55 | 324000 | 252948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/25/61 | 11000 | 7945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/27/64 | 190000 | 171454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 8/3/65 | 334000 | 332206 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/15/26 | 30000 | 29731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/15/31 | 200000 | 171392 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/15/28 | 35000 | 32523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 | 40000 | 35043 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/32 | 500000 | 505732 |
|  VMware LLC | VMware LLC | VMware LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/15/26 | 20000 | 19331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 | 100000 | 99088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/15/28 (x) | 25000 | 23123 |
|  |  | 5338054 |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/9/27 | 50000 | 49461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/12/27 (x) | 150000 | 146714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/11/30 | 90000 | 80097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/8/31 | 100000 | 87239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/12/35 | 50000 | 50291 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/35 | 100000 | 100850 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/1/28 | 50000 | 51145 |
|  HP, Inc. | HP, Inc. | HP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 4/25/35 | 35000 | 36151 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/1/29 | 30000 | 27738 |
|  |  | 629686 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 13376302 |

---

See Notes to Financial Statements.

1298

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |
|  ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** |
|  Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/8/29 | $50000 | $50710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/3/33 | 50000 | 50359 |
|  Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 2/15/34 (x) | 100000 | 99897 |
|  Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/27 | 100000 | 96266 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/27§ | 400000 | 405244 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/33 | 200000 | 204106 |
|  Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 5/13/30§ | 201000 | 205925 |
|  PPG Industries, Inc. | PPG Industries, Inc. | PPG Industries, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/29 | 100000 | 94039 |
|  RPM International, Inc. | RPM International, Inc. | RPM International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/29 | 25000 | 24864 |
|  Sherwin-Williams Co.(The) | Sherwin-Williams Co.(The) | Sherwin-Williams Co.(The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 | 75000 | 73947 |
|  Westlake Corp. | Westlake Corp. | Westlake Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/30 | 30000 | 28309 |
|  |  | 1333666 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/15/31 | 25000 | 22029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/30 | 35000 | 32127 |
|  |  | 54156 |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/26/33 | 15000 | 15538 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 5/25/31 | 35000 | 31336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/17/35§ | 20000 | 20273 |
|  Avery Dennison Corp. | Avery Dennison Corp. | Avery Dennison Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/15/33 | 50000 | 52138 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/27 | 11000 | 10532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/15/31 | 156000 | 164031 |
|  Packaging Corp. of America | Packaging Corp. of America | Packaging Corp. of America |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/27 | 35000 | 34242 |
|  Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/34 | 30000 | 29093 |
|  WRKCo., Inc. | WRKCo., Inc. | WRKCo., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 50000 | 49506 |
|  |  | 406689 |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440%, 1/26/36 (m) | 200000 | 209456 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 | 200000 | 198408 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%, 4/4/29§ | 35000 | 35863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 4/1/30§ | 108000 | 109982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 4/27/31§ | 104000 | 93643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/23/31§ | 11000 | 9653 |
|  Kinross Gold Corp. | Kinross Gold Corp. | Kinross Gold Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/33 | 100000 | 107164 |
|  Nucor Corp. | Nucor Corp. | Nucor Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/23/27 | 50000 | 50158 |
|  Reliance, Inc. | Reliance, Inc. | Reliance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 600000 | 530747 |
|  Rio Tinto Finance USA plc | Rio Tinto Finance USA plc | Rio Tinto Finance USA plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/14/35 | 35000 | 35536 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/8/30 | 100000 | 94384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/12/33 | 100000 | 104432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/28/54 | 208000 | 203322 |
|  |  | 1782748 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Suzano Austria GmbH | Suzano Austria GmbH | Suzano Austria GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/15/31 | 100000 | 93288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 1/15/32 | 145000 | 127237 |
|  Suzano International Finance BV | Suzano International Finance BV | Suzano International Finance BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/27 | 25000 | 25277 |
|  |  | 245802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 3823061 |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Digital Realty Trust LP (REIT) | Digital Realty Trust LP (REIT) | Digital Realty Trust LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/15/28 | 50000 | 51186 |
|  GLP Capital LP (REIT) | GLP Capital LP (REIT) | GLP Capital LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/1/28 | 10000 | 10234 |
|  Simon Property Group LP (REIT) | Simon Property Group LP (REIT) | Simon Property Group LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/15/27 | 100000 | 95733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/27 | 75000 | 73767 |
|  WP Carey, Inc. (REIT) | WP Carey, Inc. (REIT) | WP Carey, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/15/29 | 50000 | 48628 |
|  |  | 279548 |
|  ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** | ***Health Care REITs (0.0%)†*** |
|  Healthpeak OP LLC (REIT) | Healthpeak OP LLC (REIT) | Healthpeak OP LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/28 | 65000 | 60259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/15/32 | 10000 | 10142 |
|  Sabra Health Care LP (REIT) | Sabra Health Care LP (REIT) | Sabra Health Care LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 | 25000 | 23720 |
|  Welltower OP LLC (REIT) | Welltower OP LLC (REIT) | Welltower OP LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/15/29 | 30000 | 27785 |
|  |  | 121906 |
|  ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** | ***Industrial REITs (0.1%)*** |
|  Goodman US Finance Six LLC (REIT) | Goodman US Finance Six LLC (REIT) | Goodman US Finance Six LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/7/34§ | 400000 | 398205 |
|  Prologis LP (REIT) | Prologis LP (REIT) | Prologis LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 | 50000 | 43316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/33 | 100000 | 99376 |
|  |  | 540897 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  Boston Properties LP (REIT) | Boston Properties LP (REIT) | Boston Properties LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 10/1/26 | 50000 | 48864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/1/32 | 100000 | 84138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 1/15/34 | 100000 | 106973 |
|  Brandywine Operating Partnership LP (REIT) | Brandywine Operating Partnership LP (REIT) | Brandywine Operating Partnership LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/27 (x) | 300000 | 291741 |
|  COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) | COPT Defense Properties LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 | 600000 | 590103 |

---

See Notes to Financial Statements.

1299

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Kilroy Realty LP (REIT) | Kilroy Realty LP (REIT) | Kilroy Realty LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/1/25 | 500000 | 499663 |
|  Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/30 | 25000 | 22405 |
|  |  | 1643887 |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/29 | 400000 | 412385 |
|  ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** | ***Residential REITs (0.1%)*** |
|  American Homes 4 Rent LP (REIT) | American Homes 4 Rent LP (REIT) | American Homes 4 Rent LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/32 | 35000 | 32278 |
|  AvalonBay Communities, Inc. (REIT) | AvalonBay Communities, Inc. (REIT) | AvalonBay Communities, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/1/28 | 50000 | 46365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/1/29 | 15000 | 14474 |
|  Camden Property Trust (REIT) | Camden Property Trust (REIT) | Camden Property Trust (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/15/28 | 10000 | 9925 |
|  Essex Portfolio LP (REIT) | Essex Portfolio LP (REIT) | Essex Portfolio LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/29 | 25000 | 24587 |
|  Invitation Homes Operating Partnership LP (REIT) | Invitation Homes Operating Partnership LP (REIT) | Invitation Homes Operating Partnership LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/28 | 15000 | 14033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/15/33 | 200000 | 203009 |
|  Mid-America Apartments LP (REIT) | Mid-America Apartments LP (REIT) | Mid-America Apartments LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 | 50000 | 49350 |
|  Store Capital LLC (REIT) | Store Capital LLC (REIT) | Store Capital LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 | 50000 | 42316 |
|  UDR, Inc. (REIT) | UDR, Inc. (REIT) | UDR, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/28 | 100000 | 98009 |
|  |  | 534346 |
|  ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** | ***Retail REITs (0.0%)†*** |
|  Agree LP (REIT) | Agree LP (REIT) | Agree LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/28 | 15000 | 14054 |
|  Kimco Realty OP LLC (REIT) | Kimco Realty OP LLC (REIT) | Kimco Realty OP LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/1/28 | 50000 | 47299 |
|  Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/15/28 | 50000 | 47308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/30 | 30000 | 30514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 | 100000 | 104576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 7/15/33 | 100000 | 99567 |
|  Regency Centers LP (REIT) | Regency Centers LP (REIT) | Regency Centers LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 | 25000 | 23628 |
|  |  | 366946 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/15/28 | 300000 | 312762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/15/31 | 20000 | 17302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3/15/33 | 200000 | 207953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/35 | 50000 | 50912 |
|  Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/26 | 500000 | 495418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/15/27 | 30000 | 29167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 | 50000 | 49104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/11/28 | 55000 | 55518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 4/1/31 | 300000 | 256949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/31 | 100000 | 87074 |
|  EPR Properties (REIT) | EPR Properties (REIT) | EPR Properties (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 700000 | 635898 |
|  Equinix, Inc. (REIT) | Equinix, Inc. (REIT) | Equinix, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/15/27 | 20000 | 19049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 | 25000 | 23723 |
|  Extra Space Storage LP (REIT) | Extra Space Storage LP (REIT) | Extra Space Storage LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/27 | 25000 | 24698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/30 | 100000 | 103682 |
|  Public Storage Operating Co. (REIT) | Public Storage Operating Co. (REIT) | Public Storage Operating Co. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/29 | 100000 | 102961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.385%, 5/1/29 | 15000 | 14528 |
|  |  | 2486698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | 6386613 |
|  **Utilities (3.9%)** | **Utilities (3.9%)** | **Utilities (3.9%)** |
|  ***Electric Utilities (3.2%)*** | ***Electric Utilities (3.2%)*** | ***Electric Utilities (3.2%)*** |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 239000 | 234805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I | &nbsp;&nbsp;&nbsp;&nbsp; Series I | &nbsp;&nbsp;&nbsp;&nbsp; Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 7/1/30 | 124000 | 109772 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/35 | 56000 | 57103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 9/15/49 | 183000 | 121331 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/38 | 22000 | 23668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/45 | 54000 | 42054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 1/2/46 | 12000 | 10018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/30 | 50000 | 43241 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/13/27 | 25000 | 24387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/29 | 65000 | 66576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 | 25000 | 22548 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA | &nbsp;&nbsp;&nbsp;&nbsp; Series AA | &nbsp;&nbsp;&nbsp;&nbsp; Series AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/1/31 | 700000 | 628766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y | &nbsp;&nbsp;&nbsp;&nbsp; Series Y | &nbsp;&nbsp;&nbsp;&nbsp; Series Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/49 | 7000 | 5656 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/47 | 46000 | 34738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/15/49 | 14000 | 9485 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/1/35 | 6000 | 5982 |
|  Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 1/15/35 | 60000 | 61341 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/1/28 | 65000 | 61305 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/15/29 | 25000 | 23312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/15/31 | 50000 | 45216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/47 | 156000 | 116899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/48 | 27000 | 21014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/49 | 93000 | 63055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/15/51 | 227000 | 160471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/15/52 | 32000 | 22985 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 9/1/26 | 75000 | 73595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 | 30000 | 28845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | 25000 | 22233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/47 | 39000 | 29187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/51 | 29000 | 19877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/52 | 156000 | 136011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 6/15/54 | 461000 | 449380 |

---

See Notes to Financial Statements.

1300

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/30 | $70000 | $61617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/1/46 | 19000 | 13593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/51 | 59000 | 37230 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 6/1/30 | 412000 | 371092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 3/15/54 | 22000 | 21341 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 | 70000 | 68044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/15/35 | 45000 | 45158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/46 | 166000 | 124962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/15/50 | 397000 | 230836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/53 | 174000 | 164765 |
|  Edison International | Edison International | Edison International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 | 600000 | 622154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/30 | 24000 | 24284 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/12/31 (e)§ | 600000 | 525820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/15/32§ | 600000 | 599742 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/15/34 | 100000 | 102359 |
|  EPH Financing International A/S | EPH Financing International A/S | EPH Financing International A/S |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.651%, 11/13/28 (m) | 400000 | 509807 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/34 | $100000 | 101502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M | &nbsp;&nbsp;&nbsp;&nbsp; Series M | &nbsp;&nbsp;&nbsp;&nbsp; Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/15/28 | 150000 | 145949 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/30 | 200000 | 196556 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/1/30 | 1579000 | 1447135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/27 (e) | 1082000 | 1069905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 7/15/47 (e) | 117000 | 98631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/50 | 328000 | 221665 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/28§ | 500000 | 483902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/28§ | 200000 | 203860 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/35 | 483000 | 476375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 4/1/49§ | 347000 | 291553 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/28 | 300000 | 307075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/33 | 100000 | 100098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990%, 3/1/49 | 69000 | 54192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/1/49 | 125000 | 84206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 12/4/51 | 89000 | 56073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 3/15/65 | 40000 | 40467 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%, 10/4/26 | 75000 | 73668 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%, 2/23/27 | 400000 | 405324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/31 | 59000 | 60272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 423000 | 422388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/51 | 12000 | 8176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/50 | 133000 | 98689 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/15/28 | 25000 | 24714 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/30 | 600000 | 576571 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/27 | 25000 | 24414 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WI\* | &nbsp;&nbsp;&nbsp;&nbsp; Series WI\* | &nbsp;&nbsp;&nbsp;&nbsp; Series WI\* |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/15/35 | 32000 | 31742 |
|  Johnsonville Aeroderivative Combustion Turbine Generation LLC | Johnsonville Aeroderivative Combustion Turbine Generation LLC | Johnsonville Aeroderivative Combustion Turbine Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.078%, 10/1/54 | 4969 | 4744 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/15/29 | 100000 | 97978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 4/15/50 | 85000 | 57145 |
|  MVM Energetika Zrt. | MVM Energetika Zrt. | MVM Energetika Zrt. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/13/31 (m) | 200000 | 207125 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 5/1/27 | 25000 | 24650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | 100000 | 100632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/1/29 | 600000 | 559910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/15/34 | 100000 | 100887 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.750%, 6/15/54 (k) | 100000 | 103705 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/15/29§ | 137000 | 134698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 3/15/33 (x)§ | 724000 | 793188 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/15/29§ | 13000 | 13163 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P | &nbsp;&nbsp;&nbsp;&nbsp; Series P | &nbsp;&nbsp;&nbsp;&nbsp; Series P |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 4/1/30 | 129000 | 118659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/31 | 322000 | 272900 |
|  Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/1/30 | 200000 | 189636 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/28 | 25000 | 24559 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | 150000 | 148662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/26 | 500000 | 493472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 5/15/29 | 270000 | 273696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/31 | 900000 | 805953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 6/15/33 | 879000 | 914531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 | 35000 | 28992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/42 (e) | 13000 | 9325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/44 | 12000 | 9736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 7/1/50 | 107000 | 86036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/50 | 621000 | 396189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/52 | 17000 | 14131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/53 | 166000 | 166112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/1/54 | 43000 | 38840 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 2/15/29 | 400000 | 407323 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/15/51 | 65000 | 42266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/15/51 | 93000 | 58307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/54 | 52000 | 49080 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/15/30 | 278000 | 284235 |
|  PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/34 | 6000 | 6032 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/29 | 100000 | 96624 |

---

See Notes to Financial Statements.

1301

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/1/35 | $45000 | 45422 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 3/1/28 | 600000 | 607829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/1/29 | 40000 | 36911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 38000 | 33399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp;&nbsp;&nbsp; Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/31 | 50000 | 43287 |
|  Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/1/26 | 100000 | 98918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 (e) | 100000 | 101442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 430000 | 451045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp;&nbsp;&nbsp; Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/30/30 (x) | 600000 | 579289 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.880%, 9/1/39 | 400000 | 397610 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/15/34 | 444000 | 438826 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/30 | 250000 | 235323 |
|  Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 | 100000 | 87256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 8/15/34 | 40000 | 40015 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp;&nbsp;&nbsp; Series A-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 5/1/27 | 267458 | 269129 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/15/34§ | 489000 | 506005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/30/34§ | 610000 | 620014 |
|  Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/27 | 75000 | 72912 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/15/33 | 250000 | 254442 |
|  |  | 25454957 |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/15/32 | 30000 | 31346 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/28 | 50000 | 51183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/1/32 | 15000 | 14574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 7/1/34 | 50000 | 50790 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 | 50000 | 49252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/31 | 700000 | 624410 |
|  ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 4/1/29 | 25000 | 25525 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/31 | 96000 | 85214 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/27 | 700000 | 685411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX | &nbsp;&nbsp;&nbsp;&nbsp; Series XX | &nbsp;&nbsp;&nbsp;&nbsp; Series XX |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/1/30 | 200000 | 183677 |
|  |  | 1801382 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/1/28 | 100000 | 102058 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/1/28 | 330000 | 340896 |
|  |  | 442954 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/9/31§ | 400000 | 392500 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/29 | 400000 | 406519 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/27 | 25000 | 24443 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/1/28 | 50000 | 50580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 5/15/35 | 97000 | 97680 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 3/15/35 | 8000 | 8057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp;&nbsp;&nbsp; Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.000%, 6/1/54 (k) | 62000 | 66340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp;&nbsp;&nbsp; Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/31 | 45000 | 39260 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/1/29 | 400000 | 408519 |
|  National Grid plc | National Grid plc | National Grid plc |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602%, 6/12/28 | 300000 | 309639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 1/11/34 | 100000 | 102306 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/15/27 | 17000 | 16739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/30/33 | 7000 | 7168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 4/1/34 | 100000 | 101191 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/29 | 400000 | 410685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/15/33 | 200000 | 212780 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; Series RRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/1/47 | 9000 | 6652 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 | 500000 | 468443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/28 | 100000 | 93060 |
|  |  | 3222561 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/31 | 100000 | 87764 |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704%, 4/15/30 | 200000 | 183924 |
|  |  | 271688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** | 31193542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | 221204665 |
|  **Foreign Government Securities (1.9%)** | **Foreign Government Securities (1.9%)** | **Foreign Government Securities (1.9%)** |
|  Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 | 1200000 | 348965 |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 | $100000 | 100714 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/14/28 (x) | 150000 | 150362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/5/34 | 60000 | 61920 |
|  Federative Republic of Brazil | Federative Republic of Brazil | Federative Republic of Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34 | 400000 | 396200 |

---

See Notes to Financial Statements.

1302

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/4/26 | $| 50000 | 48810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/28 |  | 200000 | 197397 |
|  Japan Government Bond | Japan Government Bond | Japan Government Bond | Japan Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/44 | JPY | 100000000 | 656768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 |  | 70000000 | 436289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/20/64 |  | 44000000 | 245248 |
|  Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | $| 600000 | 584164 |
|  Kingdom of Saudi Arabia | Kingdom of Saudi Arabia | Kingdom of Saudi Arabia | Kingdom of Saudi Arabia |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/4/28 (m) |  | 500000 | 490315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/16/30§ |  | 400000 | 403600 |
|  Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 |  | 112363 | 112633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/18/50 |  | 77594 | 71549 |
|  Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 7/22/30 |  | 250000 | 218501 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 7/20/26 |  | 250000 | 241989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 7/6/33 |  | 150000 | 146565 |
|  Province of Manitoba | Province of Manitoba | Province of Manitoba | Province of Manitoba |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 5/31/34 |  | 60000 | 61065 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/19/27 |  | 250000 | 245555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/14/31 |  | 100000 | 86485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/24/34 |  | 100000 | 103488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/2/34 | CAD | 300000 | 220326 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/12/27 | $| 50000 | 48885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/13/28 |  | 100000 | 99339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/3/29 |  | 250000 | 254026 |
|  Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/14/30 |  | 200000 | 187100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 1/15/35 |  | 100000 | 104400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/12/51 |  | 200000 | 131500 |
|  Republic of Korea | Republic of Korea | Republic of Korea | Republic of Korea |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/31 |  | 200000 | 174246 |
|  Republic of Panama | Republic of Panama | Republic of Panama | Republic of Panama |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.298%, 1/19/33 |  | 200000 | 163400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/56 |  | 200000 | 129561 |
|  Republic of Peru | Republic of Peru | Republic of Peru | Republic of Peru |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 1/23/31 |  | 70000 | 62720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | PEN | 800000 | 244612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32§ |  | 1300000 | 378045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/34 | $| 200000 | 168100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/10/51 |  | 117000 | 80613 |
|  Republic of Philippines | Republic of Philippines | Republic of Philippines | Republic of Philippines |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.457%, 5/5/30 |  | 200000 | 182500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/14/34 |  | 100000 | 101875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/6/46 |  | 200000 | 140544 |
|  Republic of Poland | Republic of Poland | Republic of Poland | Republic of Poland |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/16/27 |  | 25000 | 25772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/18/29 |  | 200000 | 202750 |
|  Republic of Serbia | Republic of Serbia | Republic of Serbia | Republic of Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/23/28§ | EUR | 700000 | 757985 |
|  Republic of South Africa | Republic of South Africa | Republic of South Africa | Republic of South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 11/19/36§ | $| 400000 | 395900 |
|  Romania Government Bond | Romania Government Bond | Romania Government Bond | Romania Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/14/33 (m) | EUR | 800000 | 722375 |
|  State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/12/34 | $| 400000 | 404250 |
|  State of Qatar | State of Qatar | State of Qatar | State of Qatar |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 4/23/48§ |  | 500000 | 470000 |
|  Titulos de Tesoreria | Titulos de Tesoreria | Titulos de Tesoreria | Titulos de Tesoreria |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/9/36 | COP | 1807500000 | 285200 |
|  U.K. Treasury Bonds | U.K. Treasury Bonds | U.K. Treasury Bonds | U.K. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/31/54 (m) | GBP | 855000 | 1016774 |
|  United Mexican States | United Mexican States | United Mexican States | United Mexican States |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/28 | $| 200000 | 197000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/7/29 |  | 200000 | 201400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/16/30 |  | 200000 | 184600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/12/34 |  | 254000 | 214376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 2/9/35 |  | 434000 | 444850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/13/37 |  | 938000 | 975051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/31/50 |  | 400000 | 292400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  | 15071057 |
|  **Mortgage-Backed Securities (28.2%)** | **Mortgage-Backed Securities (28.2%)** | **Mortgage-Backed Securities (28.2%)** | **Mortgage-Backed Securities (28.2%)** |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/27 |  | 1952 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.170%, 4/1/28 |  | 300000 | 300850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 5/1/28 |  | 800000 | 803721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/28 |  | 1359 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/29 |  | 4853 | 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/30 |  | 5928 | 5804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/30 |  | 5719 | 5555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 |  | 14694 | 14266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 |  | 10691 | 10460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/30 |  | 21537 | 21078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/30 |  | 5204 | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/30 |  | 11796 | 11545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 |  | 18059 | 17516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/30 |  | 3508 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/30 |  | 22691 | 21995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/31 |  | 22400 | 21688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/31 |  | 411 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.981%, 11/1/31 (l) |  | 392 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/32 |  | 1820 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/32 |  | 2577 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/32 |  | 1861 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 |  | 3016 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/39 |  | 6654 | 6613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/39 |  | 3045 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/40 |  | 3426 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/40 |  | 7618 | 7396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/41 |  | 154 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/41 |  | 13839 | 13713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/41 |  | 12898 | 13365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/41 |  | 28239 | 28602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/42 |  | 27091 | 25526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/42 |  | 20675 | 19456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/42 |  | 1224 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/43 |  | 18371 | 16735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/43 |  | 11805 | 11010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/43 |  | 3207 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/43 |  | 23199 | 22900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/43 |  | 4631 | 4571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/43 |  | 17781 | 17598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/44 |  | 6415 | 6017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/44 |  | 13986 | 13491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/44 |  | 4786 | 4502 |

---

See Notes to Financial Statements.

1303

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/44 | $3405 | $3284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/45 | 922995 | 829191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/45 | 489169 | 437336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/45 | 2332 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/45 | 16862 | 16164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/45 | 6664 | 6382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 | 112434 | 100924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/47 | 26021 | 24168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/47 | 43362 | 42669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/47 | 16315 | 15993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/47 | 57449 | 56310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/47 | 34779 | 32226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/47 | 29674 | 27496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 | 10477 | 9682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/48 | 137662 | 134945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/48 | 241893 | 236878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/48 | 6043 | 6059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/49 | 26251 | 25643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/50 | 1125578 | 969844 |
|  FHLMC UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/34 | 27654 | 27016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/35 | 98607 | 96480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/35 | 46217 | 42612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/36 | 95618 | 88668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/36 | 78637 | 72504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/36 | 18893 | 17419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 4/1/36 | 204088 | 183825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 5/1/36 | 40431 | 36426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/36 | 109851 | 101763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/37 | 273063 | 251934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/37 | 34504 | 31726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/37 | 3721 | 3517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/38 | 72308 | 68902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/41 | 1785782 | 1587050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/42 | 54915 | 46824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/45 | 216630 | 209309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/45 | 216420 | 209095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/46 | 94474 | 88466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/46 | 30889 | 28546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/47 | 45863 | 43607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 | 20239 | 18558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/48 | 155463 | 148711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/48 | 4355 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 | 41411 | 39582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/49 | 40320 | 39121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/49 | 4799 | 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/50 | 22671 | 20724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/50 | 70082 | 66219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/50 | 58551 | 53469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/50 | 76473 | 72186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/50 | 37096 | 31292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/50 | 15720 | 13909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/50 | 77978 | 73704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/1/50 | 68608 | 51856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/50 | 21074 | 16977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/50 | 3413276 | 2889888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 932177 | 822759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/50 | 57135 | 45722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/50 | 271571 | 240786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/50 | 172340 | 130261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 39963 | 32280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/51 | 286615 | 243382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/51 | 420214 | 335486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/51 | 150000 | 121303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/51 | 72355 | 58422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/51 | 841038 | 712493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 1424890 | 1244220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/51 | 274315 | 222262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/51 | 89051 | 78455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/51 | 98088 | 78790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/51 | 277441 | 221674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/51 | 87808 | 77086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/51 | 732831 | 619697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 | 201733 | 162791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/51 | 354970 | 299652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/52 | 1077911 | 870131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 924580 | 778797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 28452 | 22725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/52 | 65514 | 57760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 2918871 | 2567925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/52 | 260553 | 235169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/52 | 26876 | 25386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/52 | 3030 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 80913 | 77730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 | 49591 | 49369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/52 | 80986 | 71097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/52 | 681229 | 636226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 23009 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/52 | 118227 | 117182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/52 | 35685 | 35169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 182825 | 170405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/52 | 14143 | 14012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/52 | 26604 | 27340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/52 | 39383 | 39008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/52 | 177463 | 175739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/1/53 | 52423 | 51889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/53 | 84637 | 85107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/53 | 70931 | 72469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/53 | 22075 | 21850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/53 | 40285 | 41159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/53 | 109294 | 110283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/53 | 24731 | 25267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/53 | 40833 | 41904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 | 443888 | 436740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/53 | 242494 | 244607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/53 | 147661 | 151646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/53 | 317467 | 312156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/53 | 87576 | 89939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/53 | 20784 | 20855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/53 | 199324 | 195865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/1/53 | 39850 | 41444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/54 | 3652349 | 3761193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/54 | 252581 | 254157 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.489%, 1/1/28 (l) | 414 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 1/1/29 | 2334000 | 2422230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 6/1/31 | 1062000 | 1115253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 4/1/32 | 2519000 | 2242597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 7/1/32 | 4934970 | 4610220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.217%, 3/1/33 (l) | 2826 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.842%, 1/1/36 (l) | 6604 | 6792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/39 | 5350 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.920%, 12/1/40 (l) | 388 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/41 | 3245 | 3125 |

---

See Notes to Financial Statements.

1304

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/44 | $223842 | $205602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/45 | 400241 | 367627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/45 | 272015 | 237354 |
|  FNMA UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/27 | 2928 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/28 | 1087 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/28 | 3510 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 | 4388 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/29 | 7163 | 7020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/29 | 8397 | 8226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/29 | 8320 | 8150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/29 | 7464 | 7308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/29 | 4500 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/30 | 38554 | 37724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/30 | 1868 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/30 | 8733 | 8543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/30 | 4368 | 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/30 | 7066 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 | 2206 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 | 3804 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/30 | 8437 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/30 | 17357 | 16957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 | 23444 | 22746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/30 | 36554 | 35718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/30 | 5848 | 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/30 | 14391 | 13930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/30 | 17030 | 16637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/30 | 26366 | 25517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/31 | 1885 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/31 | 2577 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/31 | 8956 | 8642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/31 | 6135 | 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/31 | 737 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/31 | 38621 | 37661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/31 | 2386 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/31 | 6353 | 6197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/31 | 2567 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/31 | 50146 | 48285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/31 | 34408 | 32754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/31 | 21853 | 21035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/31 | 3688 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/32 | 1489 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/32 | 25439 | 24183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/32 | 6503 | 6249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/32 | 62607 | 61762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/32 | 46171 | 45591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/32 | 12663 | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/32 | 35598 | 34235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/32 | 9978 | 9727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/33 | 57042 | 55218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/33 | 12273 | 12255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/34 | 8076 | 8408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 36218 | 37248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/34 | 4453 | 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/34 | 613100 | 585985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/34 | 457596 | 444933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/35 | 316032 | 305073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/35 | 38304 | 38717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 | 18030 | 18539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/35 | 71106 | 73943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/35 | 46031 | 44242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/35 | 2380 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/35 | 92377 | 87020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/35 | 316540 | 297234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/35 | 41913 | 40258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/35 | 12869 | 13263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/36 | 20312 | 19838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/36 | 22077 | 20321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/1/36 | 22198 | 20006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/36 | 45806 | 42191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/36 | 37464 | 34729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 5/1/36 | 36655 | 33047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/36 | 256916 | 238002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/36 | 22799 | 21886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/1/36 | 128621 | 115839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/36 | 42854 | 39512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/36 | 1558 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/36 | 19589 | 18068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/36 | 16377 | 15559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/36 | 84092 | 75289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/36 | 27357 | 25991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/37 | 19085 | 17602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/1/37 | 37826 | 34079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/37 | 135305 | 124770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/37 | 90174 | 82759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/37 | 58955 | 54301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/38 | 3246 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/38 | 1469 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/38 | 3905 | 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/38 | 1134 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/1/38 | 1770 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/39 | 8130 | 8420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/39 | 84844 | 84083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/39 | 13248 | 13703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/39 | 11560 | 11968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/40 | 1161 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/1/40 | 31255 | 33274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 | 8451 | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/40 | 14113 | 13690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/40 | 76522 | 65644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/40 | 235175 | 227246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/41 | 2433 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/41 | 740 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/41 | 1352 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/41 | 43936 | 44442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/41 | 999 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/41 | 7232 | 7158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/41 | 2943 | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/1/41 | 1240122 | 1023078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/41 | 629039 | 518558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/42 | 12965 | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/42 | 24565 | 23683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/42 | 374848 | 319962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/42 | 426546 | 363846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/42 | 50146 | 42762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/42 | 5672 | 5322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/42 | 559 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/42 | 27349 | 26339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/42 | 1442 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/42 | 2000 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/42 | 182477 | 155989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/42 | 6995 | 6923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/42 | 9557 | 9470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/43 | 91824 | 83331 |

---

See Notes to Financial Statements.

1305

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/43 | $53187 | $48216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/43 | 42677 | 38830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/43 | 21292 | 19428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/43 | 12259 | 12081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/43 | 60819 | 60032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/43 | 11409 | 11255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/43 | 73848 | 74696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/44 | 10819 | 10663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/44 | 86849 | 85515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/44 | 791362 | 717352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/44 | 2853135 | 2889663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/45 | 131478 | 123255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/45 | 26234 | 25798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/45 | 44561 | 43806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/45 | 19720 | 19449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/46 | 9131 | 8196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/46 | 81164 | 80070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/46 | 1203 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/46 | 21312 | 19119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/46 | 1920 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/46 | 6735 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/46 | 12910 | 12243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 | 949910 | 845653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/47 | 771548 | 662643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/47 | 41146 | 36893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/47 | 742043 | 694414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/47 | 958044 | 852435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/47 | 26302 | 24315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/47 | 45603 | 43204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/47 | 22728 | 21610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/47 | 1684 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/47 | 20242 | 19158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/47 | 5869 | 5746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/47 | 33486 | 30788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/47 | 51222 | 50117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/47 | 33563 | 30859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 | 53737 | 49493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/48 | 20263 | 19159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/48 | 49219 | 48124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 15298 | 14027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 110977 | 101761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/48 | 5806 | 5400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/48 | 2997 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/48 | 19420 | 19086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/48 | 3545 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/48 | 347057 | 340117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/48 | 562986 | 516230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/48 | 2515 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/48 | 2482 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/48 | 375251 | 364662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 | 33288 | 31632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/48 | 41410 | 40515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/48 | 3220 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/48 | 15971 | 15086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/48 | 10036 | 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 | 7207 | 6807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/48 | 31572 | 30801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/49 | 66669 | 63473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/49 | 120705 | 117908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/49 | 245441 | 240597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/49 | 30081 | 30123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/49 | 731676 | 672740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/49 | 67039 | 63281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/49 | 7891 | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/50 | 27291 | 25701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/50 | 26933 | 25407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/50 | 60878 | 57294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/50 | 806716 | 683375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/50 | 3103259 | 2483430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/50 | 467592 | 395746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 163904 | 144300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/50 | 127410 | 101960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/50 | 86273 | 81557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/50 | 179123 | 135388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/50 | 172722 | 138220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/50 | 1193008 | 1009700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/1/50 | 155967 | 117886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 22994 | 18380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/50 | 146082 | 124047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/50 | 142178 | 114606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/51 | 165889 | 132596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/51 | 688206 | 626964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/51 | 210696 | 198943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/51 | 217292 | 173479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/1/51 | 210628 | 158740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/51 | 111233 | 89657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/51 | 97145 | 91638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/51 | 224727 | 181366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 1761668 | 1542149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/51 | 1193030 | 950878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/51 | 2046686 | 1728377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/51 | 1382493 | 1255689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/51 | 938614 | 753828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/51 | 544871 | 456462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/51 | 199024 | 174224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 | 413727 | 332988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/51 | 87266 | 76664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/51 | 3364434 | 3077660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/52 | 451329 | 364642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 1111797 | 939965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 914977 | 734079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/52 | 225042 | 190597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 649379 | 522507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 185340 | 162708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/52 | 43795 | 38516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/52 | 36717 | 34544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 | 70382 | 61655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/52 | 79675 | 74910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 12508 | 12016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 | 106376 | 105740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 3396123 | 3262507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 79090 | 74558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/52 | 192762 | 179546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/1/53 | 166866 | 164814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/53 | 122007 | 122900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/53 | 95041 | 97101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/53 | 149932 | 147611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/53 | 930608 | 916404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/53 | 53738 | 55205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/53 | 429739 | 413470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/53 | 3065742 | 3011581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/53 | 318408 | 320800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/53 | 176146 | 180548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/53 | 88076 | 88818 |

---

See Notes to Financial Statements.

1306

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/53 | $528092 | $521896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/53 | 146408 | 150359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/53 | 294067 | 300257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/53 | 131199 | 136612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/1/53 | 34741 | 36131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/53 | 93025 | 96746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/54 | 204041 | 211980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/54 | 1821388 | 1843569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/54 | 217870 | 225427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/54 | 3335829 | 3374844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/54 | 143724 | 149074 |
|  FNMA/FHLMC UMBS, 15 Year, Single Family | FNMA/FHLMC UMBS, 15 Year, Single Family | FNMA/FHLMC UMBS, 15 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/40 TBA | 66000 | 64572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/25/40 TBA | 306000 | 304159 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/25/55 TBA | 17029000 | 15339403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/55 TBA | 348000 | 323749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/25/55 TBA | 2728000 | 2674506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/25/55 TBA | 12260000 | 12259042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/25/55 TBA | 11401000 | 11587157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/25/55 TBA | 56000 | 57807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/25/55 TBA | 2200000 | 1826687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/25/55 TBA | 20700000 | 17921671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/25/55 TBA | 200000 | 180133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/25/55 TBA | 16600000 | 15441891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/55 TBA | 16700000 | 15973289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/25/55 TBA | 18400000 | 18386344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/25/55 TBA | 626000 | 645318 |
|  GNMA | GNMA | GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/20/27 (l) | 85 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/33 | 285 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/38 | 2168 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/20/39 | 875 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/39 | 6439 | 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/20/39 | 2091 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/39 | 2198 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/39 | 875 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/20/40 | 1056 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/20/40 | 873 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/40 | 73 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/40 | 11144 | 10756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/40 | 34280 | 33084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/40 | 8321 | 8410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 13744 | 13264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/20/41 | 11858 | 11443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/41 | 9096 | 8783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/20/41 | 5094 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/42 | 6859 | 6418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/42 | 65791 | 65004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/42 | 6050 | 6127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/43 | 10139 | 9460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/20/43 | 24292 | 22597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/20/44 | 76403 | 70784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/44 | 836 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/44 | 372 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/20/45 | 160104 | 145667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/45 | 18153 | 16439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/45 | 15320 | 14128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 | 82452 | 73835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/20/45 | 204389 | 194270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/20/46 | 302754 | 279900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/46 | 14307 | 13227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/20/46 | 176945 | 163588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/20/46 | 61723 | 57064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/20/46 | 211926 | 195928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/46 | 32281 | 29714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/20/47 | 3048 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/20/47 | 28946 | 27368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 33439 | 31595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/47 | 16370 | 15468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/20/48 | 13814 | 13429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/49 | 2984 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/20/49 | 131735 | 131657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/20/49 | 57860 | 56374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/20/49 | 112285 | 112218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/49 | 34010 | 34011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/49 | 6006 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/49 | 31166 | 31245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/50 | 95520 | 87338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/20/50 | 21052 | 20485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/20/50 | 10683 | 10047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/20/50 | 454359 | 371132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50 | 77306 | 63097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/20/51 | 970074 | 791774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/20/51 | 78760 | 64284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/20/51 | 1611927 | 1366599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/20/51 | 1974946 | 1676113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/51 | 487327 | 431744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/20/51 | 1524414 | 1293834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/20/51 | 586493 | 519232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 228102 | 194170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/51 | 157045 | 133683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51 | 158145 | 140021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/20/52 | 363560 | 309648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/52 | 325366 | 297373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/20/52 | 282145 | 240394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/20/52 | 180837 | 154021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/52 | 32056 | 27380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/52 | 260919 | 243681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/20/53 | 101325 | 86458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/15/55 TBA | 503000 | 410259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/55 TBA | 311000 | 264593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/55 TBA | 264000 | 233516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/55 TBA | 1320000 | 1199138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/55 TBA | 100000 | 93000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/55 TBA | 759000 | 726565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/55 TBA | 1148000 | 1127731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/55 TBA | 1301000 | 1302626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/15/55 TBA | 825000 | 836666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/15/55 TBA | 406000 | 416784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/15/55 TBA | 84000 | 78100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 224599714 |
|  **Municipal Bonds (0.3%)** |  |  |
|  American Municipal Power, Inc. 8.084%, 2/15/50 | 55000 | 69755 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, Series BB 5.882%, 6/15/44 | 60000 | 60819 |
|  City of San Antonio, Electric & Gas Systems, Revenue Bonds, Series 2010A 5.808%, 2/1/41 | 60000 | 60600 |

---

See Notes to Financial Statements.

1307

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Georgia Municipal Electric Authority, Revenue Bonds, Series 2010A 6.637%, 4/1/57 | $| 42000 | $| 45349 |
|  Los Angeles Community College District 6.600%, 8/1/42 |  | 25000 |  | 27123 |
|  Louisiana Local Government Environmental Facilities & Community Development Authority Systems, Series 2023 5.198%, 12/1/39 |  | 500000 |  | 502664 |
|  Metropolitan Transportation Authority, Revenue Bonds, Series 2010E 6.814%, 11/15/40 |  | 35000 |  | 37963 |
|  New Jersey Turnpike Authority, Revenue Bonds, Series 2009F 7.414%, 1/1/40 |  | 75000 |  | 89628 |
|  New York & New Jersey Port Authority, Consolidated Bonds, Series 181 4.960%, 8/1/46 |  | 40000 |  | 37589 |
|  New York State Dormitory Authority 5.389%, 3/15/40 |  | 45000 |  | 45025 |
|  Sales Tax Securitization Corp. 3.057%, 1/1/34 |  | 600000 |  | 526066 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds, Series 2010-S1 7.043%, 4/1/50 |  | 60000 |  | 68005 |
|  State of California Federally Taxable General Obligation Refunding Bonds Various Purpose 4.600%, 4/1/38 |  | 100000 |  | 101627 |
|  State of California, Various Purposes, General Obligation Bonds, Series 2009 7.550%, 4/1/39 |  | 130000 |  | 155803 |
|  State of Illinois, General Obligation Bonds 5.100%, 6/1/33 |  | 235588 |  | 236291 |
|  State of Texas 5.517%, 4/1/39 |  | 80000 |  | 82343 |
|  Texas Natural Gas Securitization Finance Corp., Revenue Bonds, Series 2023 5.169%, 4/1/41 |  | 300000 |  | 303032 |
|  University of California, General Revenue Bonds, Series 2012-AD 4.858%, 5/15/12 |  | 57000 |  | 47271 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  |  | 2496953 |
|  **Supranational (0.6%)** | **Supranational (0.6%)** | **Supranational (0.6%)** | **Supranational (0.6%)** | **Supranational (0.6%)** |
|  African Development Bank | African Development Bank | African Development Bank | African Development Bank | African Development Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/30 |  | 100000 |  | 100671 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/12/27 |  | 50000 |  | 49069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/20/27 |  | 350000 |  | 337618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/24/30 |  | 200000 |  | 183831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/28/32 |  | 160000 |  | 158013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/12/33 |  | 85000 |  | 84431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/14/33 |  | 100000 |  | 98391 |
|  Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/16/30 |  | 100000 |  | 102716 |
|  Corp. Andina de Fomento | Corp. Andina de Fomento | Corp. Andina de Fomento | Corp. Andina de Fomento | Corp. Andina de Fomento |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/22/30 |  | 60000 |  | 61815 |
|  Council of Europe Development Bank | Council of Europe Development Bank | Council of Europe Development Bank | Council of Europe Development Bank | Council of Europe Development Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/22/26 |  | 50000 |  | 48202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/26/28 |  | 25000 |  | 24896 |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/26/26 (x) |  | 139000 |  | 133405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/19/27 |  | 100000 |  | 100894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/16/28 (x) |  | 125000 |  | 127887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/29 |  | 70000 |  | 70533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/29 (x) |  | 53000 |  | 49343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/29 |  | 167000 |  | 172265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/9/29 |  | 55000 |  | 50359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/14/30 |  | 100000 |  | 102888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/23/30 |  | 100000 |  | 85437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/13/34 |  | 71000 |  | 70646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/12/35 |  | 55000 |  | 56550 |
|  European Union | European Union | European Union | European Union | European Union |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/4/52 (m) |  | 170000 |  | 155628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/4/53 (m) |  | 165000 |  | 167335 |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/29 |  | 200000 |  | 202024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/18/29 |  | 50000 |  | 47134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/17/31 |  | 200000 |  | 194251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/17/34 |  | 100000 |  | 100824 |
|  Inter-American Investment Corp. | Inter-American Investment Corp. | Inter-American Investment Corp. | Inter-American Investment Corp. | Inter-American Investment Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/28 |  | 50000 |  | 50356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/14/29 |  | 100000 |  | 101059 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/27/26 |  | 150000 |  | 146084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/27 |  | 200000 |  | 197406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/24/27 |  | 95000 |  | 88505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/28 |  | 80000 |  | 82004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/13/28 |  | 200000 |  | 184213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/20/30 |  | 100000 |  | 101206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/25/30 |  | 180000 |  | 181129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/26/30 |  | 170000 |  | 145421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/3/31 |  | 238000 |  | 208042 |
|  International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. | International Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/26 |  | 80000 |  | 76889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/2/29 |  | 80000 |  | 81260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/27/30 |  | 100000 |  | 85534 |
|  Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/14/28 |  | 200000 |  | 203144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 5069308 |
|  **U.S. Government Agency Securities (1.4%)** | **U.S. Government Agency Securities (1.4%)** | **U.S. Government Agency Securities (1.4%)** | **U.S. Government Agency Securities (1.4%)** | **U.S. Government Agency Securities (1.4%)** |
|  FFCB | FFCB | FFCB | FFCB | FFCB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 |  | 250000 |  | 226538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 |  | 250000 |  | 216562 |
|  FHLB | FHLB | FHLB | FHLB | FHLB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/4/26 |  | 250000 |  | 249077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/9/26 |  | 250000 |  | 250218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/17/26 |  | 250000 |  | 252453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/10/27 |  | 250000 |  | 250812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/9/27 |  | 180000 |  | 183106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/4/27 |  | 200000 |  | 200102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 100000 |  | 101137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 |  | 250000 |  | 246590 |
|  FHLMC | FHLMC | FHLMC | FHLMC | FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 10/22/25 |  | 2600000 |  | 2570491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 10/27/25 |  | 2600000 |  | 2569217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/28/26 |  | 2600000 |  | 2493371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 2/11/28 |  | 250000 |  | 250031 |

---

See Notes to Financial Statements.

1308

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  FNMA | FNMA | FNMA | FNMA | FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | $| 100000 | $| 97559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 |  | 250000 |  | 233712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 500000 |  | 432072 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 38000 |  | 38124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  |  | 10861172 |
|  **U.S. Treasury Obligations (27.9%)** | **U.S. Treasury Obligations (27.9%)** | **U.S. Treasury Obligations (27.9%)** | **U.S. Treasury Obligations (27.9%)** | **U.S. Treasury Obligations (27.9%)** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 8/15/26 |  | 100000 |  | 103161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/39 |  | 102000 |  | 99323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/39 |  | 126000 |  | 125555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 |  | 860000 |  | 843337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/40 |  | 505000 |  | 508027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/15/40 |  | 581000 |  | 361309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/15/40 |  | 581000 |  | 357475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/40 |  | 405000 |  | 372853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 (z) |  | 5835000 |  | 3717968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/40 |  | 405000 |  | 388547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 (z) |  | 2300000 |  | 1583406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/41 (z) |  | 3200000 |  | 3102014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/42 |  | 387000 |  | 309139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 |  | 1000000 |  | 828125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/15/43 |  | 601000 |  | 483450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/43 (z) |  | 1900000 |  | 1465672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 (z) |  | 2143900 |  | 1845184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 (z) |  | 1100000 |  | 1049985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 (z) |  | 1843900 |  | 1612036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 |  | 169000 |  | 169002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 (z) |  | 1300000 |  | 1113552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 (z) |  | 1200000 |  | 987938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 |  | 1229500 |  | 969811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/44 |  | 108200 |  | 99273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 |  | 1000000 |  | 770668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/45 |  | 1541000 |  | 1085910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 (z) |  | 1800000 |  | 1346979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 |  | 285900 |  | 214305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/47# |  | 1798200 |  | 1280094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 |  | 900000 |  | 669656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49# |  | 2091500 |  | 1542894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 |  | 400000 |  | 251239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 |  | 8472300 |  | 4470346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 |  | 367000 |  | 206529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 |  | 278700 |  | 177028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 |  | 502000 |  | 279831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/52 |  | 7000 |  | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 |  | 116000 |  | 81779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 |  | 501400 |  | 362653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 |  | 3000 |  | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 |  | 7300000 |  | 6679500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 |  | 24000 |  | 22914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 |  | 406000 |  | 395977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55# |  | 1873000 |  | 1865462 |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS |  | 408687 |  | 298633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS |  | 135388 |  | 102718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS |  | 132894 |  | 96386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS |  | 127484 |  | 92655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS |  | 374331 |  | 217685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS |  | 616080 |  | 336299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS |  | 115238 |  | 61677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/53 TIPS |  | 215838 |  | 171439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/54 TIPS |  | 261315 |  | 240048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS |  | 101662 |  | 98665 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 TIPS |  | 2967240 |  | 2956125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/15/28 TIPS |  | 4437356 |  | 12005375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/29 TIPS |  | 3734534 |  | 3834408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/29 TIPS |  | 1068446 |  | 1081899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS |  | 1795350 |  | 1652426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS |  | 347178 |  | 314767 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/26 |  | 1457000 |  | 1461896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/26 |  | 1204000 |  | 1210277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 |  | 1793200 |  | 1729810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 |  | 4390000 |  | 4271622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 |  | 1800000 |  | 1733743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/26 |  | 750000 |  | 746228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/26 |  | 513000 |  | 517584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/26 |  | 1000000 |  | 1002858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 |  | 3118000 |  | 3040021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/30/26 |  | 750000 |  | 753929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/26 |  | 500000 |  | 502941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/27 |  | 743200 |  | 744934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 |  | 71000 |  | 68479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/31/27 |  | 1000000 |  | 1004629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 |  | 3625000 |  | 3536100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/15/27 |  | 27000 |  | 27128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/28/27 |  | 1000000 |  | 1005273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/27 |  | 743200 |  | 748805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/31/27 |  | 1000000 |  | 947070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/31/27 |  | 1000000 |  | 1001638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/30/27 |  | 1031000 |  | 1030874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 |  | 950000 |  | 926360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/31/27 |  | 1448000 |  | 1361936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/31/27 |  | 1091000 |  | 1093486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27 |  | 850000 |  | 864057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/30/27 |  | 750000 |  | 703666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 |  | 580000 |  | 574707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 |  | 656500 |  | 636675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/27 |  | 500000 |  | 500209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/31/27 |  | 1000000 |  | 933372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/27 |  | 750000 |  | 744790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 |  | 281500 |  | 261357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 |  | 850000 |  | 852891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 |  | 406000 |  | 409644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 |  | 4710000 |  | 4553743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 |  | 1000000 |  | 1009221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 |  | 875000 |  | 813257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 |  | 907000 |  | 910326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 |  | 761000 |  | 766366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 |  | 800000 |  | 741501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 |  | 850000 |  | 853488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/28 |  | 2259000 |  | 2288203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/28 |  | 1100000 |  | 1094277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 |  | 3110000 |  | 3035094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 |  | 750000 |  | 760075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/29/28 |  | 2117000 |  | 2132557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/28 |  | 1145000 |  | 1150383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 |  | 767000 |  | 718075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/28 |  | 750000 |  | 748600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/28 |  | 1518000 |  | 1519827 |

---

See Notes to Financial Statements.

1309

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/28 | $| 500000 | $| 497202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 |  | 1010000 |  | 987243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 |  | 1000000 |  | 1001442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 |  | 1113000 |  | 1038102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/31/28 |  | 1633300 |  | 1629468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/15/28 |  | 197000 |  | 198028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 |  | 500000 |  | 465440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/28 |  | 2000000 |  | 2016877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/28 |  | 1000000 |  | 1011957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 |  | 3020000 |  | 2945294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 |  | 356000 |  | 328612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/31/28 |  | 2261000 |  | 2305512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 |  | 1089700 |  | 1007953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/28 |  | 250000 |  | 256901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 |  | 3590000 |  | 3522579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 |  | 500000 |  | 510388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 |  | 2089000 |  | 2090339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/29 |  | 1000000 |  | 1008887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 |  | 1850000 |  | 1781201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/29 |  | 1016000 |  | 1033861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/31/29 |  | 267000 |  | 254363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/29 |  | 257000 |  | 260449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/30/29 |  | 534000 |  | 517623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/29 |  | 850000 |  | 876557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 |  | 3300000 |  | 3138665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/31/29 |  | 718000 |  | 737521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 |  | 904400 |  | 887737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/30/29 |  | 500000 |  | 494893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 |  | 500000 |  | 504661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 |  | 750000 |  | 760707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 |  | 530000 |  | 487909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/29 |  | 500000 |  | 502077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 |  | 750000 |  | 761043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 |  | 600000 |  | 602426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/31/30 |  | 615000 |  | 607685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 1851000 |  | 1674603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 |  | 1091000 |  | 1101622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 |  | 500000 |  | 496365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/31/30 |  | 250000 |  | 252315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/30/30 |  | 750000 |  | 740156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/30/30 |  | 39000 |  | 39152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 |  | 1575000 |  | 1354498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 |  | 1581000 |  | 1577349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/31/30 |  | 1000000 |  | 1009705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 |  | 400000 |  | 398893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/30 |  | 850000 |  | 853125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/31/30 |  | 601000 |  | 606178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 1500000 |  | 1278777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 |  | 250000 |  | 259365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 |  | 1553800 |  | 1630744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 1900000 |  | 1628664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 |  | 517000 |  | 530246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 |  | 1250000 |  | 1243700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/31/31 |  | 750000 |  | 755209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 |  | 2400000 |  | 2075747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/28/31 |  | 500000 |  | 509630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/31 |  | 750000 |  | 759484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/30/31 |  | 250000 |  | 259579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 1500000 |  | 1322393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/31/31 |  | 500000 |  | 519060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/30/31 |  | 1169200 |  | 1190846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/31/31 |  | 750000 |  | 758658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 2000000 |  | 1710706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/31/31 |  | 300000 |  | 297194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/30/31 |  | 892000 |  | 877070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 |  | 3000 |  | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 1500000 |  | 1283424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 |  | 602000 |  | 608053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 |  | 597900 |  | 616460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 1700000 |  | 1493397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/29/32 |  | 51000 |  | 51472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/31/32 |  | 263000 |  | 265377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/30/32 |  | 50000 |  | 50069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 1660900 |  | 1549730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/31/32 |  | 725000 |  | 731098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 |  | 500000 |  | 500302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 2879000 |  | 2655934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 846000 |  | 851701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/33 |  | 750000 |  | 723091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/33 |  | 1500000 |  | 1430039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/33 |  | 800000 |  | 787975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 |  | 1500000 |  | 1541100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/34 |  | 2383000 |  | 2359066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/34 |  | 1507000 |  | 1531001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/34 |  | 1450000 |  | 1416242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 |  | 1981000 |  | 1988276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 |  | 2355000 |  | 2430842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 |  | 4583000 |  | 4590877 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  |  | 222013020 |
|  **Total Long-Term Debt Securities (114.2%)**<br> *(Cost $972,685,942)* |  |  |  | 910049649 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Commercial Paper (0.0%)†** | **Commercial Paper (0.0%)†** | **Commercial Paper (0.0%)†** | **Commercial Paper (0.0%)†** | **Commercial Paper (0.0%)†** |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 7/14/25 (n)(p) |  | 250000 |  | 249522 |
|  **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** | **Foreign Government Treasury Bills (0.4%)** |
|  Federative Republic of Brazil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/1/25(p) | BRL | 17600000 |  | 3123684 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) |  | 800000 |  | 800000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) |  | 500000 |  | 500000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) |  | 3434750 |  | 3434750 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.47% (7 day yield) |  | 4563747 |  | 4564660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 9299410 |

---

See Notes to Financial Statements.

1310

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (0.5%)** | **U.S. Treasury Obligations (0.5%)** | **U.S. Treasury Obligations (0.5%)** |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 7/31/25 (p) | $13000 | $12955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 9/18/25 (p) | 2400000 | 2377788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 10/14/25 (p)(v) | 1600000 | 1580412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 3971155 |
|  **Total Short-Term Investments (2.1%)**<br> *(Cost $16,454,228)* |  | 16643771 |
|  **Total Investments Before Securities Sold Short (116.3%)**<br> *(Cost $989,140,170)* |  | 926693420 |
|  SECURITIES SOLD SHORT: | SECURITIES SOLD SHORT: |  |
|  **Mortgage-Backed Securities (-0.3%)** | **Mortgage-Backed Securities (-0.3%)** | **Mortgage-Backed Securities (-0.3%)** |
|  FNMA/FHLMC UMBS, 15 Year, Single Family | FNMA/FHLMC UMBS, 15 Year, Single Family | FNMA/FHLMC UMBS, 15 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/25/40 TBA | (271000) | (241021) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/25/40 TBA | (405000) | (370258) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/25/40 TBA | (25000) | (23348) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/25/40 TBA | (46000) | (43865) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/25/40 TBA | (55000) | (53101) |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/25/55 TBA | (385000) | (305052) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/25/55 TBA | (14500) | (12035) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/25/55 TBA | (165000) | (142828) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/25/55 TBA | (487000) | (465922) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/25/55 TBA | (200000) | (173156) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/25/55 TBA | (300000) | (286946) |
|  GNMA | GNMA | GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/55 TBA | (51000) | (46330) |
|  **Total Securities Sold Short (-0.3%)**<br> *(Proceeds Received $2,132,543)* | **Total Securities Sold Short (-0.3%)**<br> *(Proceeds Received $2,132,543)* | (2163862) |
|  **Total Investments after Securities Sold Short (116.0%)**<br> *(Cost $987,007,627)* |  | 924529558 |
|  **Other Assets Less Liabilities (-16.0%)** | **Other Assets Less Liabilities (-16.0%)** | (127464737) |
|  **Net Assets (100%)** |  | $797064821 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, the market value of these securities amounted to $160,438,641 or 20.1% of net assets.*  |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $660,797.* 

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of June 30, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of June 30, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $8,862,791 or 1.1% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(p)* *Yield to maturity.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $260,768.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $4,767,477. This was collateralized by $122,760 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.750%, maturing 7/31/25 – 5/15/54 and by cash of $4,734,750 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ARM* *— Adjustable Rate Mortgage* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CME* *— Chicago Mercantile Exchange* 

*CLO* *— Collateralized Loan Obligation* 

*COP* *— Colombian Peso* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*IO* *— Interest Only* 

*JPY* *— Japanese Yen* 

*MXN* *— Mexican Peso* 

*MYR* *— Malaysian Ringgit* 

*OAT* *— Obligations Assimilables du Trésor* 

*PEN* *— Peruvian Sol* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*TBA —* *To Be Announced; Security is subject to delayed delivery* 

*TIPS* *— Treasury Inflation Protected Security* 

*TWD* *— New Taiwan Dollar* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1311

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Futures contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** |  |  |  |  |  |
|  30 Day Federal Funds | 123 | 8/2025 | USD | 49060425 | (2660) |
|  Euro-Bobl | 13 | 9/2025 | EUR | 1802075 | (2216) |
|  Euro-BTP | 11 | 9/2025 | EUR | 1567851 | 4941 |
|  Euro-OAT | 13 | 9/2025 | EUR | 1896405 | (10464) |
|  Long Gilt | 13 | 9/2025 | GBP | 1660069 | 23904 |
|  U.S. Treasury 2 Year Note | 258 | 9/2025 | USD | 53670047 | 216612 |
|  U.S. Treasury 5 Year Note | 50 | 9/2025 | USD | 5450000 | 58529 |
|  U.S. Treasury 10 Year Note | 122 | 9/2025 | USD | 13679250 | 240149 |
|  U.S. Treasury Long Bond | 36 | 9/2025 | USD | 4156875 | 109664 |
|  U.S. Treasury Ultra Bond | 4 | 9/2025 | USD | 476500 | 7873 |
|  3 Month SOFR | 121 | 3/2026 | USD | 29139825 | 19168 |
|  |  |  |  |  | 665500 |
|  **Short Contracts** |  |  |  |  |  |
|  Australia 10 Year Bond | (7) | 9/2025 | AUD | (528057) | (5041) |
|  Euro-BTP | (11) | 9/2025 | EUR | (1567851) | (898) |
|  Euro-Bund | (3) | 9/2025 | EUR | (459931) | 1624 |
|  Euro-Buxl | (5) | 9/2025 | EUR | (699349) | 9581 |
|  U.S. Treasury 5 Year Note | (6) | 9/2025 | USD | (654000) | (1888) |
|  U.S. Treasury 10 Year Note | (21) | 9/2025 | USD | (2354625) | (41905) |
|  U.S. Treasury 10 Year Ultra Note | (288) | 9/2025 | USD | (32908500) | (778439) |
|  U.S. Treasury Long Bond | (29) | 9/2025 | USD | (3348594) | (146629) |
|  U.S. Treasury Ultra Bond | (11) | 9/2025 | USD | (1310375) | (55705) |
|  |  |  |  |  | (1019300) |
|  |  |  |  |  | (353800) |

---

Forward Foreign Currency Contracts outstanding as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 39734 | USD | 25607 | Barclays Bank plc | 7/2/2025 | 544 |
|  BRL | 4602124 | USD | 806386 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/2/2025 | 40667 |
|  CAD | 312215 | USD | 227132 | HSBC Bank plc | 7/2/2025 | 2143 |
|  EUR | 7024956 | USD | 8149652 | Deutsche Bank AG | 7/2/2025 | 125395 |
|  GBP | 2808325 | USD | 3817852 | Barclays Bank plc | 7/2/2025 | 36995 |
|  USD | 218981 | CAD | 298000 | HSBC Bank plc | 7/2/2025 | 145 |
|  USD | 954144 | JPY | 137147000 | HSBC Bank plc | 7/2/2025 | 1768 |
|  EUR | 30 | USD | 34 | Barclays Bank plc | 7/16/2025 | 1 |
|  EUR | 10436 | USD | 11874 | BNP Paribas | 7/16/2025 | 431 |
|  PEN | 129310 | USD | 35285 | JPMorgan Chase Bank<sup>\*\*</sup> | 8/4/2025 | 1186 |
|  AUD | 39734 | USD | 26058 | JPMorgan Chase Bank | 8/5/2025 | 111 |
|  EUR | 1000000 | USD | 1157461 | HSBC Bank plc | 9/17/2025 | 26634 |
|  GBP | 904600 | USD | 1217440 | HSBC Bank plc | 9/17/2025 | 24885 |
|  MXN | 1890000 | USD | 98780 | Barclays Bank plc | 9/17/2025 | 1107 |
|  MXN | 11429439 | USD | 592826 | Deutsche Bank AG | 9/17/2025 | 11226 |
|  PEN | 65097 | USD | 18000 | Barclays Bank plc<sup>\*\*</sup> | 9/17/2025 | 336 |
|  USD | 77234 | COP | 317335000 | JPMorgan Securities Inc.<sup>\*\*</sup> | 9/17/2025 | 397 |
|  USD | 117656 | COP | 483684000 | JPMorgan Chase Bank<sup>\*\*</sup> | 9/17/2025 | 541 |
|  USD | 43971 | JPY | 6271000 | HSBC Bank plc | 9/17/2025 | 38 |
|  BRL | 4716383 | USD | 836431 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | 11457 |
|  MXN | 1902000 | USD | 98246 | Goldman Sachs Bank USA | 12/17/2025 | 1221 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | 287228 |

---

See Notes to Financial Statements.

1312

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 836431 | BRL | 4610826 | Goldman Sachs Bank USA<sup>\*\*</sup> | 7/2/2025 | (12224) |
|  USD | 10267 | CAD | 14102 | HSBC Bank plc | 7/2/2025 | (88) |
|  USD | 121735 | DKK | 803799 | JPMorgan Chase Bank | 7/2/2025 | (5173) |
|  USD | 7987769 | EUR | 7025000 | Bank of America | 7/2/2025 | (287329) |
|  USD | 3783319 | GBP | 2808325 | JPMorgan Chase Bank | 7/2/2025 | (71528) |
|  USD | 7233 | EUR | 6351 | Deutsche Bank AG | 7/16/2025 | (255) |
|  USD | 4549 | EUR | 3994 | HSBC Bank plc | 7/16/2025 | (160) |
|  USD | 138 | EUR | 121 | UBS AG | 7/16/2025 | (5) |
|  USD | 174805 | MYR | 739950 | Goldman Sachs Bank USA<sup>\*\*</sup> | 7/16/2025 | (1024) |
|  USD | 27483 | TWD | 895698 | HSBC Bank plc<sup>\*\*</sup> | 7/16/2025 | (3216) |
|  USD | 43273 | TWD | 1407709 | JPMorgan Chase Bank<sup>\*\*</sup> | 7/16/2025 | (4974) |
|  USD | 126320 | DKK | 802495 | Deutsche Bank AG | 8/4/2025 | (720) |
|  USD | 8149652 | EUR | 7009557 | Deutsche Bank AG | 8/4/2025 | (126861) |
|  USD | 3586137 | GBP | 2635325 | Barclays Bank plc | 8/4/2025 | (31855) |
|  USD | 150524 | JPY | 21632989 | Barclays Bank plc | 8/4/2025 | (305) |
|  USD | 800895 | JPY | 115063623 | HSBC Bank plc | 8/4/2025 | (1346) |
|  USD | 35118 | PEN | 129310 | Deutsche Bank AG<sup>\*\*</sup> | 8/4/2025 | (1353) |
|  USD | 227132 | CAD | 311694 | HSBC Bank plc | 8/5/2025 | (2193) |
|  USD | 65585 | TWD | 2145876 | HSBC Bank plc<sup>\*\*</sup> | 8/20/2025 | (8174) |
|  USD | 135659 | TWD | 4443684 | JPMorgan Chase Bank<sup>\*\*</sup> | 8/20/2025 | (17082) |
|  USD | 76319 | COP | 321165000 | JPMorgan Securities Inc.<sup>\*\*</sup> | 9/17/2025 | (1445) |
|  USD | 195312 | EUR | 167327 | BNP Paribas | 9/17/2025 | (2820) |
|  USD | 1599976 | EUR | 1375269 | Deutsche Bank AG | 9/17/2025 | (28474) |
|  USD | 91360 | EUR | 78337 | Standard Chartered Bank | 9/17/2025 | (1398) |
|  USD | 91359 | EUR | 78336 | Toronto Dominion Bank | 9/17/2025 | (1398) |
|  USD | 16242 | GBP | 12000 | JPMorgan Securities Inc. | 9/17/2025 | (238) |
|  USD | 1270436 | GBP | 934600 | Natwest Markets plc | 9/17/2025 | (13089) |
|  USD | 920447 | PEN | 3362392 | Barclays Bank plc<sup>\*\*</sup> | 9/17/2025 | (26631) |
|  USD | 2863040 | BRL | 17600000 | Goldman Sachs Bank USA<sup>\*\*</sup> | 10/2/2025 | (301001) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | (952359) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | (665131) |

---

*\*\** *Non-deliverable forward.* 

Written Put Options Contracts as of June 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  3 Month SOFR | Exchange Traded | 80 | USD (20000000) | USD 96.00 | 10/10/2025 | (9000) |
|  Total Written Options Contracts (Premiums Received ($20371)) | Total Written Options Contracts (Premiums Received ($20371)) | Total Written Options Contracts (Premiums Received ($20371)) | Total Written Options Contracts (Premiums Received ($20371)) | Total Written Options Contracts (Premiums Received ($20371)) | Total Written Options Contracts (Premiums Received ($20371)) | (9000) |

---

See Notes to Financial Statements.

1313

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $81512699 | $— | $81512699 |
|  **Collateralized Mortgage Obligations** |  | 77321137 |  | 77321137 |
|  **Commercial Mortgage-Backed Securities** |  | 49899924 |  | 49899924 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 12324263 |  | 12324263 |
|  Consumer Discretionary |  | 9204730 |  | 9204730 |
|  Consumer Staples |  | 8173248 |  | 8173248 |
|  Energy |  | 26119329 |  | 26119329 |
|  Financials |  | 87080788 |  | 87080788 |
|  Health Care |  | 12760923 |  | 12760923 |
|  Industrials |  | 10761866 |  | 10761866 |
|  Information Technology |  | 13376302 |  | 13376302 |
|  Materials |  | 3823061 |  | 3823061 |
|  Real Estate |  | 6386613 |  | 6386613 |
|  Utilities |  | 31193542 |  | 31193542 |
|  **Foreign Government Securities** |  | 15071057 |  | 15071057 |
|  **Forward Currency Contracts** |  | 287228 |  | 287228 |
|  **Futures** | 692045 |  |  | 692045 |
|  **Mortgage-Backed Securities** |  | 224599714 |  | 224599714 |
|  **Municipal Bonds** |  | 2496953 |  | 2496953 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 249522 |  | 249522 |
|  Foreign Government Treasury Bill |  | 3123684 |  | 3123684 |
|  Investment Companies | 9299410 |  |  | 9299410 |
|  U.S. Treasury Obligations |  | 3971155 |  | 3971155 |
|  **Supranational** |  | 5069308 |  | 5069308 |
|  **U.S. Government Agency Securities** |  | 10861172 |  | 10861172 |
|  **U.S. Treasury Obligations** |  | 222013020 |  | 222013020 |
|  **Total Assets** | $**9991455** | $**917681238** | $**—** | $**927672693** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(952359) | $— | $(952359) |
|  **Futures** | (1045845) |  |  | (1045845) |
|  **Mortgage-Backed Securities** |  | (2163862) |  | (2163862) |
|  **Options Written** |  |  |  |  |
|  Put Options Written | (9000) |  |  | (9000) |
|  **Total Liabilities** | $**(1054845)** | $**(3116221)** | $**—** | $**(4171066)** |
|  **Total** | $**8936610** | $**914565017** | $**—** | $**923501627** |

---

See Notes to Financial Statements.

1314

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $692045 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 287228 |
|  **Total** |  | $979273 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(1054845) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (952359) |
|  **Total** |  | $(2007204) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (1)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(113047) | $31993 | $410660 | $— | $329606 |
|  Foreign exchange contracts |  |  |  | (1016128) | (1016128) |
|  **Total** | $(113047) | $31993 | $410660 | $(1016128) | $(686522) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased (2)** | **Options<br>Written** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $55671 | $(4177) | $(231222) | $— | $(179728) |
|  Foreign exchange contracts |  |  |  | (1143169) | (1143169) |
|  **Total** | $55671 | $(4177) | $(231222) | $(1143169) | $(1322897) |

---

(1) Included in Realized gain (loss) on investment transactions in the Statement of Operations.

(2) Included in Change in unrealized appreciation (depreciation) on investment transactions in the Statement of Operations.

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $85744000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 36922000 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $10757000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 34156000 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 8000 |

---

See Notes to Financial Statements.

1315

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Barclays Bank plc | $38983 | $(38983) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  BNP Paribas | 431 | (431) |  |  |
|  Deutsche Bank AG | 136621 | (136621) |  |  |
|  Goldman Sachs Bank USA | 12678 | (12678) |  |  |
|  HSBC Bank plc | 55613 | (15177) |  | 40436 |
|  JPMorgan Chase Bank | 42505 | (42505) |  |  |
|  JPMorgan Securities Inc. | 397 | (397) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246792) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40436 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $287329 | $— | $— | $287329 |
|  Barclays Bank plc | 58791 | (38983) |  | 19808 |
|  BNP Paribas | 2820 | (431) |  | 2389 |
|  Deutsche Bank AG | 157663 | (136621) |  | 21042 |
|  Goldman Sachs Bank USA | 314249 | (12678) | (260768) | 40803 |
|  HSBC Bank plc | 15177 | (15177) |  |  |
|  JPMorgan Chase Bank | 98757 | (42505) |  | 56252 |
|  JPMorgan Securities Inc. | 1683 | (397) |  | 1286 |
|  Natwest Markets plc | 13089 |  |  | 13089 |
|  Standard Chartered Bank | 1398 |  |  | 1398 |
|  Toronto Dominion Bank | 1398 |  |  | 1398 |
|  UBS AG | 5 |  |  | 5 |
|  **Total** | $952359 | $(246792) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260768) | $444799 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  BNP Paribas | 4.45% | 6/18/2025 | 7/30/2025 | $(3062000) | $(3061986) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1442219) | (1443498) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1441281) | (1441723) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1205313) | (1205603) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1096469) | (1096777) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (972375) | (972821) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1323563) | (1324521) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (3330719) | (3339728) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1559688) | (1562858) |
|  BNP Paribas | 4.45 | 6/18/2025 | 7/30/2025 | (1033313) | (1033178) |
|  |  |  |  |  | $(16482693) |

---

*(1)* *The average amount of borrowings while outstanding for 181 days during the six months ended June 30, 2025, was approximately $21,332,000 at a weighted average interest rate of 4.44%.* 

*(2)* *Payable for sale-buyback transactions includes $15,753 of deferred price drop on sale-buyback transactions.* 

See Notes to Financial Statements.

1316

------

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30 Days** | **30 -90 Days** | **Greater than<br>90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(16482693) | $— | $— | $(16482693) |
|  **Total Borrowings** | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16482693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(16482693) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16482693) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash<br>Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  BNP Paribas | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16482693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231016 |

---

*(3)* *Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.* 

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $983103793 |
|  Long-term U.S. government debt securities | 154784118 |
|  | $1137887911 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $976256045 |
|  Long-term U.S. government debt securities | 200121015 |
|  | $1176377060 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $9624699 |
|  Aggregate gross unrealized depreciation | (85354287) |
|  Net unrealized depreciation | $(75729588) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;999231215 |

---

See Notes to Financial Statements.

1317

------

MULTIMANAGER CORE BOND PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $989,140,170) | $926693420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7410283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $434,091) | 447469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 353000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 72233083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6143941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1324568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 287228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 155627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 99483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 88887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1015246916 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 187730230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 16482693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4734750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3431390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short (Proceeds received $2,132,543) | 2163862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 1619000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 952359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 422125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 256922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 77054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 42721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $20,371) | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 259989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 218182095 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $797064821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $950945163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (153880342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $797064821 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $210,614,411 / 24,228,200 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.69 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $586,450,410 / 67,618,504 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.67 |

---

*(x)* *Includes value of securities on loan of $4,767,477.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $1,502 foreign withholding tax) | $18232681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 66216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 16115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18315012 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2186687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 525600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 496466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 263201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 139408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 83823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3800598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (620160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3180438 |
|  **NET INVESTMENT INCOME (LOSS)** | 15134574 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (5129525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 410660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1016128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 201490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 31993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (149202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5650712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 24580556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (231222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1143169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 46641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (4177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (51942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23196687 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 17545975 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $32680549 |

---

See Notes to Financial Statements.

1318

------

#### EQ ADVISORS TRUST
MULTIMANAGER CORE BOND PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15134574 | $30784206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5650712) | (6575987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23196687 | (5786081) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 32680549 | 18422138 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (379439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (3442914) | (7220181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (10330662) | (23353977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (13773576) | (30953597) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (7324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (139368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (450792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (597484) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 195,762 shares, respectively ] |  | 1662710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 0 and 45,926 shares, respectively ] |  | 386763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (3102461) shares, respectively ] |  | (26416281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (322989) shares, respectively ] |  | (2734218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (27101026) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,094,392 and 3,309,899 shares, respectively ] | 9378689 | 28339538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 3,092,946 shares, respectively ] |  | 26416281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 399,563 and 860,241 shares, respectively ] | 3442914 | 7359549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2973906) and (3393243) shares, respectively ] | (25518593) | (29163625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (12696990) | 32951743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,622,298 and 6,836,769 shares, respectively ] | 22403971 | 58473441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,201,667 and 2,790,844 shares, respectively ] | 10330662 | 23804769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8084069) and (10334439) shares, respectively ] | (69147414) | (88611593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (36412781) | (6333383) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (49109771) | (482666) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (30202798) | (13611609) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 827267619 | 840879228 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $797064821 | $827267619 |

---

See Notes to Financial Statements.

1319

------

#### EQ ADVISORS TRUST
MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.49 | $8.63 | $8.45 | $9.92 | $10.23 | $9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.30 | 0.26 | 0.18 | 0.14 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | (0.14) | 0.17 | (1.44) | (0.29) | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.34 | 0.16 | 0.43 | (1.26) | (0.15) | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.29) | (0.25) | (0.21) | (0.15) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.01) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (0.30) | (0.25) | (0.21) | (0.16) | (0.39) |
|  Net asset value, end of period | $8.69 | $8.49 | $8.63 | $8.45 | $9.92 | $10.23 |
|  Total return (b) | 4.03% | 1.94% | 5.15% | (12.77)% | (1.47)% | 6.29% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $210614 | $218300 | $188460 | $243815 | $300420 | $279779 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.98 %(g) | 0.93 %(g) | 0.87 %(g) | 0.85% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.14 %(g) | 1.09 %(g) | 1.02 %(g) | 0.98% | 0.97% | 1.00% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.61% | 3.46% | 3.06% | 2.02% | 1.38% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.46% | 3.30% | 2.91% | 1.89% | 1.30% | 1.57% |
|  Portfolio turnover rate^ | 123 %(z) | 281% | 274% | 251% | 246% | 324% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.47 | $8.61 | $8.44 | $9.90 | $10.20 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.32 | 0.28 | 0.20 | 0.16 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | (0.13) | 0.16 | (1.43) | (0.28) | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 0.19 | 0.44 | (1.23) | (0.12) | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.32) | (0.27) | (0.23) | (0.17) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.01) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.15) | (0.33) | (0.27) | (0.23) | (0.18) | (0.41) |
|  Net asset value, end of period | $8.67 | $8.47 | $8.61 | $8.44 | $9.90 | $10.20 |
|  Total return (b) | 4.16% | 2.20% | 5.28% | (12.47)% | (1.15)% | 6.46% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $586450 | $608967 | $625027 | $610149 | $764860 | $727277 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.73 %(g) | 0.68 %(g) | 0.62 %(g) | 0.60% | 0.64% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.89 %(g) | 0.84 %(g) | 0.77 %(g) | 0.73% | 0.72% | 0.75% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.86% | 3.71% | 3.34% | 2.27% | 1.63% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.71% | 3.56% | 3.18% | 2.14% | 1.55% | 1.81% |
|  Portfolio turnover rate^ | 123 %(z) | 281% | 274% | 251% | 246% | 324% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *For the six months ended June 30, 2025, includes interest expense of 0.13%. Includes Interest Expense of 0.08% and 0.02% for the years ended December 31, 2024 and December 31, 2023, respectively.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1320

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (11.4%)** | **Communication Services (11.4%)** | **Communication Services (11.4%)** |
|  ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** |
|  Electronic Arts, Inc. | 34309 | $5479147 |
|  Live Nation Entertainment, Inc.\* | 35617 | 5388140 |
|  NetEase, Inc. | 129500 | 3480850 |
|  Playtika Holding Corp. | 1488 | 7038 |
|  ROBLOX Corp., Class A\* | 16057 | 1689197 |
|  Take-Two Interactive Software, Inc.\* | 4907 | 1191665 |
|  Ubisoft Entertainment SA\* | 81185 | 897601 |
|  Universal Music Group NV | 49724 | 1609569 |
|  Warner Music Group Corp., Class A | 46922 | 1278155 |
|  |  | 21021362 |
|  ***Interactive Media & Services (10.1%)*** | ***Interactive Media & Services (10.1%)*** | ***Interactive Media & Services (10.1%)*** |
|  Alphabet, Inc., Class A | 477137 | 84085854 |
|  Alphabet, Inc., Class C | 81475 | 14452850 |
|  Autohome, Inc., Class A | 302048 | 1902722 |
|  Autohome, Inc. (ADR) | 53000 | 1366870 |
|  Cargurus, Inc., Class A\* | 2451 | 82035 |
|  IAC, Inc.\* | 1887 | 70461 |
|  LY Corp. | 616100 | 2269223 |
|  Match Group, Inc. | 7102 | 219381 |
|  Meta Platforms, Inc., Class A | 118568 | 87513855 |
|  Pinterest, Inc., Class A\* | 17211 | 617186 |
|  Reddit, Inc., Class A\* | 3189 | 480168 |
|  Rumble, Inc. (x)\* | 3050 | 27389 |
|  Snap, Inc., Class A (x)\* | 30781 | 267487 |
|  TripAdvisor, Inc.\* | 84043 | 1096761 |
|  Trump Media & Technology Group Corp.\* | 2684 | 48419 |
|  Trustpilot Group plc(m)\* | 155194 | 515952 |
|  Yelp, Inc., Class A\* | 1849 | 63365 |
|  Ziff Davis, Inc.\* | 1219 | 36899 |
|  ZoomInfo Technologies, Inc., Class A\* | 7526 | 76163 |
|  |  | 195193040 |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** |
|  WPP plc | 174153 | 1225376 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  SK Telecom Co. Ltd. | 57006 | 2394961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** | 219834739 |
|  **Consumer Discretionary (2.8%)** | **Consumer Discretionary (2.8%)** | **Consumer Discretionary (2.8%)** |
|  ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** | ***Automobile Components (0.0%)†*** |
|  Mobileye Global, Inc., Class A (x)\* | 28612 | 514444 |
|  ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** | ***Broadline Retail (1.8%)*** |
|  Alibaba Group Holding Ltd. | 275984 | 3860285 |
|  Amazon.com, Inc.\* | 108406 | 23783192 |
|  MercadoLibre, Inc.\* | 2097 | 5480782 |
|  Vipshop Holdings Ltd. (ADR) | 120178 | 1808679 |
|  |  | 34932938 |
|  ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** |
|  Airbnb, Inc., Class A\* | 55634 | 7362603 |
|  Amadeus IT Group SA | 51336 | 4322484 |
|  HBX Group International plc\* | 137826 | 1756650 |
|  Trainline plc(m)\* | 327084 | 1250836 |
|  Trip.com Group Ltd. | 28574 | 1659851 |
|  |  | 16352424 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  SharkNinja, Inc.\* | 25633 | 2537411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | 54337217 |
|  **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** |
|  ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** | ***Consumer Staples Distribution & Retail (0.0%)†*** |
|  Ocado Group plc\* | 126609 | 394329 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 394329 |
|  **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Baker Hughes Co. | 106356 | 4077689 |
|  TGS ASA | 153178 | 1306194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 5383883 |
|  **Financials (1.7%)** | **Financials (1.7%)** | **Financials (1.7%)** |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Adyen NV (m)\* | 4211 | 7730206 |
|  Block, Inc., Class A\* | 76619 | 5204729 |
|  Fidelity National Information Services, Inc. | 53130 | 4325313 |
|  Visa, Inc., Class A | 22009 | 7814295 |
|  WEX, Inc.\* | 31664 | 4651125 |
|  Wise plc, Class A\* | 29193 | 416746 |
|  Worldline SA (m) (x)\* | 353045 | 1490892 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 31633306 |
|  **Industrials (1.1%)** | **Industrials (1.1%)** | **Industrials (1.1%)** |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** |
|  Acuity, Inc. | 7090 | 2115231 |
|  Ushio, Inc. | 104300 | 1297910 |
|  |  | 3413141 |
|  ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** | ***Ground Transportation (0.3%)*** |
|  Full Truck Alliance Co. Ltd. (ADR) | 69137 | 816508 |
|  Uber Technologies, Inc.\* | 44129 | 4117236 |
|  |  | 4933744 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  Samsung C&T Corp. | 21549 | 2577066 |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** |
|  Nabtesco Corp. (x) | 62400 | 1118611 |
|  Techtronic Industries Co. Ltd. | 114500 | 1258779 |
|  THK Co. Ltd. (x) | 52400 | 1403471 |
|  |  | 3780861 |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** |
|  Concentrix Corp. (x) | 25638 | 1355097 |
|  Teleperformance SE | 42545 | 4125539 |
|  WNS Holdings Ltd.\* | 7696 | 486695 |
|  |  | 5967331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** | 20672143 |
|  **Information Technology (51.3%)** | **Information Technology (51.3%)** | **Information Technology (51.3%)** |
|  ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** |
|  ADTRAN Holdings, Inc.\* | 2084 | 18693 |
|  Applied Optoelectronics, Inc. (x)\* | 1528 | 39254 |
|  Arista Networks, Inc.\* | 139931 | 14316341 |
|  Aviat Networks, Inc.\* | 331 | 7961 |
|  BK Technologies Corp.\* | 86 | 4053 |
|  Calix, Inc.\* | 1671 | 88880 |
|  Ciena Corp.\* | 4117 | 334836 |

---

See Notes to Financial Statements.

1321

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Cisco Systems, Inc. | 256054 | $| 17765026 |
|  Clearfield, Inc.\* | 332 |  | 14412 |
|  CommScope Holding Co., Inc.\* | 6273 |  | 51940 |
|  Digi International, Inc.\* | 1074 |  | 37440 |
|  Extreme Networks, Inc.\* | 3857 |  | 69233 |
|  F5, Inc.\* | 1663 |  | 489454 |
|  Harmonic, Inc.\* | 3276 |  | 31024 |
|  Juniper Networks, Inc. | 9589 |  | 382889 |
|  Lumentum Holdings, Inc.\* | 2010 |  | 191071 |
|  Motorola Solutions, Inc. | 4834 |  | 2032504 |
|  NETGEAR, Inc.\* | 834 |  | 24244 |
|  NetScout Systems, Inc.\* | 2066 |  | 51257 |
|  Ribbon Communications, Inc.\* | 2659 |  | 10663 |
|  Telefonaktiebolaget LM Ericsson, Class B | 1529887 |  | 13088507 |
|  Viasat, Inc.\* | 2468 |  | 36033 |
|  Viavi Solutions, Inc.\* | 6466 |  | 65113 |
|  |  |  | 49150828 |
|  ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** |
|  Advanced Energy Industries, Inc. | 1091 |  | 144557 |
|  Amphenol Corp., Class A | 35034 |  | 3459607 |
|  Arlo Technologies, Inc.\* | 2995 |  | 50795 |
|  Arrow Electronics, Inc.\* | 17872 |  | 2277429 |
|  Avnet, Inc. | 2429 |  | 128931 |
|  Badger Meter, Inc. | 853 |  | 208942 |
|  Belden, Inc. | 1144 |  | 132475 |
|  Benchmark Electronics, Inc. | 1045 |  | 40577 |
|  CDW Corp. | 22146 |  | 3955054 |
|  Celestica, Inc. (x)\* | 3347 |  | 522500 |
|  Cognex Corp. | 4862 |  | 154223 |
|  Coherent Corp.\* | 91107 |  | 8127655 |
|  Corning, Inc. | 104166 |  | 5478090 |
|  Crane NXT Co. (x) | 1429 |  | 77023 |
|  CTS Corp. | 864 |  | 36815 |
|  ePlus, Inc.\* | 763 |  | 55012 |
|  Fabrinet\* | 1038 |  | 305878 |
|  Flex Ltd.\* | 139393 |  | 6958499 |
|  Insight Enterprises, Inc.\* | 795 |  | 109778 |
|  IPG Photonics Corp.\* | 764 |  | 52449 |
|  Itron, Inc.\* | 1320 |  | 173752 |
|  Jabil, Inc. | 3109 |  | 678073 |
|  Keysight Technologies, Inc.\* | 5005 |  | 820119 |
|  Knowles Corp.\* | 2519 |  | 44385 |
|  Littelfuse, Inc. | 716 |  | 162339 |
|  Mirion Technologies, Inc., Class A\* | 5422 |  | 116736 |
|  Murata Manufacturing Co. Ltd. | 133500 |  | 1996868 |
|  Napco Security Technologies, Inc. | 1033 |  | 30670 |
|  Novanta, Inc.\* | 1042 |  | 134345 |
|  OSI Systems, Inc.\* | 452 |  | 101637 |
|  PAR Technology Corp.\* | 1173 |  | 81371 |
|  PC Connection, Inc. | 346 |  | 22760 |
|  Plexus Corp.\* | 785 |  | 106218 |
|  Rogers Corp.\* | 488 |  | 33418 |
|  Sanmina Corp.\* | 1548 |  | 151441 |
|  TD SYNNEX Corp. | 2163 |  | 293519 |
|  TE Connectivity plc | 8589 |  | 1448707 |
|  Teledyne Technologies, Inc.\* | 1357 |  | 695205 |
|  Trimble, Inc.\* | 51966 |  | 3948377 |
|  TTM Technologies, Inc.\* | 2944 |  | 120174 |
|  Vishay Intertechnology, Inc. | 3254 |  | 51673 |
|  Vontier Corp. | 4284 |  | 158080 |
|  Zebra Technologies Corp., Class A\* | 1473 |  | 454214 |
|  |  |  | 44100370 |
|  ***IT Services (3.4%)*** | ***IT Services (3.4%)*** | ***IT Services (3.4%)*** | ***IT Services (3.4%)*** |
|  Accenture plc, Class A | 39374 |  | 11768495 |
|  Akamai Technologies, Inc. (x)\* | 29451 |  | 2349012 |
|  Applied Digital Corp. (x)\* | 5207 |  | 52434 |
|  ASGN, Inc.\* | 1269 |  | 63361 |
|  Capgemini SE | 15411 |  | 2633149 |
|  CGI, Inc. | 5800 |  | 608014 |
|  Cloudflare, Inc., Class A\* | 8995 |  | 1761491 |
|  Cognizant Technology Solutions Corp., Class A | 57145 |  | 4459024 |
|  DigitalOcean Holdings, Inc.\* | 1819 |  | 51951 |
|  DXC Technology Co.\* | 113924 |  | 1741898 |
|  EPAM Systems, Inc.\* | 1641 |  | 290162 |
|  Fastly, Inc., Class A\* | 3858 |  | 27237 |
|  Gartner, Inc.\* | 2229 |  | 901006 |
|  GoDaddy, Inc., Class A\* | 4127 |  | 743108 |
|  Grid Dynamics Holdings, Inc.\* | 1812 |  | 20929 |
|  International Business Machines Corp. | 26918 |  | 7934888 |
|  Kyndryl Holdings, Inc.\* | 6740 |  | 282810 |
|  MongoDB, Inc.\* | 35679 |  | 7492233 |
|  Okta, Inc.\* | 4842 |  | 484055 |
|  Shopify, Inc., Class A\* | 106720 |  | 12310152 |
|  Snowflake, Inc., Class A\* | 38898 |  | 8704205 |
|  Twilio, Inc., Class A\* | 4422 |  | 549920 |
|  VeriSign, Inc. | 2339 |  | 675503 |
|  |  |  | 65905037 |
|  ***Semiconductors & Semiconductor Equipment (19.4%)*** | ***Semiconductors & Semiconductor Equipment (19.4%)*** | ***Semiconductors & Semiconductor Equipment (19.4%)*** | ***Semiconductors & Semiconductor Equipment (19.4%)*** |
|  Advanced Micro Devices, Inc.\* | 138382 |  | 19636406 |
|  Allegro MicroSystems, Inc.\* | 3776 |  | 129101 |
|  Alphawave IP Group plc(x)\* | 392062 |  | 937482 |
|  Ambarella, Inc.\* | 1155 |  | 76305 |
|  Amkor Technology, Inc. | 3292 |  | 69099 |
|  ams-OSRAM AG\* | 121649 |  | 1629755 |
|  Analog Devices, Inc. | 14365 |  | 3419157 |
|  Applied Materials, Inc. | 23531 |  | 4307820 |
|  ASMPT Ltd. | 571600 |  | 4190546 |
|  Axcelis Technologies, Inc.\* | 931 |  | 64881 |
|  BE Semiconductor Industries NV | 47311 |  | 7080496 |
|  Broadcom, Inc. | 187932 |  | 51803456 |
|  Cirrus Logic, Inc.\* | 1539 |  | 160448 |
|  Cohu, Inc.\* | 1347 |  | 25916 |
|  Credo Technology Group Holding Ltd.\* | 4229 |  | 391563 |
|  Diodes, Inc.\* | 1344 |  | 71084 |
|  Enphase Energy, Inc.\* | 3800 |  | 150670 |
|  Entegris, Inc. | 4385 |  | 353650 |
|  First Solar, Inc.\* | 23839 |  | 3946308 |
|  FormFactor, Inc.\* | 2232 |  | 76803 |
|  Impinj, Inc.\* | 680 |  | 75528 |
|  Infineon Technologies AG | 142303 |  | 6053807 |
|  Intel Corp. | 384732 |  | 8617997 |
|  KLA Corp. | 3830 |  | 3430684 |
|  Kulicke & Soffa Industries, Inc. | 1528 |  | 52869 |
|  Lam Research Corp. | 107692 |  | 10482739 |
|  Lattice Semiconductor Corp.\* | 3983 |  | 195127 |
|  MACOM Technology Solutions Holdings, Inc.\* | 1724 |  | 247032 |

---

See Notes to Financial Statements.

1322

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Marvell Technology, Inc. | 109216 | $| 8453318 |
|  MaxLinear, Inc., Class A\* | 2277 |  | 32356 |
|  Microchip Technology, Inc. | 147518 |  | 10380842 |
|  Micron Technology, Inc. | 32369 |  | 3989479 |
|  MKS, Inc. | 39733 |  | 3947871 |
|  Monolithic Power Systems, Inc. | 6739 |  | 4928770 |
|  NVIDIA Corp. | 588344 |  | 92952469 |
|  NXP Semiconductors NV | 50367 |  | 11004686 |
|  ON Semiconductor Corp.\* | 12103 |  | 634318 |
|  Onto Innovation, Inc.\* | 1416 |  | 142917 |
|  Photronics, Inc.\* | 1841 |  | 34666 |
|  Power Integrations, Inc. | 1630 |  | 91117 |
|  Qorvo, Inc.\* | 53539 |  | 4545997 |
|  QUALCOMM, Inc. | 31778 |  | 5060964 |
|  Rambus, Inc.\* | 3111 |  | 199166 |
|  Renesas Electronics Corp. | 154400 |  | 1918139 |
|  Rigetti Computing, Inc. (x)\* | 7400 |  | 87764 |
|  Semtech Corp.\* | 2509 |  | 113256 |
|  Silergy Corp. | 469000 |  | 5707569 |
|  Silicon Laboratories, Inc.\* | 943 |  | 138961 |
|  SiTime Corp.\* | 557 |  | 118686 |
|  SK Hynix, Inc. | 34031 |  | 7362961 |
|  Skyworks Solutions, Inc. | 62172 |  | 4633057 |
|  SolarEdge Technologies, Inc.\* | 1710 |  | 34884 |
|  STMicroelectronics NV | 150931 |  | 4610962 |
|  SUMCO Corp. (x) | 152500 |  | 1201955 |
|  Synaptics, Inc.\* | 1116 |  | 72339 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1466752 |  | 53223234 |
|  Teradyne, Inc. | 4646 |  | 417768 |
|  Texas Instruments, Inc. | 86050 |  | 17865701 |
|  Ultra Clean Holdings, Inc.\* | 1308 |  | 29522 |
|  Ulvac, Inc. (x) | 56400 |  | 2078111 |
|  Universal Display Corp. | 1280 |  | 197709 |
|  Veeco Instruments, Inc.\* | 1736 |  | 35276 |
|  |  |  | 373923519 |
|  ***Software (17.3%)*** | ***Software (17.3%)*** | ***Software (17.3%)*** | ***Software (17.3%)*** |
|  A10 Networks, Inc. | 2088 |  | 40403 |
|  ACI Worldwide, Inc.\* | 3038 |  | 139475 |
|  Adeia, Inc. | 3143 |  | 44442 |
|  Adobe, Inc.\* | 31564 |  | 12211480 |
|  Agilysys, Inc.\* | 650 |  | 74516 |
|  Alarm.com Holdings, Inc.\* | 1441 |  | 81517 |
|  Alkami Technology, Inc.\* | 1969 |  | 59346 |
|  ANSYS, Inc.\* | 26539 |  | 9321028 |
|  Appfolio, Inc., Class A\* | 668 |  | 153827 |
|  Appian Corp., Class A\* | 1249 |  | 37295 |
|  AppLovin Corp., Class A\* | 6417 |  | 2246463 |
|  Asana, Inc., Class A\* | 2482 |  | 33507 |
|  Atlassian Corp., Class A\* | 4786 |  | 971989 |
|  Aurora Innovation, Inc., Class A\* | 30818 |  | 161486 |
|  Autodesk, Inc.\* | 28570 |  | 8844415 |
|  AvePoint, Inc.\* | 3237 |  | 62506 |
|  Bentley Systems, Inc., Class B | 4480 |  | 241786 |
|  BILL Holdings, Inc.\* | 2745 |  | 126984 |
|  Blackbaud, Inc.\* | 1091 |  | 70053 |
|  BlackBerry Ltd.\* | 17269 |  | 79092 |
|  BlackLine, Inc.\* | 1498 |  | 84817 |
|  Box, Inc., Class A\* | 4194 |  | 143309 |
|  Braze, Inc., Class A\* | 2002 |  | 56256 |
|  C3.ai, Inc., Class A (x)\* | 3406 |  | 83685 |
|  Cadence Design Systems, Inc.\* | 7908 |  | 2436850 |
|  CCC Intelligent Solutions Holdings, Inc. (x)\* | 13935 |  | 131128 |
|  Cipher Mining, Inc. (x)\* | 6881 |  | 32891 |
|  Cleanspark, Inc. (x)\* | 8056 |  | 88858 |
|  Clear Secure, Inc., Class A | 2672 |  | 74175 |
|  Clearwater Analytics Holdings, Inc., Class A\* | 7005 |  | 153620 |
|  Commvault Systems, Inc.\* | 1278 |  | 222794 |
|  Confluent, Inc., Class A\* | 8293 |  | 206744 |
|  Core Scientific, Inc.\* | 8626 |  | 147246 |
|  Crowdstrike Holdings, Inc., Class A\* | 7214 |  | 3674162 |
|  Dassault Systemes SE | 71666 |  | 2594195 |
|  Datadog, Inc., Class A\* | 9254 |  | 1243090 |
|  Descartes Systems Group, Inc. (The)\* | 2479 |  | 251978 |
|  Docusign, Inc.\* | 5865 |  | 456825 |
|  Dolby Laboratories, Inc., Class A | 1779 |  | 132109 |
|  Dropbox, Inc., Class A\* | 5683 |  | 162534 |
|  D-Wave Quantum, Inc. (x)\* | 7776 |  | 113841 |
|  Dynatrace, Inc.\* | 8684 |  | 479444 |
|  E2open Parent Holdings, Inc.\* | 6109 |  | 19732 |
|  Elastic NV\* | 45064 |  | 3800247 |
|  Fair Isaac Corp.\* | 705 |  | 1288712 |
|  Five9, Inc.\* | 41765 |  | 1105937 |
|  Fortinet, Inc.\* | 18400 |  | 1945248 |
|  Freshworks, Inc., Class A\* | 5667 |  | 84495 |
|  Gen Digital, Inc. | 15808 |  | 464755 |
|  Gitlab, Inc., Class A (x)\* | 3675 |  | 165779 |
|  Glodon Co. Ltd., Class A | 567000 |  | 1061122 |
|  Guidewire Software, Inc.\* | 2429 |  | 571908 |
|  HubSpot, Inc.\* | 11543 |  | 6425180 |
|  Hut 8 Corp. (x)\* | 2656 |  | 49402 |
|  Informatica, Inc., Class A\* | 2388 |  | 58148 |
|  Intapp, Inc.\* | 1571 |  | 81095 |
|  InterDigital, Inc. (x) | 751 |  | 168397 |
|  Intuit, Inc. | 30828 |  | 24281058 |
|  Jamf Holding Corp.\* | 1871 |  | 17793 |
|  Kingdee International Software Group Co. Ltd.\* | 1160000 |  | 2281594 |
|  Klaviyo, Inc., Class A\* | 3060 |  | 102755 |
|  Lightspeed Commerce, Inc. (x)\* | 3581 |  | 41933 |
|  LiveRamp Holdings, Inc.\* | 1905 |  | 62941 |
|  Manhattan Associates, Inc.\* | 1758 |  | 347152 |
|  MARA Holdings, Inc. (x)\* | 10193 |  | 159826 |
|  Meridianlink, Inc.\* | 782 |  | 12692 |
|  Microsoft Corp. | 226292 |  | 112559904 |
|  MicroStrategy, Inc., Class A\* | 7350 |  | 2971090 |
|  N-able, Inc.\* | 2081 |  | 16856 |
|  nCino, Inc.\* | 2670 |  | 74680 |
|  NCR Voyix Corp.\* | 3990 |  | 46803 |
|  NextNav, Inc.\* | 1956 |  | 29731 |
|  Nice Ltd. (ADR)\* | 6694 |  | 1130684 |
|  Nutanix, Inc., Class A\* | 7183 |  | 549069 |
|  Onestream, Inc., Class A\* | 2184 |  | 61807 |
|  Open Text Corp. | 7506 |  | 219175 |
|  Oracle Corp. | 84260 |  | 18421764 |
|  PagerDuty, Inc.\* | 67157 |  | 1026159 |
|  Palantir Technologies, Inc., Class A\* | 96227 |  | 13117665 |
|  Palo Alto Networks, Inc.\* | 19177 |  | 3924381 |
|  Pegasystems, Inc. | 2622 |  | 141929 |
|  Procore Technologies, Inc.\* | 36595 |  | 2503830 |

---

See Notes to Financial Statements.

1323

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Progress Software Corp. | 1246 | $79545 |
|  PROS Holdings, Inc.\* | 1275 | 19966 |
|  PTC, Inc.\* | 11133 | 1918661 |
|  Q2 Holdings, Inc.\* | 1805 | 168930 |
|  Qualys, Inc.\* | 1052 | 150299 |
|  Rapid7, Inc.\* | 1861 | 43045 |
|  RingCentral, Inc., Class A\* | 2321 | 65800 |
|  Riot Platforms, Inc. (x)\* | 9027 | 102005 |
|  Roper Technologies, Inc. | 3114 | 1765140 |
|  Rubrik, Inc., Class A\* | 3575 | 320284 |
|  Sage Group plc (The) | 67388 | 1156714 |
|  Salesforce, Inc. | 48916 | 13338904 |
|  Samsara, Inc., Class A\* | 8160 | 324605 |
|  SAP SE (ADR) (x) | 27943 | 8497466 |
|  SEMrush Holdings, Inc., Class A\* | 994 | 8996 |
|  SentinelOne, Inc., Class A\* | 9177 | 167756 |
|  ServiceNow, Inc.\* | 18019 | 18524974 |
|  SoundHound AI, Inc., Class A (x)\* | 10693 | 114736 |
|  Sprinklr, Inc., Class A\* | 3325 | 28129 |
|  Sprout Social, Inc., Class A\* | 1503 | 31428 |
|  SPS Commerce, Inc.\* | 1100 | 149699 |
|  Synopsys, Inc.\* | 29477 | 15112268 |
|  Temenos AG (Registered) | 21006 | 1502414 |
|  Tenable Holdings, Inc.\* | 3538 | 119514 |
|  Teradata Corp.\* | 2769 | 61776 |
|  Terawulf, Inc. (x)\* | 8911 | 39030 |
|  Tyler Technologies, Inc.\* | 1249 | 740457 |
|  UiPath, Inc., Class A\* | 12056 | 154317 |
|  Unity Software, Inc.\* | 8789 | 212694 |
|  Varonis Systems, Inc.\* | 3242 | 164531 |
|  Verint Systems, Inc.\* | 1744 | 34304 |
|  Vertex, Inc., Class A\* | 1648 | 58232 |
|  Workday, Inc., Class A\* | 38493 | 9238320 |
|  Workiva, Inc., Class A\* | 1503 | 102880 |
|  Zeta Global Holdings Corp., Class A\* | 6124 | 94861 |
|  Zoom Communications, Inc., Class A\* | 55566 | 4333037 |
|  Zscaler, Inc.\* | 18997 | 5963918 |
|  |  | 334275224 |
|  ***Technology Hardware, Storage & Peripherals (6.3%)*** | ***Technology Hardware, Storage & Peripherals (6.3%)*** | ***Technology Hardware, Storage & Peripherals (6.3%)*** |
|  Apple, Inc. | 382651 | 78508506 |
|  Corsair Gaming, Inc.\* | 1318 | 12429 |
|  Dell Technologies, Inc., Class C | 77348 | 9482865 |
|  Diebold Nixdorf, Inc.\* | 1079 | 59776 |
|  Hewlett Packard Enterprise Co. | 38045 | 778020 |
|  HP, Inc. | 27304 | 667856 |
|  IonQ, Inc. (x)\* | 6531 | 280637 |
|  NetApp, Inc. | 61993 | 6605354 |
|  Pure Storage, Inc., Class A\* | 9001 | 518277 |
|  Quantum Computing, Inc. (x)\* | 3183 | 61018 |
|  Samsung Electronics Co. Ltd. | 123587 | 5476069 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 152277 | 5585145 |
|  Sandisk Corp.\* | 69898 | 3169874 |
|  Seagate Technology Holdings plc | 6146 | 887052 |
|  Super Micro Computer, Inc.\* | 14866 | 728583 |
|  Western Digital Corp. | 146331 | 9363721 |
|  |  | 122185182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 989540160 |
|  **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** |
|  KE Holdings, Inc., Class A | 343497 | 2074122 |
|  KE Holdings, Inc. (ADR) | 12955 | 229822 |
|  |  | 2303944 |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  Crown Castle, Inc. (REIT) | 30135 | 3095769 |
|  Equinix, Inc. (REIT) | 2883 | 2293340 |
|  |  | 5389109 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** | 7693053 |
|  **Total Common Stocks (69.0%)**<br> *(Cost $773,326,170)* |  | 1329488830 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (30.4%)** | **Equity (30.4%)** | **Equity (30.4%)** |
|  iShares Expanded Tech Sector ETF (x)‡ | 1743256 | 195837379 |
|  Technology Select Sector SPDR Fund | 768000 | 194480640 |
|  Vanguard Information Technology ETF (x) | 295100 | 195733928 |
|  **Total Exchange Traded Funds (30.4%)**<br> *(Cost $48,333,640)* | **Total Exchange Traded Funds (30.4%)**<br> *(Cost $48,333,640)* | 586051947 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Companies (3.3%)** | **Investment Companies (3.3%)** | **Investment Companies (3.3%)** |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 1000000 | 1000000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 3000000 | 3000000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 47878706 | 47878706 |
|  Morgan Stanley Institutional Liquidity Fund – Government Portfolio 4.23% (7 day yield) (xx) | 10000000 | 10000000 |
|  State Street Institutional U.S. Government Money Market Fund, Premier Shares 4.27% (7 day yield) (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 63878706 |
|  **Total Short-Term Investments (3.3%)**<br> *(Cost $63,878,706)* |  | 63878706 |
|  **Total Investments in Securities (102.7%)**<br> *(Cost $885,538,516)* |  | 1979419483 |
|  **Other Assets Less Liabilities (-2.7%)** |  | (52016632) |
|  **Net Assets (100%)** |  | $1927402851 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

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

See Notes to Financial Statements.

1324

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At June 30, 2025, the market value or fair value, as applicable, of these securities amounted to $10,987,886 or 0.6% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

*(xx)* *At June 30, 2025, the Portfolio had loaned securities with a total value of $68,025,124. This was collateralized by $4,945,434 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 7/15/25 – 2/15/55 and by cash of $63,878,706 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

*USD* *— United States Dollar* 

Investments in companies which were affiliates for the six months ended June 30, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>June 30,<br>2025** | **Market Value<br>December 31,<br>2024 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from Sales<br>($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market<br>Value<br>June 30,<br>2025 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Expanded Tech Sector ETF (x) | 1743256 | 199343384 | 31899095 | (53387408) | 11348740 | 6633568 | 195837379 | 200601 |  |

---

*(x)* *All or a portion of security is on loan at June 30, 2025.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in**<br> **Active Markets for**<br> **Identical**<br> **Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $205538485 | $14296254 | $— | $219834739 |
|  Consumer Discretionary | 41487111 | 12850106 |  | 54337217 |
|  Consumer Staples |  | 394329 |  | 394329 |
|  Energy | 4077689 | 1306194 |  | 5383883 |
|  Financials | 21995462 | 9637844 |  | 31633306 |
|  Industrials | 8890767 | 11781376 |  | 20672143 |
|  Information Technology | 856169366 | 133370794 |  | 989540160 |
|  Real Estate | 5618931 | 2074122 |  | 7693053 |
|  **Exchange Traded Funds** | 586051947 |  |  | 586051947 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 63878706 |  |  | 63878706 |
|  **Total Assets** | $**1793708464** | $**185711019** | $**—** | $**1979419483** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1793708464** | $**185711019** | $**—** | $**1979419483** |

---

See Notes to Financial Statements.

1325

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2025 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $2536 | $2536 |
|  **Total** | $2536 | $2536 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** | **Average Balances of Outstanding Derivative Financial Instruments** |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 |

---

Investment security transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;374345617 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $467686789 |

---

As of June 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1117547536 |
|  Aggregate gross unrealized depreciation | (37716501) |
|  Net unrealized appreciation | $1079831035 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $899588448 |

---

For the six months ended June 30, 2025, the Portfolio incurred approximately $528 as brokerage commissions with National Financial Services, LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1326

------

MULTIMANAGER TECHNOLOGY PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $17,716,378) | $195837379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $867,822,138) | 1783582104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5781865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,782) | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 14524306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2803664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 739565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 7043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 18321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2003296111 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 63878706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 9137018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1165079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares repurchased | 966377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 373851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 181380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 190849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 75893260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1927402851 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $727680611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1199722240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1927402851 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,896,913,009 / 47,478,241 shares outstanding (unlimited amount authorized: $0.01 par value) | $39.95 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $30,489,842 / 674,174 shares outstanding (unlimited amount authorized: $0.01 par value) | $45.23 |

---

*(x)* *Includes value of securities on loan of $68,025,124.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($200,601 of dividend income received from affiliates) (net of $316,245 foreign withholding tax) | $6526477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 166941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 37005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6730423 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8029872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2154971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1089806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 150325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 64921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11605234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (459770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (933519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10211945 |
|  **NET INVESTMENT INCOME (LOSS)** | (3481522) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($11,348,740 realized gain (loss) from affiliates) | 91348496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 91345038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($6,633,568 of change in unrealized appreciation (depreciation) from affiliates) | 77535352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 13816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 77549168 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 168894206 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $165412684 |

---

See Notes to Financial Statements.

1327

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#### EQ ADVISORS TRUST
MULTIMANAGER TECHNOLOGY PORTFOLIO

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31, 2024** |
|  INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3481522) | $(7615987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 91345038 | 235040579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 77549168 | 184018089 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 165412684 | 411442681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (213669984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (3072956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (216742940) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 134,054 shares, respectively ] |  | 5239210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased in connection with share class combination (Note 1) [ 0 and (1354154) shares, respectively ] |  | (55943388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (143167) shares, respectively ] |  | (4975061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (55679239) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,218,628 and 3,694,229 shares, respectively ] | 78524302 | 136940842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with share class combination (Note 1) [ 0 and 1,443,311 shares, respectively ] |  | 55943388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,661,486 shares, respectively ] |  | 213669984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4855494) and (9164610) shares, respectively ] | (172619306) | (339320896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (94095004) | 67233318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 189,720 and 213,607 shares, respectively ] | 7606503 | 8728587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 0 and 72,114 shares, respectively ] |  | 3072956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (236114) and (289601) shares, respectively ] | (9720411) | (12060978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2113908) | (259435) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (96208912) | 11294644 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 69203772 | 205994385 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1858199079 | 1652204694 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1927402851 | $1858199079 |

---

See Notes to Financial Statements.

1328

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#### EQ ADVISORS TRUST
MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $36.49 | $32.57 | $22.83 | $40.59 | $38.35 | $29.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.07) | (0.16) | (0.09) | (0.16) | (0.30) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.53 | 8.77 | 11.37 | (14.80) | 8.16 | 15.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.46 | 8.61 | 11.28 | (14.96) | 7.86 | 15.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.69) | (1.54) | (2.80) | (5.62) | (6.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.69) | (1.54) | (2.80) | (5.62) | (6.76) |
|  Net asset value, end of period | $39.95 | $36.49 | $32.57 | $22.83 | $40.59 | $38.35 |
|  Total return (b) | 9.48% | 26.13% | 49.53% | (37.29)% | 20.81% | 53.26 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1896913 | $1828476 | $1579236 | $1111836 | $1890978 | $1736384 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.17 %(i) | 1.18 %(r) | 1.18% | 1.18% | 1.18% | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.33% | 1.33% | 1.34% | 1.33% | 1.31% | 1.33 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.40)% | (0.43)% | (0.30)% | (0.54)% | (0.72)% | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.56)% | (0.58)% | (0.46)% | (0.69)% | (0.84)% | (0.64) |
|  Portfolio turnover rate^ | 21 %(z) | 36% | 56% | 67 %(h) | 47% | 78 |

---

See Notes to Financial Statements.

1329

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MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class K** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $41.25 | $36.26 | $25.24 | $44.32 | $41.33 | $31.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.07) | (0.01) | (0.09) | (0.21) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.01 | 9.75 | 12.58 | (16.19) | 8.82 | 16.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.98 | 9.68 | 12.57 | (16.28) | 8.61 | 16.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.01) |  |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (4.69) | (1.54) | (2.80) | (5.62) | (6.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (4.69) | (1.55) | (2.80) | (5.62) | (6.85) |
|  Net asset value, end of period | $45.23 | $41.25 | $36.26 | $25.24 | $44.32 | $41.33 |
|  Total return (b) | 9.65% | 26.42% | 49.90% | (37.13)% | 21.12% | 53.66% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $30490 | $29723 | $26270 | $17834 | $30726 | $27958 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.92 %(i) | 0.93 %(r) | 0.93% | 0.93% | 0.93% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.08% | 1.08% | 1.09% | 1.08% | 1.06% | 1.08% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.16)% | (0.18)% | (0.05)% | (0.29)% | (0.47)% | (0.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.32)% | (0.33)% | (0.21)% | (0.44)% | (0.59)% | (0.40)% |
|  Portfolio turnover rate^ | 21 %(z) | 36% | 56% | 67 %(h) | 47% | 78% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(i)* *Includes voluntary waiver from investment manager of 0.11%.* 

*(r)* *Includes voluntary waiver from investment manager of 0.04%* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1330

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NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (Unaudited)

Note 1 Organization and Significant Accounting Policies

EQ Advisors Trust (the "Trust") was organized as a Delaware statutory 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. As of June 30, 2025, the Trust offered one hundred ten portfolios (each a "Portfolio"). The investment adviser to each Portfolio is Equitable Investment Management Group, LLC ("EIM" or the "Adviser"), a wholly-owned subsidiary of Equitable Financial Life Insurance Company ("Equitable Financial").

The Adviser and, as applicable, each of the investment sub-advisers (each, a "Sub-Adviser"), subject to the supervision of the Adviser, independently chooses and maintains a portfolio of securities for the Portfolio(s).

Each of the following Portfolios is a type of mutual fund often described as a "fund-of-funds":

• EQ/All Asset Growth Allocation Portfolio pursues its investment objective by investing exclusively in other affiliated mutual funds managed by EIM or an affiliate and unaffiliated exchange-traded funds ("ETFs").

• Each of the EQ/Conservative Allocation Portfolio, EQ/Conservative-Plus Allocation Portfolio, EQ/Moderate Allocation Portfolio, EQ/Moderate-Plus Allocation Portfolio and EQ/Aggressive Allocation Portfolio (each, an "EQ Allocation Portfolio" and together, the "EQ Allocation Portfolios"), the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio, Target 2045 Allocation Portfolio and Target 2055 Allocation Portfolio (each, a "Target Allocation Portfolio" and together, the "Target Allocation Portfolios"), and the EQ/Ultra Conservative Strategy Portfolio, EQ/Conservative Strategy Portfolio, EQ/Conservative Growth Strategy Portfolio, EQ/Balanced Strategy Portfolio, EQ/Moderate Growth Strategy Portfolio, EQ/Growth Strategy Portfolio and EQ/Aggressive Growth Strategy Portfolio (each, a "Strategic Allocation Series Portfolio" and together, the "Strategic Allocation Series Portfolios") pursues its investment objective by investing exclusively in other affiliated mutual funds managed by EIM or an affiliate.

• Each of Equitable Conservative Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, and Equitable Moderate Growth MF/ETF Portfolio pursues its investment objective by investing exclusively in other affiliated mutual funds managed by EIM or an affiliate and unaffiliated investment companies and ETFs.

• Each of the 1290 VT Moderate Growth Allocation Portfolio and 1290 VT Multi-Alternative Strategies Portfolio (each, an "ETF Portfolio" and together, the "ETF Portfolios") pursues its investment objective by investing exclusively in unaffiliated ETFs.

For each of the above-referenced fund-of-funds Portfolios, each underlying fund's financial statements are included in the underlying fund's annual report on Form N-CSR, which is filed with the SEC and publicly available through the SEC's EDGAR database (<u>https://www.sec.gov/edgar/ searchedgar/companysearch.html</u>).

Each of the ATM Large Cap Managed Volatility Portfolio, ATM Mid Cap Managed Volatility Portfolio, ATM Small Cap Managed Volatility Portfolio, ATM International Managed Volatility Portfolio, EQ/500 Managed Volatility Portfolio, EQ/400 Managed Volatility Portfolio, EQ/2000 Managed Volatility Portfolio and EQ/International Managed Volatility Portfolio (each, a "Tactical Portfolio" and together, the "Tactical Portfolios") and the 1290 VT High Yield Bond Portfolio, 1290 VT Micro Cap Portfolio, 1290 VT Small Cap Value Portfolio, EQ/ClearBridge Select Equity Managed Volatility Portfolio, EQ/Core Plus Bond Portfolio, EQ/Emerging Markets Equity PLUS Portfolio, EQ/ Franklin Small Cap Value Managed Volatility Portfolio, EQ/Global Equity Managed Volatility Portfolio, EQ/International Core Managed Volatility Portfolio, EQ/International Value Managed Volatility Portfolio, EQ/Large Cap Core Managed Volatility Portfolio, EQ/Large Cap Growth Managed Volatility Portfolio, EQ/Large Cap Value Managed Volatility Portfolio, EQ/Mid Cap Value Managed Volatility

1331

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June 30, 2025 (Unaudited)

Portfolio, EQ/Morgan Stanley Small Cap Growth Portfolio, EQ/Quality Bond PLUS Portfolio, Multimanager Aggressive Equity Portfolio, Multimanager Core Bond Portfolio and Multimanager Technology Portfolio may utilize multiple Sub-Advisers (each, a "Multiadviser Portfolio" and together, the "Multiadviser Portfolios"). Each of the Sub-Advisers for a Multiadviser Portfolio independently chooses and maintains a portfolio of securities for the Multiadviser Portfolio and is responsible for investing a specific allocated portion of a Multiadviser Portfolio's assets. Because each Sub-Adviser will invest its allocated portion of the Multiadviser Portfolio independently from the other Sub-Advisers, the same security may be held in different portions of the Multiadviser Portfolio, or may be acquired for one portion of the Multiadviser Portfolio at a time when a Sub-Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Sub-Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate for its allocated portion of a Multiadviser Portfolio when another Sub-Adviser believes that continued exposure to the equity or fixed income markets is appropriate for its allocated portion of the Multiadviser Portfolio. Because each Sub-Adviser is responsible for the trading for its own portion of a Multiadviser Portfolio and does not aggregate its transactions with those of the other Sub-Adviser(s), the Multiadviser Portfolio may incur higher brokerage costs, and may have higher portfolio turnover, than would be the case if a single Sub-Adviser were managing the entire Multiadviser Portfolio.

The Trust issues three classes of shares, Class IA, Class IB and Class K, as shown in the respective Portfolio's Statement of Assets and Liabilities. The Class IA and Class IB shares are each subject to distribution fees imposed under distribution plans ("Distribution Plans") adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust's multiple class distribution system, all three classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the applicable 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 Equitable Financial, Equitable Financial Life and Annuity Company and other affiliated or unaffiliated insurance companies, and to the Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans and to other series of the Trust.

Effective June 21, 2024 (the "Effective Date"), the Class IA shares of each of the following Portfolios were combined with the Class IB shares of the same Portfolio (the "Combination"): EQ/All Asset Growth Allocation Portfolio, EQ/Growth Strategy Portfolio, EQ/Conservative Allocation Portfolio, EQ/Conservative-Plus Allocation Portfolio, EQ/Moderate-Plus Allocation Portfolio, EQ/ Aggressive Allocation Portfolio, 1290 VT Equity Income Portfolio, 1290 VT GAMCO Mergers & Acquisitions Portfolio, 1290 VT GAMCO Small Company Value Portfolio, 1290 VT Socially Responsible Portfolio, EQ/AB Small Cap Growth Portfolio, EQ/Capital Group Research Portfolio, EQ/ ClearBridge Large Cap Growth ESG Portfolio, EQ/ClearBridge Select Equity Managed Volatility Portfolio, EQ/Core Bond Index Portfolio, EQ/Franklin Small Cap Value Managed Volatility Portfolio, EQ/Global Equity Managed Volatility Portfolio, EQ/International Core Managed Volatility Portfolio, EQ/International Value Managed Volatility Portfolio, EQ/Invesco Comstock Portfolio, EQ/Invesco Global Portfolio, EQ/Janus Enterprise Portfolio, EQ/JPMorgan Growth Stock Portfolio, EQ/JPMorgan Value Opportunities Portfolio, EQ/Large Cap Core Managed Volatility Portfolio, EQ/Large Cap Growth Index Portfolio, EQ/Large Cap Growth Managed Volatility Portfolio, EQ/Large Cap Value Index Portfolio, EQ/Large Cap Value Managed Volatility Portfolio, EQ/Loomis Sayles Growth Portfolio, EQ/MFS International Growth Portfolio, EQ/Mid Cap Index Portfolio, EQ/Mid Cap Value Managed Volatility Portfolio, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Small Company Index Portfolio, EQ/Value Equity Portfolio, Multimanager Core Bond Portfolio and Multimanager Technology Portfolio. Each Combination was effected at the relative net asset value of each share class of the relevant Portfolio. As of the Effective Date, an investor that held Class IA shares of a Portfolio was issued Class IB shares of the same Portfolio having a value equal to the value of the Class IA shares held immediately prior to the Combination. In addition, as of the Effective Date, Class IA shares of each Portfolio listed above are no longer offered. Further information on the impact of the Combination on the Portfolios' financial statements can be found in the Statement of Changes in Net Assets for the Portfolio.

1332

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June 30, 2025 (Unaudited)

*The investment objectives of each Portfolio are as follows:* 

EQ/All Asset Growth Allocation Portfolio — Seeks long-term capital appreciation and current income.

EQ/Ultra Conservative Strategy Portfolio — Seeks current income.

EQ/Conservative Strategy Portfolio — Seeks a high level of current income.

EQ/Conservative Growth Strategy Portfolio — Seeks current income and growth of capital, with greater emphasis on current income.

EQ/Balanced Strategy Portfolio — Seeks long-term capital appreciation and current income.

EQ/Moderate Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

EQ/Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Aggressive Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Conservative Allocation Portfolio — Seeks to achieve a high level of current income.

EQ/Conservative-Plus Allocation Portfolio — Seeks to achieve current income and growth of capital, with a greater emphasis on current income.

EQ/Moderate Allocation Portfolio — Seeks to achieve long-term capital appreciation and current income.

EQ/Moderate-Plus Allocation Portfolio — Seeks to achieve long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Aggressive Allocation Portfolio — Seeks to achieve long-term capital appreciation.

Equitable Conservative Growth MF/ETF Portfolio — Seeks to achieve total return from long-term capital appreciation and income, with greater emphasis on current income.

Equitable Moderate Growth MF/ETF Portfolio — Seeks long-term capital appreciation and current income, with greater emphasis on current income.

Equitable Growth MF/ETF Portfolio — Seeks long-term capital appreciation and current income, with greater emphasis on capital appreciation.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2055 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

1290 VT Moderate Growth Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility.

1290 VT Multi-Alternative Strategies Portfolio — Seeks long-term growth of capital.

1333

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

1290 VT Convertible Securities Portfolio (sub-advised by SSGA Funds Management, Inc. ("SSGA FM")) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Convertible Liquid Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Bloomberg U.S. Convertible Liquid Bond Index.

1290 VT DoubleLine Opportunistic Bond Portfolio (sub-advised by DoubleLine Capital LP ("DoubleLine")) — Seeks to maximize current income and total return.

1290 VT Equity Income Portfolio (sub-advised by Barrow, Hanley, Mewhinney & Strauss, LLC d/ b/a Barrow Hanley Global Investors) — Seeks a combination of growth and income to achieve an above-average and consistent total return.

1290 VT GAMCO Mergers & Acquisitions Portfolio (sub-advised by GAMCO Asset Management, Inc. ("GAMCO")) — Seeks to achieve capital appreciation.

1290 VT GAMCO Small Company Value Portfolio (sub-advised by GAMCO) — Seeks to maximize capital appreciation.

1290 VT High Yield Bond Portfolio (sub-advised by AXA Investment Managers US Inc. ("AXA IM") and Post Advisory Group, LLC) — Seeks to maximize current income.

1290 VT Micro Cap Portfolio (sub-advised by BlackRock Investment Management, LLC ("BlackRock") and Lord, Abbett & Co. LLC ("Lord Abbett")) — Seeks to achieve long-term growth of capital.

1290 VT Natural Resources Portfolio (sub-advised by AllianceBernstein L.P. ("AB"), an affiliate of EIM) — Seeks to achieve long-term growth of capital.

1290 VT Real Estate Portfolio (sub-advised by AB) — Seeks to provide long-term capital appreciation and current income.

1290 VT Small Cap Value Portfolio (sub-advised by BlackRock and Horizon Kinetics Asset Management LLC) — Seeks to achieve long-term growth of capital.

1290 VT SmartBeta Equity ESG Portfolio, (sub-advised by AXA IM) — Seeks to achieve long-term capital appreciation.

1290 VT Socially Responsible Portfolio (sub-advised by BlackRock) — Seeks to achieve long-term capital appreciation.

ATM Large Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM Mid Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM Small Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM International Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/500 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/400 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve

1334

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/2000 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/International Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/AB Dynamic Aggressive Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income, with a greater emphasis on growth of capital.

EQ/AB Dynamic Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income, with a greater emphasis on growth of capital.

EQ/AB Dynamic Moderate Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income.

EQ/AB Short Duration Government Bond Portfolio (sub-advised by AB) — Seeks to achieve a balance of current income and capital appreciation, consistent with a prudent level of risk.

EQ/AB Small Cap Growth Portfolio (sub-advised by AB) — Seeks to achieve long-term growth of capital.

EQ/AB Sustainable U.S. Thematic Portfolio (sub-advised by AB) — Seeks to achieve long-term growth of capital.

EQ/American Century Mid Cap Value Portfolio (sub-advised by American Century Investment Management, Inc. ("American Century")) — Seeks to achieve long-term capital growth. Income is a secondary objective.

EQ/American Century Moderate Growth Allocation Portfolio (sub-advised by American Century) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Capital Group Research Portfolio (sub-advised by Capital International, Inc. ("Capital International")) — Seeks to achieve long-term growth of capital.

EQ/ClearBridge Large Cap Growth ESG Portfolio (sub-advised by ClearBridge Investments, LLC ("ClearBridge")) — Seeks to achieve long-term capital growth.

EQ/ClearBridge Select Equity Managed Volatility Portfolio (sub-advised by BlackRock and ClearBridge) — Seeks to achieve capital appreciation, which may occasionally be short-term, with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Common Stock Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000<sup>®</sup> Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000<sup>®</sup> Index.

EQ/Core Bond Index Portfolio (sub-advised by SSGA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government/Credit Bond Index ("Intermediate Government Credit Index"), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Credit Index.

EQ/Core Plus Bond Portfolio (sub-advised by AXA IM, Brandywine Global Investment Management, LLC and Loomis, Sayles & Company, L.P. ("Loomis Sayles")) — Seeks to achieve high total return through a combination of current income and capital appreciation.

EQ/Emerging Markets Equity PLUS Portfolio (sub-advised by AB and EARNEST Partners, LLC ("EARNEST")) — Seeks to achieve long-term growth of capital.

1335

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

EQ/Equity 500 Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Standard & Poor's 500<sup>®</sup> Composite Stock Index ("S&P 500<sup>®</sup> Index"), including reinvestment of dividends, at a risk level consistent with that of the S&P 500<sup>®</sup> Index.

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (sub-advised by FIAM LLC ("FIAM")) — Seeks to achieve long-term capital appreciation.

EQ/Franklin Moderate Allocation Portfolio (sub-advised by Franklin Advisers, Inc. ("Franklin Advisers")) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Franklin Rising Dividends Portfolio (sub-advised by Franklin Advisers) — Seeks to achieve long-term capital appreciation. Preservation of capital, while not a goal, is also an important consideration.

EQ/Franklin Small Cap Value Managed Volatility Portfolio (sub-advised by BlackRock and Franklin Mutual Advisers, LLC) — Seeks to achieve long-term total return with an emphasis on risk- adjusted returns and managing volatility in the Portfolio.

EQ/Global Equity Managed Volatility Portfolio (sub-advised by BlackRock, Morgan Stanley Investment Management, Inc. ("MSIM") and Invesco Advisers, Inc. ("Invesco") — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Goldman Sachs Growth Allocation Portfolio (sub-advised by Goldman Sachs Asset Management, L.P. ("GSAM")) — Seeks to achieve long-term capital appreciation under normal market conditions, while focusing on the preservation of capital in distressed market environments.

EQ/Goldman Sachs Mid Cap Value Portfolio (sub-advised by GSAM) — Seeks to achieve long-term capital appreciation.

EQ/Goldman Sachs Moderate Growth Allocation Portfolio (sub-advised by GSAM) — Seeks to achieve long-term capital appreciation under normal market conditions, while focusing on the preservation of capital in distressed market environments.

EQ/Intermediate Corporate Bond Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Credit Corporate 5-10 Year Index ("Corporate Bond Index"), including reinvestment of dividends, at a risk level consistent with that of the Corporate Bond Index.

EQ/Intermediate Government Bond Portfolio (sub-advised by SSGA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government Bond Index ("Intermediate Government Bond Index"), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Bond Index.

EQ/International Core Managed Volatility Portfolio (sub-advised by BlackRock, EARNEST, Federated Global Investment Management Corp. and Massachusetts Financial Services Company d/ b/a MFS Investment Management ("MFS")) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/International Equity Index Portfolio (sub-advised by AB) — Seeks to achieve a total return (before expenses) that approximates the total return performance of a composite index comprised of 40% DJ EuroSTOXX 50<sup>®</sup> Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index.

EQ/International Value Managed Volatility Portfolio (sub-advised by BlackRock and Harris Associates LP) — Seeks to provide current income and long-term growth of income, accompanied by growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

1336

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

EQ/Invesco Comstock Portfolio (sub-advised by Invesco) — Seeks to achieve capital growth and income.

EQ/Invesco Global Portfolio (sub-advised by Invesco) — Seeks to achieve capital appreciation.

EQ/Invesco Global Real Assets Portfolio (sub-advised by Invesco) — Seeks to achieve total return through growth of capital and current income.

EQ/Invesco Moderate Allocation Portfolio (sub-advised by Invesco) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Invesco Moderate Growth Allocation Portfolio (sub-advised by Invesco) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Janus Enterprise Portfolio (sub-advised by Janus Henderson Investors US LLC) — Seeks to achieve capital growth.

EQ/JPMorgan Growth Allocation Portfolio (sub-advised by J.P. Morgan Investment Management, Inc. ("JPMorgan")) — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/JPMorgan Growth Stock Portfolio (sub-advised by JPMorgan) — Seeks to achieve long-term capital appreciation.

EQ/JPMorgan Value Opportunities Portfolio (sub-advised by JPMorgan) — Seeks to achieve long-term capital appreciation.

EQ/Large Cap Core Managed Volatility Portfolio (sub-advised by BlackRock, Capital International, GQG Partners LLC and Vaughan Nelson Investment Management) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Large Cap Growth Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000<sup>®</sup> Growth Index, including reinvestment of dividends, at a risk level consistent with the Russell 1000<sup>®</sup> Growth Index.

EQ/Large Cap Growth Managed Volatility Portfolio (sub-advised by BlackRock, HS Management Partners, LLC, Loomis Sayles, Polen Capital Management, LLC and JPMorgan) — Seeks to provide long-term capital growth with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Large Cap Value Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000<sup>®</sup> Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000<sup>®</sup> Value Index.

EQ/Large Cap Value Managed Volatility Portfolio (sub-advised by AB, Aristotle Capital Management, LLC ("Aristotle Capital") and MFS) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Lazard Emerging Markets Equity Portfolio (sub-advised by Lazard Asset Management LLC) — Seeks to achieve long-term capital appreciation.

EQ/Long-Term Bond Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Long Government/ Credit Bond Index ("Long Government/Credit Index"), including reinvestment of dividends, at a risk level consistent with that of the Long Government/Credit Index.

EQ/Loomis Sayles Growth Portfolio (sub-advised by Loomis Sayles) — Seeks to achieve capital appreciation.

EQ/MFS International Growth Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

1337

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

EQ/MFS International Intrinsic Value Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS Mid Cap Focused Growth Portfolio (sub-advised by MFS) — Seeks to provide growth of capital.

EQ/MFS Technology Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS Utilities Series Portfolio (sub-advised by MFS) — Seeks to achieve total return.

EQ/Mid Cap Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Standard & Poor's MidCap 400<sup>®</sup> Index ("S&P MidCap 400<sup>®</sup> Index"), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400<sup>®</sup> Index.

EQ/Mid Cap Value Managed Volatility Portfolio (sub-advised by BlackRock, Diamond Hill Capital Management, Inc., and Wellington Management Company, LLP ("Wellington")) — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Money Market Portfolio (sub-advised by Dreyfus, a division of Mellon Investments Corporation ("Dreyfus")) — Seeks to obtain a high level of current income, preserve its assets and maintain liquidity.

EQ/Morgan Stanley Small Cap Growth Portfolio (sub-advised by BlackRock and MSIM) — Seeks to achieve long-term growth of capital.

EQ/PIMCO Global Real Return Portfolio (sub-advised by Pacific Investment Management Company LLC ("PIMCO")) — Seeks to achieve maximum real return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Real Return Portfolio (sub-advised by PIMCO) — Seeks to achieve maximum real return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Total Return ESG Portfolio (sub-advised by PIMCO) — Seeks to achieve maximum total return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Ultra Short Bond Portfolio (sub-advised by PIMCO) — Seeks to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

EQ/Quality Bond PLUS Portfolio (sub-advised by AB and PIMCO) — Seeks to achieve high current income consistent with moderate risk to capital.

EQ/Small Company Index Portfolio (sub-advised by AB) — Seeks to replicate as closely as possible (before expenses) the total return of the Russell 2000<sup>®</sup> Index.

EQ/T. Rowe Price Health Sciences Portfolio (sub-advised by T. Rowe Price Associates, Inc. ("T. Rowe Price")) — Seeks to achieve long-term capital appreciation.

EQ/Value Equity Portfolio (sub-advised by Aristotle Capital) — Seeks to achieve capital appreciation.

EQ/Wellington Energy Portfolio (sub-advised by Wellington) — Seeks to provide capital growth and appreciation.

Multimanager Aggressive Equity Portfolio (sub-advised by AB, 1832 Asset Management U.S. Inc., T. Rowe Price and Westfield Capital Management Company, L.P.) — Seeks to achieve long-term growth of capital.

Multimanager Core Bond Portfolio (sub-advised by BlackRock Financial Management, Inc., DoubleLine, PIMCO and SSGA FM) — Seeks to achieve a balance of high current income and capital appreciation, consistent with a prudent level of risk.

1338

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Multimanager Technology Portfolio (sub-advised by AB, FIAM and Wellington) — Seeks to achieve long-term growth of capital.

*The following is a summary of the significant accounting policies of the Trust:* 

The preparation of financial statements in accordance with United States of America generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Portfolios are investment companies and, accordingly, follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) listed on national securities exchanges are generally 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. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price ("NOCP"). Other unlisted stocks are generally valued at their last sale price or official closing price, or, if there is no such price, at a bid price estimated by a broker.

Corporate and municipal bonds and notes are generally valued on the basis of prices provided by a pricing service. The pricing services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when such prices are not available, such bonds and notes are generally fair valued at a bid price estimated by a broker.

Convertible preferred stocks listed on national securities exchanges are generally valued as of their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are generally valued using prices obtained from a pricing service for such investments or, if a pricing service price is not available, fair valued at bid prices obtained from one or more of the major dealers in such bonds or 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 generally valued at evaluated prices obtained from a pricing service where available, or fair valued at a bid price obtained from one or more of the major dealers in such securities. The pricing service may utilize data such as issuer type, coupon, cash flows, collateral performance, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date and the convertibility of the bond in making evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes may be obtained from a broker and converted to a price.

Options that are traded on an exchange are generally valued at their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Options not traded on an exchange or not actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are generally valued at prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker- dealers, yield curves and the spread over comparable U.S. Treasury issues in making evaluations. Debt securities with original or remaining maturities of 60 days or less may be valued at amortized cost.

1339

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depositary Receipts ("ADR") or similar form, are generally valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

Investments in shares of open-end investment companies (other than ETFs) held by a Portfolio are generally valued at the net asset value ("NAV") of the shares of such funds as described in the underlying funds' prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no settlement price, at the latest available bid price.

Forward foreign currency contracts are generally 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. The pricing service may utilize data such as actual trading information and foreign currency rates gathered from leading market makers and foreign currency trading centers throughout the world in making evaluations. Forward foreign currency contracts may be settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Centrally cleared swaps are priced using the value determined by the central counterparty at the end of the day, which price may be provided to the Portfolios by an approved pricing service. With respect to over-the-counter swaps and centrally cleared swaps where the central counterparty price is unavailable, a price provided by an approved pricing service will be used. Central counterparties and approved pricing services may utilize evaluation techniques including fair value pricing models to provide pricing information.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the Trust has designated EIM, the investment adviser to the Trust, as the Portfolios' valuation designee (the "Valuation Designee"). As Valuation Designee, EIM, subject to the oversight of the Board, is responsible for determining in good faith the fair value of Portfolio investments for which market quotations are not readily available or are believed by EIM to be unreliable. In these circumstances, a Portfolio may use a fair value estimate made according to methods EIM has approved in the good- faith belief that the resulting valuation will reflect the fair value of the security. EIM's day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by EIM (the "Committee").

Equitable Investment Management, LLC (the "Administrator"), an affiliate of EIM, oversees the calculation of the NAV of the Portfolios and their respective share classes. The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the "Sub-Administrator") to assist in performing certain duties, including the calculation of the Portfolios' NAVs.

Due to the inherent uncertainty of the valuation of securities for which market quotations are not readily available, the fair value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

Various inputs are used in determining the value of each Portfolio's assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

A summary of inputs used to value each Portfolio's assets and liabilities carried at fair value as of June 30, 2025, is included in the Portfolio of Investments for each Portfolio. Changes in valuation techniques may result in transfers in or out of an investment's assigned level.

1340

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Transfers into and transfers out of Level 3, if any, are included in the Level 3 reconciliation following the Portfolio of Investments for each Portfolio. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or an increase in, available observable market inputs to determine price.

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Portfolio's NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

All securities held in the EQ/Money Market Portfolio are valued at amortized cost provided that certain conditions are met, including that the Board continues to believe that the amortized cost valuation method fairly reflects the market-based NAV per share of the Portfolio. The EQ/Money Market Portfolio seeks to maintain a stable NAV per share of $1.00, but there can be no assurance that it will be able to do so.

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 in the Trust's calculation of a NAV for each applicable Portfolio when the Committee deems that the particular event or circumstance would materially affect such Portfolio's NAV.

Security Transactions and Investment Income:

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Portfolio's Statement of Operations. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income, and the amount characterized as deflation is recorded as an increase to the cost of investments in the Statements of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/loss from investment transactions in the Statements of Operations. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Dividend income and expenses, as applicable, are recorded on the ex-dividend date and are recorded as such on a Portfolio's Statement of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

1341

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Foreign income and capital gains may be subject to foreign withholding taxes, a portion of which may be reclaimable, and capital gains taxes at various rates. Under applicable foreign law, a withholding tax may be imposed on interest and dividends paid by a foreign security and capital gains from the sale of a foreign security. Foreign income or capital gains subject to foreign withholding taxes are recorded net of the applicable withholding tax.

As a result of several court rulings in certain European countries, the Portfolios may also file withholding tax reclaims in certain jurisdictions to recover all or a portion of amounts withheld in prior periods that may now be reclaimable. Any payments received on such withholding tax reclaims are included in Other Income in the Statements of Operations and are recorded when the amount is known and there are no significant uncertainties on collectability.

For certain securities, including a real estate investment trust ("REIT"), a Portfolio records distributions received in excess of earnings and profits of such security as a reduction of cost of investments and/or realized gain (referred to as a return of capital). Additionally, a REIT may characterize distributions it pays as long-term capital gains. Such distributions are based on estimates if actual amounts are not available. Actual distributions of income, long-term capital gain and return of capital may differ from the estimated amounts. A Portfolio will recharacterize the estimated amounts of the components of distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of a distribution deemed a return of capital is generally not taxable to a Portfolio.

A Portfolio records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statements of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statements of Assets and Liabilities if the security is still held; otherwise, it is recorded as an adjustment to realized gain (losses) from transactions in investment securities in the Statement of Operations. These characterizations are reflected in the accompanying financial statements.

Allocation of Expenses and Income:

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Market value or fair value, as applicable, of investment securities, other assets and liabilities — at the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 investments.

1342

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Portfolio's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

Taxes:

Each Portfolio intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies ("RICs") and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no federal, state and local income tax provisions are required.

The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Portfolios' conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2024, the Portfolios did not incur any interest or penalties. Each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (EQ/Money Market Portfolio declares and distributes daily and Multimanager Core

Bond Portfolio declares and distributes monthly). Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of a Portfolio to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. The cumulative significant differences related to the tax composition of undistributed ordinary income and long term gains include dividends and distributions payable, if any, as disclosed in the Statement of Assets and Liabilities, late-year capital loss deferrals and capital loss carry forwards, if any, as disclosed below. Differences in distributable earnings on a U.S. GAAP and tax accounting basis primarily relate to the following:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Differences**<br> **related to:** | **1256<br>Mark to**<br> **market<br>contracts** | **Capital**<br> **loss<br>carryforwards** | **Conversion<br>transactions** | **Deferral<br>of losses<br>on<br>offsetting<br>positions** | **Investments<br>in passive<br>foreign<br>investment<br>companies** | **Partnership<br>basis<br>adjustments** | **Post-October<br>loss deferrals** | **Contingent**<br> **payment<br>debt<br>instruments** | **Wash<br>sale loss<br>deferrals** |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/All Asset Growth Allocation |  |  |  |  |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Moderate- Plus Allocation |  |  | x |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Aggressive Allocation |  |  | x |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Moderate Growth Allocation |  |  |  |  |  |  |  |  | x |

---

1343

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Differences**<br> **related to:** | **Conversion<br>transactions** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Multi-Alternative Strategies<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Convertible Securities<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT DoubleLine Opportunistic Bond<br> x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT High Yield Bond<br> x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Micro Cap<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Natural Resources<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Real Estate<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM Large Cap Managed Volatility | x |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM Mid Cap Managed Volatility<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM Small Cap Managed Volatility<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; ATM International Managed Volatility | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Managed Volatility | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Dynamic Aggressive Growth<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Dynamic Growth | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Dynamic Moderate Growth | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond<br> x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/AB Sustainable U.S. Thematic<br> x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/American Century Moderate Growth Allocation | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Capital Group Research | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/ClearBridge Select Equity Managed Volatility<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Core Bond Index |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Core Plus Bond<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Emerging Markets Equity PLUS<br> x | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Franklin Moderate Allocation<br> x | x |

---

1344

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Differences**<br> **related to:** | **1256<br>Mark to**<br> **market<br>contracts** | **Capital**<br> **loss<br>carryforwards** | **Conversion<br>transactions** | **Deferral<br>of losses<br>on<br>offsetting<br>positions** | **Investments<br>in passive<br>foreign<br>investment<br>companies** | **Partnership<br>basis<br>adjustments** | **Post-October<br>loss deferrals** | **Contingent**<br> **payment<br>debt<br>instruments** | **Wash<br>sale loss<br>deferrals** |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Franklin Rising Dividends |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Franklin Small Cap Value Managed Volatility | x |  |  | x |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Global Equity Managed Volatility |  |  |  | x | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Goldman Sachs Growth Allocation | x |  |  | x |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Goldman Sachs Moderate Growth Allocation | x | x |  | x |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond |  | x |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Core Managed Volatility |  |  |  | x | x |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Equity Index |  | x |  |  | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/International Value Managed Volatility |  |  |  | x | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Invesco Moderate Allocation | x |  |  | x |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Invesco Moderate Growth Allocation | x |  |  | x |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/JPMorgan Growth Allocation | x |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Large Cap Core Managed Volatility |  |  |  | x |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Large Cap Growth Managed Volatility |  |  |  | x |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Large Cap Value Managed Volatility |  |  |  | x |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Long-Term Bond |  | x |  |  |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/MFS Utilities Series | x |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Mid Cap Value Managed Volatility | x |  |  | x |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Morgan Stanley Small Cap Growth |  | x |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Global Real Return | x | x |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Real Return |  |  |  |  |  |  | x |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Total Return ESG |  | x |  |  |  |  | x |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Ultra Short Bond |  |  |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Quality Bond PLUS |  | x |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Small Company Index |  |  |  |  | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/T. Rowe Price Health Sciences |  |  |  |  | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Wellington Energy |  | x |  |  |  |  |  |  |  |

---

1345

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Differences**<br> **related to:** | **1256<br>Mark to**<br> **market<br>contracts** | **Capital**<br> **loss<br>carryforwards** | **Conversion<br>transactions** | **Deferral<br>of losses<br>on<br>offsetting<br>positions** | **Investments<br>in passive<br>foreign<br>investment<br>companies** | **Partnership<br>basis<br>adjustments** | **Post-October<br>loss deferrals** | **Contingent**<br> **payment<br>debt<br>instruments** | **Wash<br>sale loss<br>deferrals** |
| &nbsp;&nbsp;&nbsp;&nbsp; Multimanager Aggressive Equity | x |  |  | x |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; Multimanager Core Bond |  | x |  |  |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; Multimanager Technology |  |  |  |  |  |  |  |  | x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Differences related to:** | **Reclassification of<br>dividends<br>received from<br>fund of fund<br>investments** | **Reclassification of<br>gains and losses<br>from foreign<br>currency<br>transactions** | **Reclassification of<br>gains from<br>investment in<br>passive foreign<br>investment<br>companies** | **Partnership<br>basis<br>adjustments** | **Net<br>operating<br>losses** |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/All Asset Growth Allocation | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Conservative Growth Strategy | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Balanced Strategy | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Moderate Growth Strategy | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Growth Strategy | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Aggressive Growth Strategy | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Moderate Allocation | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Moderate-Plus Allocation | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Aggressive Allocation | x |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Multi-Alternative Strategies |  |  |  | x |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1290 VT Micro Cap |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Capital Group Research |  |  | x |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/Core Plus Bond |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/MFS Mid Cap Focused Growth |  |  |  |  | x |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Global Real Return |  | x |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQ/PIMCO Real Return |  | x |  |  |  |

---

The tax character of distributions for the years ended December 31, 2024 and December 31, 2023 and the tax composition of undistributed ordinary income and undistributed long-term gains at December 31, 2024 are presented in the following table:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| **Portfolios:** | **Distributed <br>Ordinary<br>Income** | **Distributed <br>Long Term<br>Gains** | **Accumulated <br>Undistributed<br>Ordinary<br>Income** | **Accumulated<br> Undistributed <br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/All Asset Growth Allocation | $10557393 | $11115276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167683 | $14816559 | $7051255 | $8346000 |
|  EQ/Ultra Conservative Strategy | 60661958 | 24705136 | 376651 | 18545454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57499372 | 6616186 |
|  EQ/Conservative Strategy | 17295515 | 6118023 | 266172 | 13872868 | 9908668 | 1117113 |
|  EQ/Conservative Growth Strategy | 32782002 | 38326417 | 224604 | 48509382 | 17318263 | 14440234 |
|  EQ/Balanced Strategy | 90405340 | 132422534 | 135862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166310114 | 47418931 | 29965329 |
|  EQ/Moderate Growth Strategy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146267970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310911285 | 417369 | 339298920 | 76531174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130106958 |
|  EQ/Growth Strategy | 121324076 | 240362556 | 347470 | 323940292 | 61249890 | 99242116 |
|  EQ/Aggressive Growth Strategy | 137323412 | 184792663 | 661425 | 400814380 | 69679240 | 101603028 |
|  EQ/Conservative Allocation | 20316483 | 12083964 | 882 | 13541175 | 17682495 | 6005672 |
|  EQ/Conservative-Plus Allocation | 22778493 | 30860665 |  | 30248501 | 17581435 | 18532796 |
|  EQ/Moderate Allocation | 150688325 | 206913175 | 98156 | 230823120 | 106497397 | 116108982 |
|  EQ/Moderate-Plus Allocation | 181682455 | 373503833 | 294207 | 400182770 | 112863444 | 200266349 |
|  EQ/Aggressive Allocation | 73409150 | 165251164 | 673993 | 236623765 | 42951509 | 86818000 |
|  Equitable Conservative Growth MF/ETF | 2601655 | 585070 | 46650 | 456449 | 1837337 |  |
|  Equitable Moderate Growth MF/ETF | 519956 |  | 13024 | 104326 | 349526 |  |
|  Equitable Growth MF/ETF | 352437 |  | 16930 | 192630 | 290508 |  |

---

1346

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| **Portfolios:** | **Distributed <br>Ordinary<br>Income** | **Distributed <br>Long Term<br>Gains** | **Accumulated <br>Undistributed<br>Ordinary<br>Income** | **Accumulated<br> Undistributed <br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  Target 2015 Allocation | $916190 | $1626539 | $4302 | $419056 | $679528 | $1320370 |
|  Target 2025 Allocation | 3678553 | 9592974 | 69345 | 3414464 | 2906524 | 4650599 |
|  Target 2035 Allocation | 5376187 | 5450102 | 9680 | 5617157 | 3813995 | 3293888 |
|  Target 2045 Allocation | 4341260 | 3800105 | 23398 | 4925116 | 3000350 | 3272817 |
|  Target 2055 Allocation | 1767949 | 1386857 |  | 2858158 | 1291765 | 965690 |
|  1290 VT Moderate Growth Allocation | 3501275 | 32631 | 448564 | 64302 | 2557933 | 20676 |
|  1290 VT Multi-Alternative Strategies | 222030 |  | 31110 |  | 264269 | 23774 |
|  1290 VT Convertible Securities | 875893 |  | 34370 |  | 1084024 |  |
|  1290 VT DoubleLine Opportunistic Bond | 25295454 |  |  |  | 23182458 |  |
|  1290 VT Equity Income | 13753827 | 33250667 | 176108 | 7553581 | 11532374 | 29172945 |
|  1290 VT GAMCO Mergers & Acquisitions | 6772010 | 3516721 | 352946 | 781203 | 6820135 | 1085168 |
|  1290 VT GAMCO Small Company Value | 24971001 | 263329609 |  | 56470545 | 24143070 | 229436887 |
|  1290 VT High Yield Bond | 15109326 |  | 50368 |  | 13770246 |  |
|  1290 VT Micro Cap | 792842 |  |  |  | 1078839 |  |
|  1290 VT Natural Resources | 928469 |  |  |  | 1233251 |  |
|  1290 VT Real Estate | 1070018 |  |  |  | 1017550 |  |
|  1290 VT Small Cap Value | 7570837 | 24979040 |  | 18741948 | 6465071 | 30487981 |
|  1290 VT SmartBeta Equity ESG | 6122725 | 19019869 | 1206496 | 6377911 | 4473973 | 3818544 |
|  1290 VT Socially Responsible | 1278188 | 11996209 |  | 3684505 | 1660173 | 5015623 |
|  ATM Large Cap Managed Volatility | 65472390 | 485421684 | 3088505 | 78631731 | 40763131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220068202 |
|  ATM Mid Cap Managed Volatility | 10137802 | 20742668 | 1636186 | 4877456 | 4808556 | 4793204 |
|  ATM Small Cap Managed Volatility | 23310840 | 68358115 | 3389720 | 375902 | 13538226 | 14988342 |
|  ATM International Managed Volatility | 35752128 | 23987201 | 318065 | 4246726 | 30482819 |  |
|  EQ/500 Managed Volatility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189330987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188014535 | 7656416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227236739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119032048 | 443207128 |
|  EQ/400 Managed Volatility | 26409851 | 58859309 | 4522684 | 13183743 | 13755787 | 18185752 |
|  EQ/2000 Managed Volatility | 76556313 | 199911921 | 9904257 | 3989362 | 44339546 | 28468735 |
|  EQ/International Managed Volatility | 58276853 | 21195904 | 3684713 |  | 45925737 |  |
|  EQ/AB Dynamic Aggressive Growth | 18609441 | 5172188 |  | 476963 | 4854868 |  |
|  EQ/AB Dynamic Growth | 14614588 | 5160566 | 616878 | 2600862 | 7471184 |  |
|  EQ/AB Dynamic Moderate Growth | 41911843 | 80283701 | 6902709 | 32092483 | 15862272 | 4290362 |
|  EQ/AB Short Duration Government Bond | 35133908 |  | 26069 |  | 24135265 |  |
|  EQ/AB Small Cap Growth | 54470566 | 131505331 | 48408 | 30363788 | 5683156 | 2902030 |
|  EQ/AB Sustainable U.S. Thematic | 50602 |  |  |  | 62264 |  |
|  EQ/American Century Mid Cap Value | 22425983 | 22733302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906028 | 8392164 | 18614708 | 13356759 |
|  EQ/American Century Moderate Growth Allocation | 4873951 | 1212781 | 100739 |  | 1766524 |  |
|  EQ/Capital Group Research | 11395656 | 72959614 | 911654 | 2482661 | 1803254 | 26124961 |
|  EQ/ClearBridge Large Cap Growth ESG | 447184 | 30344601 | 252654 | 7277786 | 1458991 | 11182695 |
|  EQ/ClearBridge Select Equity Managed Volatility | 3049956 |  |  |  | 4512241 |  |
|  EQ/Common Stock Index | 59439591 | 480338342 | 1461766 | 97654955 | 70072707 | 255762570 |
|  EQ/Core Bond Index | 141387993 |  | 344559 |  | 112329367 |  |
|  EQ/Core Plus Bond | 38814654 |  | 981886 |  | 18521956 |  |
|  EQ/Emerging Markets Equity PLUS | 2174081 |  |  |  | 2207191 |  |
|  EQ/Equity 500 Index | 98891838 | 204858989 | 950358 | 77219184 | 94049148 | 67692848 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 15263809 | 74955696 |  | 32354757 | 4491977 | 24279079 |
|  EQ/Franklin Moderate Allocation | 4869698 |  | 271488 |  | 3756285 |  |
|  EQ/Franklin Rising Dividends | 3362057 | 9604450 | 12953 | 5837720 | 4314077 | 264466 |
|  EQ/Franklin Small Cap Value Managed Volatility | 9201420 | 16963145 |  | 4488123 | 5505480 | 5814916 |

---

1347

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| **Portfolios:** | **Distributed <br>Ordinary<br>Income** | **Distributed <br>Long Term<br>Gains** | **Accumulated <br>Undistributed<br>Ordinary<br>Income** | **Accumulated<br> Undistributed <br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/Global Equity Managed Volatility | $45869930 | $154715257 | $4817044 | $36159590 | $15157872 | $66101967 |
|  EQ/Goldman Sachs Growth Allocation | 22998909 | 5530501 | 2948539 | 504062 | 7758678 |  |
|  EQ/Goldman Sachs Mid Cap Value | 4859402 | 3597987 | 1263347 | 1207812 | 2590743 | 3588520 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 19052341 |  | 17584 |  | 16389073 |  |
|  EQ/Intermediate Corporate Bond | 105461183 | 844103 | 52420 | 4390105 | 16063545 |  |
|  EQ/Intermediate Government Bond | 115320096 |  | 303339 |  | 131381395 |  |
|  EQ/International Core Managed Volatility | 36170970 | 45413402 | 2303278 | 5963932 | 21017251 | 9125818 |
|  EQ/International Equity Index | 51176734 |  | 670360 |  | 45181812 |  |
|  EQ/International Value Managed Volatility | 40266266 | 35671239 | 2051360 | 3600112 | 21672482 |  |
|  EQ/Invesco Comstock | 6287947 | 25007140 | 885350 | 697093 | 5889804 | 19559459 |
|  EQ/Invesco Global |  | 23270139 |  | 10446703 | 2297 | 3350941 |
|  EQ/Invesco Global Real Assets | 5337780 |  |  |  | 10148446 |  |
|  EQ/Invesco Moderate Allocation | 7346277 | 4008784 | 7031 |  | 5399947 |  |
|  EQ/Invesco Moderate Growth Allocation | 8634247 |  | 11283 |  | 6649691 |  |
|  EQ/Janus Enterprise | 2905936 | 108878470 | 951657 | 13439218 | 3826195 | 90309362 |
|  EQ/JPMorgan Growth Allocation | 32796012 | 13546277 | 3491344 | 2532246 | 12884324 |  |
|  EQ/JPMorgan Growth Stock | 17341601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119449181 | 2506599 | 50798779 | 1317 | 303459177 |
|  EQ/JPMorgan Value Opportunities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109454744 | 34358388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18045642 | 4647377 | 21058417 | 40004381 |
|  EQ/Large Cap Core Managed Volatility | 64013088 | 309351561 | 5004285 | 43121313 | 48433453 | 142388375 |
|  EQ/Large Cap Growth Index | 8695130 | 171497873 | 2099090 | 1634647 | 4755671 | 76979003 |
|  EQ/Large Cap Growth Managed Volatility | 80879284 | 494218920 | 10091630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127210587 | 26240258 | 340604362 |
|  EQ/Large Cap Value Index | 14024795 | 42329874 |  | 2705908 | 24750744 | 10198808 |
|  EQ/Large Cap Value Managed Volatility | 102156458 | 304371624 | 4355535 | 26263247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108746891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149680690 |
|  EQ/Lazard Emerging Markets Equity | 20276550 | 13646208 |  | 572934 | 15283642 | 356752 |
|  EQ/Long-Term Bond | 105585442 |  | 144508 |  | 85555252 |  |
|  EQ/Loomis Sayles Growth | 358478 | 147198174 |  | 14723488 | 2890209 | 30485201 |
|  EQ/MFS International Growth | 11478685 | 76093429 | 1431730 | 44600058 | 30648088 | 31969460 |
|  EQ/MFS International Intrinsic Value | 21807734 | 68134895 | 733219 | 1644522 | 15750640 | 16841864 |
|  EQ/MFS Mid Cap Focused Growth |  | 43649504 |  | 449607 |  | 4567757 |
|  EQ/MFS Technology | 19447746 | 88515658 | 8749512 | 8597340 |  |  |
|  EQ/MFS Utilities Series | 3298852 | 2946769 | 1037109 | 471656 | 4315693 | 3896984 |
|  EQ/Mid Cap Index | 49881357 | 132437185 | 13225858 | 30151637 | 25120104 | 87077428 |
|  EQ/Mid Cap Value Managed Volatility | 50466645 | 150024850 | 6141882 | 17119974 | 37578886 | 62251839 |
|  EQ/Money Market | 108364697 |  | 11751 |  | 88923225 |  |
|  EQ/Morgan Stanley Small Cap Growth | 260803 |  | 33615 |  | 507545 |  |
|  EQ/PIMCO Global Real Return | 595736 |  | 1471572 |  | 663555 |  |
|  EQ/PIMCO Real Return | 5090112 |  |  |  | 2074112 |  |
|  EQ/PIMCO Total Return ESG | 11071896 |  | 542540 |  | 6812332 |  |
|  EQ/PIMCO Ultra Short Bond | 38552124 |  |  |  | 33299376 |  |
|  EQ/Quality Bond PLUS | 34918888 |  | 445549 |  | 25777743 |  |
|  EQ/Small Company Index | 23073557 | 84985198 | 2953001 | 5780346 | 15017519 | 42818593 |
|  EQ/T. Rowe Price Health Sciences | 503430 | 8680440 |  | 1422608 | 556118 | 3860047 |
|  EQ/Value Equity | 16047408 | 55777261 |  | 4547625 | 17960794 | 2647461 |
|  EQ/Wellington Energy | 3586026 |  |  |  | 4419289 |  |
|  Multimanager Aggressive Equity | 59850578 | 180493548 | 36816464 | 38198506 | 5146300 | 30820220 |
|  Multimanager Core Bond | 30953597 |  |  |  | 25844280 |  |
|  Multimanager Technology | 57589323 | 159153617 | 6551712 | 25467264 | 2892719 | 71519385 |

---

1348

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

The following Portfolios had a Return of Capital during the year ended December 31, 2024:

---

| | |
|:---|:---|
| **Portfolios:** | **Return of Capital** |
|  1290 VT DoubleLine Opportunistic Bond | $41185 |
|  1290 VT Micro Cap | 14157 |
|  1290 VT Natural Resources | 734 |
|  1290 VT Real Estate | 56140 |
|  EQ/AB Sustainable U.S. Thematic | 488 |
|  EQ/ClearBridge Select Equity Managed Volatility | 3192 |
|  EQ/Emerging Markets Equity PLUS | 19594 |
|  EQ/Invesco Global Real Assets | 126224 |
|  EQ/PIMCO Real Return | 888724 |
|  EQ/PIMCO Ultra Short Bond | 79970 |
|  EQ/Wellington Energy | 103538 |
|  Multimanager Core Bond | 597484 |

---

The following Portfolios had a Return of Capital during the year ended December 31, 2023:

---

| | |
|:---|:---|
| **Portfolios:** | **Return of Capital** |
|  1290 VT Multi-Alternative Strategies | $24178 |
|  EQ/PIMCO Global Real Return | 1535826 |

---

The following Portfolios have an India capital gains tax capital loss carryforward of approximately:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio:** | **INR (as of<br>March 31, 2025)** | **INR (as of<br>March 31, 2025)** | **Converted to USD<br>(as of June 30, 2025)** | **Converted to USD<br>(as of June 30, 2025)** |
|  EQ/Emerging Markets Equity PLUS |  | 10076754 |  | 117499 |

---

The following Portfolios utilized net capital loss carryforwards during 2024 and/or have losses incurred that will be carried forward indefinitely as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Portfolios:** | **Short Term** | **Long Term** | **Short Term** | **Long Term** |
|  EQ/Conservative Strategy | $453478 | $2447876 | $— | $— |
|  Equitable Conservative Growth MF/ETF | 364400 |  |  |  |
|  Equitable Moderate Growth MF/ETF | 281158 |  |  |  |
|  Equitable Growth MF/ETF | 250755 | 75854 |  |  |
|  1290 VT Multi-Alternative Strategies |  | 39164 | 62263 | 576219 |
|  1290 VT Convertible Securities | 179819 |  |  | 3194161 |
|  1290 VT DoubleLine Opportunistic Bond | 3395522 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27515327 | 36627393 |
|  1290 VT High Yield Bond | 388847 |  | 2430201 | 20554559 |
|  1290 VT Micro Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17349404 |  | 7536516 |  |
|  1290 VT Natural Resources |  |  | 564988 | 3785967 |
|  1290 VT Real Estate |  |  |  | 430011 |
|  ATM International Managed Volatility | 8871015 | 273429 |  |  |
|  EQ/International Managed Volatility | 2018554 | 980426 |  |  |
|  EQ/AB Dynamic Growth | 6070982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106731 |  |  |
|  EQ/AB Short Duration Government Bond | 856581 |  | 1978586 | 9663741 |
|  EQ/AB Sustainable U.S. Thematic | 372053 |  | 1312 | 409934 |
|  EQ/American Century Moderate Growth Allocation | 149459 |  |  |  |

---

1349

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Portfolios:** | **Short Term** | **Long Term** | **Short Term** | **Long Term** |
|  EQ/ClearBridge Select Equity Managed Volatility | $7569201 | $25286700 | $21269550 | $— |
|  EQ/Core Bond Index |  |  | 12101130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118928162 |
|  EQ/Core Plus Bond | 5375902 |  | 40638291 | 55736531 |
|  EQ/Emerging Markets Equity PLUS | 35747 |  | 654767 | 2351149 |
|  EQ/Franklin Moderate Allocation | 115446 |  | 7966581 | 7773422 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 34427329 |  | 20499344 |  |
|  EQ/Intermediate Government Bond |  |  | 31979436 | 250114721 |
|  EQ/International Equity Index | 209305 | 7420113 | 409897 | 36182200 |
|  EQ/Invesco Moderate Allocation | 4184024 | 3234183 |  |  |
|  EQ/Invesco Moderate Growth Allocation | 68448 | 3725454 |  | 1163450 |
|  EQ/JPMorgan Growth Allocation |  | 28726 |  |  |
|  EQ/Long-Term Bond | 3387014 |  | 182019922 | 341645977 |
|  EQ/Morgan Stanley Small Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36432082 | 33707837 | 40115490 | 33511931 |
|  EQ/PIMCO Global Real Return |  | 505475 |  | 972616 |
|  EQ/PIMCO Total Return ESG | 924306 |  | 2413830 | 12219680 |
|  EQ/PIMCO Ultra Short Bond | 261116 | 2430514 |  | 3726064 |
|  EQ/Quality Bond PLUS | 4076751 |  | 22826449 | 82530215 |
|  EQ/Value Equity |  | 2084987 |  |  |
|  EQ/Wellington Energy | 1667857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10971007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21957382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496774 |
|  Multimanager Core Bond | 8406328 |  | 19883514 | 53698561 |

---

A portion of EQ/Core Plus Bond Portfolio's capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

Short Sales:

A "short sale" is the sale by a Portfolio of a security which has been borrowed from a third party on the expectation that the market price will drop. To complete such a transaction, a Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at the market price at or prior to the time of replacement. The price at such time may be more or less than the price at which the security was sold by a Portfolio. Until the security is replaced, a Portfolio is required to prepay the lender any dividends or interest that accrue during the period of the loan. To borrow the security, a Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The net proceeds of a short sale will be retained by the Sub-Adviser (or by the Portfolio's custodian), to the extent necessary to meet margin requirements, until the short position is closed out. A Portfolio will incur transaction costs in effecting short sales. The Portfolio will designate the segregation, either on its records or with the Trust's custodian, of the securities sold short. Liabilities for securities sold short are reported at value on the Statement of Assets and Liabilities.

A Portfolio will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. A Portfolio may realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses a Portfolio may be required to pay in connection with a short sale, which are presented in the Statement of Operations of the Portfolio. There can be no assurance that a Portfolio will be able to close out a short position at any particular time or an acceptable price.

1350

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Unfunded Commitments:

Certain Portfolios entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Portfolios to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment. The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy 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. The Portfolios may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statements of Operations.

Accounting for Derivative Instruments:

Following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolios may use derivatives in an attempt to achieve an economic hedge, the Portfolios' derivatives are not accounted for as hedging instruments because the Portfolios account for their derivatives at fair value and record any changes in fair value in current period earnings in the Statements of Operations. All open derivative positions at period end are reflected on each respective Portfolio's Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio's Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

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 purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Portfolios may purchase put options on securities to increase the Portfolio's total investment return or to protect its holdings against a substantial decline in market value or fair value, as applicable. The purchase of put options on securities will enable a Portfolio to preserve, at least partially, unrealized gains in an appreciated security in its portfolio without actually selling the security. In addition, the Portfolios will continue to receive interest or dividend income on the

1351

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

security. The Portfolios may also purchase call options on securities to protect against substantial increases in prices of securities that Portfolios intend to purchase pending their ability to invest in an orderly manner in those securities. The Portfolios may sell put or call options they have previously purchased, which could result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put or call option which was bought.

Futures Contracts, Options on Futures Contracts, and Foreign Currency Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Options on futures contracts used by the Portfolios are rights to buy or sell a futures contract for a set price in the future. Certain Portfolios 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. 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, a Portfolio's credit risk is limited to failure of the exchange or board of trade.

During the six months ended June 30, 2025, certain Portfolios held forward foreign currency contracts to either gain exposure to certain currencies or enter into an economic hedge against changes in the values of securities held in the Portfolio that do not qualify for hedge accounting under Accounting Standards Codification ("ASC") 815. The Statement of Operations for each Portfolio reflects realized gains or losses, if any, on forward foreign currency contracts and change in unrealized appreciation or depreciation, if any, on forward foreign currency contacts. Further information on the impact of these positions on the Portfolios' financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

The Portfolios may be exposed to foreign currency risks associated with Portfolio investments. Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios enter into contracts to purchase or sell foreign currencies at a future date ("forward contracts"). A forward foreign currency 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 forward foreign currency contracts in the Statements of Operations of the Portfolios. The Portfolios may engage in these forward contracts to protect against uncertainty in the level of future 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 also buy forward foreign currency contracts to gain exposure to currencies.

Swap Agreements:

Changes in market value or fair value, as applicable, if any, are reflected as a component of net changes in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. Over- the-counter

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("OTC") swap payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Total return swap agreements involve commitments where cash flows are exchanged based on the price of an underlying reference and based on a fixed or variable rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may include an underlying equity, index, or bond, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payment in the event of a negative total return. In connection with total return swap agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest rate swaps involve the exchange between two parties of payments calculated by reference to specified interest rates (e.g., an exchange of floating rate payments for fixed rate payments). The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. Caps and floors may be less liquid than swaps. In addition, the value of interest rate transactions will fluctuate based on changes in interest rates.

Credit default swap agreements involve greater risks than if a Portfolio had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Portfolio will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Portfolio's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Portfolio). In connection with credit default swaps in which a Portfolio is the buyer, the Portfolio will segregate or "earmark" cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Portfolio's exposure (any accrued but unpaid net amounts owed by the Portfolio to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Portfolio is the seller, the Portfolio will segregate or "earmark" cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Portfolio). Such segregation or "earmarking" is intended to ensure that the Portfolio has assets available to satisfy its obligations with respect to the transaction and limit any potential leveraging of the Portfolio. Such segregation or "earmarking" will not limit the Portfolio's exposure to loss. To the extent that credit default swaps are entered into for hedging purposes or are covered as described above, the Adviser believes such obligations do not constitute "senior securities" under the 1940 Act and, accordingly, will not treat them as being subject to the Portfolio's senior security and borrowing restrictions.

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An option on a swap agreement, also called a "swaption," is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market- based "premium." A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. A purchaser of a swaption risks losing only the amount of the premium they have paid should they decide to let the option expire, whereas the seller of a swaption is subject to the risk that they will become obligated if the option is exercised. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

A Portfolio may use inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. The use of swaps exposes the Portfolio to interest rate risk. Swaptions are marked-to-market daily based upon values from third party vendors.

Forward Settling Transactions:

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time ("forward settling transactions"). Portfolios will designate the segregation, on their records, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own.

These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transactions 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 a risk in addition to the risk of decline in the 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 enter into to-be-announced purchase or sale commitments ("TBA transactions"), pursuant to which it agrees to purchase or sell, respectively, mortgage backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Portfolio are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted "good delivery" standards. Portfolios may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, the Portfolio maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, the Portfolio maintains an entitlement to the security to be sold.

Each of the EQ/PIMCO Global Real Return Portfolio, EQ/PIMCO Real Return Portfolio, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Quality Bond PLUS Portfolio and Multimanager Core Bond Portfolio entered into financing transactions referred to as "sale-buybacks" during the six months ended June 30, 2025. A sale-buyback transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during

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the term of the agreement. The agreed upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Portfolio's Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed upon repurchase price. This is commonly referred to as the "price drop." A price drop consists of: (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold; and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Portfolio's Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio's Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio.

The EQ/PIMCO Real Return Portfolio regularly enters into quarterly purchase and sale transactions where the purchase transactions occur on a forward settling basis, with the trade date preceding the fiscal quarter-end, and the settlement date occurring shortly after the fiscal quarter-end. These forward settling securities transactions are expected to physically settle within 35 days of the trade date. Because the purchase transactions occur on a forward settling basis, the Portfolio's assets will be temporarily increased when these purchases are effected and before the settlement date. The payable amount for these forward settling transactions as of the end of the fiscal period is shown in the Portfolio's Statement of Assets and Liabilities under "Liabilities — Payable for Securities Purchased." The transactions are entered into on a regular basis to allow the Portfolio to meet certain asset diversification rules that apply to insurance-dedicated funds under the Internal Revenue Code and to do so in a manner that is consistent with the Portfolio's investment program.

Master Netting Arrangements and Collateral:

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Portfolios with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Portfolio of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA transactions, delayed-delivery or sale-buybacks by and between the Sub-Advisers on behalf of the Portfolios and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged and/or received, and the net exposure by counterparty as of period end is disclosed in the Portfolio of Investments.

ISDA Master Agreements and Master Forward Agreements are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Under most ISDA Master Agreements and Master Forward Agreements, collateral is routinely pledged if the total net exposure to certain transactions (net of existing collateral already in place) governed under the

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relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 (on a per counterparty basis) depending on the counterparty and the type of master agreement.

Collateral on OTC derivatives, forward settling transactions and centrally cleared derivatives may be in the form of cash or debt securities issued by the U.S. government or related agencies or foreign governments. Cash pledged as collateral by a Portfolio is reflected as cash held as collateral at the broker in the accompanying financial statements and generally is restricted from withdrawal by the Portfolio; securities pledged as collateral by a Portfolio are so noted in the accompanying Portfolio of Investments; both remain in the Portfolio's assets. Securities received as collateral by counterparties are not included in the Portfolio's assets because the Portfolio does not obtain effective control over those securities. The obligation to return cash collateral received from counterparties is included as a liability in the accompanying financial statements. Collateral posted or received by the Portfolio may be held in a segregated account at the respective counterparty or Portfolio's custodian.

Cash and Statement of Cash Flows:

In accordance with U.S. GAAP, the Portfolios consider cash which is not readily investable or available for withdrawal, such as initial margin pledged for derivatives, to be restricted cash for the purposes of reporting in the Statement of Cash Flows.

Due to the volume of sale-buyback transactions during the six months ended June 30, 2025, the EQ/PIMCO Global Real Return Portfolio and EQ/PIMCO Real Return Portfolio are presenting a Statement of Cash Flows. The Statement of Cash Flows, as applicable, has been prepared using the indirect method which requires increase (decrease) in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Repurchase Agreements:

During the six months ended June 30, 2025, the EQ/Money Market Portfolio entered into repurchase agreements through an account at JPMorgan Chase Bank, N.A. ("JPMorgan"), the Portfolio's custodian, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For a repurchase agreement, JPMorgan takes possession of the collateral pledged for investments in such repurchase agreement. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Repurchase agreements outstanding at period end, if any, including the underlying debt obligation (collateral) assigned to each agreement, are included within the Portfolio's Portfolio of Investments.

Securities Lending:

During the six months ended June 30, 2025, certain Portfolios entered into securities lending transactions. To generate additional income, a Portfolio may lend its portfolio securities, up to 30% of the market value of the Portfolio's total assets, to brokers, dealers, and other financial institutions.

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Portfolio or the borrower at any time.

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The Portfolios' securities lending policies and procedures require that the borrower (i) deliver collateral consisting of cash or U.S. Government securities, equal to at least 102% of the value of the portfolio securities loaned with respect to each new loan of U.S. securities, and equal to at least 105% of the value of the portfolio securities loaned with respect to each new loan of non-U.S. securities; and, for loans of U.S. Treasury securities, collateral equal to the lesser of 102% of the loaned securities' current market value or 100% of the loaned securities' par value; (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is permitted to be invested in short-term, highly liquid investments, such as government money market funds and repurchase agreements, and shown in the Portfolio of Investments and included in calculating the Portfolio's total assets. The Trust currently limits reinvestment of cash collateral under the program to investment in government money market funds. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan and cannot be sold or repledged by the Portfolio and accordingly are not reflected in the Portfolio's total assets. For additional information on the non-cash collateral received, please refer to note (xx) in the Portfolio of Investments. Certain of the securities on loan may have been sold prior to the close of the reporting period and are included in Receivables for Securities Sold on the Statements of Assets and Liabilities.

The Portfolios receive payments from the lending agent equivalent to any dividends and/or interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from the lending agent and reflected in the Statements of Operations under "Securities lending (net)." The Portfolios may invest cash collateral in government money market funds or repurchase agreements as indicated on the Portfolio of Investments, and record a liability in the Statements of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Such liabilities, if any, are reflected in the Statements of Assets and Liabilities under "Payable for return of collateral on securities loaned". The Portfolios do not have the right to vote on securities while they are on loan. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by the lending agent to be of good standing and creditworthy and approved by EIM. Loans are subject to termination by a Portfolio or the borrower at any time, and, therefore, are not considered to be illiquid investments. The lending agent receives a percentage of the total earnings of a Portfolio derived from the lending of the Portfolio's securities.

The Securities Lending Agreement between the Trust and JPMorgan provides that in the event of a default by a borrower with respect to any loan, a Portfolio may terminate the loan and JPMorgan will exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by JPMorgan to exercise these remedies, the Portfolio sustains losses as a result of a borrower's default, JPMorgan indemnifies the Portfolio by purchasing replacement securities at JPMorgan's expense, or paying the Portfolio an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agreement between the Portfolio and JPMorgan.

At June 30, 2025, the Securities Lending Agreement does not permit a Portfolio to enforce a netting arrangement.

Market, Credit and Other Risks:

A Portfolio's investments in financial instruments expose the Portfolio to various risks such as, but not limited to, market, interest rate, foreign currency, foreign securities, forward settling transactions, equity, and credit risks.

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The market values of a Portfolio's investments may decline due to factors that are specifically related to a particular company or issuer, such as poor management decisions, reduced demand for the issuer's goods or services, and competitive pressures, as well as general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, recessions or adverse investor sentiment generally. The market values of a Portfolio's investments may also decline due to factors that affect a particular sector or industry, such as the imposition (or threat) of tariffs; labor shortages or increased production costs and competitive conditions within the sector or industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Even when securities markets perform well, there is no assurance that the investments held by a Portfolio will increase in value along with the broader market. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental, natural or man-made disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, supply chain disruptions, widespread and prolonged power outages, and cybersecurity incidents, and governments' reactions (or failure to react) to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Geopolitical and other events, including acts of terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within nations that are global economic powers or major producers of oil or other commodities, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Impacts from climate change may include significant risks to global financial assets and economic growth. Furthermore, impacts from the rapidly growing use of artificial intelligence technologies, including by market participants, may include significant risks to global financial markets.

Changes in government or central bank policies, changes to regulations involving the securities markets, and political, diplomatic and other events within the United States and abroad may affect investor and consumer confidence and may increase uncertainty in or impair the operation of the U.S. or other security markets, perhaps suddenly and to a significant degree. High public debt and deficits in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and may negatively affect economic conditions and the values of markets, sectors, or companies in which a Portfolio invests.

Changes in interest rates may affect the yield, liquidity and value of investments in debt securities or other income-producing securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of a Portfolio's debt securities generally declines. Conversely, when interest rates decline, the value of a Portfolio's debt securities generally rises. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of a Portfolio's debt securities to interest rate risk will increase the greater the duration of those securities. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to a Portfolio. It is difficult to predict accurately the timing, frequency, magnitude or direction of interest rate changes, and the evaluation of macro-economic and other conditions or events could cause a change in approach in the future. Fixed- income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Portfolio's investments may not keep pace with inflation, and the value of an investment in a Portfolio may be eroded over time by inflation. Changes in government or central bank policies, including changes in federal tax policy or changes in the implementation of specific policy goals, could negatively affect the value and liquidity of a Portfolio's investments and cause it to lose money.

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If a Portfolio invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Portfolio, or, in the case of hedging positions, that the Portfolio's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Portfolio's investments in foreign currency denominated securities may reduce the Portfolio's returns. 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.

Foreign (non-U.S.) securities in this report are classified by the country of risk of a holding. Investments in foreign securities, including depositary receipts, involve risks not associated with, or more prevalent than those that may be associated with, investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices, as well as changes in international trading patterns, also may adversely impact security values, and it may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

Tensions, wars, or other open conflicts between nations, such as between Russia and Ukraine, in the Middle East, and in eastern Asia, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The extent and duration of ongoing hostilities or military actions and the repercussions of such actions are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. The resulting adverse market conditions could be prolonged. These and any related events could significantly impact a Portfolio's performance and the value of an investment in a Portfolio, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries or regions directly affected. In addition, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If China were to attempt unification of Taiwan by coercion or force, economies, markets and individual securities may be severely affected both regionally and globally.

Forward settling transactions and forward foreign currency contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. They 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. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, a Portfolio may lose both the investment opportunity for its assets if set aside to pay for the security and any gain in the security. The use of forward settling transactions may result in market risk to the Portfolios that is greater than if the Portfolios had engaged solely in transactions that settle in the customary time.

The use of futures contracts involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statements 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.

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Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Portfolio will be exposed to credit risk with respect to the parties with whom it trades and will also bear the risk of settlement default. A Portfolio is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, which may cause the Portfolio's holding to lose value. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly.

Certain Portfolios may invest in below investment grade high-yield securities (commonly known as "junk bonds"). These securities are considered to be high risk investments. Securities rated below investment grade are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities because such securities are generally unsecured and subordinated to other creditors' claims. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse economic conditions could make it difficult to sell certain securities or could result in lower prices than those used in calculating a Portfolio's NAV.

A Portfolio that invests in affiliated mutual funds, unaffiliated mutual funds and ETFs indirectly pays a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Portfolio may be higher than the cost of investing in a Portfolio that invests directly in individual securities and financial instruments. The Portfolio also is subject to certain risks related to the underlying funds' and ETFs' investments in securities and financial instruments (such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities) and the ability of the Portfolio to meet its investment objective will directly depend on the ability of the underlying funds or ETFs to meet their investment objectives. With respect to a Portfolio's investments in index-based ETFs, there is also the risk that an ETF's performance may not match that of the index it seeks to track. It is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio's investments in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with a Portfolio correlate to those of a particular underlying fund or ETF will depend upon the extent to which the Portfolio's assets are allocated from time to time for investment in the underlying fund or ETF, which will vary.

Offsetting Assets and Liabilities:

The Portfolios may be subject to various netting arrangements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. As the Master Agreements are specific to unique operations of different asset types, they allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Segment Reporting:

In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), EIM's Chief Operating

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Officer, who serves as the chief operating decision maker ("CODM") with respect to each Portfolio, has determined that each Portfolio has a single operating segment. The CODM's decision is based on the fact that each Portfolio has a single investment strategy that is disclosed in the Portfolio's prospectus; each Portfolio's performance is assessed, and resources are allocated, at the Portfolio level; and each Portfolio's operating results are reviewed for the Portfolio as a whole. For each Portfolio, the financial information reviewed by the CODM is consistent with the Portfolio's Financial Statements included herein.

Recent Accounting Pronouncement:

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09 ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

Note 2 Management of the Trust

The Trust, on behalf of each Portfolio, has entered into an investment advisory agreement (the "Advisory Agreement") with EIM which provides that the Adviser is responsible for (i) providing a continuous investment program for the Portfolios; (ii) monitoring the implementation of the investment program for each Portfolio; (iii) assessing the investment objectives and policies, composition, investment style and investment process for each Portfolio; (iv) effecting transactions for each Portfolio and selecting brokers or dealers to execute such transactions; (v) developing and evaluating strategic initiatives with respect to the Portfolios; (vi) making recommendations to the Board regarding the investment programs of the Portfolios, including any changes to the investment objectives and policies of a Portfolio; (vii) coordinating and/or implementing strategic initiatives approved by the Board; and (viii) preparing and providing reports to the Board on the impact of such strategic initiatives. The Advisory Agreement also permits the Adviser, subject to the direction and control of the Board, to delegate any of its duties with respect to one or more Portfolios to a Sub-Adviser. Under the Advisory Agreement, the Adviser has, with respect to each sub-advised Portfolio, (i) overall supervisory responsibility for the general management and investment of a Portfolio's assets; (ii) full discretion to select new or additional Sub-Advisers for a Portfolio; (iii) full discretion to enter into and materially modify existing sub-advisory agreements ("Sub-Advisory Agreements") with Sub-Advisers; and (iv) full discretion to terminate and replace any Sub-Adviser. In connection with the Adviser's responsibilities under the Advisory Agreement, the Adviser will oversee the performance of delegated functions by each Sub-Adviser, assess each Portfolio's investment focus, and furnish the Board with periodic reports concerning the performance of delegated responsibilities by the Sub-Adviser.

For its services under the Advisory Agreement, the Adviser is entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

---

| | |
|:---|:---|
| **Portfolios:** | **Management Fee** |
|  EQ/All Asset Growth Allocation | 0.100% of average daily net assets |
|  Target 2015 Allocation | 0.100% of average daily net assets |
|  Target 2025 Allocation | 0.100% of average daily net assets |
|  Target 2035 Allocation | 0.100% of average daily net assets |
|  Target 2045 Allocation | 0.100% of average daily net assets |
|  Target 2055 Allocation | 0.100% of average daily net assets |

---

1361

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  1290 VT DoubleLine Opportunistic Bond | 0.600% | 0.575% | 0.550% | 0.530% | 0.520% |
|  1290 VT Equity Income | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 VT GAMCO Mergers & Acquisitions | 0.900 | 0.850 | 0.825 | 0.800 | 0.775 |
|  1290 VT GAMCO Small Company Value | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 VT High Yield Bond | 0.600 | 0.580 | 0.560 | 0.540 | 0.530 |
|  1290 VT Micro Cap | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  1290 VT Moderate Growth Allocation | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  1290 VT Small Cap Value | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  1290 VT SmartBeta Equity ESG | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/AB Dynamic Aggressive Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Dynamic Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Dynamic Moderate Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Sustainable U.S. Thematic | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/AB Short Duration Government Bond | 0.450 | 0.430 | 0.410 | 0.390 | 0.380 |
|  EQ/AB Small Cap Growth | 0.550 | 0.500 | 0.475 | 0.450 | 0.425 |
|  EQ/American Century Mid Cap Value | 0.900 | 0.850 | 0.825 | 0.800 | 0.775 |
|  EQ/American Century Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Capital Group Research | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/ClearBridge Large Cap Growth ESG | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/Core Plus Bond | 0.600 | 0.580 | 0.560 | 0.540 | 0.530 |
|  EQ/Emerging Markets Equity PLUS | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 0.540 | 0.500 | 0.475 | 0.450 | 0.425 |
|  EQ/Franklin Moderate Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Franklin Rising Dividends | 0.600 | 0.550 | 0.510 | 0.490 | 0.475 |
|  EQ/Goldman Sachs Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Goldman Sachs Mid Cap Value | 0.770 | 0.750 | 0.725 | 0.680 | 0.670 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Invesco Comstock | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/Invesco Global | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/Invesco Global Real Assets | 0.735 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/Invesco Moderate Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Invesco Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Janus Enterprise | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/JPMorgan Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/JPMorgan Growth Stock | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/JPMorgan Value Opportunities | 0.600 | 0.550 | 0.525 | 0.500 | 0.475 |
|  EQ/Lazard Emerging Markets Equity | 1.000 | 0.950 | 0.925 | 0.900 | 0.875 |
|  EQ/Loomis Sayles Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/MFS International Growth | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/MFS International Intrinsic Value | 0.860 | 0.820 | 0.700 | 0.700 | 0.700 |
|  EQ/MFS Mid Cap Focused Growth | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/MFS Technology | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/MFS Utilities Series | 0.730 | 0.700 | 0.670 | 0.650 | 0.625 |
|  EQ/Money Market | 0.350 | 0.325 | 0.280 | 0.270 | 0.250 |
|  EQ/Morgan Stanley Small Cap Growth | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/PIMCO Global Real Return | 0.600 | 0.575 | 0.550 | 0.530 | 0.520 |
|  EQ/PIMCO Real Return | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |

---

1362

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/PIMCO Total Return ESG | 0.500% | 0.475% | 0.450% | 0.430% | 0.420% |
|  EQ/PIMCO Ultra Short Bond | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/Quality Bond PLUS | 0.400 | 0.380 | 0.360 | 0.340 | 0.330 |
|  EQ/T. Rowe Price Health Sciences | 0.950 | 0.900 | 0.875 | 0.850 | 0.825 |
|  EQ/Value Equity | 0.560 | 0.540 | 0.520 | 0.500 | 0.475 |
|  EQ/Wellington Energy | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  Multimanager Aggressive Equity | 0.580 | 0.550 | 0.525 | 0.500 | 0.475 |
|  Multimanager Core Bond | 0.550 | 0.530 | 0.510 | 0.490 | 0.480 |
|  Multimanager Technology | 0.950 | 0.900 | 0.875 | 0.850 | 0.825 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/ClearBridge Select Equity Managed Volatility | 0.700% | 0.665% | 0.635% | 0.610% | 0.560% | 0.540% |
|  EQ/Franklin Small Cap Value Managed Volatility | 0.700 | 0.665 | 0.635 | 0.610 | 0.560 | 0.540 |
|  EQ/Global Equity Managed Volatility | 0.740 | 0.720 | 0.690 | 0.665 | 0.615 | 0.590 |
|  EQ/International Core Managed Volatility | 0.600 | 0.575 | 0.550 | 0.525 | 0.475 | 0.450 |
|  EQ/International Value Managed Volatility | 0.600 | 0.575 | 0.550 | 0.525 | 0.475 | 0.450 |
|  EQ/Large Cap Core Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Large Cap Growth Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Large Cap Value Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Mid Cap Value Managed Volatility | 0.550 | 0.525 | 0.500 | 0.475 | 0.425 | 0.400 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$6 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  ATM International Managed Volatility | 0.450% | 0.425% | 0.400% | 0.350% | 0.325% | 0.300% |
|  ATM Large Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  ATM Mid Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  ATM Small Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/500 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/400 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/2000 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/lnternational Managed Volatility | 0.450 | 0.425 | 0.400 | 0.350 | 0.325 | 0.300 |

---

1363

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First**<br>**$1 Billion** | **Next**<br>**$1 Billion** | **Next**<br>**$3 Billion** | **Next**<br>**$4 Billion** | **Next**<br>**$3 Billion** | **Thereafter** |
|  EQ/Aggressive Allocation | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Aggressive Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Balanced Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative-Plus Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate-Plus Allocation | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Ultra Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Thereafter** |
|  1290 VT Multi-Alternative Strategies | 0.500% | 0.450% | 0.425% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  1290 VT Convertible Securities | 0.500% | 0.450% | 0.425% | 0.400% | 0.375% |
|  1290 VT Natural Resources | 0.500 | 0.450 | 0.425 | 0.400 | 0.375 |
|  1290 VT Real Estate | 0.500 | 0.450 | 0.425 | 0.400 | 0.375 |
|  1290 VT Socially Responsible | 0.500 | 0.450 | 0.425 | 0.400 | 0.375 |
|  EQ/Common Stock Index | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Equity 500 Index | 0.250 | 0.200 | 0.175 | 0.150 | 0.125 |
|  EQ/International Equity Index | 0.400 | 0.350 | 0.325 | 0.300 | 0.275 |
|  EQ/Large Cap Growth Index | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Large Cap Value Index | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Mid Cap Index | 0.350 | 0.300 | 0.275 | 0.250 | 0.225 |
|  EQ/Small Company Index | 0.250 | 0.200 | 0.175 | 0.150 | 0.125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  EQ/Core Bond Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Intermediate Corporate Bond | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Intermediate Government Bond | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Long-Term Bond | 0.350 | 0.300 | 0.275 | 0.250 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  Equitable Conservative Growth MF/ETF | 0.1500% | 0.1425% | 0.1400% | 0.1375% | 0.1350% |
|  Equitable Growth MF/ETF | 0.1500 | 0.1425 | 0.1400 | 0.1375 | 0.1350 |
|  Equitable Moderate Growth MF/ETF | 0.1500 | 0.1425 | 0.1400 | 0.1375 | 0.1350 |

---

1364

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

For each of the following Portfolios, the contractual investment advisory fee rates set forth above went into effect on May 1, 2025, but were implemented by the Adviser on a voluntary basis during the period October 1, 2024, through April 30, 2025. Prior to October 1, 2024, the investment advisory fee rates for each Portfolio were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Tactical Manager Portfolios** | **First<br>$2 billion** | **Next<br>$2 billion** | **Next<br>$2 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Thereafter** |
|  ATM International Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  ATM Large Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  ATM Mid Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  ATM Small Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/500 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/400 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/2000 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/International Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
|  | **First<br>$2 billion** | **Next<br>$4 billion** | **Next<br>$2 billion** | **Thereafter** |
|  1290 VT Convertible Securities | 0.500% | 0.450% | 0.425% | 0.400% |
|  1290 VT Natural Resources | 0.500 | 0.450 | 0.425 | 0.400 |
|  1290 VT Real Estate | 0.500 | 0.450 | 0.425 | 0.400 |
|  1290 VT Socially Responsible | 0.500 | 0.450 | 0.425 | 0.400 |
|  EQ/Common Stock Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Equity 500 Index | 0.250 | 0.200 | 0.175 | 0.150 |
|  EQ/International Equity Index | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/Large Cap Growth Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Large Cap Value Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Mid Cap Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Small Company Index | 0.250 | 0.200 | 0.175 | 0.150 |

---

On behalf of the Trust, the Adviser has entered into Sub-Advisory Agreements with each of the Sub-Advisers with respect to the Trust's Portfolios (except the EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Moderate Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, ETF Portfolios, EQ Allocation Portfolios, Target Allocation Portfolios, and Strategic Allocation Series Portfolios). Each of the Sub-Advisory Agreements obligates the Sub-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 Adviser or the respective Sub-Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Adviser pays the Sub-Advisers' fees.

Indemnification of Trustees and Officers:

Under the Trust's organizational documents, the Trust's officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that may provide for general indemnifications. A Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio. However, based on experience, the Trust and management expect the risk of loss to be remote.

1365

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Compensation of Officers:

Each officer of the Trust is an employee of Equitable Financial, EIM and/or Equitable Distributors, LLC ("Equitable Distributors" or the "Distributor"). No officer of the Trust, other than the Chief Compliance Officer, receives compensation paid by the Trust. During the six months ended June 30, 2025, the two trusts in the fund complex reimbursed EIM for $280,000 of the Chief Compliance Officer's compensation, including $277,565 reimbursed by the Trust.

Note 3 Administrative Fees

Equitable Investment Management, LLC (the "Administrator"), an affiliate of EIM, serves as Administrator to the Trust. The Administrator provides the Trust with necessary administrative, fund accounting, and compliance services. In addition, the Administrator has access to the office space, equipment, personnel and facilities required to provide such services to the Trust. The Administrator may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, the Trust pays the Administrator monthly fees, as follows:

Each of the 1290 VT Moderate Growth Allocation Portfolio, EQ/AB Dynamic Aggressive Growth Portfolio, EQ/AB Dynamic Growth Portfolio, EQ/AB Dynamic Moderate Growth Portfolio, EQ/AB Small Cap Growth Portfolio, EQ/American Century Moderate Growth Allocation Portfolio, EQ/ Goldman Sachs Growth Allocation Portfolio, EQ/Goldman Sachs Moderate Growth Allocation Portfolio, EQ/Invesco Moderate Allocation Portfolio, EQ/Invesco Moderate Growth Allocation Portfolio, EQ/JPMorgan Growth Allocation Portfolio, EQ/Franklin Moderate Allocation Portfolio, the Tactical Portfolios, the Multiadviser Portfolios, EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, Equitable Moderate Growth MF/ETF Portfolio, the Strategic Allocation Series Portfolios, the EQ Allocation Portfolios, the Target Allocation Portfolios, and EQ/Core Plus Bond Portfolio pays a proportionate share of an asset-based administration fee based on the aggregate average daily net assets of the above mentioned Portfolios ("Administration Group 1"), as follows:

0.140% on the first $60 billion

0.110% on the next $20 billion

0.0775% on the next $20 billion

0.0750% on the next $20 billion

0.0725% on net assets thereafter

The asset-based administration fee is calculated and billed monthly, and each Portfolio in Administration Group 1 is subject to a minimum annual fee of $32,500.

The contractual asset-based administration fee schedule for Administration Group 1 set forth above went into effect on May 1, 2025, but was implemented by the Administrator on a voluntary basis during the period October 1, 2024, through April 30, 2025. Prior to October 1, 2024, the asset-based administration fee schedule for Administration Group 1 was as follows:

0.140% on the first $60 billion

0.110% on the next $20 billion

0.0875% on the next $20 billion

0.0775% on the next $20 billion

0.0750% on the next $20 billion

0.0725% on net assets thereafter

Each of the other Portfolios ("Administration Group 2") pays a proportionate share of an asset- based administration fee based on the aggregate average daily net assets of Administration Group 2 as follows:

0.100% on the first $30 billion

0.0975% on the next $10 billion

0.0900% on the next $5 billion

1366

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

0.0775% on the next $10 billion

0.0750% on the next $30 billion

0.0725% on net assets thereafter

The asset-based administration fee is calculated and billed monthly, and each Portfolio in Administration Group 2 is subject to a minimum annual fee of $30,000.

The asset-based contractual administration fee schedule for Administration Group 2 set forth above went into effect on May 1, 2025, but was implemented by the Administrator on a voluntary basis during the period October 1, 2024, through April 30, 2025. Prior to October 1, 2024, the asset-based administration fee schedule for Administration Group 2 was as follows:

0.100% on the first $30 billion

0.0975% on the next $10 billion

0.0950% on the next $5 billion

0.0775% on the next $10 billion

0.0750% on the next $30 billion

0.0725% on net assets thereafter

Pursuant to a sub-administration arrangement with the Administrator and EIM, the Sub-Administrator assists the Administrator in providing the Trust with certain administrative services, including portfolio compliance and portfolio accounting support services, subject to the supervision of the Administrator. The Administrator pays the Sub-Administrator a fee for these services.

Note 4 Custody Fees

The Trust has entered into a custody agreement (the "Custody Agreement") with JPMorgan Chase Bank, N.A. (in this capacity, the "Custodian"). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust's Portfolio securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Portfolio's account, cash, securities and other assets of the Portfolio. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian 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. As of June 30, 2025, certain of the Portfolios maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Portfolio's Statement of Assets and Liabilities.

Note 5 Distribution Plans

The Trust, on behalf of each Portfolio, has entered into distribution agreements with Equitable Distributors, LLC, an indirect wholly-owned subsidiary of Equitable Financial and an affiliate of EIM, pursuant to which the Distributor serves as the principal underwriter of the Class IA, Class IB and Class K shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to each of Class IA and Class IB shares of the Trust ("Distribution Plans"). The Distribution Plans provide that the Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.25% of the average daily net assets attributable to the Trust's Class IA and Class IB shares for which it provides service.

Note 6 Expense Limitation

EIM and the Administrator have contractually agreed to limit the expenses of certain Portfolios (exclusive of certain items noted below) through April 30, 2026 (unless the Board consents to an earlier revision or termination of this arrangement) ("Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, EIM has agreed to waive its and its affiliates' management,

1367

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

administrative and other fees and, if necessary, make payments to a Portfolio to limit the expenses of each Portfolio listed below so that the total annual operating expenses of each Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses (except as noted in the table below), and extraordinary expenses not incurred in the ordinary course of such Portfolio's business) do not exceed the following annual rates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |  |
| **Portfolios:** | **Class IA<sup>+</sup>** |  | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/All Asset Growth Allocation | N/A |  | 1.25 | %\* | 1.00 | %\* |
|  EQ/Ultra Conservative Strategy | N/A |  | 0.95 | \* | N/A |  |
|  EQ/Conservative Strategy | N/A |  | 0.95 | \* | N/A |  |
|  EQ/Conservative Growth Strategy | N/A |  | 1.00 | \* | N/A |  |
|  EQ/Balanced Strategy | N/A |  | 1.05 | \* | N/A |  |
|  EQ/Moderate Growth Strategy | N/A |  | 1.10 | \* | N/A |  |
|  EQ/Growth Strategy | N/A |  | 1.10 | \* | N/A |  |
|  EQ/Aggressive Growth Strategy | N/A |  | 1.15 | \* | N/A |  |
|  EQ/Conservative Allocation | N/A |  | 1.00 | \* | 0.75 | \* |
|  EQ/Conservative-Plus Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  EQ/Moderate Allocation | 1.15 | %\* | 1.15 | \* | 0.90 | \* |
|  EQ/Moderate-Plus Allocation | N/A |  | 1.20 | \* | 0.95 | \* |
|  EQ/Aggressive Allocation | N/A |  | 1.25 | \* | 1.00 | \* |
|  Equitable Conservative Growth MF/ETF | N/A |  | 1.10 | \* | 0.85 | \* |
|  Equitable Moderate Growth MF/ETF | N/A |  | 1.10 | \* | 0.85 | \* |
|  Equitable Growth MF/ETF | N/A |  | 1.15 | \* | 0.90 | \* |
|  Target 2015 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2025 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2035 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2045 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  Target 2055 Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  1290 VT Moderate Growth Allocation | N/A |  | 1.10 | \* | N/A |  |
|  1290 VT Multi-Alternative Strategies | N/A |  | 1.10 |  | 0.85 |  |
|  1290 VT Convertible Securities | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT DoubleLine Opportunistic Bond | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT Equity Income | N/A |  | 0.95 |  | 0.70 |  |
|  1290 VT GAMCO Mergers & Acquisitions | N/A |  | 1.25 |  | 1.00 |  |
|  1290 VT GAMCO Small Company Value | N/A |  | 1.07 |  | 0.82 |  |
|  1290 VT High Yield Bond | N/A |  | 1.00 |  | 0.75 |  |
|  1290 VT Micro Cap | N/A |  | 1.15 |  | 0.90 |  |
|  1290 VT Natural Resources | N/A |  | 0.90 | \* | 0.65 | \* |
|  1290 VT Real Estate | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT Small Cap Value | N/A |  | 1.15 |  | 0.90 |  |
|  1290 VT SmartBeta Equity ESG | N/A |  | 1.10 |  | 0.85 |  |
|  1290 VT Socially Responsible | N/A |  | 1.15 |  | 0.90 |  |
|  ATM Large Cap Managed Volatility | N/A |  | N/A |  | 0.60 |  |
|  ATM Mid Cap Managed Volatility | N/A |  | N/A |  | 0.60 |  |
|  ATM Small Cap Managed Volatility | N/A |  | N/A |  | 0.60 |  |
|  ATM International Managed Volatility | N/A |  | N/A |  | 0.65 |  |
|  EQ/500 Managed Volatility | N/A |  | 0.85 |  | 0.60 |  |
|  EQ/400 Managed Volatility | N/A |  | 0.85 |  | 0.60 |  |
|  EQ/2000 Managed Volatility | N/A |  | 0.85 |  | 0.60 |  |
|  EQ/International Managed Volatility | N/A |  | 0.90 |  | 0.65 |  |
|  EQ/AB Dynamic Aggressive Growth | N/A |  | 1.15 | \* | N/A |  |
|  EQ/AB Dynamic Growth | N/A |  | 1.15 | \* | N/A |  |
|  EQ/AB Dynamic Moderate Growth | N/A |  | 1.15 | \* | N/A |  |

---

1368

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  EQ/AB Short Duration Government Bond | 0.77% | 0.77% | 0.52% |
|  EQ/AB Small Cap Growth | N/A | 1.00 | 0.75 |
|  EQ/AB Sustainable U.S. Thematic | N/A | 1.00 | 0.75 |
|  EQ/American Century Mid Cap Value | N/A | 1.00 \* | 0.75 \* |
|  EQ/American Century Moderate Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Capital Group Research | N/A | 0.95 | 0.70 |
|  EQ/ClearBridge Large Cap Growth ESG | N/A | 1.00 | 0.75 |
|  EQ/Clearbridge Select Equity Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/Common Stock Index | 0.67 | 0.67 | 0.42 |
|  EQ/Core Bond Index | N/A | 0.62 | 0.37 |
|  EQ/Core Plus Bond | 0.93 \* | 0.93 \* | 0.68 \* |
|  EQ/Emerging Markets Equity PLUS | N/A | 1.20 | 0.95 |
|  EQ/Equity 500 Index | 0.5375 | 0.5375 | 0.2875 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | N/A | 0.87 \* | 0.62 \* |
|  EQ/Franklin Moderate Allocation | N/A | 1.15 \* | N/A |
|  EQ/Franklin Rising Dividends | N/A | 0.87 \* | 0.62 \* |
|  EQ/Franklin Small Cap Value Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/Global Equity Managed Volatility | N/A | 1.10 | 0.85 |
|  EQ/Goldman Sachs Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Goldman Sachs Mid Cap Value | N/A | 1.09 \* | 0.84 \* |
|  EQ/Goldman Sachs Moderate Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Intermediate Corporate Bond | N/A | 0.65 | 0.40 |
|  EQ/Intermediate Government Bond | 0.62 | 0.62 | 0.37 |
|  EQ/International Core Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/International Equity Index | 0.72 \* | 0.72 \* | 0.47 \* |
|  EQ/International Value Managed Volatility | N/A | 1.05 | 0.80 |
|  EQ/Invesco Comstock | N/A | 1.00 | 0.75 |
|  EQ/Invesco Global | N/A | 1.10 | 0.85 |
|  EQ/Invesco Global Real Assets | N/A | 1.20 \* | 0.95 \* |
|  EQ/Invesco Moderate Allocation | N/A | 1.15 \* | N/A |
|  EQ/Invesco Moderate Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/Janus Enterprise | N/A | 1.05 | 0.80 |
|  EQ/JPMorgan Growth Allocation | N/A | 1.15 \* | N/A |
|  EQ/JPMorgan Growth Stock | N/A | 0.96 | 0.71 |
|  EQ/JPMorgan Value Opportunities | N/A | 1.00 | 0.75 |
|  EQ/Large Cap Core Managed Volatility | N/A | 0.90 | 0.65 |
|  EQ/Large Cap Growth Index | N/A | 0.73 | 0.48 |
|  EQ/Large Cap Growth Managed Volatility | N/A | 0.90 | 0.65 |
|  EQ/Large Cap Value Index | N/A | 0.75 | 0.50 |
|  EQ/Large Cap Value Managed Volatility | N/A | 0.90 | 0.65 |
|  EQ/Lazard Emerging Markets Equity | N/A | 1.35 \* | 1.10 \* |
|  EQ/Long-Term Bond | N/A | 0.65 | 0.40 |
|  EQ/Loomis Sayles Growth | N/A | 1.05 | 0.80 |
|  EQ/MFS International Growth | N/A | 1.10 | 0.85 |
|  EQ/MFS International Intrinsic Value | N/A | 1.15 \* | 0.90 \* |
|  EQ/MFS Mid Cap Focused Growth | N/A | 1.10 \* | 0.85 \* |
|  EQ/MFS Technology | N/A | 1.14 \* | 0.89 \* |
|  EQ/MFS Utilities Series | N/A | 1.05 \* | 0.80 \* |
|  EQ/Mid Cap Index | N/A | 0.64 | 0.39 |
|  EQ/Mid Cap Value Managed Volatility | N/A | 1.00 | 0.75 |
|  EQ/Morgan Stanley Small Cap Growth | N/A | 1.15 | 0.90 |
|  EQ/PIMCO Global Real Return | N/A | 0.85 | 0.60 |
|  EQ/PIMCO Real Return | N/A | 0.75 \* | 0.50 \* |

---

1369

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |  |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/PIMCO Total Return ESG | N/A | 0.75 | %\* | 0.50 | %\* |
|  EQ/PIMCO Ultra Short Bond | N/A | 0.79 |  | 0.54 |  |
|  EQ/Quality Bond PLUS | 0.85% | 0.85 |  | 0.60 |  |
|  EQ/Small Company Index | N/A | 0.64 |  | 0.39 |  |
|  EQ/T. Rowe Price Health Sciences | N/A | 1.20 | \* | 0.95 | \* |
|  EQ/Value Equity | N/A | 0.95 |  | 0.70 |  |
|  EQ/Wellington Energy | N/A | 1.19 | \* | 0.94 | \* |
|  Multimanager Aggressive Equity | 1.00 | 1.00 |  | 0.75 |  |
|  Multimanager Core Bond | N/A | 0.85 |  | 0.60 |  |
|  Multimanager Technology | N/A | 1.17 |  | 0.92 |  |

---

\* For purposes of calculating the maximum annual operating expense limit, acquired fund fees and expenses are included in annual operating expenses.

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

Prior to May 1, 2025, EIM had agreed to make payments or waive its management, administrative and other fees so that the annual operating expenses of the EQ/Capital Group Research, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Government Bond, EQ/Mid Cap Index and Multimanager Technology (other than interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures that are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Portfolio's business), did not exceed the following annualized rates:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  EQ/Capital Group Research | N/A | 0.97% | 0.72% |
|  EQ/Core Bond Index | N/A | 0.64 | 0.39 |
|  EQ/Equity 500 Index | 0.54% | 0.54 | 0.29 |
|  EQ/Intermediate Government Bond | 0.64 | 0.64 | 0.39 |
|  EQ/Mid Cap Index | N/A | 0.65 | 0.40 |
|  Multimanager Technology | N/A | 1.18 | 0.93 |

---

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

Each Portfolio may at a later date reimburse to EIM the amount of any such waivers or payments provided that the waivers or payments are reimbursed within three years of the waivers or payments being recorded and the Portfolio's expense ratio, after the reimbursement is taken into account, does not exceed the Portfolio's expense cap at the time of the waiver or the Portfolio's expense cap at the time of the reimbursement, whichever is lower. Consequently, no reimbursement by a Portfolio will be made unless the Portfolio's total annual expense ratio is less than the respective percentages stated above for the respective period. Any reimbursement will be based on the earliest fees waived or payments made by EIM.

1370

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

Reimbursements during the period are presented as Recoupment Fees in the Statement of Operations. During the six months ended June 30, 2025, the following Portfolios incurred Recoupment Fees and as of June 30, 2025, no commitment or contingent liability is expected:

---

| | |
|:---|:---|
| **Portfolios:** | **Recoupment<br>Fees** |
|  EQ/Ultra Conservative Strategy | $54712 |
|  EQ/Conservative Strategy | 8374 |
|  EQ/Conservative-Plus Allocation | 23766 |
|  Target 2055 Allocation | 15235 |
|  ATM International Managed Volatility | 17550 |
|  EQ/Common Stock Index | 35135 |
|  | $154772 |

---

At June 30, 2025, under the Expense Limitation Agreement, the amount eligible for potential recoupment from each Portfolio, and its respective expiration year, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **2025** | **2026** | **2027** | **2028** | **Total Eligible<br>For<br>Recoupment** |
|  EQ/Conservative Allocation | $172655 | $529999 | $404872 | $167794 | $1275320 |
|  Equitable Conservative Growth MF/ETF | 20857 | 44445 | 29588 | 15287 | 110177 |
|  Equitable Moderate Growth MF/ETF | 97978 | 107927 | 94032 | 45053 | 344990 |
|  Equitable Growth MF/ETF | 95660 | 107980 | 91043 | 46242 | 340925 |
|  Target 2015 Allocation | 53030 | 146337 | 122385 | 64792 | 386544 |
|  Target 2025 Allocation | 6880 | 63508 | 18851 | 17610 | 106849 |
|  Target 2055 Allocation |  | 48024 | 3651 |  | 51675 |
|  1290 VT Moderate Growth Allocation | 55577 | 128511 | 175986 | 85013 | 445087 |
|  1290 VT Multi-Alternative Strategies | 45352 | 83038 | 64547 | 20822 | 213759 |
|  1290 VT Convertible Securities | 66957 | 95633 | 102387 | 44233 | 309210 |
|  1290 VT DoubleLine Opportunistic Bond | 249322 | 497837 | 505305 | 240063 | 1492527 |
|  1290 VT Equity Income | 459045 | 897493 | 891803 | 414359 | 2662700 |
|  1290 VT GAMCO Mergers & Acquisitions | 83382 | 135419 | 147844 | 62551 | 429196 |
|  1290 VT High Yield Bond | 73294 | 157785 | 176603 | 105340 | 513022 |
|  1290 VT Micro Cap | 160124 | 301809 | 362688 | 155299 | 979920 |
|  1290 VT Natural Resources | 80953 | 147444 | 204065 | 92741 | 525203 |
|  1290 VT Real Estate | 153261 | 127389 | 185735 | 105878 | 572263 |
|  1290 VT Small Cap Value | 169330 | 534046 | 366917 | 179599 | 1249892 |
|  1290 VT SmartBeta Equity ESG | 46010 | 54093 | 10952 |  | 111055 |
|  ATM Mid Cap Managed Volatility | 94952 | 111145 | 163347 | 78751 | 448195 |
|  ATM Small Cap Managed Volatility | 45606 | 128884 | 154635 | 75907 | 405032 |
|  ATM International Managed Volatility |  |  | 8483 | 17550 | 26033 |
|  EQ/400 Managed Volatility | 18740 | 89617 | 75232 | 37978 | 221567 |
|  EQ/AB Dynamic Aggressive Growth | 91199 | 249011 | 333489 | 143385 | 817084 |
|  EQ/AB Dynamic Growth | 78596 | 190011 | 185364 | 50653 | 504624 |
|  EQ/AB Short Duration Government Bond | 216558 | 463826 | 455834 | 218497 | 1354715 |
|  EQ/AB Sustainable U.S. Thematic | 99440 | 108295 | 103954 | 42837 | 354526 |
|  EQ/American Century Mid Cap Value | 824402 | 1718089 | 1761667 | 837120 | 5141278 |
|  EQ/American Century Moderate Growth Allocation | 64397 | 169431 | 206311 | 106717 | 546856 |
|  EQ/Capital Group Research | 141734 | 311520 | 250141 | 74284 | 777679 |

---

1371

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **2025** | **2026** | **2027** | **2028** | **Total Eligible<br>For<br>Recoupment** |
|  EQ/ClearBridge Large Cap Growth ESG | $67469 | $126637 | $125534 | $58389 | $378029 |
|  EQ/ClearBridge Select Equity Managed Volatility | 230907 | 423537 | 446619 | 214668 | 1315731 |
|  EQ/Common Stock Index |  | 930275 | 631265 | 206445 | 1767985 |
|  EQ/Core Bond Index | 914584 | 2129127 | 1766073 | 521426 | 5331210 |
|  EQ/Core Plus Bond | 372692 | 1168418 | 856817 | 406598 | 2804525 |
|  EQ/Emerging Markets Equity PLUS | 175666 | 217993 | 242388 | 85052 | 721099 |
|  EQ/Equity 500 Index | 894104 | 2295005 | 1277479 | 179647 | 4646235 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 184478 | 411720 | 382489 | 173291 | 1151978 |
|  EQ/Franklin Moderate Allocation | 89116 | 260099 | 293782 | 145135 | 788132 |
|  EQ/Franklin Rising Dividends | 146005 | 371450 | 392924 | 189342 | 1099721 |
|  EQ/Franklin Small Cap Value Managed Volatility | 178192 | 311448 | 334166 | 163024 | 986830 |
|  EQ/Global Equity Managed Volatility | 562508 | 1205699 | 1232874 | 553440 | 3554521 |
|  EQ/Goldman Sachs Growth Allocation | 132578 | 391463 | 578280 | 334777 | 1437098 |
|  EQ/Goldman Sachs Mid Cap Value | 62822 | 148722 | 148848 | 70666 | 431058 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 147337 | 512358 | 541308 | 271108 | 1472111 |
|  EQ/Intermediate Corporate Bond |  | 367558 | 1065006 | 494424 | 1926988 |
|  EQ/Intermediate Government Bond | 775078 | 2105296 | 1563109 | 452186 | 4895669 |
|  EQ/International Equity Index | 253457 | 900929 | 1230117 | 759074 | 3143577 |
|  EQ/Invesco Comstock | 64409 | 132555 | 126431 | 56192 | 379587 |
|  EQ/Invesco Global | 195542 | 473199 | 717706 | 334263 | 1720710 |
|  EQ/Invesco Moderate Allocation | 120134 | 317021 | 326904 | 162047 | 926106 |
|  EQ/Invesco Moderate Growth Allocation | 85344 | 284914 | 373599 | 186395 | 930252 |
|  EQ/JPMorgan Growth Allocation | 167874 | 570374 | 801481 | 420761 | 1960490 |
|  EQ/JPMorgan Growth Stock | 733118 | 1972475 | 2762762 | 1373283 | 6841638 |
|  EQ/Lazard Emerging Markets Equity | 139077 | 516557 | 577668 | 272461 | 1505763 |
|  EQ/Long-Term Bond | 742144 | 1364236 | 1401005 | 671268 | 4178653 |
|  EQ/Loomis Sayles Growth | 234957 | 559553 | 561674 | 264608 | 1620792 |
|  EQ/MFS International Growth | 692836 | 1588900 | 1615789 | 796800 | 4694325 |
|  EQ/MFS International Intrinsic Value | 423215 | 930535 | 913376 | 442722 | 2709848 |
|  EQ/MFS Mid Cap Focused Growth | 244148 | 558830 | 646860 | 325509 | 1775347 |
|  EQ/MFS Utilities Series | 112500 | 231540 | 218070 | 100077 | 662187 |
|  EQ/Mid Cap Index | 535812 | 1280351 | 1045191 | 253757 | 3115111 |
|  EQ/Morgan Stanley Small Cap Growth | 192114 | 351688 | 350387 | 187206 | 1081395 |
|  EQ/PIMCO Global Real Return | 152761 | 323385 | 302936 | 150030 | 929112 |
|  EQ/PIMCO Real Return | 147542 | 282364 | 281277 | 138422 | 849605 |
|  EQ/PIMCO Total Return ESG | 280537 | 520250 | 520632 | 248108 | 1569527 |
|  EQ/PIMCO Ultra Short Bond | 328447 | 731008 | 734163 | 352802 | 2146420 |
|  EQ/T. Rowe Price Health Sciences | 160260 | 309399 | 318576 | 136200 | 924435 |
|  EQ/Wellington Energy | 70238 | 161925 | 157066 | 67563 | 456792 |
|  Multimanager Core Bond | 636651 | 1276853 | 1319547 | 620160 | 3853211 |
|  Multimanager Technology | 1018137 | 2299166 | 2000549 | 459770 | 5777622 |

---

During the six months ended June 30, 2025, EIM and the Administrator voluntarily waived fees for certain Portfolios. These amounts are included in voluntary waiver from investment adviser on the Statement of Operations for each Portfolio and are not eligible for recoupment.

1372

------

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

For each of the Portfolios listed below, the contractual maximum annual operating expense limit set forth in the table above went into effect on May 1, 2025, but was implemented by EIM and the Administrator on a voluntary basis during the period October 1, 2024, through April 30, 2025. Prior to October 1, 2024, the maximum annual operating expense limit for each Portfolio was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
|  | **Class IA+** | **Class IB+** | **Class K** |
|  EQ/Capital Group Research | N/A | 0.97% | 0.72% |
|  EQ/Core Bond Index | N/A | 0.64 | 0.39 |
|  EQ/Equity 500 Index | 0.54% | 0.54 | 0.29 |
|  EQ/Intermediate Government Bond | 0.64 | 0.64 | 0.39 |
|  EQ/Mid Cap Index | N/A | 0.65 | 0.40 |
|  Multimanager Technology | N/A | 1.18 | 0.93 |

---

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

---

| | |
|:---|:---|
| Note 7 | Percentage of Ownership by Affiliates  |

---

The following table shows the percentage of ownership of the net assets of the Portfolios listed held by Equitable Financial at June 30, 2025:

---

| | |
|:---|:---|
| **Portfolios:** | **Percentage of<br>Ownership** |
|  Equitable Moderate Growth MF/ETF | 40% |
|  Equitable Growth MF/ETF | 37 |
|  1290 VT Multi-Alternative Strategies | 62 |
|  1290 VT Convertible Securities | 34 |
|  EQ/AB Sustainable U.S. Thematic | 67 |

---

Shares of the Trust are offered to separate accounts of insurance companies in connection with the Contracts and may be offered to tax-qualified retirement plans and other qualified investors. Equitable Financial may be deemed to be a control person with respect to the Trust by virtue of its record ownership of the Trust's shares as of June 30, 2025. Shareholders owning more than 25% of the outstanding shares of a Portfolio may be able to determine the outcome of most issues that are submitted to shareholders for a vote.

Shares of certain Portfolios may be held as underlying investments by EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Series Portfolios, EQ Allocation Portfolios, and Target Allocation Portfolios. The following tables show the percentage of ownership of the net assets of the Portfolios listed held by EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Series Portfolios, EQ Allocation Portfolios, and Target Allocation Portfolios at June 30, 2025.

---

| | |
|:---|:---|
| **Portfolios:** | **EQ/All Asset<br>Growth Allocation** |
|  1290 VT Convertible Securities | 25.91% |
|  1290 VT DoubleLine Opportunistic Bond | 1.82 |
|  1290 VT Equity Income | 2.05 |
|  1290 VT GAMCO Mergers & Acquisitions | 14.64 |
|  1290 VT GAMCO Small Company Value | 0.75 |
|  1290 VT High Yield Bond | 5.26 |
|  1290 VT Natural Resources | 20.22 |
|  1290 VT Real Estate | 44.84 |
|  1290 VT SmartBeta Equity ESG | 3.05 |

---

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Portfolios:** | **EQ/All Asset<br>Growth Allocation** |
|  EQ/AB Small Cap Growth | 1.57% |
|  EQ/Core Plus Bond | 2.64 |
|  EQ/Emerging Markets Equity PLUS | 9.07 |
|  EQ/Intermediate Government Bond | 0.10 |
|  EQ/International Equity Index | 0.62 |
|  EQ/Invesco Comstock | 5.59 |
|  EQ/Janus Enterprise | 0.32 |
|  EQ/JPMorgan Growth Stock | 0.72 |
|  EQ/JPMorgan Value Opportunities | 1.43 |
|  EQ/Loomis Sayles Growth | 2.54 |
|  EQ/MFS International Growth | 2.64 |
|  EQ/PIMCO Global Real Return | 14.57 |
|  EQ/PIMCO Ultra Short Bond | 0.94 |
|  EQ/Value Equity | 1.01 |
|  Multimanager Core Bond | 0.99 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/**<br>**Ultra<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Growth<br>Strategy** | **EQ/<br>Balanced<br>Strategy** | **EQ/<br>Moderate<br>Growth<br>Strategy** | **EQ/<br>Growth<br>Strategy** | **EQ/<br>Aggressive<br>Growth<br>Strategy** |
|  EQ/500 Managed Volatility | 1.57% | 0.83% | 3.21% | 11.67% | 23.07% | 23.90% | 32.76% |
|  EQ/400 Managed Volatility | 1.20 | 0.71 | 2.23 | 7.82 | 15.43 | 14.80 | 19.60 |
|  EQ/2000 Managed Volatility | 1.35 | 0.71 | 2.92 | 10.59 | 20.96 | 21.93 | 30.09 |
|  EQ/International Managed Volatility | 1.55 | 0.82 | 3.16 | 11.46 | 22.69 | 23.52 | 32.23 |
|  EQ/AB Short Duration Government Bond |  | 4.38 | 6.69 | 14.05 | 14.59 | 10.15 | 7.61 |
|  EQ/Core Bond Index |  | 3.32 | 4.59 | 10.95 | 14.51 | 9.41 | 7.36 |
|  EQ/Intermediate Corporate Bond | 12.99 | 5.84 | 8.01 | 18.97 | 25.12 | 16.18 | 12.61 |
|  EQ/Intermediate Government Bond | 31.83 | 2.12 | 2.84 | 6.72 | 8.87 | 5.73 | 4.47 |
|  EQ/Long-Term Bond | 10.39 | 2.01 | 4.16 | 11.53 | 16.17 | 11.45 | 9.49 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/<br>Conservative<br>Allocation** | **EQ/<br>Conservative-<br>Plus<br>Allocation** | **EQ/<br>Moderate<br>Allocation** | **EQ/<br>Moderate-<br>Plus<br>Allocation** | **EQ/<br>Aggressive<br>Allocation** |
|  1290 VT DoubleLine Opportunistic Bond | 7.26% | 6.60% | 37.19% | 28.26% | 4.01% |
|  1290 VT Equity Income | 0.60 | 1.32 | 10.98 | 22.93 | 15.36 |
|  1290 VT GAMCO Small Company Value | 0.04 | 0.11 | 1.20 | 2.77 | 2.16 |
|  1290 VT High Yield Bond | 4.08 | 3.74 | 21.18 | 15.42 | 2.21 |
|  1290 VT Micro Cap | 0.97 | 2.37 | 22.46 | 45.75 | 22.78 |
|  1290 VT Small Cap Value |  | 0.87 | 9.24 | 16.57 | 9.03 |
|  ATM Large Cap Managed Volatility | 1.58 | 3.31 | 24.63 | 42.96 | 27.52 |
|  ATM Mid Cap Managed Volatility | 3.99 | 6.52 | 33.58 | 38.62 | 17.28 |
|  ATM Small Cap Managed Volatility | 0.45 | 2.09 | 21.84 | 50.13 | 25.49 |
|  ATM International Managed Volatility | 0.75 | 2.43 | 25.95 | 43.66 | 27.20 |
|  EQ/AB Small Cap Growth | 0.15 | 0.53 | 5.68 | 11.68 | 6.04 |
|  EQ/American Century Mid Cap Value | 0.37 | 0.46 | 3.34 | 3.93 | 2.03 |

---

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/<br>Conservative<br>Allocation** | **EQ/<br>Conservative-<br>Plus<br>Allocation** | **EQ/<br>Moderate<br>Allocation** | **EQ/<br>Moderate-<br>Plus<br>Allocation** | **EQ/<br>Aggressive<br>Allocation** |
|  EQ/ClearBridge Select Equity Managed Volatility | 0.94% | 2.04% | 15.89% | 26.93% | 17.51% |
|  EQ/Core Bond Index | 1.96 | 1.69 | 9.07 | 6.31 | 0.84 |
|  EQ/Core Plus Bond | 4.06 | 3.65 | 20.82 | 15.70 | 2.24 |
|  EQ/Franklin Small Cap Value Managed Volatility |  | 0.83 | 12.09 | 28.30 | 16.49 |
|  EQ/Global Equity Managed Volatility | 0.18 | 0.60 | 6.45 | 11.29 | 7.33 |
|  EQ/Intermediate Government Bond | 2.89 | 2.46 | 13.31 | 9.38 | 1.25 |
|  EQ/International Core Managed Volatility | 0.18 | 0.60 | 6.28 | 10.69 | 6.04 |
|  EQ/International Equity Index | 0.05 | 0.07 | 0.47 | 0.46 | 0.34 |
|  EQ/International Value Managed Volatility | 0.32 | 1.03 | 11.06 | 18.84 | 10.04 |
|  EQ/Janus Enterprise | 0.35 | 0.55 | 2.84 | 3.25 | 1.17 |
|  EQ/JPMorgan Growth Stock | 0.14 | 0.28 | 1.89 | 2.90 | 1.56 |
|  EQ/JPMorgan Value Opportunities | 0.24 | 0.53 | 4.41 | 9.21 | 5.93 |
|  EQ/Large Cap Core Managed Volatility | 0.39 | 0.83 | 6.34 | 11.39 | 7.80 |
|  EQ/Large Cap Value Managed Volatility | 0.11 | 0.23 | 1.91 | 3.92 | 2.62 |
|  EQ/Long-Term Bond | 1.52 | 2.10 | 14.41 | 13.44 | 2.18 |
|  EQ/Loomis Sayles Growth | 0.45 | 0.89 | 6.05 | 9.27 | 5.95 |
|  EQ/MFS International Growth | 0.19 | 0.75 | 8.59 | 15.01 | 9.85 |
|  EQ/Morgan Stanley Small Cap Growth | 0.36 | 1.27 | 13.79 | 28.43 | 14.03 |
|  EQ/PIMCO Ultra Short Bond | 7.11 | 5.61 | 30.16 | 22.26 | 3.08 |
|  EQ/Quality Bond PLUS | 2.78 | 2.50 | 14.24 | 10.81 | 1.54 |
|  EQ/Value Equity | 0.18 | 0.40 | 3.31 | 6.92 | 4.51 |
|  Multimanager Core Bond | 6.22 | 5.65 | 32.05 | 24.29 | 3.45 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **Target<br>2015<br>Allocation** | **Target<br>2025<br>Allocation** | **Target<br>2035<br>Allocation** | **Target<br>2045<br>Allocation** | **Target<br>2055<br>Allocation** |
|  1290 VT High Yield Bond | 0.93% | 3.77% | 5.28% | 2.99% | 1.03% |
|  EQ/American Century Mid Cap Value | 0.05 | 0.47 | 0.63 | 0.79 | 0.32 |
|  EQ/Core Bond Index | 0.04 | 0.13 | 0.17 | 0.13 | 0.03 |
|  EQ/Core Plus Bond | 0.43 | 1.56 | 1.84 | 1.10 | 0.26 |
|  EQ/Emerging Markets Equity PLUS | 0.39 | 4.63 | 12.62 | 13.27 | 7.89 |
|  EQ/Equity 500 Index | 0.02 | 0.28 | 0.82 | 0.89 | 0.53 |
|  EQ/International Equity Index | 0.04 | 0.55 | 1.56 | 1.71 | 1.07 |
|  EQ/Janus Enterprise | 0.04 | 0.33 | 0.42 | 0.32 | 0.12 |
|  EQ/Long-Term Bond | 0.06 | 0.26 | 0.39 | 0.27 | 0.07 |
|  EQ/MFS International Growth | 0.03 | 0.44 | 1.21 | 1.30 | 0.93 |
|  EQ/PIMCO Ultra Short Bond | 0.44 | 1.40 | 1.38 | 0.74 | 0.14 |
|  EQ/Quality Bond PLUS | 0.17 | 0.61 | 0.72 | 0.44 | 0.11 |
|  EQ/Small Company Index | 0.02 | 0.44 | 1.59 | 1.74 | 1.17 |
|  EQ/Value Equity | 0.02 | 0.15 | 0.42 | 0.51 | 0.40 |
|  Multimanager Aggressive Equity | 0.02 | 0.11 | 0.21 | 0.18 | 0.16 |

---

The Portfolios are permitted to purchase or sell securities from or to certain affiliated entities under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any such securities transactions comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the independent current market price. The 17a-7 transactions which are material to the Portfolios are reflected in the Portfolio of Investments.

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NOTES TO FINANCIAL STATEMENTS (Concluded)

June 30, 2025 (Unaudited)

Note 8 Subsequent Events

The Adviser evaluated subsequent events from June 30, 2025, the date of these financial statements, through the date these financial statements were issued. The subsequent events include the following:

At a meeting held on July 22-23, 2025, the Board approved certain changes with respect to the EQ/Franklin Moderate Allocation Portfolio, effective on or about October 27, 2025, including: (1) a change in the Portfolio's name to "EQ/JPMorgan Hedged Equity and Premium Income Portfolio" and corresponding changes to the Portfolio's investment objective and principal investment strategy, including the adoption of a new, non-fundamental 80% policy pursuant to which the Portfolio will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in other mutual funds and exchange-traded securities of other investment companies or other investment vehicles managed by J.P. Morgan Investment Management Inc.; (2) the termination of Franklin Advisers, Inc. as sub-adviser to the Portfolio; and (3) an amendment to the Investment Advisory Agreement between EQ Advisors Trust and Equitable Investment Management Group, LLC with respect to the Portfolio to reflect the following decrease in the investment advisory fee rate:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/JPMorgan Hedged Equity and Premium Income Portfolio | 0.700% | 0.650% | 0.625% | 0.600% | 0.575% |

---

**"J.P. Morgan" and "JPMorgan" are registered trademarks of J.P. Morgan Chase Bank, NA ("JPMC") and have been licensed for use by Equitable Investment Management Group, LLC. EQ/JPMorgan Hedged Equity and Premium Income Portfolio is not sponsored, endorsed, or promoted by JPMC and JPMC makes no representation regarding the advisability of investing in EQ/JPMorgan Hedged Equity and Premium Income Portfolio.**

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#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
Note: This is not applicable for any Portfolio included in this document.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
Note: This is not applicable for any Portfolio included in this document.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Note: This information is disclosed as part of the financial statements for each Portfolio as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies

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#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

#### EQ ADVISORS TRUST

#### DISCLOSURE REGARDING ADVISORY CONTRACT APPROVAL

#### APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

#### DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 2025 (UNAUDITED)
At an in-person meeting held on June 2-3, 2025 (the "June 2025 Meeting"), the Board of Trustees (the "Board") of EQ Advisors Trust (the "Trust"), including those Trustees who are not parties to the Replacement Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved a new Investment Sub-Advisory Agreement (the "Replacement Agreement") between Equitable Investment Management Group, LLC ("the "Adviser"), which serves as the Trust's investment adviser, and AXA Investment Managers US Inc. ("AXA IM" or the "Sub-Adviser") with respect to the following series of the Trust: 1290 VT High Yield Bond Portfolio, 1290 VT SmartBeta Equity ESG Portfolio, and EQ/Core Plus Bond Portfolio (each, a "Portfolio" and together, the "Portfolios").

In December 2024, AXA SA, the direct parent company of AXA Investment Managers SA, and BNP Paribas Cardif ("BNPP") announced that they had signed a Share Purchase Agreement for AXA Investment Managers SA. In connection with BNPP's acquisition of AXA Investment Managers SA (the "Acquisition"), AXA Investment Managers SA, the indirect parent company of the Sub-Adviser, would become a wholly owned subsidiary of BNPP, and BNPP would indirectly acquire 100% of the ownership interests of the Sub-Adviser. The Acquisition closed, and the Replacement Agreement went into effect, in early July 2025.

At the time of the June 2025 Meeting, the Sub-Adviser was serving as the investment sub-adviser for each Portfolio (or an allocated portion thereof) pursuant to an existing Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser dated July 16, 2020 (the "Existing Agreement"). The Board considered that the Acquisition would be deemed to result in a change of control of the Sub-Adviser under the 1940 Act, which in turn would result in the automatic termination of the Existing Agreement. In anticipation of the change of control of the Sub-Adviser, at the June 2025 Meeting, the Board considered, with respect to each Portfolio, whether it would be in the best interests of the Portfolio and its investors to approve a new Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser (*i.e.*, the Replacement Agreement) that would replace the Existing Agreement upon the closing of the Acquisition and, thereby, enable the Sub-Adviser to continue to provide uninterrupted investment sub-advisory services for each Portfolio.

The Trustees recognized that the contractual arrangements for the Portfolios have been reviewed by the Trustees and discussed with the Adviser in prior years and that the Trustees' conclusions may take into account conclusions reached during their consideration of these same arrangements in prior years. In this regard, the Board noted that it had most recently considered and approved the renewal of the Existing Agreement with respect to each Portfolio at a meeting held on July 17-18, 2024 (the "July 2024 Meeting"), in connection with the 2024 annual renewal of the Existing Agreement with respect to each Portfolio. At the July 2024 Meeting, the Board, including the Independent Trustees, on the basis of their business judgment after review of the information provided, concluded that the renewal of the Existing Agreement was in the best interests of each Portfolio and its investors and that the sub-advisory fee rate with respect to each Portfolio as set forth in the Existing Agreement was fair and reasonable. At the June 2025 Meeting, the Trustees recognized that the Board was initially scheduled to consider the 2025 annual renewal of the Existing Agreement with respect to each Portfolio in connection with an annual renewal process that extends over the June 2025 Meeting and a regular meeting of the Board being held on July 22-23, 2025, but that, because the Acquisition was expected to close — and, therefore, the Existing Agreement was expected to terminate — in early July, the Board was considering the approval of the Replacement Agreement with respect to each Portfolio at the June 2025 Meeting. The Board also recognized that, except for the effective date and minor clerical updates, the terms of the Replacement Agreement and the terms of the Existing Agreement are substantially identical, including with respect to the fees payable and services provided thereunder. In determining to approve the Replacement Agreement with respect to each Portfolio, the Board considered at its June 2025 Meeting the same factors it reviewed and conclusions it reached, as applicable, in connection with its 2024 annual renewal of the Existing Agreement, including the Board's general satisfaction with the nature and quality of the services being provided by the Sub-Adviser, and focused its review on the potential impact of the

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Acquisition on these factors and conclusions. The Board also considered that, notwithstanding that Section 15(c) of the 1940 Act permits new advisory (including sub-advisory) agreements such as the Replacement Agreement to have an initial term of two years from the date of execution, the Board intends to conduct an annual review of the Replacement Agreement with respect to each Portfolio during 2026.

The Board also noted that the Trust is an affiliated investment company of 1290 Funds, which is managed by an affiliate of the Adviser, and that all of the Board members also currently serve on the Board of Trustees of 1290 Funds. The Board noted that AXA IM currently serves as the investment sub-adviser to the 1290 High Yield Bond Fund, a series of 1290 Funds, using the same U.S. Core High Yield investment strategy and portfolio management team that AXA IM uses for its allocated portions of the 1290 VT High Yield Bond Portfolio and the EQ/Core Plus Bond Portfolio, and that AXA IM currently serves as the investment sub-adviser to the 1290 SmartBeta Equity Fund, a series of 1290 Funds, using the same SmartBeta Equity investment strategy and portfolio management team that AXA IM uses for the 1290 VT SmartBeta Equity ESG Portfolio. The Board also noted that it had most recently considered and approved the renewal of the existing Investment Sub-Advisory Agreement between the Adviser's affiliate and AXA IM with respect to each series of 1290 Funds at the July 2024 Meeting, in connection with the 2024 annual renewal of the agreement with respect to those series. The Trustees also noted that, in their capacities as Trustees of 1290 Funds, they were concurrently considering a new (*i.e.*, replacement) Investment Sub-Advisory Agreement between the Adviser's affiliate and AXA IM with respect to each series of 1290 Funds, for the same reasons discussed above.

In reaching its decision to approve the Replacement Agreement with respect to each Portfolio, the Board considered the overall fairness of the Replacement Agreement and whether the Replacement Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to each Portfolio and the Replacement Agreement, including: (1) the nature, quality and extent of the overall services provided to the Portfolio by the Sub-Adviser; (2) comparative performance information; (3) the level of the sub-advisory fee; (4) economies of scale that may be realized by the Portfolio; and (5) "fall out" benefits that may accrue to the Sub-Adviser and its affiliates (*i.e.*, indirect benefits that the Sub-Adviser or its affiliates would not receive but for the relationship with the Portfolio). The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the mutual fund industry.

In connection with its deliberations at the June 2025 Meeting, the Board took into account information requested by the Independent Trustees and prepared by the Adviser and AXA IM, including memoranda and other materials addressing the factors set out above, which were provided to the Trustees prior to and during the meeting. The Board also took into account information, including information relating to AXA IM, provided to the Trustees at prior Board and committee meetings, including AXA IM's presentations to sub-groups of the Board's Investment Committee during the committee's meetings held on April 25, 2024 and November 14, 2024. The information provided to the Trustees described, among other things, the services being provided by AXA IM, as well as AXA IM's investment personnel, sub-advisory fees, performance information, and other matters. The Board also requested and evaluated information relating to the potential impact of the change of control on the Portfolios and their investment processes, and on the operations, personnel, organizational structure, and financial and other resources of AXA IM. The Trustees also took into account information relating to AXA IM provided to the Trustees, in their capacities as Trustees of 1290 Funds, at prior meetings of the Board of Trustees of 1290 Funds, and the Trustees noted their experience and familiarity with AXA IM gained from their service on the Boards of Trustees of the Trust as well as 1290 Funds.

The Independent Trustees were assisted by independent legal counsel prior to and during the meeting at which the Board approved the Replacement Agreement with respect to each Portfolio and during their deliberations regarding the Replacement Agreement and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the Replacement Agreement. During the meeting, the Trustees met with senior representatives of the Adviser to discuss the Replacement Agreement and the information provided. The Independent Trustees also met in executive session with their independent legal counsel during the meeting to discuss the Replacement Agreement and the information provided and consider their responsibilities under applicable law.

Although the Board approved the Replacement Agreement for all of the Portfolios at the same Board meeting, the Board considered each Portfolio separately. In considering the Replacement Agreement with respect to each Portfolio, the Board members did not identify any particular factor or information that was all-important or controlling, and each Trustee may have given different weights to different factors and, thus, each Trustee may

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have had a different basis for his or her decision. The Board also took into account the Adviser's recommendation to approve the Replacement Agreement with respect to each Portfolio. In approving the Replacement Agreement with respect to each Portfolio, each Trustee, including the Independent Trustees, after considering all factors and information they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the sub-advisory fee was fair and reasonable and that the approval of the Replacement Agreement, to take effect upon the closing of the Acquisition, was in the best interests of the Portfolio and its investors. Although the Board gave attention to all information provided, the following discusses some of the primary factors and information it deemed relevant to its decision to approve the Replacement Agreement with respect to each Portfolio.

#### Nature, Quality and Extent of Services
The Board evaluated the nature, quality and extent of the overall services currently being provided to each Portfolio and its investors by the Sub-Adviser. In addition to the investment performance and fee and expense information discussed below, the Board considered the Sub-Adviser's responsibilities with respect to each Portfolio (or allocated portion thereof) and the Sub-Adviser's experience in serving as an investment sub-adviser for the Portfolios and as an investment adviser or sub-adviser for funds and accounts similar to the Portfolios, including, as applicable, series of 1290 Funds.

The Board considered that the Sub-Adviser, subject to the oversight of the Adviser, is responsible for making investment decisions for the Portfolios (or allocated portion(s) thereof); placing with brokers or dealers orders for the purchase and sale of investments for the Portfolios (or allocated portion(s) thereof); and performing certain related administrative functions. The Board also reviewed information regarding the Sub-Adviser's process for selecting investments for the Portfolios (or allocated portion(s) thereof), as well as information regarding the qualifications and experience of the Sub-Adviser's portfolio managers who provide services to the Portfolios (or allocated portion(s) thereof), as well as information on staffing levels and succession planning. The Board also considered information regarding the Sub-Adviser's policies and procedures for executing portfolio transactions for the Portfolios (or allocated portion(s) thereof). In this regard, the Board also considered information regarding the Sub-Adviser's trading experience and how the Sub-Adviser seeks to achieve "best execution" on behalf of each Portfolio (or allocated portion thereof). The Board also considered its general satisfaction with the nature and quality of the services being provided to the Portfolios by the Sub-Adviser.

In connection with its approval of the Replacement Agreement with respect to each Portfolio, the Board also considered the Sub-Adviser's representations that (i) the resources available for servicing the Portfolios would not diminish after the change of control; (ii) the change of control is not expected to impact the day-to-day portfolio management of the Portfolios or result in any diminution in the services provided to the Portfolios; (iii) the same portfolio managers who are primarily responsible for the securities selection, research and trading for the Portfolios (or allocated portion(s) thereof) immediately prior to the change of control would continue to manage the Portfolios (or allocated portion(s) thereof) after the change of control; (iv) the Sub-Adviser's principal business activities would not be affected by the change of control; and (v) the Sub-Adviser's senior management personnel are not expected to change as a result of the change of control. In this regard, the Board also noted that, except for the effective date and minor clerical updates, the terms of the Replacement Agreement and the terms of the Existing Agreement are substantially identical, including with respect to the fees payable and services provided thereunder.

The Board also considered the Trust's Chief Compliance Officer's evaluation of the Sub-Adviser's compliance program, policies and procedures and, in this regard, also considered the Sub-Adviser's representation that the change of control is not expected to have a material impact on the Sub-Adviser's compliance or risk management programs. The Board also considered the Sub-Adviser's representation that there were no material pending lawsuits, enforcement proceedings or regulatory investigations that would impact the Sub-Adviser's ability to provide services to the Portfolios, and received information regarding the Sub-Adviser's financial condition and history of operations and potential conflicts of interest in managing the Portfolios. The Board also noted its discussion with the Adviser about certain business relationships that an affiliate of the Adviser has with an affiliate of BNPP. In this regard, the Board also received materials regarding the practices, policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with business relationships in addition to the Sub-Adviser's and/or its affiliates' relationships involving the Portfolios.

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For purposes of evaluating the nature, quality and extent of the overall services provided to each Portfolio, the Board also considered discussions with the Adviser and the Sub-Adviser about Portfolio investment performance that occurred at Board and Investment Committee meetings since the July 2024 Meeting, as well as its review, at the June 2025 Meeting, of peer group and benchmark investment performance comparison data relating to each Portfolio, including information provided directly to the Board by Broadridge Financial Solutions, Inc., an independent provider of mutual fund industry data. The Board also received and reviewed performance data, for various time periods, relating to the Sub-Adviser's management of each Portfolio and fund(s) or account(s), including series of 1290 Funds, with a similar investment strategy as that for each Portfolio, as compared to an appropriate benchmark and peer group. The Board also took into account factors including general market conditions, interest rate and inflation levels, and credit conditions. The Trustees also noted that they had reviewed the Sub-Adviser's performance through their oversight of its management of the Portfolios since its appointment as sub-adviser to the Portfolios. The Board generally considered longer-term performance over a full market cycle (typically five years or longer, if applicable) to be more important than short-term performance. In this regard, the Board also considered the Sub-Adviser's representations that the same portfolio managers who are primarily responsible for the securities selection, research and trading for the Portfolios (or allocated portion(s) thereof) immediately prior to the change of control would continue to manage the Portfolios (or allocated portion(s) thereof) after the change of control, and the investment processes of the Portfolios are not expected to change as a result of the change of control. Notwithstanding the foregoing, the Board recognized that personnel changes may occur in the future in the ordinary course.

Based on its review, the Board determined, with respect to each Portfolio, that the nature, quality and extent of the overall services provided by the Sub-Adviser were appropriate for the Portfolio in light of its investment objective and, thus, supported a decision to approve the Replacement Agreement.

#### Fees and Expenses
The Board also considered the sub-advisory fee with respect to each Portfolio (or allocated portion thereof) in light of the nature, quality and extent of the overall services provided by the Sub-Adviser. The Board considered the Adviser's representation that each Portfolio's fees and expenses were not expected to change as a result of the approval of the Replacement Agreement. The Board also considered that, for each Portfolio, the sub-advisory fee that the Sub-Adviser would receive under the Replacement Agreement would be based on the same fee rate schedule in effect under the Existing Agreement. In addition, the Board considered the relative levels of the sub-advisory fee to be paid to the Sub-Adviser with respect to each Portfolio and the advisory fee to be retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the Sub-Adviser. The Board also considered, with respect to each Portfolio, the sub-advisory fee rate schedule for the Sub-Adviser in light of the fees that the Sub-Adviser charges under other (sub-)advisory agreements with other comparable clients that follow an investment strategy similar to that of the Portfolio and, where applicable, the rationale for differences in the Portfolio's sub-advisory fee and the fees charged to those other clients. The Board also noted that the sub-advisory fee rate schedule for the Sub-Adviser's allocated portions of both the 1290 VT High Yield Bond Portfolio and the EQ/Core Plus Bond Portfolio is the same sub-advisory fee rate schedule that the Sub-Adviser charges to the 1290 High Yield Bond Fund, and that the sub-advisory fee rate schedule for the 1290 VT SmartBeta Equity ESG Portfolio is the same sub-advisory fee rate schedule that the Sub-Adviser charges to the 1290 SmartBeta Equity Fund. The Board also noted that the advisory fee paid by each Portfolio to the Adviser would not change as a result of the approval of the Replacement Agreement.

The Board further noted that the Adviser, and not a Portfolio, would pay the Sub-Adviser and that the sub-advisory fee was negotiated between the Sub-Adviser and the Adviser. Moreover, the Board noted that the Board and the Adviser generally are aware of the fees charged by the Sub-Adviser to other clients (this information having been provided to the Board and the Adviser by the Sub-Adviser in conjunction with the proposed approval of the Replacement Agreement) and that the Adviser believes that the fees agreed upon with the Sub-Adviser are reasonable in light of the nature, quality and extent of the investment sub-advisory services provided. Based on its review, the Board determined, with respect to each Portfolio, that the sub-advisory fee for the Sub-Adviser is fair and reasonable.

1381

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#### Profitability and Costs
The Board also considered the estimated impact of the sub-advisory fees on the profitability of the Adviser. In this regard, the Board noted again that the Portfolios' fees and expenses were not expected to change as a result of the approval of the Replacement Agreement. The Adviser advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the Replacement Agreement. The Board acknowledged the Adviser's view of Sub-Adviser profitability, noting the Board's findings as to the reasonableness of the sub-advisory fees and that the fees paid to the Sub-Adviser are the product of negotiations with the Adviser and reflect levels of profitability acceptable to the Adviser and the Sub-Adviser based on the particular circumstances for each of them. The Board noted again that the Sub-Adviser's fees are paid by the Adviser and not the Portfolios and that many responsibilities related to the advisory function are retained by the Adviser. In light of all the factors considered, the Board determined that the anticipated profitability to the Adviser remained within the reasonable range of profitability levels previously reported.

#### Economies of Scale
The Board also considered whether economies of scale would be realized as a Portfolio grows larger and the extent to which this is reflected in the sub-advisory fee rate schedule with respect to the Portfolio. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that (i) the sub-advisory fee rate schedule for the Sub-Adviser's allocated portions of both the 1290 VT High Yield Bond Portfolio and the EQ/Core Plus Bond Portfolio aggregates the assets managed by the Sub-Adviser in the allocated portions of these Portfolios and in the 1290 High Yield Bond Fund, and (ii) the sub-advisory fee rate schedule for the 1290 VT SmartBeta Equity ESG Portfolio aggregates the assets managed by the Sub-Adviser in this Portfolio and in the 1290 SmartBeta Equity Fund. The Board also noted that the sub-advisory fee rate schedule for each Portfolio includes breakpoints that reduce the sub-advisory fee rate as aggregate assets under the Sub-Adviser's management increase above certain levels. In this regard, the Board acknowledged that, at some levels, the breakpoints in a sub-advisory fee rate schedule may result in savings to the Adviser and not to investors. The Board also noted that the aggregation of assets may result in the Portfolios reaching a breakpoint sooner than if the sub-advisory fee rate schedules did not aggregate assets, which also has the potential to benefit the Adviser. The Board also noted that the sub-advisory fee rate and breakpoint schedules will not change under the Replacement Agreement. The Board considered these factors, and the relationship they bear to the fee structures charged to the Portfolios by the Adviser, and concluded that there would be a reasonable sharing of benefits from any economies of scale with the Portfolios.

#### Fall-Out and Other Benefits
The Board also considered possible fall-out benefits and other types of benefits that may accrue to the Sub-Adviser, including the following. The Board noted that the Sub-Adviser currently serves as investment sub-adviser for series of 1290 Funds and receives sub-advisory fees with respect to those series. In addition, the Board noted that the Sub-Adviser may benefit from greater exposure in the marketplace with respect to its investment process and from expanding its level of assets under management, and the Sub-Adviser may derive benefits from its association with the Adviser. The Board also noted that, as the applicable principal business activities of the Sub-Adviser with respect to the Portfolios would not be affected by the change of control, such fall-out benefits were expected to remain after the change of control. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Sub-Adviser are fair and reasonable.

#### Conclusion
At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, considered and unanimously approved the Replacement Agreement with respect to each Portfolio, to take effect upon the closing of the Acquisition. The Board's approval was based on its determination, made in the exercise of its business judgment, that it would be in the best interests of each Portfolio and its investors for the Sub-Adviser to continue to provide uninterrupted investment sub-advisory services for the Portfolio.

1382

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders. <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 16. Controls and Procedures.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended ("1940 Act") are effective as of a date within 90 days prior to the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act.

(b) The registrant's certifying officers are not aware of any changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).

[(a)(2)(i)](d33598dex99cert.htm) [Principal Executive Officer's Section 302 certification attached hereto.](d33598dex99cert.htm)

[(a)(2)(ii)](d33598dex99cert1.htm) [Principal Financial Officer's Section 302 certification attached hereto.](d33598dex99cert1.htm)

[(b)](d33598dex99906cert.htm) [Combined Section 906 certification attached hereto.](d33598dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### 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

---

| | |
|:---|:---|
| By: | /s/ Steven M. Joenk |
| Steven M. Joenk | Steven M. Joenk |
| President and Chief Executive Officer | President and Chief Executive Officer |
| September 4, 2025 | September 4, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Steven M. Joenk |
| Steven M. Joenk | Steven M. Joenk |
| President and Chief Executive Officer | President and Chief Executive Officer |
| September 4, 2025 | September 4, 2025 |
| By: | /s/ Brian E. Walsh |
| Brian E. Walsh | Brian E. Walsh |
| Chief Financial Officer and Treasurer | Chief Financial Officer and Treasurer |
| September 4, 2025 | September 4, 2025 |

---

## Ex-99.Cert

**Exhibit (a)(2)(i)** 

Section 302 Certifications

I, Steven M. Joenk, certify that:

1. I have reviewed this report on Form N-CSR of EQ Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | President and Chief Executive Officer |

---

## Ex-99.Cert

**Exhibit (a)(2)(ii)** 

I, Brian E. Walsh, certify that:

1. I have reviewed this report on Form N-CSR of EQ Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit (b)** 

Section 906 Certifications

Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the periodic report on Form N-CSR for the period ended June 30, 2025 (the "Report") for EQ Advisors Trust (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 4, 2025

---

| |
|:---|
| /s/ Steven M. Joenk |
| Steven M. Joenk |
| President and Chief Executive Officer |

---

In connection with the periodic report on Form N-CSR for the period ended June 30, 2025 (the "Report") for EQ Advisors Trust (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 4, 2025

---

| |
|:---|
| /s/ Brian E. Walsh |
| Brian E. Walsh |
| Chief Financial Officer and Treasurer |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to EQ Advisors Trust and will be retained by EQ Advisors Trust and furnished to the Securities and Exchange Commission or its staff upon request.

These certifications are being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and are not being filed as part of the Report with the Securities and Exchange Commission.